89bio (ETNB) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	89bio, Inc.
Entity Central Index Key	0001785173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		39,073,995
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ETNB
Security Exchange Name	NASDAQ
Entity File Number	001-39122
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4946844
Entity Address, Address Line One	142 Sansome Street
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	432-9270
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 60,618	$ 52,432
Restricted cash	25	25
Short-term available-for-sale securities	78,707	98,288
Prepaid and other current assets	7,218	11,237
Total current assets	146,568	161,982
Operating lease right-of-use asset	109
Property and equipment, net	121	150
Other assets	797	290
Total assets	147,595	162,422
Current liabilities:
Accounts payable	4,907	6,843
Accrued expenses	14,388	10,194
Operating lease liability, current	104
Term loan, current	7,500	2,500
Total current liabilities	26,899	19,537
Term loan, non-current, net	12,050	16,898
Liability related to public offering	28,186
Other non-current liability	275	30
Total liabilities	67,410	36,465
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock	20	20
Additional paid-in capital	344,319	339,218
Accumulated other comprehensive loss	(318)	(64)
Accumulated deficit	(263,836)	(213,217)
Total stockholders’ equity	80,185	125,957
Total liabilities and stockholders’ equity	$ 147,595	$ 162,422

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 19,686	$ 15,630	$ 39,535	$ 25,761
General and administrative	5,052	4,921	10,311	9,529
Total operating expenses	24,738	20,551	49,846	35,290
Loss from operations	(24,738)	(20,551)	(49,846)	(35,290)
Other expenses, net	(316)	(172)	(772)	(215)
Net loss before tax	(25,054)	(20,723)	(50,618)	(35,505)
Income tax expense			(1)
Net loss	(25,054)	(20,723)	(50,619)	(35,505)
Other comprehensive (loss) income:
Unrealized (loss) gain on available-for-sale securities	(77)	13	(272)	9
Foreign currency translation adjustments	15	(6)	18	5
Total other comprehensive (loss) income	(62)	7	(254)	14
Comprehensive loss	$ (25,116)	$ (20,716)	$ (50,873)	$ (35,491)
Net loss per share, basic	$ (1.23)	$ (1.03)	$ (2.49)	$ (1.77)
Net loss per share, diluted	$ (1.23)	$ (1.03)	$ (2.49)	$ (1.77)
Weighted-average shares used to compute net loss per share, basic	20,351,560	20,060,061	20,345,521	20,017,677
Weighted-average shares used to compute net loss per share, diluted	20,351,560	20,060,061	20,345,521	20,017,677

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 202,961	$ 20	$ 326,046	$ (10)	$ (123,095)
Beginning balance, shares at Dec. 31, 2020		19,931,660
Issuance of common stock upon exercise of stock options	216		216
Issuance of common stock upon exercise of stock options, shares		103,170
Stock-based compensation	1,793		1,793
Net loss	(14,782)				(14,782)
Other comprehensive loss	7			7
Ending balance at Mar. 31, 2021	190,195	$ 20	328,055	(3)	(137,877)
Ending balance, shares at Mar. 31, 2021		20,034,830
Beginning balance at Dec. 31, 2020	202,961	$ 20	326,046	(10)	(123,095)
Beginning balance, shares at Dec. 31, 2020		19,931,660
Issuance of common stock warrant in connection with term loan facility	574
Net loss	(35,505)
Other comprehensive loss	14
Ending balance at Jun. 30, 2021	172,705	$ 20	331,281	4	(158,600)
Ending balance, shares at Jun. 30, 2021		20,080,665
Beginning balance at Mar. 31, 2021	190,195	$ 20	328,055	(3)	(137,877)
Beginning balance, shares at Mar. 31, 2021		20,034,830
Issuance of common stock upon exercise of stock options	152		152
Issuance of common stock upon exercise of stock options, shares		40,628
Issuance of common stock upon ESPP purchases	83		83
Issuance of common stock upon ESPP purchase, Shares		5,207
Issuance of common stock warrant in connection with term loan facility	574		574
Stock-based compensation	2,417		2,417
Net loss	(20,723)				(20,723)
Other comprehensive loss	7			7
Ending balance at Jun. 30, 2021	172,705	$ 20	331,281	4	(158,600)
Ending balance, shares at Jun. 30, 2021		20,080,665
Beginning balance at Dec. 31, 2021	125,957	$ 20	339,218	(64)	(213,217)
Beginning balance, shares at Dec. 31, 2021		20,317,204
Issuance of common stock upon exercise of stock options	29		29
Issuance of common stock upon exercise of stock options, shares		12,065
Issuance of common stock upon vesting of restricted stock units, net, shares		22,115
Stock-based compensation	2,512		2,512
Net loss	(25,565)				(25,565)
Other comprehensive loss	(192)			(192)
Ending balance at Mar. 31, 2022	102,741	$ 20	341,759	(256)	(238,782)
Ending balance, shares at Mar. 31, 2022		20,351,384
Beginning balance at Dec. 31, 2021	125,957	$ 20	339,218	(64)	(213,217)
Beginning balance, shares at Dec. 31, 2021		20,317,204
Net loss	(50,619)
Other comprehensive loss	(254)
Ending balance at Jun. 30, 2022	80,185	$ 20	344,319	(318)	(263,836)
Ending balance, shares at Jun. 30, 2022		20,367,363
Beginning balance at Mar. 31, 2022	102,741	$ 20	341,759	(256)	(238,782)
Beginning balance, shares at Mar. 31, 2022		20,351,384
Issuance of common stock upon ESPP purchases	43		43
Issuance of common stock upon ESPP purchase, Shares		15,979
Withholding taxes related to restricted stock units	(69)		(69)
Stock-based compensation	2,586		2,586
Net loss	(25,054)				(25,054)
Other comprehensive loss	(62)			(62)
Ending balance at Jun. 30, 2022	$ 80,185	$ 20	$ 344,319	$ (318)	$ (263,836)
Ending balance, shares at Jun. 30, 2022		20,367,363

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Cash flows from operating activities:
Net loss	$ (50,619)	$ (35,505)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,098	4,210
Accretion of final payment fee on term loan	245
Amortization of debt issuance costs	152	194
Amortization of premium on available-for-sale securities	128	472
Non-cash operating lease expense	91
Depreciation	34	35
Changes in operating assets and liabilities:
Prepaid and other current assets	4,037	(4,032)
Other assets	(507)	77
Accounts payable	(1,936)	(159)
Accrued expenses	4,194	(383)
Operating lease liability	(96)
Net cash used in operating activities	(39,179)	(35,091)
Cash flows from investing activities:
Proceeds from maturities of available-for-sale securities	59,912	63,952
Purchases of available-for-sale securities	(40,731)	(93,218)
Purchases of property and equipment	(5)	(20)
Net cash provided by (used in) investing activities	19,176	(29,286)
Cash flows from financing activities:
Proceeds from public offering, prior to closing	28,186
Proceeds from issuance of common stock upon ESPP purchases	43	83
Proceeds from issuance of common stock upon stock option exercises	29	368
Payment of withholding taxes related to restricted stock units	(69)
Proceeds from term loan facility, net of issuance costs		1,457
Net cash provided by financing activities	28,189	1,908
Net change in cash and cash equivalents, and restricted cash	8,186	(62,469)
Cash and cash equivalents, and restricted cash at beginning of period	52,457	98,208
Cash and cash equivalents, and restricted cash at end of period	60,643	35,739
Components of cash and cash equivalents, and restricted cash:
Cash and cash equivalents	60,618	35,714
Restricted cash	25	25
Total cash and cash equivalents, and restricted cash	60,643	35,739
Supplemental disclosures of cash information:
Cash paid for interest	404
Cash paid for operating leases	127
Supplemental disclosures of non-cash information:
Offering costs included in other assets and accrued expenses	$ 580
Purchases of property and equipment included in accounts payable and accrued expenses		3
Issuance of common stock warrant in connection with term loan facility		574
Debt issuance costs included in accounts payable		$ 6

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Description of Business 89bio, Inc. (“89bio” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company’s lead product candidate, pegozafermin (previously BIO89-100), a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis and for the treatment of severe hypertriglyceridemia. 89bio was formed as a Delaware corporation in June 2019 Public Offerings In March 2021, the Company entered into a sales agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which it may offer and sell up to $75.0 million of shares of the Company’s common stock, from time to time, in “at-the-market” offerings (the “ATM Facility”). The Sales Agents are entitled to compensation at a commission equal to 3.0% of the aggregate gross sales price per share sold under the Sales Agreement. In October and November 2021, the Company received aggregate proceeds of $3.3 million, net of commissions and offering expenses from sales of 186,546 shares of its common stock at a weighted-average price of $17.97 per share pursuant to the ATM Facility . For the six months ended June 30, 2022, there were no sales pursuant to the ATM Facility. In July 2022, pursuant to a shelf registration statement on Form S-3 (No. 333-254684), the Company completed an underwritten public offering of its common stock, warrants to purchase shares of its common stock and pre-funded warrants to purchase shares of its common stock. The Company sold 18,675,466 shares of its common stock with accompanying warrants to purchase up to 9,337,733 shares of its common stock at a combined public offering price of $3.55 per share. The Company also sold 7,944,252 pre-funded warrants to purchase shares of its common stock with accompanying warrants to purchase up to 3,972,126 shares of its common stock at a combined public offering price of $3.549 per pre-funded warrant. The warrants have an exercise price of $5.325 per share. The offering was completed on July 1, 2022 and the Company raised net proceeds of approximately $88.2 million, after deducting underwriting discounts and commissions of approximately $5.7 million and other offering costs of approximately $0.6 million. The Company received $28.2 million in proceeds in June 2022 prior to the closing of the offering. The proceeds are classified as a liability related to public offering on the condensed consolidated balance sheet. Liquidity The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents and short-term available-for-sale securities of $139.3 million as of June 30, 2022. The Company expects that its cash and cash equivalents and short-term available-for-sale securities as of June 30, 2022, together with the proceeds received from the Company’s July 2022 offering and proceeds available from the Company’s ATM Facility, will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30 , 202 2 are not necessarily indicative of the results to be expected for the year ending December 31, 202 2 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 2 1 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 20 2 1 , which was filed with the SEC on March 24 , 202 2 . Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Risks and Uncertainties The ongoing COVID-19 pandemic has disrupted and may continue to disrupt the Company’s business and delay its preclinical and clinical programs and timelines. The Company does not yet know the full extent of potential delays to clinical trials, which could prevent or delay the Company from obtaining approval for pegozafermin. The extent to which the COVID-19 pandemic may impact the Company’s future operating results and financial condition is uncertain. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value. Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations . Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other expenses, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced material realized gains or losses or other-than-temporary losses in the periods presented. Interest on available-for-sale securities is included in other expenses, net and is not material for the periods presented. Leases Prior to January 1, 2022, the Company accounted for leases under Accounting Standards Codification (“ASC”) 840, Leases Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use (“ROU”) asset and lease liability at the lease commencement date and thereafter if modified. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make the contractual lease payments over the lease term. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable, otherwise, the Company uses its estimated collateralized incremental borrowing rate for the lease term. The Company has elected not to record leases with an original term of twelve months or less on its consolidated balance sheets and recognizes those lease payments in operating expenses in the consolidated statements of operations and comprehensive loss. The Company’s short-term lease is not material. In addition, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as components and vary based on future outcomes. The Company has elected to not separate lease and components. Only the fixed costs for lease components and their associated components are accounted for as a single lease component and recognized as part of a asset and lease liability. Any variable expenses are recognized in operating expenses as incurred. The rent expense for an operating lease liability is recognized on a straight-line basis over the lease term and is included in operating expenses in the consolidated statements of operations and comprehensive loss. Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments. Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. Upon adoption of ASC 842, the Company recorded an operating ROU asset of $0.2 million and an operating lease liability of $0.2 million. T here was no adjustment to the opening balance of accumulated deficit as a result of adoption. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) , which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. As an emerging growth company, ASU 2016-13 is effective for the Company for the year ending December 31, 2023 and interim periods within that fiscal year and must be adopted using a modified retrospective approach, with certain exceptions. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 June 30, 2022 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 14,347 $ — $ — $ 14,347 Commercial paper Level 2 45,710 — (15 ) 45,695 U.S. government bonds Level 2 25,565 — (226 ) 25,339 Agency bonds Level 2 3,999 — (35 ) 3,964 Corporate debt securities Level 2 3,630 — (37 ) 3,593 Non-U.S. debt securities Level 2 3,479 — (10 ) 3,469 U.S. treasury bills Level 2 1,986 — (11 ) 1,975 Municipal bonds Level 2 1,587 — (1 ) 1,586 Total cash equivalents and available-for-sale securities $ 100,303 $ — $ (335 ) $ 99,968 Classified as: Cash equivalents $ 21,261 Short-term available-for-sale securities 78,707 Total cash equivalents and available-for-sale securities $ 99,968 As of June 30, 2022, all of the Company’s available-for-sale securities by contractual maturity are within one year. The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 (in thousands): December 31, 2021 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 21,477 $ — $ — $ 21,477 Commercial paper Level 2 59,647 — (10 ) 59,637 U.S. government bonds Level 2 21,662 — (42 ) 21,620 Corporate debt securities Level 2 8,776 1 (1 ) 8,776 Agency bonds Level 2 7,747 1 (7 ) 7,741 Municipal bonds Level 2 4,251 — (4 ) 4,247 Non-U.S. debt securities Level 2 2,506 — (1 ) 2,505 Total cash equivalents and available-for-sale securities $ 126,066 $ 2 $ (65 ) $ 126,003 Classified as: Cash equivalents $ 27,715 Short-term available-for-sale securities 98,288 Total cash equivalents and available-for-sale securities $ 126,003 The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2021 (in thousands): December 31, 2021 Within one year $ 120,726 After one year through two years 5,277 Total cash equivalents and available-for-sale securities $ 126,003

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Prepaid and other current assets consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Prepaid research and development $ 5,061 $ 7,895 Prepaid taxes 832 836 Prepaid other 1,325 2,506 Total prepaid and other current assets $ 7,218 $ 11,237 Accrued expenses consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 10,827 $ 6,195 Accrued employee and related expenses 2,208 3,168 Accrued professional and legal fees 1,178 495 Accrued other expenses 175 336 Total accrued expenses $ 14,388 $ 10,194

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Leases On January 1, 2022, the Company adopted ASC 842 (see Note 2) and the following disclosures as of June 30, 2022 and for the three and six months ended June 30, 2022 are presented under ASC 842. For the three and six months ended June 30, 2022, the Company incurred $47,000 and $0.1 million in rent expense, respectively. Variable lease payments and short-term lease costs were immaterial for the three and six months ended June 30, 2022. As of June 30, 2022, the remaining lease term was 0.5 years and the Company’s incremental borrowing rate used to determine the operating lease liability was 4.25%. As of June 30, 2022, the undiscounted future minimum lease payments due under the Company’s non-cancellable operating lease are as follows (in thousands): Remainder of 2022 $ 98 2023 7 Total undiscounted future minimum lease payments $ 105 Less: imputed interest $ (1 ) Present value of operating lease liability, current $ 104 In accordance with ASC 840, rent expense for the three and six months ended June 30, 2021 was $72,000 and $0.1 million respectively. The total future minimum annual payments for operating leases in effect as of December 31, 2021, were as follows (in thousands): 2022 $ 212 2023 7 Total future minimum annual payments $ 219 Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program, including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of fatty acid synthase. Pursuant to the Teva Agreements, the Company could be obligated to pay Teva up to $67.5 million under each program, for a total of $135.0 million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds. The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company’s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva. During the three and six months ended June 30, 2022 and 2021, none of the development and commercial milestones were met and accordingly, there were no milestone payments related to the Teva Agreements.

Term Loan

Term Loan	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Term Loan	6. Term Loan Loan and Security Agreement In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein (the “Lenders”), and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $10.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million that became available upon the satisfaction of certain milestones, each of which was available to be drawn through May 31, 2021. The term loan is secured by certain assets of the Borrowers (as defined in the Loan Agreement), including substantially all of the assets of the Company, excluding the Company’s intellectual property. The term loan contains customary representations, warranties, affirmative covenants and also certain restrictive covenants. In April 2020, in connection with the execution of the Loan Agreement, the Company issued SVB a warrant to purchase 25,000 shares of the Company’s common stock with a warrant exercise price of $22.06 per share that is immediately exercisable and expires on In May 2021, the parties further amended the Loan Agreement (as amended, the “2021 Loan Agreement”). The 2021 Loan Agreement increased the Term A Loan Facility to up to $20.0 million, which was fully drawn as of December 2021. The Term B Loan Facility of up to $5.0 million remains available to be drawn upon on achievement of certain additional milestones, on or before September 30, 2022. The 2021 Loan Agreement provides for interest-only payments until October 1, 2022, followed by consecutive monthly payments of principal and interest starting on October 1, 2022 and continuing through September 1, 2024, the maturity date of the term loan. The interest only period may be extended to April 1, 2023, if on or before September 20, 2022, the Company receives net cash proceeds of at least $75.0 million from the sale of its equity securities. The term loan bears interest at the greater of (i) 4.25% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 1.00%. The interest rate on the term loan was 4.25% at inception and 5.75% as of June 30, 2022. In addition, a final payment fee of 5.0% of the principal amount of the loan is due when the term loan becomes due or upon prepayment of the term loan. If the Company elects to prepay the loan, there is also a prepayment fee of between 1.0% and 3.0% of the principal amount of the term loan depending on the timing of prepayment. In May 2021, in connection with the execution of the 2021 Loan Agreement, the Company issued SVB a warrant to purchase 33,923 shares of the Company’s common stock with a warrant exercise price of $ 19.12 per share that is immediately exercisable and expires on May 28, 2031 . The Company determined the fair value of the warrant at the issuance date by using the Black-Scholes option-pricing model with the following assumptions: risk-free interest rate of 1.6 %, no dividends, expected volatility of 98.6 % and expected term of 10.0 years . Upon issuance, the fair value of the warrant of $ 0.6 million was recorded as a debt issuance cost and met the requirements for equity classification within additional paid-in capital in the consolidated balance sheets. In addition, closing costs incurred were not material. In connection with Term B Loan Facility, if funded, the Company will issue additional warrant to purchase 11,305 shares of the Company’s common stock with the exercise price at the Company’s stock price at the time of issuance. The 2021 Loan Agreement was accounted for as a modification to a credit facility. The debt issuance costs incurred in May 2021, including the fair value of the warrant, together with the remaining unamortized debt issuance costs related to the Loan Agreement of $0.4 million were recorded as deferred assets and recognized on a straight-line basis as interest expense over the availability of the draw period. Since all amounts under the Term A Loan Facility were drawn as of December 31, 2021, all debt issuance costs were reclassified as debt discount. The carrying value of the debt discount, together with the final payment fee, are recognized using the effective interest method. Interest expense is recorded within other expenses, net in the condensed consolidated statements of operations and comprehensive loss. The expected repayments of principal amount due on the term loan, excluding the final payment fee (which is presented as an other non-current liability on the condensed consolidated balance sheets) as of June 30, 2022 are as follows (in thousands): Remainder of 2022 $ 2,500 2023 10,000 2024 7,500 Total principal repayments 20,000 Less: unamortized debt discount (450 ) Total term loan, net 19,550 Less: term loan, current (7,500 ) Term loan, non-current, net $ 12,050

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Equity Incentive Plan In September 2019, the Company’s board of directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which also became effective in September 2019. The Company initially reserved 2,844,193 shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors. As of June 30, 2022, there were 953,596 shares of common stock available for issuance as future equity grants under the 2019 Plan. Employee Stock Purchase Plan In October 2019, the Company’s board of directors adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective in November 2019. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors. Purchases are accomplished through the participation of discrete offering periods and each offering is expected to be six months in duration. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair market value of the Company’s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable offering period. The following table summarizes stock option activity for the six months ended June 30, 2022: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2021 2,406,668 $ 16.46 8.1 $ 9,970 Granted 956,816 4.19 Exercised (12,065 ) 2.43 Cancelled (199,145 ) 14.49 Balance outstanding as of June 30, 2022 3,152,274 $ 12.92 8.1 $ 790 Exercisable as of June 30, 2022 1,365,395 $ 13.14 7.0 $ 642 The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2022 2021 Expected term (years) 5.5-6.1 5.5-6.1 Expected volatility 89.9-91.0 % 94.0-97.6 % Risk-free interest rate 1.6-2.8 % 0.7-1.0 % Expected dividend — — Restricted Stock Units (“RSUs”) Pursuant to the Company’s 2019 Plan, RSUs are granted to executives and certain employees. In February 2021 and 2022, the Company granted certain employees service-based RSUs that generally vest annually over a three-year In February 2021, the Company granted performance-based RSUs that vest as to one-third on each one-year The following table summarizes RSU activity for the six months ended June 30, 2022: Weighted Average Number of Grant Date RSUs Fair Value Balance outstanding as of December 31, 2021 106,394 $ 23.10 Granted 596,891 4.44 Vested / released (22,115 ) 23.10 Cancelled / forfeited (80,522 ) 5.64 Balance outstanding as of June 30, 2022 600,648 $ 6.51 The Company recorded stock-based compensation for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 1,014 $ 758 $ 1,898 $ 1,397 General and administrative 1,572 1,659 3,200 2,813 Total stock-based compensation $ 2,586 $ 2,417 $ 5,098 $ 4,210

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	8. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,152,274 2,375,554 Unvested restricted stock units 600,648 110,978 Warrants to purchase common stock 58,923 58,923 Total 3,811,845 2,545,455

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events In July 2022, the Company completed an underwritten public offering of its common stock, warrants and pre-funded warrants (see Note 1).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30 , 202 2 are not necessarily indicative of the results to be expected for the year ending December 31, 202 2 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 2 1 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 20 2 1 , which was filed with the SEC on March 24 , 202 2 .
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options and certain accrued expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Level 1 —Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Risk and Uncertainties	Risks and Uncertainties The ongoing COVID-19 pandemic has disrupted and may continue to disrupt the Company’s business and delay its preclinical and clinical programs and timelines. The Company does not yet know the full extent of potential delays to clinical trials, which could prevent or delay the Company from obtaining approval for pegozafermin. The extent to which the COVID-19 pandemic may impact the Company’s future operating results and financial condition is uncertain.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value.
Investments	Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations . Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other expenses, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced material realized gains or losses or other-than-temporary losses in the periods presented. Interest on available-for-sale securities is included in other expenses, net and is not material for the periods presented.
Leases	Leases Prior to January 1, 2022, the Company accounted for leases under Accounting Standards Codification (“ASC”) 840, Leases Leases The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use (“ROU”) asset and lease liability at the lease commencement date and thereafter if modified. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make the contractual lease payments over the lease term. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable, otherwise, the Company uses its estimated collateralized incremental borrowing rate for the lease term. The Company has elected not to record leases with an original term of twelve months or less on its consolidated balance sheets and recognizes those lease payments in operating expenses in the consolidated statements of operations and comprehensive loss. The Company’s short-term lease is not material. In addition, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as components and vary based on future outcomes. The Company has elected to not separate lease and components. Only the fixed costs for lease components and their associated components are accounted for as a single lease component and recognized as part of a asset and lease liability. Any variable expenses are recognized in operating expenses as incurred. The rent expense for an operating lease liability is recognized on a straight-line basis over the lease term and is included in operating expenses in the consolidated statements of operations and comprehensive loss.
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments.
Recent Adopted And Accounting Pronouncements	Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. Upon adoption of ASC 842, the Company recorded an operating ROU asset of $0.2 million and an operating lease liability of $0.2 million. T here was no adjustment to the opening balance of accumulated deficit as a result of adoption. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) , which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. As an emerging growth company, ASU 2016-13 is effective for the Company for the year ending December 31, 2023 and interim periods within that fiscal year and must be adopted using a modified retrospective approach, with certain exceptions. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 June 30, 2022 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 14,347 $ — $ — $ 14,347 Commercial paper Level 2 45,710 — (15 ) 45,695 U.S. government bonds Level 2 25,565 — (226 ) 25,339 Agency bonds Level 2 3,999 — (35 ) 3,964 Corporate debt securities Level 2 3,630 — (37 ) 3,593 Non-U.S. debt securities Level 2 3,479 — (10 ) 3,469 U.S. treasury bills Level 2 1,986 — (11 ) 1,975 Municipal bonds Level 2 1,587 — (1 ) 1,586 Total cash equivalents and available-for-sale securities $ 100,303 $ — $ (335 ) $ 99,968 Classified as: Cash equivalents $ 21,261 Short-term available-for-sale securities 78,707 Total cash equivalents and available-for-sale securities $ 99,968 The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2021 (in thousands): December 31, 2021 Valuation Amortized Unrealized Unrealized Hierarchy Cost Gains Losses Fair Value Money market funds Level 1 $ 21,477 $ — $ — $ 21,477 Commercial paper Level 2 59,647 — (10 ) 59,637 U.S. government bonds Level 2 21,662 — (42 ) 21,620 Corporate debt securities Level 2 8,776 1 (1 ) 8,776 Agency bonds Level 2 7,747 1 (7 ) 7,741 Municipal bonds Level 2 4,251 — (4 ) 4,247 Non-U.S. debt securities Level 2 2,506 — (1 ) 2,505 Total cash equivalents and available-for-sale securities $ 126,066 $ 2 $ (65 ) $ 126,003 Classified as: Cash equivalents $ 27,715 Short-term available-for-sale securities 98,288 Total cash equivalents and available-for-sale securities $ 126,003
Schedule of Contractual Maturities of Available-for-Sale Securities	The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2021 (in thousands): December 31, 2021 Within one year $ 120,726 After one year through two years 5,277 Total cash equivalents and available-for-sale securities $ 126,003

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid and other current assets consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Prepaid research and development $ 5,061 $ 7,895 Prepaid taxes 832 836 Prepaid other 1,325 2,506 Total prepaid and other current assets $ 7,218 $ 11,237
Schedule of Accrued Expenses	Accrued expenses consist of the following as of the periods indicated (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 10,827 $ 6,195 Accrued employee and related expenses 2,208 3,168 Accrued professional and legal fees 1,178 495 Accrued other expenses 175 336 Total accrued expenses $ 14,388 $ 10,194

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Schedule of Undiscounted Future Minimum Lease Payments Due Under Non-cancellable Operating Lease	As of June 30, 2022, the undiscounted future minimum lease payments due under the Company’s non-cancellable operating lease are as follows (in thousands): Remainder of 2022 $ 98 2023 7 Total undiscounted future minimum lease payments $ 105 Less: imputed interest $ (1 ) Present value of operating lease liability, current $ 104 total future minimum annual payments for operating leases in effect as of December 31, 2021, were as follows (in thousands): 2022 $ 212 2023 7 Total future minimum annual payments $ 219

Term Loan (Tables)

Term Loan (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Repayment of Principal Amount	The expected repayments of principal amount due on the term loan, excluding the final payment fee (which is presented as an other non-current liability on the condensed consolidated balance sheets) as of June 30, 2022 are as follows (in thousands): Remainder of 2022 $ 2,500 2023 10,000 2024 7,500 Total principal repayments 20,000 Less: unamortized debt discount (450 ) Total term loan, net 19,550 Less: term loan, current (7,500 ) Term loan, non-current, net $ 12,050

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Summary of Stock Option Activity	Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value (In years) (In thousands) Balance outstanding as of December 31, 2021 2,406,668 $ 16.46 8.1 $ 9,970 Granted 956,816 4.19 Exercised (12,065 ) 2.43 Cancelled (199,145 ) 14.49 Balance outstanding as of June 30, 2022 3,152,274 $ 12.92 8.1 $ 790 Exercisable as of June 30, 2022 1,365,395 $ 13.14 7.0 $ 642
Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model	The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2022 2021 Expected term (years) 5.5-6.1 5.5-6.1 Expected volatility 89.9-91.0 % 94.0-97.6 % Risk-free interest rate 1.6-2.8 % 0.7-1.0 % Expected dividend — —
Summary of Restricted Stock Unit Activity	The following table summarizes RSU activity for the six months ended June 30, 2022: Weighted Average Number of Grant Date RSUs Fair Value Balance outstanding as of December 31, 2021 106,394 $ 23.10 Granted 596,891 4.44 Vested / released (22,115 ) 23.10 Cancelled / forfeited (80,522 ) 5.64 Balance outstanding as of June 30, 2022 600,648 $ 6.51
Summary of Stock-Based Compensation	The Company recorded stock-based compensation for the periods indicated as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 1,014 $ 758 $ 1,898 $ 1,397 General and administrative 1,572 1,659 3,200 2,813 Total stock-based compensation $ 2,586 $ 2,417 $ 5,098 $ 4,210

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss	The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect: Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,152,274 2,375,554 Unvested restricted stock units 600,648 110,978 Warrants to purchase common stock 58,923 58,923 Total 3,811,845 2,545,455

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - USD ($)	1 Months Ended		2 Months Ended	6 Months Ended
	Jul. 31, 2022	Mar. 31, 2021	Nov. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Subsidiary Sale Of Stock [Line Items]
Date of incorporation				Jun. 30, 2019
Proceeds from issuance of common stock, net of commissions and offering expenses				$ 43,000	$ 83,000
Liability related to public offering				28,186,000
Cash and cash equivalents and short term available-for-sale securities				$ 139,300,000
Public Offerings | Subsequent Event
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold	18,675,466
Proceeds from issuance of common stock, net of commissions and offering expenses	$ 88,200,000
Offering price per share	$ 3.55
Warrant exercise price	$ 5.325
Underwriting discounts and commissions	$ 5,700,000
Other offering costs	$ 600,000
Public Offerings | Pre-Funded Warrants | Subsequent Event
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase shares of common stock	3,972,126
Number of pre-funded warrants issued	7,944,252
Offering price per warrant	$ 3.549
Public Offerings | Minimum [Member] | Subsequent Event
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase shares of common stock	9,337,733
Public Offerings | A T M Facility
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold				0
Public Offerings | A T M Facility | Maximum
Subsidiary Sale Of Stock [Line Items]
Maximum amount of equity shares issuable		$ 75,000,000
Public Offerings | SVB Leerink LLC
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold			186,546
Selling commission per shares sold percentage		3%
Proceeds from issuance of common stock, net of commissions and offering expenses			$ 3,300,000
Issuance of common stock, weighted average price per share			$ 17.97

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Realized gains or losses on investments	$ 0
Other-than-temporary losses	0
Operating lease right-of-use asset	109,000
Operating lease liability, current	104,000
Accumulated deficit	$ (263,836,000)		$ (213,217,000)
ASC 842
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Operating lease right-of-use asset		$ 200,000
Operating lease liability, current		200,000
Accumulated deficit		$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value		$ 126,003
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	$ 100,303	126,066
Short-term investments, Gross Unrealized Holding Gains		2
Short-term investments, Gross Unrealized Holding Losses	(335)	(65)
Short-term investments, Aggregated Fair Value	99,968	126,003
Recurring | Cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	21,261	27,715
Recurring | Short-term available for sale securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	78,707	98,288
Recurring | Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	14,347	21,477
Short-term investments, Aggregated Fair Value	14,347	21,477
Recurring | Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	45,710	59,647
Short-term investments, Gross Unrealized Holding Losses	(15)	(10)
Short-term investments, Aggregated Fair Value	45,695	59,637
Recurring | Level 2 | U.S. government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	25,565	21,662
Short-term investments, Gross Unrealized Holding Losses	(226)	(42)
Short-term investments, Aggregated Fair Value	25,339	21,620
Recurring | Level 2 | Corporate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	3,630	8,776
Short-term investments, Gross Unrealized Holding Gains		1
Short-term investments, Gross Unrealized Holding Losses	(37)	(1)
Short-term investments, Aggregated Fair Value	3,593	8,776
Recurring | Level 2 | Agency bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	3,999	7,747
Short-term investments, Gross Unrealized Holding Gains		1
Short-term investments, Gross Unrealized Holding Losses	(35)	(7)
Short-term investments, Aggregated Fair Value	3,964	7,741
Recurring | Level 2 | U.S. treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	1,986
Short-term investments, Gross Unrealized Holding Losses	(11)
Short-term investments, Aggregated Fair Value	1,975
Recurring | Level 2 | Municipal Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	1,587	4,251
Short-term investments, Gross Unrealized Holding Losses	(1)	(4)
Short-term investments, Aggregated Fair Value	1,586	4,247
Recurring | Level 2 | Non-US debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	3,479	2,506
Short-term investments, Gross Unrealized Holding Losses	(10)	(1)
Short-term investments, Aggregated Fair Value	$ 3,469	$ 2,505

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Contractual Maturities of Available-for-Sale Securities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Within one year	$ 120,726
After one year through two years	5,277
Total cash equivalents and available-for-sale securities	$ 126,003

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Prepaid research and development	$ 5,061	$ 7,895
Prepaid taxes	832	836
Prepaid other	1,325	2,506
Total prepaid and other current assets	$ 7,218	$ 11,237

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued research and development expenses	$ 10,827	$ 6,195
Accrued employee and related expenses	2,208	3,168
Accrued professional and legal fees	1,178	495
Accrued other expenses	175	336
Total accrued expenses	$ 14,388	$ 10,194

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Operating leases, rent expense		$ 47,000	$ 72,000	$ 100,000	$ 100,000
Remaining lease term		6 months		6 months
Incremental borrowing rate used to determine operating lease liability percentage				4.25%
Teva Agreement
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones	$ 135,000,000
Asset transfer and license agreement, termination period after written notice				120 days
Asset transfer and license agreement, termination period notice of breach				60 days
Asset transfer and license agreement termination notice period if bankruptcy petition filed				60 days
Teva Agreement | Research and Development Expenses
Loss Contingencies [Line Items]
Milestone payments		$ 0	$ 0	$ 0	$ 0
Teva Agreement | Teva's GlycoPEGylated FGF21 Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones	67,500,000
Teva Agreement | Teva's Development Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones	$ 67,500,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Undiscounted Future Minimum Lease Payments Due Under Non-cancellable Operating Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2022	$ 98	$ 212
2023	7	7
Total undiscounted future minimum lease payments	105	$ 219
Less: imputed interest	(1)
Present value of operating lease liability, current	$ 104

Term Loan - Additional Informat

Term Loan - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2021 USD ($) $ / shares shares	Apr. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Percentage of fee on loan			5%
Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, description	In May 2021, the parties further amended the Loan Agreement (as amended, the “2021 Loan Agreement”). The 2021 Loan Agreement increased the Term A Loan Facility to up to $20.0 million, which was fully drawn as of December 2021. The Term B Loan Facility of up to $5.0 million remains available to be drawn upon on achievement of certain additional milestones, on or before September 30, 2022.	In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein (the “Lenders”), and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $10.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million that became available upon the satisfaction of certain milestones, each of which was available to be drawn through May 31, 2021. The term loan is secured by certain assets of the Borrowers (as defined in the Loan Agreement), including substantially all of the assets of the Company, excluding the Company’s intellectual property. The term loan contains customary representations, warranties, affirmative covenants and also certain restrictive covenants.
Warrants to purchase common stock | shares	33,923
Warrant exercise price | $ / shares	$ 19.12
Warrant expiration date	May 28, 2031	Jun. 30, 2025
Debt issuance costs, gross	$ 600	$ 600
Proceeds from sale of available-for-sale securities, equity			$ 75,000
Debt instrument, interest rate		4.25%	5.75%
Deferred tax assets	400
Loan Agreement | Measurement Input, Expected Dividend Payment
Debt Instrument [Line Items]
Fair value of warrant assumptions, dividends	$ 0
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Risk Free Interest Rate
Debt Instrument [Line Items]
Fair measurement input	0.016
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility
Debt Instrument [Line Items]
Fair measurement input	0.986
Loan Agreement | Valuation Technique, Option Pricing Model | Measurement Input, Expected Term
Debt Instrument [Line Items]
Fair measurement input	10 years
Loan Agreement | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
Loan Agreement | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate			4.25%
Prepayment fee percentage.			1%
Loan Agreement | Maximum
Debt Instrument [Line Items]
Prepayment fee percentage.			3%
Loan Agreement | Other Assets
Debt Instrument [Line Items]
Debt issuance costs, gross		$ 200
Loan Agreement | Term A Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000	$ 10,000
Warrants to purchase common stock | shares		25,000
Warrant exercise price | $ / shares		$ 22.06
Credit facility maturity date			Sep. 01, 2024
Loan Agreement | Term B Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000
Warrants to purchase common stock | shares	11,305
Line of credit facility maximum borrowing capacity	$ 5,000

Term Loan - Schedule of Repayme

Term Loan - Schedule of Repayment of Principal Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remainder of 2022	$ 2,500
2023	10,000
2024	7,500
Total principal repayments	20,000
Less: unamortized debt discount	(450)
Total term loan, net	19,550
Less: term loan, current	(7,500)	$ (2,500)
Term loan, non-current, net	$ 12,050	$ 16,898

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Oct. 31, 2019	Sep. 30, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity [Line Items]
Share base compensation expense					$ 2,586,000	$ 2,417,000	$ 5,098,000	$ 4,210,000
Service-based RSUs | Employee
Stockholders' Equity [Line Items]
Share base compensation expense					200,000	100,000	400,000	200,000
Vesting period	3 years	3 years
Performance RSUs | Executive Officer and Certain Employees
Stockholders' Equity [Line Items]
Share base compensation expense					$ 400,000	$ 200,000	$ 700,000	$ 300,000
Vesting period		1 year
ESPP Purchase
Stockholders' Equity [Line Items]
Number of common shares issuable under the plan (in shares)			225,188
Percentage of increase in number of shares of capital stock issued and outstanding			1%
Percent of purchase shares of common stock			85%
Number of shares of common stock available for issuance under ESPP					731,603		731,603
2019 Plan
Stockholders' Equity [Line Items]
Number of common shares issuable under the plan (in shares)				2,844,193
Percentage of increase in number of shares of capital stock issued and outstanding				4%
Common stock reserved and available for issuance as future option grants					953,596		953,596
Maximum | ESPP Purchase
Stockholders' Equity [Line Items]
Period for increase in number of shares of common stock reserved for issuance			10 years
Maximum | 2019 Plan
Stockholders' Equity [Line Items]
Period for increase in number of shares of common stock reserved for issuance				10 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activity (Details) - 2019 Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Options
Outstanding, Beginning Balance	2,406,668
Granted	956,816
Exercised	(12,065)
Cancelled	(199,145)
Outstanding, Ending Balance	3,152,274	2,406,668
Exercisable as of June 30, 2022	1,365,395
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning Balance	$ 16.46
Weighted Average Exercise Price, Granted	4.19
Weighted Average Exercise Price, Exercised	2.43
Weighted Average Exercise Price, Cancelled	14.49
Weighted Average Exercise Price Outstanding, Ending Balance	12.92	$ 16.46
Weighted Average Exercise Price, Exercisable as of June 30, 2022	$ 13.14
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years), Outstanding	8 years 1 month 6 days	8 years 1 month 6 days
Weighted Average Remaining Contractual Term (In years), Exercisable as of June 30, 2022	7 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding	$ 9,970
Aggregate Intrinsic Value Outstanding	790	$ 9,970
Aggregate Intrinsic Value, Exercisable as of June 30, 2022	$ 642

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	89.90%	94%
Expected volatility, maximum	91%	97.60%
Risk-free interest rate, minimum	1.60%	0.70%
Risk-free interest rate, maximum	2.80%	1%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (?RSUs")	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of RSUs
Outstanding, Beginning Balance | shares	106,394
Granted | shares	596,891
Vested / released | shares	(22,115)
Cancelled / forfeited | shares	(80,522)
Outstanding, Ending Balance | shares	600,648
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance | $ / shares	$ 23.10
Weighted Average Grant Date Fair Value Outstanding, Granted | $ / shares	4.44
Weighted Average Grant Date Fair Value Outstanding, Vested/Released | $ / shares	23.10
Weighted Average Grant Date Fair Value Outstanding, Cancelled/Forfeited | $ / shares	5.64
Weighted Average Grant Date Fair Value Outstanding, Ending Balance | $ / shares	$ 6.51

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,586	$ 2,417	$ 5,098	$ 4,210
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	1,014	758	1,898	1,397
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,572	$ 1,659	$ 3,200	$ 2,813

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	3,811,845	2,545,455
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	3,152,274	2,375,554
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	600,648	110,978
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share	58,923	58,923