Design Therapeutics (DSGN) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	DSGN
Entity Registrant Name	Design Therapeutics, Inc.
Entity Central Index Key	0001807120
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		55,807,935
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity File Number	001-40288
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3929248
Entity Address, Address Line One	6005 Hidden Valley Road
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92011
City Area Code	858
Local Phone Number	293-4900
Document Transition Report	false
Document Quarterly Report	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 119,654	$ 298,569
Investment securities	239,723	85,495
Prepaid expense and other current assets	2,345	1,371
Total current assets	361,722	385,435
Property and equipment, net	1,804	1,508
Right-of-use asset, related party	3,932	3,614
Other assets	474
Total assets	367,932	390,557
Current liabilities:
Accounts payable (including related party amounts of $8 and $0, respectively)	2,071	1,620
Accrued expenses and other current liabilities (including related party amounts of $604 and $504 respectively)	5,317	3,663
Total current liabilities	7,388	5,283
Operating lease liability, net, related party	3,381	3,144
Total liabilities	10,769	8,427
Commitments and contingencies (See Note 8)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 55,807,935 and 55,681,752 shares issued, 55,716,761 and 55,441,926 shares outstanding at June 30, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	435,192	429,824
Accumulated deficit	(75,720)	(47,456)
Accumulated other comprehensive loss	(2,315)	(244)
Total stockholders' equity	357,163	382,130
Total liabilities and stockholders' equity	$ 367,932	$ 390,557

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts payable, related party amounts	$ 8	$ 0
Accrued expenses and other current liabilities, related party amounts	$ 604	$ 504
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,807,935	55,681,752
Common stock, shares outstanding	55,716,761	55,441,926

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development (including related party amounts of $226, $45, $442 and $90, respectively)	$ 11,295	$ 5,027	$ 20,054	$ 8,902
General and administrative (including related party amounts of $129, $60, $254 and $120, respectively)	4,344	2,660	8,955	4,465
Total operating expenses	15,639	7,687	29,009	13,367
Loss from operations	(15,639)	(7,687)	(29,009)	(13,367)
Other income, net	640	51	745	217
Net loss	$ (14,999)	$ (7,636)	$ (28,264)	$ (13,150)
Net loss per share, basic	$ (0.27)	$ (0.14)	$ (0.51)	$ (0.36)
Net loss per share, diluted	$ (0.27)	$ (0.14)	$ (0.51)	$ (0.36)
Weighted-average shares of common stock outstanding, basic	55,670,780	55,081,397	55,589,510	36,459,244
Weighted-average shares of common stock outstanding, diluted	55,670,780	55,081,397	55,589,510	36,459,244

Condensed Statements of Opera_2

Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Research and development expenses related party amount	$ 226	$ 45	$ 442	$ 90
General and administrative expenses related party amount	$ 129	$ 60	$ 254	$ 120

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,999)	$ (7,636)	$ (28,264)	$ (13,150)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(993)	(14)	(2,071)	(168)
Comprehensive loss	$ (15,992)	$ (7,650)	$ (30,335)	$ (13,318)

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ (11,315)		$ 1	$ 451	$ 156	$ (11,923)
Beginning Balance, Shares at Dec. 31, 2020		22,012,499
Beginning Balance at Dec. 31, 2020		$ 45,356
Beginning Balance, Shares at Dec. 31, 2020			15,957,821
Issuance of Series A and Series B convertible preferred stock, net of issuance costs		$ 124,712
Issuance of Series A and Series B convertible preferred stock, net of issuance costs, Shares		19,083,979
Preferred stock converted into shares of common stock	170,068		$ 4	170,064
Preferred stock converted into shares of common stock, Shares		(41,096,478)
Preferred stock converted into shares of common stock		$ (170,068)
Preferred stock converted into shares of common stock, Shares			25,212,548
Initial public offering of common shares, net of $21,728 of issuance costs	254,271		$ 1	254,270
Initial public offering of common shares, net of $21,728 of issuance costs, Shares			13,800,000
Exercises of stock options and vesting of restricted stock	5			5
Exercises of stock options and vesting of restricted stock, Shares			144,360
Stock-based compensation	1,890			1,890
Unrealized gain (loss) on investments	(168)				(168)
Net loss	(13,150)					(13,150)
Ending Balance at Jun. 30, 2021	401,601		$ 6	426,680	(12)	(25,073)
Ending Balance, Shares at Jun. 30, 2021			55,114,729
Beginning Balance at Mar. 31, 2021	408,006		$ 6	425,435	2	(17,437)
Beginning Balance, Shares at Mar. 31, 2021			55,042,550
Exercises of stock options and vesting of restricted stock	$ 2			2
Exercises of stock options and vesting of restricted stock, Shares	72,179
Stock-based compensation	$ 1,243			1,243
Unrealized gain (loss) on investments	(14)				(14)
Net loss	(7,636)					(7,636)
Ending Balance at Jun. 30, 2021	401,601		$ 6	426,680	(12)	(25,073)
Ending Balance, Shares at Jun. 30, 2021			55,114,729
Beginning Balance at Dec. 31, 2021	382,130		$ 6	429,824	(244)	(47,456)
Beginning Balance, Shares at Dec. 31, 2021			55,441,926
Exercises of stock options and vesting of restricted stock	166			166
Exercises of stock options and vesting of restricted stock, Shares			250,626
Issuance of common stock under employee stock purchase plan	225			225
Issuance of common stock under employee stock purchase plan, Shares			24,209
Stock-based compensation	4,977			4,977
Unrealized gain (loss) on investments	(2,071)				(2,071)
Net loss	(28,264)					(28,264)
Ending Balance at Jun. 30, 2022	357,163		$ 6	435,192	(2,315)	(75,720)
Ending Balance, Shares at Jun. 30, 2022			55,716,761
Beginning Balance at Mar. 31, 2022	370,309		$ 6	432,346	(1,322)	(60,721)
Beginning Balance, Shares at Mar. 31, 2022			55,618,326
Exercises of stock options and vesting of restricted stock	4			4
Exercises of stock options and vesting of restricted stock, Shares			74,226
Issuance of common stock under employee stock purchase plan	225			225
Issuance of common stock under employee stock purchase plan, Shares			24,209
Stock-based compensation	2,617			2,617
Unrealized gain (loss) on investments	(993)				(993)
Net loss	(14,999)					(14,999)
Ending Balance at Jun. 30, 2022	$ 357,163		$ 6	$ 435,192	$ (2,315)	$ (75,720)
Ending Balance, Shares at Jun. 30, 2022			55,716,761

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Series B Convertible Preferred Stock
Preferred stock issuance costs	$ 288
Initial Public Offering
Stock issuance costs	$ 21,728

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (28,264)	$ (13,150)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	174	16
Stock-based compensation	4,977	1,890
Amortization of premiums on investment securities, net	(39)	(128)
Non-cash lease expense	35
Other	4
Change in operating assets and liabilities:
Prepaid expense and other assets	(1,020)	(1,624)
Prepaid expense and other assets—related party		(60)
Accounts payable and other liabilities	1,813	1,070
Accounts payable and other liabilities related-party	(7)
Net cash used in operating activities	(22,327)	(11,986)
Cash flows from investing activities
Purchases of investment securities	(157,976)	(32,037)
Proceeds from maturities of investment securities	1,715	33,710
Proceeds from sale of asset	39
Purchases of property and equipment	(320)	(216)
Net cash (used in) provided by investing activities	(156,542)	1,457
Cash flows from financing activities
Proceeds from initial public offering, net of issuance costs		254,271
Proceeds from issuance of convertible preferred stock, net of issuance costs		124,712
Payment of deferred issuance costs	(427)
Issuance of common stock through employee stock purchase plan	225
Proceeds from the exercise of stock options	156	5
Net cash provided by financing activities	(46)	378,988
Net (decrease) increase in cash and cash equivalents	(178,915)	368,459
Cash and cash equivalents at beginning of period	298,569	2,379
Cash and cash equivalents at end of period	119,654	$ 370,838
Supplemental disclosures
Initial recognition of right-of-use asset and operating lease liability	590
Deferred financing costs in accrued expenses	75
Purchases of property and equipment included in accounts payable and accrued expenses	$ 222

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Organization	1. Organization Design Therapeutics, Inc. (the “Company”) was incorporated in Delaware in December 2017 and is based in Carlsbad, California. The Company is a clinical-stage biopharmaceutical company pioneering the research and development of GeneTAC TM molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. The Company’s lead product candidate is in Friedreich ataxia (“FA”), its second GeneTAC TM program is in myotonic dystrophy type-1 (“DM1”), and it is also advancing its GeneTAC TM portfolio to address other serious nucleotide repeat-driven monogenic diseases. Stock Splits In March 2021, the Company effected a 1-for-1.63 reverse stock split of its issued and outstanding common stock. The par value and the authorized shares of the common stock were not adjusted as a result of these stock splits. The reverse stock split in March 2021 resulted in an adjustment to the convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying financial statements and notes to the financial statements give retroactive effect to the stock splits for all periods presented. Initial Public Offering In March 2021, the Company completed its initial public offering (“IPO”) selling 13,800,000 shares of its common stock at $ 20.00 per share. Proceeds from the Company's IPO, net of underwriting discounts and commissions and other offering costs, were $ 254.3 million. In connection with the IPO, all 41,096,478 shares of convertible preferred stock outstanding at the time of the IPO converted into 25,212,548 shares of the Company's common stock. Liquidity and Capital Resources The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net operating losses since inception and had an accumulated deficit of $ 75.7 million as of June 30, 2022 . The Company had cash, cash equivalents and investment securities of $ 359.4 million as of June 30, 2022, and has not generated positive cash flow from operations. Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the preclinical manufacturing, and clinical development activities as well as the commercialization of the Company's products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. The Company's currently available cash and cash equivalents as of June 30, 2022 are sufficient to meet its anticipated cash requirements for more than 12 months following the date the financial statements are issued.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying interim condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and following the requirements of the United States Securities and Exchange Commission ("SEC") for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations for the periods presented. The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. The full extent to which the novel coronavirus-2019 (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including research and development costs, 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 COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the COVID-19 pandemic and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgments or revise the carrying value of its assets or liabilities. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, restricted common stock subject to repurchase, stock options outstanding under the Company’s equity incentive plans, employee stock purchase rights under the Company’s 2021 Employee Stock Purchase Plan (the "ESPP"), and shares of common stock that are issuable under convertible debt, as applicable. 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 sets forth the outstanding, potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: June 30, June 30, Stock options 5,316,584 2,137,960 Shares subject to repurchase 91,174 502,593 Employee stock purchase plan 2,485 46,257 Total $ 5,410,243 $ 2,686,810

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying value of the Company’s cash, accounts payable and accrued liabilities are considered to be representative of their respective fair values due to the short-term nature of those instruments. The Company’s investment securities, which may include money market accounts, money market funds, certificates of deposits, U.S. Treasury securities, and high quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis and no transfers between levels have occurred during the periods presented. The following table summarize the Company’s financial instruments measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurement at End of Period Using: Quoted Prices In Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2022: Assets: Money market funds (1) $ 117,983 $ 117,983 $ — $ — Certificates of deposit 5,692 5,692 — — U.S. Treasury securities 234,031 234,031 — — Total $ 357,706 $ 357,706 $ — $ — As of December 31, 2021: Assets: Money market funds (1) $ 298,114 $ 298,114 $ — $ — Certificates of deposit 5,771 5,771 — — U.S. Treasury securities 79,724 79,724 — — Total $ 383,609 $ 383,609 $ — $ — (1) Included in cash and cash equivalents on the accompanying balance sheets. Interest bearing money market accounts and certificates of deposit are valued at amortized cost, which approximates fair value.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	5. Investment Securities The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in marketable securities. The cost, gross unrealized holding gains, gross unrealized holding losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at June 30, 2022 and December 31, 2021 consisted of the following (in thousands): As of June 30, 2022 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 3,817 $ — $ ( 50 ) $ — $ 3,767 U.S. Treasury securities Within 1 year 162,295 — ( 1,241 ) — 161,054 Certificates of deposits 1 year to 2 years 1,951 — ( 26 ) — 1,925 U.S. Treasury securities 1 year to 2 years 73,975 — ( 998 ) — 72,977 Total $ 242,038 $ — $ ( 2,315 ) $ — $ 239,723 As of December 31, 2021 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 2,896 $ — $ ( 3 ) $ — $ 2,893 U.S. Treasury securities Within 1 year $ 15,045 — ( 23 ) $ 15,022 Certificates of deposits 1 year to 2 years $ 2,887 — ( 9 ) $ 2,878 U.S. Treasury securities 1 year to 2 years 64,911 — ( 209 ) — 64,702 Total $ 85,739 $ — $ ( 244 ) $ — $ 85,495 The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At June 30, 2022 there were 67 securities in an unrealized loss position. The Company determined that there was no material change in the credit risk of the securities and considered the decline in market value to be primarily attributable to changes in interest rates. Each security remained at a high credit quality rating and the unrealized losses of each security was immaterial. Further, there had been no adverse conditions noted for any of the issuers and Company does not intend to sell any of the securities prior to maturity. As such, an allowance for credit losses has not been recognized. At December 31, 2021, there were 38 securities in an unrealized loss position. As of June 30, 2022 , the Company held 24 domestic certificates of deposit with amortized costs below the Federal Deposit Insurance Corporation (“FDIC”) insured limit. Accrued interest receivable on available-for-sale investment securities, included in prepaids and other current assets on the Company’s balance sheets, was $ 0.7 million and $ 0.1 million at June 30, 2022 and December 31, 2021, respectively.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2022
Balance Sheet Component [Abstract]
Balance Sheet Details	6. Balance Sheet Details Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 1,418 $ 1,254 Interest receivable 691 110 Other 236 7 Total $ 2,345 $ 1,371 Property and equipment consisted of the following (in thousands): June 30, December 31, Laboratory equipment $ 1,402 $ 1,148 Computer equipment and software 102 96 Furniture and fixtures 437 292 Leasehold improvements 111 95 Construction in progress 42 11 2,094 1,642 Less accumulated depreciation ( 290 ) ( 134 ) Total $ 1,804 $ 1,508 Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued personnel costs $ 1,909 $ 2,152 Accrued research and development costs 2,378 516 Current portion of operating lease liability 604 489 Accrued other 426 506 Total $ 5,317 $ 3,663

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	7. Leases In May 2019, the Company entered into an agreement, as subsequently amended, to lease laboratory space pursuant to a three-month, automatically renewing lease. Due to the short-term nature of the lease, it was not included as an operating lease right of use asset nor as an operating lease liability on the Company’s balance sheets. The Company terminated the agreement in September 2021 . In February 2021, the Company entered into a lease agreement with Crossing Holdings, LLC to rent approximately 12,370 square feet of laboratory and office space (the “Lease”). The Company’s Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. The lease commenced in September 2021 with a term of 72 months and an option to extend the lease term for a period of three years ; however, it is not reasonably certain the Company will exercise the option to renew when the lease term ends in 2027 , and thus, the incremental term was excluded from the calculation of the right-of-use asset or lease liability. Lease payments are subject to annual increases of 3 % and the Company is responsible for its share of operating expenses and taxes, which are expensed as incurred. In March 2022, the Company entered into an amendment (the "Lease Amendment") to its Lease with Crossing Holdings, LLC to rent approximately 4,900 square feet of additional office space in the same building. The Lease Amendment commenced in June 2022 and the term of the additional premises under the Lease Amendment will coincide with the term of the Lease and end in 2027 . As of June 30, 2022 , the weighted-average remaining lease term for the Company's leases was 5.2 years and the weighted-average discount rate used to determine the right-of-use asset and corresponding operating lease liability was 7.37 %. Maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands): 2022 (remaining six months) $ 436 2023 891 2024 918 2025 945 2026 974 Thereafter 663 Total future minimum lease payments 4,827 Less: Present value adjustment ( 842 ) Operating lease liabilities $ 3,985 Rent expense for the three months ended June 30, 2022 and 2021 was $ 0.2 million and $ 0.1 million, resp ectively. Rent expense for the six months ended June 30, 2022 and 2021 was $ 0.4 million and $ 0.2 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that the future expenditures will be made and such expenditures can be reasonably estimated. The Company had no such contingent liabilities as of June 30, 2022 or December 31, 2021.

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2022
License Agreement [Abstract]
License Agreement	9. License Agreement In February 2019, the Company entered into a Human Therapeutics Exclusive License Agreement (the “License Agreement”) with the Wisconsin Alumni Research Foundation (“WARF”). Under the License Agreement, the Company licensed the exclusive, worldwide, royalty-bearing, sublicensable rights to certain WARF patents and the nonexclusive worldwide rights to certain know-how to develop and commercialize products for the prevention, diagnosis and treatment of disease. As consideration for the license, the Company agreed to pay an upfront fee of $ 0.3 million, which the Company immediately expensed as research and development expense in its statements of operations as there was no alternative future use for the license. For the six months ended June 30, 2022 , pursuant to the License Agreement, the Company paid $ 0.1 million upon the acceptance of an investigation new drug (“IND”) application in the U.S. The Company will be required to make further aggregate milestone payments of up to $ 17.5 million upon achievement of certain other regulatory and commercial milestones. The Company may also be required to pay royalties based on annual net product sales in the low single digits on its or its sublicensees’ net product sales on a country-by-country and product-by-product basis, and is subject to a minimum royalty of $ 0.1 million per calendar year upon first commercial product sale. Further, the Company may be required to pay sublicense fees in the mid-single digits percentage for fees, royalties or other payments earned from the granting of sublicenses to the WARF patents and know-how. The Company is responsible for reimbursing WARF for costs incurred in connection with prosecuting and maintaining patent rights that are specific to the License Agreement. Expenses recognized in connection with legal patent fees under this License Agreement were immaterial for the three and six months ended June 30, 2022, respectively. The Company may terminate the License Agreement with 90 days written notice or for certain breaches of the agreement. WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Deficit	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Deficit	10. Convertible Preferred Stock and Stockholders’ Deficit Authorized Shares In connection with the completion of the Company’s IPO in March 2021, the Company amended its Certificate of Incorporation to authorize 200,000,000 shares of common stock, par value $ 0.0001 per share, and 10,000,000 shares of preferred stock, par value $ 0.0001 per share, respectively. Convertible Preferred Stock In February and March 2020, the Company issued 21,710,814 shares of Series A convertible preferred stock at $ 2.0727 per share for net cash proceeds of $ 44.7 million (the “Series A Financing”). In connection with the Series A Financing, the Company issued an additional 301,685 shares of its Series A convertible preferred stock at $ 1.65816 per share in February 2020. In January 2021, the Company issued 19,083,979 shares of Series B convertible preferred stock at $ 6.55 per share for net cash proceeds of approximately $ 124.7 million. All shares of convertible preferred stock outstanding at the Company’s IPO were converted into shares of the Company’s common stock. Shelf Registration Statement In April 2022, the Company filed a shelf registration statement on Form S-3 ( the "2022 Shelf Registration Statement"), which became effective in May 2022. The 2022 Shelf Registration Statement permits: (i) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 300.0 million of common stock, preferred stock, debt securities and warrants in one or more offerings and in any combination; and (ii) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 100.0 million of our common stock that may be issued and sold under an "at-the-market" sales agreement ( the "ATM Program"). The $ 100.0 million of common stock that may be issued and sold under the ATM Program is included in the $ 300.0 million of securities that may be issued and sold under the 2022 Shelf Registration Statement. As of June 30, 2022, the Company has no t sold any shares of its common stock under the ATM Program. Shares subject to Repurchase Pursuant to the 2018 Equity Incentive Plan (the “2018 Plan”) , the Company has issued shares of restricted common stock to employees, consultants and members of its board of directors. Additionally, certain stock options granted pursuant to the 2018 Plan provide for the right to elect to exercise unvested options early in exchange for restricted shares of common stock. These restricted shares of common stock generally vest over a four-year period and are subject to repurchase by the Company at the original purchase price or, in certain instances the fair market value if such fair market value is lower than the purchase price, in the event the recipient’s service is terminated either voluntarily or involuntarily prior to vesting. A summary of the Company’s restricted shares of common stock and unvested stock liability, which is included in accrued expenses and other current liabilities on the Company’s balance sheets, is as follows (in thousands, except share data): Shares Liability Balance at December 31, 2021 239,826 $ 23 Vested shares ( 148,652 ) ( 9 ) Balance at June 30, 2022 91,174 $ 14

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Award Plans In March 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. Upon adoption of the 2021 Plan, the Company restricted future grants from its 2018 Plan. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock awards, performance cash awards and other forms of stock awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates. The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors . As of June 30, 2022 , the total number of shares available for future issuance was 6,119,288 . The following table summarizes stock option activity for the six months ended June 30, 2022: Options Weighted-Average Exercise Price Outstanding as of December 31, 2021 2,673,775 $ 8.49 Granted 2,754,783 $ 12.93 Exercised ( 101,974 ) $ 1.53 Forfeited ( 10,000 ) $ 20.89 Balance at June 30, 2022 5,316,584 $ 10.90 Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 1,212 $ 496 $ 2,248 $ 660 General and administrative 1,405 747 2,729 1,230 Total $ 2,617 $ 1,243 $ 4,977 $ 1,890 2021 Employee Stock Purchase Plan In March 2021, the Company’s board of directors and stockholders adopted the ESPP, which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. A total of 600,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii) . As of June 30, 2022 , the Company had issued 35,665 shares of the Company's common stock under the ESPP and had 1,121,152 shares available for future issuance.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	12. Related Party Transactions Lease Agreement In February 2021, the Company entered into the Lease with Crossing Holdings, LLC to rent laboratory and office space. In March 2022, the Company entered into the Lease Amendment with Crossing Holdings, LLC amending the Lease for additional office space in the same building. The Company's Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. Expenses recognized by the Company under the Lease and Lease Amendment during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 181 $ — $ 352 $ — General and administrative 69 — 134 — Total expenses $ 250 $ — $ 486 $ — Consulting Agreements In January 2019, the Company entered into an agreement with the Marlinspike Group, LLC (“Marlinspike Group”) for research support, management, and business consulting services (the “2019 Consulting Agreement”). Further, Marlinspike Group provides the use of approximately 2,120 square feet of its office space in Carlsbad, California to the Company on an as-available basis from time to time pursuant to the agreement. The Company’s Executive Chairperson, co-founder and member of its board of directors is an executive officer of Marlinspike Group. The term of the 2019 Consulting Agreement was for a one-year period, subject to automatic one-month renewals unless terminated upon 14 days’ written notice. In March 2020, the Consulting Agreement was terminated and replaced with an amended consulting agreement (the “2020 Consulting Agreement”), which provides for the similar services and use of office space for a monthly fee of $ 20,000 . Pursuant to the terms of the 2020 Consulting Agreement, it shall remain in effect until otherwise terminated. Termination may occur at any time upon mutual agreement or unilaterally upon 30 days’ written notice. If the Company unilaterally terminates the 2020 Consulting Agreement for any reason other than cause, it would be subject to a $ 240,000 termination fee. The Company cannot determine when, or if, such a termination will occur and hence has not recorded a liability for the fee. Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative $ 60 $ 60 $ 120 $ 120 Total expenses $ 60 $ 60 $ 120 $ 120 In December 2017, the Company entered into a consulting agreement with Aseem Z. Ansari, Ph.D. Dr. Ansari, a co-founder, provides consulting services and advises on certain research and development activities (the “Research Consulting Agreement”). Pursuant to the Research Consulting Agreement, as amended, Dr. Ansari performs these services for a monthly fee of $ 15,000 . Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 45 $ 45 $ 90 $ 90 Total expenses $ 45 $ 45 $ 90 $ 90 The Company had accounts payable of $ 8,000 as of June 30, 2022 and accrued expenses and other current liabilities of $ 15,000 as of December 31, 2021, pursuant to its related party consulting agreements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying interim condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and following the requirements of the United States Securities and Exchange Commission ("SEC") for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations for the periods presented. The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. The full extent to which the novel coronavirus-2019 (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including research and development costs, 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 COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the COVID-19 pandemic and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgments or revise the carrying value of its assets or liabilities.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share	The following table sets forth the outstanding, potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: June 30, June 30, Stock options 5,316,584 2,137,960 Shares subject to repurchase 91,174 502,593 Employee stock purchase plan 2,485 46,257 Total $ 5,410,243 $ 2,686,810

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Company's Financial Instruments Measured at Fair Value on a Recurring Basis	The following table summarize the Company’s financial instruments measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurement at End of Period Using: Quoted Prices In Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2022: Assets: Money market funds (1) $ 117,983 $ 117,983 $ — $ — Certificates of deposit 5,692 5,692 — — U.S. Treasury securities 234,031 234,031 — — Total $ 357,706 $ 357,706 $ — $ — As of December 31, 2021: Assets: Money market funds (1) $ 298,114 $ 298,114 $ — $ — Certificates of deposit 5,771 5,771 — — U.S. Treasury securities 79,724 79,724 — — Total $ 383,609 $ 383,609 $ — $ — (1) Included in cash and cash equivalents on the accompanying balance sheets.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Disclosure - Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Detail)	The cost, gross unrealized holding gains, gross unrealized holding losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at June 30, 2022 and December 31, 2021 consisted of the following (in thousands): As of June 30, 2022 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 3,817 $ — $ ( 50 ) $ — $ 3,767 U.S. Treasury securities Within 1 year 162,295 — ( 1,241 ) — 161,054 Certificates of deposits 1 year to 2 years 1,951 — ( 26 ) — 1,925 U.S. Treasury securities 1 year to 2 years 73,975 — ( 998 ) — 72,977 Total $ 242,038 $ — $ ( 2,315 ) $ — $ 239,723 As of December 31, 2021 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 2,896 $ — $ ( 3 ) $ — $ 2,893 U.S. Treasury securities Within 1 year $ 15,045 — ( 23 ) $ 15,022 Certificates of deposits 1 year to 2 years $ 2,887 — ( 9 ) $ 2,878 U.S. Treasury securities 1 year to 2 years 64,911 — ( 209 ) — 64,702 Total $ 85,739 $ — $ ( 244 ) $ — $ 85,495

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 1,418 $ 1,254 Interest receivable 691 110 Other 236 7 Total $ 2,345 $ 1,371
Summary of Property and Equipment	Property and equipment consisted of the following (in thousands): June 30, December 31, Laboratory equipment $ 1,402 $ 1,148 Computer equipment and software 102 96 Furniture and fixtures 437 292 Leasehold improvements 111 95 Construction in progress 42 11 2,094 1,642 Less accumulated depreciation ( 290 ) ( 134 ) Total $ 1,804 $ 1,508
Summary of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued personnel costs $ 1,909 $ 2,152 Accrued research and development costs 2,378 516 Current portion of operating lease liability 604 489 Accrued other 426 506 Total $ 5,317 $ 3,663

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands): 2022 (remaining six months) $ 436 2023 891 2024 918 2025 945 2026 974 Thereafter 663 Total future minimum lease payments 4,827 Less: Present value adjustment ( 842 ) Operating lease liabilities $ 3,985

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Deficit (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Summary of Restricted Shares of Common Stock and Unvested Stock Liability	A summary of the Company’s restricted shares of common stock and unvested stock liability, which is included in accrued expenses and other current liabilities on the Company’s balance sheets, is as follows (in thousands, except share data): Shares Liability Balance at December 31, 2021 239,826 $ 23 Vested shares ( 148,652 ) ( 9 ) Balance at June 30, 2022 91,174 $ 14

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2022: Options Weighted-Average Exercise Price Outstanding as of December 31, 2021 2,673,775 $ 8.49 Granted 2,754,783 $ 12.93 Exercised ( 101,974 ) $ 1.53 Forfeited ( 10,000 ) $ 20.89 Balance at June 30, 2022 5,316,584 $ 10.90
Stock-Based Compensation Expense Reported in Condensed Statements of Operations	Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 1,212 $ 496 $ 2,248 $ 660 General and administrative 1,405 747 2,729 1,230 Total $ 2,617 $ 1,243 $ 4,977 $ 1,890

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Consulting Agreements
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative $ 60 $ 60 $ 120 $ 120 Total expenses $ 60 $ 60 $ 120 $ 120
Research Consulting Agreements
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 45 $ 45 $ 90 $ 90 Total expenses $ 45 $ 45 $ 90 $ 90
Lease Agreement
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the Lease and Lease Amendment during the periods presented were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 181 $ — $ 352 $ — General and administrative 69 — 134 — Total expenses $ 250 $ — $ 486 $ —

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Reverse stock split of issued and outstanding common stock		1-for-1.63
Proceeds from sale of common stock			$ 225
Accumulated deficit			(75,720)	$ (47,456)
Cash, cash equivalents and investment securities			$ 359,400
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Initial public offering of common shares	13,800,000
Share price	$ 20
Proceeds from sale of common stock	$ 254,300
Preferred stock converted into shares of common stock	41,096,478
Preferred stock converted into shares of common stock, Shares	25,212,548

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,410,243	2,686,810
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,316,584	2,137,960
Shares Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	91,174	502,593
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	2,485	46,257

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 357,706	$ 383,609
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	117,983	298,114
Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	5,692	5,771
U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	234,031	79,724
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	357,706	383,609
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	117,983	298,114
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	5,692	5,771
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 234,031	$ 79,724

Investment Securities - Summary

Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Amortized Cost	$ 242,038	$ 85,739
Debt securities, Unrealized Losses	(2,315)	(244)
Debt securities, Estimated Fair Value	$ 239,723	$ 85,495
Certificates of Deposit | Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 3,817	$ 2,896
Debt securities, Unrealized Losses	(50)	(3)
Debt securities, Estimated Fair Value	$ 3,767	$ 2,893
Certificates of Deposit | 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 1,951	$ 2,887
Debt securities, Unrealized Losses	(26)	(9)
Debt securities, Estimated Fair Value	$ 1,925	$ 2,878
U.S. Treasury Securities | Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 162,295	$ 15,045
Debt securities, Unrealized Losses	(1,241)	(23)
Debt securities, Estimated Fair Value	$ 161,054	$ 15,022
U.S. Treasury Securities | 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 73,975	$ 64,911
Debt securities, Unrealized Losses	(998)	(209)
Debt securities, Estimated Fair Value	$ 72,977	$ 64,702

Investment Securities - Additio

Investment Securities - Additional Information (Details)	Jun. 30, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale investment securities in continuous unrealized loss position	67	38
Number of domestic certificates of deposit held	24
Accrued interest receivable on available-for-sale investment securities | $	$ 700,000	$ 100,000

Balance Sheet Details - Summary

Balance Sheet Details - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,418	$ 1,254
Interest receivable	691	110
Other	236	7
Total	$ 2,345	$ 1,371

Balance Sheet Details - Summa_2

Balance Sheet Details - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,094	$ 1,642
Less accumulated depreciation	(290)	(134)
Total	1,804	1,508
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	1,402	1,148
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment	102	96
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	437	292
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	111	95
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment	$ 42	$ 11

Balance Sheet Details - Summa_3

Balance Sheet Details - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued personnel costs	$ 1,909	$ 2,152
Accrued research and development costs	2,378	516
Current portion of operating lease liability	604	489
Accrued other	426	506
Total	$ 5,317	$ 3,663

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021 ft²	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease agreement termination date				2021-09
Rent expense | $		$ 0.2	$ 0.1	$ 0.4	$ 0.2
Crossing Holdings, LLC
Lessee, Lease, Description [Line Items]
Area of lease space | ft²	12,370	4,900		4,900
Lease commencement date	2021-09
Lease term	72 months
Option to renew lease term ends, year	2027			2027
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lease term, option to extend period	three years
Percentage of annual increase in lease payments	3%
Weighted average operating lease remaining lease term		5 years 2 months 12 days		5 years 2 months 12 days
Weighted average operating lease right-of-use asset discount rate		7.37%		7.37%

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022 (remaining six months)	$ 436
2023	891
2024	918
2025	945
2026	974
Thereafter	663
Total future minimum lease payments	4,827
Less: Present value adjustment	(842)
Operating lease liabilities	$ 3,985

License Agreement - Additional

License Agreement - Additional Information (Details) - License Agreement	6 Months Ended
	Jun. 30, 2022 USD ($)
Schedule Of License Agreement [Line Items]
Upfront payment upon execution of agreement	$ 100,000
Written notice period for termination of agreement	90 days
Termination period Description	WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.
Investigation New Drug (IND) | Maximum
Schedule Of License Agreement [Line Items]
Expected milestone payment on achieving certain regulatory and commercial milestones	$ 17,500,000
Investigation New Drug (IND) | Minimum [Member]
Schedule Of License Agreement [Line Items]
Expected royalty payments upon first commercial product sale	100,000
Research and Development
Schedule Of License Agreement [Line Items]
Payment for upfront fee	$ 300,000

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Details) - USD ($)		1 Months Ended				6 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Jan. 31, 2021	Mar. 31, 2020	Feb. 29, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2021
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized	200,000,000					200,000,000		200,000,000
Common stock, par value	$ 0.0001					$ 0.0001		$ 0.0001
Number of shares sold							$ 254,271,000
Proceeds from issuance of convertible preferred stock, net of issuance costs							124,712,000
Series A Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Share price					$ 1.65816
Convertible preferred stock, issued				21,710,814	21,710,814
Convertible preferred stock, par value				$ 2.0727	$ 2.0727
Proceeds from issuance of convertible preferred stock, net of issuance costs				$ 44,700,000	$ 44,700,000
Converted shares					301,685
Series B Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Convertible preferred stock, issued			19,083,979
Convertible preferred stock, par value			$ 6.55
Proceeds from issuance of convertible preferred stock, net of issuance costs			$ 124,700,000
Common Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Number of shares sold							$ 1,000
Common Stock | 2018 Equity Incentive Plan | Restricted Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Vesting period						4 years
Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price		$ 300,000,000
Initial Public Offering
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized									200,000,000
Common stock, par value									$ 0.0001
Preferred stock, authorized									10,000,000
Preferred stock, par value									$ 0.0001
Share price									$ 20
ATM Program
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Number of shares sold	$ 0
ATM Program | Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price		$ 100,000,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Deficit - Summary of Restricted Shares of Common Stock and Unvested Stock Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance, Unvested stock liability | $	$ 23
Vested shares, Unvested stock liability | $	(9)
Ending Balance, Unvested stock liability | $	$ 14
Restricted Shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance | shares	239,826
Vested shares | shares	(148,652)
Ending Balance | shares	91,174

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - shares		6 Months Ended
	Mar. 25, 2021	Jun. 30, 2022
2021 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuance, description and terms		The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors
Common stock reserved for issuance		6,119,288
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuance, description and terms		the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii)
Common stock reserved for issuance	600,000	1,121,152
Maximum percentage of eligible earnings withheld to participate in offering	15%
Price of common stock purchased	85%
Common stock remained available for issuance	1,200,000
Issuance of common stock under employee stock purchase plan, Shares		35,665

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance | shares	2,673,775
Options, Granted | shares	2,754,783
Options, Exercised | shares	(101,974)
Options, Forfeited | shares	(10,000)
Options Outstanding, Ending Balance | shares	5,316,584
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 8.49
Weighted Average Exercise Price, Granted | $ / shares	12.93
Weighted Average Exercise Price, Exercised | $ / shares	1.53
Weighted Average Exercise Price, Forfeited | $ / shares	20.89
Weighted Average Exercise Price, Ending Balance | $ / shares	$ 10.90

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense Reported in Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,617	$ 1,243	$ 4,977	$ 1,890
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,212	496	2,248	660
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,405	$ 747	$ 2,729	$ 1,230

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended
	Mar. 31, 2020 USD ($)	Jan. 31, 2019 ft²	Dec. 31, 2017 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Accounts payable, related party amounts				$ 8,000	$ 0
Accrued expenses and other current liabilities, related party amounts				604,000	504,000
Consulting Agreements
Related Party Transaction [Line Items]
Accounts payable, related party amounts				$ 8,000
Accrued expenses and other current liabilities, related party amounts					$ 15,000
Marlinspike Group, LLC | 2020 Consulting Agreement
Related Party Transaction [Line Items]
Monthly fee for consultancy services	$ 20,000
Termination fee	$ 240,000
Marlinspike Group, LLC | Carlsbad, California | 2019 Consulting Agreement
Related Party Transaction [Line Items]
Area of office space | ft²		2,120
Aseem Z. Ansari, Ph.D. | Consulting Agreements
Related Party Transaction [Line Items]
Monthly fee for services			$ 15,000

Related Party Transactions - Su

Related Party Transactions - Summary of Expenses Recognized under Consulting Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Research and development	$ 11,295	$ 5,027	$ 20,054	$ 8,902
General and administrative	4,344	2,660	8,955	4,465
Lease Agreement
Related Party Transaction [Line Items]
Research and development	181		352
General and administrative	69		134
Total expenses	250		486
Research Consulting Agreements
Related Party Transaction [Line Items]
Research and development	45	45	90	90
Total expenses	45	45	90	90
Marlinspike Group, LLC | Consulting Agreements
Related Party Transaction [Line Items]
General and administrative	60	60	120	120
Total expenses	$ 60	$ 60	$ 120	$ 120