Vincerx Pharma (VINC) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	Vincerx Pharma, Inc.
Entity Central Index Key	0001796129
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,057,560
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39244
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3197402
Entity Address, Address Line One	260 Sheridan Avenue, Suite 400
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94306
City Area Code	650
Local Phone Number	800-6676
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VINC
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 96,486	$ 111,459
Restricted cash	67	105
Prepaid expenses	1,268	182
Other current assets	243	95
Total Current Assets	98,064	111,841
Right-of-use assets	3,733	3,949
Property, plant and equipment, net	217	233
Other assets	1,867	1,653
Total Assets	103,881	117,676
Current Liabilities
Accounts payable	3,386	2,019
Accrued expenses	6,051	4,715
Lease liability	852	738
Common stock warrant liabilities	1,236	6,447
Total Current Liabilities	11,525	13,919
Lease liability, net of current portion	3,186	3,436
Total Liabilities	14,711	17,355
Commitments and contingencies—Note 5
Stockholders' equity
Preferred stock, $0.0001 par value; 30,000,000 shares authorized, none issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized, 21,057,560 shares issued and outstanding as of March 31, 2022 and December 31, 2021	2	2
Additional paid-in capital	161,569	156,311
Accumulated other comprehensive loss	(6)	(21)
Accumulated deficit	(72,395)	(55,971)
Total stockholders' equity	89,170	100,321
Total liabilities and stockholders' equity	$ 103,881	$ 117,676

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	30,000,000	30,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	120,000,000	120,000,000
Common stock shares issued	21,057,560	21,057,560
Common stock shares outstanding	21,057,560	21,057,560

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
General and administrative	$ 5,656	$ 4,791
Research and development	15,971	4,834
Total operating expenses	21,627	9,625
Loss from operations	(21,627)	(9,625)
Other income (expense)
Change in fair value of warrant liabilities	5,211	3,349
Other expense	(8)	0
Total other income	5,203	3,349
Net loss	(16,424)	(6,276)
Other comprehensive income:
Net foreign currency translation gain	15
Comprehensive loss	$ (16,409)	$ (6,276)
Net loss per common share, basic and diluted	$ (0.79)	$ (0.46)
Weighted average common shares outstanding, basic and diluted	20,896	13,735

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Subscription Receivable	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 25,379	$ 1		$ 42,043		$ (16,665)
Beginning Balance, Shares at Dec. 31, 2020		13,984
Stock-based compensation	4,715			4,715
Issuance of common stock from warrant exercises	0		$ (8,182)	8,182
Issuance of common stock from warrant exercises, Shares		712
Reclassification of warrant liabilities to equity due to warrant exercises	1,735			1,735
Net loss	(6,276)					(6,276)
Ending Balance at Mar. 31, 2021	25,553	$ 1	$ (8,182)	56,675		(22,941)
Ending Balance, Shares at Mar. 31, 2021		14,696
Beginning Balance at Dec. 31, 2021	100,321	$ 2		156,311	$ (21)	(55,971)
Beginning Balance, Shares at Dec. 31, 2021		21,057
Stock-based compensation	5,258			5,258
Cumulative translation adjustment	15				15
Net loss	(16,424)					(16,424)
Ending Balance at Mar. 31, 2022	$ 89,170	$ 2		$ 161,569	$ (6)	$ (72,395)
Ending Balance, Shares at Mar. 31, 2022		21,057

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (16,424)	$ (6,276)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14
Stock-based compensation	5,258	4,715
Amortization of right-of-use assets	216	(25)
Change in fair value of warrant liabilities	(5,211)	(3,349)
Changes in operating assets and liabilities:
Prepaid and other current assets	(1,234)	265
Other assets	(214)	(138)
Accounts payable	1,367	(30)
Accrued expenses	1,336	1,390
Due to related parties		(14)
Lease liabilities	(136)	25
Net cash used in operating activities	(15,028)	(3,437)
Cash Flows from Investing Activities:
Research and development-acquired license	0	(5,000)
Net cash used in investing activities	0	(5,000)
Effect of exchange rate changes on cash and restricted cash	17
Net decrease in cash and restricted cash	(15,011)	(8,437)
Cash and restricted cash at beginning of period	111,564	61,792
Cash and restricted cash at end of period	$ 96,553	53,355
Supplemental disclosure of cash flow information:
Cash paid for interest		25
Supplemental schedule of non-cash investing and financing activities:
Receivable from warrants exercised for cash		8,182
Reclassification of warrant liabilities to equity due to warrant exercises		$ 1,735

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NOTE 1. NATURE OF BUSINESS LSAC was initially formed on December 19, 2018 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. In December 2020, the Merger Sub merged with and into Legacy Vincera Pharma, with Legacy Vincera Pharma surviving the Merger as a wholly- owned subsidiary of LSAC. In connection with the Business Combination, LSAC changed its name to Vincera Pharma, Inc., and subsequently in January 2021, changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the “Company”). The Company is a clinical-stage biopharmaceutical company focused on leveraging its extensive development and oncology expertise to advance new therapies intended to address unmet medical needs for the treatment of cancer. The Company’s current pipeline is entirely derived from the Bayer License Agreement (see Note 3), pursuant to which the Company has been granted an exclusive, royalty-bearing, worldwide license under certain Bayer patents and know-how follow-on During the early months of 2020, COVID-19 COVID-19 COVID-19

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K 10-K Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to our accrued clinical trial and manufacturing expenses, common stock warrant liabilities and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40): In May 2021, the FASB issued ASU 2021-04, 470-50), 815-40)”.

Bayer License

Bayer License	3 Months Ended
	Mar. 31, 2022
Bayer License [Abstract]
Bayer License	NOTE 3. BAYER LICENSE On October 7, 2020, the Company entered into the Bayer License Agreement, which became effective on December 23, 2020 upon the closing of the Business Combination. Pursuant to the Bayer License Agreement, the Company has an exclusive, worldwide, royalty-bearing license under certain Bayer patents and know-how Following the closing of the Business Combination, the Company paid Bayer a $5.0 million upfront license fee on January 5, 2021. If the Company achieves all of the development and commercial sales milestones for license products under the Bayer License Agreement for each of the countries and disease indications, the Company would be obligated to pay milestone payments that range from $110.0 million to up to $318.0 million per licensed product, and upon successful commercialization of at least five licensed products, the Company could be required to pay aggregate milestone payments in excess of $1 billion. In addition to milestone payments, the Company is also required to pay Bayer under the Bayer License Agreement ongoing royalties in the single digit to low double-digit percentage range on net commercial sales of licensed products. As of March 31, 2022, no development and commercial sales milestones under the Bayer License Agreement have been met.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 4. FAIR VALUE MEASUREMENT The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands): Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 1,236 $ 1,236 Total fair value $ — $ — $ 1,236 $ 1,236 Fair Value Measured as of December 31, Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 6,447 $ 6,447 Total fair value $ — $ — $ 6,447 $ 6,447 The Company performs procedures such as comparing prices obtained from independent sources to ensure that appropriate fair values are recorded. Because the transfer of certain private warrants to anyone outside of a small group of individuals constituting the sponsors of LSAC would result in these private warrants having similar terms as the public warrants, management determined that the fair value of each of these private warrants is approximately double that of a public warrant, with a modest adjustment for short-term marketability restrictions. Accordingly, these private warrants are classified as Level 3 financial instruments. The estimated fair value of the private warrants is determined with Level 3 inputs using Black-Scholes and Monte Carlo simulations. There were no changes to the number of private warrants underlying the Level 3 financial instruments during the three-month period ended March 31, 2022. There were no transfers between Level 1, 2 or 3 during the three-month period ended March 31, 2022. The following table presents changes in Level 3 liabilities measured at fair value for the three-month period ended March 31, 2022. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs (in thousands). Warrant Balance – January 1, 2022 $ 6,447 Change in fair value (5,211 ) Balance – March 31, 2022 $ 1,236 A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of March 31, 2022 and December 31, 2021 is as follows: As of As of Stock price $ 4.00 $ 10.19 Exercise price $ 11.50 $ 11.50 Option term (years) 3.7 4.0 Volatility (annual) 48.4 % 32.5 % Risk-free rate 2.4 % 1.1 % Dividend yield (per share) 0 % 0 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 5. COMMITMENTS AND CONTINGENCIES Leases On December 23. 2020, the Company entered into a 5-year At March 31, 2022, the Company had operating lease liabilities of approximately $4.0 million and right of use assets of approximately $3.7 million, which were included in the condensed consolidated balance sheets. The following summarizes quantitative information about the Company’s operating leases (amounts in thousands): For the three months 2022 2021 Lease cost Operating lease cost $ 299 $ 41 Variable lease cost — — Total operating lease expense $ 299 $ 41 Other information Operating cash flows from operating leases $ 219 $ 28 Right-of-use $ — $ 3,347 Weighted-average remaining lease term – operating leases 3.8 4.8 Weighted-average discount rate – operating leases 8 % 8 % As of March 31, 2022, future minimum payments during the next three years are as follows (in thousands): Remaining period ended December 31, 2022 $ 826 Year ended December 31, 2023 1,261 Year ended December 31, 2024 1,284 Year ended December 31, 2025 1,336 Total 4,707 Less present value discount (669 ) Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2022 $ 4,038

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	NOTE 6. STOCKHOLDERS’ EQUITY The Company’s Certificate of Incorporation authorizes the issuance of 120,000,000 shares of common stock, $0.0001 par value per share and 30,000,000 shares of undesignated preferred stock, $0.0001 par value per share. As of March 31, 2022 and December 31, 2021, there were 21,057,560 shares of common stock outstanding and no shares of preferred stock outstanding. Restricted Shares A summary of restricted stock activity for the three months ended March 31, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value per Share Nonvested at January 1, 2022 182,686 $ 0.045 Vested (33,203 ) — Nonvested at March 31, 2022 149,483 $ 0.049 As of March 31, 2022, there was approximately $7,500 of unrecognized stock-based compensation related to restricted stock that will be amortized in 2.2 years. Warrants As of March 31, 2022, there were 3,295,000 private warrants to purchase common stock outstanding. No public warrants remain outstanding at March 31, 2022. Each public warrant entitled the registered holder to purchase one-half The private warrants are identical to the previously outstanding public warrants except that (i) each private warrant is exercisable for one share of common stock at an exercise price of $11.50 per share and (ii) such private warrants will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such private warrants is not effective) or on a cashless basis, at the holder’s option (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to remove the cashless exercise provision), and will not be redeemable by the Company (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to include a redemption provision substantially identical to that of the public warrants; provided, however, that such redemption rights may not be exercised during the first 12 months following the closing of the Business Combination unless the last sales price of the Company’s common stock has been equal to or greater than $20.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given), in each case so long as they are still held by the initial purchasers or their affiliates. The private warrants purchased by Rosedale Park, LLC, will expire on March 5, 2025, provided that once the private warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related persons anymore, the private warrants may not be exercised five years The previously outstanding public warrants and the private warrants issued to LifeSci Holdings LLC that were amended as described above were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging. The remaining private warrants were determined to be liability classified in accordance with ASC 815, Derivatives and Hedging (see note 4).

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans	NOTE 7. EQUITY INCENTIVE PLANS In connection with the Business Combination, the stockholders approved the Vincerx Pharma, Inc. 2020 Stock Incentive Plan (the “2020 Plan”), which became effective upon the closing of the Business Combination on December 23, 2020. As of March 31, 2022, the Company had 4,542,924 shares of common stock reserved for issuance under the 2020 Plan. The 2020 Plan allows for the grant of stock options and rights to acquire restricted stock to employees, directors and consultants of the Company. The terms and conditions of specific awards are set at the discretion of the Company’s board of directors. Options granted under the 2020 Plan expire no later than 10 years from the date of grant. Unvested common shares obtained upon early exercise of options are subject to repurchase by the Company at the original issue price. Stock option activity under the 2020 Plan is as follows (amounts in thousands, except per share amounts): Stock Options Weighted Average Exercise Price Weighted Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2022 3,408 $ 18.74 9.2 $ 3 Options granted 993 6.26 10.0 — Options cancelled (73 ) 18.44 — — Outstanding at March 31, 2022 4,328 $ 15.88 9.1 $ — Options vested and exercisable at March 3, 2022 1,378 $ 19.19 8.8 $ — Stock-based compensation expense is based on the grant-date fair value. The Company recognizes compensation expense for all stock-based awards on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of three years. The Company recognized stock-based compensation of approximately $5.3 million and $4.7 million during the three-months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had stock-based compensation of approximately $13.0 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 1.1 years. The following weighted average assumptions were used as inputs to the Black-Scholes option valuation model in determining the estimated grant-date fair value of the Company’s stock options granted during the three-months ended March 31, 2022 and 2021: For the three months 2022 2021 Exercise price $ 6.26 $ 20.70 Expected term (years) 6.0 5.9 Volatility (annual) 83.6 % 75.5 % Risk-free rate 1.9 % 0.8 % Dividend yield (per share) 0 % 0 % Total stock-based compensation expense recognized in the three-months ended March 31, 2022 and 2021 was as follows (amounts in thousands): For the three months 2022 2021 Research and development $ 3,484 $ 2,678 General and administrative 1,774 2,037 Total stock-based compensation expense $ 5,258 $ 4,715

Net Loss per Share Applicable t

Net Loss per Share Applicable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Applicable to Common Stockholders	NOTE 8. NET LOSS PER SHARE APPLICABLE TO COMMON STOCKHOLDERS Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per common share is computed similarly to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. The following table sets forth the computation of loss per share for the three-months ended March 31, 2022 and 2021 (amounts in thousands, except per share number): For the three months 2022 2021 Numerator: Net loss $ (16,424 ) $ (6,276 ) Denominator: Weighted average common shares outstanding, basic and diluted 20,896 13,735 Net loss per common share, basic and diluted $ (0.79 ) $ (0.46 ) The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amount in thousands): For the three months 2022 2021 Options outstanding 4,328 2,014 Warrants 3,295 8,896 Total 7,623 10,910

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q S-X The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K 10-K
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to our accrued clinical trial and manufacturing expenses, common stock warrant liabilities and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, 470-20) 815-40): In May 2021, the FASB issued ASU 2021-04, 470-50), 815-40)”.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of Liabilities Measured at Fair Value on Recurring Basis	The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands): Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 1,236 $ 1,236 Total fair value $ — $ — $ 1,236 $ 1,236 Fair Value Measured as of December 31, Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 6,447 $ 6,447 Total fair value $ — $ — $ 6,447 $ 6,447
Summary of Changes in Level 3 Warrant liabilities measured at fair value	The following table presents changes in Level 3 liabilities measured at fair value for the three-month period ended March 31, 2022. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs (in thousands). Warrant Balance – January 1, 2022 $ 6,447 Change in fair value (5,211 ) Balance – March 31, 2022 $ 1,236
Summary of Fair Value of the Company's stock options granted	The following weighted average assumptions were used as inputs to the Black-Scholes option valuation model in determining the estimated grant-date fair value of the Company’s stock options granted during the three-months ended March 31, 2022 and 2021: For the three months 2022 2021 Exercise price $ 6.26 $ 20.70 Expected term (years) 6.0 5.9 Volatility (annual) 83.6 % 75.5 % Risk-free rate 1.9 % 0.8 % Dividend yield (per share) 0 % 0 %
Private Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of Fair Value of the Company's stock options granted	A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of March 31, 2022 and December 31, 2021 is as follows: As of As of Stock price $ 4.00 $ 10.19 Exercise price $ 11.50 $ 11.50 Option term (years) 3.7 4.0 Volatility (annual) 48.4 % 32.5 % Risk-free rate 2.4 % 1.1 % Dividend yield (per share) 0 % 0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Contractual Obligation, Fiscal Year Maturity [Abstract]
Summary of Quantitative Information About the Company's Operating Leases	The following summarizes quantitative information about the Company’s operating leases (amounts in thousands): For the three months 2022 2021 Lease cost Operating lease cost $ 299 $ 41 Variable lease cost — — Total operating lease expense $ 299 $ 41 Other information Operating cash flows from operating leases $ 219 $ 28 Right-of-use $ — $ 3,347 Weighted-average remaining lease term – operating leases 3.8 4.8 Weighted-average discount rate – operating leases 8 % 8 %
Summary of Future Minimum Lease Payments	As of March 31, 2022, future minimum payments during the next three years are as follows (in thousands): Remaining period ended December 31, 2022 $ 826 Year ended December 31, 2023 1,261 Year ended December 31, 2024 1,284 Year ended December 31, 2025 1,336 Total 4,707 Less present value discount (669 ) Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2022 $ 4,038

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the three months ended March 31, 2022 is presented below: Number of Shares Weighted Average Grant Date Fair Value per Share Nonvested at January 1, 2022 182,686 $ 0.045 Vested (33,203 ) — Nonvested at March 31, 2022 149,483 $ 0.049

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Stock option activity under the 2020 Plan is as follows (amounts in thousands, except per share amounts): Stock Options Weighted Average Exercise Price Weighted Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2022 3,408 $ 18.74 9.2 $ 3 Options granted 993 6.26 10.0 — Options cancelled (73 ) 18.44 — — Outstanding at March 31, 2022 4,328 $ 15.88 9.1 $ — Options vested and exercisable at March 3, 2022 1,378 $ 19.19 8.8 $ —
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model	The following weighted average assumptions were used as inputs to the Black-Scholes option valuation model in determining the estimated grant-date fair value of the Company’s stock options granted during the three-months ended March 31, 2022 and 2021: For the three months 2022 2021 Exercise price $ 6.26 $ 20.70 Expected term (years) 6.0 5.9 Volatility (annual) 83.6 % 75.5 % Risk-free rate 1.9 % 0.8 % Dividend yield (per share) 0 % 0 %
Summary of Stock Based Compensation Expense	Total stock-based compensation expense recognized in the three-months ended March 31, 2022 and 2021 was as follows (amounts in thousands): For the three months 2022 2021 Research and development $ 3,484 $ 2,678 General and administrative 1,774 2,037 Total stock-based compensation expense $ 5,258 $ 4,715

Net Loss per Share Applicable_2

Net Loss per Share Applicable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of loss per share for the three-months ended March 31, 2022 and 2021 (amounts in thousands, except per share number): For the three months 2022 2021 Numerator: Net loss $ (16,424 ) $ (6,276 ) Denominator: Weighted average common shares outstanding, basic and diluted 20,896 13,735 Net loss per common share, basic and diluted $ (0.79 ) $ (0.46 )
Summary of Potential Common Stock Outstanding that was excluded from the Computation of Diluted Net Loss Per Share of Common Stock	The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amount in thousands): For the three months 2022 2021 Options outstanding 4,328 2,014 Warrants 3,295 8,896 Total 7,623 10,910

Nature of Business - Additional

Nature of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incorporation date	Dec. 19, 2018

Bayer License - Additional Info

Bayer License - Additional Information (Details) - USD ($) $ in Millions	Jan. 05, 2021	Mar. 31, 2022
Bayer License [Line Items]
Date of licence agreement with Bayer		Oct. 7, 2020
Licence fee paid to Bayer	$ 5
Aggregate milestone payments Payable to Bayer		$ 1,000
Minimum [Member]
Bayer License [Line Items]
Milestone payments payables per licenced product to Bayer		110
Maximum [Member]
Bayer License [Line Items]
Milestone payments payables per licenced product to Bayer		$ 318

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Liabilities fair value disclosure	$ 1,236	$ 6,447
Level 1
Liabilities:
Liabilities fair value disclosure	0	0
Level 2
Liabilities:
Liabilities fair value disclosure	0	0
Level 3
Liabilities:
Liabilities fair value disclosure	1,236	6,447
Common Stock Warrant Liabilities Restates
Liabilities:
Liabilities fair value disclosure	1,236	6,447
Common Stock Warrant Liabilities Restates | Level 1
Liabilities:
Liabilities fair value disclosure	0	0
Common Stock Warrant Liabilities Restates | Level 2
Liabilities:
Liabilities fair value disclosure	0	0
Common Stock Warrant Liabilities Restates | Level 3
Liabilities:
Liabilities fair value disclosure	$ 1,236	$ 6,447

Fair Value Measurement - Summ_2

Fair Value Measurement - Summary of Changes in Level 3 Warrant liabilities measured at fair value (Details) - Level 3 - Warrant $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 6,447
Change in fair value	(5,211)
Ending balance	$ 1,236

Fair Value Measurement - Summ_3

Fair Value Measurement - Summary of Fair Value Of Private Warrants was Re-measured Based on the Assumptions (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2021$ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price	$ 6.26	$ 20.70
Option term (years)	6 years	5 years 10 months 24 days
Volatility (annual)	83.60%	75.50%
Risk-free rate	1.90%	0.80%
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Dividend yield (per share)	0		0
Measurement Input, Share Price [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock price	$ 4		$ 10.19
Measurement Input, Exercise Price [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price	$ 11.50		$ 11.50
Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Option term (years)	3 years 8 months 12 days		4 years
Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Volatility (annual)	48.40%		32.50%
Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk-free rate	2.40%		1.10%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Dec. 23, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Duration of lease agreement	5 years
Date of lease Commencement	Jan. 1, 2021
Annual lease rent	$ 1,100	$ 299	$ 41
Operating lease liabilities		4,038
Operating Right of Use Assets		$ 3,733		$ 3,949

Commitments and Contingencies

Commitments and Contingencies - Summary of Quantitative Information About the Company's Operating Leases (Details) - USD ($) $ in Thousands	Dec. 23, 2020	Mar. 31, 2022	Mar. 31, 2021
Lease cost
Operating lease cost		$ 299	$ 41
Variable lease cost		0	0
Total operating lease expense	$ 1,100	299	41
Operating cash flows from operating leases		219	28
Right-of-use assets obtained in exchange for operating lease liabilities			$ 3,347
Weighted-average remaining lease term – operating leases (years)		3 years 9 months 18 days	4 years 9 months 18 days
Weighted-average discount rate – operating leases		8.00%	8.00%

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
Remaining period ended December 31, 2021	$ 826
Year ended December 31, 2023	1,261
Year ended December 31, 2024	1,284
Year ended December 31, 2025	1,336
Total	4,707
Less present value discount	(669)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at March 31, 2022	$ 4,038

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares | shares	182,686
Vested, Shares | shares	(33,203)
Ending balance, Shares | shares	149,483
Beginning balance, Weighted Average | $ / shares	$ 0.045
Vested, Weighted Average | $ / shares	0
Ending balance, Weighted Average | $ / shares	$ 0.049

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Preferred stock shares authorized	30,000,000	30,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares outstanding	0	0
Common stock shares authorized	120,000,000	120,000,000
Common stock par value	$ 0.0001	$ 0.0001
Unrecognized stock based compensation	$ 13
Amotization period of unrecognized stock based compensation	1 year 1 month 6 days
Common stock shares outstanding	21,057,560	21,057,560
Public Warrant
Class Of Stock [Line Items]
No of Warrents outstanding	0
Common stock conversion	purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share of common stock
Shares issued price per warrant	$ 11.50
Private Warrants
Class Of Stock [Line Items]
No of Warrents outstanding	3,295,000
Common stock conversion	each private warrant is exercisable for one share of common stock at an exercise price of $11.50
Class of warrant or right redemption threshold trading days	20 days
Class of warrant or right redemption threshold consecutive trading days	30 days
Warrant expiration term	5 years
Private Warrants | Rosedale Park LLC [Member]
Class Of Stock [Line Items]
Class of warrents exercised	500,000
Warrents expiration date	Mar. 5, 2025
Private Warrants | LifeSci Holdings LLC [Member]
Class Of Stock [Line Items]
Class of warrents exercised	500,000
Restricted Stock
Class Of Stock [Line Items]
Unrecognized stock based compensation	$ 7,500
Amotization period of unrecognized stock based compensation	2 years 2 months 12 days
Private Placement
Class Of Stock [Line Items]
Shares issued price per warrant	$ 11.50
Common Stock | Private Warrants
Class Of Stock [Line Items]
Share redemption trigger price	$ 20

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	$ 13
Amotization period of unrecognized stock based compensation	1 year 1 month 6 days
Stock based compensation expense	$ 5,258,000	$ 4,715,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	$ 7,500
Amotization period of unrecognized stock based compensation	2 years 2 months 12 days
Stock based compensation expense	$ 5,300,000	$ 4,700,000
Twenty Thousand Twenty Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance	4,542,924

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Stock Options	3,408
Options granted, Stock Options	993
Options cancelled, Stock Options	(73)
Outstanding, Stock Options	4,328
Options vested and exercisable, Stock Options	1,378	3,408
Outstanding, Weighted Average Exercise Price	$ 18.74
Options granted, Weighted Average Exercise Price	6.26
Options cancelled, Aggregate Intrinsic Value	18.44
Outstanding, Weighted Average Exercise Price	15.88	$ 18.74
Options vested and exercisable, Weighted Average Exercise Price	$ 19.19
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	9 years 1 month 6 days	9 years 2 months 12 days
Options granted, Weighted Average Remaining Contractual Life	10 years
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	9 years 1 month 6 days	9 years 2 months 12 days
Options vested and exercisable, Weighted Average Remaining Contractual Life	8 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value		$ 3

Equity Incentive Plans - Sche_2

Equity Incentive Plans - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Exercise price	$ 6.26	$ 20.70
Expected term (years)	6 years	5 years 10 months 24 days
Volatility (annual)	83.60%	75.50%
Risk-free rate	1.90%	0.80%
Dividend yield (per share)		0.00%	0.00%

Equity Incentive Plans - Sche_3

Equity Incentive Plans - Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 5,258	$ 4,715
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	3,484	2,678
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,774	$ 2,037

Net Loss per Share Applicable_3

Net Loss per Share Applicable to Common Stockholders - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (16,424)	$ (6,276)
Denominator:
Weighted average common shares outstanding, basic and diluted	20,896	13,735
Net loss per common share, basic and diluted	$ (0.79)	$ (0.46)

Net Loss per Share Applicable_4

Net Loss per Share Applicable to Common Stockholders - Schedule of Potential Common Stock Outstanding that was excluded from the Computation of Diluted Net Loss Per Share of Common Stock (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,623	10,910
Option Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,328	2,014
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,295	8,896