Aerovate Therapeutics (AVTE) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
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	02451
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		24,448,144

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 27,457	$ 54,197
Short-term investments	124,531	113,178
Prepaid expenses and other current assets	1,461	6,958
Total current assets	153,449	174,333
Property and equipment, net	316	186
Operating lease right-of-use asset	1,188	542
Other long-term assets	731	302
Total assets	155,684	175,363
Current liabilities:
Accounts payable	2,068	1,208
Accrued and other current liabilities	1,341	1,150
Operating lease liability	347	192
Total current liabilities	3,756	2,550
Operating lease liabilities, net of current portion	862	382
Other liabilities	13	13
Total liabilities	4,631	2,945
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively; 24,418,434 and 24,410,393 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	211,129	208,867
Accumulated other comprehensive loss	(785)	(59)
Accumulated deficit	(59,293)	(36,392)
Total stockholders’ equity	151,053	172,418
Total liabilities and stockholders’ equity	$ 155,684	$ 175,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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	24,418,434	24,410,393
Common stock, shares outstanding	24,418,434	24,410,393

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 8,363	$ 4,327	$ 15,618	$ 6,523
General and administrative	3,852	1,447	7,615	2,031
Total operating expenses	12,215	5,774	23,233	8,554
Loss from operations	(12,215)	(5,774)	(23,233)	(8,554)
Other income (expense):
Interest income	230	2	338	2
Other expense	(6)	(3)	(6)	(4)
Total other income (expense)	224	(1)	332	(2)
Net loss	(11,991)	(5,775)	(22,901)	(8,556)
Comprehensive loss:
Net loss	(11,991)	(5,775)	(22,901)	(8,556)
Other comprehensive loss:
Unrealized loss on securities	(141)		(726)
Comprehensive loss	$ (12,132)	$ (5,775)	$ (23,627)	$ (8,556)
Net loss per share, basic and diluted	$ (0.49)	$ (23.80)	$ (0.94)	$ (35.29)
Weighted-average shares of common stock outstanding, basic and diluted	24,410,503	243,076	24,410,448	243,076

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member] Series A Redeemable Convertible Preferred Stock [Member]	Preferred Stock [Member] Series Seed Redeemable Convertible 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, value at Dec. 31, 2020	$ 12,285	$ 4,000
Beginning balance, shares at Dec. 31, 2020			243,076
Beginning balance, value at Dec. 31, 2020				$ 63		$ (13,407)	$ (13,344)
Stock based compensation				23			23
Net loss						(2,781)	(2,781)
Issuance of Series A redeemable convertible preferred stock, net of issuance costs	$ 7,983
Issuance of Series A redeemable convertible preferred stock, 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, value at Mar. 31, 2021	$ 20,281	$ 4,000
Ending balance, shares at Mar. 31, 2021			243,076
Ending balance, value at Mar. 31, 2021				86		(16,201)	(16,115)
Beginning balance, shares at Dec. 31, 2020	6,489,534	4,000,000
Beginning balance, value at Dec. 31, 2020	$ 12,285	$ 4,000
Beginning balance, shares at Dec. 31, 2020			243,076
Beginning balance, value at Dec. 31, 2020				63		(13,407)	(13,344)
Unrealized loss on investments
Net loss							(8,556)
Ending balance, shares at Jun. 30, 2021	40,052,154	4,000,000
Ending balance, value at Jun. 30, 2021	$ 75,819	$ 4,000
Ending balance, shares at Jun. 30, 2021			243,076
Ending balance, value at Jun. 30, 2021				407		(21,985)	(21,578)
Beginning balance, shares at Mar. 31, 2021	10,713,808	4,000,000
Beginning balance, value at Mar. 31, 2021	$ 20,281	$ 4,000
Beginning balance, shares at Mar. 31, 2021			243,076
Beginning balance, value at Mar. 31, 2021				86		(16,201)	(16,115)
Unrealized loss on investments
Stock based compensation				321			321
Net loss						(5,775)	(5,775)
Issuance of Series A redeemable convertible preferred stock, net of issuance costs	$ 55,529
Issuance of Series A redeemable convertible preferred stock, net of issuance costs, shares	29,338,346
Accretion of Series A redeemable convertible preferred stock to redemption value	$ 9					(9)	(9)
Ending balance, shares at Jun. 30, 2021	40,052,154	4,000,000
Ending balance, value at Jun. 30, 2021	$ 75,819	$ 4,000
Ending balance, shares at Jun. 30, 2021			243,076
Ending balance, value at Jun. 30, 2021				407		(21,985)	(21,578)
Beginning balance, shares at Dec. 31, 2021
Beginning balance, value at Dec. 31, 2021
Beginning balance, shares at Dec. 31, 2021			24,410,393
Beginning balance, value 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, value at Mar. 31, 2022
Ending balance, shares at Mar. 31, 2022			24,410,393
Ending balance, value at Mar. 31, 2022			$ 2	209,891	(644)	(47,302)	161,947
Beginning balance, shares at Dec. 31, 2021
Beginning balance, value at Dec. 31, 2021
Beginning balance, shares at Dec. 31, 2021			24,410,393
Beginning balance, value at Dec. 31, 2021			$ 2	208,867	(59)	(36,392)	172,418
Unrealized loss on investments							(726)
Net loss							(22,901)
Ending balance, shares at Jun. 30, 2022
Ending balance, value at Jun. 30, 2022
Ending balance, shares at Jun. 30, 2022			24,418,434
Ending balance, value at Jun. 30, 2022			$ 2	211,129	(785)	(59,293)	151,053
Beginning balance, shares at Mar. 31, 2022
Beginning balance, value at Mar. 31, 2022
Beginning balance, shares at Mar. 31, 2022			24,410,393
Beginning balance, value at Mar. 31, 2022			$ 2	209,891	(644)	(47,302)	161,947
Unrealized loss on investments					(141)		(141)
Stock based compensation				1,224			1,224
Net loss						(11,991)	(11,991)
Issuance of common stock upon exercise of stock options				14			14
Ending balance, shares at Jun. 30, 2022
Ending balance, value at Jun. 30, 2022
Ending balance, shares at Jun. 30, 2022			24,418,434
Ending balance, value at Jun. 30, 2022			$ 2	$ 211,129	$ (785)	$ (59,293)	$ 151,053

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Accretion of Series A redeemable convertible preferred stock	$ (9)	$ (13)
Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member]
Share price	$ 1.893	$ 1.893
Accretion of Series A redeemable convertible preferred stock	$ 9	$ 13

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net loss	$ (22,901)	$ (8,556)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,248	344
Depreciation and amortization expense	28	4
Accretion of discounts and amortization of premiums on investments, net	(32)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	5,493	(56)
Other long-term assets	(428)	(74)
Accounts payable	875	563
Accrued and other liabilities	191	(5)
Operating lease assets and liabilities, net	(11)
Net cash used in operating activities	(14,537)	(7,780)
Cash flow from investing activities:
Purchases of short-term investments	(71,791)
Sales and maturities of short-term investments	59,744
Purchases of property and equipment	(158)	(40)
Net cash used in investing activities	(12,205)	(40)
Cash flow from financing activities:
Proceeds from sale of Series A redeemable convertible preferred stock, net of issuance costs		63,512
Payments for deferred offering costs		(1,115)
Proceeds from issuance of common stock upon exercise of stock options	2
Net cash provided by financing activities	2	62,397
Net (decrease) increase in cash	(26,740)	54,577
Cash and cash equivalents at the beginning of the year	54,197	4,573
Cash and cash equivalents at the end of the period	27,457	59,150
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability	765
Deferred offering costs included in accounts payable	$ 1	$ 1,901

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 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 June 30, 2022, the Company had cash and cash equivalents and short-term investments of $ 152.0 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	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	(2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30, 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 and six months ended June 30, 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”). (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. (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. (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 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (11,991 ) $ (5,775 ) $ (22,901 ) $ (8,556 ) Accretion of Series A redeemable convertible preferred stock to redemption value — (9 ) — (22 ) Net loss available to common stockholders $ (11,991 ) $ (5,784 ) $ (22,901 ) $ (8,578 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,503 243,076 24,410,448 243,076 Net loss per share, basic and diluted $ (0.49 ) $ (23.80 ) $ (0.94 ) $ (35.29 ) 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 June 30, 2022 2021 Options to purchase common stock 3,953,390 2,770,954 Unvested restricted stock units 1,631 — Series Seed redeemable convertible preferred stock — 1,287,825 Series A redeemable convertible preferred stock — 12,895,029 Antidilutive Securities 3,955,021 16,953,808 (e) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 Fair Value Measurements Using June 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (level 3) Assets: Cash equivalents Money market funds $ 16,286 $ 16,286 $ — $ — Commercial paper 5,991 — 5,991 — Total cash equivalents 22,277 16,286 5,991 — Short-term investments U.S. Treasury bills 32,147 32,147 — — Corporate debt securities 1,991 — 1,991 — Commercial paper 84,905 — 84,905 — Agency bond 5,488 — 5,488 — Total short-term investments 124,531 32,147 92,384 — Total fair value of assets $ 146,808 $ 48,433 $ 98,375 $ — Fair Value Measurements Using December 31, 2021 Quoted Prices in Significant Significant 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 fair value of assets $ 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): SCHEDULE OF SHORT TERM INVESTMENT As of June 30, 2022 Maturity Amortized cost Gross Gross Estimated Corporate debt securities 1 year or less $ 2,001 $ — $ (10 ) $ 1,991 Commercial paper 1 year or less 85,197 — (292 ) 84,905 U.S. Treasury bills 2 years or less 32,620 — (473 ) 32,147 Agency bond 2 years or less 5,498 — (10 ) 5,488 $ 125,316 $ — $ (785 ) $ 124,531 As of December 31, 2021 Maturity Amortized cost Gross Gross Estimated 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 June 30, 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. As of June 30, 2022 and December 31, 2021, no allowance for credit losses was recorded. During the six months ended June 30, 2022, the Company did not recognize any impairment losses related to its short-term investments. 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	6 Months Ended
	Jun. 30, 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 June 30, December 31, 2022 2021 Prepaid research and development $ 820 $ 5,233 Prepaid expenses 415 1,485 Other current assets 226 240 Total prepaid expenses and other current assets $ 1,461 $ 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 June 30, December 31, 2022 2021 Accrued payroll and other employee benefits $ 817 $ 790 Accrued research and development 373 217 Other 151 143 Total accrued and other current liabilities $ 1,341 $ 1,150

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 thirty-nine The Company has the option to extend the Foster City Lease for on additional period of one year. 22,600 3 As of June 30, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands): SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES 2022 $ 147 2023 449 2024 489 2025 242 Total operating lease payments 1,327 Less: Amount representing interest (118 ) Present value of net minimum lease payments $ 1,209 Operating lease liabilities: Current 347 Non-current 862 Total lease liabilities $ 1,209 Weighted-average remaining lease term (in years) 3.0 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 Six months ended June 30, 2021 2020 Cash paid included in operating cash flows $ 113 $ — Rent expense was as follows (in thousands): SCHEDULE OF RENT EXPENSES Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease $ 92 $ — $ 142 $ — Short-term lease 11 — 46 — Total rent expense $ 103 $ — $ 188 $ —

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 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 0.0012 9,984,463 14,182,854 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 June 30, 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 June 30, 2022 Common stock options granted and outstanding 3,953,390 Reserved for exercise of outstanding stock options 1,552,307 Reserved for vesting of outstanding restricted stock units 1,631 Reserved for future ESPP issuances 230,000 Total 5,737,328

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	(7) STOCK-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 June 30, 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 June 30, 2022, 2,022,477 1,631 1,552,307 1,930,913 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 six months ended June 30, 2022: SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN Options Weighted- Weighted- Aggregate Vested and expected to vest at December 31, 2021 3,454,374 $ 6.85 9.42 $ 19,378 Granted 507,057 $ 13.08 9.79 Exercised (8,041 ) 1.74 Cancelled/Forfeited — — Outstanding at June 30, 2022 3,953,390 $ 7.66 9.02 $ 31,633 Vested and exercisable at June 30, 2022 875,657 $ 5.91 8.80 $ 8,533 Vested and expected to vest at June 30, 2022 3,953,390 $ 7.66 9.02 $ 31,633 The weighted-average grant date fair value of stock option grants was $ 8.73 (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) Stock-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: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Expected term (in years) 5.5 6.1 5.8 6.1 5.5 6.1 5.8 6.1 Expected volatility 73.8 76.5 % 68.7 69.6 % 73.6 76.5 % 68.7 69.6 % Risk-free interest rate 2.5 3.4 % 1.0 1.2 % 1.6 3.4 % 1.0 1.2 % Expected dividend — — — — Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 445 $ 101 $ 701 $ 113 General and administrative 779 220 1,547 231 Total $ 1,224 $ 321 $ 2,248 $ 344 As of June 30, 2022, there was approximately $ 14.8 3.0 (d) Restricted Stock Units A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the six months ended June 30, 2022 was as follows: SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY Units Weighted- Unvested restricted stock units as of December 31, 2021 – – Granted 1,631 $ 12.26 Vested – – Forfeited – – Unvested restricted stock units as of June 30, 2022 1,631 $ 12.26 Stock-based compensation of restricted stock units is based on the fair value of the Company’s common stock on the date of grant and recognized over the vesting period. Restricted stock units awarded by the Company vest in equal amounts annually over two years As of June 30, 2022, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $ 20,000 2.0

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30, 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 and six months ended June 30, 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 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (11,991 ) $ (5,775 ) $ (22,901 ) $ (8,556 ) Accretion of Series A redeemable convertible preferred stock to redemption value — (9 ) — (22 ) Net loss available to common stockholders $ (11,991 ) $ (5,784 ) $ (22,901 ) $ (8,578 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,503 243,076 24,410,448 243,076 Net loss per share, basic and diluted $ (0.49 ) $ (23.80 ) $ (0.94 ) $ (35.29 ) 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 June 30, 2022 2021 Options to purchase common stock 3,953,390 2,770,954 Unvested restricted stock units 1,631 — Series Seed redeemable convertible preferred stock — 1,287,825 Series A redeemable convertible preferred stock — 12,895,029 Antidilutive Securities 3,955,021 16,953,808
Recently Issued and Recently Adopted Accounting Pronouncements	(e) Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 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 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ (11,991 ) $ (5,775 ) $ (22,901 ) $ (8,556 ) Accretion of Series A redeemable convertible preferred stock to redemption value — (9 ) — (22 ) Net loss available to common stockholders $ (11,991 ) $ (5,784 ) $ (22,901 ) $ (8,578 ) Denominator: Weighted-average common stock outstanding, basic and diluted 24,410,503 243,076 24,410,448 243,076 Net loss per share, basic and diluted $ (0.49 ) $ (23.80 ) $ (0.94 ) $ (35.29 )
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 June 30, 2022 2021 Options to purchase common stock 3,953,390 2,770,954 Unvested restricted stock units 1,631 — Series Seed redeemable convertible preferred stock — 1,287,825 Series A redeemable convertible preferred stock — 12,895,029 Antidilutive Securities 3,955,021 16,953,808

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 Fair Value Measurements Using June 30, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable (level 3) Assets: Cash equivalents Money market funds $ 16,286 $ 16,286 $ — $ — Commercial paper 5,991 — 5,991 — Total cash equivalents 22,277 16,286 5,991 — Short-term investments U.S. Treasury bills 32,147 32,147 — — Corporate debt securities 1,991 — 1,991 — Commercial paper 84,905 — 84,905 — Agency bond 5,488 — 5,488 — Total short-term investments 124,531 32,147 92,384 — Total fair value of assets $ 146,808 $ 48,433 $ 98,375 $ — Fair Value Measurements Using December 31, 2021 Quoted Prices in Significant Significant 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 fair value of assets $ 167,279 $ 64,788 $ 102,491 $ —
SCHEDULE OF SHORT TERM INVESTMENT	The following tables summarize the Company’s short-term investments (in thousands): SCHEDULE OF SHORT TERM INVESTMENT As of June 30, 2022 Maturity Amortized cost Gross Gross Estimated Corporate debt securities 1 year or less $ 2,001 $ — $ (10 ) $ 1,991 Commercial paper 1 year or less 85,197 — (292 ) 84,905 U.S. Treasury bills 2 years or less 32,620 — (473 ) 32,147 Agency bond 2 years or less 5,498 — (10 ) 5,488 $ 125,316 $ — $ (785 ) $ 124,531 As of December 31, 2021 Maturity Amortized cost Gross Gross Estimated 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)	6 Months Ended
	Jun. 30, 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 June 30, December 31, 2022 2021 Prepaid research and development $ 820 $ 5,233 Prepaid expenses 415 1,485 Other current assets 226 240 Total prepaid expenses and other current assets $ 1,461 $ 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 June 30, December 31, 2022 2021 Accrued payroll and other employee benefits $ 817 $ 790 Accrued research and development 373 217 Other 151 143 Total accrued and other current liabilities $ 1,341 $ 1,150

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES	As of June 30, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands): SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES 2022 $ 147 2023 449 2024 489 2025 242 Total operating lease payments 1,327 Less: Amount representing interest (118 ) Present value of net minimum lease payments $ 1,209 Operating lease liabilities: Current 347 Non-current 862 Total lease liabilities $ 1,209 Weighted-average remaining lease term (in years) 3.0 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 Six months ended June 30, 2021 2020 Cash paid included in operating cash flows $ 113 $ —
SCHEDULE OF RENT EXPENSES	Rent expense was as follows (in thousands): SCHEDULE OF RENT EXPENSES Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Operating lease $ 92 $ — $ 142 $ — Short-term lease 11 — 46 — Total rent expense $ 103 $ — $ 188 $ —

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE	As of June 30, 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 June 30, 2022 Common stock options granted and outstanding 3,953,390 Reserved for exercise of outstanding stock options 1,552,307 Reserved for vesting of outstanding restricted stock units 1,631 Reserved for future ESPP issuances 230,000 Total 5,737,328

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
SCHEDULE 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 six months ended June 30, 2022: SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN Options Weighted- Weighted- Aggregate Vested and expected to vest at December 31, 2021 3,454,374 $ 6.85 9.42 $ 19,378 Granted 507,057 $ 13.08 9.79 Exercised (8,041 ) 1.74 Cancelled/Forfeited — — Outstanding at June 30, 2022 3,953,390 $ 7.66 9.02 $ 31,633 Vested and exercisable at June 30, 2022 875,657 $ 5.91 8.80 $ 8,533 Vested and expected to vest at June 30, 2022 3,953,390 $ 7.66 9.02 $ 31,633
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS	SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Expected term (in years) 5.5 6.1 5.8 6.1 5.5 6.1 5.8 6.1 Expected volatility 73.8 76.5 % 68.7 69.6 % 73.6 76.5 % 68.7 69.6 % Risk-free interest rate 2.5 3.4 % 1.0 1.2 % 1.6 3.4 % 1.0 1.2 % Expected dividend — — — —
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 445 $ 101 $ 701 $ 113 General and administrative 779 220 1,547 231 Total $ 1,224 $ 321 $ 2,248 $ 344
SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY	A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the six months ended June 30, 2022 was as follows: SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY Units Weighted- Unvested restricted stock units as of December 31, 2021 – – Granted 1,631 $ 12.26 Vested – – Forfeited – – Unvested restricted stock units as of June 30, 2022 1,631 $ 12.26

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) $ in Millions	Jun. 30, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents and short term investment	$ 152

SCHEDULE OF NET LOSS PER SHARE

SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Net loss	$ (11,991)	$ (10,910)	$ (5,775)	$ (2,781)	$ (22,901)	$ (8,556)
Accretion of Series A redeemable convertible preferred stock to redemption value			(9)	$ (13)
Net loss available to common stockholders	$ (11,991)		$ (5,784)		$ (22,901)	$ (8,578)
Weighted-average common stock outstanding, basic and diluted	24,410,503		243,076		24,410,448	243,076
Net loss per share, basic and diluted	$ (0.49)		$ (23.80)		$ (0.94)	$ (35.29)
Series A Redeemable Convertible Preferred Stock [Member]
Accretion of Series A redeemable convertible preferred stock to redemption value			$ (9)			$ (22)

SCHEDULE OF POTENTIALLY DILUTIV

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	3,955,021	16,953,808
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	3,953,390	2,770,954
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	1,631
Series Seed Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		1,287,825
Series A Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		12,895,029

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	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 16,286	$ 39,653
Commercial paper	5,991	14,448
Total cash equivalents	22,277	54,101
U.S. Treasury bills	32,147	25,135
Corporate debt securities	1,991	10,715
Commercial paper	84,905	77,328
Agency bond	5,488
Total short-term investments	124,531	113,178
Total fair value of assets	146,808	167,279
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	16,286	39,653
Commercial paper
Total cash equivalents	16,286	39,653
U.S. Treasury bills	32,147	25,135
Corporate debt securities
Commercial paper
Agency bond
Total short-term investments	32,147	25,135
Total fair value of assets	48,433	64,788
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Commercial paper	5,991	14,448
Total cash equivalents	5,991	14,448
U.S. Treasury bills
Corporate debt securities	1,991	10,715
Commercial paper	84,905	77,328
Agency bond	5,488
Total short-term investments	92,384	88,043
Total fair value of assets	98,375	102,491
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Commercial paper
Total cash equivalents
U.S. Treasury bills
Corporate debt securities
Commercial paper
Agency bond
Total short-term investments
Total fair value of assets

SCHEDULE OF SHORT TERM INVESTME

SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 125,316	$ 113,237
Gross unrealized gains		9
Gross unrealized losses	(785)	(68)
Estimated fair value	124,531	113,178
Corporate Debt Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	2,001	10,726
Gross unrealized gains
Gross unrealized losses	$ (10)	$ (11)
Maturity	1 year or less	1 year or less
Estimated fair value	$ 1,991	$ 10,715
Commercial Paper [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	85,197	77,328
Gross unrealized gains		9
Gross unrealized losses	$ (292)	$ (9)
Maturity	1 year or less	1 year or less
Estimated fair value	$ 84,905	$ 77,328
US Treasury Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	32,620	25,183
Gross unrealized gains
Gross unrealized losses	$ (473)	$ (48)
Maturity	2 years or less	2 years or less
Estimated fair value	$ 32,147	$ 25,135
Agency Bond [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	5,498
Gross unrealized gains
Gross unrealized losses	$ (10)
Maturity	2 years or less
Estimated fair value	$ 5,488

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Short-Term Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Short-term investments	$ 0.1	$ 0.1

SCHEDULE OF PREPAID EXPENSES AN

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid research and development	$ 820	$ 5,233
Prepaid expenses	415	1,485
Other current assets	226	240
Total prepaid expenses and other current assets	$ 1,461	$ 6,958

SCHEDULE OF ACCRUED AND OTHER C

SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and other employee benefits	$ 817	$ 790
Accrued research and development	373	217
Other	151	143
Total accrued and other current liabilities	$ 1,341	$ 1,150

SCHEDULE OF FUTURE MINIMUM ANNU

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 147
2023	449
2024	489
2025	242
Total operating lease payments	1,327
Less: Amount representing interest	(118)
Total lease liabilities	1,209
Operating lease liabilities:
Current	347	$ 192
Non-current	$ 862	$ 382
Weighted-average remaining lease term (in years)	3 years
Weighted-average incremental borrowing rate	6%

SCHEDULE OF SUPPLEMENTAL CASH F

SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Cash paid included in operating cash flows	$ 113

SCHEDULE OF RENT EXPENSES (Deta

SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease	$ 92		$ 142
Short-term lease	11		46
Total rent expense	$ 103		$ 188

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	1 Months Ended
	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²
Waltham Lease [Member]
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%
Foster City Lease [Member]
Lessee, Lease, Description [Line Items]
Area of land | ft²	3,500
Operating lease term	39 months
Lease, option to extend	The Company has the option to extend the Foster City Lease for on additional period of one year.
Payment for rent | $	$ 22,600
Lease rent percentage	3%

SCHEDULE OF COMMON STOCK SHARES

SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock options granted and outstanding	3,953,390	3,454,374
Reserved for exercise of outstanding stock options	1,552,307
Reserved for vesting of outstanding restricted stock units	1,631
Reserved for future ESPP issuances	230,000
Total	5,737,328

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares		1 Months Ended
	Jul. 02, 2021	Aug. 31, 2018	Jun. 30, 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

SCHEDULE OF OPTION ACTIVITY UND

SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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 7 days	9 years 5 months 1 day
Aggregate Intrinsic Value Outstanding, beginning balance	$ 19,378
Options Granted	507,057
Weighted-Average Exercise Price, Granted	$ 13.08
Weighted- Average Remaining Contractual Term, Granted	9 years 9 months 14 days
Options Exercised	(8,041,000)
Weighted-Average Exercise Price, Exercised	$ 1.74
Options, Cancelled/Forfeited
Weighted-Average Exercise Price, Cancelled/Forfeited
Options Outstanding, ending balance	3,953,390	3,454,374
Weighted-Average Exercise Price Outstanding, ending balance	$ 7.66	$ 6.85
Aggregate Intrinsic Value Outstanding, ending balance	$ 31,633	$ 19,378
Options, Vested and exercisable	875,657
Weighted-Average Exercise Price, Vested and exercisable	$ 5.91
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 9 months 18 days
Aggregate Intrinsic Value, Vested and exercisable	$ 8,533
Options, Vested and expected to vest	3,953,390,000
Weighted-Average Exercise Price, Vested and expected to vest	$ 7.66
Weighted- Average Remaining Contractual Term, Vested and expected to vest	9 years 7 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 31,633

SCHEDULE OF FAIR VALUE OF STOCK

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	73.80%	68.70%	73.60%	68.70%
Expected volatility, maximum	76.50%	69.60%	76.50%	69.60%
Risk-free interest rate, minimum	2.50%	1%	1.60%	1%
Risk-free interest rate, maximum	3.40%	1.20%	3.40%	1.20%
Expected dividend
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 9 months 18 days	5 years 6 months	5 years 9 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	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,224	$ 321	$ 2,248	$ 344
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	445	101	701	113
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 779	$ 220	$ 1,547	$ 231

SCHEDULE OF UNVESTED STOCK UNIT

SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, beginning | shares
Weighted Average Grant date fair value, beginning | $ / shares
Number of units, Granted | shares	1,631
Weighted Average Grant date fair value, Granted | $ / shares	$ 12.26
Number of units, Vested | shares
Weighted Average Grant date fair value, Vested | $ / shares
Number of units, forfeited | shares
Weighted Average Grant date fair value, Forfeited | $ / shares
Number of units, Ending | shares	1,631
Weighted Average Grant date fair value, Ending | $ / shares	$ 12.26

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Feb. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option grants per share		$ 8.73
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%
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%
Discount percentage on marker price	85%
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.
Unrecognized stock based compensation		$ 14.8
Unrecognized stock-based compensation weighted-average period		3 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		1,552,307
Common stock available for issuance, awards granted		2,022,477
Restricted Stock [Member] | 2021 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award		1,631
Restricted Stock [Member] | 2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance, awards granted		1,930,913
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award		1,631
Unrecognized stock based compensation		$ 20,000
Vested term		2 years
Weighted- average remaining vesting period		2 years