Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Landos Biopharma, Inc. | |
Entity Incorporation State Country Code | DE | |
Entity Address, Address Line One | 1800 Kraft Drive | |
Entity Address, Address Line Two | Suite 216 | |
Entity Address, City or Town | Blacksburg | |
Entity Address, State or Province | VA | |
Entity Tax Identification Number | 81-5085535 | |
Entity Address, Postal Zip Code | 24060 | |
City Area Code | 540 | |
Local Phone Number | 218-2232 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LABP | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 001-39971 | |
Entity Small Business | true | |
Entity Central Index Key | 0001785345 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 40,254,890 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 11,288 | $ 8,305 |
Marketable securities, available for-sale | 62,508 | 82,575 |
Prepaid expenses and other current assets | 3,563 | 1,266 |
Total current assets | 77,359 | 92,146 |
Property, plant and equipment-net | 224 | 707 |
Other asset | 27 | 26 |
Total assets | 77,610 | 92,879 |
Current liabilities: | ||
Accounts payable | 9,803 | 12,908 |
Accrued liabilities | 5,704 | 3,703 |
Total current liabilities | 15,507 | 16,611 |
Total liabilities | 15,507 | 16,611 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.01 par value; 200,000,000 shares authorized, 40,254,890 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 403 | 403 |
Additional paid-in-capital | 171,182 | 170,241 |
Accumulated other comprehensive income | (467) | (225) |
Accumulated deficit | (109,015) | (94,151) |
Total stockholders' equity | 62,103 | 76,268 |
Total liabilities and stockholders' equity | $ 77,610 | $ 92,879 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 40,254,890 | 40,254,890 |
Common stock, shares outstanding | 40,254,890 | 40,254,890 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 10,800 | $ 7,254 |
General and administrative | 4,153 | 2,646 |
Total operating expenses | 14,953 | 9,900 |
Loss from operations | (14,953) | (9,900) |
Other income (expense): | ||
Gain (loss) from foreign exchange | 1 | 18 |
Other income, net | 88 | 64 |
Other income, net | 89 | 82 |
Net loss | $ (14,864) | $ (9,818) |
Net loss per share, basic and diluted | $ (0.37) | $ (0.38) |
Weighted-average number of shares used to compute net loss per share, basic and diluted | 40,254,890 | 26,070,455 |
Net loss | $ (14,864) | $ (9,818) |
Unrealized loss on available-for-sale securities | (242) | (112) |
Comprehensive loss | $ (15,106) | $ (9,930) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (14,864,000) | $ (9,818,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 353,000 | 43,000 |
Stock-based compensation expense | 941,000 | 1,023,000 |
Amortization of premium (discount) on marketable securities | 312,000 | (196,000) |
Non-cash loss on termination of lease | 137,000 | 0 |
Gain on sale of equipment | (9,000) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (2,262,000) | (1,633,000) |
Accounts payable | (3,084,000) | (404,000) |
Other liabilities | 1,974,000 | (1,575,000) |
Net cash used in operating activities | (16,502,000) | (12,560,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (7,000) | (64,000) |
Purchases of available-for-sale marketable securities | (1,027,000) | (81,379,000) |
Proceeds from sales and maturities of marketable securities | 20,540,000 | 9,395,000 |
Net cash provided by (used in) investing activities | 19,506,000 | (72,048,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from initial public offering, net of issuance costs | 0 | 90,506,000 |
Proceeds from exercise of stock options | 0 | 258,000 |
Net cash provided by financing activities | 0 | 90,764,000 |
Net change in cash and cash equivalents | 3,004,000 | 6,156,000 |
Cash and cash equivalents at beginning of period | 8,305,000 | 2,416,000 |
Effect of exchange rates on cash | (21,000) | 0 |
Cash and cash equivalents at end of period | 11,288,000 | 8,572,000 |
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY: | ||
Conversion of Series A and B convertible preferred stock to common stock | 0 | 73,037,000 |
Operating right-of-use asset obtained in exchange for operating lease liability | 824,000 | 0 |
Derecognition of operating right-of-use asset and operating lease liability upon termination of lease | 714,000 | 0 |
Unrealized loss on available-for-sale marketable securities | $ 242,000 | $ 112,000 |
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 Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Temporary equity, beginning balance at Dec. 31, 2020 | $ 73,037 | |||||
Temporary equity, beginning balance, shares at Dec. 31, 2020 | 11,260,608 | |||||
Beginning balance at Dec. 31, 2020 | $ (54,015) | $ 71 | $ 1,633 | $ (55,729) | $ 10 | |
Beginning balance, shares at Dec. 31, 2020 | 12,767,909 | |||||
Conversion of preferred stock to common stock upon closing of the initial public offering, converted | $ (73,037) | |||||
Conversion of preferred stock to common stock upon closing of the initial public offering, converted, shares | (11,260,608) | |||||
Conversion of preferred stock to common stock upon closing of the initial public offering, issued | 73,037 | $ 262 | 72,775 | |||
Conversion of preferred stock to common stock upon closing of the initial public offering, issued, shares | 20,549,478 | |||||
Issuance of common stock, net of issuance costs | 90,506 | $ 63 | 90,443 | |||
Issuance of common stock, net of issuance costs, shares | 6,250,000 | |||||
Stock-based compensation expense | 1,023 | 1,023 | ||||
Exercise of stock options | 558 | $ 3 | 555 | |||
Exercise of stock options, shares | 299,282 | |||||
Unrealized loss on available-for-sale securities | (112) | (112) | ||||
Net loss | (9,818) | (9,818) | ||||
Temporary equity, ending balance at Mar. 31, 2021 | ||||||
Temporary equity, ending balance, shares at Mar. 31, 2021 | ||||||
Ending balance at Mar. 31, 2021 | $ 101,179 | $ 399 | 166,429 | (65,547) | (102) | |
Ending balance, shares at Mar. 31, 2021 | 39,866,669 | |||||
Temporary equity, beginning balance at Dec. 31, 2021 | ||||||
Temporary equity, beginning balance, shares at Dec. 31, 2021 | ||||||
Beginning balance at Dec. 31, 2021 | 76,268 | $ 403 | 170,241 | (94,151) | (225) | |
Beginning balance, shares at Dec. 31, 2021 | 40,254,890 | |||||
Stock-based compensation expense | 941 | 941 | ||||
Unrealized loss on available-for-sale securities | (242) | (242) | ||||
Net loss | (14,864) | (14,864) | ||||
Temporary equity, ending balance at Mar. 31, 2022 | ||||||
Temporary equity, ending balance, shares at Mar. 31, 2022 | ||||||
Ending balance at Mar. 31, 2022 | $ 62,103 | $ 403 | $ 171,182 | $ (109,015) | $ (467) | |
Ending balance, shares at Mar. 31, 2022 | 40,254,890 |
Organization and Description of
Organization and Description of the Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of the Business | 1. Organization and Description of the Business Landos Biopharma, Inc. (“Landos” 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 ("IPO") 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 IPO, 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 IPO, 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 In January 2021, the Company’s Board of Directors approved a 1.8249-for-1 stock split of the Company’s outstanding common shares. Also in January 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 condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the stock split for all periods presented. Liquidity and Capital Resources As of March 31, 2022, the Company had cash, cash equivalents and marketable securities of $ 73.8 million, which it believes will be sufficient to fund its planned operations into the second half of 2023. Since the Company’s inception in 2017, it has 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 8). As of March 31, 2022, the Company had an accumulated deficit of $ 109.0 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Landos Biopharma Australia Pty Ltd. (“Landos Australia”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented have been included. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the full year, for any other interim period or for any future year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the Company's consolidated financial statements and the disclosures made in the accompanying notes. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued liabilities, fair value of equity instruments, and uncertain tax positions. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Despite management’s intention to establish accurate estimates and use reasonable assumptions, actual results may differ from the Company's estimates. Significant Accounting Policies The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2022 are consistent with, and should be read in conjunction with, those discussed in Note 1 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. 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 Condensed Consolidated Balance Sheets, even though the stated maturity date may be one year or more beyond the current Condensed 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, until such gains and losses are realized in other income (expense), net, within the Condensed 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 Condensed 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 Company’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. 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 Condensed 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. 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 : Three Months Ended March 31, 2022 2021 Stock options to purchase common stock 1,676,389 1,299,586 Common stock subject to repurchase — 250,924 Total 1,676,389 1,550,510 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 condensed 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 Adopted Accounting Pronouncements 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 adopted ASU 2016-02, as amended, by applying the modified retrospective approach for leases existing at, and entered into after January 1, 2022. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). The Company has elected to apply the “practical expedient package,” which permits it to not reassess previous conclusions around lease identification, lease classification, and initial direct costs. Further, the Company made accounting policy elections to exclude leases with terms of 12 months or less from the recognition requirements and to not separate lease and non-lease components. On January 1, 2022, the Company recognized an initial right-of-use asset and lease liability of $0.8 million. The adoption of Topic 842 did not have an impact on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss and did not require recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company elected to continue applying the guidance under ASC 840 for comparative periods, as allowed in Topic 842 . Recently Issued Accounting Pronouncements Not Yet Adopted 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 was effective for fiscal years beginning after December 15, 2019 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 15, 2022 and does not expect the adoption of this ASU to have a material impact on the consolidated financial statements. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair Value Measurement Financial assets and liabilities are recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets. The carrying values of the Company’s financial assets and liabilities, including cash and cash equivalents, prepaids and other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value in the condensed 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) that 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): March 31, 2022 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 4,789 $ — $ — $ 4,789 U.S. government treasury securities 1,250 — — 1,250 Fixed income securities — 38,536 — 38,536 Asset backed securities — 23,972 — 23,972 Total assets $ 6,039 $ 62,508 $ — $ 68,547 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 The contractual maturities of available-for-sale securities of March 31, 2022 are as follows (in thousands): Within one year $ 34,854 Within one to five years 27,654 Total contractual maturities $ 62,508 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 three months ended March 31, 2022. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following : March 31, December 31, 2022 2021 Laboratory equipment $ 791 $ 837 Furniture and fixtures 307 307 Construction in process — 104 Total property and equipment 1,098 1,248 Less: accumulated depreciation ( 874 ) ( 541 ) Total property and equipment, net $ 224 $ 707 Depreciation expense for property and equipment was $ 0.4 million and $ 43,000 for the three months ended March 31, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, 2022 2021 Accrued research and development $ 4,498 $ 1,575 Accrued general and administrative 646 996 Accrued payroll and employee benefits 533 1,132 Operating lease liability 27 — Total accrued liabilities $ 5,704 $ 3,703 |
Stockholders Equity (Deficit)
Stockholders Equity (Deficit) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders Equity (Deficit) | 5. Stockholders’ Equity 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. 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. The number of shares of common stock reserved for issuance under the 2019 Plan automatically increases on January 1 of each calendar year, starting on January 1, 2020 and continuing through January 1, 2029, in an amount equal to the least of (i) 5 % of the total number of shares of the Company’s capital stock issued and outstanding on the last day of the calendar month before the date of each automatic increase; (ii) 1,000,000 shares; or (iii) a lesser number of shares determined by the Company’s board of directors. Subject to this provision, the Company added 1,824,900 shares available for grant to the 2019 Plan effective January 1, 2022. As of March 31, 2022, there are approximately 8,553,496 shares available for future grants. 2021 Employee Stock Purchase Plan In January 2021, the Board adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The purpose of the 2021 ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum efforts toward the Company’s success. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code for U.S. employees. The number of shares of common stock reserved for issuance under the 2021 ESPP automatically increases on January 1 of each calendar year, starting on January 1, 2022 and continuing through January 1, 2031, in an amount equal to the lesser of (i) 1 % of the total number of shares of the Company’s capital stock issued and outstanding on the last day of the calendar month before the date of each automatic increase; or (ii) a lesser number of shares determined by the Board. Subject to this provision, the Company added 402,548 shares available for grant to the 2021 ESPP effective January 1, 2022. As of March 31, 2022, there are approximately 791,251 shares available for future grants under the 2021 ESPP. As of March 31, 2022, no shares of common stock have been purchased under the 2021 ESPP. 2022 Inducement Plan In March 2022, the Board adopted the 2022 Inducement Plan. The 2022 Inducement Plan is a non-stockholder approved stock plan under which the Company may grant equity awards to induce highly-qualified prospective officers and employees who are not currently employed by the Company to accept employment and provide them with a proprietary interest in the Company. The Company intends that the 2022 Inducement Plan be reserved for persons to whom the Company may issue securities without stockholder approval as an inducement pursuant to Nasdaq Marketplace Rule 5635(c)(4). The number of shares of common stock reserved for issuance under the 2022 Inducement Plan was initially determined to be 1,000,000 shares. As of March 31, 2022, there are 1,000,000 shares available for future grants under the 2022 Inducement Plan. Stock Option Awards The total intrinsic value of stock options exercised was $ 2.3 million for the three months ended March 31, 2021. The weighted average fair value per share of options to purchase common stock granted was $ 1.47 and $ 9.38 for the three months ended March 31, 2022 and 2021, respectively. T he following table summarizes stock-based compensation expense for employees, which was included in the condensed consolidated Statements of Operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 430 $ 778 General and administrative 511 245 Total stock-based compensation expense $ 941 $ 1,023 At March 31, 2022 , the total compensation cost related to unvested stock-based awards granted under the 2019 Plan but not yet recognized was approximately $ 3.9 million, which is expected to be recognized over a weighted-average period of approximately 1.3 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. The Company believes there is no litigation pending or loss contingencies that could have, either individually or in the aggregate, a material impact on the Company’s financial statements. 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. Leases The Company adopted ASC 842 on January 1, 2022 and accordingly, recognized operating lease right-of-use ("ROU") assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease terms at the adoption date, using the Company’s assumed incremental borrowing rate of 8 %. The Company will amortize the operating lease ROU assets and operating lease liabilities over the applicable lease term . The Company leases office space for its corporate headquarters located in Blacksburg, Virginia, under a non-cancelable operating lease, which expires in May 202 2 . In August 2021, the Company entered into a three-year lease for an additional facility in Blacksburg, Virginia that was terminated in March 2022. In connection with the termination of the lease in March 2022, the Company made a one-time cash payment of $ 0.2 million and included assets with a net book value of $ 0.1 million, resulting in a loss on the termination of the lease of $ 0.3 million, which is included in general and administrative costs in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss. In addition, upon termination of the lease in March 2022, operating lease ROU assets and operating lease liabilities were reduced by approximately $ 0.7 million. At March 31, 2022, the operating lease ROU asset and operating lease liability were approximately $ 27,000 . Cash payments, including the one-time cash payment made in connection with the lease termination, included in the Condensed Consolidated Statement of Cash Flows totaled $ 0.3 million for the three months ended March 31, 2022 and the remaining lease term was approximately .2 years at March 31, 2022. Rent expense was $ 0.1 million for the three months ended March 31, 2022 and 2021. Other The Company enters into contracts in the normal course of business with third-party contract organizations for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore we believe that our non-cancelable obligations under these agreements are not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income taxes The Company estimates an annual effective tax rate of 0 % for the year ending December 31, 2022 as the Company incurred losses for the three months ended March 31, 2022, and is forecasting an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2022. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method in accordance with FASB ASC 740. |
License Agreement
License Agreement | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
License Agreement Revenues | 8. License Agreement License and Collaboration Agreement On May 14, 2021, the Company entered into an exclusive license and collaboration agreement (the "LianBio Agreement”) with LianBio Respiratory Limited (“LianBio”). LianBio 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 LianBio Agreement was executed. Pursuant to the LianBio Agreement, the Company delivered to LianBio 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”). LianBio 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 LianBio 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 LianBio Agreement, the Company agreed to supply to LianBio all clinical and commercial requirements of Products. The terms of the agreement do not provide for either (i) an option to LianBio to purchase Products from the Company at a discount from the standalone selling price or (ii) minimum purchase quantities. In addition, the Company and LianBio formed a Joint Steering Committee (“JSC”) to provide oversight to the activities performed under the LianBio 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 LianBio 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 LianBio 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 LianBio, 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 LianBio’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 March 31, 2022, 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 LianBio 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Landos Biopharma Australia Pty Ltd. (“Landos Australia”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of the Company’s management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of its financial position, operating results and cash flows for the periods presented have been included. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the full year, for any other interim period or for any future year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the Company's consolidated financial statements and the disclosures made in the accompanying notes. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued liabilities, fair value of equity instruments, and uncertain tax positions. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Despite management’s intention to establish accurate estimates and use reasonable assumptions, actual results may differ from the Company's estimates. |
Significant Accounting Policies | Significant Accounting Policies The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2022 are consistent with, and should be read in conjunction with, those discussed in Note 1 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. |
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 Condensed Consolidated Balance Sheets, even though the stated maturity date may be one year or more beyond the current Condensed 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, until such gains and losses are realized in other income (expense), net, within the Condensed 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 Condensed 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 Company’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. |
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 Condensed 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. |
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 : Three Months Ended March 31, 2022 2021 Stock options to purchase common stock 1,676,389 1,299,586 Common stock subject to repurchase — 250,924 Total 1,676,389 1,550,510 |
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 condensed 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 Adopted Accounting Pronouncements 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 adopted ASU 2016-02, as amended, by applying the modified retrospective approach for leases existing at, and entered into after January 1, 2022. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). The Company has elected to apply the “practical expedient package,” which permits it to not reassess previous conclusions around lease identification, lease classification, and initial direct costs. Further, the Company made accounting policy elections to exclude leases with terms of 12 months or less from the recognition requirements and to not separate lease and non-lease components. On January 1, 2022, the Company recognized an initial right-of-use asset and lease liability of $0.8 million. The adoption of Topic 842 did not have an impact on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss and did not require recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company elected to continue applying the guidance under ASC 840 for comparative periods, as allowed in Topic 842 . Recently Issued Accounting Pronouncements Not Yet Adopted 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 was effective for fiscal years beginning after December 15, 2019 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 15, 2022 and does not expect the adoption of this ASU to have a material impact on the consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 : Three Months Ended March 31, 2022 2021 Stock options to purchase common stock 1,676,389 1,299,586 Common stock subject to repurchase — 250,924 Total 1,676,389 1,550,510 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Level 1 Level 2 Level 3 Aggregate Assets: Money market funds $ 4,789 $ — $ — $ 4,789 U.S. government treasury securities 1,250 — — 1,250 Fixed income securities — 38,536 — 38,536 Asset backed securities — 23,972 — 23,972 Total assets $ 6,039 $ 62,508 $ — $ 68,547 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 |
Contractual Maturities of Available for Sale Securities | The contractual maturities of available-for-sale securities of March 31, 2022 are as follows (in thousands): Within one year $ 34,854 Within one to five years 27,654 Total contractual maturities $ 62,508 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property Plant and Equipment | Property and equipment, net consists of the following : March 31, December 31, 2022 2021 Laboratory equipment $ 791 $ 837 Furniture and fixtures 307 307 Construction in process — 104 Total property and equipment 1,098 1,248 Less: accumulated depreciation ( 874 ) ( 541 ) Total property and equipment, net $ 224 $ 707 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, December 31, 2022 2021 Accrued research and development $ 4,498 $ 1,575 Accrued general and administrative 646 996 Accrued payroll and employee benefits 533 1,132 Operating lease liability 27 — Total accrued liabilities $ 5,704 $ 3,703 |
Stockholders Equity (Deficit) (
Stockholders Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock-Based Compensation Expense | he following table summarizes stock-based compensation expense for employees, which was included in the condensed consolidated Statements of Operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 430 $ 778 General and administrative 511 245 Total stock-based compensation expense $ 941 $ 1,023 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 : Three Months Ended March 31, 2022 2021 Stock options to purchase common stock 1,676,389 1,299,586 Common stock subject to repurchase — 250,924 Total 1,676,389 1,550,510 |
Organization and Description _2
Organization and Description of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 90,506 | ||||
Common Stock, Conversion Basis | 1.8249-for-1 | ||||
Cash cash equivalents and marketable securities | $ 73,800 | ||||
Accumulated deficit | $ (109,015) | $ (94,151) | |||
IPO [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 6,250,000 | ||||
Shares Issued, Price Per Share | $ 16 | ||||
Stock Issued During Period, Value, New Issues | $ 90,500 | ||||
Conversion of Stock, Shares Issued | 20,549,478 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Summary of Significant Accounting Policies [Line Items] | |
Number of operating segments | 1 |
Corporate Debt Securities [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Debt securities, available for sale, maturity period | 90 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,676,389 | 1,550,510 |
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, Amount | 1,676,389 | 1,299,586 |
Common Stock Subject to Repurchase [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 250,924 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 68,547 | $ 85,755 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 6,039 | 3,180 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 62,508 | 82,575 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 4,789 | 3,180 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 4,789 | 3,180 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Money Market Funds [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 1,250 | |
US Treasury Securities [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 1,250 | |
Fixed Income Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 38,536 | 54,224 |
Fixed Income Securities [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Fixed Income Securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 38,536 | 54,224 |
Fixed Income Securities [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Asset Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 23,972 | 28,351 |
Asset Backed Securities [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Asset Backed Securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 23,972 | 28,351 |
Asset Backed Securities [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 0 |
Fair Value Measurement - Contra
Fair Value Measurement - Contractual Maturities of Available for Sale Securities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Within one year | $ 34,854 |
Within one to five years | 27,654 |
Total contractual maturities | $ 62,508 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Disclosures [Abstract] | |
Transfers into or out of Level 3 securities | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,098 | $ 1,248 |
Less: accumulated depreciation | (874) | (541) |
Total property and equipment, net | 224 | 707 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 791 | 837 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 307 | 307 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 0 | $ 104 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Components [Abstract] | ||
Accrued Research And Development | $ 4,498,000 | $ 1,575,000 |
Accrued General and Administrative | 646,000 | 996,000 |
Accrued payroll and employee benefits | 533,000 | 1,132,000 |
Operating lease liability | 27,000 | 0 |
Total accrued liabilities | $ 5,704,000 | $ 3,703,000 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Depreciation expense | $ 353,000 | $ 43,000 |
Stockholders Equity (Deficit) -
Stockholders Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Jan. 01, 2022 | Jan. 01, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common Stock, Shares, Issued | 40,254,890 | 40,254,890 | |||||
Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2.3 | ||||||
Weighted average fair value of options to purchase common stock granted | $ 1.47 | $ 9.38 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||||||
2021 Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 402,548 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 1.00% | ||||||
Shares available for future grants | 791,251 | ||||||
2022 Inducement Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Lesser number of shares | 1,000,000 | ||||||
Shares available for future grants | 1,000,000 | ||||||
The 2019 Plan Member | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,824,900 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 5.00% | ||||||
Lesser number of shares | 1,000,000 | ||||||
Shares available for future grants | 8,553,496 | ||||||
The 2019 Plan Member | Accounting Standards Update 2019-12 [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecorded tax benefits | $ 3.9 | ||||||
Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Convertible preferred stock issued | 20,549,478 | 20,549,478 |
Stockholders Equity (Deficit)_2
Stockholders Equity (Deficit) - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 941 | $ 1,023 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 430 | 778 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 511 | $ 245 |
Commitments and Contingencies (
Commitments and Contingencies (Additional Information) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Aug. 31, 2021 | |
Loss Contingencies [Line Items] | ||||
Non-cash loss on termination of lease | $ 137,000 | $ 0 | ||
Cash payment included assets with a net book value | 100 | |||
Lease term | 3 years | |||
Operating lease liability | 27,000 | $ 0 | ||
Rent expense | 100,000 | $ 100,000 | ||
Operating lease, right-of-use assets and liabilities | $ 700,000 | |||
Weighted average remaining lease term | 2 months 12 days | |||
Operating lease expiration year and month | 2022-05 | |||
Incremental borrowing rate | 8.00% | |||
One-time cash payment | $ 200,000 | |||
Statement of Cash Flows [Member] | ||||
Loss Contingencies [Line Items] | ||||
One-time cash payment | 300,000 | |||
General and Administrative Expense | ||||
Loss Contingencies [Line Items] | ||||
Non-cash loss on termination of lease | $ (300,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 0.00% | |
Federal or state income taxes | 0.00% |
License Agreement - Additional
License Agreement - Additional Information (Details) - USD ($) $ in Millions | May 14, 2021 | Mar. 31, 2022 | Jun. 30, 2021 |
Sales milestone payments [Member] | Maximum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Additional Upfront Payment Ability To Received | $ 105 | ||
Development milestone payments [Member] | Maximum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Additional Upfront Payment Ability To Received | 95 | ||
License Agreement Terms [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Non Refundable Upfront Payment Received | $ 18 | $ 18 | $ 18 |