Vincerx Pharma (VINC) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		21,189,769
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	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 45,804	$ 111,459
Restricted cash	64	105
Short-term marketable securities	20,171	0
Prepaid expenses	470	182
Other current assets	746	95
Total Current Assets	67,255	111,841
Right-of-use assets, net	3,291	3,949
Property, plant and equipment, net	188	233
Other assets	1,642	1,653
Total Assets	72,376	117,676
Current Liabilities
Accounts payable	4,393	2,019
Accrued expenses	4,445	4,715
Lease liability	999	738
Common stock warrant liabilities	113	6,447
Total Current Liabilities	9,950	13,919
Lease liability, net of current portion	2,669	3,436
Other noncurrent liabilities	50	0
Total Liabilities	12,669	17,355
Commitments and contingencies—Note 6
Stockholders' equity
Preferred stock, $0.0001 par value; 30,000,000 shares authorized, none issued or outstanding as of September 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 120,000,000 shares authorized, 21,189,769 shares and 21,057,560 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	167,463	156,311
Accumulated other comprehensive loss	(63)	(21)
Accumulated deficit	(107,695)	(55,971)
Total stockholders' equity	59,707	100,321
Total liabilities and stockholders' equity	$ 72,376	$ 117,676

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	21,189,769	21,057,560
Common stock shares outstanding	21,189,769	21,057,560

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
General and administrative	$ 4,525	$ 5,720	$ 14,903	$ 17,206
Research and development	11,066	12,211	40,779	27,743
Restructuring	1,310	0	2,469	0
Total operating expenses	16,901	17,931	58,151	44,949
Loss from operations	(16,901)	(17,931)	(58,151)	(44,949)
Other income (expense)
Change in fair value of warrant liabilities	(79)	(6,606)	6,334	12,102
Interest income	204	0	204	0
Other income (expense)	(103)	13	(111)	13
Total other income (expense)	22	(6,593)	6,427	12,115
Net loss	(16,879)	(24,524)	(51,724)	(32,834)
Other comprehensive income (loss):
Net foreign currency translation gain(loss)	14	(19)	39	(19)
Net unrealized loss on marketable securities	(81)	0	(81)	0
Comprehensive loss	$ (16,946)	$ (24,543)	$ (51,766)	$ (32,853)
Net loss per common share, basic	$ (0.8)	$ (1.39)	$ (2.46)	$ (2.06)
Net loss per common share, diluted	$ (0.8)	$ (1.39)	$ (2.46)	$ (2.06)
Weighted average common shares outstanding, basic	21,083	17,694	20,992	15,941
Weighted average common shares outstanding, diluted	21,083	17,694	20,992	15,941

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	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	17,427		17,427
Cumulative translation adjustment	(19)			$ (19)
Unrealized loss on marketable securities	0
Issuance of common stock from private placement, net of transaction costs	47,499	$ 1	47,498
Issuance of common stock from private placement, net of transaction costs, Shares		3,500
Issuance of common stock from warrant exercises	40,671		40,671
Issuance of common stock from warrant exercises, Shares		3,537
Reclassification of warrant liabilities to equity due to warrant exercises for cash	2,503		2,503
Net loss	(32,834)				(32,834)
Ending Balance at Sep. 30, 2021	100,626	$ 2	150,142	(19)	(49,499)
Ending Balance, Shares at Sep. 30, 2021		21,021
Beginning Balance at Jun. 30, 2021	71,595	$ 1	96,569	0	(24,975)
Beginning Balance, Shares at Jun. 30, 2021		17,521
Stock-based compensation	6,075		6,075	0
Cumulative translation adjustment	(19)			(19)
Unrealized loss on marketable securities	0
Issuance of common stock from private placement, net of transaction costs		$ 1
Issuance of common stock from warrant exercises	47,499		47,498	0
Issuance of common stock from warrant exercises, Shares		3,500
Net loss	(24,524)				(24,524)
Ending Balance at Sep. 30, 2021	100,626	$ 2	150,142	(19)	(49,499)
Ending Balance, Shares at Sep. 30, 2021		21,021
Beginning Balance at Dec. 31, 2021	100,321	$ 2	156,311	(21)	(55,971)
Beginning Balance, Shares at Dec. 31, 2021		21,057
Issuance of common stock from employee stock plans, Shares		132
Issuance of common stock from employee stock plans	242		242
Stock-based compensation	10,910		10,910
Cumulative translation adjustment	39			39
Unrealized loss on marketable securities	(81)			(81)
Net loss	(51,724)				(51,724)
Ending Balance at Sep. 30, 2022	59,707	$ 2	167,463	(63)	(107,695)
Ending Balance, Shares at Sep. 30, 2022		21,189
Beginning Balance at Jun. 30, 2022	74,363	$ 2	165,173	4	(90,816)
Beginning Balance, Shares at Jun. 30, 2022		21,189
Stock-based compensation	2,290		2,290
Cumulative translation adjustment	14			14
Unrealized loss on marketable securities	(81)			(81)
Net loss	(16,879)				(16,879)
Ending Balance at Sep. 30, 2022	$ 59,707	$ 2	$ 167,463	$ (63)	$ (107,695)
Ending Balance, Shares at Sep. 30, 2022		21,189

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Offering costs	$ 3,251	$ 3,251

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (51,724)	$ (32,834)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	40	0
Stock-based compensation	10,910	17,427
Amortization of right-of-use assets	658	(3)
Change in fair value of warrant liabilities	(6,334)	(12,102)
Net amortization of discounts on marketable securities	(57)	0
Changes in operating assets and liabilities:
Prepaid and other current assets	(939)	866
Other assets	11	(1,676)
Accounts payable	2,374	1,749
Accrued expenses	(270)	4,668
Due to related parties	0	(14)
Lease liabilities	(506)	3
Other noncurrent liabilities	50	0
Net cash used in operating activities	(45,787)	(21,916)
Cash Flows from Investing Activities:
Purchases of marketable securities	(20,195)	0
Research and development-acquired license	0	(5,000)
Capital expenditures	0	(250)
Net cash used in investing activities	(20,195)	(5,250)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock from employee stock plans	242	0
Proceeds from private placement, net of transaction costs	0	47,499
Proceeds from warrants exercised for cash, net of redemption cost	0	40,671
Net cash provided by financing activities	242	88,170
Effect of exchange rate changes on cash and restricted cash	44	0
Net increase (decrease) in cash and restricted cash	(65,696)	61,004
Cash and restricted cash at beginning of the period	111,564	61,792
Cash and restricted cash at end of the period	45,868	122,796
Supplemental disclosure of cash flow information:
Cash paid for income taxes	0	25
Supplemental schedule of non-cash investing and financing activities:
Reclassification of warrant liabilities to equity due to warrant exercises for cash	0	2,503
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 4,169

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 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 Our business operations, and those of third parties with whom we conduct business, have been, and could continue to be, adversely affected by health pandemics and epidemics, including COVID-19,

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 Cash and Cash Equivalents Management considers all highly liquid investments with an insignificant interest rate risk and original maturities of three months or less to be cash equivalents. There were no cash equivalents as of December 31, 2021. Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short-term to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the condensed consolidated balance sheets. Marketable securities with a maturity date greater than 90 days and less than one year at each condensed consolidated balance sheet date are classified as short-term. Marketable securities with a maturity date greater than one year, if any, are classified as long-term. All of the Company’s marketable securities are considered available-for-sale The Company periodically evaluates whether declines in the fair values of its marketable securities below their amortized cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the marketable security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security. There have been no other 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)”. 2021-04 2021-04 2021-04

Bayer License

Bayer License	9 Months Ended
	Sep. 30, 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 P-TEFb 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 September 30, 2022, no development and commercial sales milestones under the Bayer License Agreement have been met.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring	NOTE 4. RESTRUCTURING On June 4, 2022, the Board of Directors of the Company approved a strategic plan to prioritize and focus its resources on its ongoing enitociclib clinical studies for double-hit diffuse large B-cell lymphoma We have incurred approximately $2.5 million of severance and related expenses during 2022, which includes approximately $0.5 million of stock-based compensation expense related to the acceleration of stock options to certain affected employees. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the strategic plan. The activity in the accrued restructuring balance, included within accrued expenses on the condensed consolidated balance sheet, was as follows for the nine months ended September 30, 2022 (in thousands): Restructuring Charges Cash payments Restructuring Workforce reduction $ — $ 2,022 $ (2,022 ) $ —

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 5. FAIR VALUE MEASUREMENT The Company’s financial assets and 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 September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 5,212 $ — $ — $ 5,212 Commercial paper — 17,770 — 17,770 U.S. government agency securities — 6,970 — 6,970 Short-term marketable securities: — — — Commercial paper — 9,802 — 9,802 U.S. government treasuries 996 — — 996 U.S. government agency securities — 7,198 — 7,198 Corporate debt securities — 2,175 — 2,175 Total cash equivalents and marketable securities $ 6,208 $ 43,915 $ — $ 50,123 There were no cash equivalents or marketable securities at December 31, 2021. The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly. There were no transfers of assets between Level 1, Level 2 or Level 3 during the three- and nine-month periods ended September 30, 202 2. Fair Value Measured as of Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 113 $ 113 Total fair value $ — $ — $ 113 $ 113 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- and nine-month periods ended September 30, 2022. There were no transfers between Level 1, 2 or 3 during the three- and nine-month periods ended September 30, 2022 and 2021. The following table presents changes in Level 3 liabilities measured at fair value for the nine-month period ended September 30, 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 (6,334 ) Balance – September 30, 2022 $ 113 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 September 30, 2022 and December 31, 2021 is as follows: As of As of Stock price $ 1.38 $ 10.19 Exercise price $ 11.50 $ 11.50 Option term (years) 3.2 4.0 Volatility (annual) 58.0 % 32.5 % Risk-free rate 4.1 % 1.1 % Dividend yield (per share) 0 % 0 %

Available-For Sale Securities

Available-For Sale Securities	9 Months Ended
	Sep. 30, 2022
Debt Securities, Available-for-Sale [Abstract]
Available-For Sale Securities	NOTE 6. AVAILABLE-FOR-SALE All marketable securities were considered available-for-sale September 30, 2022 Amortized Cost Gross Unrealized Gross Fair Value Assets: Cash Equivalents: Money market funds $ 5,212 $ — $ — $ 5,212 Commercial paper 17,776 — (6 ) 17,770 U.S. government agency securities 6,970 — — 6,970 Short-term marketable securities: Commercial paper 9,825 — (23 ) 9,802 U.S. government treasuries 999 — (3 ) 996 U.S. government agency securities 7,229 — (31 ) 7,198 Corporate debt securities 2,193 — (18 ) 2,175 Total cash equivalents and marketable securities $ 50,204 $ — $ (81 ) $ 50,123 There were no cash equivalents or marketable securities at December 31, 2021. As of September 30, 2022, some of the Company’s marketable securities were in an unrealized loss position. The Company determined that it did have the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery, thus there has been no recognition of any other-than-temporary impairment in the three-months ended September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7. COMMITMENTS AND CONTINGENCIES Leases On December 23, 2020, the Company entered into a 5-year At September 30, 2022, the Company had operating lease liabilities of approximately $3.7 million and right-of-use In connection with our strategic plan and workforce reduction (see note 4), the Company has consolidated its leased office space at its corporate headquarters location. Effective July 8, 2022, the Company has subleased substantially all of its remaining unused office space for a term of 18 months at a base rent of $50,000 per month. The Company has not been legally released from its primary obligations under the original lease and subsequent amendments and, therefore, continues to account for the original lease according to Accounting Standard Codification (“ASC”) Topic 842, “Leases.” The Company records both fixed and variable payments received from the sublessee in its condensed consolidated statements of operations and comprehensive loss on a straight-line basis as an offset to rent expense. Such payments received in the three and nine months ended September 30, 2022 were in the condensed consolidated balance sheet at September 30, 2022. The following summarizes quantitative information about the Company’s operating leases (amounts in thousands): For the nine months 2022 2021 Lease cost Operating lease cost $ 897 $ 216 Variable lease cost — — Total operating lease expense $ 897 $ 216 Other information Operating cash flows from operating leases $ 743 $ 216 Right-of-use $ — $ 4,169 Weighted-average remaining lease term – operating leases 3.3 4.3 Weighted-average discount rate – operating leases 8 % 8 % As of September 30, 2022, future minimum payments during the remaining period and the next three years are as follows (in thousands): Remaining period ended December 31, 2022 $ 304 Year ended December 31, 2023 1,261 Year ended December 31, 2024 1,284 Year ended December 31, 2025 1,336 Total 4,185 Less present value discount (517 ) Operating lease liabilities included in the condensed consolidated balance sheet at September 30, 2022 $ 3,668

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	NOTE 8. 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 September 30, 2022 and December 31, 2021, there were 21,189,769 shares and 21,057,560 shares, respectively, of common stock outstanding, and no shares of preferred stock outstanding. Restricted Shares A summary of restricted stock activity for the three and nine months ended September 30, 2022 and September 30, 2021 is presented below: Number of Shares Weighted Average Nonvested at January 1, 2022 182,686 $ 0.045 Vested (33,203 ) — Nonvested at March 31, 2022 149,483 $ 0.049 Vested (27,493 ) — Nonvested at June 30, 2022 121,990 $ 0.052 Vested (27,494 ) — Nonvested at September 30, 2022 94,496 $ 0.056 Number of Shares Weighted Average Nonvested at January 1, 2021 361,168 $ 0.036 Vested (44,621 ) — Nonvested at March 31, 2021 316,547 $ 0.037 Vested (44,620 ) — Nonvested at June 30, 2021 271,927 $ 0.041 Vested (44,621 ) — Nonvested at September 30, 2021 227,306 $ 0.047 As of September 30, 2022, there was approximately $5,600 of unrecognized stock-based compensation related to restricted stock that will be amortized in 1.8 years. Warrants As of September 30, 2022, there were 3,295,000 private warrants to purchase common stock outstanding. No public warrants remain outstanding at September 30, 2022. Each public warrant entitled the registered holder to purchase one-half 11.50 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 following the completion of the Company’s initial business combination. 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” (see Note 5). The remaining private warrants were determined to be liability classified in accordance with ASC 815, Derivatives and Hedging (see note 5).

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans	NOTE 9. 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 September 30, 2022, the Company had 4,542,924 shares of common stock reserved for issuance and 219,013 options to acquire common stock that are available to grant, 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 Weighted Aggregate Outstanding at January 1, 2022 3,408 $ 18.74 9.2 $ 3 Options granted 1,881 4.13 10.0 — Options cancelled (965 ) 15.44 — — Outstanding at September 30, 2022 4,324 $ 13.12 7.8 $ — Options vested and exercisable at September 30, 2022 2,141 $ 18.08 6.3 $ — 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. As of September 30, 2022, the Company had stock-based compensation of approximately $7.2 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 0.9 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 nine months ended September 30, 2022 and 2021: For the nine months 2022 2021 Exercise price $ 4.13 $ 18.80 Expected term (years) 5.8 5.9 Volatility (annual) 83.6 % 77.5 % Risk-free rate 2.5 % 0.9 % Dividend yield (per share) 0 % 0 % Total stock-based compensation expense recognized in the three and nine months ended September 30, 2022 and 2021 was as follows (amounts in thousands): For the three months ended For the nine months ended 2022 2021 2022 2021 Research and development $ 938 $ 4,000 $ 6,622 $ 11,078 General and administrative 905 2,075 3,841 6,349 Restructuring 447 — 447 — Total stock-based compensation expense $ 2,290 $ 6,075 $ 10,910 $ 17,427

Net Loss per Share Applicable t

Net Loss per Share Applicable to Common Stockholders	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share Applicable to Common Stockholders	NOTE 10. 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 and nine months ended September 30, 2022 and 2021 (amounts in thousands, except per share number): For the three months ended For the nine months ended 2022 2021 2022 2021 Numerator: Net loss $ (16,879 ) $ (24,524 ) $ (51,724 ) $ (32,834 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,083 17,694 20,992 15,941 Net loss per common share, basic and diluted $ (0.80 ) $ (1.39 ) $ (2.46 ) $ (2.06 ) 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 and nine months ended 2022 2021 Options outstanding 4,324 3,371 Warrants 3,295 3,295 Total 7,619 6,666

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Management considers all highly liquid investments with an insignificant interest rate risk and original maturities of three months or less to be cash equivalents. There were no cash equivalents as of December 31, 2021.
Marketable Securities	Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short-term to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the condensed consolidated balance sheets. Marketable securities with a maturity date greater than 90 days and less than one year at each condensed consolidated balance sheet date are classified as short-term. Marketable securities with a maturity date greater than one year, if any, are classified as long-term. All of the Company’s marketable securities are considered available-for-sale The Company periodically evaluates whether declines in the fair values of its marketable securities below their amortized cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the marketable security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security. There have been no other 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)”. 2021-04 2021-04 2021-04

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Accrued Restructuring and Accrued Expenses	The activity in the accrued restructuring balance, included within accrued expenses on the condensed consolidated balance sheet, was as follows for the nine months ended September 30, 2022 (in thousands): Restructuring Charges Cash payments Restructuring Workforce reduction $ — $ 2,022 $ (2,022 ) $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of Fair Value Assets Measured on Recurring Basis	The Company’s financial assets and 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 September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash Equivalents: Money market funds $ 5,212 $ — $ — $ 5,212 Commercial paper — 17,770 — 17,770 U.S. government agency securities — 6,970 — 6,970 Short-term marketable securities: — — — Commercial paper — 9,802 — 9,802 U.S. government treasuries 996 — — 996 U.S. government agency securities — 7,198 — 7,198 Corporate debt securities — 2,175 — 2,175 Total cash equivalents and marketable securities $ 6,208 $ 43,915 $ — $ 50,123
Summary of Liabilities Measured at Fair Value on Recurring Basis	Fair Value Measured as of Level 1 Level 2 Level 3 Total Liabilities: Common stock warrant liabilities $ — $ — $ 113 $ 113 Total fair value $ — $ — $ 113 $ 113 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 nine-month period ended September 30, 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 (6,334 ) Balance – September 30, 2022 $ 113
Private Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of Fair Value of the Company's warrant liabilities	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 September 30, 2022 and December 31, 2021 is as follows: As of As of Stock price $ 1.38 $ 10.19 Exercise price $ 11.50 $ 11.50 Option term (years) 3.2 4.0 Volatility (annual) 58.0 % 32.5 % Risk-free rate 4.1 % 1.1 % Dividend yield (per share) 0 % 0 %

Available-For Sale Securities (

Available-For Sale Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Securities, Available-for-Sale [Abstract]
Summary of Available For Sale Securities	All marketable securities were considered available-for-sale September 30, 2022 Amortized Cost Gross Unrealized Gross Fair Value Assets: Cash Equivalents: Money market funds $ 5,212 $ — $ — $ 5,212 Commercial paper 17,776 — (6 ) 17,770 U.S. government agency securities 6,970 — — 6,970 Short-term marketable securities: Commercial paper 9,825 — (23 ) 9,802 U.S. government treasuries 999 — (3 ) 996 U.S. government agency securities 7,229 — (31 ) 7,198 Corporate debt securities 2,193 — (18 ) 2,175 Total cash equivalents and marketable securities $ 50,204 $ — $ (81 ) $ 50,123

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 nine months 2022 2021 Lease cost Operating lease cost $ 897 $ 216 Variable lease cost — — Total operating lease expense $ 897 $ 216 Other information Operating cash flows from operating leases $ 743 $ 216 Right-of-use $ — $ 4,169 Weighted-average remaining lease term – operating leases 3.3 4.3 Weighted-average discount rate – operating leases 8 % 8 %
Summary of Future Minimum Lease Payments	As of September 30, 2022, future minimum payments during the remaining period and the next three years are as follows (in thousands): Remaining period ended December 31, 2022 $ 304 Year ended December 31, 2023 1,261 Year ended December 31, 2024 1,284 Year ended December 31, 2025 1,336 Total 4,185 Less present value discount (517 ) Operating lease liabilities included in the condensed consolidated balance sheet at September 30, 2022 $ 3,668

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Restricted Stock Activity	A summary of restricted stock activity for the three and nine months ended September 30, 2022 and September 30, 2021 is presented below: Number of Shares Weighted Average Nonvested at January 1, 2022 182,686 $ 0.045 Vested (33,203 ) — Nonvested at March 31, 2022 149,483 $ 0.049 Vested (27,493 ) — Nonvested at June 30, 2022 121,990 $ 0.052 Vested (27,494 ) — Nonvested at September 30, 2022 94,496 $ 0.056 Number of Shares Weighted Average Nonvested at January 1, 2021 361,168 $ 0.036 Vested (44,621 ) — Nonvested at March 31, 2021 316,547 $ 0.037 Vested (44,620 ) — Nonvested at June 30, 2021 271,927 $ 0.041 Vested (44,621 ) — Nonvested at September 30, 2021 227,306 $ 0.047

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 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 Weighted Aggregate Outstanding at January 1, 2022 3,408 $ 18.74 9.2 $ 3 Options granted 1,881 4.13 10.0 — Options cancelled (965 ) 15.44 — — Outstanding at September 30, 2022 4,324 $ 13.12 7.8 $ — Options vested and exercisable at September 30, 2022 2,141 $ 18.08 6.3 $ —
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 nine months ended September 30, 2022 and 2021: For the nine months 2022 2021 Exercise price $ 4.13 $ 18.80 Expected term (years) 5.8 5.9 Volatility (annual) 83.6 % 77.5 % Risk-free rate 2.5 % 0.9 % Dividend yield (per share) 0 % 0 %
Summary of Stock Based Compensation Expense	Total stock-based compensation expense recognized in the three and nine months ended September 30, 2022 and 2021 was as follows (amounts in thousands): For the three months ended For the nine months ended 2022 2021 2022 2021 Research and development $ 938 $ 4,000 $ 6,622 $ 11,078 General and administrative 905 2,075 3,841 6,349 Restructuring 447 — 447 — Total stock-based compensation expense $ 2,290 $ 6,075 $ 10,910 $ 17,427

Net Loss per Share Applicable_2

Net Loss per Share Applicable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 (amounts in thousands, except per share number): For the three months ended For the nine months ended 2022 2021 2022 2021 Numerator: Net loss $ (16,879 ) $ (24,524 ) $ (51,724 ) $ (32,834 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,083 17,694 20,992 15,941 Net loss per common share, basic and diluted $ (0.80 ) $ (1.39 ) $ (2.46 ) $ (2.06 )
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 and nine months ended 2022 2021 Options outstanding 4,324 3,371 Warrants 3,295 3,295 Total 7,619 6,666

Nature of Business - Additional

Nature of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incorporation date	Dec. 19, 2018

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents	$ 0

Bayer License - Additional Info

Bayer License - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Jan. 05, 2021	Sep. 30, 2022
Bayer License [Line Items]
Date of licence agreement with Bayer		Oct. 07, 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

Restructuring - Schedule Of Acc

Restructuring - Schedule Of Accrued Restructuring and Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Changes	$ 1,310	$ 0	$ 2,469	$ 0
Workforce Reduction (Member)
Restructuring Cost and Reserve [Line Items]
Beginning balance			0
Changes			2,022
Cash payments			(2,022)
Ending balance	$ 0		$ 0

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 04, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Percentage of employees reduction	33%
Restructuring costs expected to be incurred through the year		$ 2,500		$ 2,500
Share-based Payment Arrangement, Expense		$ 2,290	$ 6,075	10,910	$ 17,427
Employee Stock Option
Share-based Payment Arrangement, Expense				$ 500

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Fair Value Assets Measured on Recurring Basis (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	$ 50,123
Cash Equivalents | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	5,212
Cash Equivalents | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	17,770
Cash Equivalents | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	6,970
Short-term marketable securities | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	9,802
Short-term marketable securities | U.S. government treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	996
Short-term marketable securities | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	7,198
Short-term marketable securities | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	2,175
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	6,208
Level 1 | Cash Equivalents | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	5,212
Level 1 | Cash Equivalents | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 1 | Cash Equivalents | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 1 | Short-term marketable securities | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 1 | Short-term marketable securities | U.S. government treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	996
Level 1 | Short-term marketable securities | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 1 | Short-term marketable securities | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	43,915
Level 2 | Cash Equivalents | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 2 | Cash Equivalents | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	17,770
Level 2 | Cash Equivalents | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	6,970
Level 2 | Short-term marketable securities | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	9,802
Level 2 | Short-term marketable securities | U.S. government treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 2 | Short-term marketable securities | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	7,198
Level 2 | Short-term marketable securities | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	2,175
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Cash Equivalents | Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Cash Equivalents | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Cash Equivalents | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Short-term marketable securities | Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Short-term marketable securities | U.S. government treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Short-term marketable securities | U.S. government agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	0
Level 3 | Short-term marketable securities | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents and marketable securities	$ 0

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	$ 50,123
Cash equivalents or marketable securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities		$ 0

Fair Value Measurement - Summ_2

Fair Value Measurement - Summary of Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liabilities:
Liabilities fair value disclosure	$ 113	$ 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	113	6,447
Common Stock Warrant Liabilities Restates
Liabilities:
Liabilities fair value disclosure	113	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	$ 113	$ 6,447

Fair Value Measurement - Summ_3

Fair Value Measurement - Summary of Changes in Level 3 Warrant liabilities measured at fair value (Details) - Level 3 - Warrant $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 6,447
Change in fair value	(6,334)
Ending balance	$ 113

Fair Value Measurement - Summ_4

Fair Value Measurement - Summary of Fair Value Of Private Warrants was Re-measured Based on the Assumptions (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2022 $ / shares	Sep. 30, 2021 $ / shares	Dec. 31, 2021 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price	$ 4.13	$ 18.8
Option term (years)	5 years 9 months 18 days	5 years 10 months 24 days
Volatility (annual)	83.60%	77.50%
Risk-free rate	2.50%	0.90%
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	$ 1.38		$ 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	$ 11.5		$ 11.5
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 2 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)	58%		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	4.10%		1.10%

Available-For Sale Securities -

Available-For Sale Securities - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale	$ 50,123
Cash equivalents or marketable securities
Debt Securities, Available-for-Sale [Line Items]
Debt securities, available-for-sale		$ 0

Available-For Sale Securities_2

Available-For Sale Securities - Summary of Available For Sale Securities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 50,204
Gross Unrealized Gain	0
Gross Unrealized Loss	(81)
Fair Value	50,123
Cash Equivalents | Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,212
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Fair Value	5,212
Cash Equivalents | Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	17,776
Gross Unrealized Gain	0
Gross Unrealized Loss	(6)
Fair Value	17,770
Cash Equivalents | U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	6,970
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Fair Value	6,970
Short-term marketable securities | Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,825
Gross Unrealized Gain	0
Gross Unrealized Loss	(23)
Fair Value	9,802
Short-term marketable securities | U.S. government treasuries
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	999
Gross Unrealized Gain	0
Gross Unrealized Loss	(3)
Fair Value	996
Short-term marketable securities | U.S. government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	7,229
Gross Unrealized Gain	0
Gross Unrealized Loss	(31)
Fair Value	7,198
Short-term marketable securities | Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,193
Gross Unrealized Gain	0
Gross Unrealized Loss	(18)
Fair Value	$ 2,175

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Jul. 08, 2022	Dec. 23, 2020	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Duration of lease agreement		5 years
Date of lease Commencement		Jan. 01, 2021
Annual lease rent		$ 1,100		$ 897	$ 216
Operating lease liabilities			$ 3,668	3,668
Operating Right of Use Assets			3,291	3,291		$ 3,949
Lessee, operating sub lease, term of contract	18 months
Lessee, operating sub lease, rent amount	$ 50,000
Sublease Income			150,000	150,000
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Lease deposit liability			$ 50,000	$ 50,000

Commitments and Contingencies

Commitments and Contingencies - Summary of Quantitative Information About the Company's Operating Leases (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 23, 2020	Sep. 30, 2022	Sep. 30, 2021
Lease cost
Operating lease cost		$ 897	$ 216
Variable lease cost		0	0
Total operating lease expense	$ 1,100	897	216
Operating cash flows from operating leases		743	216
Right-of-use assets obtained in exchange for operating lease liabilities		$ 0	$ 4,169
Weighted-average remaining lease term – operating leases (years)		3 years 3 months 18 days	4 years 3 months 18 days
Weighted-average discount rate – operating leases		8%	8%

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
Remaining period ended December 31, 2022	$ 304
Year ended December 31, 2023	1,261
Year ended December 31, 2024	1,284
Year ended December 31, 2025	1,336
Total	4,185
Less present value discount	(517)
Operating lease liabilities included in the condensed consolidated balance sheet at September 30, 2022	$ 3,668

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	121,990	149,483	182,686	271,927	316,547	361,168
Vested, Shares	(27,494)	(27,493)	(33,203)	(44,621)	(44,620)	(44,621)
Ending balance, Shares	94,496	121,990	149,483	227,306	271,927	316,547
Beginning balance, Weighted Average	$ 0.052	$ 0.049	$ 0.045	$ 0.041	$ 0.037	$ 0.036
Vested, Weighted Average	0	0	0	0	0	0
Ending balance, Weighted Average	$ 0.056	$ 0.052	$ 0.049	$ 0.047	$ 0.041	$ 0.037

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	$ 7.2
Amotization period of unrecognized stock based compensation	10 months 24 days
Common stock shares outstanding	21,189,769	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	$ 11.5
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. 05, 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	$ 5,600
Amotization period of unrecognized stock based compensation	1 year 9 months 18 days
Private Placement
Class Of Stock [Line Items]
Shares issued price per warrant	$ 11.5
Common Stock | Private Warrants
Class Of Stock [Line Items]
Share redemption trigger price	$ 20

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation | $	$ 7.2
Amotization period of unrecognized stock based compensation	10 months 24 days
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
Number of shares available for grant	219,013

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Stock Options	3,408
Options granted, Stock Options	1,881
Options cancelled, Stock Options	(965)
Outstanding, Stock Options	4,324
Options vested and exercisable, Stock Options	2,141	3,408
Outstanding, Weighted Average Exercise Price	$ 18.74
Options granted, Weighted Average Exercise Price	4.13
Options cancelled, Aggregate Intrinsic Value	15.44
Outstanding, Weighted Average Exercise Price	13.12	$ 18.74
Options vested and exercisable, Weighted Average Exercise Price	$ 18.08
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	7 years 9 months 18 days	9 years 2 months 12 days
Options granted, Weighted Average Remaining Contractual Life	10 years
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	7 years 9 months 18 days	9 years 2 months 12 days
Options vested and exercisable, Weighted Average Remaining Contractual Life	6 years 3 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Exercise price	$ 4.13	$ 18.8
Expected term (years)	5 years 9 months 18 days	5 years 10 months 24 days
Volatility (annual)	83.60%	77.50%
Risk-free rate	2.50%	0.90%
Dividend yield (per share)	0%	0%

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 2,290	$ 6,075	$ 10,910	$ 17,427
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	938	4,000	6,622	11,078
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	905	2,075	3,841	6,349
Restructuring Charges [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 447	$ 0	$ 447	$ 0

Net Loss per Share Applicable_3

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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,619	6,666
Option Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,324	3,371
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	3,295

Net Loss per Share Applicable_4

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (16,879)	$ (24,524)	$ (51,724)	$ (32,834)
Denominator:
Weighted Average Number of Shares Outstanding, Basic	21,083	17,694	20,992	15,941
Weighted Average Number of Shares Outstanding, Diluted	21,083	17,694	20,992	15,941
Earnings Per Share, Basic	$ (0.8)	$ (1.39)	$ (2.46)	$ (2.06)
Earnings Per Share, Diluted	$ (0.8)	$ (1.39)	$ (2.46)	$ (2.06)