Landos Biopharma (LABP) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 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	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Landos Biopharma, Inc.
Entity Incorporation State Country Code	DE
Entity Address, Address Line One	P.O. Box 11239
Entity Address, City or Town	Blacksburg
Entity Address, State or Province	VA
Entity Tax Identification Number	81-5085535
Entity Address, Postal Zip Code	24062
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	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 28,880	$ 8,305
Marketable securities, available for-sale	19,111	82,575
Prepaid expenses and other current assets	1,497	1,266
Total current assets	49,488	92,146
Property and equipment-net	0	707
Other asset	0	26
Total assets	49,488	92,879
Current liabilities:
Accounts payable	3,204	12,908
Accrued liabilities	2,271	3,703
Total current liabilities	5,475	16,611
Total liabilities	5,475	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 June 30, 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 June 30, 2022 and December 31, 2021	403	403
Additional paid-in-capital	172,016	170,241
Accumulated other comprehensive income	(211)	(225)
Accumulated deficit	(128,195)	(94,151)
Total stockholders' equity	44,013	76,268
Total liabilities and stockholders' equity	$ 49,488	$ 92,879

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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 Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue - License Fee:	$ 0	$ 0	$ 0	$ 18,000
Revenue, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 4,862	$ 9,344	$ 22,266	$ 28,120
General and administrative	2,967	3,059	11,782	8,300
Total operating expenses	7,829	12,403	34,048	36,420
Loss from operations	(7,829)	(12,403)	(34,048)	(18,420)
Other income:
(Loss) gain from foreign exchange	0	(10)	26	3
Other income, net				92
Other (expense), net	(67)	(191)	(22)
Other (loss) income, net	(67)	(201)	4	95
Net (loss) income	$ (7,896)	$ (12,604)	$ (34,044)	$ (18,325)
Net (loss) income per share, basic	$ (0.20)	$ (0.32)	$ (0.85)	$ (0.50)
Net (loss) income per share, diluted	$ (0.20)	$ (0.32)	$ (0.85)	$ (0.50)
Weighted-average shares used to compute net (loss) income per share, basic	40,254,890	39,962,069	40,254,890	36,662,627
Weighted-average shares used to compute net (loss) income per share, diluted	40,254,890	39,962,069	40,254,890	36,662,627
Net (loss) income	$ (7,896)	$ (12,604)	$ (34,044)	$ (18,325)
Unrealized gain (loss) on available-for-sale securities	181	273	14	121
Comprehensive (loss) income	$ (7,715)	$ (12,331)	$ (34,030)	$ (18,204)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (34,044,000)	$ (18,325,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	577,000	141,000
Stock-based compensation expense	1,775,000	1,690,000
Net realized gain (loss) on sale of marketable securities	0	(121,000)
Amortization of premium on marketable securities	1,055,000	1,210,000
Non-cash loss on termination of lease	137,000	0
Gain on sale of equipment	(147,000)	0
Gain from foreign exchange	0	3,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(231,000)	106,000
Accounts payable	(9,762,000)	1,505,000
Other liabilities	(1,432,000)	(1,213,000)
Net cash used in operating activities	(42,072,000)	(15,004,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(7,000)	(477,000)
Proceeds from sale of property and equipment	173,000	0
Purchases of available-for-sale marketable securities	(3,671,000)	(165,914,000)
Proceeds from sales and maturities of marketable securities	66,094,000	105,889,000
Net cash provided by (used in) investing activities	62,589,000	(60,502,000)
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	477,000
Net cash provided by financing activities	0	90,983,000
Net change in cash and cash equivalents	20,517,000	15,477,000
Cash and cash equivalents at beginning of period	8,305,000	2,416,000
Effect of exchange rates on cash	58,000	0
Cash and cash equivalents at end of period	28,880,000	17,893,000
Supplemental non-cash disclosure: NONCASH INVESTING AND FINANCING ACTIVITY:
Non-cash gain on sale of fixed assets	14,000	0
Reclassification of par to additional paid-in-capital	0	2,000
Conversion of Series A and B convertible preferred stock to common stock	0	72,925,000
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 gain (loss) on available-for-sale securities	$ 14,000	$ 121,000

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 gain (loss) on available-for-sale securities	(112)					(112)
Net (loss) income	(9,818)				(9,818)
Temporary equity, ending balance at Mar. 31, 2021
Temporary equity, ending balance, shares at Mar. 31, 2021		0
Ending balance at Mar. 31, 2021	101,179		$ 399	166,429	(65,547)	(102)
Ending balance, shares at Mar. 31, 2021			39,866,669
Temporary equity, beginning balance at Dec. 31, 2020		$ 73,037
Temporary equity, beginning balance, shares at Dec. 31, 2020		11,260,608
Beginning balance at Dec. 31, 2020	(54,015)		$ 71	1,633	(55,729)	10
Beginning balance, shares at Dec. 31, 2020			12,767,909
Net (loss) income	(18,325)
Ending balance at Sep. 30, 2021	93,918		$ 401	167,440	(74,054)	131
Ending balance, shares at Sep. 30, 2021			40,053,157
Temporary equity, beginning balance at Mar. 31, 2021
Temporary equity, beginning balance, shares at Mar. 31, 2021		0
Beginning balance at Mar. 31, 2021	101,179		$ 399	166,429	(65,547)	(102)
Beginning balance, shares at Mar. 31, 2021			39,866,669
Stock-based compensation expense	312			312
Exercise of stock options	64			64
Exercise of stock options, shares			34,217
Unrealized gain (loss) on available-for-sale securities	(40)					(40)
Net (loss) income	4,097				4,097
Temporary equity, ending balance at Jun. 30, 2021
Temporary equity, ending balance, shares at Jun. 30, 2021		0
Ending balance at Jun. 30, 2021	105,612		$ 399	166,805	(61,450)	(142)
Ending balance, shares at Jun. 30, 2021			39,900,886
Stock-based compensation expense	355			355
Exercise of stock options	282		$ 2	280
Exercise of stock options, shares			152,271
Unrealized gain (loss) on available-for-sale securities	273					273
Net (loss) income	(12,604)				(12,604)
Ending balance at Sep. 30, 2021	93,918		$ 401	167,440	(74,054)	131
Ending balance, shares at Sep. 30, 2021			40,053,157
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 gain (loss) on available-for-sale securities	(242)					(242)
Net (loss) income	(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
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
Net (loss) income	(34,044)
Ending balance at Sep. 30, 2022	44,013		$ 403	172,016	(128,195)	(211)
Ending balance, shares at Sep. 30, 2022			40,254,890
Temporary equity, beginning balance at Mar. 31, 2022
Temporary equity, beginning balance, shares at Mar. 31, 2022
Beginning balance at Mar. 31, 2022	62,103		$ 403	171,182	(109,015)	(467)
Beginning balance, shares at Mar. 31, 2022			40,254,890
Stock-based compensation expense	634			634
Unrealized gain (loss) on available-for-sale securities	75					75
Net (loss) income	(11,284)				(11,284)
Temporary equity, ending balance at Jun. 30, 2022		$ 0
Temporary equity, ending balance, shares at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	51,528		$ 403	171,816	(120,299)	(392)
Ending balance, shares at Jun. 30, 2022			40,254,890
Stock-based compensation expense	200			200
Unrealized gain (loss) on available-for-sale securities	181					181
Net (loss) income	(7,896)				(7,896)
Ending balance at Sep. 30, 2022	$ 44,013		$ 403	$ 172,016	$ (128,195)	$ (211)
Ending balance, shares at Sep. 30, 2022			40,254,890

Organization and Description of

Organization and Description of the Business	9 Months Ended
	Sep. 30, 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 September 30, 2022, the Company had cash, cash equivalents and marketable securities of $ 48.0 million, which it believes will be sufficient to fund its planned operations for at least the next 12 months. Upon completion of its portfolio prioritization review later this year, the Company will provide further details into its operating plans and capital resources. 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 7). As of September 30, 2022, the Company had an accumulated deficit of $ 128.2 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. Reclassification of Prior Year Presentation Certain reclassifications have been made to the prior year presentation to conf orm to the 2022 presentation. Significant Accounting Policies The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three and nine months ended September 30, 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 net 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 net 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. The following table sets forth the computation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net Loss $ ( 7,896 ) $ ( 12,604 ) $ ( 34,044 ) $ ( 18,325 ) Denominator: Weighted-average shares of common stock issued and outstanding 40,254,890 40,156,089 40,254,890 36,890,531 Less: weighted-average unvested common stock subject to repurchase — ( 194,020 ) — ( 227,904 ) Weighted-average common stock outstanding used to calculate net loss per common share, basic and diluted 40,254,890 39,962,069 40,254,890 36,662,627 Net loss per common stock, basic and diluted $ ( 0.20 ) $ ( 0.32 ) $ ( 0.85 ) $ ( 0.50 ) 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options to purchase common stock 3,404,736 1,291,098 3,404,736 1,291,098 Common stock subject to repurchase — 194,020 — 227,904 Total 3,404,736 1,485,118 3,404,736 1,519,002 Comprehensive Loss The Company’s comprehensive loss is currently comprised of changes in unrealized gain 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 its 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 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	9 Months Ended
	Sep. 30, 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. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2022 (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Aggregate Assets: U.S. government treasury securities 11,986 — — 11,986 Fixed income securities — 13,763 — 13,763 Asset backed securities — 5,348 — 5,348 Total assets $ 11,986 $ 19,111 $ — $ 31,097 The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2021 (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 The contractual maturities of available-for-sale securities as of September 30, 2022 are as follows (in thousands): Within one year $ 14,033 Within one to five years 5,078 Total contractual maturities $ 19,111 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 and U.S. government treasury securities 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 nine months ended September 30, 2022 .

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 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 : September 30, December 31, 2022 2021 Laboratory equipment $ 561 $ 837 Furniture and fixtures 14 307 Construction in process — 104 Total property and equipment 575 1,248 Less: accumulated depreciation ( 575 ) ( 541 ) Total property and equipment, net $ — $ 707 Depreciation expense for property and equipment was $ 0 a nd $ 48,000 for the three months ended September 30, 2022 and 2021, respectively, and $ 0.6 million and $ 0.1 million for the nine months ended September 30, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, 2022 2021 Accrued research and development $ 1,314 $ 1,575 Accrued general and administrative 230 996 Accrued payroll and employee benefits 727 1,132 Total accrued liabilities $ 2,271 $ 3,703

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	5. 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 September 30, 2022, there were approximately 6,825,149 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 September 30, 2022, there were approximately 791,251 shares available for future grants under the 2021 ESPP. As of September 30, 2022, no shares of common stock had 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 September 30, 2022, there were 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 $ 3.0 million for the nine months ended September 30, 2021. The weighted average fair value per share of options to purchase common stock granted was $ 0.90 and $ 8.59 for the nine months ended September 30, 2022 and 2021, respectively. The 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 46 $ 224 $ 596 $ 1,213 General and administrative 154 131 1,179 477 Total stock-based compensation expense $ 200 $ 355 $ 1,775 $ 1,690 At September 30, 2022, the total compensation cost related to unvested stock-based awards granted under the 2019 Plan but not yet recognized was approximately $ 2.2 million, which is expected to be recognized over a weighted-average period of approximately 3.5 years .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. 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 the Company believes that its 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 amortized the operating lease ROU assets and operating lease liabilities over the applicable lease term . The Company leased office space for its corporate headquarters located in Blacksburg, Virginia, under a non-cancelable operating lease, which expired 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. Rent expense was $ 0 and $ 0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $ 0.1 million and $ 0.2 million for the nine months ended September 30, 2022 and 2021 , respectively.

License Agreement

License Agreement	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
License Agreement Revenues	7. 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 September 30, 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain reclassifications have been made to the prior year presentation to conf orm to the 2022 presentation.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three and nine months ended September 30, 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) Income per Share	Net Loss per Share Basic net 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 net 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. The following table sets forth the computation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net Loss $ ( 7,896 ) $ ( 12,604 ) $ ( 34,044 ) $ ( 18,325 ) Denominator: Weighted-average shares of common stock issued and outstanding 40,254,890 40,156,089 40,254,890 36,890,531 Less: weighted-average unvested common stock subject to repurchase — ( 194,020 ) — ( 227,904 ) Weighted-average common stock outstanding used to calculate net loss per common share, basic and diluted 40,254,890 39,962,069 40,254,890 36,662,627 Net loss per common stock, basic and diluted $ ( 0.20 ) $ ( 0.32 ) $ ( 0.85 ) $ ( 0.50 ) 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options to purchase common stock 3,404,736 1,291,098 3,404,736 1,291,098 Common stock subject to repurchase — 194,020 — 227,904 Total 3,404,736 1,485,118 3,404,736 1,519,002
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is currently comprised of changes in unrealized gain 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 its 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 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)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the computation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net Loss $ ( 7,896 ) $ ( 12,604 ) $ ( 34,044 ) $ ( 18,325 ) Denominator: Weighted-average shares of common stock issued and outstanding 40,254,890 40,156,089 40,254,890 36,890,531 Less: weighted-average unvested common stock subject to repurchase — ( 194,020 ) — ( 227,904 ) Weighted-average common stock outstanding used to calculate net loss per common share, basic and diluted 40,254,890 39,962,069 40,254,890 36,662,627 Net loss per common stock, basic and diluted $ ( 0.20 ) $ ( 0.32 ) $ ( 0.85 ) $ ( 0.50 )
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options to purchase common stock 3,404,736 1,291,098 3,404,736 1,291,098 Common stock subject to repurchase — 194,020 — 227,904 Total 3,404,736 1,485,118 3,404,736 1,519,002

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2022 (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Aggregate Assets: U.S. government treasury securities 11,986 — — 11,986 Fixed income securities — 13,763 — 13,763 Asset backed securities — 5,348 — 5,348 Total assets $ 11,986 $ 19,111 $ — $ 31,097 The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2021 (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
Contractual Maturities of Available for Sale Securities	The contractual maturities of available-for-sale securities as of September 30, 2022 are as follows (in thousands): Within one year $ 14,033 Within one to five years 5,078 Total contractual maturities $ 19,111

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property Plant and Equipment	Property and equipment, net consists of the following : September 30, December 31, 2022 2021 Laboratory equipment $ 561 $ 837 Furniture and fixtures 14 307 Construction in process — 104 Total property and equipment 575 1,248 Less: accumulated depreciation ( 575 ) ( 541 ) Total property and equipment, net $ — $ 707
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: September 30, December 31, 2022 2021 Accrued research and development $ 1,314 $ 1,575 Accrued general and administrative 230 996 Accrued payroll and employee benefits 727 1,132 Total accrued liabilities $ 2,271 $ 3,703

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 46 $ 224 $ 596 $ 1,213 General and administrative 154 131 1,179 477 Total stock-based compensation expense $ 200 $ 355 $ 1,775 $ 1,690

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	Sep. 30, 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				$ 48,000
Accumulated deficit				$ (128,195)	$ (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) $ in Millions	9 Months Ended
	Sep. 30, 2022 Segment	Mar. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Lease liability recognized			$ 0.8
Right-of-use asset recognized		$ 0.7	$ 0.8
Number of operating segments | Segment	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 Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net (loss) income	$ (7,896)	$ (11,284)	$ (14,864)	$ (12,604)	$ 4,097	$ (9,818)	$ (34,044)	$ (18,325)
Denominator:
Weighted-average shares of common stock issued and outstanding	40,254,890			40,156,089			40,254,890	36,890,531
Less: weighted-average unvested common stock subject to repurchase	0			(194,020)			0	(227,904)
Weighted-average common stock outstanding used to calculate net loss per common share, basic	40,254,890			39,962,069			40,254,890	36,662,627
Weighted-average common stock outstanding used to calculate net loss per common shares, diluted	40,254,890			39,962,069			40,254,890	36,662,627
Net (loss) income per share, basic	$ (0.20)			$ (0.32)			$ (0.85)	$ (0.50)
Net (loss) income per share, diluted	$ (0.20)			$ (0.32)			$ (0.85)	$ (0.50)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss Per (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,404,736	1,485,118	3,404,736	1,519,002
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	3,404,736	1,291,098	3,404,736	1,291,098
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	194,020	0	227,904

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 31,097	$ 85,755
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	11,986	3,180
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	19,111	82,575
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		3,180
Money Market Funds [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		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	11,986
US Treasury Securities [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	11,986
US Treasury Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0
US Treasury Securities [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0
Fixed Income Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	13,763	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	0
Fixed Income Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	13,763	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	0
Asset Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	5,348	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	0
Asset Backed Securities [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	5,348	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	$ 0

Fair Value Measurement - Contra

Fair Value Measurement - Contractual Maturities of Available for Sale Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Within one year	$ 14,033
Within one to five years	5,078
Total contractual maturities	$ 19,111

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
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	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 575	$ 1,248
Less: accumulated depreciation	(575)	(541)
Total property and equipment, net	0	707
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	561	837
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14	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 ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Components [Abstract]
Accrued Research And Development	$ 1,314	$ 1,575
Accrued General and Administrative	230	996
Accrued payroll and employee benefits	727	1,132
Total accrued liabilities	$ 2,271	$ 3,703

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 0	$ 48,000	$ 577,000	$ 141,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 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, Stock Options, Exercises in Period, Intrinsic Value			$ 3
Weighted average fair value of options to purchase common stock granted		$ 0.90	$ 8.59
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		3 years 6 months
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%
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%
Lesser number of shares					1,000,000
Shares available for future grants		6,825,149
The 2019 Plan Member | Accounting Standards Update 2019-12 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecorded tax benefits		$ 2.2
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Convertible preferred stock issued	20,549,478

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 200	$ 355	$ 1,775	$ 1,690
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	46	224	596	1,213
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 154	$ 131	$ 1,179	$ 477

Commitments and Contingencies (

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Aug. 31, 2021
Loss Contingencies [Line Items]
Non-cash loss on termination of lease				$ 137	$ 0
Cash payment included assets with a net book value		$ 100
Lease term							3 years
Rent expense	$ 0		$ 100	$ 100	$ 200
Operating lease, right-of-use assets and liabilities		700				$ 800
Operating lease expiration year and month				2022-05
Incremental borrowing rate				8%
One-time cash payment		200
General and Administrative Expense
Loss Contingencies [Line Items]
Non-cash loss on termination of lease		$ (300)

License Agreement - Additional

License Agreement - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended	9 Months Ended
	May 14, 2021	Jun. 30, 2021	Sep. 30, 2022
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