Aerovate Therapeutics (AVTE) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
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		24,605,073

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 22,419	$ 54,197
Short-term investments	120,159	113,178
Prepaid expenses and other current assets	2,578	6,958
Total current assets	145,156	174,333
Property and equipment, net	330	186
Operating lease right-of-use assets	1,094	542
Other long-term assets	1,076	302
Total assets	147,656	175,363
Current liabilities:
Accounts payable	4,541	1,208
Accrued and other current liabilities	2,785	1,150
Operating lease liabilities	379	192
Total current liabilities	7,705	2,550
Operating lease liabilities, net of current portion	800	382
Other liabilities	13	13
Total liabilities	8,518	2,945
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 24,506,390 and 24,410,393 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	212,788	208,867
Accumulated other comprehensive loss	(771)	(59)
Accumulated deficit	(72,881)	(36,392)
Total stockholders' equity	139,138	172,418
Total liabilities and stockholders' equity	$ 147,656	$ 175,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	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	24,506,390	24,410,393
Common stock, shares outstanding	24,506,390	24,410,393

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 10,783	$ 3,418	$ 26,401	$ 9,941
General and administrative	3,369	2,782	10,984	4,813
Total operating expenses	14,152	6,200	37,385	14,754
Loss from operations	(14,152)	(6,200)	(37,385)	(14,754)
Other income (expense):
Interest income	560	16	898	18
Other income (expense)	4		(2)	(4)
Total other income	564	16	896	14
Net loss	(13,588)	(6,184)	(36,489)	(14,740)
Comprehensive loss:
Net loss	(13,588)	(6,184)	(36,489)	(14,740)
Other comprehensive loss:
Unrealized gain (loss) on securities	14		(712)
Comprehensive loss	$ (13,574)	$ (6,184)	$ (37,201)	$ (14,740)
Net loss per share, basic	$ (0.56)	$ (0.26)	$ (1.49)	$ (1.80)
Net loss per share, diluted	$ (0.56)	$ (0.26)	$ (1.49)	$ (1.80)
Weighted-average shares of common stock outstanding, basic	24,454,786	23,885,017	24,425,390	8,180,359
Weighted-average shares of common stock outstanding, diluted	24,454,786	23,885,017	24,425,390	8,180,359

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock Series A Redeemable Convertible Preferred Stock	Preferred Stock Series Seed Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings	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
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 7,983
Issuance of redeemable convertible preferred stock, net of issuance costs (in 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
Beginning balance, shares at Dec. 31, 2020			243,076
Beginning balance, value at Dec. 31, 2020				$ 63		(13,407)	(13,344)
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock based compensation				23			23
Net loss						(2,781)	(2,781)
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)
Increase (Decrease) in Temporary Equity [Roll Forward]
Net loss							(14,740)
Ending balance, shares at Sep. 30, 2021			24,410,393
Ending balance, value at Sep. 30, 2021			$ 2	208,015		(28,169)	179,848
Beginning balance, shares at Mar. 31, 2021	10,713,808	4,000,000
Beginning balance, value at Mar. 31, 2021	$ 20,281	$ 4,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 55,529
Issuance of redeemable convertible preferred stock, net of issuance costs (in 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
Beginning balance, shares at Mar. 31, 2021			243,076
Beginning balance, value at Mar. 31, 2021				86		(16,201)	(16,115)
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock based compensation				321			321
Net loss						(5,775)	(5,775)
Ending balance, shares at Jun. 30, 2021			243,076
Ending balance, value at Jun. 30, 2021				407		(21,985)	(21,578)
Increase (Decrease) in Temporary Equity [Roll Forward]
Stock based compensation				845			845
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (75,819)	$ (4,000)	$ 1	79,818			79,819
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares	(40,052,154)	(4,000,000)	14,182,854
Issuance of common stock upon initial public offering, net of issuance costs			$ 1	126,945			126,946
Issuance of common stock upon initial public offering, net of issuance costs, shares			9,984,463
Net loss						(6,184)	(6,184)
Ending balance, shares at Sep. 30, 2021			24,410,393
Ending balance, value at Sep. 30, 2021			$ 2	208,015		(28,169)	179,848
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
Increase (Decrease) in Temporary Equity [Roll Forward]
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			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			24,410,393
Beginning balance, value at Dec. 31, 2021			$ 2	208,867	(59)	(36,392)	$ 172,418
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)							95,997,000
Net loss							$ (36,489)
Ending balance, shares at Sep. 30, 2022			24,506,390
Ending balance, value at Sep. 30, 2022			$ 2	212,788	(771)	(72,881)	139,138
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
Increase (Decrease) in Temporary Equity [Roll Forward]
Unrealized loss on investments					(141)		(141)
Stock based compensation				1,224			1,224
Issuance of common stock upon exercise of stock options				14			14
Issuance of common stock upon exercise of stock options (in shares)			8,041
Net loss						(11,991)	(11,991)
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
Increase (Decrease) in Temporary Equity [Roll Forward]
Unrealized gain on investments					14		14
Stock based compensation				1,499			1,499
Issuance of common stock upon exercise of stock options				160			160
Issuance of common stock upon exercise of stock options (in shares)			87,956
Net loss						(13,588)	(13,588)
Ending balance, shares at Sep. 30, 2022			24,506,390
Ending balance, value at Sep. 30, 2022			$ 2	$ 212,788	$ (771)	$ (72,881)	$ 139,138

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 | Series A Redeemable Convertible Preferred Stock
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flow from operating activities:
Net loss	$ (36,489)	$ (14,740)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,747	1,189
Depreciation and amortization expense	48	7
Accretion of discounts and amortization of premiums on investments, net	(324)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,375	(2,121)
Other long-term assets	(407)	(278)
Accounts payable	3,117	1,654
Accrued and other liabilities	1,635	(33)
Operating lease assets and liabilities, net	41	16
Net cash used in operating activities	(24,257)	(14,306)
Cash flow from investing activities:
Purchases of short-term investments	(97,363)
Sales and maturities of short-term investments	89,994
Purchases of property and equipment	(191)	(96)
Net cash used in investing activities	(7,560)	(96)
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	(135)
Proceeds from exercise of stock options	174
Proceeds from issuance of common stock, net of issuance costs		127,195
Net cash provided by financing activities	39	190,707
Net (decrease) increase in cash and cash equivalents	(31,778)	176,305
Cash and cash equivalents at the beginning of the year	54,197	4,573
Cash and cash equivalents at the end of the period	22,419	180,878
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability	765	583
Deferred offering costs included in accounts payable	149	250
Purchases of property and equipment in accounts payable		$ 34

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2022
ORGANIZATION AND NATURE OF OPERATIONS
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 adult 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 September 30, 2022, the Company had cash and cash equivalents and short-term investments of $142.6 million. 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	9 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
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 September 30, 2022 and for the three and nine months ended September 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 nine months ended September 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 (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 ongoing 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, fair value of investments, and operating lease right-of-use assets and lease liabilities. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,740) ​ Accretion of Series A redeemable convertible preferred stock to redemption value ​ — ​ — ​ — ​ (22) ​ Net loss available to common stockholders ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,762) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 24,454,786 ​ 23,885,017 ​ 24,425,390 ​ 8,180,359 ​ Net loss per share, basic and diluted ​ $ (0.56) ​ $ (0.26) ​ $ (1.49) ​ $ (1.80) ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ 2022 2021 Options to purchase common stock 4,152,934 2,800,574 Unvested restricted stock units ​ 22,881 ​ — ​ ​ 4,175,815 2,800,574 ​ (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	9 Months Ended
	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ September 30, ​ Assets ​ Inputs ​ Inputs ​ 2022 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 17,201 ​ $ 17,201 ​ $ — ​ $ — Total cash equivalents ​ 17,201 ​ 17,201 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ U.S. Treasury bills ​ 25,592 ​ 25,592 ​ — ​ — Commercial paper ​ 80,188 ​ — ​ 80,188 ​ — Agency bond ​ 14,379 ​ — ​ 14,379 ​ — Total short-term investments ​ 120,159 ​ 25,592 ​ 94,567 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 137,360 ​ $ 42,793 ​ $ 94,567 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2021 (Level 1) (Level 2) (level 3) 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Commercial paper 1 year or less ​ 80,379 ​ ​ 2 ​ ​ (193) ​ 80,188 ​ U.S. Treasury bills 2 years or less ​ 26,052 ​ — ​ (460) ​ 25,592 ​ Agency bond 2 years or less ​ 14,499 ​ — ​ (120) ​ 14,379 ​ ​ ​ ​ ​ $ 120,930 ​ $ 2 ​ $ (773) ​ $ 120,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses 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 September 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 September 30, 2022 and December 31, 2021, no allowance for credit losses was recorded. During the nine months ended September 30, 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 million as of September 30, 2022 and December 31, 2021.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2022
BALANCE SHEET COMPONENTS
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Prepaid expenses ​ $ 2,115 ​ $ 1,485 ​ Other current assets ​ 331 ​ 240 ​ Prepaid research and development ​ ​ 132 ​ ​ 5,233 ​ Total prepaid expenses and other current assets ​ $ 2,578 ​ $ 6,958 ​ ​ Accrued and Other Current Liabilities ​ Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 ​ Accrued research and development ​ $ 1,389 ​ $ 217 ​ Accrued payroll and other employee benefits ​ ​ 1,142 ​ ​ 790 ​ Other ​ 254 ​ 143 ​ Total accrued and other current liabilities ​ $ 2,785 ​ $ 1,150 ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(5) COMMITMENTS AND CONTINGENCIES In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 square feet of office space in Waltham, Massachusetts for the Company’s corporate headquarters. The Waltham Lease has a term of thirty-nine months (“Lease Term”), unless extended or earlier terminated. The Company has the option to extend the Waltham Lease for one additional period of three years. The Lease Term has an initial abatement period, and the initial base rent payable will be approximately $18,000 per month following the abatement period. The initial base rent payable will increase by approximately 2% per year over the Lease Term. The Waltham Lease commencement date was September 1, 2021. In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 square feet of office space in Foster City, California. The Foster City Lease has a term of thirty-nine months, unless extended or earlier terminated. The Company has the option to extend the Foster City Lease for on additional period of one year. The base rent payable under the Lease Term will be $22,600 per month and will be subject to annual increase of 3% on each anniversary. As of September 30, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ ​ Lease Payments ​ ​ 2022 $ 99 ​ ​ 2023 ​ 449 ​ ​ 2024 ​ 489 ​ ​ 2025 ​ 242 ​ ​ Total operating lease payments ​ 1,279 ​ ​ Less: Amount representing interest ​ (100) ​ ​ Present value of net minimum lease payments ​ $ 1,179 ​ ​ Operating lease liabilities: ​ ​ ​ ​ ​ Current ​ ​ 379 ​ ​ Non-current ​ ​ 800 ​ ​ Total lease liabilities ​ $ 1,179 ​ ​ Weighted-average remaining lease term (in years) ​ 2.7 ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2022 2021 Cash paid included in operating cash flows ​ $ 149 ​ $ — ​ ​ Rent expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2022 2021 2022 2021 Operating lease ​ $ 112 ​ $ — ​ $ 254 ​ $ — ​ Short-term lease ​ — ​ — ​ 46 ​ — ​ Total rent expense ​ $ 112 ​ $ — ​ $ 300 ​ $ — ​ ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
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 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of undesignated preferred stock with a par value of $0.0001 per share. 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 September 30, 2022, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ September 30, 2022 Common stock options granted and outstanding 4,152,934 ​ Reserved for exercise of outstanding stock options 1,243,557 ​ Reserved for vesting of outstanding restricted stock units ​ 22,881 ​ Reserved for future ESPP issuances 230,000 ​ Total 5,649,372 ​ ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
STOCK-BASED COMPENSATION
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 September 30, 2022, a total of 3,576,415 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 4% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. Effective January 1, 2022, the number of shares available under the 2021 Plan increased by 976,415 shares, as determined by the Company’s board of directors. 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 September 30, 2022, 2,309,977 options had been granted and were outstanding under the 2021 Plan, with 1,243,557 shares authorized under the 2021 Plan available for future issuance. As of September 30, 2022, a total of 1,842,957 options had been granted and were outstanding under the 2018 Plan. 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 of the date of grant. The vesting period generally occurs over three The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Contractual Term ​ Intrinsic Value ​ Options Exercise Price (in years) (in thousands) Vested and expected to vest at December 31, 2021 3,454,374 ​ $ 6.85 9.42 ​ $ 19,378 ​ Granted 794,557 ​ $ 15.03 ​ ​ ​ ​ Exercised (95,997) ​ 1.80 ​ ​ Cancelled/Forfeited — ​ — ​ ​ Outstanding at September 30, 2022 4,152,934 ​ $ 8.53 8.86 ​ $ 34,148 ​ Vested and exercisable at September 30, 2022 999,256 ​ $ 6.44 8.62 ​ $ 10,150 ​ Vested and expected to vest at September 30, 2022 4,152,934 ​ $ 8.53 8.86 ​ $ 34,148 ​ ​ The weighted-average grant date fair value of stock option grants was $10.05 per share for the nine months ended September 30, 2022. 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 shares of the Company’s common stock is initially available for issuance under the ESPP. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of September 30, 2022, no shares had been issued under the ESPP, and the full number of shares authorized under the ESPP Plan were available for issuance purposes upon the effectiveness of the ESPP. (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ 2022 ​ 2021 2022 ​ 2021 Expected term (in years) 6.1 ​ 5.2 - 5.8 ​ ​ 5.5 - 6.1 ​ 5.2 - 6.1 ​ Expected volatility 73.6 - 73.8 % 69.4 - 69.5 % ​ 73.6 - 76.5 % 68.7 - 69.6 % ​ Risk-free interest rate 2.7 - 4.1 % 0.9 - 1.1 % ​ 1.6 - 4.1 % 0.9 - 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 General and administrative ​ $ 899 ​ $ 711 ​ $ 2,446 ​ $ 942 ​ Research and development ​ ​ 600 ​ ​ 134 ​ ​ 1,301 ​ ​ 247 ​ Total ​ $ 1,499 ​ $ 845 ​ $ 3,747 ​ $ 1,189 ​ ​ As of September 30, 2022, there was approximately $16.9 million of total unrecognized stock-based compensation expense related to unvested stock options granted under the 2021 Plan and 2018 Plan, which is expected to be recognized over a weighted-average period of approximately 2.8 years. (d) Restricted Stock Units As of September 30, 2022, 22,881 restricted stock units had been awarded under the 2021 Plan. A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the nine months ended September 30, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2021 — ​ — ​ Granted 22,881 ​ $ 22.16 ​ Vested — ​ — ​ Forfeited — ​ — ​ Unvested restricted stock units as of September 30, 2022 22,881 ​ $ 22.16 ​ ​ 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. The vesting period generally occurs over three As of September 30, 2022, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.7 years.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2022 and for the three and nine months ended September 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 nine months ended September 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
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 ongoing 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, fair value of investments, and operating lease right-of-use assets and lease liabilities. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,740) ​ Accretion of Series A redeemable convertible preferred stock to redemption value ​ — ​ — ​ — ​ (22) ​ Net loss available to common stockholders ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,762) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 24,454,786 ​ 23,885,017 ​ 24,425,390 ​ 8,180,359 ​ Net loss per share, basic and diluted ​ $ (0.56) ​ $ (0.26) ​ $ (1.49) ​ $ (1.80) ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ 2022 2021 Options to purchase common stock 4,152,934 2,800,574 Unvested restricted stock units ​ 22,881 ​ — ​ ​ 4,175,815 2,800,574 ​
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)	9 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,740) ​ Accretion of Series A redeemable convertible preferred stock to redemption value ​ — ​ — ​ — ​ (22) ​ Net loss available to common stockholders ​ $ (13,588) ​ $ (6,184) ​ $ (36,489) ​ $ (14,762) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted-average common stock outstanding, basic and diluted ​ 24,454,786 ​ 23,885,017 ​ 24,425,390 ​ 8,180,359 ​ Net loss per share, basic and diluted ​ $ (0.56) ​ $ (0.26) ​ $ (1.49) ​ $ (1.80) ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ 2022 2021 Options to purchase common stock 4,152,934 2,800,574 Unvested restricted stock units ​ 22,881 ​ — ​ ​ 4,175,815 2,800,574

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical ​ Observable ​ Unobservable ​ ​ September 30, ​ Assets ​ Inputs ​ Inputs ​ 2022 (Level 1) (Level 2) (level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ ​ ​ ​ Money market funds ​ $ 17,201 ​ $ 17,201 ​ $ — ​ $ — Total cash equivalents ​ 17,201 ​ 17,201 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ ​ ​ ​ U.S. Treasury bills ​ 25,592 ​ 25,592 ​ — ​ — Commercial paper ​ 80,188 ​ — ​ 80,188 ​ — Agency bond ​ 14,379 ​ — ​ 14,379 ​ — Total short-term investments ​ 120,159 ​ 25,592 ​ 94,567 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total fair value of assets ​ $ 137,360 ​ $ 42,793 ​ $ 94,567 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ Active Markets Significant Other ​ Significant ​ ​ ​ for Identical Observable ​ Unobservable ​ December 31, Assets Inputs ​ Inputs ​ 2021 (Level 1) (Level 2) (level 3) 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ Estimated fair ​ Maturity cost gains losses value Commercial paper 1 year or less ​ 80,379 ​ ​ 2 ​ ​ (193) ​ 80,188 ​ U.S. Treasury bills 2 years or less ​ 26,052 ​ — ​ (460) ​ 25,592 ​ Agency bond 2 years or less ​ 14,499 ​ — ​ (120) ​ 14,379 ​ ​ ​ ​ ​ $ 120,930 ​ $ 2 ​ $ (773) ​ $ 120,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ ​ Amortized unrealized ​ unrealized ​ Estimated fair ​ ​ Maturity cost gains losses 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)	9 Months Ended
	Sep. 30, 2022
BALANCE SHEET COMPONENTS
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Prepaid expenses ​ $ 2,115 ​ $ 1,485 ​ Other current assets ​ 331 ​ 240 ​ Prepaid research and development ​ ​ 132 ​ ​ 5,233 ​ Total prepaid expenses and other current assets ​ $ 2,578 ​ $ 6,958 ​
SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES	Accrued and other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 ​ Accrued research and development ​ $ 1,389 ​ $ 217 ​ Accrued payroll and other employee benefits ​ ​ 1,142 ​ ​ 790 ​ Other ​ 254 ​ 143 ​ Total accrued and other current liabilities ​ $ 2,785 ​ $ 1,150 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES	As of September 30, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Total Minimum ​ ​ ​ Lease Payments ​ ​ 2022 $ 99 ​ ​ 2023 ​ 449 ​ ​ 2024 ​ 489 ​ ​ 2025 ​ 242 ​ ​ Total operating lease payments ​ 1,279 ​ ​ Less: Amount representing interest ​ (100) ​ ​ Present value of net minimum lease payments ​ $ 1,179 ​ ​ Operating lease liabilities: ​ ​ ​ ​ ​ Current ​ ​ 379 ​ ​ Non-current ​ ​ 800 ​ ​ Total lease liabilities ​ $ 1,179 ​ ​ Weighted-average remaining lease term (in years) ​ 2.7 ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2022 2021 Cash paid included in operating cash flows ​ $ 149 ​ $ — ​
SCHEDULE OF RENT EXPENSES	Rent expense was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2022 2021 2022 2021 Operating lease ​ $ 112 ​ $ — ​ $ 254 ​ $ — ​ Short-term lease ​ — ​ — ​ 46 ​ — ​ Total rent expense ​ $ 112 ​ $ — ​ $ 300 ​ $ — ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE	As of September 30, 2022, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance: ​ ​ ​ ​ ​ ​ September 30, 2022 Common stock options granted and outstanding 4,152,934 ​ Reserved for exercise of outstanding stock options 1,243,557 ​ Reserved for vesting of outstanding restricted stock units ​ 22,881 ​ Reserved for future ESPP issuances 230,000 ​ Total 5,649,372 ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
STOCK-BASED COMPENSATION
SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ Weighted-Average ​ Contractual Term ​ Intrinsic Value ​ Options Exercise Price (in years) (in thousands) Vested and expected to vest at December 31, 2021 3,454,374 ​ $ 6.85 9.42 ​ $ 19,378 ​ Granted 794,557 ​ $ 15.03 ​ ​ ​ ​ Exercised (95,997) ​ 1.80 ​ ​ Cancelled/Forfeited — ​ — ​ ​ Outstanding at September 30, 2022 4,152,934 ​ $ 8.53 8.86 ​ $ 34,148 ​ Vested and exercisable at September 30, 2022 999,256 ​ $ 6.44 8.62 ​ $ 10,150 ​ Vested and expected to vest at September 30, 2022 4,152,934 ​ $ 8.53 8.86 ​ $ 34,148 ​
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ 2022 ​ 2021 2022 ​ 2021 Expected term (in years) 6.1 ​ 5.2 - 5.8 ​ ​ 5.5 - 6.1 ​ 5.2 - 6.1 ​ Expected volatility 73.6 - 73.8 % 69.4 - 69.5 % ​ 73.6 - 76.5 % 68.7 - 69.6 % ​ Risk-free interest rate 2.7 - 4.1 % 0.9 - 1.1 % ​ 1.6 - 4.1 % 0.9 - 1.2 % ​ Expected dividend — ​ — ​ ​ — ​ —
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 General and administrative ​ $ 899 ​ $ 711 ​ $ 2,446 ​ $ 942 ​ Research and development ​ ​ 600 ​ ​ 134 ​ ​ 1,301 ​ ​ 247 ​ Total ​ $ 1,499 ​ $ 845 ​ $ 3,747 ​ $ 1,189 ​
SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair Value ​ ​ Units ​ Per Unit Unvested restricted stock units as of December 31, 2021 — ​ — ​ Granted 22,881 ​ $ 22.16 ​ Vested — ​ — ​ Forfeited — ​ — ​ Unvested restricted stock units as of September 30, 2022 22,881 ​ $ 22.16 ​

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) $ in Millions	Sep. 30, 2022 USD ($)
ORGANIZATION AND NATURE OF OPERATIONS
Cash and cash equivalents and short term investment	$ 142.6

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 22, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Stockholders' equity, reverse stock split	0.321956

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (13,588)	$ (11,991)	$ (10,910)	$ (6,184)	$ (5,775)	$ (2,781)	$ (36,489)	$ (14,740)
Accretion of Series A redeemable convertible preferred stock to redemption value					$ (9)	$ (13)
Net loss available to common stockholders	$ (13,588)			$ (6,184)			$ (36,489)	$ (14,762)
Weighted-average common stock outstanding, basic	24,454,786			23,885,017			24,425,390	8,180,359
Weighted-average common stock outstanding, diluted	24,454,786			23,885,017			24,425,390	8,180,359
Net loss per share, basic	$ (0.56)			$ (0.26)			$ (1.49)	$ (1.80)
Net loss per share, diluted	$ (0.56)			$ (0.26)			$ (1.49)	$ (1.80)
Series A Redeemable Convertible Preferred Stock
Accretion of Series A redeemable convertible preferred stock to redemption value								$ (22)

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	4,175,815	2,800,574
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	4,152,934	2,800,574
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	22,881

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 120,159	$ 113,178
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	17,201	54,101
Total short-term investments	120,159	113,178
Total fair value of assets	137,360	167,279
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	17,201	39,653
Total short-term investments	25,592	25,135
Total fair value of assets	42,793	64,788
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	94,567	88,043
Total fair value of assets	94,567	102,491
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Total short-term investments
Total fair value of assets
Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	17,201	39,653
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	17,201	39,653
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Money market funds | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	80,188	77,328
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Total short-term investments
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	80,188	77,328
Commercial paper | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Total short-term investments
U.S. Treasury bills | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	25,592	25,135
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	25,592	25,135
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
U.S. Treasury bills | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Corporate debt securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments		10,715
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments		10,715
Corporate debt securities | Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Agency bond | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	14,379
Agency bond | Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 14,379

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 120,930	$ 113,237
Gross unrealized gains	2	9
Gross unrealized loss	(773)	(68)
Estimated fair value	120,159	113,178
Accrued interest receivable	100	100
Corporate debt securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost		10,726
Gross unrealized gains
Gross unrealized loss		(11)
Estimated fair value		10,715
Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	80,379	77,328
Gross unrealized gains	2	9
Gross unrealized loss	(193)	(9)
Estimated fair value	80,188	77,328
U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	26,052	25,183
Gross unrealized gains
Gross unrealized loss	(460)	(48)
Estimated fair value	25,592	$ 25,135
Agency bond
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	14,499
Gross unrealized gains
Gross unrealized loss	(120)
Estimated fair value	$ 14,379
Maximum | Corporate debt securities
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term		1 year
Maximum | Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	1 year	1 year
Maximum | U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years	2 years
Maximum | Agency bond
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years

BALANCE SHEET COMPONENTS - SCHE

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
BALANCE SHEET COMPONENTS
Prepaid expenses	$ 2,115	$ 1,485
Other current assets	331	240
Prepaid research and development	132	5,233
Total prepaid expenses and other current assets	$ 2,578	$ 6,958

BALANCE SHEET COMPONENTS - SC_2

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
BALANCE SHEET COMPONENTS
Accrued research and development	$ 1,389	$ 217
Accrued payroll and other employee benefits	1,142	790
Other	254	143
Total accrued and other current liabilities	$ 2,785	$ 1,150

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		9 Months Ended
	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Lease, option to extend			true
Waltham Lease
Lessee, Lease, Description [Line Items]
Area of land | ft²		5,000
Operating lease term		39 months
Renewal term		3 years
Payment for rent | $		$ 18,000
Lease rent percentage		2%
Foster City Lease
Lessee, Lease, Description [Line Items]
Area of land | ft²	3,500
Operating lease term	39 months
Renewal term	1 year
Payment for rent | $	$ 22,600
Lease rent percentage	3%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
2022	$ 99
2023	449
2024	489
2025	242
Total operating lease payments	1,279
Less: Amount representing interest	(100)
Present value of net minimum lease payments	1,179
Operating lease liabilities:
Current	379	$ 192
Non-current	$ 800	$ 382
Weighted-average remaining lease term (in years)	2 years 8 months 12 days
Weighted-average incremental borrowing rate	6%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
Cash paid included in operating cash flows	$ 149

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Operating lease	$ 112	$ 254
Short-term lease		46
Total rent expense	$ 112	$ 300

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares		1 Months Ended
	Jul. 02, 2021	Aug. 31, 2018	Sep. 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
Conversion of stock shares issued	14,182,854
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		241,467
Share price		$ 0.0012

STOCKHOLDERS' EQUITY - SCHEDULE

STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details)	Sep. 30, 2022 shares
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	5,649,372
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	4,152,934
Stock options
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	1,243,557
Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	22,881
ESPP
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	230,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2022	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option grants per share		$ 10.05
2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage on total number of shares outstanding		4%
Number of shares authorized		3,576,415	976,415
Stock options | 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		1,243,557
Common stock available for issuance, awards granted		2,309,977
Stock options | 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance, awards granted		1,842,957
Stock options | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period		10 years
Unrecognized stock based compensation		$ 16.9
Unrecognized stock-based compensation weighted-average period		2 years 9 months 18 days
Stock options | Minimum | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term		3 years
Stock options | Maximum | 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term		4 years
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award		22,881
Unrecognized stock based compensation		$ 0.5
Weighted- average remaining vesting period		3 years 8 months 12 days
Restricted stock units | 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award		22,881
Restricted stock units | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term		3 years
Restricted stock units | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term		4 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized	230,000
Percentage of common stock purchase price	15%
Offering period		6 months
Discount percentage on marker price	85%
Shares issued		0

STOCK-BASED COMPENSATION - SCHE

STOCK-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
STOCK-BASED COMPENSATION
Options Outstanding, beginning balance	3,454,374
Weighted-Average Exercise Price Outstanding, beginning balance	$ 6.85
Weighted- Average Remaining Contractual Term, Outstanding	8 years 10 months 9 days	9 years 5 months 1 day
Aggregate Intrinsic Value Outstanding, beginning balance	$ 19,378
Options Granted	794,557
Weighted-Average Exercise Price, Granted	$ 15.03
Options Exercised	(95,997,000)
Weighted-Average Exercise Price, Exercised	$ 1.80
Options, Cancelled/Forfeited
Weighted-Average Exercise Price, Cancelled/Forfeited
Options Outstanding, ending balance	4,152,934	3,454,374
Weighted-Average Exercise Price Outstanding, ending balance	$ 8.53	$ 6.85
Aggregate Intrinsic Value Outstanding, ending balance	$ 34,148	$ 19,378
Options, Vested and exercisable	999,256
Weighted-Average Exercise Price, Vested and exercisable	$ 6.44
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 7 months 13 days
Aggregate Intrinsic Value, Vested and exercisable	$ 10,150
Options, Vested and expected to vest	4,152,934
Weighted-Average Exercise Price, Vested and expected to vest	$ 8.53
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 10 months 9 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 34,148

STOCK-BASED COMPENSATION - SC_2

STOCK-BASED COMPENSATION - SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Expected volatility, minimum	73.60%	69.40%	73.60%	68.70%
Expected volatility, maximum	73.80%	69.50%	76.50%	69.60%
Risk-free interest rate, minimum	2.70%	0.90%	1.60%	0.90%
Risk-free interest rate, maximum	4.10%	1.10%	4.10%	1.20%
Expected dividend
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years 2 months 12 days	5 years 6 months	5 years 2 months 12 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years 9 months 18 days	6 years 1 month 6 days	6 years 1 month 6 days

STOCK-BASED COMPENSATION - SC_3

STOCK-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,499	$ 845	$ 3,747	$ 1,189
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	600	134	1,301	247
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 899	$ 711	$ 2,446	$ 942

STOCK-BASED COMPENSATION - SC_4

STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	9 Months Ended
	Sep. 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	22,881
Weighted Average Grant date fair value, Granted | $ / shares	$ 22.16
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	22,881
Weighted Average Grant date fair value, Ending | $ / shares	$ 22.16