Immuneering (IMRX) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-40675
Entity Registrant Name	Immuneering Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1976972
Entity Address, Address Line One	245 Main St
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	Cambridge
Entity Address State Or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	500-8080
Title of 12(b) Security	Class A common Stock, par value $0.001 per share
Trading Symbol	IMRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001790340
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		25,940,564
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,927,550	$ 37,090,151
Marketable securities	42,550,420
Accounts receivable	471,375	500,110
Prepaids and other current assets	3,361,471	140,958
Total current assets	153,310,816	37,731,219
Marketable securities, non-current	10,098,616
Property and equipment, net	81,445	64,363
Right-of-use asset, net	537,181	613,103
Other assets	14,333	14,333
Total assets	164,042,391	38,423,018
Current liabilities:
Accounts payable	1,795,153	1,480,537
Accrued expenses	3,388,853	698,992
Lease liability, current	82,795	76,322
Total current liabilities	5,266,801	2,255,851
Long-term liabilities:
Lease liability, non-current	481,965	544,767
Total liabilities	5,748,766	2,800,618
Commitments and contingencies (Note 11)
Convertible preferred stock:
Convertible preferred stock		58,103,850
Stockholders' deficit:
Additional paid-in capital	206,761,467	3,251,240
Accumulated other comprehensive loss	(4,751)
Accumulated deficit	(48,489,029)	(25,737,640)
Total stockholders' equity (deficit)	158,293,625	(22,481,450)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	164,042,391	38,423,018
Series B Preferred Stock
Convertible preferred stock:
Convertible preferred stock		36,983,910
Series A Preferred Stock
Convertible preferred stock:
Convertible preferred stock		21,119,940
Class A Common Stock
Stockholders' deficit:
Common stock	$ 25,938	$ 4,950

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series B Preferred Stock
Convertible preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, authorized (in shares)	0	6,032,183
Convertible preferred stock, issued (in shares)	0	3,619,292
Convertible preferred stock, outstanding (in shares)	0	3,619,292
Series A Preferred Stock
Convertible preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, authorized (in shares)	0	2,495,933
Convertible preferred stock, issued (in shares)	0	2,495,933
Convertible preferred stock, outstanding (in shares)	0	2,495,933
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	22,026,200
Common stock, shares issued (in shares)	25,938,064	4,950,129
Common stock, shares outstanding (in shares)	25,938,064	4,950,129
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	6,032,183
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenue	$ 482,130	$ 682,570	$ 1,890,370	$ 1,646,455
Cost of revenue	219,088	315,002	946,852	807,092
Gross profit	263,042	367,568	943,518	839,363
Operating expenses
Research and development	6,207,486	4,069,037	18,590,471	10,113,291
General and administrative	2,598,940	698,760	5,123,361	1,972,171
Total operating expenses	8,806,426	4,767,797	23,713,832	12,085,462
Loss from operations	(8,543,384)	(4,400,229)	(22,770,314)	(11,246,099)
Other income (expense)
Interest income	17,400	1,150	27,014	42,138
Other expense	(8,089)		(8,089)
Net loss	$ (8,534,073)	$ (4,399,079)	$ (22,751,389)	$ (11,203,961)
Net loss per share attributable to common stockholders, basic	$ (0.47)	$ (0.89)	$ (2.41)	$ (2.26)
Net loss per share attributable to common stockholders, diluted	$ (0.47)	$ (0.89)	$ (2.41)	$ (2.26)
Weighted-average common shares outstanding, basic	18,286,352	4,950,129	9,445,862	4,950,129
Weighted-average common shares outstanding, diluted	18,286,352	4,950,129	9,445,862	4,950,129
Other comprehensive loss:
Unrealized losses from marketable securities	$ (4,751)		$ (4,751)
Comprehensive Loss	$ (8,538,824)	$ (4,399,079)	$ (22,756,140)	$ (11,203,961)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred StockSeries A Preferred Stock	Preferred StockSeries B Preferred Stock	Preferred Stock	Common StockClass A Common Stock	Additional Paid-In Capital	Accumulated other comprehensive loss	Accumulated Deficit	Series A Preferred Stock	Series B Preferred Stock	Total
Beginning Balance at Dec. 31, 2019				$ 4,950	$ 2,164,471		$ (8,697,742)			$ (6,528,321)
Beginning Balance (in shares) at Dec. 31, 2019				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					272,143					272,143
Net loss							(3,200,720)			(3,200,720)
Ending Balance at Mar. 31, 2020				$ 4,950	2,436,614		(11,898,462)			(9,456,898)
Ending Balance (in shares) at Mar. 31, 2020				4,950,129
Beginning Balance at Dec. 31, 2019	$ 16,611,832		$ 16,611,832
Beginning Balance (in shares) at Dec. 31, 2019	1,966,043							1,966,043
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net of issuance costs	$ 4,508,108		4,508,108
Issuance of convertible preferred stock, net of issuance costs (in shares)	529,890
Ending Balance at Mar. 31, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Mar. 31, 2020	2,495,933
Beginning Balance at Dec. 31, 2019				$ 4,950	2,164,471		(8,697,742)			(6,528,321)
Beginning Balance (in shares) at Dec. 31, 2019				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss										(11,203,961)
Ending Balance at Sep. 30, 2020				$ 4,950	3,034,633		(19,901,703)			(16,862,120)
Ending Balance (in shares) at Sep. 30, 2020				4,950,129
Beginning Balance at Dec. 31, 2019	$ 16,611,832		16,611,832
Beginning Balance (in shares) at Dec. 31, 2019	1,966,043							1,966,043
Ending Balance at Sep. 30, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Sep. 30, 2020	2,495,933
Beginning Balance at Mar. 31, 2020				$ 4,950	2,436,614		(11,898,462)			(9,456,898)
Beginning Balance (in shares) at Mar. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					287,554					287,554
Net loss							(3,604,162)			(3,604,162)
Ending Balance at Jun. 30, 2020				$ 4,950	2,724,168		(15,502,624)			(12,773,506)
Ending Balance (in shares) at Jun. 30, 2020				4,950,129
Beginning Balance at Mar. 31, 2020	$ 21,119,940		21,119,940
Beginning Balance (in shares) at Mar. 31, 2020	2,495,933
Ending Balance at Jun. 30, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Jun. 30, 2020	2,495,933
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					310,465					310,465
Net loss							(4,399,079)			(4,399,079)
Ending Balance at Sep. 30, 2020				$ 4,950	3,034,633		(19,901,703)			(16,862,120)
Ending Balance (in shares) at Sep. 30, 2020				4,950,129
Ending Balance at Sep. 30, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Sep. 30, 2020	2,495,933
Beginning Balance at Dec. 31, 2020				$ 4,950	3,251,240		(25,737,640)			(22,481,450)
Beginning Balance (in shares) at Dec. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					182,225					182,225
Net loss							(6,229,651)			(6,229,651)
Ending Balance at Mar. 31, 2021				$ 4,950	3,433,465		(31,967,291)			(28,528,876)
Ending Balance (in shares) at Mar. 31, 2021				4,950,129
Beginning Balance at Dec. 31, 2020	$ 21,119,940	$ 36,983,910	58,103,850					$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Dec. 31, 2020	2,495,933	3,619,292						2,495,933	3,619,292
Ending Balance at Mar. 31, 2021	$ 21,119,940	$ 36,983,910	58,103,850
Ending Balance (in shares) at Mar. 31, 2021	2,495,933	3,619,292
Beginning Balance at Dec. 31, 2020				$ 4,950	3,251,240		(25,737,640)			$ (22,481,450)
Beginning Balance (in shares) at Dec. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)										115,346
Net loss										$ (22,751,389)
Ending Balance at Sep. 30, 2021				$ 25,938	206,761,467	$ (4,751)	(48,489,029)			158,293,625
Ending Balance (in shares) at Sep. 30, 2021				25,938,064
Beginning Balance at Dec. 31, 2020	$ 21,119,940	$ 36,983,910	58,103,850					$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Dec. 31, 2020	2,495,933	3,619,292						2,495,933	3,619,292
Ending Balance (in shares) at Sep. 30, 2021								0	0
Beginning Balance at Mar. 31, 2021				$ 4,950	3,433,465		(31,967,291)			(28,528,876)
Beginning Balance (in shares) at Mar. 31, 2021				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options				$ 18	52,609					52,627
Issuance of common stock upon exercise of stock options (in shares)				17,499
Issuance of common stock upon exercise of warrants				$ 308	926,817					927,125
Issuance of common stock upon exercise of warrants (in shares)				308,308
Stock-based compensation expense					351,009					351,009
Net loss							(7,987,665)			(7,987,665)
Ending Balance at Jun. 30, 2021				$ 5,276	4,763,900		(39,954,956)			(35,185,780)
Ending Balance (in shares) at Jun. 30, 2021				5,275,936
Beginning Balance at Mar. 31, 2021	$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Mar. 31, 2021	2,495,933	3,619,292
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net of issuance costs		$ 24,788,851	24,788,851
Issuance of convertible preferred stock, net of issuance costs (in shares)		2,412,853
Ending Balance at Jun. 30, 2021	$ 21,119,940	$ 61,772,761	82,892,701
Ending Balance (in shares) at Jun. 30, 2021	2,495,933	6,032,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Preferred Stock into common stock	$ (21,119,940)	$ (61,772,761)	$ (82,892,701)	$ 11,939	82,880,762					82,892,701
Conversion of Preferred Stock into common stock (in shares)	(2,495,933)	(6,032,145)		11,939,281
Issuance of common stock upon exercise of stock options				$ 98	294,191					294,289
Issuance of common stock upon exercise of stock options (in shares)				97,847
Issuance of common stock upon initial public offering, net of issuance costs				$ 8,625	118,185,808					118,194,433
Issuance of common stock upon initial public offering, net of issuance costs (in shares)				8,625,000
Stock-based compensation expense					636,806					636,806
Net loss							(8,534,073)			(8,534,073)
Other comprehensive loss						(4,751)				(4,751)
Ending Balance at Sep. 30, 2021				$ 25,938	$ 206,761,467	$ (4,751)	$ (48,489,029)			$ 158,293,625
Ending Balance (in shares) at Sep. 30, 2021				25,938,064
Ending Balance (in shares) at Sep. 30, 2021								0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Issuance costs	$ 2,124,317

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Jan. 31, 2020	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss			$ (8,534,073)	$ (6,229,651)	$ (4,399,079)	$ (3,200,720)	$ (22,751,389)	$ (11,203,961)
Adjustment to reconcile to net loss to net cash used in operating activities:
Depreciation expense			11,978		5,656		30,652	16,879
Right-of-use asset amortization							75,922	30,217
Stock based compensation expense							1,170,040	870,162
Net amortization of premium (accretion of discount) on marketable securities							8,548
(Increase) decrease in:
Accounts receivable							28,735	(368,205)
Prepaid expenses and other current assets							(3,122,547)	(139,791)
Increase (decrease) in:
Accounts payable							314,616	911,517
Accrued expenses							2,689,860	745,690
Lease liability							(56,329)	(30,217)
Net cash used in operating activities							(21,611,892)	(9,167,709)
Cash flows from investing activities:
Purchase of property and equipment							(47,734)	(15,357)
Purchases of marketable securities							(52,760,299)
Net cash used in investing activities							(52,808,033)	(15,357)
Cash flows from financing activities:
Proceeds from initial public offering of common stock, net of commissions and underwriting							120,318,750
Payment of initial public offering costs							(2,124,317)
Proceeds from exercise of stock options							346,915
Proceeds from exercise of warrants							927,125
Net cash provided by financing activities							144,257,324	998,306
Net increase (decrease) in cash and cash equivalents							69,837,399	(8,184,760)
Cash and cash equivalents at beginning of period		$ 13,782,175		$ 37,090,151		$ 13,782,175	37,090,151	13,782,175
Cash and cash equivalents at end of period	$ 13,782,175		$ 106,927,550		$ 5,597,415		106,927,550	5,597,415	$ 13,782,175
Supplemental disclosures of noncash information:
Conversion of convertible Series A and B preferred stock into common stock							82,892,701
Reclassification of liability for Series A preferred stock								3,509,802
Series A Preferred Stock
Cash flows from financing activities:
Proceeds from the issuance of preferred stock, net of issuance costs	$ 4,004,975	1,021,413						$ 998,306
Payment of initial public offering costs		$ (23,610)							$ (200,587)
Series B Preferred Stock
Cash flows from financing activities:
Proceeds from the issuance of preferred stock, net of issuance costs							$ 24,788,851

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2021
Organization and Nature of Business
Organization and Nature of Business	Note 1 – Organization and Nature of Business Immuneering Corporation, a Delaware corporation, (“Immuneering” or the “Company”) was incorporated in 2008. The Company is a biopharmaceutical company with an emerging pipeline focused on improving patient outcomes across a spectrum of debilitating oncologic and neurologic diseases by applying the Company’s deep knowledge of translational bioinformatics to every stage of the drug development process. The Company has more than a decade of experience in translational bioinformatics and generating insights into drug mechanisms of action and patient treatment responses. Building on this experience, the Company developed a disease agnostic platform that enables the Company to utilize human data, novel biology and chemistry, and translational planning to create and advance the Company’s wholly owned pipeline. On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf. Immuneering and ISC are collectively referred to as “the Company” throughout these condensed consolidated financial statements. Since inception, the Company has devoted substantially all of its efforts to business planning, service revenue generation, research and development, recruiting management and technical staff, and raising capital. The Company has financed its operations through service revenues, the issuance of convertible debt and the sale of convertible preferred stock and common stock. The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development program will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants. On August 3, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which were $2,124,317. Upon the closing of the IPO, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock. Upon the conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock (at par value) and additional paid-in capital (see Note 8). ​ To date, the Company has funded its operations through service revenues, and with proceeds from the sale of its capital stock and convertible notes and, most recently, with proceeds from the IPO. The Company has incurred recurring losses over the past several years and as of September 30, 2021, the Company had an accumulated deficit of $48,489,029. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Management considers that there are no conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and estimates that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the interim condensed consolidated financial statements. The full extent to which coronavirus (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and its variants and the actions taken to contain or treat COVID-19 and its variants, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the pandemic related to COVID-19 and its variants and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgements or revise the carrying values of its assets or liabilities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the final prospectus, dated July 29, 2021, filed with the SEC on July 30, 2021 pursuant to Rule 424(b) relating to our Registration Statement on Form S-1 (File No. 333-257791) (the “Prospectus”). Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared, without audit, in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. Stock Split On July 23, 2021, the Company approved a one -for-1.4 stock split which was consummated in connection with the Company’s IPO. All information in the accompanying financial statements and notes thereto regarding share amounts of common stock, price per share of common stock and the conversion factor for Series A and Series B Preferred Stock into common stock have been adjusted to reflect the application of the stock split on a retroactive basis. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believe to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these condensed consolidated financial statements included but are not limited to, the research and development expenses, determination of fair value of stock-based awards, the valuation of common stock, and the right-to-use assets and operating lease liability. Actual results may differ materially and adversely from these estimates. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (“Jobs Act”). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements. The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) will become effective for the Company on January 1, 2023. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments are effective for annual reporting periods beginning after December 15, 2020 with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements. ​

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2021
Marketable Securities
Marketable Securities	Note 3 – Marketable Securities Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities Marketable securities as of September 30, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ $ 14,921,282 ​ $ - ​ $ (1,699) ​ $ 14,919,583 Government securities ​ ​ 14,643,440 ​ ​ 310 ​ ​ (668) ​ ​ 14,643,082 Commercial Paper ​ ​ 12,986,965 ​ ​ 796 ​ ​ (6) ​ ​ 12,987,755 Total Current ​ ​ 42,551,687 ​ ​ 1,106 ​ ​ (2,373) ​ ​ 42,550,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 5,500,729 ​ ​ - ​ ​ (2,021) ​ ​ 5,498,708 Government securities ​ ​ 4,601,399 ​ ​ - ​ ​ (1,491) ​ ​ 4,599,908 Total Non-current ​ ​ 10,102,128 ​ ​ - ​ ​ (3,512) ​ ​ 10,098,616 Total marketable securities ​ $ 52,653,815 ​ $ 1,106 ​ $ (5,885) ​ $ 52,649,036 ​ ​ There were no marketable securities as of December 31, 2020.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Fair Value Measurements	Note 4 – Fair Value Measurements We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 Level 2 Level 3 The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 29,343,849 ​ $ - ​ $ - ​ $ 29,343,849 Commercial paper ​ ​ - ​ ​ 13,497,775 ​ ​ - ​ ​ 13,497,775 Total cash equivalents ​ ​ 29,343,849 ​ ​ 13,497,775 ​ ​ - ​ ​ 42,841,624 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ $ 20,418,290 ​ $ - ​ $ - ​ $ 20,418,290 Government securities ​ ​ - ​ ​ 19,242,991 ​ ​ - ​ ​ 19,242,991 Commercial paper ​ ​ - ​ ​ 12,987,755 ​ ​ - ​ ​ 12,987,755 Total marketable securities ​ ​ 20,418,290 ​ ​ 32,230,746 ​ ​ - ​ ​ 52,649,036 Total cash equivalents and marketable securities ​ $ 49,762,139 ​ $ 45,728,521 ​ $ - ​ $ 95,490,660 ​ Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of September 30, 2021. There have been no changes to the valuation methods during the nine months ended September 30, 2021. We have no financial assets or liabilities that were classified as Level 3 at any point during the nine months ended September 30, 2021. There were no marketable securities as of December 31, 2020.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2021
Property and Equipment, net
Property and Equipment, net	Note 5 – Property and Equipment, net Property and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Computer equipment ​ $ 222,051 ​ $ 174,317 Furniture and fixtures ​ 18,798 ​ 18,798 Total ​ 240,849 ​ 193,115 Accumulated depreciation ​ (159,404) ​ (128,752) Property and equipment, net ​ $ 81,445 ​ $ 64,363 ​ Depreciation expense totaled $11,978 and $5,656 for the three months ended September 30, 2021 and 2020, respectively. Depreciation expense totaled $30,652 and $16,879 for the nine months ended September 30, 2021 and 2020, respectively.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Accrued Expenses	Note 6 – Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Accrued professional services ​ $ 894,212 ​ $ 269,302 Accrued employee expenses ​ 2,145,969 ​ 163,668 Accrued contract research expenses ​ 337,608 ​ 266,022 Accrued other ​ ​ 11,064 ​ ​ — Total ​ $ 3,388,853 ​ $ 698,992 ​

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2021
Convertible Preferred Stock
Convertible Preferred Stock	Note 7 – Convertible Preferred Stock Series A Preferred Stock In September 2019, the Company authorized the sale and issuance of up to 1,987,979 shares of Series A Preferred Stock, $0.001 par value per share, at an original issuance price of $8.5514 per share. In January 2020, the number of shares authorized for the Series A Preferred Stock was increased to 2,495,933 shares. The Series A Preferred Stock financing was structured to be issued in rolling closes during 2019 and 2020. On September 20, 2019, the Company issued an additional 1,122,458 shares of Series A Preferred Stock for gross cash proceeds of $9,598,847 and issued 785,706 shares of Series A Preferred Stock in conjunction with the conversion of the outstanding amount of the Convertible Notes. In 2019, the Company incurred issuance costs of $200,587 in connection with this offering. The Company received funds for issuance of an additional 468,315 shares of Series A Preferred Stock for gross cash proceeds of $4,004,975 through December 31, 2019. Of these shares, 410,436 shares of Series A Preferred Stock for gross cash proceeds of $3,509,802 exceeded the authorized amount allowed by the articles of incorporation, resulting in a liability of $3,509,802 and a total of 1,966,043 shares of Series A Preferred Stock outstanding at December 31, 2019. In January 2020, the shares that were previously classified as a liability as of December 31, 2019 were reclassified to temporary equity upon the approved increase to authorized shares of Series A Preferred Stock. In January 2020, the Company issued 119,454 additional shares of Series A Preferred Stock for gross cash proceeds of $1,021,413. The Company incurred issuance costs of $23,610 in connection with the financing in January 2020. Series B Preferred Stock In December 2020, the Company authorized the sale and issuance of up to 6,032,183 shares of Series B Preferred Stock, $0.001 par value per share, at an original issuance price of $10.2782 per share. The Series B Preferred Stock financing was structured to close in two tranches. The first tranche closed in December 2020 and the Company issued 3,619,292 shares of Series B Preferred Stock for gross cash proceeds of $37,199,929. The Company incurred issuance costs of $216,019 in connection with the financing in December 2020. The Company determined the right of the investors to purchase 2,412,853 shares of Series B Preferred Stock in the second tranche does not meet the definition of a freestanding financial instrument as it is not separable from the Series B Preferred Stock issued in the first tranche. The issuance of the second tranche is subject to the Company meeting certain development milestones or at the election of the holders of at least a majority of the then outstanding shares of Series B Preferred Stock which must include one specific shareholder (the “Requisite Holders”). Each holder of Series B Preferred Stock may elect to purchase their requisite shares of the second tranche at any time. As of March 31, 2021, the Company had not met these development milestones nor did the Requisite Holders elect to purchase the second tranche prior to meeting these milestones and therefore no shares of the second tranche were issued. In April and May 2021, all 2,412,853 shares of the second tranche of Series B Preferred Stock were issued based on the voluntary election of substantially all of the holders of Series B Preferred Stock. The Company received gross proceeds of $24,799,786. The Company incurred issuance costs of $10,935 in connection with the second tranche of Series B Preferred Stock. The rights and preferences of the Series A Preferred Stock and Series B Preferred Stock (“Preferred Stock”) are as described below: Conversion Each share of Preferred Stock may be converted at any time, at the option of the holder, into shares of Class A common stock, subject to the applicable conversion rate as determined by dividing the original issue price by the conversion price. The conversion price for the Series A Preferred Stock and Series B Preferred Stock (as may be adjusted for certain customary dilutive events) is $6.1081 and $7.3416, respectively. The Preferred Stock automatically convert into shares of Class A common stock at the then effective conversion rate upon the closing of a public offering of the Company’s securities with gross proceeds to the Company of at least $75,000,000 and a share price of at least $7.3416 or at the election of the holders of the Requisite Holders. Holders of Series B Preferred Stock that would beneficially own at least 9.9% of any then outstanding class of equity securities may elect to receive a portion of their converted Series B Preferred Stock as Class B common stock upon conversion. Upon the closing of the IPO on August 3, 2021, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock. Dividends Preferred Stockholders are entitled to receive per annum dividends of 7% of the original issue price share, payable only when, as and if declared by the Board of Directors. The right to receive these dividends is not cumulative, and therefore, if not declared in any year, the right to receive such dividends shall terminate and not carry forward into the next year. As of September 30, 2021 and December 31, 2020, no dividends had been declared. Voting Rights Preferred Stock and common stock vote together as one class on an as converted basis. Common stock voting rights on certain matters are subject to the powers, preferences, and rights of the Preferred Stock. Preferred Stockholders are entitled to vote on all matters and shall have the number of votes equal to the number of shares of common stock into which the shares of Preferred Stock held by such holder are then convertible. As long as 2,132,029 shares of Preferred Stock are outstanding, certain actions such as mergers, acquisition, liquidation, dissolution, wind up of business, and deemed liquidation events, must be approved by the holders of at least a majority of the then-outstanding shares of Preferred Stock. Liquidation Preference Upon liquidation, dissolution, or winding up of business, holders of Preferred Stock are entitled to receive a liquidation preference in priority to holders of common stock at the original respective Preferred Stock issue price for such series. If assets available for distribution are insufficient to satisfy the liquidation payment to holders of Preferred Stock in full, assets available for distribution will be allocated among holders of Preferred Stock on a pari passu basis at an amount per share equal to the greater of the respective original Preferred Stock issue price for such series plus any declared but unpaid dividends or such amount had all shares been converted to common stock. When holders of Preferred Stock are satisfied in full, any excess assets available for distribution will be allocated ratably among common stock holders based on their pro rata shareholdings. Upon a deemed liquidation event, as defined in the articles of incorporation, holders have the option to redeem their shares at the liquidation payment amounts summarized above. Redemption Other than described above, the shares of Preferred Stock are not redeemable.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2021
Common Stock.
Common Stock	Note 8 - Common Stock The Company had 200,000,000 authorized shares of Class A common stock, $0.001 par value per share as of September 30, 2021 and 22,026,200 authorized shares of Class A common stock, $0.001 par value per share as of December 31, 2020, respectively, of which 25,938,064 and 4,950,129 were issued outstanding As of September 30, 2021 and December 31, 2020, the following number of shares of Class A common stock have been reserved: ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Conversion of Series A Preferred — 3,494,284 Conversion of Series B Preferred — 5,066,995 Exercise of common stock warrants — 308,308 Exercise of common stock options 2,763,245 1,801,263 ​ 2,763,245 10,670,850 ​ The Company had 20,000,000 authorized shares of Class B common stock, $0.001 par value per share as of September 30, 2021 and 6,032,183 authorized shares of Class B common stock, $0.001 par value per share as of December 31, 2020, of which no shares have been issued nor are outstanding. The holders of Class B common stock have no voting rights. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the preferred stockholders and on a proportionate basis with holders of Class A common stock. Common Stock Warrants During 2019, the Company issued warrants to purchase an aggregate of 308,308 shares of Class A common stock at an exercise price of $3.01 per share to several advisors, including 200,984 shares to entities related to members of the Board of Directors of the Company, in lieu of cash payments. These warrants vested immediately upon issuance, became exercisable on January 9, 2021 and have a 10-year Initial Public Offering On August 3, 2021, the Company completed its initial public offering pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which were $2,124,317. Upon the closing of the IPO, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock. Upon the conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock (at par value) and additional paid-in capital. ​ On August 3, 2021 in connection with the closing of the IPO, the Company filed a restated certificate of incorporation, which amended and restated the Company’s certificate of incorporation to, among other things: (i) increase the number of authorized shares of common stock to 200,000,000 shares of Class A common stock, 20,000,000 shares of Class B common stock, par value $0.001 per share, and (ii) authorize 10,000,000 shares of Preferred Stock; and (iii) authorize the Board to establish the rights, preferences and restrictions on any unissued series of Preferred Stock.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2021
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders	Note 9 - Net Loss Per Share Attributable to Common Stockholders Net loss per share of common stock is computed using the two-class method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis. The Company’s participating securities include the Company’s Preferred Stock, as the holders are entitled to receive noncumulative dividends in the event that a dividend is paid on common stock. The holders of Preferred Stock do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method. Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. The Company has reported net losses for all periods presented, therefore diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Basic and diluted net loss per share attributable to common stockholders was calculated at September 30, 2021 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2021 2020 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ Net loss ​ $ (8,534,073) ​ $ (4,399,079) ​ $ (22,751,389) ​ $ (11,203,961) Denominator - basic and diluted: ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 18,286,352 ​ 4,950,129 ​ 9,445,862 ​ 4,950,129 Net loss per share - basic and diluted ​ $ (0.47) ​ $ (0.89) ​ $ (2.41) ​ $ (2.26) ​ The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ Series A Preferred — 3,494,306 Series B Preferred — — Warrants to purchase common stock — 308,308 Options to purchase common stock 2,763,245 2,154,238 Total shares of common stock equivalents 2,763,245 5,956,852 ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation
Stock-Based Compensation	Note 10 – Stock-Based Compensation During 2015, the Company established the Long Term Incentive Plan (“Incentive Plan”), under which incentive stock options, nonqualified stock options, restricted stock or other awards may be awarded to employees, directors or consultants of the Company. The options typically vest over a four-year period. As of September 30, 2021, the maximum number of shares available for issuance under the Incentive Plan was 2,825,173 shares. As of September 30, 2021, the number of shares available for future grants under the Incentive Plan was 137,950 shares. However, from and after the effectiveness of the Company’s 2021 Incentive Award Plan, no additional awards will be granted under the Incentive Plan. On July 23, 2021, the Company’s board of directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective on July 29, 2021. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan is initially equal to 2,590,000 plus an annual increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors. No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan. In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated. As of September 30, 2021, there were 2,397,232 shares available for future issuance under the 2021 Plan. ​ On July 23, 2021, the Company’s board of directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021. A total of 250,000 shares of Class A common stock were initially reserved for issuance under this plan. The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1% of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the board of directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP. As of September 30, 2021, no shares had been issued under the 2021 ESPP. ​ During the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $636,806 and $1,170,040 , respectively. During the three and nine months ended September 30, 2020, the Company recognized stock-based compensation expense of $310,465 and $870,162 , respectively. As of September 30, 2021, compensation expense remaining to be recognized for outstanding stock options was $7,990,487 and to be recognized over a weighted-average period of 3.07 years. The fair value of options granted is calculated on the grant date using the Black-Scholes option valuation model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer public companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For the nine months ended September 30, 2021, the Company granted 1,353,662 shares of stock options at a weighted-average grant date fair value of $9.56 . For the nine months ended September 30, 2020, the Company granted 336,626 shares at a weighted-average grant date fair value of $3.02 . The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2021 2020 ​ ​ ​ ​ ​ Weighted-average risk-free interest rate ​ 0.885%-1.71% ​ 0.36% - 1.21% Expected term (in years) ​ 5.83 - 10 years ​ 5.92 - 10 years Expected dividend yield ​ 0% ​ 0% Expected volatility ​ 68.92% - 80.99% ​ 67.30% - 77.08% ​ The following table summarizes the stock option activity during the nine months ended September 30, 2021 under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise Price ​ Contractual ​ Aggregate ​ ​ Options ​ per Share Term (in Years) ​ Intrinsic Value ​ ​ ​ Outstanding at of December 31, 2020 1,801,263 ​ $ 3.01 8.37 ​ Granted 1,353,662 ​ ​ 9.56 ​ ​ ​ Exercised (115,346) ​ ​ 3.04 ​ ​ ​ Cancelled (276,334) ​ ​ 3.58 ​ ​ ​ Outstanding at September 30, 2021 2,763,245 ​ $ 6.17 ​ 8.44 ​ $ 56,335,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and exercisable at September 30, 2021 1,033,085 ​ $ 3.01 7.29 ​ $ 24,320,512 Vested and expected to vest at September 30, 2021 ​ 2,763,245 ​ $ 3.01 8.44 ​ $ 56,335,287 ​ For the three and nine months ended September 30, 2021 and 2020, the Company recognized share-based compensation expense recognized on the accompanying condensed consolidated statements of operations as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ $ 38,507 ​ $ 27,982 ​ $ 83,389 ​ $ 80,539 Research and development ​ 305,739 ​ 130,317 ​ 571,359 ​ 375,092 General and administrative ​ 292,560 ​ 152,166 ​ 515,292 ​ 414,531 Total ​ $ 636,806 ​ $ 310,465 ​ $ 1,170,040 ​ $ 870,162 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies.
Commitments and Contingencies	Note 11 – Commitments and Contingencies Operating Leases The Company leases office space in Cambridge, Massachusetts, New York, New York and as of July 2021, San Francisco, California, pursuant to short-term arrangements. The Cambridge and San Francisco leases are on a month-to-month basis, requiring one month’s notice before termination. The New York lease is renewable on a quarterly basis and the last renewal was on August 3, 2021 which extended the lease term until December 31, 2021. These lease agreements include payments for lease and non-lease components and the Company has elected to not separate such components and these payments were recognized as rent expense. As of September 30, 2021, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, New York, New York and San Francisco, California was $23,620 due in 2021 and $11,040 due in 2022. The Company leases storage space for its electronic data equipment in Somerville, Massachusetts. This lease is renewable on an annual basis effective every March 1st. Prior to September 30, 2021, the Company renewed the lease through March 31, 2022. As of September 30, 2021, total future minimum lease payments for this lease were $5,354 due in 2021 and $3,569 due in 2022. In July 2019, the Company entered into an office lease in San Diego, California (“2019 San Diego Lease”) with a lease term of 24 months with no escalations and variable costs based on additional number of employees using the facility. This lease was cancelable upon a 30-day lease liability In October 2020, the Company entered into an office lease in San Diego, California (“2020 San Diego Lease”) with a lease term of 67 months. At the lease commencement date, a right-to-use asset and lease liability Maturities of the lease liabilities due under the Company’s 2020 San Diego Lease as of September 30, 2021 are as follows: ​ ​ ​ ​ ​ ​ Amount Remainder of 2021 ​ $ 28,367 2022 ​ 115,430 2023 ​ 125,741 2024 ​ 161,498 2025 ​ 167,150 2026 ​ 57,333 Total future lease payments ​ 655,519 Less: Imputed interest ​ (90,759) Total lease liabilities ​ $ 564,760 Current portion lease liability ​ $ 82,795 Lease liability, noncurrent ​ 481,965 Total lease liability ​ $ 564,760 ​ Quantitative information regarding the Company’s leases for the nine months ended September 30, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2021 ​ 2020 ​ Lease costs: ​ ​ ​ ​ ​ Operating lease cost ​ $ 102,753 ​ $ 32,400 Short-term lease cost ​ 188,074 ​ 200,432 Variable lease cost ​ — ​ 14,700 Total lease costs ​ $ 290,827 ​ $ 247,532 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 83,160 ​ $ 32,400 Operating cash flows from short-term leases ​ 188,074 ​ 200,432 ​ ​ $ 271,234 ​ $ 232,832 ​ Weighted-average remaining lease term - operating leases ​ 4.58 years ​ 5.58 years ​ Weighted-average discount rate - operating leases ​ 6.0% ​ 6.0% ​ ​ As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Litigation From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its products and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated the Company will accrue a liability for such matters. Significant judgement is required to determine both probability and estimated amount. The Company is not aware of any material legal matters. Clinical Research Contracts The Company may enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination with a 30-day notice.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions
Related Party Transactions	Note 12 – Related Party Transactions An officer of the Company is a board member of a contract research organization (“CRO”) that provides contract services to the Company. Research and development expenses in the accompanying condensed consolidated statement of operations include the cost of services provided by the CRO to the Company which amounted to $3,274,393 and $1,950,415 for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, $458,660 and $279,153, respectively, was owed to the CRO and is included in accounts payable or accrued contract research expenses in the accompanying condensed consolidated balance sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the final prospectus, dated July 29, 2021, filed with the SEC on July 30, 2021 pursuant to Rule 424(b) relating to our Registration Statement on Form S-1 (File No. 333-257791) (the “Prospectus”).
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared, without audit, in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results.
Stock Split	Stock Split On July 23, 2021, the Company approved a one -for-1.4 stock split which was consummated in connection with the Company’s IPO. All information in the accompanying financial statements and notes thereto regarding share amounts of common stock, price per share of common stock and the conversion factor for Series A and Series B Preferred Stock into common stock have been adjusted to reflect the application of the stock split on a retroactive basis.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believe to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these condensed consolidated financial statements included but are not limited to, the research and development expenses, determination of fair value of stock-based awards, the valuation of common stock, and the right-to-use assets and operating lease liability. Actual results may differ materially and adversely from these estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (“Jobs Act”). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements. The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) will become effective for the Company on January 1, 2023. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments are effective for annual reporting periods beginning after December 15, 2020 with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Marketable Securities
Schedule of marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ $ 14,921,282 ​ $ - ​ $ (1,699) ​ $ 14,919,583 Government securities ​ ​ 14,643,440 ​ ​ 310 ​ ​ (668) ​ ​ 14,643,082 Commercial Paper ​ ​ 12,986,965 ​ ​ 796 ​ ​ (6) ​ ​ 12,987,755 Total Current ​ ​ 42,551,687 ​ ​ 1,106 ​ ​ (2,373) ​ ​ 42,550,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ ​ 5,500,729 ​ ​ - ​ ​ (2,021) ​ ​ 5,498,708 Government securities ​ ​ 4,601,399 ​ ​ - ​ ​ (1,491) ​ ​ 4,599,908 Total Non-current ​ ​ 10,102,128 ​ ​ - ​ ​ (3,512) ​ ​ 10,098,616 Total marketable securities ​ $ 52,653,815 ​ $ 1,106 ​ $ (5,885) ​ $ 52,649,036

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Schedule of cash equivalents and marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market ​ $ 29,343,849 ​ $ - ​ $ - ​ $ 29,343,849 Commercial paper ​ ​ - ​ ​ 13,497,775 ​ ​ - ​ ​ 13,497,775 Total cash equivalents ​ ​ 29,343,849 ​ ​ 13,497,775 ​ ​ - ​ ​ 42,841,624 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ $ 20,418,290 ​ $ - ​ $ - ​ $ 20,418,290 Government securities ​ ​ - ​ ​ 19,242,991 ​ ​ - ​ ​ 19,242,991 Commercial paper ​ ​ - ​ ​ 12,987,755 ​ ​ - ​ ​ 12,987,755 Total marketable securities ​ ​ 20,418,290 ​ ​ 32,230,746 ​ ​ - ​ ​ 52,649,036 Total cash equivalents and marketable securities ​ $ 49,762,139 ​ $ 45,728,521 ​ $ - ​ $ 95,490,660

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2021
Property and Equipment, net
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Computer equipment ​ $ 222,051 ​ $ 174,317 Furniture and fixtures ​ 18,798 ​ 18,798 Total ​ 240,849 ​ 193,115 Accumulated depreciation ​ (159,404) ​ (128,752) Property and equipment, net ​ $ 81,445 ​ $ 64,363

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Accrued professional services ​ $ 894,212 ​ $ 269,302 Accrued employee expenses ​ 2,145,969 ​ 163,668 Accrued contract research expenses ​ 337,608 ​ 266,022 Accrued other ​ ​ 11,064 ​ ​ — Total ​ $ 3,388,853 ​ $ 698,992

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Common Stock.
Schedule of common stock for conversion of preferred stock, exercise of warrants and exercise of stock options	​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Conversion of Series A Preferred — 3,494,284 Conversion of Series B Preferred — 5,066,995 Exercise of common stock warrants — 308,308 Exercise of common stock options 2,763,245 1,801,263 ​ 2,763,245 10,670,850

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2021
Net Loss Per Share Attributable to Common Stockholders
Schedule of basic and diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2021 2020 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ Net loss ​ $ (8,534,073) ​ $ (4,399,079) ​ $ (22,751,389) ​ $ (11,203,961) Denominator - basic and diluted: ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 18,286,352 ​ 4,950,129 ​ 9,445,862 ​ 4,950,129 Net loss per share - basic and diluted ​ $ (0.47) ​ $ (0.89) ​ $ (2.41) ​ $ (2.26)
Schedule of potentially dilutive securities that have been excluded from the calculation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ Series A Preferred — 3,494,306 Series B Preferred — — Warrants to purchase common stock — 308,308 Options to purchase common stock 2,763,245 2,154,238 Total shares of common stock equivalents 2,763,245 5,956,852

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation
Schedule of assumptions in its application of the Black-Scholes option pricing model for grants	​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2021 2020 ​ ​ ​ ​ ​ Weighted-average risk-free interest rate ​ 0.885%-1.71% ​ 0.36% - 1.21% Expected term (in years) ​ 5.83 - 10 years ​ 5.92 - 10 years Expected dividend yield ​ 0% ​ 0% Expected volatility ​ 68.92% - 80.99% ​ 67.30% - 77.08%
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise Price ​ Contractual ​ Aggregate ​ ​ Options ​ per Share Term (in Years) ​ Intrinsic Value ​ ​ ​ Outstanding at of December 31, 2020 1,801,263 ​ $ 3.01 8.37 ​ Granted 1,353,662 ​ ​ 9.56 ​ ​ ​ Exercised (115,346) ​ ​ 3.04 ​ ​ ​ Cancelled (276,334) ​ ​ 3.58 ​ ​ ​ Outstanding at September 30, 2021 2,763,245 ​ $ 6.17 ​ 8.44 ​ $ 56,335,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and exercisable at September 30, 2021 1,033,085 ​ $ 3.01 7.29 ​ $ 24,320,512 Vested and expected to vest at September 30, 2021 ​ 2,763,245 ​ $ 3.01 8.44 ​ $ 56,335,287
Summary of recognized share-based compensation expense recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of revenue ​ $ 38,507 ​ $ 27,982 ​ $ 83,389 ​ $ 80,539 Research and development ​ 305,739 ​ 130,317 ​ 571,359 ​ 375,092 General and administrative ​ 292,560 ​ 152,166 ​ 515,292 ​ 414,531 Total ​ $ 636,806 ​ $ 310,465 ​ $ 1,170,040 ​ $ 870,162

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies.
Schedule of Maturities of the lease liabilities due	​ ​ ​ ​ ​ ​ Amount Remainder of 2021 ​ $ 28,367 2022 ​ 115,430 2023 ​ 125,741 2024 ​ 161,498 2025 ​ 167,150 2026 ​ 57,333 Total future lease payments ​ 655,519 Less: Imputed interest ​ (90,759) Total lease liabilities ​ $ 564,760 Current portion lease liability ​ $ 82,795 Lease liability, noncurrent ​ 481,965 Total lease liability ​ $ 564,760
Schedule of Quantitative information regarding the Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2021 ​ 2020 ​ Lease costs: ​ ​ ​ ​ ​ Operating lease cost ​ $ 102,753 ​ $ 32,400 Short-term lease cost ​ 188,074 ​ 200,432 Variable lease cost ​ — ​ 14,700 Total lease costs ​ $ 290,827 ​ $ 247,532 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows from operating leases ​ $ 83,160 ​ $ 32,400 Operating cash flows from short-term leases ​ 188,074 ​ 200,432 ​ ​ $ 271,234 ​ $ 232,832 ​ Weighted-average remaining lease term - operating leases ​ 4.58 years ​ 5.58 years ​ Weighted-average discount rate - operating leases ​ 6.0% ​ 6.0% ​

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - USD ($)	Aug. 03, 2021	Sep. 30, 2021	Dec. 31, 2020
Organization and Nature of Business
Aggregate net proceeds		$ 120,318,750
Convertible preferred stock, outstanding (in shares)	8,528,078
Shares issued upon conversion	11,939,281
Accumulated deficit		$ 48,489,029	$ 25,737,640
Class A Common Stock
Organization and Nature of Business
Shares issued	1,125,000
Convertible preferred stock, outstanding (in shares)	11,939,281
IPO
Organization and Nature of Business
Aggregate net proceeds	$ 120,318,750
Offering costs	$ 2,124,317
Convertible preferred stock, outstanding (in shares)	8,528,078
IPO | Class A Common Stock
Organization and Nature of Business
Shares issued	8,625,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Jul. 23, 2021
Summary of Significant Accounting Policies
Stock split, ratio	1

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities
Impairment on available-for-sale marketable securities	$ 0	$ 0
Realized gains or losses on marketable securities	0	0
Marketable securities, current
Marketable securities at amortized cost, current	42,551,687	42,551,687
Marketable securities unrealized gains, current	1,106	1,106
Marketable securities unrealized losses, current	(2,373)	(2,373)
Marketable securities, current	42,550,420	42,550,420
Marketable securities, non-current
Marketable securities at amortized cost, non-current	10,102,128	10,102,128
Marketable securities unrealized losses, non-current	(3,512)	(3,512)
Marketable securities, non-current	10,098,616	10,098,616
Marketable securities
Marketable securities at amortized cost	52,653,815	52,653,815
Marketable securities unrealized gains	1,106	1,106
Marketable securities unrealized losses	(5,885)	(5,885)
Marketable securities	52,649,036	52,649,036	$ 0
U.S. Treasuries
Marketable securities, current
Marketable securities at amortized cost, current	14,921,282	14,921,282
Marketable securities unrealized losses, current	(1,699)	(1,699)
Marketable securities, current	14,919,583	14,919,583
Marketable securities, non-current
Marketable securities at amortized cost, non-current	5,500,729	5,500,729
Marketable securities unrealized losses, non-current	(2,021)	(2,021)
Marketable securities, non-current	5,498,708	5,498,708
Government securities
Marketable securities, current
Marketable securities at amortized cost, current	14,643,440	14,643,440
Marketable securities unrealized gains, current	310	310
Marketable securities unrealized losses, current	(668)	(668)
Marketable securities, current	14,643,082	14,643,082
Marketable securities, non-current
Marketable securities at amortized cost, non-current	4,601,399	4,601,399
Marketable securities unrealized losses, non-current	(1,491)	(1,491)
Marketable securities, non-current	4,599,908	4,599,908
Commerical paper
Marketable securities, current
Marketable securities at amortized cost, current	12,986,965	12,986,965
Marketable securities unrealized gains, current	796	796
Marketable securities unrealized losses, current	(6)	(6)
Marketable securities, current	$ 12,987,755	$ 12,987,755

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets:
Financial assets classified as Level 3	$ 0
Marketable securities	52,649,036	$ 0
Recurring
Assets:
Total cash equivalents	42,841,624
Total marketable securities	52,649,036
Total cash equivalents and marketable securities	95,490,660
Recurring | Money market
Assets:
Total cash equivalents	29,343,849
Recurring | Commerical paper
Assets:
Total cash equivalents	13,497,775
Total marketable securities	12,987,755
Recurring | U.S. Treasuries
Assets:
Total marketable securities	20,418,290
Recurring | Government securities
Assets:
Total marketable securities	19,242,991
Recurring | Level 1
Assets:
Total cash equivalents	29,343,849
Total marketable securities	20,418,290
Total cash equivalents and marketable securities	49,762,139
Recurring | Level 1 | Money market
Assets:
Total cash equivalents	29,343,849
Recurring | Level 1 | U.S. Treasuries
Assets:
Total marketable securities	20,418,290
Recurring | Level 2
Assets:
Total cash equivalents	13,497,775
Total marketable securities	32,230,746
Total cash equivalents and marketable securities	45,728,521
Recurring | Level 2 | Commerical paper
Assets:
Total cash equivalents	13,497,775
Total marketable securities	12,987,755
Recurring | Level 2 | Government securities
Assets:
Total marketable securities	$ 19,242,991

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property and Equipment, net
Property and equipment, gross	$ 240,849	$ 193,115
Accumulated depreciation	(159,404)	(128,752)
Property and equipment, net	81,445	64,363
Computer equipment
Property and Equipment, net
Property and equipment, gross	222,051	174,317
Furniture and fixtures
Property and Equipment, net
Property and equipment, gross	$ 18,798	$ 18,798

Property and Equipment, net - D

Property and Equipment, net - Depreciation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property and Equipment, net
Depreciation expense	$ 11,978	$ 5,656	$ 30,652	$ 16,879

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses
Accrued professional services	$ 894,212	$ 269,302
Accrued employee expenses	2,145,969	163,668
Accrued contract research expenses	337,608	266,022
Accrued other	11,064
Total	$ 3,388,853	$ 698,992

Convertible Preferred Stock - S

Convertible Preferred Stock - Series A (Details) - USD ($)	Dec. 31, 2019	Sep. 20, 2019	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Aug. 03, 2021	Dec. 31, 2020	Sep. 30, 2019
Temporary Equity [Line Items]
Issuance costs				$ 2,124,317
Convertible preferred stock, outstanding (in shares)							8,528,078
Series A Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, authorized (in shares)			2,495,933	0				2,495,933	1,987,979
Convertible preferred stock, par value per share (in dollars per share)				$ 0.001				$ 0.001	$ 0.001
Convertible preferred stock, issuance price (in dollars per share)									$ 8.5514
Convertible preferred stock, issued (in shares)	468,315	1,122,458	119,454	0		468,315		2,495,933
Gross proceeds from issuance of convertible stock	$ 4,004,975	$ 9,598,847	$ 1,021,413		$ 998,306
Number of shares issued upon conversion of debt		785,706
Issuance costs			$ 23,610			$ 200,587
Number of shares excess of authorized	410,436					410,436
Proceeds from issuance of shares excess of amount authorized	$ 3,509,802
Convertible preferred stock liability	$ 3,509,802					$ 3,509,802
Convertible preferred stock, outstanding (in shares)	1,966,043			0		1,966,043		2,495,933
Convertible preferred stock, conversion price				$ 6.1081
Series A Preferred Stock | Minimum
Temporary Equity [Line Items]
Convertible preferred stock, issuance price (in dollars per share)				$ 7.3416
Gross proceeds from issuance of convertible stock				$ 75,000,000

Convertible Preferred Stock -_2

Convertible Preferred Stock - Series B (Details)	1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)tranche$ / sharesshares	May 31, 2021USD ($)shares	Mar. 31, 2021shares	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)tranche$ / sharesshares	Aug. 03, 2021shares
Temporary Equity [Line Items]
Issuance costs | $				$ 2,124,317
Dividend, Percentage				7.00%
Dividend declared | $				$ 0	$ 0
Preferred stock, outstanding	0			0	0
Shares issued upon conversion						11,939,281
Minimum
Temporary Equity [Line Items]
Preferred stock, outstanding				2,132,029
Series B Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, authorized (in shares)	6,032,183			0	6,032,183
Convertible preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.001			$ 0.001	$ 0.001
Convertible preferred stock, issuance price (in dollars per share) | $ / shares	$ 10.2782				$ 10.2782
Number of tranches | tranche	2				2
Convertible preferred stock, issued (in shares)	3,619,292			0	3,619,292
Gross proceeds from issuance of convertible stock | $				$ 24,788,851
Number of shares not meet the definition of a freestanding financial instrument			2,412,853
Convertible preferred stock, conversion price | $ / shares				$ 7.3416
Percentage of equity securities to be own				9.90%
Series B Preferred Stock Tranche One
Temporary Equity [Line Items]
Convertible preferred stock, issued (in shares)	3,619,292				3,619,292
Gross proceeds from issuance of convertible stock | $	$ 37,199,929
Issuance costs | $	$ 216,019
Series B Preferred Stock Tranche Two
Temporary Equity [Line Items]
Convertible preferred stock, issued (in shares)		2,412,853	0
Gross proceeds from issuance of convertible stock | $		$ 24,799,786
Issuance costs | $		$ 10,935

Common Stock - Class A common s

Common Stock - Class A common stock (Details) - Class A Common Stock	9 Months Ended	12 Months Ended
	Sep. 30, 2021Vote$ / sharesshares	Dec. 31, 2020Vote$ / sharesshares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	200,000,000	22,026,200
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	25,938,064	4,950,129
Common stock, shares outstanding (in shares)	25,938,064	4,950,129
Number of votes | Vote	1	1

Common Stock (Details)

Common Stock (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares reserved for future issuance	2,763,245	10,670,850
Series A Preferred Stock
Class of Stock [Line Items]
Shares reserved for future issuance		3,494,284
Series B Preferred Stock
Class of Stock [Line Items]
Shares reserved for future issuance		5,066,995
Common stock warrants
Class of Stock [Line Items]
Shares reserved for future issuance		308,308
Common stock options
Class of Stock [Line Items]
Shares reserved for future issuance	2,763,245	1,801,263

Common Stock - Class B common s

Common Stock - Class B common stock (Details) - Class B Common Stock	9 Months Ended	12 Months Ended
	Sep. 30, 2021Vote$ / sharesshares	Dec. 31, 2020Vote$ / sharesshares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000	6,032,183
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Number of votes | Vote	0	0

Common Stock - Common stock war

Common Stock - Common stock warrant (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Common Stock.
Warrants issued for common shares			308,308
Warrant exercise price			$ 3.01
Warrants in lieu of cash payment			200,984
Term of warrant			10 years
Warrant exercised	308,308	0
Warrants outstanding				$ 0

Common Stock - IPO (Details)

Common Stock - IPO (Details) - USD ($)	Aug. 03, 2021	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Convertible preferred stock, outstanding (in shares)	8,528,078
Preferred stock authorized (in shares)		10,000,000	0
Class A Common Stock
Class of Stock [Line Items]
Shares issued	1,125,000
Convertible preferred stock, outstanding (in shares)	11,939,281
Common stock, shares authorized (in shares)		200,000,000	22,026,200
Common stock, par value per share (in dollars per share)		$ 0.001	$ 0.001
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		20,000,000	6,032,183
Common stock, par value per share (in dollars per share)		$ 0.001	$ 0.001
IPO
Class of Stock [Line Items]
Proceeds from Stock issued	$ 120,318,750
Offering costs	$ 2,124,317
Convertible preferred stock, outstanding (in shares)	8,528,078
Preferred stock authorized (in shares)	10,000,000
IPO | Class A Common Stock
Class of Stock [Line Items]
Shares issued	8,625,000
Common stock, shares authorized (in shares)	200,000,000
IPO | Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000
Common stock, par value per share (in dollars per share)	$ 0.001

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Basic and diluted net loss per share attributable to common stockholders (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (8,534,073)	$ (7,987,665)	$ (6,229,651)	$ (4,399,079)	$ (3,604,162)	$ (3,200,720)	$ (22,751,389)	$ (11,203,961)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic	18,286,352			4,950,129			9,445,862	4,950,129
Weighted-average common shares outstanding, diluted	18,286,352			4,950,129			9,445,862	4,950,129
Net loss per share, basic	$ (0.47)			$ (0.89)			$ (2.41)	$ (2.26)
Net loss per share, diluted	$ (0.47)			$ (0.89)			$ (2.41)	$ (2.26)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive effect (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	2,763,245	5,956,852
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents		3,494,306
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents		308,308
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	2,763,245	2,154,238

Stock-Based Compensation - Narr

Stock-Based Compensation - Narratives (Details) - USD ($)	Jul. 23, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 636,806	$ 310,465	$ 1,170,040	$ 870,162
Granted (in shares)				1,353,662	336,626
Grant date weighted average fair value				$ 9.56	$ 3.02
Shares reserved for future issuance		2,763,245		2,763,245		10,670,850
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Option available for future grant		137,950		137,950
Stock-based compensation expense		$ 636,806	$ 310,465	$ 1,170,040	$ 870,162
Compensation expense remaining to be recognized		$ 7,990,487		$ 7,990,487
Compensation expense recognized over a weighted-average period				3 years 25 days
Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance		2,825,173		2,825,173
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
2021 ESPP | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance	250,000
Aggregate number of shares outstanding (as a percent)	1.00%
2021 ESPP | Maximum | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,340,000
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance		2,397,232		2,397,232
2021 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance	2,590,000
Aggregate number of shares outstanding (as a percent)	4.00%
2021 Plan | Maximum | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	15,350,000

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, minimum		0.36%
Weighted-average risk-free interest rate, maximum		1.21%
Expected term (in years)	5 years 9 months 29 days
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	68.92%	67.30%
Expected volatility, maximum	80.99%	77.08%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, minimum	0.885%
Expected term (in years)		5 years 11 months 1 day
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, maximum	1.71%
Expected term (in years)	10 years	10 years

Stock-Based Compensation - stoc

Stock-Based Compensation - stock option activity (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Number of options
Outstanding at the beginning (in shares)	1,801,263
Granted (in shares)	1,353,662	336,626
Exercised (in shares)	(115,346)
Repurchased (in shares)	(276,334)
Outstanding at the end (in shares)	2,763,245		1,801,263
Vested and exercisable (in shares)	1,033,085
Vested and expected to vest (in shares)	2,763,245
Weighted Average Exercise Price per Share
Weighted Average Exercise Price per Share Outstanding at the beginning (in dollars per share)	$ 3.01
Weighted Average Exercise Price per Share Granted (in dollars per share)	9.56
Weighted Average Exercise Price per Share Exercised (in dollars per share)	3.04
Weighted Average Exercise Price per Share Repurchased (in dollars per share)	3.58
Weighted Average Exercise Price per Share Outstanding at the end (in dollars per share)	6.17		$ 3.01
Weighted Average Exercise Price per Share Vested and Exercisable (in dollars per share)	3.01
Weighted Average Exercise Price per Share Vested and Expected to Vest exercisable (in dollars per share)	$ 3.01
Weighted Average Remaining Contractual Contractual Term
Weighted Average Remaining Contractual Term (in years)	8 years 5 months 8 days		8 years 4 months 13 days
Weighted Average Remaining Contractual Term, Vested and exercisable (in Years)	7 years 3 months 14 days
Weighted Average Remaining Contractual Term, Vested and expected to vest (in Years)	8 years 5 months 8 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding	$ 56,335,287
Aggregate Intrinsic Value Vested and exercisable	24,320,512
Aggregate Intrinsic Value Vested and expected to vest	$ 56,335,287

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 636,806	$ 310,465	$ 1,170,040	$ 870,162
Cost of service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	38,507	27,982	83,389	80,539
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	305,739	130,317	571,359	375,092
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 292,560	$ 152,166	$ 515,292	$ 414,531

Commitments and Contingencies -

Commitments and Contingencies - Narratives (Details) - USD ($)	1 Months Ended
	Jul. 31, 2019	Sep. 30, 2021	Dec. 31, 2020	Oct. 31, 2020	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Right of use asset		$ 537,181	$ 613,103
Office Space In Cambridge, Massachusetts, New York [Member]
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		23,620
Minimum lease payment due 2022		11,040
Storage Space In Somerville, Massachusetts [Member]
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		5,354
Minimum lease payment due 2022		3,569
Office Lease In San Diego, California 2019 [Member]
Lessee, Lease, Description [Line Items]
Notice period for termination of lease	30 days
Lease term	24 months
Right of use asset					$ 61,822
Lease liability					$ 61,822
Gain (loss) on termination of lease	$ 0
2020 San Diego Lease
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		28,367
Minimum lease payment due 2022		115,430
Lease term				67 months
Right of use asset				$ 637,863
Lease liability		$ 564,760		$ 637,863

Commitments and Contingencies_2

Commitments and Contingencies - Maturities of the lease liabilities due (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Oct. 31, 2020
Lessee, Lease, Description [Line Items]
Current portion lease liability	$ 82,795	$ 76,322
Lease liability, noncurrent	481,965	$ 544,767
2020 San Diego Lease
Lessee, Lease, Description [Line Items]
Remainder of 2021	28,367
2022	115,430
2023	125,741
2024	161,498
2025	167,150
2026	57,333
Total future lease payments	655,519
Less: Imputed interest	(90,759)
Total lease liabilities	564,760		$ 637,863
Current portion lease liability	82,795
Lease liability, noncurrent	$ 481,965

Commitments and Contingencies_3

Commitments and Contingencies - Lease cost (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Lease costs:
Operating lease cost	$ 102,753	$ 32,400
Short-term lease cost	188,074	200,432
Variable lease cost		14,700
Total lease costs	290,827	247,532
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	83,160	32,400
Operating cash flows from short-term leases	188,074	200,432
Total lease Payment	$ 271,234	$ 232,832
Weighted-average remaining lease term - operating leases	4 years 6 months 29 days	5 years 6 months 29 days
Weighted-average discount rate - operating leases	6.00%	6.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development expenses	$ 6,207,486	$ 4,069,037	$ 18,590,471	$ 10,113,291
Contract research organization | Officer | Accounts payable or accrued contract research expenses
Related Party Transaction [Line Items]
Owed to the CRO	$ 458,660		458,660		$ 279,153
Contract research organization | Officer | Cost of service
Related Party Transaction [Line Items]
Research and development expenses			$ 3,274,393	$ 1,950,415