Aerovate Therapeutics (AVTE) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 13, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40544
Entity Registrant Name	AEROVATE THERAPEUTICS, INC.
Entity Central Index Key	0001798749
Entity Tax Identification Number	83-1377888
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	930 Winter Street
Entity Address, Address Line Two	Suite M-500
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	(617)
Local Phone Number	443-2400
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AVTE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,410,393

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 28,137	$ 54,197
Short-term investments	132,935	113,178
Prepaid expenses and other current assets (Note 4)	4,813	6,958
Total current assets	165,885	174,333
Property and equipment, net	288	186
Operating lease right-of-use asset	499	542
Other long-term assets	327	302
Total assets	166,999	175,363
Current liabilities:
Accounts payable (including related party amounts of $4 and $2, respectively)	2,863	1,208
Accrued and other current liabilities (Note 4)	1,647	1,150
Operating lease liability	193	192
Total current liabilities	4,703	2,550
Operating lease liabilities, net of current portion	335	382
Other liabilities	14	13
Total liabilities	5,052	2,945
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no issued or outstanding as of March 31, 2022 and December 31, 2021
Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2022 and December 31, 2021; 24,410,393 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	209,891	208,867
Accumulated other comprehensive loss	(644)	(59)
Accumulated deficit	(47,302)	(36,392)
Total stockholders’ equity	161,947	172,418
Total liabilities and stockholders’ equity	$ 166,999	$ 175,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Payable, Related Parties, Current	$ 4	$ 2
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	24,410,393	24,410,393
Common stock, shares outstanding	24,410,393	24,410,393

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development (includes related party amounts of $8 and $15, respectively)	$ 7,255	$ 2,196
General and administrative (includes related party amounts of $0 and $5, respectively)	3,764	584
Total operating expenses	11,019	2,780
Loss from operations	(11,019)	(2,780)
Other income (expense):
Interest income	109
Other expense		(1)
Total other income (expense)	109	(1)
Net loss before income taxes	(10,910)	(2,781)
Net loss	(10,910)	(2,781)
Comprehensive loss:
Net loss	(10,910)	(2,781)
Other comprehensive loss:
Unrealized loss on available-for-sale investments	(585)
Comprehensive loss	$ (11,495)	$ (2,781)
Net loss per share, basic and diluted	$ (0.45)	$ (11.49)
Weighted-average shares of common stock outstanding, basic and diluted	24,410,393	243,076

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Research and development, related party	$ 8	$ 15
General and administrative, related party	$ 0	$ 5

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Series A Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member]	Series Seed Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, shares at Dec. 31, 2020	6,489,534	4,000,000
Beginning balance at Dec. 31, 2020	$ 12,285	$ 4,000
Beginning balance, shares at Dec. 31, 2020			243,076
Beginning balance at Dec. 31, 2020				$ 63		$ (13,407)	$ (13,344)
Unrealized loss on investments
Stock based compensation				23			23
Net loss						(2,781)	(2,781)
Issuance of Series A redeemable convertible preferred stock at $1.893 per share, net of issuance costs of $13	$ 7,983
Issuance of Series A redeemable convertible preferred stock per share, net of issuance costs, shares	4,224,274
Accretion of Series A redeemable convertible preferred stock to redemption value	$ 13					(13)	(13)
Ending balance, shares at Mar. 31, 2021	10,713,808	4,000,000
Ending balance at Mar. 31, 2021	$ 20,281	$ 4,000
Ending balance, shares at Mar. 31, 2021			243,076
Ending balance at Mar. 31, 2021				86		(16,201)	(16,115)
Beginning balance, shares at Dec. 31, 2021
Beginning balance at Dec. 31, 2021
Beginning balance, shares at Dec. 31, 2021			24,410,393
Beginning balance at Dec. 31, 2021			$ 2	208,867	(59)	(36,392)	172,418
Unrealized loss on investments					(585)		(585)
Stock based compensation				1,024			1,024
Net loss						(10,910)	(10,910)
Ending balance, shares at Mar. 31, 2022
Ending balance at Mar. 31, 2022
Ending balance, shares at Mar. 31, 2022			24,410,393
Ending balance at Mar. 31, 2022			$ 2	$ 209,891	$ (644)	$ (47,302)	$ 161,947

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / shares
Accretion of Series A redeemable convertible preferred stock	$ (13)
Series A Redeemable Convertible Preferred Stock [Member] | Preferred Stock [Member]
Share price | $ / shares	$ 1.893
Accretion of Series A redeemable convertible preferred stock	$ 13

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flow from operating activities:
Net loss	$ (10,910)	$ (2,781)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,024	23
Depreciation and amortization expense	11	2
Accretion of discounts and amortization of premiums on investments, net	29
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	2,129	(860)
Other long-term assets	(25)
Accounts payable	1,587	765
Accrued and other liabilities	497	(924)
Operating lease asset and liability, net	(3)
Net cash used in operating activities	(5,661)	(3,775)
Cash flow from investing activities:
Purchases of short-term investments	(32,890)
Sales and maturities of short-term investments	12,519
Purchases of property and equipment	(28)	(40)
Net cash used in investing activities	(20,399)	(40)
Cash flow from financing activities:
Proceeds from sale of Series A redeemable convertible preferred stock, net of issuance costs		7,983
Payments for deferred offering costs		(100)
Net cash provided by financing activities		7,883
Net (decrease) increase in cash and cash equivalents	(26,060)	4,068
Cash and cash equivalents at the beginning of the year	54,197	4,573
Cash and cash equivalents at the end of the period	28,137	8,641
Supplemental disclosure of noncash investing and financing activities:
Purchases of property and equipment in accounts payable	85
Deferred offering costs included in accounts payable		$ 207

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	(1) ORGANIZATION AND NATURE OF OPERATIONS (a) Organization and Nature of Operations Aerovate Therapeutics Inc. (“Aerovate” or the “Company”) was incorporated in the state of Delaware in July 2018, and is headquartered in Waltham, Massachusetts. The Company has a wholly owned subsidiary, Aerovate Securities Corporation. The Company is a clinical stage biopharmaceutical company that is focused on the development of drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. The Company’s initial focus is on advancing AV-101, the Company’s dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (“PAH”). The Company initiated a Phase 2b/Phase 3 trial of AV-101 in PAH patients in December 2021. (b) Liquidity and Management Plans Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations and has not realized revenues from its planned principal operations. The Company has incurred losses and negative cash flows from operations since inception. In addition, the Company expects to incur substantial operating losses for the next several years as it continues its research and development activities. As of March 31, 2022, the Company had cash and cash equivalents and short-term investments of $ 161.1 Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed to undertake these activities. The Company intends to raise such capital through debt or equity financings or other arrangements to fund operations. Management believes that the Company’s current cash and cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	(2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Reverse Stock Split (b) Reverse Stock Split On June 22, 2021, the Company effected a 1-for-3.1060103 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock. Accordingly, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Use of Estimates (c) Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation and fair value of investments. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Net Loss Per Share (d) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): SCHEDULE OF NET LOSS PER SHARE 2022 2021 Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (10,910 ) $ (2,781 ) Accretion of Series A redeemable convertible preferred stock to redemption value - (13 ) Net loss available to common stockholders $ (10,910 ) $ (2,794 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,393 243,076 Net loss per share, basic and diluted $ (0.45 ) $ (11.49 ) Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE As of March 31, 2022 2021 Options to purchase common stock 3,703,931 229,105 Series Seed redeemable convertible preferred stock - 1,287,825 Series A redeemable convertible preferred stock - 3,449,369 3,703,931 4,966,299

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	(3) FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): SCHEDULE OF FAIR VALUE INSTRUMENTS March 31, 2022 Quoted Prices in Active Markets for Indentical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Measurements Using March 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents Money market funds 12,736 12,736 - - Commercial paper 11,090 - 11,090 - Total cash equivalents 23,826 12,736 11,090 - Short-term investments U.S. Treasury bills 32,319 32,319 - - Corporate debt securities 7,631 - 7,631 - Commercial paper 92,985 - 92,985 - Total short-term investments 132,935 32,319 100,616 - Total $ 156,761 $ 45,055 $ 111,706 $ - December 31, 2021 Quoted Prices in Active Markets for Indentical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Measurements Using December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents Money market funds $ 39,653 $ 39,653 $ - $ - Commercial paper 14,448 - 14,448 - Total cash equivalents 54,101 39,653 14,448 - Short-term investments U.S. Treasury bills 25,135 25,135 - - Corporate debt securities 10,715 - 10,715 - Commercial paper 77,328 - 77,328 - Total short-term investments 113,178 25,135 88,043 - Total $ 167,279 $ 64,788 $ 102,491 $ - Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and commercial paper, and short-term investments consisted of U.S. Treasury bills, corporate debt securities and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The following tables summarize the Company’s short-term investments (in thousands): SUMMARY OF SHORT TERM INVESTMENT As of March 31, 2022 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 7,650 $ - $ (18 ) $ 7,632 Commercial paper 1 year or less 93,256 - (272 ) $ 92,984 U.S. Treasury bills 2 years or less 32,673 - (354 ) $ 32,319 $ 133,579 $ - $ (644 ) $ 132,935 As of December 31, 2021 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 10,726 $ - $ (11 ) $ 10,715 Commercial paper 1 year or less 77,328 9 (9 ) 77,328 U.S. Treasury bills 2 years or less 25,183 - (48 ) 25,135 $ 113,237 $ 9 $ (68 ) $ 113,178 The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of March 31, 2022 and December 31, 2021 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2022 and that there were no impairments as of December 31, 2021. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive loss. The Company excludes accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. It is the Company’s policy to present the accrued interest receivable balance as part of prepaid expenses and other current assets in the balance sheets. Accrued interest receivable related to short-term investments was $ 0.1

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	(4) BALANCE SHEET COMPONENTS Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, December 31, 2022 2021 Prepaid research and development $ 3,628 $ 5,233 Prepaid expenses 896 1,485 Other current assets 289 240 Total prepaid expenses and other current assets $ 4,813 $ 6,958 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accrued research and development $ 1,019 $ 217 Accrued payroll and other employee benefits 387 790 Other 241 143 Total accrued and other current liabilities $ 1,647 $ 1,150

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(5) COMMITMENTS AND CONTINGENCIES In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 thirty-nine The Company has the option to extend the Waltham Lease for one additional period of three years. 18,000 2% As of March 31, 2022, the future minimum annual lease payments under the operating lease was as follows (in thousands): SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES 2022 $ 144 2023 221 2024 206 Total operating lease payments 571 Less: Amount representing interest (43 ) Present value of net minimum lease payments $ 528 Operating lease liabilities: Current 193 Non-current 335 Total lease liability $ 528 Weighted-average remaining lease term (in years) 2.8 Weighted-average incremental borrowing rate 6 % Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW 2022 2021 Three months ended March 31, 2022 2021 Cash paid included in operating cash flows $ 54 $ - Rent expense was as follows (in thousands): SCHEDULE OF RENT EXPENSES 2022 2021 Three months ended March 31, 2022 2021 Operating lease $ 51 $ - Short-term lease 34 Total rent expense $ 85 $ -

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	(6) STOCKHOLDERS’ EQUITY On July 2, 2021, the Company’s certificate of amendment to its certificate of incorporation became effective, which provided 150,000,000 0.0001 10,000,000 0.0001 In August 2018, the Company issued 241,467 shares of common stock to RA Capital Healthcare Fund, L.P. at a price of $ 0.0012 per share. On July 2, 2021, in conjunction with the Company’s initial public offering, or IPO, the Company issued 9,984,463 shares of its common stock and all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. As of March 31, 2022, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE March 31, 2022 Common stock options granted and outstanding 3,703,931 Reserved for future option grants 1,811,438 Reserved for future ESPP issuances 230,000 Total 5,745,369

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	(7) SHARE-BASED COMPENSATION The Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors and approved by the Company’s stockholders in June 2021 and became effective as of June 29, 2021. Upon the effectiveness of the 2021 Plan, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) was terminated and no further grants may be made thereunder. The Company’s 2021 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors. As of March 31, 2022, a total of 3,576,415 4% 976,415 Any shares subject to awards granted under the 2021 Plan or the 2018 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2021 Plan. As of March 31, 2022, 1,764,977 1,811,438 The options that are granted under the 2021 Plan and the 2018 Plan are exercisable at various dates as determined upon grant and terminate within 10 years three to four years The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the three months ended March 31, 2022: SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Vested and expected to vest at December 31, 2021 3,454,374 $ 6.85 9.42 $ 19,378 Granted 249,557 $ 12.56 9.94 Exercised - - Cancelled/Forfeited - - Outstanding at March 31, 2022 3,703,931 $ 7.23 9.21 $ 41,111 Vested and exercisable at March 31, 2022 478,573 $ 4.98 8.97 $ 6,392 Vested and expected to vest at March 31, 2022 3,703,931 $ 7.23 9.21 $ 41,111 The weighted-average grant date fair value of stock option grants was $ 4.54 All exercisable options are vested and all outstanding options are vested or expected to vest. (b) Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board of directors and stockholders in June 2021 and became effective upon the consummation of the IPO. A total of 230,000 15% 85% no (c) Share-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS Three Months Ended 2022 2021 Expected term (in years) 5.3 6.1 - Expected volatility 73.64% 75.68 % - Risk-free interest rate 1.37% 2.55 % - Expected dividend - - Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands): SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS 2022 2021 Three Months Ended 2022 2021 Research and development $ 256 $ 12 General and administrative 768 11 Total $ 1,024 $ 23 As of March 31, 2022, there was approximately $ 13.7 3.2

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	(8) RELATED PARTY TRANSACTIONS Services Agreement In August 2018, the Company entered into a services agreement (“Services Agreement”) with Carnot, LLC (“Carnot”), an entity owned and controlled by RA Capital Management, LLC under which Carnot provides research and other services to the Company. RA Capital Management, LLC is a related party due to its equity ownership of the Company. The Company pays Carnot for services performed and costs incurred. The Services Agreement is for a term of two years In July 2019, the Services Agreement with Carnot was amended whereby research and other services are now performed by Carnot Pharma, LLC (“Carnot Pharma”), an entity owned and controlled by RA Capital Management, LLC, and the term was updated to the later of (i) two years Expenses incurred by the Company under the Services Agreement with Carnot Pharma totaled $ 8,000 20,000 4,000 2,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(9) SUBSEQUENT EVENTS Lease agreement In April 2022, the Company entered into a lease agreement in Foster City, California (the “Foster City Lease”). The term of the Foster City Lease is thirty-nine 22,600 3

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Reverse Stock Split	Reverse Stock Split (b) Reverse Stock Split On June 22, 2021, the Company effected a 1-for-3.1060103 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock. Accordingly, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.
Use of Estimates	Use of Estimates (c) Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation and fair value of investments. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Net Loss Per Share	Net Loss Per Share (d) Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): SCHEDULE OF NET LOSS PER SHARE 2022 2021 Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (10,910 ) $ (2,781 ) Accretion of Series A redeemable convertible preferred stock to redemption value - (13 ) Net loss available to common stockholders $ (10,910 ) $ (2,794 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,393 243,076 Net loss per share, basic and diluted $ (0.45 ) $ (11.49 ) Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE As of March 31, 2022 2021 Options to purchase common stock 3,703,931 229,105 Series Seed redeemable convertible preferred stock - 1,287,825 Series A redeemable convertible preferred stock - 3,449,369 3,703,931 4,966,299

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SCHEDULE OF NET LOSS PER SHARE	The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts): SCHEDULE OF NET LOSS PER SHARE 2022 2021 Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (10,910 ) $ (2,781 ) Accretion of Series A redeemable convertible preferred stock to redemption value - (13 ) Net loss available to common stockholders $ (10,910 ) $ (2,794 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,393 243,076 Net loss per share, basic and diluted $ (0.45 ) $ (11.49 )
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE	Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares): SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE As of March 31, 2022 2021 Options to purchase common stock 3,703,931 229,105 Series Seed redeemable convertible preferred stock - 1,287,825 Series A redeemable convertible preferred stock - 3,449,369 3,703,931 4,966,299

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
SCHEDULE OF FAIR VALUE INSTRUMENTS	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): SCHEDULE OF FAIR VALUE INSTRUMENTS March 31, 2022 Quoted Prices in Active Markets for Indentical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Measurements Using March 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents Money market funds 12,736 12,736 - - Commercial paper 11,090 - 11,090 - Total cash equivalents 23,826 12,736 11,090 - Short-term investments U.S. Treasury bills 32,319 32,319 - - Corporate debt securities 7,631 - 7,631 - Commercial paper 92,985 - 92,985 - Total short-term investments 132,935 32,319 100,616 - Total $ 156,761 $ 45,055 $ 111,706 $ - December 31, 2021 Quoted Prices in Active Markets for Indentical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Measurements Using December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents Money market funds $ 39,653 $ 39,653 $ - $ - Commercial paper 14,448 - 14,448 - Total cash equivalents 54,101 39,653 14,448 - Short-term investments U.S. Treasury bills 25,135 25,135 - - Corporate debt securities 10,715 - 10,715 - Commercial paper 77,328 - 77,328 - Total short-term investments 113,178 25,135 88,043 - Total $ 167,279 $ 64,788 $ 102,491 $ -
SUMMARY OF SHORT TERM INVESTMENT	The following tables summarize the Company’s short-term investments (in thousands): SUMMARY OF SHORT TERM INVESTMENT As of March 31, 2022 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 7,650 $ - $ (18 ) $ 7,632 Commercial paper 1 year or less 93,256 - (272 ) $ 92,984 U.S. Treasury bills 2 years or less 32,673 - (354 ) $ 32,319 $ 133,579 $ - $ (644 ) $ 132,935 As of December 31, 2021 Maturity Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 10,726 $ - $ (11 ) $ 10,715 Commercial paper 1 year or less 77,328 9 (9 ) 77,328 U.S. Treasury bills 2 years or less 25,183 - (48 ) 25,135 $ 113,237 $ 9 $ (68 ) $ 113,178

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following (in thousands): SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS March 31, December 31, 2022 2021 Prepaid research and development $ 3,628 $ 5,233 Prepaid expenses 896 1,485 Other current assets 289 240 Total prepaid expenses and other current assets $ 4,813 $ 6,958
SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES	Accrued and other current liabilities consisted of the following (in thousands): SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES March 31, December 31, 2022 2021 Accrued research and development $ 1,019 $ 217 Accrued payroll and other employee benefits 387 790 Other 241 143 Total accrued and other current liabilities $ 1,647 $ 1,150

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES	As of March 31, 2022, the future minimum annual lease payments under the operating lease was as follows (in thousands): SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES 2022 $ 144 2023 221 2024 206 Total operating lease payments 571 Less: Amount representing interest (43 ) Present value of net minimum lease payments $ 528 Operating lease liabilities: Current 193 Non-current 335 Total lease liability $ 528 Weighted-average remaining lease term (in years) 2.8 Weighted-average incremental borrowing rate 6 %
SCHEDULE OF SUPPLEMENTAL CASH FLOW	Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW 2022 2021 Three months ended March 31, 2022 2021 Cash paid included in operating cash flows $ 54 $ -
SCHEDULE OF RENT EXPENSES	Rent expense was as follows (in thousands): SCHEDULE OF RENT EXPENSES 2022 2021 Three months ended March 31, 2022 2021 Operating lease $ 51 $ - Short-term lease 34 Total rent expense $ 85 $ -

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE	As of March 31, 2022, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE March 31, 2022 Common stock options granted and outstanding 3,703,931 Reserved for future option grants 1,811,438 Reserved for future ESPP issuances 230,000 Total 5,745,369

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN	The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the three months ended March 31, 2022: SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Vested and expected to vest at December 31, 2021 3,454,374 $ 6.85 9.42 $ 19,378 Granted 249,557 $ 12.56 9.94 Exercised - - Cancelled/Forfeited - - Outstanding at March 31, 2022 3,703,931 $ 7.23 9.21 $ 41,111 Vested and exercisable at March 31, 2022 478,573 $ 4.98 8.97 $ 6,392 Vested and expected to vest at March 31, 2022 3,703,931 $ 7.23 9.21 $ 41,111
SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS	SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS Three Months Ended 2022 2021 Expected term (in years) 5.3 6.1 - Expected volatility 73.64% 75.68 % - Risk-free interest rate 1.37% 2.55 % - Expected dividend - -
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS	Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands): SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS 2022 2021 Three Months Ended 2022 2021 Research and development $ 256 $ 12 General and administrative 768 11 Total $ 1,024 $ 23

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) $ in Millions	Mar. 31, 2022USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents and short term investment	$ 161.1

SCHEDULE OF NET LOSS PER SHARE

SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss	$ (10,910)	$ (2,781)
Accretion of Series A redeemable convertible preferred stock to redemption value		13
Net loss available to common stockholders	$ (10,910)	$ (2,794)
Weighted-average common stock outstanding, basic and diluted	24,410,393	243,076
Net loss per share, basic and diluted	$ (0.45)	$ (11.49)
Series A Redeemable Convertible Preferred Stock [Member]
Accretion of Series A redeemable convertible preferred stock to redemption value		$ (13)

SCHEDULE OF POTENTIALLY DILUTIV

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,703,931	4,966,299
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,703,931	229,105
Series Seed Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,287,825
Series A Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,449,369

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Jun. 22, 2021
Accounting Policies [Abstract]
Stockholders' equity, reverse stock split	1-for-3.1060103 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock. Accordingly, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

SCHEDULE OF FAIR VALUE INSTRUME

SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash equivalents
Money market funds	$ 12,736	$ 39,653
Commercial paper	11,090	14,448
Total cash equivalents	23,826	54,101
Short-term investments
U.S. Treasury bills	32,319	25,135
Corporate debt securities	7,631	10,715
Commercial paper	92,985	77,328
Total short-term investments	132,935	113,178
Total	156,761	167,279
Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Money market funds	12,736	39,653
Commercial paper
Total cash equivalents	12,736	39,653
Short-term investments
U.S. Treasury bills	32,319	25,135
Corporate debt securities
Commercial paper
Total short-term investments	32,319	25,135
Total	45,055	64,788
Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Money market funds
Commercial paper	11,090	14,448
Total cash equivalents	11,090	14,448
Short-term investments
U.S. Treasury bills
Corporate debt securities	7,631	10,715
Commercial paper	92,985	77,328
Total short-term investments	100,616	88,043
Total	111,706	102,491
Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Money market funds
Commercial paper
Total cash equivalents
Short-term investments
U.S. Treasury bills
Corporate debt securities
Commercial paper
Total short-term investments
Total

SUMMARY OF SHORT TERM INVESTMEN

SUMMARY OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 133,579	$ 113,237
Gross unrealized gains		9
Gross unrealized losses	(644)	(68)
Estimated fair value	$ 132,935	$ 113,178
Corporate Debt Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity	1 year or less	1 year or less
Amortized cost	$ 7,650	$ 10,726
Gross unrealized gains
Gross unrealized losses	(18)	(11)
Estimated fair value	$ 7,632	$ 10,715
Commercial Paper [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity	1 year or less	1 year or less
Amortized cost	$ 93,256	$ 77,328
Gross unrealized gains		9
Gross unrealized losses	(272)	(9)
Estimated fair value	$ 92,984	$ 77,328
US Treasury Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity	2 years or less	2 years or less
Amortized cost	$ 32,673	$ 25,183
Gross unrealized gains
Gross unrealized losses	(354)	(48)
Estimated fair value	$ 32,319	$ 25,135

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Short-Term Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Accrued interest receivable	$ 0.1	$ 0.1

SCHEDULE OF PREPAID EXPENSES AN

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid research and development	$ 3,628	$ 5,233
Prepaid expenses	896	1,485
Other current assets	289	240
Total prepaid expenses and other current assets	$ 4,813	$ 6,958

SCHEDULE OF ACCRUED AND OTHER C

SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued research and development	$ 1,019	$ 217
Accrued payroll and other employee benefits	387	790
Other	241	143
Total accrued and other current liabilities	$ 1,647	$ 1,150

SCHEDULE OF FUTURE MINIMUM ANNU

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 144
2023	221
2024	206
Total operating lease payments	571
Less: Amount representing interest	(43)
Total lease liability	528
Operating lease liabilities:
Current	193	$ 192
Non-current	$ 335	$ 382
Weighted-average remaining lease term (in years)	2 years 9 months 18 days
Weighted-average incremental borrowing rate	6.00%

SCHEDULE OF SUPPLEMENTAL CASH F

SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Cash paid included in operating cash flows	$ 54

SCHEDULE OF RENT EXPENSES (Deta

SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease	$ 51
Short-term lease	34
Total rent expense	$ 85

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) - Waltham Lease [Member] $ in Thousands	1 Months Ended
	Aug. 31, 2021USD ($)ft²
Lessee, Lease, Description [Line Items]
Area of land | ft²	5,000
Operating lease term	39 months
Lease, option to extend	The Company has the option to extend the Waltham Lease for one additional period of three years.
Payment for rent | $	$ 18,000
Lease rent percentage	2.00%

SCHEDULE OF COMMON STOCK SHARES

SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock options granted and outstanding	3,703,931	3,454,374
Reserved for future option grants	1,811,438
Reserved for future ESPP issuances	230,000
Total	5,745,369

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares	Jul. 02, 2021	Aug. 31, 2018	Mar. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	150,000,000		150,000,000	150,000,000
Common stock, par value	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000		10,000,000	10,000,000
Preferred stock, par value	$ 0.0001		$ 0.0001	$ 0.0001
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		241,467
Share price		$ 0.0012
Conversion of stock shares issued	14,182,854

SUMMARY OF OPTION ACTIVITY UNDE

SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Options Outstanding, beginning balance	3,454,374
Weighted-Average Exercise Price Outstanding, beginning balance	$ 6.85
Weighted- Average Remaining Contractual Term, Outstanding	9 years 2 months 15 days	9 years 5 months 1 day
Aggregate Intrinsic Value Outstanding, beginning balance	$ 19,378
Options Granted	249,557
Weighted-Average Exercise Price, Granted	$ 12.56
Weighted- Average Remaining Contractual Term, Granted	9 years 11 months 8 days
Options Exercised
Weighted-Average Exercise Price, Exercised
Options, Cancelled/Forfeited
Weighted-Average Exercise Price, Cancelled/Forfeited
Options Outstanding, ending balance	3,703,931	3,454,374
Weighted-Average Exercise Price Outstanding, ending balance	$ 7.23	$ 6.85
Aggregate Intrinsic Value Outstanding, ending balance	$ 41,111	$ 19,378
Options, Vested and exercisable	478,573
Weighted-Average Exercise Price, Vested and exercisable	$ 4.98
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 11 months 19 days
Aggregate Intrinsic Value, Vested and exercisable	$ 6,392
Options, Vested and expected to vest	3,703,931,000
Weighted-Average Exercise Price, Vested and expected to vest	$ 7.23
Weighted- Average Remaining Contractual Term, Vested and expected to vest	9 years 2 months 15 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 41,111

SUMMARY OF FAIR VALUE OF STOCK

SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)
Expected volatility, minimum	73.64%
Expected volatility, maximum	75.68%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate
Risk-free interest rate, minimum	1.37%
Risk-free interest rate, maximum	2.55%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
Expected dividend
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days

SUMMARY OF STOCK-BASED COMPENSA

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,024	$ 23
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	256	12
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 768	$ 11

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Feb. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance		1,811,438
Stock option grants per share		$ 4.54
Unrecognized stock based compensation		$ 13.7
Unrecognized stock-based compensation weighted-average period		3 years 2 months 12 days
2021 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage on total number of shares outstanding		4.00%
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized	230,000			976,415
Percentage of common stock purchase price	15.00%
Discount percentage on marker price	85.00%
Shares issued		0
2021 Plan and 2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Vesting period description			three to four years
Share-Based Payment Arrangement, Option [Member] | 2021 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance		3,576,415
Number of shares authorized		1,811,438
Common stock available for issuance, awards granted		1,764,977

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - Service agreement with carnot LLC - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2019	Aug. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Term of service agreement	2 years	2 years
Related party expenses			$ 8,000	$ 20,000
Due to related party			$ 4,000		$ 2,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Foster City Lease [Member]	1 Months Ended
	Apr. 30, 2022USD ($)
Subsequent Event [Line Items]
Lease, option to extend	The term of the Foster City Lease is thirty-nine months from the lease commencement date and the Company has the option to extend the lease for one additional period of one year.
Operating lease term	39 months
Payment for rent	$ 22,600
Lease rent percentage	3.00%