Landos Biopharma (LABP) 10-K 24 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
EntityWellKnownSeasonedIssuer	No
Entity Interactive Data Current	Yes
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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
Entity Public Float			$ 89.9
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		40,254,890
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, North Carolina
Auditor Firm ID	42

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 8,305	$ 2,416
Marketable securities, available for-sale	82,575	25,718
Prepaid expenses and other current assets	1,266	356
Deferred offering costs	0	1,398
Total current assets	92,146	29,888
Property, plant and equipment-net	707	444
Other Assets	26	0
Total assets	92,879	30,332
Current liabilities:
Accounts payable	12,908	8,606
Accrued liabilities	3,703	1,939
Other current liabilities	0	489
Total current liabilities	16,611	11,034
Other liabilities	0	276
Total liabilities	16,611	11,310
Commitments and Contingencies
Convertible preferred stock, $0.01 par value; no shares authorized, issued or outstanding as of December 31, 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:
Common stock, $0.01 par value; 200,000,000 shares authorized, 40,254,890 and 12,767,909 shares issued and outstanding as of December 31, 2021 and 2020, respectively	403	71
Additional paid-in-capital	170,241	1,633
Accumulated other comprehensive income	(225)	10
Accumulated deficit	(94,151)	(55,729)
Total stockholders' equity (deficit)	76,268	(54,015)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 92,879	$ 30,332

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	40,254,890	40,254,890
Common stock, shares outstanding	12,767,909	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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue - License Fee:	$ 18,000	$ 0
Revenue, Product and Service [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 41,564	$ 25,338
General and administrative	15,252	5,338
Total operating expenses	56,816	30,676
Loss from operations	(38,816)	(30,676)
Interest and other income (expenses):
(Loss) gain from foreign exchange	(18)	77
Interest income, net	412	455
Interest and other income, net	394	532
Net loss	$ (38,422)	$ (30,144)
Net loss per share, basic and diluted	$ (1.02)	$ (2.47)
Weighted-average number of shares used to compute net loss per share, basic and diluted	37,558,464	12,227,823
Net income (loss)	$ (38,422)	$ (30,144)
Unrealized gain on available-for-sale securities	(235)	87
Comprehensive loss	$ (38,657)	$ (30,057)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (38,422)	$ (30,144)
Adjustments to reconcile net loss to net cash used in operating activities:
Compensation expense related to vesting of common stock issued to Xontogeny	0	39
Depreciation	196	137
Stock-based compensation expense	4,118	833
Net amortization of premium on marketable securities	1,174	213
Unrealized (loss) gain from foreign exchange	(18)	79
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(936)	(786)
Accounts payable	4,263	6,506
Other liabilities	2,564	161
Net cash used in operating activities	(27,061)	(22,962)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(440)	(181)
Purchases of available-for-sale marketable securities	(174,853)	(21,718)
Proceeds from sales and maturities of marketable securities	116,587	36,030
Net cash (used in) provided by investing activities	(58,706)	14,131
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering	93,000	0
Financing costs paid	(1,907)	0
Proceeds from exercise of stock options	514	1,518
Net cash provided by financing activities	91,607	1,518
Net change in cash and cash equivalents	5,840	(7,313)
Cash and cash equivalents at beginning of period	2,416	9,808
Effect of exchange rates on cash	49	(79)
Cash and cash equivalents at end of period	8,305	2,416
SUPPLEMENTAL NON-CASH DISCLOSURE: NONCASH INVESTING AND FINANCING ACTIVITY:
Purchase of fixed assets in accounts payable	20	41
Deferred offering costs included in accounts payable and accrued liabilities	0	811
Conversion of Series A and B convertible preferred stock to common stock	73,037
Unrealized (loss) gain on available-for-sale marketable securities	$ (235)	$ 87

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [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	$ (77)	$ (25,585)
Beginning balance, shares at Dec. 31, 2019			11,784,147
Compensation expense related to vesting of common stock issued to Xontogeny	39		$ 4	35
Compensation expense related to vesting of common stock issued, shares			579,548
Stock compensation expense	833			833
Exercise of stock options	753		$ 4	749
Exercise of stock options, shares			404,214
Unrealized gain (loss) on available-for-sale securities	87				87
Net loss	(30,144)					(30,144)
Temporary equity, ending balance at Dec. 31, 2020		$ 73,037
Temporary equity, ending balance, shares at Dec. 31, 2020		11,260,608
Ending balance at Dec. 31, 2020	(54,015)		$ 71	1,633	10	(55,729)
Ending balance, shares at Dec. 31, 2020			12,767,909
Compensation expense related to vesting of common stock issued to Xontogeny	0
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	4,118			4,118
Exercise of stock options	$ 1,279		$ 7	1,272
Exercise of stock options, shares	687,503		687,503
Unrealized gain (loss) on available-for-sale securities	$ (235)				(235)
Net loss	(38,422)					(38,422)
Temporary equity, ending balance at Dec. 31, 2021		$ 0
Temporary equity, ending balance, shares at Dec. 31, 2021		0
Ending balance at Dec. 31, 2021	$ 76,268		$ 403	$ 170,241	$ (225)	$ (94,151)
Ending balance, shares at Dec. 31, 2021			40,254,890

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Organization and Business Landos Biopharma, Inc. (Landos or the Company) was incorporated in the state of Delaware in January 2017 and is a clinical-stage biopharmaceutical company focused on the discovery and development of oral therapeutics for patients with autoimmune diseases. The Company has several active development programs, each discovered internally, targeting novel pathways at the interface of immunity and metabolism. Initial Public Offering In February 2021, the Company completed its initial public offering in which it sold 6,250,000 shares of common stock at an initial public offering price of $ 16.00 per share. Proceeds from the initial public offering, net of underwriting discounts, commissions and offering costs paid by the Company, were approximately $ 90.5 million. In addition, in connection with the completion of the Company’s initial public offering, all outstanding shares of the Company's convertible preferred stock were converted into 20,549,478 shares of the Company’s common stock. 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. 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 consolidated financial statements and notes to consolidated financial statements give retroactive effect to the stock split for all periods presented . Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). The 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. Liquidity As of December 31, 2021, the Company had cash, cash equivalents and marketable securities of $ 90.9 million, which it believes will be sufficient to fund its planned operations for at least one year from the issuance of these consolidated financial statements. Since the Company’s inception in 2017, it funded operations through the issuance of convertible preferred stock and convertible promissory notes, the proceeds from its IPO, and the upfront payment from the license and collaboration agreement (Note 7). As of December 31, 2021, the Company had an accumulated deficit of $ 94.2 million and expects to incur substantial operating losses for at least the next several years. As such, the Company will need to raise additional capital to initiate and complete its planned clinical trials, to continue and expand its research and development operations that support its planned discovery, development and clinical and regulatory activities, and to adequately prepare for commercialization of its product candidates that may achieve regulatory approval in the future. Consolidated Financial Statements in U.S. dollars The Company’s functional currency is the U.S. dollars as the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars. All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the consolidated statement of operations and comprehensive loss as other income, net. Net foreign currency transaction losses were not material for the years ended December 31, 2021 and 2020. 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 estimates for clinical trial accruals and for periods prior to the Company's IPO, fair value of equity instruments. 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. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less at the date of purchase. The carrying amounts approximate fair value due to the short maturities of these investments. 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 ninety ( 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 Sheets 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’ equity (deficit), 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. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. Bank deposits are held by accredited financial institutions and these deposits may at times be in excess of insured limits. The Company limits its credit risk associated with cash and cash equivalents by placing them with financial institutions it believes are of high quality. The Company has not experienced any losses on its deposits of cash or cash equivalents. The Compa ny’s available-for-sale investments primarily consist of high-grade corporate debt, and potentially subject the Company to concentrations of credit risk. The Company has adopted investment guidelines that limit the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure. Deferred Offering Costs At December 31, 2020, the Company had deferred offering costs totaling $ 1.4 million consisting of legal, accounting, filing and other fees and costs directly attributable to the Company’s IPO. Upon the closing of the IPO in February 2021, these deferred offering costs were offset against the proceeds received. Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of laboratory equipment, furniture and fixtures ranges from five to seven years. Maintenance, repair and calibration costs are expensed as incurred. Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets or group of assets may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets through an impairment charge, to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the years ended December 31, 2021 and 2020, there were no such indicators. Revenue Recognition for Out-License Arrangements To date, all of the Company’s revenue has been derived from its license agreement with LianBio Respiratory Limited, or Lian (Note 7). The Company 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, the Company 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 Company satisfies a performance obligation. 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. Milestone Payments 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. Royalties 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. The Company receives payments from its collaborators based on billing schedules established in each contract. Up-front and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under its collaboration arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. 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 customer and the transfer of the promised goods or services to the customer will be one year or less. Research and Development Expenses Research and development costs consist primarily of external costs related to clinical development, contract manufacturing and discovery as well as personnel costs. 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 nonclinical 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. Share-Based Compensation The Company measures employee and non-employee stock-based awards, including stock options and purchase rights, at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the award. The Company uses the Black-Scholes option pricing model to value its stock option awards. The Company elects to account for forfeitures as they occur. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than‑not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Research and Development Tax Incentives Through programs administered by the Australian Tax Office, the Company is eligible, if specific criteria is met, to obtain research and development incentive tax credits (the “Australia R&D credit”) based on a percentage of certain research and development activities undertaken by Australia by Landos Australia. During the year ended December 31, 2021, pursuant to the Australia R&D credit program, the Company received a refund of approximately $ 1.3 million, which has been recorded as a reduction of research and development expenses in the accompanying consolidated financial statements. Refunds received pursuant to the Australia R&D credit program are subject to aud it for a period of four years by t he taxing authorities. In addition, Landos Australia incurs Goods and Services Tax (“GST”) on services provided by Australian vendors. As an Australian entity, Landos Australia is entitled to a refund of the GST paid. The Company’s estimate of the amount of cash refund it expects to receive related to GST incurred is included prepaid and other current assets in the accompanying consolidated balance sheets. Net Loss per Share Basic loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing the net 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. Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. 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: December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Unvested common stock — 410,602 Stock options to purchase common stock 1,688,789 838,616 Total 1,688,789 21,798,696 Comprehensive Loss The Company’s comprehensive loss is currently comprised of changes in unrealized losses on available-for-sale securities. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views it operations and manages its business in one operating segment. 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 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 was effective for public entities for fiscal years beginning after December 15, 2018 and is effective for nonpublic entities for fiscal years beginning after December 15, 2021. The Company will adopt ASU 2016-02 utilizing the modified retrospective transition method through an immaterial cumulative-effect adjustment to retained earnings on January 1, 2022. The Company will continue to report financial information for fiscal years prior to 2022 under the current lease accounting standards. Based on its lease portfolio as of December 31, 2021, the Company expects to record additional lease assets and liabilities of less than five percent of total assets on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations and Comprehensive Loss. 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 expects to adopt the new standard in the annual reporting period beginning after December 31, 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	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	2. Fair Value Measurement Financial assets and liabilities are recorded at fair value on a recurring basis in the Consolidated Balance Sheets. The carrying values of the Company’s financial assets and liabilities, including cash and cash equivalents, prepaid 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): December 31, 2021 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 3,180 $ — $ — $ 3,180 Fixed income securities — 54,224 — 54,224 Asset backed securities — 28,351 — 28,351 Total assets $ 3,180 $ 82,575 $ — $ 85,755 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 December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Within one year $ 49,699 $ 20,078 Within one to five years 32,876 5,640 Total contractual maturities $ 82,575 $ 25,718 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. There were no transfers into or out of Level 3 securities during the year ended December 31, 2021 and 2020.

Consolidated Balance Sheet Comp

Consolidated Balance Sheet Components	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Balance Sheet Components	3. Consolidated Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following: December 31, 2021 2020 Laboratory equipment $ 837 $ 468 Furniture and fixtures 307 194 Assets not yet placed in service 104 131 Total property and equipment 1,248 793 Less: accumulated depreciation ( 541 ) ( 349 ) Total property and equipment, net $ 707 $ 444 Depreciation expense for property and equipment was $ 0.2 million and $ 0.1 million for the years ended December 31, 2021 and 2020, respectively. Costs for property and equipment not yet placed into service are capitalized as construction in process, and will be depreciated over the relevant estimated useful life once placed into service. Accrued Liabilities Accrued liabilities consist of the following: December 31, 2021 2020 Accrued research and development $ 1,575 $ 1,046 Accrued general and administrative 996 840 Accrued payroll and employee benefits 1,132 53 Total accrued liabilities $ 3,703 $ 1,939

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Convertible Preferred Stock and Stockholders Equity (Deficit)	5. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Convertible Preferred Stock In connection with the completion of the Company’s IPO in February 2021, all outstanding shares of the Company’s convertible preferred stock automatically converted into 20,549,478 shares of common stock. Prior to its automatic conversion in the Company’s initial public offering, the Company classified its convertible preferred stock outside of permanent equity since such stock was contractually redeemable outside of the Company’s control. 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. 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 consolidated financial statements and notes to consolidated financial statements give retroactive effect to the stock split for all periods presented. Restricted Stock In 2017, the Company entered into a Strategy & Business Advisor Agreement (“the Agreement”) with Xontogeny LLC (“Xontogeny”), which is a related party due to significant ownership of the Company’s capital stock, which provided for the grant of 3,090,924 shares of common stock to Xontogeny in exchange for the provision of advisory services for a three-year period. The shares of common stock vested over an approximate three-year period and were fully vested as of December 31, 2020. During the year ended December 31, 2020 , the Company recognized non-cash compensation expense of $ 39,000 in general and administrative expense related to the vesting of the shares of common stock. For accounting purposes, unvested restricted stock awards are not considered issued and outstanding and therefore were not reflected as issued and outstanding in the accompanying consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit until the awards vested.

Stock-based compensation

Stock-based compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation	6. Stock-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. In January 2021, the Board authorized an increase in shares available for issuance under the 2019 Plan to 9,496,699 shares. As of December 31, 2021 , there are approximately 6,716,195 shares available for future grants. 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. As of December 31, 2021 and 2020, there were no and 410,602 unvested shares, respectively, representing an early exercise liability of approximately $ 0 and $ 0.8 million, resp ectively. Former Executive Officer's Equity Awards In November 2021, the Company modified certain shares of an equity award that had previously been granted to the Company’s former Chief Executive Officer. The vesting of the unvested equity award was accelerated. During the year ended December 31, 2021, stock-based compensation expense of $ 0.3 million was recorded in connection with this modification and is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. A summary of the Company’s stock option activity is as follows: Number Weighted Weighted Aggregate Balance as of December 31, 2020 1,249,218 $ 1.86 9.8 1,225 Granted 1,157,074 12.09 Exercised ( 687,503 ) 1.86 Forfeited ( 30,000 ) 12.20 Balance as of December 31, 2021 1,688,789 $ 8.69 9.0 $ 1,651 Exercisable and vested at December 31, 2021 493,459 $ 7.26 8.9 $ 771 The total intrinsic value of options exercised was $ 1.3 million and $ 0.4 million for the years ended December 31, 2021 and 2020, respectively. The weighted average fair value of options to purchase common stock granted in the years ended December 31, 2021 and 2020 was $ 7.19 and $ 1.01 , respectively. 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. Years Ended December 31, 2021 2020 Expected term (in years) 5.70 5.40 Risk-free interest rate 0.76 % 0.32 % Expected volatility 70.2 % 63.5 % Dividend rate — % — % Risk-free interest rate . The Company bases the risk‑free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected volatility . Due to our limited operating history and lack of Company-specific historical or implied volatility, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available, and is calculated based on a period consistent with the expected term of the option. Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. The allocation of stock-based compensation expense was as follows (in thousands): Years Ended December 31, 2021 2020 Research and development $ 2,545 $ 600 General and administrative 1,573 233 Total stock-based compensation expense $ 4,118 $ 833 At December 31, 2021, t he unrecognized compensation cost related to outstanding time-based options was $ 5.0 million and is expected to be recognized as expense over approximately 1.4 years. Common Stock Reserved for Future Issuance Common stock reserved for future issuance was as follow: As of December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Common stock options outstanding and early exercised stock options 1,688,789 1,249,218 Options and restricted stock available for future grants 6,716,195 754,369 Shares available under the 2021 Employee Stock Purchase Plan 388,703 — Total common stock reserved for issuance 8,793,687 22,553,065

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies Legal proceedings 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. Operating leases The Company leases office space for its corporate headquarters located in Blacksburg, Virginia, under non-cancelable operating leases, which expire in May 2022 and August 2024 (Note 9). Rent expense is recognized on a straight-line basis over the term of the leases and accordingly, the Company records any differences between cash rent payments and the recognition of rent expense as a deferred rent liability. Future minimum lease payments as of December 31, 2021, are as follows (in thousands): Year ending December 31: 2022 $ 377 2023 315 2024 213 Total future minimum annual payments $ 905 Rent expense was $ 0.3 million and $ 0.2 million for the years ended December 31, 2021 and 2020, respectively. Other 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.

License Agreement

License Agreement	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
License Agreement Revenues	7. License and Collaboration Agreement On May 14, 2021, the Company entered into an exclusive license and collaboration agreement (“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 at the time the Agreement was executed. Pursuant to the Agreement, the Company delivered to Lian an exclusive license and the know-how (the ”License”) to develop, manufacture and commercialize omilancor and NX-13 (the “Products”) 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”). Lian will bear (i) all costs and expenses for any development or commercialization of the Products in the Territory and (ii) all costs and fees associated with applying for regulatory approval of the Products 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 Products in the Territory. In accordance with the Agreement, the Company agreed to supply to Lian all clinical and commercial requirements of Products. The terms of the agreement do not provide for either (i) an option to Lian to purchase Products from the Company at a discount from the standalone selling price or (ii) minimum purchase quantities. 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. 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. Given that Lian is not obligated to purchase any minimum amount or quantities of Products, the supply of Products 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 Products does not create a material right as the expected pricing is not at a discount. At contract inception and through December 31, 2021, the Company determined that the contract contains a single performance obligation to deliver the License, which represents functional intellectually property given the functionality of the License is not expected to change substantially as a result of the Company’s ongoing activities. The Company determined that the upfront fixed payment of $ 18.0 million is the initial transaction price. The potential development milestone payments that the Company is eligible to receive upon the successful achievement of certain regulatory approvals or activities were excluded from the transaction price, as the milestone amounts were fully constrained based on the probability of achievement. The royalties and sales milestone payments are 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. As of June 30, 2021, the Company had completed the transfer of the License and know-how necessary and, as such, recognized the full $ 18.0 million upfront payment as revenue.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate: Years Ended December 31, 2021 2020 Federal statutory income tax rate 21.00 % 21.00 % State taxes, net of federal benefit 4.72 % 4.19 % Permanent differences ( 0.31 )% ( 0.33 )% Other credits 1.58 % 0.23 % Foreign rate differential ( 0.05 )% 0.45 % Other ( 0.51 )% ( 0.01 )% Change in valuation allowance ( 26.43 )% ( 25.53 )% Provision for income taxes — % — % The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented: Years Ended December 31, 2021 2020 Deferred tax assets (liabilities): Accruals $ 384 $ — Stock Compensation 820 27 Fixed assets ( 12 ) ( 20 ) Intangible assets 365 242 Unrealized gain 18 81 Net operating loss carryfowrards 19,857 12,294 Research and development credit 2,385 856 Research and development credit Fin 48 ( 319 ) ( 139 ) Valuation allowance ( 23,498 ) ( 13,341 ) Net deferred tax assets (liabilities) $ — $ — At December 31, 2021 and December 31, 2020, the Company evaluated all significant available positive and negative evidence, including the existence of losses in recent years and management’s forecast of future taxable income, and, as a result, determined it was more likely than not that federal and state deferred tax assets, including benefits related to net operating loss carryforwards, would not be realized. The valuation allowance was increased from $ 13.3 million at December 31, 2020 to $ 23.5 million at December 31, 2021. As of December 31, 2021, the Company has $ 77.1 million each of federal and state net operating loss carryforwards. Federal net operating loss carryforward incurred prior to 2018 as well as the state net operating loss carryforward begin to expire in 2037 . Federal net operating losses incurred in 2018 and after have an unlimited carryforward period. The Company also has $ 0.06 million of Australian net operating loss carryforwards which also have an unlimited carryforward period. Because the Company has incurred cumulative net operating losses since inception, all tax years remain open to examination by U.S. federal, state, and foreign income tax authorities. The Company had an unrecorded tax benefit of $ 0.3 million and $ 0.1 million due to uncertain tax positions as of December 31, 2021 and 2020, respectively. The Company's policy for recording interest and penalties is to record them as a component of interest expense and operating expenses, respectively. As of December 31, 2021, the Company had no accrued interest or penalties related to uncertain tax positions. The total unrecorded benefit would affect the effective tax rate but for the Company's valuation allowance. The Company does not expect a material change in unrecognized tax benefits within the next 12 months. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Years Ended December 31, 2021 2020 Balance at the beginning of the year $ 139 $ 1,144 Additions for tax positions taken in the current year 110 70 Addition (reduction) for prior tax positions 70 ( 1,075 ) Balance at the end of the year $ 319 $ 139 Potential 382 limitation The Company’s ability to utilize its net operating loss (NOL) and research and development (R&D) credit carryforwards may be substantially limited due to ownership changes that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the Code), as well as similar state provisions. These ownership changes may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change,” as defined by Section 382 of the Code, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding stock of a company by certain stockholders or public groups. The Company has not completed a study to assess whether one or more ownership changes have occurred since the Company became a loss corporation under the definition of Section 382. If the Company has experienced an ownership change, utilization of the NOL or R&D credit carryforwards would be subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term, tax-exempt rate, and then could be subject to additional adjustments, as required. Any such limitation may result in the expiration of a portion of the NOL or R&D credit carryforwards before utilization. Until a study is completed and any limitation known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit under ASC-740. Any carryforwards that expire prior to utilization as a result of such limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance. Due to the existence of the valuation allowance, it is not expected that any possible limitation will have an impact on the results of operations of the Company.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events In March 2022, the Company terminated an operating lease with an expiration date of August 2024 for a one-time payment of $ 200,000 .

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Initial Public Offering	Initial Public Offering In February 2021, the Company completed its initial public offering in which it sold 6,250,000 shares of common stock at an initial public offering price of $ 16.00 per share. Proceeds from the initial public offering, net of underwriting discounts, commissions and offering costs paid by the Company, were approximately $ 90.5 million. In addition, in connection with the completion of the Company’s initial public offering, all outstanding shares of the Company's convertible preferred stock were converted into 20,549,478 shares of the Company’s common stock.
Stock Split	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. 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 consolidated financial statements and notes to consolidated financial statements give retroactive effect to the stock split for all periods presented .
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP). The 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.
Liquidity	Liquidity As of December 31, 2021, the Company had cash, cash equivalents and marketable securities of $ 90.9 million, which it believes will be sufficient to fund its planned operations for at least one year from the issuance of these consolidated financial statements. Since the Company’s inception in 2017, it funded operations through the issuance of convertible preferred stock and convertible promissory notes, the proceeds from its IPO, and the upfront payment from the license and collaboration agreement (Note 7). As of December 31, 2021, the Company had an accumulated deficit of $ 94.2 million and expects to incur substantial operating losses for at least the next several years. As such, the Company will need to raise additional capital to initiate and complete its planned clinical trials, to continue and expand its research and development operations that support its planned discovery, development and clinical and regulatory activities, and to adequately prepare for commercialization of its product candidates that may achieve regulatory approval in the future. Consolidated Financial Statements in U.S. dollars The Company’s functional currency is the U.S. dollars as the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars. All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the consolidated statement of operations and comprehensive loss as other income, net. Net foreign currency transaction losses were not material for the years ended December 31, 2021 and 2020.
Consolidated Financial Statements in U.S. dollars	Consolidated Financial Statements in U.S. dollars The Company’s functional currency is the U.S. dollars as the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars. All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the consolidated statement of operations and comprehensive loss as other income, net. Net foreign currency transaction losses were not material for the years ended December 31, 2021 and 2020.
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 estimates for clinical trial accruals and for periods prior to the Company's IPO, fair value of equity instruments. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less at the date of purchase. The carrying amounts approximate fair value due to the short maturities of these investments. 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 ninety ( 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 Sheets 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’ equity (deficit), 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.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. Bank deposits are held by accredited financial institutions and these deposits may at times be in excess of insured limits. The Company limits its credit risk associated with cash and cash equivalents by placing them with financial institutions it believes are of high quality. The Company has not experienced any losses on its deposits of cash or cash equivalents. The Compa ny’s available-for-sale investments primarily consist of high-grade corporate debt, and potentially subject the Company to concentrations of credit risk. The Company has adopted investment guidelines that limit the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure.
Deferred Offering Costs	Deferred Offering Costs At December 31, 2020, the Company had deferred offering costs totaling $ 1.4 million consisting of legal, accounting, filing and other fees and costs directly attributable to the Company’s IPO. Upon the closing of the IPO in February 2021, these deferred offering costs were offset against the proceeds received.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of laboratory equipment, furniture and fixtures ranges from five to seven years. Maintenance, repair and calibration costs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets or group of assets may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets through an impairment charge, to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the years ended December 31, 2021 and 2020, there were no such indicators.
Revenue Recognition for Out-License Arrangements	Revenue Recognition for Out-License Arrangements To date, all of the Company’s revenue has been derived from its license agreement with LianBio Respiratory Limited, or Lian (Note 7). The Company 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, the Company 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 Company satisfies a performance obligation. 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. Milestone Payments 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. Royalties 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. The Company receives payments from its collaborators based on billing schedules established in each contract. Up-front and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under its collaboration arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. 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 customer and the transfer of the promised goods or services to the customer will be one year or less.
Research and Development Expenses	Research and Development Expenses Research and development costs consist primarily of external costs related to clinical development, contract manufacturing and discovery as well as personnel costs. 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 nonclinical 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.
Share-Based Compensation	Share-Based Compensation The Company measures employee and non-employee stock-based awards, including stock options and purchase rights, at grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the award. The Company uses the Black-Scholes option pricing model to value its stock option awards. The Company elects to account for forfeitures as they occur.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than‑not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.
Research and Development Tax Incentives	Research and Development Tax Incentives Through programs administered by the Australian Tax Office, the Company is eligible, if specific criteria is met, to obtain research and development incentive tax credits (the “Australia R&D credit”) based on a percentage of certain research and development activities undertaken by Australia by Landos Australia. During the year ended December 31, 2021, pursuant to the Australia R&D credit program, the Company received a refund of approximately $ 1.3 million, which has been recorded as a reduction of research and development expenses in the accompanying consolidated financial statements. Refunds received pursuant to the Australia R&D credit program are subject to aud it for a period of four years by t he taxing authorities. In addition, Landos Australia incurs Goods and Services Tax (“GST”) on services provided by Australian vendors. As an Australian entity, Landos Australia is entitled to a refund of the GST paid. The Company’s estimate of the amount of cash refund it expects to receive related to GST incurred is included prepaid and other current assets in the accompanying consolidated balance sheets.
Net Loss per Share	Net Loss per Share Basic loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing the net 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. Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. 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: December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Unvested common stock — 410,602 Stock options to purchase common stock 1,688,789 838,616 Total 1,688,789 21,798,696
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is currently comprised of changes in unrealized losses on available-for-sale securities.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views it operations and manages its business in one operating segment.
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 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 was effective for public entities for fiscal years beginning after December 15, 2018 and is effective for nonpublic entities for fiscal years beginning after December 15, 2021. The Company will adopt ASU 2016-02 utilizing the modified retrospective transition method through an immaterial cumulative-effect adjustment to retained earnings on January 1, 2022. The Company will continue to report financial information for fiscal years prior to 2022 under the current lease accounting standards. Based on its lease portfolio as of December 31, 2021, the Company expects to record additional lease assets and liabilities of less than five percent of total assets on its Consolidated Balance Sheets, with no material impact to its Consolidated Statements of Operations and Comprehensive Loss. 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 expects to adopt the new standard in the annual reporting period beginning after December 31, 2022 and does not expect the adoption of this ASU to have a material impact on the consolidated financial statements.

Organization and Summary Of S_3

Organization and Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
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: December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Unvested common stock — 410,602 Stock options to purchase common stock 1,688,789 838,616 Total 1,688,789 21,798,696

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2021 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 3,180 $ — $ — $ 3,180 Fixed income securities — 54,224 — 54,224 Asset backed securities — 28,351 — 28,351 Total assets $ 3,180 $ 82,575 $ — $ 85,755 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 December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Within one year $ 49,699 $ 20,078 Within one to five years 32,876 5,640 Total contractual maturities $ 82,575 $ 25,718

Consolidated Balance Sheet Co_2

Consolidated Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule OF Property Plant And Equipment	Property and equipment, net consists of the following: December 31, 2021 2020 Laboratory equipment $ 837 $ 468 Furniture and fixtures 307 194 Assets not yet placed in service 104 131 Total property and equipment 1,248 793 Less: accumulated depreciation ( 541 ) ( 349 ) Total property and equipment, net $ 707 $ 444
Schedule Of Accrued Liabilities	Accrued liabilities consist of the following: December 31, 2021 2020 Accrued research and development $ 1,575 $ 1,046 Accrued general and administrative 996 840 Accrued payroll and employee benefits 1,132 53 Total accrued liabilities $ 3,703 $ 1,939

Stock-based compensation (Table

Stock-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s stock option activity is as follows: Number Weighted Weighted Aggregate Balance as of December 31, 2020 1,249,218 $ 1.86 9.8 1,225 Granted 1,157,074 12.09 Exercised ( 687,503 ) 1.86 Forfeited ( 30,000 ) 12.20 Balance as of December 31, 2021 1,688,789 $ 8.69 9.0 $ 1,651 Exercisable and vested at December 31, 2021 493,459 $ 7.26 8.9 $ 771
Schedule of Fair Value of Each Stock Option Award	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. Years Ended December 31, 2021 2020 Expected term (in years) 5.70 5.40 Risk-free interest rate 0.76 % 0.32 % Expected volatility 70.2 % 63.5 % Dividend rate — % — %
Schedule of Stock-Based Compensation Expense	The allocation of stock-based compensation expense was as follows (in thousands): Years Ended December 31, 2021 2020 Research and development $ 2,545 $ 600 General and administrative 1,573 233 Total stock-based compensation expense $ 4,118 $ 833
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance was as follow: As of December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Common stock options outstanding and early exercised stock options 1,688,789 1,249,218 Options and restricted stock available for future grants 6,716,195 754,369 Shares available under the 2021 Employee Stock Purchase Plan 388,703 — Total common stock reserved for issuance 8,793,687 22,553,065

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule Of Reconciliation Of The statutory federal Rate And The Company's Effective Tax Rate	The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate: Years Ended December 31, 2021 2020 Federal statutory income tax rate 21.00 % 21.00 % State taxes, net of federal benefit 4.72 % 4.19 % Permanent differences ( 0.31 )% ( 0.33 )% Other credits 1.58 % 0.23 % Foreign rate differential ( 0.05 )% 0.45 % Other ( 0.51 )% ( 0.01 )% Change in valuation allowance ( 26.43 )% ( 25.53 )% Provision for income taxes — % — %
Schedule of Deferred Income Tax Assets and Liabilities	The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented: Years Ended December 31, 2021 2020 Deferred tax assets (liabilities): Accruals $ 384 $ — Stock Compensation 820 27 Fixed assets ( 12 ) ( 20 ) Intangible assets 365 242 Unrealized gain 18 81 Net operating loss carryfowrards 19,857 12,294 Research and development credit 2,385 856 Research and development credit Fin 48 ( 319 ) ( 139 ) Valuation allowance ( 23,498 ) ( 13,341 ) Net deferred tax assets (liabilities) $ — $ —
Schedule Of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Years Ended December 31, 2021 2020 Balance at the beginning of the year $ 139 $ 1,144 Additions for tax positions taken in the current year 110 70 Addition (reduction) for prior tax positions 70 ( 1,075 ) Balance at the end of the year $ 319 $ 139

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future minimum lease payments	Future minimum lease payments as of December 31, 2021, are as follows (in thousands): Year ending December 31: 2022 $ 377 2023 315 2024 213 Total future minimum annual payments $ 905

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
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: December 31, 2021 2020 Convertible preferred stock on an as-converted basis — 20,549,478 Unvested common stock — 410,602 Stock options to purchase common stock 1,688,789 838,616 Total 1,688,789 21,798,696

Organization and Description of

Organization and Description of the Business - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of preferred stock to common stock upon closing of the initial public offering, issued	$ 73,037

Organisation and Summary of Sig

Organisation and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)Segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Summary of Significant Accounting Policies [Line Items]
Cash Cash Equivalents And Marketable Securities		$ 90,900
Retained Earnings Accumulated Deficit		(94,151)	$ (55,729)
Unrecorded tax benefits		319	139	$ 1,144
Unrecognized tax benefits, accrued interest or penalties		$ 0
Number of operating segments | Segment		1
Issuance of common stock, net of issuance costs		$ 90,506
Common stock, conversion basis		1.8249-for-1
Deferred Offering Costs		$ 0	1,398
Minimum [Member] | Furniture and Fixtures [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life		5 years
Maximum [Member] | Furniture and Fixtures [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful life		7 years
Corporate Debt Securities [Member] | Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Debt securities, available for sale, maturity period		90 days
Australia R&D credit [Member]
Summary of Significant Accounting Policies [Line Items]
Research and development incentive tax credit refund received		$ 1,300
Audit period		4 years
IPO [Member]
Summary of Significant Accounting Policies [Line Items]
Issuance of common stock, net of issuance costs, shares | shares	6,250,000
Shares issued price per share | $ / shares	$ 16
Issuance of common stock, net of issuance costs	$ 90,500
Conversion of preferred stock to common stock upon closing of the initial public offering, issued, shares | shares	20,549,478
Deferred Offering Costs			$ 1,400

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	1,688,789	21,798,696
Convertible Debt Securities [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	20,549,478
Unvested Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	410,602
Employee Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	1,688,789	838,616

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 85,755	$ 25,983
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	3,180	265
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	82,575	25,718
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	3,180	265
Money Market Funds [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	3,180	265
Fixed Income Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	54,224	23,343
Fixed Income Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	54,224	23,343
Asset Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	28,351	2,375
Asset Backed Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 28,351	$ 2,375

Fair Value Measurement - Contra

Fair Value Measurement - Contractual Maturities of Available for Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Within one year	$ 49,699	$ 20,078
Within one to five years	32,876	5,640
Total contractual maturities	$ 82,575	$ 25,718

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Transfers into or out of Level 3 securities	$ 0	$ 0

Consolidated Balance Sheet Co_3

Consolidated Balance Sheet Components - Schedule OF Property Plant And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,248	$ 793
Less: accumulated depreciation	(541)	(349)
Property and equipment, net	707	444
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	837	468
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	194
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 104	$ 131

Consolidated Balance Sheet Co_4

Consolidated Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Depreciation expense	$ 196	$ 137

Consolidated Balance Sheet Co_5

Consolidated Balance Sheet Components - Schedule Of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accrued research and development	$ 1,575	$ 1,046
Accrued general and administrative	996	840
Accrued payroll and employee benefits	1,132	53
Total accrued liabilities	$ 3,703	$ 1,939

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders Equity (Deficit) - Additional Information (Details) - USD ($)	Jan. 27, 2021	Apr. 24, 2017	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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.
Stockholders' equity note, stock split, conversion ratio	1.8249-for-1 stock
Total stock-based compensation expense				$ 4,118,000	$ 833,000
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense				$ 1,573,000	233,000
Restricted Stock [Member] | Xontogeny LLC [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants		3,090,924
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Convertible preferred stock issued			20,549,478	20,549,478
Common Stock [Member] | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense					$ 39,000

Stock-based compensation - Addi

Stock-based compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 4,118	$ 833
Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 1,300	$ 400
Weighted average fair value of options to purchase common stock granted		$ 7.19	$ 1.01
Unrecognized compensation cost		$ 5,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 4 months 24 days
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 1,573	$ 233
General and Administrative Expense | Former Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 300
The2019 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares For Future Issuance	9,496,699			3,657,019
Shares Available For Future Grants		6,716,195
Unvested shares		0	410,602
Deferred Compensation Liability Current And Noncurrent		$ 0	$ 800

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Balances as of December 31, 2020	1,249,218
Granted	1,157,074
Exercised	(687,503)
Forfeited	(30,000)
Balances as of December 31, 2021	1,688,789	1,249,218
Exercisable and vested at December 31, 2021	493,459
Balances as of December 31, 2020	$ 1.86
Granted	12.09
Exercised	1.86
Forfeited	12.20
Balances as of December 31, 2021	8.69	$ 1.86
Options vested and expected to vest at December 31, 2021	$ 7.26
Options Outstanding Weighted Average Contractual Life (years)	9 years	9 years 9 months 18 days
Options Exercisable Weighted Average Contractual Life (years)	8 years 10 months 24 days
Options Outstanding Intrinsic Value	$ 1,225
Options Outstanding Intrinsic Value	1,651	$ 1,225
Options Vested and Expected to Vest Intrinsic Value	$ 771

Stock-based compensation - Calc

Stock-based compensation - Calculation of Fair Value of Stock Option Grant Under ESPP Using Black-Scholes Option-Pricing Model (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Expected term (in years)	5 years 8 months 12 days	5 years 4 months 24 days
Risk-free interest rate	0.76%	0.32%
Expected volatility	70.20%	63.50%
Dividend rate	0.00%	0.00%

Stock-based compensation - Su_2

Stock-based compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,118	$ 833
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,545	600
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,573	$ 233

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total common stock reserved for issuance	8,793,687	22,553,065
Convertible Preferred Stock On an as-Converted Basis [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total common stock reserved for issuance	0	20,549,478
Common Stock Options Outstanding and Early Exercised Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total common stock reserved for issuance	1,688,789	1,249,218
Options and Restricted Stock Available for Future Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total common stock reserved for issuance	6,716,195	754,369
Shares available under the 2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total common stock reserved for issuance	388,703	0

Commitments and Contingencies -

Commitments and Contingencies - Summary of Contractual Obligations (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, to be Paid	$ 905

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 377
2023	315
2024	213
Total future minimum annual payments	$ 905

Commitments and Contingencies_3

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Product Liability Contingency [Line Items]
Rent expense	$ 0.3	$ 0.2
Blacksburg, Virginia
Product Liability Contingency [Line Items]
Operating lease expiration year and month	2022-05

License Agreement - Additional

License Agreement - Additional Information (Details) - USD ($) $ in Millions	May 14, 2021	Jun. 30, 2021	Dec. 31, 2021
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	$ 18	$ 18

Income Taxes - Schedule Of Reco

Income Taxes - Schedule Of Reconciliation Of The statutory federal Rate And The Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	4.72%	4.19%
Permanent differences	(0.31%)	(0.33%)
Other credits	1.58%	0.23%
Foreign rate differential	(0.05%)	0.45%
Other	(0.51%)	(0.01%)
Change in valuation allowance	(26.43%)	(25.53%)
Provision for income taxes	0.00%	0.00%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets/(liabilities):
Net operating loss carryforwards	$ 19,857	$ 12,294
Accruals	384
Intangible assets	365	242
Unrealized gain	18	81
Fixed assets	(12)	(20)
Research and development credit	2,385	856
Research and development credit Fin 48	(319)	(139)
Valuation Allowance	(23,498)	(13,341)
Stock Compensation	820	27
Net deferred tax assets	$ 0	$ 0

Income Taxes - Schedule Of Unre

Income Taxes - Schedule Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 139	$ 1,144
Additions for tax positions taken in the current year	110	70
Addition (reduction) for prior tax positions	70	(1,075)
Balance at the end of the year	$ 319	$ 139

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Effective tax rate	0.00%	0.00%
Unrecognized tax benefits, accrued interest or penalties	$ 0
Net operating loss carry forwards, expire period	2037
State taxes, net of federal benefit	4.72%	4.19%
Unrecognized tax benefits that would impact the effective tax rate	$ 300	$ 100
Deferred Tax Assets, Valuation Allowance	23,498	$ 13,341
Federal Tax Carryforwards	77,100
State Tax Carryforwards	77,100
Australian
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 60

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited) - Summary of Selected Quarterly Financial Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Additional paid-in-capital	$ 170,241	$ 1,633
Accumulated deficit	94,151	55,729
Research and development expenses	41,564	25,338
General and administrative Expenses	15,252	5,338
Total operating expenses	56,816	30,676
Net income (loss)	$ (38,422)	$ (30,144)

Net Loss Per Common Share - Sch

Net Loss Per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (38,422)	$ (30,144)
Denominator:
Weighted-average number of shares used to compute net loss per share, basic and diluted	37,558,464	12,227,823
Net loss per share, basic and diluted	$ (1.02)	$ (2.47)

Net Loss Per Common Share - S_2

Net Loss Per Common Share - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,688,789	21,798,696
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
Unvested Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	410,602
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	1,688,789	838,616

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member]	Mar. 31, 2022USD ($)
Subsequent Event [Line Items]
Operating Lease, Payments	$ 200,000
Lease Expiration Date	Aug. 31, 2024