Aligos Therapeutics (ALGS) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Aligos Therapeutics, Inc.
Entity Central Index Key	0001799448
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value, $0.0001 per share
Trading Symbol	ALGS
Security Exchange Name	NASDAQ
Entity File Number	001-39617
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4724808
Entity Address, Address Line One	One Corporate Drive
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	800
Local Phone Number	466-6059
Document Quarterly Report	true
Document Transition Report	false
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,717,001
Non-voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,092,338

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 71,172	$ 186,816
Restricted cash	21	164
Short-term investments	88,172	3,918
Other current assets	8,320	13,526
Total current assets	167,685	204,424
Operating lease right-of-use assets	8,441	8,789
Property and equipment, net	5,781	6,180
Long-term investments	0	15,110
Other assets	616	866
Total assets	182,523	235,369
Current liabilities:
Accounts payable	2,762	3,015
Accrued liabilities	12,824	25,394
Operating lease liabilities, current	2,796	2,769
Finance lease liabilities, current	138	138
Deferred revenue from collaborations, current	13,133	7,641
Total current liabilities	31,653	38,957
Operating lease liabilities, net of current portion	10,302	11,287
Finance lease liabilities, net of current portion	201	261
Other liabilities	133	133
Deferred revenue from collaborations, net of current portion	3,253
Total liabilities	45,542	50,638
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022 (unaudited) and December 31, 2021, respectively; no shares issued and outstanding as of March 31, 2022 (unaudited) and December 31, 2021, respectively.
Common stock, $0.0001 par value; 320,000,000 shares authorized as of March 31, 2022 (unaudited) and December 31, 2021, respectively; 42,695,195 and 42,690,229 shares issued and outstanding as of March 31, 2022 (unaudited) and December 31, 2021, respectively.	4	4
Additional paid-in capital	495,538	487,347
Accumulated deficit	(358,611)	(303,072)
Accumulated other comprehensive loss	50	452
Total stockholders’ equity	136,981	184,731
Total liabilities and stockholders’ equity	$ 182,523	$ 235,369

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (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	320,000,000	320,000,000
Common Stock, Shares, Issued	42,808,288	42,690,229
Common Stock, Shares, Outstanding	42,808,288	42,690,229

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue from collaborations	$ 3,693	$ 1,545	$ 6,264	$ 2,455
Operating expenses:
Research and development	16,510	24,554	48,186	47,422
General and administrative	7,576	6,556	14,028	12,337
Total operating expenses	24,086	31,110	62,214	59,759
Loss from operations	(20,393)	(29,565)	(55,950)	(57,304)
Interest and other income (expense), net	516	(225)	510	(114)
Loss before income tax expense	(19,877)	(29,790)	(55,440)	(57,418)
Income tax expense	(47)	(28)	(99)	(74)
Net loss	(19,924)	(29,818)	(55,539)	(57,492)
Other comprehensive income (loss):
Unrealized loss on available-for-sale securities	(154)	(26)	(402)	(66)
Unrealized gain on pension plans		2		3
Other comprehensive loss	(154)	(24)	(402)	(63)
Comprehensive loss	$ (20,078)	$ (29,842)	$ (55,941)	$ (57,555)
Net loss per share, basic and diluted	$ (0.47)	$ (0.79)	$ (1.30)	$ (1.53)
Weighted average shares of common stock, basic and diluted	42,665,598	37,619,039	42,590,479	37,526,650

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2020	$ 220,039	$ 4	$ 394,963	$ (174,740)	$ (188)
Beginning balance, Shares at Dec. 31, 2020		38,120,606
Issuance of common stock upon exercise of stock options	309		309
Issuance of common stock upon exercise of stock options, shares		79,515
Stock-based compensation	5,965		5,965
Vesting of early exercised common stock options	126		126
Other comprehensive loss	(63)				(63)
Net loss	(57,492)			(57,492)
Ending balance at Jun. 30, 2021	168,884	$ 4	401,363	(232,232)	(251)
Ending balance, Shares at Jun. 30, 2021		38,200,121
Beginning balance at Mar. 31, 2021	195,220	$ 4	397,857	(202,414)	(227)
Beginning balance, Shares at Mar. 31, 2021		38,147,205
Issuance of common stock upon exercise of stock options	213		213
Issuance of common stock upon exercise of stock options, shares		52,916
Stock-based compensation	3,209		3,209
Vesting of early exercised common stock options	84		84
Other comprehensive loss	(24)				(24)
Net loss	(29,818)			(29,818)
Ending balance at Jun. 30, 2021	168,884	$ 4	401,363	(232,232)	(251)
Ending balance, Shares at Jun. 30, 2021		38,200,121
Beginning balance at Dec. 31, 2021	184,731	$ 4	487,347	(303,072)	452
Beginning balance, Shares at Dec. 31, 2021		42,690,229
Ending balance at Mar. 31, 2022	152,886	$ 4	491,365	(338,687)	204
Ending balance, Shares at Mar. 31, 2022		42,695,195
Beginning balance at Dec. 31, 2021	184,731	$ 4	487,347	(303,072)	452
Beginning balance, Shares at Dec. 31, 2021		42,690,229
Issuance of common stock upon exercise of stock options	11		11
Issuance of common stock upon exercise of stock options, shares		5,591
Issuance of common stock related to ESPP purchase, shares		112,468
Issuance of common stock related to ESPP purchase	111		111
Stock-based compensation expense related to employee stock awards	7,034		7,034
Stock-based compensation expense related to employee stock purchases	891		891
Vesting of early exercised common stock options	144		144
Other comprehensive loss	(402)				(402)
Net loss	(55,539)			(55,539)
Ending balance at Jun. 30, 2022	136,981	$ 4	495,538	(358,611)	50
Ending balance, Shares at Jun. 30, 2022		42,808,288
Beginning balance at Mar. 31, 2022	152,886	$ 4	491,365	(338,687)	204
Beginning balance, Shares at Mar. 31, 2022		42,695,195
Issuance of common stock upon exercise of stock options	1		1
Issuance of common stock upon exercise of stock options, shares		625
Issuance of common stock related to ESPP purchase, shares		112,468
Issuance of common stock related to ESPP purchase	111		111
Stock-based compensation expense related to employee stock awards	3,554		3,554
Stock-based compensation expense related to employee stock purchases	447		447
Vesting of early exercised common stock options	60		60
Other comprehensive loss	(154)				(154)
Net loss	(19,924)			(19,924)
Ending balance at Jun. 30, 2022	$ 136,981	$ 4	$ 495,538	$ (358,611)	$ 50
Ending balance, Shares at Jun. 30, 2022		42,808,288

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (55,539)	$ (57,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on investments	(15)	61
Amortization of right of use assets	626	287
Depreciation expense	1,246	1,511
Stock-based compensation including ESPP	7,786	6,205
Changes in operating assets and liabilities:
Other assets	5,595	(221)
Right of use assets	(278)
Accounts payable	(253)	(1,834)
Accrued liabilities	(12,425)	1,862
Operating lease liabilities	(957)	(626)
Other liabilities		(112)
Deferred revenue from collaborations	8,745	(2,455)
Net cash and cash equivalents used in operating activities	(45,469)	(52,814)
Activities in available-for-sale investments:
Maturities of investments	5,245	10,000
Purchase of short-term investments	(74,776)
Activities in held-to-maturity investments:
Maturities of investments		10,000
Purchases of property and equipment	(849)	(459)
Net cash and cash equivalents (used in) provided by investing activities	(70,380)	19,541
Cash flows from financing activities:
Proceeds from ESPP purchase	111
Payments of deferred offering costs		(99)
Payments on finance lease	(60)	(37)
Proceeds from the exercise of common stock option	11	309
Net cash and cash equivalents provided by financing activities	62	173
Net decrease in cash, cash equivalents, and restricted cash	(115,787)	(33,100)
Cash, cash equivalents, and restricted cash, beginning of period	186,980	220,943
Cash, cash equivalents, and restricted cash, end of period	71,193	187,843
Reconciliation to amounts on the consolidated balance sheet:
Cash and cash equivalents	71,172	187,650
Restricted cash	21	193
Cash, cash equivalents, and restricted cash, end of period	71,193	187,843
Supplemental disclosures of noncash financing and investing activities:
Mark to market adjustment for available-for-sale investments	(402)	(66)
Acquisition of right of use asset through operating lease obligation		184
Vesting of early exercised options	$ 144	126
Change in pension obligation		3
Deferred offering costs in AP and accrued liabilities		$ 637

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Description of business Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the “Company” or “Aligos”. Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for chronic hepatitis B, coronaviruses and non-alcoholic steatohepatitis (NASH). The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals. Initial public offering On October 20, 2020, the Company closed its initial public offering (IPO) at a public offering price of $ 15.00 per share for net proceeds of $ 135.4 million, after deducting underwriting discounts and commissions. On November 5, 2020, the underwriters of the IPO partially exercised their overallotment, resulting in an additional $ 16.0 million in net proceeds, after deducting underwriting discounts and commissions. Liquidity The Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2022 and December 31, 2021, the Company had an accumulated deficit of $ 358.6 million and $ 303.1 million , respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities. As of June 30, 2022, the Company has unrestricted cash, cash equivalents and investments of approximately $ 159.3 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, the Company expects its existing unrestricted cash, cash equivalents and investments, will enable it to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally. The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. For example, the COVID-19 pandemic, the current inflationary economic environment and rising interest rates have resulted in a disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2022. Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2022, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2022 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2022 and 2021. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The consolidated results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. Significant Accounting Policies and Estimates No material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies , in its Annual Report on Form 10-K, filed on March 10, 2022, for the year ended December 31, 2021. Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its Annual Report on Form 10-K, filed on March 10, 2022, for the year ended December 31, 2021.

Property and equipment

Property and equipment	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and equipment	3. Property and equipment The components of property and equipment as of June 30, 2022 and December 31, 2021 were as follows (in thousands): June 30, December 31, Leasehold improvements $ 6,139 $ 5,940 Lab equipment 6,066 5,709 Computer equipment 1,051 994 Furniture and office equipment 705 472 Vehicles 305 305 Asset under construction 22 22 Total, at cost 14,288 13,442 Accumulated depreciation ( 8,507 ) ( 7,262 ) Total, net $ 5,781 $ 6,180 Depreciation expense was $ 0.6 million and $ 1.2 million for the three and six months ended June 30, 2022, respectively, and $ 0.8 million and $ 1.5 million for the three and six months ended June 30, 2021 , respectively. Finance leases are also included in property and equipment as vehicles and lab equipment on the condensed consolidated balance sheets.

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]
Investments	4. Investments As of June 30, 2022 and December 31, 2021, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands): June 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities Certificates of deposit $ 88,613 $ - $ ( 441 ) $ 88,172 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities Certificates of deposit $ 3,922 $ - $ ( 4 ) $ 3,918 U.S. Treasury bonds 15,146 - ( 36 ) 15,110 $ 19,068 $ - $ ( 40 ) $ 19,028 Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments. The following is a summary of maturities of securities available-for-sale as of June 30, 2022 (in thousands): Available-for-sale Amortized Cost Estimated Amounts maturing in: One year or less $ 88,613 $ 88,172 More than one year - - Total investments $ 88,613 $ 88,172 The Company recorded interest income of $ 0.2 million and $ 0.3 million for the three and six months ended June 30, 2022, respectively, and $ 0.1 million and $ 0.2 million for the three and six months ended June 30, 2021 , respectively, as a component of interest and other income (expense), net on the Company’s condensed consolidated statement of operations and comprehensive loss.

Accrued liabilities

Accrued liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued liabilities	5. Accrued liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued compensation $ 3,200 $ 6,329 Accrued payables 8,637 17,554 Liability for early exercised stock options 131 276 Other 856 1,235 Total $ 12,824 $ 25,394

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock-based compensation	6. Stock-based compensation Stock options During the three and six months ended June 30, 2022, the Company’s stock option compensation expense was approximately $ 3.5 million and $ 6.9 million , respectively, and during the three and six months ended June 30, 2021, the Company’s stock option compensation expense was approximately $ 3.1 million and $ 5.8 million , respectively. There was no recognized tax benefit in either of the periods. As of June 30, 2022, the unamortized expense balance was $ 34.2 million , to be amortized over a weighted average period of 2.53 years. Stock option activity during the six months ended June 30, 2022 is as follows: Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 5,692,514 $ 12.07 8.63 $ 16,763 Granted 3,742,124 $ 3.01 Exercised ( 5,591 ) $ 1.92 Cancelled ( 416,678 ) $ 10.08 Outstanding as of June 30, 2022 9,012,369 $ 8.41 8.61 $ 200 Options vested and expected to vest as of June 30, 2022 9,006,650 $ 8.41 8.61 $ 200 Options vested and exercisable as of June 30, 2022 2,766,840 $ 9.90 7.82 $ 200 The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2022 was $ 0.91 and $ 2.10 per share, respectively, and during the three and six months ended June 30, 2021 was $ 17.70 and $ 17.61 per share, respectively. Restricted stock awards During the three and six months ended June 30, 2022, the Company recorded total stock-based compensation expense related to restricted stock awards of $ 15,000 and $ 0.1 million , respectively. During the three and six months ended June 30, 2021, the Company recorded total stock-based compensation expense related to restricted stock awards of $ 0.1 million and $ 0.2 million , respectively. As of June 30, 2022 , there was no unrecognized stock-based compensation expense related to outstanding unvested shares of restricted stock awards remaining. The following table summarizes the Company’s restricted common stock activity for the six months ended June 30, 2022: Number Weighted- Aggregate Issued and unvested as of January 1, 2022 89,054 $ 1.30 $ 117 Restricted stock awards granted — Restricted stock awards vested ( 85,337 ) $ 1.30 $ ( 111 ) Issued and unvested as of June 30, 2022 3,717 $ 1.30 $ 6 During the six months ended June 30, 2022, the C ompany did no t issue shares of common stock, upon exercise of unvested stock options or purchases for unvested restricted stock awards. During the six months ended June 30, 2021 , the Company issued 262,982 shares of common stock, upon exercise of unvested stock options or purchases for unvested restricted stock awards. As of June 30, 2022 and December 31, 2021 , there were 65,688 and 163,855 shares of Common Stock held by employees subject to repurchase at an aggregate price of approximately $ 0.1 million and $ 0.3 million, respectively. A corresponding liability was recorded and included in accrued expenses on the condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021, respectively. Employee stock purchase plan During the three and six months ended June 30, 2022, the Company recorded total stock-based compensation expense related to the employee stock purchase plan of $ 0.4 million and $ 0.7 million , respectively, and $ 0.2 million in the three months ended June 30, 2021 . The employee stock purchase plan began in the second quarter of 2021, therefore there was no expense in the first quarter of 2021. During the three months ended June 30, 2022 , 112,468 grants of awards under this plan have been made. No purchases of common stock were made during the first quarter of 2022, and during the three and six months ended June 30, 2021. Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,199 $ 1,974 $ 4,200 $ 3,683 General and administrative 1,795 1,474 3,580 2,521 Total $ 3,994 $ 3,448 $ 7,780 $ 6,204

Fair value

Fair value	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value	7. Fair value Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 71,172 $ - $ - Certificates of deposit 88,172 - - $ 159,344 $ - $ - Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 186,816 $ - $ - Certificates of deposit 3,918 - - U.S. Treasury bonds 15,110 - - $ 205,844 $ - $ -

License and collaboration agree

License and collaboration agreements	6 Months Ended
	Jun. 30, 2022
License And Collaboration Agreements [Abstract]
License and collaboration agreements	8. License and collaboration agreements Agreement with Emory University (Emory) In June 2018, the Company entered into a license agreement with Emory (the Emory License Agreement), pursuant to which Emory granted the Company a worldwide, sublicensable license under certain of its intellectual property rights to make, have made, develop, use, offer to sell, sell, import and export products containing certain compounds relating to Emory’s hepatitis B virus capsid assembly modulator technology, for all therapeutic and prophylactic uses. Such license is initially exclusive with respect to specified licensed patents owned by Emory and non-exclusive with respect to certain of Emory’s specified know-how. Beginning in June 2022, the license to such patents will become non-exclusive with respect to all fields except for the treatment and prevention of HBV; however, the Company may select up to six compounds which will maintain exclusivity with respect to all therapeutic and prophylactic uses. With respect to all other compounds that are enabled by the licensed patents, those which are jointly invented by the Company and Emory or inventors in the Schinazi laboratory, or which are disclosed in a specified licensed patent, are licensed to the Company exclusively including as to Emory; whereas all other such compounds are licensed to the Company non-exclusively. Under the terms of the Emory License Agreement, the Company is obligated to use commercially reasonable efforts to bring licensed products to market in accordance with a mutually agreed upon development plan. Unless terminated earlier by either party in accordance with the provisions thereof, the Emory License Agreement shall continue until the expiration of the last–to-expire of the patents licensed to the Company thereunder. As consideration for the Emory License Agreement, the Company paid an upfront license fee of $ 0.3 million and issued a convertible note with a principal amount of $ 0.6 million. Upon issuance of the Series A in August 2018, the principal and unpaid accrued interest under this convertible note was cancelled and converted into shares of Series A at a conversion price of $ 9.32 per share. In June 2020, the Company amended the license agreement with Emory. Pursuant to the amended license agreement, Emory granted the Company additional patent rights to certain compounds targeting the treatment or prevention of HBV. As consideration for the additional rights, the Company made a one-time, non-refundable payment to Emory in the amount of $ 0.2 million, with an additional obligation to pay up to a maximum of $ 35,000 . On the same date, the Company entered into a collaboration agreement with Emory, with the initial research plan pertaining to the synthesis and evaluation of the compounds licensed through the additional patent rights granted in the amended license agreement. The research plan terminates one year from the effective date, with the Company having an option to extend for a second year. In connection with the research plan, the Company will provide Emory funding up to $ 0.3 million per year. The Company has agreed to pay Emory up to an aggregate of $ 125.0 million upon the achievement of specified development, regulatory, and commercial milestones, and all ongoing patent costs. During the three and six months ended June 30, 2022 and 2021 , the Company had no expenses related to milestone payments. The Company also agreed to pay Emory tiered single-digit royalties on worldwide annual net sales of licensed products, on a quarterly basis and calculated on a product-by-product basis. With respect to licensed products containing any of a specified subset of the licensed compounds, such royalties range from a mid-single digit to a high-single digit percentage rate. With respect to licensed products which do not contain such compounds, the royalties span a range of percentage rates within the mid-single digits if a Phase 1 clinical trial is initiated for the product within three years of the effective date of the Emory License Agreement, and range from a low-single digit to a mid-single digit rate if a Phase 1 clinical trial is initiated more than three years after the effective date. During the three and six months ended June 30, 2022 and 2021 , the Company made no payments associated with royalties and recognized no expense or accruals. Agreement with Luxna Biotech Co., Ltd. (Luxna) On December 19, 2018, the Company entered into a license agreement with Luxna, pursuant to which Luxna granted the Company an exclusive, worldwide, sublicensable license under certain of Luxna’s intellectual property rights to research, develop make, have made and commercialize for all therapeutic and prophylactic uses, (i) products containing oligonucleotides targeting the hepatitis B virus genome, (ii) products containing certain oligonucleotides targeting up to three genes which contribute to NASH, which the Company may select at any time during the first eight years of the term, to the extent not licensed to a third party, and (iii) products containing oligonucleotides targeting up to three genes which contribute to hepatocellular carcinoma, which the Company may select at any time during the first three years of the term. As consideration for this agreement, the Company paid an upfront license fee of $ 0.6 million, which was recorded as research and development expense during the period from inception through December 31, 2018 and the year ended December 31, 2019. In April 2020, the Company amended the license agreement with Luxna. Pursuant to the amended license agreement, Luxna granted the Company an exclusive, worldwide license under the licensed patents to research, develop, make, have made and commercialize products containing oligonucleotides targeting three families of viruses: orthomyxoviridae, paramyxoviridae, and coronaviridae (a family which includes SARS-CoV-2). As consideration for the amended license agreement, the Company paid Luxna a one-time non-refundable fee of $ 0.2 million in April 2020. The Company is obligated to make payments to Luxna, in aggregate, totaling up to but no more than $ 55.5 million upon the achievement of specified development, regulatory, and commercial milestones. During the three and six months ended June 30, 2022 and 2021 , the Company recognized no expenses related to milestone payments. The Company is also required to pay Luxna a low-single digit royalty percentage on net sale of applicable products, if any. During the three and six months ended June 30, 2022 and 2021 , the Company made no payments associated with royalties. Agreement with Katholieke Universiteit Leuven (KU Leuven) On June 25, 2020, the Company entered into a Research, Licensing and Commercialization Agreement (KU Leuven Agreement) with KU Leuven, under which the Company is collaborating with KU Leuven’s Rega Institute for Medical Research, as well as its Centre for Drug Design and Discovery, to research and develop potential protease inhibitors for the treatment, diagnosis or prevention of coronaviruses, including of SARS-CoV-2. Unless terminated earlier by either party in accordance with provisions in the agreement, the collaboration period will terminate at the earlier of completion of all collaboration activities or 2.5 years. In connection with the KU Leuven Agreement, KU Leuven and the Company granted each other exclusive cross-licenses to use certain know-how and existing patents of the other party as well as certain joint know-how and joint patents to carry out research and development collaboration activities during the collaboration period. KU Leuven granted to the Company an exclusive (including as to KU Leuven), worldwide license under certain of KU Leuven’s know-how and existing patents, and certain joint patents and joint know-how, to manufacture and commercialize the licensed products for the treatment, diagnosis or detection of viral infections in humans. KU Leuven reserved the right to use all KU Leuven knowhow, existing KU Leuven patents, joint patents and joint know-how for academic and non-commercial research and teaching purposes. As consideration for this license, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to but no more than $ 30.0 million upon the achievement of certain commercial sales milestones. For each licensed product developed through KU Leuven and the Company’s collaborative effort, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to $ 32.0 million upon the achievement of certain development and regulatory milestones. The Company is also required to pay KU Leuven a low-to-mid-single digit royalty percentage, subject to certain adjustments, on net sales of applicable products, if any. Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. During the three and six months ended June 30, 2022 and 2021 , the Company recognized no expenses related to milestone payments. Agreements with Merck In December 2020, the Company and Merck & Co. entered into an exclusive License and Research Collaboration Agreement under which Merck and the Company agreed to apply the Company’s oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a NASH target and up to one additional liver-targeted cardiometabolic and/or fibrosis target. Under the terms of the agreement, the Company received an upfront payment from Merck and may receive an additional upfront payment after finalization of a research plan for such additional target. With respect to each collaboration target, the Company will be eligible for up to $ 458.0 million in development and commercialization milestones as well as tiered royalties on net sales. The Company will be primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck will be responsible for subsequent research, clinical development and commercialization efforts. The Company determined that the Merck agreement falls within the scope of ASC 808 and the Company analogized to ASC 606 for the accounting of payments such as upfront payments and other milestones. Revenue is recognized based on percentage of completion of the overall project. During the three and six months ended June 30, 2022 the Company recognized $ 2.0 million and $ 3.6 million , respectively, and in the three and six months ended June 30, 2021 the Company recognized $ 1.5 million and $ 2.5 million , respectively, of revenue from collaborative arrangements related to milestone payments. In January 2022, the Company and Merck & Co. entered into a First Amendment to the License and Research Collaboration Agreement. The agreement was expanded to include the in-license by Merck of an early-stage program with respect to a second undisclosed NASH target, on which the Company had previously been working independently on. In addition, under this expanded arrangement, Merck has the ability to add an additional third target of interest in the cardiometabolic/fibrosis space to the collaboration. Under the expanded agreement, the Company will receive a payment from Merck for the in-license of the program directed at a second undisclosed NASH target. Moreover, the Company will receive an additional payment if a third target is designated for the collaboration. With respect to each target in the collaboration, the Company will be eligible to receive up to approximately $ 460.0 million in development and commercialization milestones as well as tiered royalties on net sales. The Company determined that the First Amendment to the Merck agreement also falls within the scope of ASC 808 and the Company analogized to ASC 606 for the accounting of payments such as upfront payments and other milestones. Revenue is recognized based on the percentage of completion of the amended agreement. During the three and six months ended June 30, 2022 the Company recognized $ 1.7 million and $ 2.7 million , respectively, of revenue from the amended collaborative arrangement related to milestone payments.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	9. Commitments and contingencies From time to time, the Company may have certain contingent liabilities, including legal matters that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company had no contingent liabilities requiring accrual as of June 30, 2022 and December 31, 2021. The Company enters into contracts in the normal course of business that includes arrangements with clinical research organizations, vendors for preclinical research and vendors for manufacturing. These agreements generally allow for cancellation with notice. As of June 30, 2022 , the Company had no material non-cancellable purchase commitments.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes	10. Income taxes The Company has a history of losses and projects losses for the full year 2022. The Company continues to maintain a full valuation allowance on its net deferred tax assets.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss per share	11. Net loss per share The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss $ ( 19,924 ) $ ( 29,818 ) $ ( 55,539 ) $ ( 57,492 ) Weighted average common stock outstanding, 42,665,598 37,619,039 42,590,479 37,526,650 Net loss per share - basic and diluted $ ( 0.47 ) $ ( 0.79 ) $ ( 1.30 ) $ ( 1.53 ) The Company’s potentially dilutive securities, which include options to purchase common stock and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Options to purchase common stock 9,012,369 5,550,324 9,012,369 5,550,324 Unvested restricted stock 3,717 224,688 3,717 224,688 9,016,086 5,775,012 9,016,086 5,775,012

Discontinued development of dru

Discontinued development of drug candidates	6 Months Ended
	Jun. 30, 2022
Discontinued Development of Drug Candidates [Abstract]
Discontinued development of drug candidates	12. Discontinued Development of Drug Candidates STOPS TM drug candidate, ALG-010133 On January 6, 2022, the Company announced that it had halted further development of its STOPS TM drug candidate, ALG‑010133, which was being developed as a potential therapy for chronic hepatitis B (CHB). This decision was based on emerging data from the Phase 1 Study ALG‑010133-101 indicating that at the projected efficacious dose (400 mg, estimated to achieve liver exposures >3 x EC 90 for HBsAg inhibition) there was no meaningful HBsAg reduction. Furthermore, a higher dosage level (maximum feasible dose of 600 mg) that was planned to be evaluated in a subsequent cohort was assessed to be very unlikely to reach the 1 log 10 IU/mL HBsAg reduction level that the Company had previously defined as necessary to advance the program. No dose limiting safety findings have been identified in CHB subjects dosed at any dose level. In early January, based on this information, the Company's management reviewed the data with members of the study’s Study Review Committee, and jointly concluded that the data were not sufficient to support further development of ALG‑010133. The halt of ALG‑010133 resulted in a charge of approximately $ 3.8 million related to non-cancelable purchase obligations that was recognized during the six months ended June 30, 2022. Antisense Oligonucleotide (ASO) drug candidate, ALG-020572 On March 22, 2022, the Company announced that it had discontinued development of its ASO drug candidate, ALG‑020572, which was being studied in subjects with CHB. Dosing in the first CHB cohort of Study ALG‑020572-401 was stopped after one subject experienced a serious adverse event (SAE) with significant increase in alanine aminotransferase (ALT) following the administration of multiple doses of 210 mg ALG‑020572 that resulted in a brief hospitalization. Four subjects in CHB Cohort 1, including the hospitalized subject, experienced significant ALT flares following multiple dosing; these were unexpected based on prior experience in nonclinical studies and single dose administration in healthy volunteers. Based on this information, the Company concluded that the program should be discontinued. In all four subjects, laboratory parameters and symptoms are improving, and the hospitalized subject has been discharged. The Company plans to use any cost savings from the discontinuation of the ALG‑020572 program to further support clinical and small molecule preclinical development programs, all of which target novel mechanisms that have the potential to enhance the care of patients with CHB, nonalcoholic steatohepatitis and COVID-19. The halt of ALG‑020572 resulted in a charge of approximately $ 3.4 million related to non-cancelable purchase obligations that was recognized during the six months ended June 30, 2022 .

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent events	13. Subsequent events In preparing the interim financial statements for the three and six months ended June 30, 2022 , the Company evaluated subsequent events for recognition and measurement purposes during which time nothing has occurred outside of the normal course of business operations that requires disclosure.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2022.
Unaudited interim financial information	Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2022, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2022 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2022 and 2021. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The consolidated results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.
Significant accounting policies and estimates	Significant Accounting Policies and Estimates No material changes have been made to the Company’s significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies , in its Annual Report on Form 10-K, filed on March 10, 2022, for the year ended December 31, 2021.
Recently issued accounting standards	Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its Annual Report on Form 10-K, filed on March 10, 2022, for the year ended December 31, 2021.

Property and equipment (Tables)

Property and equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The components of property and equipment as of June 30, 2022 and December 31, 2021 were as follows (in thousands): June 30, December 31, Leasehold improvements $ 6,139 $ 5,940 Lab equipment 6,066 5,709 Computer equipment 1,051 994 Furniture and office equipment 705 472 Vehicles 305 305 Asset under construction 22 22 Total, at cost 14,288 13,442 Accumulated depreciation ( 8,507 ) ( 7,262 ) Total, net $ 5,781 $ 6,180

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]
Summary of Available For Sale Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value	As of June 30, 2022 and December 31, 2021, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands): June 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities Certificates of deposit $ 88,613 $ - $ ( 441 ) $ 88,172 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities Certificates of deposit $ 3,922 $ - $ ( 4 ) $ 3,918 U.S. Treasury bonds 15,146 - ( 36 ) 15,110 $ 19,068 $ - $ ( 40 ) $ 19,028
Summary of Debt Securities Available for Sale Maturity	The following is a summary of maturities of securities available-for-sale as of June 30, 2022 (in thousands): Available-for-sale Amortized Cost Estimated Amounts maturing in: One year or less $ 88,613 $ 88,172 More than one year - - Total investments $ 88,613 $ 88,172

Accrued liabilities (Tables)

Accrued liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued compensation $ 3,200 $ 6,329 Accrued payables 8,637 17,554 Liability for early exercised stock options 131 276 Other 856 1,235 Total $ 12,824 $ 25,394

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Stock Options	Stock option activity during the six months ended June 30, 2022 is as follows: Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 5,692,514 $ 12.07 8.63 $ 16,763 Granted 3,742,124 $ 3.01 Exercised ( 5,591 ) $ 1.92 Cancelled ( 416,678 ) $ 10.08 Outstanding as of June 30, 2022 9,012,369 $ 8.41 8.61 $ 200 Options vested and expected to vest as of June 30, 2022 9,006,650 $ 8.41 8.61 $ 200 Options vested and exercisable as of June 30, 2022 2,766,840 $ 9.90 7.82 $ 200
Summary of Stock Based Compensation Expense Was Allocated	Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,199 $ 1,974 $ 4,200 $ 3,683 General and administrative 1,795 1,474 3,580 2,521 Total $ 3,994 $ 3,448 $ 7,780 $ 6,204
Restricted Stock [Member]
Summary of Stock Options	The following table summarizes the Company’s restricted common stock activity for the six months ended June 30, 2022: Number Weighted- Aggregate Issued and unvested as of January 1, 2022 89,054 $ 1.30 $ 117 Restricted stock awards granted — Restricted stock awards vested ( 85,337 ) $ 1.30 $ ( 111 ) Issued and unvested as of June 30, 2022 3,717 $ 1.30 $ 6

Fair value (Tables)

Fair value (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of fair value of the financial instruments that are measured at fair value on a recurring basis	The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 71,172 $ - $ - Certificates of deposit 88,172 - - $ 159,344 $ - $ - Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 186,816 $ - $ - Certificates of deposit 3,918 - - U.S. Treasury bonds 15,110 - - $ 205,844 $ - $ -

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss $ ( 19,924 ) $ ( 29,818 ) $ ( 55,539 ) $ ( 57,492 ) Weighted average common stock outstanding, 42,665,598 37,619,039 42,590,479 37,526,650 Net loss per share - basic and diluted $ ( 0.47 ) $ ( 0.79 ) $ ( 1.30 ) $ ( 1.53 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Options to purchase common stock 9,012,369 5,550,324 9,012,369 5,550,324 Unvested restricted stock 3,717 224,688 3,717 224,688 9,016,086 5,775,012 9,016,086 5,775,012

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2020	Oct. 20, 2020	Jun. 30, 2022	Dec. 31, 2021
Nature Of Operations [Line Items]
Accumulated deficit			$ 358,611	$ 303,072
Unrestricted cash, Cash equivalent and investment			$ 159,300
IPO
Nature Of Operations [Line Items]
Sale of stock issue price per share		$ 15
Sale of stock net consideration received on the transaction		$ 135,400
Over-Allotment Option [Member]
Nature Of Operations [Line Items]
Sale of stock net consideration received on the transaction	$ 16,000

Property and equipment - Summar

Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total, at cost	$ 14,288	$ 13,442
Accumulated depreciation	(8,507)	(7,262)
Total, net	5,781	6,180
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,139	5,940
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	6,066	5,709
Computer equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	1,051	994
Furniture and office equipment [Member]
Property Plant And Equipment [Line Items]
Total, at cost	705	472
Vehicles [Member]
Property Plant And Equipment [Line Items]
Total, at cost	305	305
Asset under construction [Member]
Property Plant And Equipment [Line Items]
Total, at cost	$ 22	$ 22

Property and equipment - Additi

Property and equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 600	$ 800	$ 1,246	$ 1,511

Investments - Summary of Availa

Investments - Summary of Available For Sale Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	$ 88,613	$ 19,068
Available-for-sale securities, Gross Unrealized Loss		(40)
Available-for-sale securities, Estimated Fair Value	88,172	19,028
Certificates of deposit [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	88,613	3,922
Available-for-sale securities, Gross Unrealized Loss	(441)	(4)
Available-for-sale securities, Estimated Fair Value	$ 88,172	3,918
U.S. Treasury bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost		15,146
Available-for-sale securities, Gross Unrealized Loss		(36)
Available-for-sale securities, Estimated Fair Value		$ 15,110

Investments - Summary of Debt S

Investments - Summary of Debt Securities Available for Sale Maturity (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale Securities, Debt Maturities [Abstract]
Available-for-Sale, Amortized Cost, One year or less	$ 88,613
Available-for-sale securities, Amortized Cost	88,613	$ 19,068
Available-for-Sale, Estimated Fair Value, One year or less	88,172
Available-for-sale, Estimated Fair Value, Total investments	$ 88,172	$ 19,028

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fixed-Maturity Securities [Member]
Investment In Available For Sale And Held To Maturity Securities [Line Items]
Interest income	$ 0.2	$ 0.1	$ 0.3	$ 0.2

Accrued liabilities - Summary o

Accrued liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 3,200	$ 6,329
Accrued payables	8,637	17,554
Liability for early exercised stock options	131	276
Other	856	1,235
Total	$ 12,824	$ 25,394

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 3,994,000		$ 3,448,000		$ 7,780,000	$ 6,204,000
Share based compensation expense recognized tax benefit					$ 0	0
Shares of common stock held by employees subject to repurchase					65,688		163,855
Aggregate price for share repurchase	100,000				$ 100,000		$ 300,000
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	3,500,000		$ 3,100,000		6,900,000	$ 5,800,000
Share based payment unamortized share based payment expenses	$ 34,200,000				$ 34,200,000
Share based payment expenses amortized over a weighted average period					2 years 6 months 10 days
Share based payments weighted-average grant date fair value	$ 0.91		$ 17.70		$ 2.10	$ 17.61
Common stock issued upon exercise of stock options					0	262,982
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 15,000		$ 100,000		$ 100,000	$ 200,000
Share based payment unamortized share based payment expenses	0				0
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense	$ 400,000		$ 200,000	$ 0	$ 700,000
Purchase of common stock	112,468	0	0			0

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Options (Detail) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Stock Option [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of options - Beginning balance | shares	5,692,514
Number of options, Granted | shares	3,742,124
Number of options, Exercised | shares	(5,591)
Number of options, Cancelled | shares	(416,678)
Number of options - Ending balance | shares	9,012,369	5,692,514
Number of options vested and expected to vest | shares	9,006,650
Number of options vested and exercisable | shares	2,766,840
Weighted average exercise price - Beginning balance | $ / shares	$ 12.07
Weighted average exercise price Granted | $ / shares	3.01
Weighted average exercise price Exercised | $ / shares	1.92
Weighted average exercise price Cancelled | $ / shares	10.08
Weighted Average Exercise Price - Ending balance | $ / shares	8.41	$ 12.07
Weighted average exercise price Options vested and expected to vest | $ / shares	8.41
Weighted average exercise price options vested and exercisable | $ / shares	$ 9.90
Weighted- Average Remaining Contractual Term, Outstanding	8 years 7 months 9 days	8 years 7 months 17 days
Weighted- Average Remaining Contractual Term, Options vested and expected to vest	8 years 7 months 9 days
Weighted- Average Remaining Contractual Term, Options vested and exercisable	7 years 9 months 25 days
Aggregate Intrinsic Value - Options outstanding | $	$ 16,763
Aggregate Intrinsic Value - Options outstanding | $	200	$ 16,763
Aggregate Intrinsic Value, options vested and expected to vest | $	200
Aggregate Intrinsic Value, Options vested and exercisable | $	$ 200
Restricted Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of awards - Beginning balance | shares	89,054
Number of awards, vested | shares	(85,337)
Number of awards - Ending balance | shares	3,717	89,054
Weighted average granted fair date value - Beginning balance | $ / shares	$ 1.30
Weighted average granted fair date value, vested | $ / shares	1.30
Weighted average granted fair date value - Ending balance | $ / shares	$ 1.30	$ 1.30
Aggregate intrinsic value - Beginning | $	$ 117
Aggregate intrinsic value, Vested | $	(111)
Aggregate intrinsic value - Ending balance | $	$ 6	$ 117

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - 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]
Allocated Share Based Compensation Expense	$ 3,994	$ 3,448	$ 7,780	$ 6,204
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	2,199	1,974	4,200	3,683
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 1,795	$ 1,474	$ 3,580	$ 2,521

Fair value - Summary of Fair Va

Fair value - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Level 1 [Member]
Assets:
Cash equivalents	$ 71,172	$ 186,816
Fair value, assets	159,344	205,844
Level 2 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0	0
Level 3 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0	0
Certificates of deposit [Member] | Level 1 [Member]
Assets:
Fair value, assets	88,172	3,918
Certificates of deposit [Member] | Level 2 [Member]
Assets:
Fair value, assets	0	0
Certificates of deposit [Member] | Level 3 [Member]
Assets:
Fair value, assets	$ 0	0
U.S. Treasury bonds [Member] | Level 1 [Member]
Assets:
Fair value, assets		15,110
U.S. Treasury bonds [Member] | Level 2 [Member]
Assets:
Fair value, assets		0
U.S. Treasury bonds [Member] | Level 3 [Member]
Assets:
Fair value, assets		$ 0

License and collaboration agr_2

License and collaboration agreements - Additional Information (Detail) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended		11 Months Ended	12 Months Ended
	Jun. 25, 2020	Jun. 30, 2020	Apr. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2018	Dec. 31, 2019	Jan. 31, 2022	Dec. 31, 2020	Dec. 19, 2018	Aug. 16, 2018	Jun. 30, 2018
Expense related to milestone payments				$ 0	$ 0	$ 0	$ 0
KU Leuven [Member]
Collaboration expire period	2 years 6 months
Emory license agreement [Member] | Emory university [Member]
Non-refundable payment		$ 200,000
Long term purchase commitment additional obligation to be paid		35,000
Research plan funding amount		$ 300,000
Research plan expiry period		1 year
Long term purchase commitment period description						The research plan terminates one year from the effective date, with the Company having an option to extend for a second year.
Expense related to milestone payments				0	0	$ 0	0
Payments for royalties				0	0	0	0
Expense or accruals recognized related to royalties				0	0	0	0
Emory license agreement [Member] | Emory university [Member] | Maximum [Member]
Aggregate payments														$ 125,000,000
Emory license agreement [Member] | Series A | Emory university [Member]
Debt instrument, conversion price													$ 9.32
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member]
Expense related to milestone payments				0	0	0	0
Payments for royalties				0	0	$ 0	0
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | Maximum [Member]
Aggregate payments												$ 55,500,000
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member]
Non-refundable payment	$ 30,000,000
Long term purchase commitment period description						Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product.
First commercial sale of a licensed product period	10 years
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member] | Maximum [Member]
Non-refundable payment	$ 32,000,000
Merck License and Research Collaboration | Merck
Revenue recognized from collaborative arrangements				2,000,000	$ 1,500,000	$ 3,600,000	$ 2,500,000
Merck License and Research Collaboration | Merck | Maximum [Member]
Milestone payments and royalties receivable											$ 458,000,000
Merck License and Research Collaboration First Amendment [Member] | Merck
Milestone payments and royalties receivable										$ 460,000,000
Revenue recognized from collaborative arrangements				$ 1,700,000		2,700,000
Research and Development [Member] | Emory license agreement [Member] | Emory university [Member]
Upfront license fees paid						300,000
Convertible notes issued for purchasing license						$ 600,000
Research and Development [Member] | Luxna license agreement [Member] | Luxna biotech Co Ltd [Member]
Upfront license fees paid								$ 600,000	$ 600,000
Non-refundable payment			$ 200,000

Commitments and contingencies -

Commitments and contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	$ 0	$ 0

Net loss per share - Schedule o

Net loss per share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Net loss	$ (19,924)	$ (29,818)	$ (55,539)	$ (57,492)
Weighted average common stock outstanding, basic and diluted	42,665,598	37,619,039	42,590,479	37,526,650
Net loss per share - basic and diluted	$ (0.47)	$ (0.79)	$ (1.30)	$ (1.53)

Net loss per share - Schedule_2

Net loss per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,016,086	5,775,012	9,016,086	5,775,012
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,012,369	5,550,324	9,012,369	5,550,324
Unvested restricted stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,717	224,688	3,717	224,688

Discontinued development of d_2

Discontinued development of drug candidates - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)
STOPS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cancellable purchase commitments	$ 3.8
Antisense Oligonucleotide
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cancellable purchase commitments	$ 3.4