Landos Biopharma (LABP) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Landos Biopharma, Inc.
Entity Incorporation State Country Code	DE
Entity Address, Address Line One	1800 Kraft Drive
Entity Address, Address Line Two	Suite 216
Entity Address, City or Town	Blacksburg
Entity Address, State or Province	VA
Entity Tax Identification Number	81-5085535
Entity Address, Postal Zip Code	24060
City Area Code	540
Local Phone Number	218-2232
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LABP
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39971
Entity Small Business	true
Entity Central Index Key	0001785345
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		40,117,598

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 18,687	$ 2,416
Marketable securities, available for sale	96,440	25,718
Incentive and tax receivables	2	154
Prepaid expenses and other current assets		202
Deferred offering costs	0	1,398
Total current assets	117,727	29,888
Property, plant and equipment-net	564	444
Total assets	118,291	30,332
Current liabilities:
Accounts payable	10,685	8,606
Accrued liabilities	1,590	1,939
Other current liabilities		489
Total current liabilities	12,530	11,034
Other liabilities	149	276
Total liabilities	12,679	11,310
Commitments and Contingencies	0
Convertible preferred stock, $0.01 par value, no shares authorized, issued or outstanding as of June 30, 2021; 11,260,608 shares authorized, issued and outstanding as of December 31, 2020: aggregate liquidation preference of $70,254 as of December 31, 2020	0	73,037
Stockholders' (deficit) equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2021
Common stock, $0.01 par value; 200,000,000 shares authorized, 39,900,886 shares issued and outstanding as of June 30, 2021; 12,767,909 shares issued and outstanding as of December 31, 2020	399	71
Additional paid-in-capital	166,805	1,633
Accumulated other comprehensive gain (loss)	(142)	10
Accumulated deficit	(61,450)	(55,729)
Total stockholders' (deficit) equity	105,612	(54,015)
Total liabilities, convertible preferred stock and stockholders' (deficit) equity	$ 118,291	$ 30,332

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	39,900,886
Common stock, shares outstanding	39,900,886	12,767,909
Convertible preferred stock [Member]
Temporary equity, par value per share	$ 0.01	$ 0.01
Temporary equity, shares authorized	0	11,260,608
Temporary equity, shares issued	0	11,260,608
Temporary equity, shares outstanding	0	11,260,608
Temporary equity, liquidation preference		$ 70,254

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue - License Fee:	$ 18,000		$ 18,000
Revenue, Product and Service [Extensible List]	us-gaap:LicenseMember		us-gaap:LicenseMember
Operating expenses:
Research and development	$ 11,522	$ 3,723	$ 18,776	$ 8,413
General and administrative	2,596	1,365	5,241	2,445
Total operating expenses	14,118	5,088	24,017	10,858
Gain/(Loss) from operations	3,882	(5,088)	(6,017)	(10,858)
Other income (expenses):
R&D Incentive Income	41	0	41	0
Gain/(loss) from foreign exchange	(5)	(175)	13	(47)
Other income, net	179	136	242	332
Other income (expense), net	215	(311)	296	285
Net income/(loss)	$ 4,097	$ (4,777)	$ (5,721)	$ (10,573)
Net income/(loss) per share, basic and diluted	$ 0.12	$ (0.73)	$ (0.19)	$ (1.61)
Weighted-average shares used to compute net loss per share, basic	33,639,481	12,067,905	29,875,877	11,971,314
Weighted-average shares used to compute net loss per share, diluted	34,384,784	12,067,905	29,875,877	11,971,314
Net income/(loss)	$ 4,097	$ (4,777)	$ (5,721)	$ (10,573)
Unrealized gain/(loss) on available-for-sale securities	(40)	774	(152)	88
Comprehensive income/(loss)	$ 4,057	$ (4,003)	$ (5,873)	$ (10,485)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 5,721	$ 10,573
Adjustments to reconcile net earnings to net cash used in operating activities:
Compensation expense related to vesting of common stock issued to Xontogeny	0	27
Depreciation of property and equipment	93	66
Accrued interest on marketable securities	415	0
Stock-based compensation expense	1,335	0
Net realized gain/(loss) on sale of marketable securities	2	44
Net (accretion of discount) amortixation of premium on marketable sercurities	245	73
Gain/(loss) from foreign exchange	13	46
Other		33
Changes in operating assets and liabilities:
Incentive and tax receivables	152	(27)
Prepaid expenses and other assets	(1,412)	(2)
Accounts payable	2,067	1,731
Other liabilities	(349)	(610)
Net cash (used in) operating activities	(3,160)	(9,192)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(213)	(79)
Purchase of available-for-sale marketable securities	(85,409)	(10,092)
Proceeds from sales and maturities of marketable securities	14,289	13,908
Net cash (used in) provided by investing activities	(71,333)	3,737
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from initial public offering	90,506
Proceeds from exercise of stock options	258	0
Net cash provided by (used in) financing activities	90,764	0
Net change in cash and cash equivalents	16,271	(5,455)
Cash and cash equivalents at beginning of period	2,416	9,808
Effect of exchange rates on cash	0	(46)
Cash and cash equivalents at end of period	18,687	4,307
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY:
Deferred offering costs included in account payable and accrued liabilities	0	246
Purchase of fixed assets in accounts payable	0	11
Reclassification of par to additional paid-in-capital	2	0
Reclassification of series A and B convertible preferred stock to common stock	72,925	0
Unrealized gain on available-for-sale marketable securities	$ 152	$ 88

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Xontogeny LLC [Member]	Convertible Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]Xontogeny LLC [Member]	Additional Paid In Capital [Member]	Additional Paid In Capital [Member]Xontogeny LLC [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Temporary equity, beginning balance at Dec. 31, 2019			$ 73,037
Temporary equity, beginning balance, shares at Dec. 31, 2019			11,260,608
Beginning balance at Dec. 31, 2019	$ (25,583)			$ 63		$ 16		$ (25,585)	$ 77
Beginning balance, shares at Dec. 31, 2019				11,784,148
Compensation expense related to vesting of common stock issued to Xontogeny		$ 14			$ 2		$ 12
Compensation expense related to vesting of common stock issued, shares					193,182
Unrealized gain\(loss) on available-for-sale securities	(686)								(686)
Net loss	(5,796)							(5,796)
Temporary equity, ending balance at Mar. 31, 2020			$ 73,037
Temporary equity, ending balance, shares at Mar. 31, 2020			11,260,608
Ending balance at Mar. 31, 2020	32,051			$ 65		28		31,381	763
Ending balance, shares at Mar. 31, 2020				11,977,330
Temporary equity, beginning balance at Dec. 31, 2019			$ 73,037
Temporary equity, beginning balance, shares at Dec. 31, 2019			11,260,608
Beginning balance at Dec. 31, 2019	(25,583)			$ 63		16		(25,585)	77
Beginning balance, shares at Dec. 31, 2019				11,784,148
Compensation expense related to vesting of common stock issued to Xontogeny	27
Net loss	(10,573)
Temporary equity, ending balance at Jun. 30, 2020			$ 73,037
Temporary equity, ending balance, shares at Jun. 30, 2020			11,260,608
Ending balance at Jun. 30, 2020	36,041			$ 66		40		36,158	11
Ending balance, shares at Jun. 30, 2020				12,170,512
Temporary equity, beginning balance at Mar. 31, 2020			$ 73,037
Temporary equity, beginning balance, shares at Mar. 31, 2020			11,260,608
Beginning balance at Mar. 31, 2020	32,051			$ 65		28		31,381	763
Beginning balance, shares at Mar. 31, 2020				11,977,330
Compensation expense related to vesting of common stock issued to Xontogeny		$ 13		$ 1			$ 12
Compensation expense related to vesting of common stock issued, shares					193,182
Unrealized gain\(loss) on available-for-sale securities	774								774
Net loss	(4,777)							(4,777)
Temporary equity, ending balance at Jun. 30, 2020			$ 73,037
Temporary equity, ending balance, shares at Jun. 30, 2020			11,260,608
Ending balance at Jun. 30, 2020	36,041			$ 66		40		36,158	11
Ending balance, shares at Jun. 30, 2020				12,170,512
Temporary equity, beginning balance at Dec. 31, 2020			$ 73,037
Temporary equity, beginning balance, shares at Dec. 31, 2020			11,260,608
Beginning balance at Dec. 31, 2020	(54,015)			$ 71		1,633		(55,729)	10
Beginning balance, shares at Dec. 31, 2020				12,767,909
Conversion of preferred stock to common stock upon closing of the initial public offering, converted			$ (73,037)
Conversion of preferred stock to common stock upon closing of the initial public offering, converted, shares			(11,260,608)
Conversion of preferred stock to common stock upon closing of the initial public offering, issued	73,037			$ 262		72,775
Conversion of preferred stock to common stock upon closing of the initial public offering, issued, shares				20,549,478
Issuance of common stock, net of issuance costs	90,506			$ 63		90,443
Issuance of common stock, net of issuance costs, shares				6,250,000
Stock compensation expense	1,023					1,023
Exercise of Stock Options	558			$ 3		555
Exercise of Stock Options, shares				299,282
Unrealized gain\(loss) on available-for-sale securities	(112)								(112)
Net loss	(9,818)							(9,818)
Temporary equity, ending balance at Mar. 31, 2021			$ 0
Temporary equity, ending balance, shares at Mar. 31, 2021			0
Ending balance at Mar. 31, 2021	101,179			$ 399		166,429		65,547	102
Ending balance, shares at Mar. 31, 2021				39,866,669
Temporary equity, beginning balance at Dec. 31, 2020			$ 73,037
Temporary equity, beginning balance, shares at Dec. 31, 2020			11,260,608
Beginning balance at Dec. 31, 2020	(54,015)			$ 71		1,633		(55,729)	10
Beginning balance, shares at Dec. 31, 2020				12,767,909
Compensation expense related to vesting of common stock issued to Xontogeny	$ 0
Exercise of Stock Options, shares	0
Net loss	$ (5,721)
Temporary equity, ending balance at Jun. 30, 2021			$ 0
Temporary equity, ending balance, shares at Jun. 30, 2021			0
Ending balance at Jun. 30, 2021	105,612			$ 399		166,805		61,450	142
Ending balance, shares at Jun. 30, 2021				39,900,886
Temporary equity, beginning balance at Mar. 31, 2021			$ 0
Temporary equity, beginning balance, shares at Mar. 31, 2021			0
Beginning balance at Mar. 31, 2021	101,179			$ 399		166,429		65,547	102
Beginning balance, shares at Mar. 31, 2021				39,866,669
Stock compensation expense	312					312
Exercise of Stock Options	64					64
Exercise of Stock Options, shares				34,217
Unrealized gain\(loss) on available-for-sale securities	(40)								(40)
Net loss	4,097							4,097
Temporary equity, ending balance at Jun. 30, 2021			$ 0
Temporary equity, ending balance, shares at Jun. 30, 2021			0
Ending balance at Jun. 30, 2021	$ 105,612			$ 399		$ 166,805		$ 61,450	$ 142
Ending balance, shares at Jun. 30, 2021				39,900,886

Organization and Description of

Organization and Description of the Business	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of the Business	1. Organization and description of the business Landos Biopharma, Inc. (“Landos”) is a late-clinical-stage biopharmaceutical company that utilizes its LANCE ® Advanced A.I. platform to discover and develop novel oral therapeutics for patients with autoimmune diseases. To date LANCE ® has discovered seven new mechanisms of action, including the LANCL2, NLRX1 and PLXDC2 immunometabolic pathways. These new pathways offer a unique and differentiated way to modulate dysregulated immune responses that are connected to autoimmune diseases, a market expected to reach $ 153 billion by 2025. The Company’s core expertise is in the development of therapeutic candidates that target novel pathways at the interface of immunity and metabolism. Based on our understanding of the role that cellular metabolic pathways have on modulating inflammatory responses, the Company aims to down-regulate these inflammatory responses by changing the metabolic processes in targeted cells. The Company leverages its proprietary advanced AI-based precision medicine platform and growing reference datasets, which we refer to as our LANCE ® advanced A.I. platform, to identify novel therapeutic targets and biomarkers based on predictions of immunometabolic function and create therapeutic candidates for autoimmune disease to engage those targets in areas of unmet medical need. The Company utilizes its unique and proprietary animal models, which allows precise conduct of its research and development activities, as compared to other animal models available for purchase in the marketplace, to evaluate safety and efficacy profiles of its product candidates. LANCE Platform and Expansible Inflammation & Immunology Pipeline The Company’s LANCE platform accelerates the drug development process by shortening timelines and reducing costs. LANCE ® has yielded 17 active preclinical and clinical programs through June 30, 2021. In addition, the Company expects LANCE ® will continue to assist in developing new and novel product candidates to enhance the Company’s expansible inflammation & immunology (I&I) pipeline in the future. Lead Therapeutic Assets and Clinical Trial Plans Lead asset omilancor is a novel once-daily, oral, gut-restricted small molecule drug candidate that targets the LANCL2 pathway for the treatment of ulcerative colitis (“UC”), Crohn’s disease (“CD”), Eosinophilic Esophagitis (“EOE”) and topical formulations have been developed for psoriasis and atopic dermatitis. The Company successfully completed a global Phase 2 clinical trial of omilancor for UC in 2020. And, in June 2021, the company successfully completed an End-of-Phase 2 meeting with the US FDA and secured agreement on the key elements necessary for regulatory approval. This has enabled the company to initiate clinical trial site feasibility studies for the planned pivotal global Phase 3 program of omilancor in UC that will consist of two concurrent global pivotal trials: PACIFY I and PACIFY II. The Company believes that the agreed upon inclusion criteria of the pending global Phase 3 program, if successful, may potentially make omilancor eligible to be prescribed to approximately 90 % of all UC patients. According to Global Data, sales of UC drugs in the US in 2021 are anticipated to approximate $ 5.7 billion and may reach $ 7.3 billion in 2025 when omilancor might be ready to be commercialized for UC. Additionally, the Company initiated a Phase 2 trial of omilancor in 150 patients with CD in the first half of 2021 with data readout for this trial expected in the first half of 2022. NX-13 is a novel, once-daily, oral, gut-restricted small molecule drug candidate for the treatment of inflammatory bowel disease, that targets the NLRX1 pathway. NX-13 is undergoing Phase 1b clinical testing in 40 UC patients with data readout expected in the first quarter of 2022. Continued Drug Discovery and Pipeline Development Activities The Company is a platform company that continues to discover innovative therapeutic targets, with the aim to begin clinical development of at least one new drug candidate in each of the next five years. The Company also has a robust pipeline of seventeen (17) product candidates for various autoimmune diseases, including: lupus, rheumatoid arthritis, multiple sclerosis, and type 1 diabetes a market expected to reach $ 153 billion by 2025. At least several of which the Company anticipates advancing to Phase 1 clinical testing in 2021 and 2022. Business Development and Financing Activities We are actively seeking cash inflows from non-dilutive product candidate licensing activities to negotiate for up-front and milestone payments and potential royalty payments on future sales for our pipeline of product candidates while advancing our core programs to commercialization. In May 2021, Landos received $ 18 million in an upfront payment from LianBio related to a license agreement for the Greater China and select Asian markets. The LianBio agreement may provide us up to an additional $ 200 million from the achievement of commercial and milestone payments, and low-mid double-digit royalties in net sales in the territory. LianBio also committed to recruitment of up to 25 % of patients in our Phase 3 pivotal trials. During February 2021, the Company completed its initial public offering (“IPO”) that resulted in net proceeds of $ 90.5 million. As a result of the IPO, $ 72.9 million of convertible preferred stock converted to common stock, in accordance with the terms of those financing agreements negotiated prior to the IPO. We will need additional financing to initiate and complete our planned clinical trials, to continue and expand our research and development operations that support our planned discovery, development and clinical and regulatory activities, to adequately prepare for commercialization of our product candidates that may achieve regulatory approval in the future. Liquidity and Capital Resources As of June 30, 2021, the Company had cash, cash equivalents and marketable securities of $ 115.1 million, which it believes will be sufficient to fund its planned operations through end of 2023. Since our inception in 2017 through June 30, 2021, we funded operations through the issuance of convertible preferred stock and convertible promissory notes, through proceeds from our IPO, and through the upfront payment from the LianBio territory deal. We expect to incur substantial operating losses for at least the next several years.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Landos Biopharma Australia Pty Ltd. (“Landos Australia”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, 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 GAAP for complete financial statements and should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year, for any other interim period or for any future year. Use of estimates The preparation of 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 at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include but are not limited to accrued liabilities, fair value of equity instruments, and uncertain tax positions. 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 materially differ from those estimates COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID-19”) as a pandemic, and the Company expects its operations in all locations to be affected as the virus and its variants continue to proliferate. The Company has adjusted certain aspects of its operations to protect employees and customers while still meeting customers’ needs for vital technology. The Company will continue to monitor the situation closely and it is possible that further measures will be implemented. In light of the uncertainty as to the severity and duration of the pandemic, the impact on the financial position of the company, if any, is uncertain at this time. Revenue Recognition for Out-License Arrangements Under ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company assesses its license arrangements within the scope of Topic 606 in accordance with this framework as follows: License revenue The Company first assesses whether the goods or services promised within each contract are distinct to identify those that are performance obligations. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. In assessing whether a promised good or service is distinct, and therefore a performance obligation, the Company considers factors such as the research, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, the Company is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The transaction price is determined and allocated to the identified performance obligations in proportion to their stand-alone selling prices (“SSP”) on a relative SSP basis. SSP is based on observable prices of the performance obligations or, when such prices are not observable, are estimated based on factors such as forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the amount of estimated variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. If an arrangement includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensees will be one year or less. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, recognition is based on the use of an output or input method. Collaborative arrangements The Company analyzes its license arrangements to assess whether it is within the scope of ASC Topic 808, Collaborative Arrangements (“Topic 808”) by evaluating whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For arrangements within the scope of Topic 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of Topic 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of Topic 606. For elements of collaboration arrangements that are accounted for pursuant to Topic 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For those elements of the arrangement that are accounted for pursuant to Topic 606, the Company applies the five-step model described above. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of ninety days (90) or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper and are stated at fair value. Marketable securities The Company’s investments in marketable securities are maintained by investment managers and consist of corporate debt securities with original maturities of over 90 days , all of which are considered available-for-sale debt securities. The Company classifies its available-for-sale securities as short-term marketable securities on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current consolidated balance sheet date, as the Company views those securities as available for use in current operations, if needed. Available-for-sale securities are carried at fair value with their unrealized gains and losses included in accumulated other comprehensive loss within stockholders’ (deficit) equity, until such gains and losses are realized in other income (expense), net, within the consolidated statements of operations and comprehensive loss or until an unrealized loss is considered other-than-temporary. Realized gains and losses are determined using the specific identification method. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary impairments in value, the Company considers such factors as, among other things, how significant the impairment in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions. If the Company determines from this analysis that it does not expect to receive cash flows sufficient to recover the entire amortized cost of the security, a credit loss exists, the impairment is considered other-than-temporary and is recognized in the consolidated statements of operations and comprehensive loss. Research and development expenses Research and development expenses consist primarily of costs incurred for the development of the Company’s lead clinical product candidates omilancor, NX-13 and other pipeline therapeutic assets. Research and development costs consist primarily of external costs related to clinical development, contract manufacturing and discovery as well as personnel costs. Personnel costs consist of salaries and employee benefits. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical and clinical studies and research services on its behalf. The Company records the costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued liabilities in the consolidated balance sheets. These costs are a component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. Basic and diluted net income and loss per share Basic net income or loss per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net income or loss per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock together with the number of additional shares of common stock that would have been outstanding if all potentially dilutive shares of common stock had been issued. Emerging growth company status The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these combined and consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recently issued accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02— Leases (Topic 842) , requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and was initially effective for nonpublic entities for fiscal years beginning after December 15, 2019. In October 2019, the FASB approved a one-year delay in the effective date for non-public companies and, in June 2020, approved an additional one-year delay in the effective date for non-public companies. As a result, the standard is now effective for fiscal years beginning after December 15, 2021. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13— Financial Instruments (Topic 326) Measurement of Credit Losses on Financial Instrument (“CECL”), which requires an allowance for expected credit losses on financial assets be recognized as early as day one of the instrument. This ASU departs from the incurred loss model which means the probability threshold is removed. It considers more forward-looking information and requires the entity to estimate its credit losses as far as it can reasonably estimate. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding entities eligible to be smaller reporting companies (SRC). For all other public business entities, including SRC, the ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The Company elected to adopt the new standard in the annual reporting period beginning after December 15, 2022 and does not expect the adoption of this ASU to have a material impact on the consolidated financial statements.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	3. Fair value measurement Financial assets and liabilities are recorded at fair value on a recurring basis in the consolidated balance sheet. The carrying values of the Company’s financial assets and liabilities, including cash and cash equivalents, prepaids and other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: 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 of liabilities in markets that are not active; 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 Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 17,174 $ — $ — $ 17,174 Fixed income securities — 71,027 — 71,027 Asset backed securities — 25,413 — 25,413 Total assets $ 17,174 $ 96,440 $ — $ 113,614 December 31, 2020 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 265 $ — $ — $ 265 Fixed income securities — 23,343 — 23,343 Asset backed securities — 2,375 — 2,375 Total assets $ 265 $ 25,718 $ — $ 25,983 The contractual maturities of available for sale securities of June 30, 2021 are as follows: As of June 30, 2021 (in thousands) Within one year $ 62,193 Within one to five years 34,247 Total contractual maturities $ 96,440 The Company’s financial instruments consist of Level 1 and Level 2 assets. The Company values its Level 1 assets based on quoted prices in active markets for identical instruments. Level 1 assets consist primarily of highly liquid money market funds that are included in cash equivalents. The Company values its Level 2 assets consisting of certificates of deposits, fixed income securities, and asset backed securities with the help of a third-party pricing service using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. The Company uses such pricing data as the primary input, to which no material adjustments have been made during the periods presented, to make its determination and assessments as to the ultimate valuation of these assets. The fair values of these instruments approximate amortized cost.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	4. Share-based compensation 2019 Equity Incentive Plan In December 2019, the board of directors of the Company (the “Board”) adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the grant of share-based awards, including stock options and restricted stock units, to employees, directors, and non-employee service providers of the Company. In December 2019, the Board authorized 3,657,019 shares for future issuance under the 2019 Plan. All such shares authorized for issuance under the 2019 Plan have been reserved. On January 27, 2021, the Company’s Board of Directors approved a 1.8249 -for-1 stock split of the Company’s outstanding common shares. On January 29, 2021, the Company amended its Amended and Restated Certificate of Incorporation to affect the stock split. The stock split resulted in an adjustment to the preferred share conversion price to reflect a proportional increase in the number of common shares to be issued upon conversion. The accompanying financial statements and notes to financial statements give retroactive effect to the stock split for all periods presented. A summary of the Company’s stock option activity is as follows: Number Number of Options Outstanding Weighted Weighted Aggregate Balances as of December 31, 2020 2,003,587 1,249,218 $ 1.86 9.80 $ 9 Authorized — — $ — — Granted ( 491,650 ) 491,650 $ 14.61 — Exercised — ( 333,499 ) $ 1.86 — Forfeited — — $ — — Balances as of June 30, 2021 1,511,937 1,407,369 $ 6.31 9.46 $ 7,535 Options exercisable at June 30, 2021 294,042 $ 6.15 9.40 $ 1,977 Options vested and expected to vest at June 30, 2021 1,407,369 $ 6.31 9.46 $ 7,535 The total intrinsic value of options exercised was $ 1.5 million for the six months ended June 30, 2021. The weighted average fair value of options to purchase common stock granted was $ 7.33 million in the six months ended June 30, 2021. The fair value of each stock option award is estimated on the grant-date using the Black-Scholes option pricing model. The inputs used below are subjective and require significant judgment to determine. Six Months Ended June 30, 2021 Expected term (in years) 5.9 Risk-free interest rate 0.63 % Expected volatility 66.55 % Dividend rate — % The following table summarizes stock-based compensation expense for employees, which was included in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Research and development $ 211 $ 989 General and administrative 101 346 Total stock-based compensation expense $ 312 $ 1,335 At June 30, 2021 , the total compensation cost related to unvested stock-based awards granted to employees under the 2019 Plan but not yet recognized was approximately $ 3.7 million. This cost will be amortized on a straight-line basis over the remaining vesting period. The weighted-average remaining recognition period is approximately 2.6 years. Early Exercise of Employee Options The terms of the 2019 Plan permit certain option holders to exercise options before their options are vested. The shares of common stock granted upon early exercise that have not vested are subject to repurchase by the Company in the event of termination of the purchaser’s employment, at the price paid by the purchaser. While such shares have been issued, they are not considered outstanding for accounting purposes until they vest and are therefore excluded from shares used in determining loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. The liability is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the early exercise proceeds of $ 404 thousand as a liability in the accompanying balance sheets as of June 30, 2021. As of June 30, 2021, the Company recorded $ 255 thousand in other current liabilities and $ 149 thousand in other long term liabilities related to shares that were subject to repurchase.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. The Company believes there is no litigation pending or loss contingencies that could have, either individually or in the aggregate, a material impact on the Company’s financial statements. The following table summarizes our contractual obligations as of June 30, 2021 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods: Payments due by period (in thousands) Total Less 1 to 3 4 to 5 More Operating lease commitments(1) $ 505 $ 172 333 — — Total $ 505 $ 172 333 — — (1) Amounts in the table reflect payments due for our headquarters in Blacksburg, Virginia under an operating lease agreement that expires in July of 2024. We enter into contracts in the normal course of business with third-party contract organizations for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore we believe that our non-cancelable obligations under these agreements are not material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income taxes The Company estimates an annual effective tax rate of 0 % for the year ending December 31, 2021 as the Company incurred losses for the six months ended June 30, 2021, and is forecasting an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2021. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method in accordance with FASB ASC 740. Due to the Company's history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company cannot currently support that realization of its deferred tax assets is more likely than not. However, the Company feels its deferred tax assets may be used upon the Company becoming profitable. At June 30, 2021, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.

Net Income_(Loss) Per Common Sh

Net Income/(Loss) Per Common Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Common Share	7. Net Income/(Loss) per common share The following table sets forth the computation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share amounts): Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income/(Loss) $ 4,097 $ ( 4,777 ) $ ( 5,721 ) $ ( 10,573 ) Denominator: Weighted-average shares of common stock issued and outstanding 33,867,593 12,363,695 30,121,003 12,363,695 Less: weighted-average unvested common stock subject to repurchase ( 228,112 ) ( 295,790 ) ( 245,126 ) ( 392,381 ) Weighted-average common stock outstanding used to calculate net gain/(loss) per 33,639,481 12,067,905 29,875,877 11,971,314 Weighted-average effect of potentially dilutive securities: Stock options to purchase common stock 537,832 — — — Common stock subject to repurchase 207,471 — — — Diluted weighted-average common shares outstanding 34,384,784 12,067,905 29,875,877 11,971,314 Net income/(loss) per common stock, basic $ 0.12 $ ( 0.40 ) $ ( 0.19 ) ( 0.88 ) Net income/(loss) per share of common stock, diluted $ 0.12 $ ( 0.40 ) $ ( 0.19 ) $ ( 0.88 ) The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the periods presented, because their inclusion would be anti-dilutive: Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 — 20,549,478 Stock options to purchase common stock 491,650 — 1,407,369 — Common stock subject to repurchase — 193,184 216,707 193,184 Total 491,650 20,742,662 1,624,076 20,742,662

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
License Agreement Revenues	8. License Agreement License and collaboration agreement with LianBio On May 14, 2021, the Company entered into an exclusive license and collaboration agreement with LianBio Respiratory Limited (“Lian”). Lian is a related party to the Company as a result of an affiliation of a member of the Company’s board of directors. By entering into this agreement, the Company promised to deliver to Lian an exclusive license and know-how (the ”License”) to develop, manufacture and commercialize omilancor and NX-13 (the “Product”) in the territory comprising the People’s Republic of China (“PRC”), Hong Kong, Macau, Taiwan, Cambodia, Indonesia, Myanmar, Philippines, Singapore, South Korea, Thailand, and Vietnam (the “Territory”). In addition, the Company and Lian formed a Joint Steering Committee (“JSC”) to provide oversight to the activities performed under the agreement; however, the substance of the Company’s participation in the JSC does not represent an additional promised service, but rather, a right of the Company to protect its own interests in the arrangement. Further, the Company agreed to supply to Lian all clinical and commercial requirements of Product. The terms of the agreement do not provide for either (i) an option to Lian to purchase Product from the Company at a discount from the standalone selling price or (ii) minimum purchase quantities. Finally, Lian will bear (i) all costs and expenses for any development or commercialization of the Product in the Territory and (ii) all costs and fees associated with applying for regulatory approval of the Product in the Territory. The Company received a non-refundable payment of $ 18.0 million upon execution of the agreement. In addition, the Company has the ability to receive additional payments upon the achievement of certain development and sales milestone payments of up to an aggregate of $ 95.0 million and $ 105.0 million, respectively. The Company is also entitled to receive double-digit royalties on net sales of the Product in the Territory. The Company concluded that Lian meets the definition of a customer because the Company is delivering intellectual property and other services in which the parties are not jointly sharing the risks and rewards. Therefore, the Company concluded that the promises summarized above represent transactions with a customer within the scope of ASC 606. The Company determined that the contract contains a single performance obligation to deliver the License, which represents function intellectually property given the functionality of the License is not expected to change substantially as a result of the Company’s ongoing activities. Given that Lian is not obligated to purchase any minimum amount or quantities of Product, the supply of Product for clinical and commercial purposes was determined to be an option for Lian, rather than a performance obligation of the Company at contract inception and will be accounted for if and when exercised. The Company also determined that Lian’s option to purchase Product does not create a material right as the expected pricing is not at a discount. The Company determined that the upfront fixed payment amount of $18.0 million must be included in the transaction price. The potential development milestone payments that the Company is eligible to receive were excluded from the transaction price, as the milestone amounts were fully constrained based on the probability of achievement, since the milestones relate to successful achievement of certain regulatory approvals or activities, which might not be achieved. The Company determined that the royalties and sales milestone payments relate predominantly to the License and are therefore excluded from the transaction price under the sales- or usage-based royalty exception of ASC 606. The Company will reevaluate the transaction price, including all constrained amounts, at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and the Company will adjust its estimate of the transaction price as necessary. The Company will recognize the royalties and sales milestone payments as revenue when the associated sales occur, and relevant sales-based thresholds are met. The Company assessed the arrangement with Lian and concluded that a significant financing component does not exist. The Company will recognize the revenue allocated to the License performance obligation at a point in time upon transfer of the License. As of June 30, 2021, the Company had completed the transfer of the License and know-how necessary for Lian to benefit from the License and, as such, recognized the full amount of the upfront payment as revenue.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Landos Biopharma Australia Pty Ltd. (“Landos Australia”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, 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 GAAP for complete financial statements and should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year, for any other interim period or for any future year.
Use of Estimates	Use of estimates The preparation of 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 at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying consolidated financial statements include but are not limited to accrued liabilities, fair value of equity instruments, and uncertain tax positions. 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 materially differ from those estimates
COVID-19	COVID-19 In March 2020, the World Health Organization declared the outbreak of the novel coronavirus disease (“COVID-19”) as a pandemic, and the Company expects its operations in all locations to be affected as the virus and its variants continue to proliferate. The Company has adjusted certain aspects of its operations to protect employees and customers while still meeting customers’ needs for vital technology. The Company will continue to monitor the situation closely and it is possible that further measures will be implemented. In light of the uncertainty as to the severity and duration of the pandemic, the impact on the financial position of the company, if any, is uncertain at this time.
Revenue Recognition for Out-License Arrangements	Revenue Recognition for Out-License Arrangements Under ASC Topic 606, “Revenue from Contracts with Customers” (“Topic 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company assesses its license arrangements within the scope of Topic 606 in accordance with this framework as follows: License revenue The Company first assesses whether the goods or services promised within each contract are distinct to identify those that are performance obligations. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. In assessing whether a promised good or service is distinct, and therefore a performance obligation, the Company considers factors such as the research, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, the Company is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The transaction price is determined and allocated to the identified performance obligations in proportion to their stand-alone selling prices (“SSP”) on a relative SSP basis. SSP is based on observable prices of the performance obligations or, when such prices are not observable, are estimated based on factors such as forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the amount of estimated variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. If an arrangement includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensee and the transfer of the promised goods or services to the licensees will be one year or less. For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time, recognition is based on the use of an output or input method.
Collaborative arrangements	Collaborative arrangements The Company analyzes its license arrangements to assess whether it is within the scope of ASC Topic 808, Collaborative Arrangements (“Topic 808”) by evaluating whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For arrangements within the scope of Topic 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of Topic 808 and which elements of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of Topic 606. For elements of collaboration arrangements that are accounted for pursuant to Topic 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For those elements of the arrangement that are accounted for pursuant to Topic 606, the Company applies the five-step model described above.
Cash and Cash Equivalents	Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of ninety days (90) or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper and are stated at fair value.
Marketable Securities	Marketable securities The Company’s investments in marketable securities are maintained by investment managers and consist of corporate debt securities with original maturities of over 90 days , all of which are considered available-for-sale debt securities. The Company classifies its available-for-sale securities as short-term marketable securities on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current consolidated balance sheet date, as the Company views those securities as available for use in current operations, if needed. Available-for-sale securities are carried at fair value with their unrealized gains and losses included in accumulated other comprehensive loss within stockholders’ (deficit) equity, until such gains and losses are realized in other income (expense), net, within the consolidated statements of operations and comprehensive loss or until an unrealized loss is considered other-than-temporary. Realized gains and losses are determined using the specific identification method. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary impairments in value, the Company considers such factors as, among other things, how significant the impairment in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions. If the Company determines from this analysis that it does not expect to receive cash flows sufficient to recover the entire amortized cost of the security, a credit loss exists, the impairment is considered other-than-temporary and is recognized in the consolidated statements of operations and comprehensive loss.
Research and Development Expenses	Research and development expenses Research and development expenses consist primarily of costs incurred for the development of the Company’s lead clinical product candidates omilancor, NX-13 and other pipeline therapeutic assets. Research and development costs consist primarily of external costs related to clinical development, contract manufacturing and discovery as well as personnel costs. Personnel costs consist of salaries and employee benefits. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical and clinical studies and research services on its behalf. The Company records the costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued liabilities in the consolidated balance sheets. These costs are a component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred.
Basic and Diluted Net Income and Loss Per Share	Basic and diluted net income and loss per share Basic net income or loss per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net income or loss per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock together with the number of additional shares of common stock that would have been outstanding if all potentially dilutive shares of common stock had been issued.
Emerging Growth Company Status	Emerging growth company status The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these combined and consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently issued accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02— Leases (Topic 842) , requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and was initially effective for nonpublic entities for fiscal years beginning after December 15, 2019. In October 2019, the FASB approved a one-year delay in the effective date for non-public companies and, in June 2020, approved an additional one-year delay in the effective date for non-public companies. As a result, the standard is now effective for fiscal years beginning after December 15, 2021. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13— Financial Instruments (Topic 326) Measurement of Credit Losses on Financial Instrument (“CECL”), which requires an allowance for expected credit losses on financial assets be recognized as early as day one of the instrument. This ASU departs from the incurred loss model which means the probability threshold is removed. It considers more forward-looking information and requires the entity to estimate its credit losses as far as it can reasonably estimate. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities that are U.S. Securities and Exchange Commission (SEC) filers, excluding entities eligible to be smaller reporting companies (SRC). For all other public business entities, including SRC, the ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The Company elected to adopt the new standard in the annual reporting period beginning after December 15, 2022 and does not expect the adoption of this ASU to have a material impact on the consolidated financial statements.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 17,174 $ — $ — $ 17,174 Fixed income securities — 71,027 — 71,027 Asset backed securities — 25,413 — 25,413 Total assets $ 17,174 $ 96,440 $ — $ 113,614 December 31, 2020 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 265 $ — $ — $ 265 Fixed income securities — 23,343 — 23,343 Asset backed securities — 2,375 — 2,375 Total assets $ 265 $ 25,718 $ — $ 25,983
Contractual Maturities of Available for Sale Securities	The contractual maturities of available for sale securities of June 30, 2021 are as follows: As of June 30, 2021 (in thousands) Within one year $ 62,193 Within one to five years 34,247 Total contractual maturities $ 96,440

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s stock option activity is as follows: Number Number of Options Outstanding Weighted Weighted Aggregate Balances as of December 31, 2020 2,003,587 1,249,218 $ 1.86 9.80 $ 9 Authorized — — $ — — Granted ( 491,650 ) 491,650 $ 14.61 — Exercised — ( 333,499 ) $ 1.86 — Forfeited — — $ — — Balances as of June 30, 2021 1,511,937 1,407,369 $ 6.31 9.46 $ 7,535 Options exercisable at June 30, 2021 294,042 $ 6.15 9.40 $ 1,977 Options vested and expected to vest at June 30, 2021 1,407,369 $ 6.31 9.46 $ 7,535
Schedule of Fair Value of Each Stock Option Award	Six Months Ended June 30, 2021 Expected term (in years) 5.9 Risk-free interest rate 0.63 % Expected volatility 66.55 % Dividend rate — %
Schedule of Stock-Based Compensation Expense	The following table summarizes stock-based compensation expense for employees, which was included in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Research and development $ 211 $ 989 General and administrative 101 346 Total stock-based compensation expense $ 312 $ 1,335

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Contractual Obligations	The following table summarizes our contractual obligations as of June 30, 2021 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods: Payments due by period (in thousands) Total Less 1 to 3 4 to 5 More Operating lease commitments(1) $ 505 $ 172 333 — — Total $ 505 $ 172 333 — — (1) Amounts in the table reflect payments due for our headquarters in Blacksburg, Virginia under an operating lease agreement that expires in July of 2024.

Net Income_(Loss) Per Common _2

Net Income/(Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share amounts): Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net Income/(Loss) $ 4,097 $ ( 4,777 ) $ ( 5,721 ) $ ( 10,573 ) Denominator: Weighted-average shares of common stock issued and outstanding 33,867,593 12,363,695 30,121,003 12,363,695 Less: weighted-average unvested common stock subject to repurchase ( 228,112 ) ( 295,790 ) ( 245,126 ) ( 392,381 ) Weighted-average common stock outstanding used to calculate net gain/(loss) per 33,639,481 12,067,905 29,875,877 11,971,314 Weighted-average effect of potentially dilutive securities: Stock options to purchase common stock 537,832 — — — Common stock subject to repurchase 207,471 — — — Diluted weighted-average common shares outstanding 34,384,784 12,067,905 29,875,877 11,971,314 Net income/(loss) per common stock, basic $ 0.12 $ ( 0.40 ) $ ( 0.19 ) ( 0.88 ) Net income/(loss) per share of common stock, diluted $ 0.12 $ ( 0.40 ) $ ( 0.19 ) $ ( 0.88 )
Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share	The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the periods presented, because their inclusion would be anti-dilutive: Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 — 20,549,478 Stock options to purchase common stock 491,650 — 1,407,369 — Common stock subject to repurchase — 193,184 216,707 193,184 Total 491,650 20,742,662 1,624,076 20,742,662

Organization and Description _2

Organization and Description of the Business - Additional Information (Details) $ in Thousands	Feb. 03, 2021USD ($)	May 31, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)Product
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance of Common Stock	$ 90,500
Number of robust product line | Product				17
Market expected to increase by 2025				$ 153,000,000
Conversion of preferred stock to common stock upon closing of the initial public offering, issued	$ 72,900		$ 73,037
Cash cash equivalents and marketable securities				115,100
Ulcerative Colitis Drugs [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected increases sales by 2025				7,300,000
Sales in 2021				$ 5,700,000
Percentage of eligible to prescribed				90.00%
Lian Ophthalmology [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum percentage of recruitment		25.00%
Milestone payment		$ 200,000
Upfront payment		$ 18,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Accounting Standards Update 2019-12 [Member]
Summary of Significant Accounting Policies [Line Items]
Unrecorded tax benefits	$ 3.7
Corporate Debt Securities [Member] | Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Debt securities, available for sale, maturity period	90 days

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 113,614	$ 25,983
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	17,174	265
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	96,440	25,718
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	17,174	265
Money Market Funds [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	17,174	265
Money Market Funds [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money Market Funds [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Fixed Income Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	71,027	23,343
Fixed Income Securities [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Fixed Income Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	71,027	23,343
Fixed Income Securities [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Asset Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	25,413	2,375
Asset Backed Securities [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Asset Backed Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	25,413	2,375
Asset Backed Securities [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

Fair Value Measurement - Contra

Fair Value Measurement - Contractual Maturities of Available for Sale Securities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Within one year	$ 62,193
Within one to five years	34,247
Total contractual maturities	$ 96,440

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 27, 2021	Jun. 30, 2021USD ($)$ / shares	Dec. 31, 2019shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stockholders' equity note, stock split, conversion ratio	1.8249
Stockholders' equity note, stock split	On January 27, 2021, the Company’s Board of Directors approved a 1.8249-for-1 stock split of the Company’s outstanding common shares. On January 29, 2021, the Company amended its Amended and Restated Certificate of Incorporation to affect the stock split.
Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 1,500
Weighted average fair value of options to purchase common stock granted | $ / shares		$ 7.33
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 7 months 6 days
The 2019 Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares for future issuance | shares			3,657,019
Deferred Compensation Liability, Current and Noncurrent, Total		$ 404
Deferred Compensation Liability, Current, Total		255
Deferred Compensation Liability, Classified, Noncurrent, Total		$ 149

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Balances as of December 31, 2020	2,003,587	2,003,587
Authorized		0
Granted		491,650
Exercised		0
Forfeited		0
Balances as of June 30, 2021		1,511,937	2,003,587
Balances as of December 31, 2020	1,249,218	1,249,218
Granted		491,650
Exercised		(333,499)
Balances as of June 30, 2021		1,407,369	1,249,218
Options exercisable at June 30, 2021		294,042
Options vested and expected to vest at June 30, 2021		1,407,369
Balances as of December 31, 2020	$ 1.86	$ 1.86
Granted		14.61
Exercised		1.86
Forfeited	$ 0
Balances as of June 30, 2021		6.31	$ 1.86
Options exercisable at June 30, 2021		6.15
Options vested and expected to vest at June 30, 2021		$ 6.31
Options Outstanding Weighted Average Contractual Life (years)		9 years 5 months 15 days	9 years 9 months 18 days
Options Exercisable Weighted Average Contractual Life (years)		9 years 4 months 24 days
Options Vested and Expected to Vest Weighted Average Contractual Life (years)		9 years 5 months 15 days
Options Outstanding Intrinsic Value	$ 9	$ 9
Options Outstanding Intrinsic Value		7,535	$ 9
Options Exercisable Intrinsic Value		1,977
Options Vested and Expected to Vest Intrinsic Value		$ 7,535

Stock-Based Compensation - Calc

Stock-Based Compensation - Calculation of Fair Value of Stock Option Grant Under ESPP Using Black-Scholes Option-Pricing Model (Details)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (in years)	5 years 10 months 24 days
Risk-free interest rate	0.63%
Expected volatility	66.55%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Research and development	$ 312	$ 1,335
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Research and development	211	989
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Research and development	$ 101	$ 346

Commitments and Contingencies -

Commitments and Contingencies - Summary of Contractual Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating lease commitments, Total	$ 505	[1]
Operating lease commitments, Less than 1 year	172	[1]
Operating lease commitments, 1 to 3 years	333	[1]
Operating lease commitments, 4 to 5 years	0	[1]
Operating lease commitments,, More than 5 years	0	[1]
Contractual obligation, Total	505
Contractual obligation, Less than 1 year	172
Contractual obligation, 1 to 3 years	333
Contractual obligation, 4 to 5 years	0
Contractual obligation, More than 5 years	$ 0
[1]	Amounts in the table reflect payments due for our headquarters in Blacksburg, Virginia under an operating lease agreement that expires in July of 2024.

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Contractual Obligations (Parenthetical) (Details)	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Lease Expiration Date	Jul. 31, 2021

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		0.00%
Federal or state income taxes	0.00%
Unrecognized tax benefits that would impact the effective tax rate	$ 0

Net Income_(Loss) Per Common _3

Net Income/(Loss) Per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net Income Loss	$ 4,097	$ (9,818)	$ (4,777)	$ (5,796)	$ (5,721)	$ (10,573)
Denominator:
Weighted-average shares of common stock issued and outstanding	33,867,593		12,363,695		30,121,003	12,363,695
Less: weighted-average unvested common stock subject to repurchase	(228,112)		(295,790)		(245,126)	(392,381)
Weighted-average shares used to compute net loss per share, basic	33,639,481		12,067,905		29,875,877	11,971,314
Diluted weighted-average common shares outstanding	34,384,784		12,067,905		29,875,877	11,971,314
Net income/(loss) per common stock, basic	$ 0.12		$ (0.40)		$ (0.19)	$ (0.88)
Net income/(loss) per share of common stock, diluted	$ 0.12		$ (0.40)		$ (0.19)	$ (0.88)
Stock Options to Purchase Common Stock [Member]
Denominator:
Diluted weighted-average common shares outstanding	537,832
Common Stock Subject to Repurchase [Member]
Denominator:
Diluted weighted-average common shares outstanding	207,471

Net Income_(Loss) Per Common _4

Net Income/(Loss) Per Common Share - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	491,650	20,742,662	1,624,076	20,742,662
Convertible Preferred Stock on an as-Converted Basis [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	20,549,478	0	20,549,478
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	491,650	0	1,407,369	0
Common Stock Subject to Repurchase [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	193,184	216,707	193,184

License Agreement - Additional

License Agreement - Additional Information (Details) $ in Millions	May 14, 2021USD ($)
Sales milestone payments [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Additional upfront payment to be received	$ 105
Development milestone payments [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Additional upfront payment to be received	95
License Agreement Terms [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment received	$ 18