COMPASS Pathways (CMPS) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39522
Entity Registrant Name	COMPASS Pathways plc
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	33 Broadwick Street
Entity Address, City or Town	London
Entity Address, Postal Zip Code	W1F 0DQ
Entity Address, Country	GB
City Area Code	646
Local Phone Number	905-3974
Title of 12(b) Security	American Depositary Shares, each representing one ordinary share, par value of £0.008 per share
Trading Symbol	CMPS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,511,357
Entity Central Index Key	0001816590
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 243,684	$ 273,243
Restricted cash	104	104
Prepaid income tax	0	332
Prepaid expenses and other current assets	22,764	21,621
Total current assets	266,552	295,300
NON-CURRENT ASSETS:
Investment	508	525
Property and equipment, net	415	398
Operating lease right-of-use assets	3,056	3,696
Deferred tax assets	1,232	766
Other assets	334	213
Total assets	272,097	300,898
CURRENT LIABILITIES:
Accounts payable	2,054	2,564
Accrued expenses and other liabilities	7,480	10,308
Operating lease liabilities - current	2,146	2,235
Total current liabilities	11,680	15,107
NON-CURRENT LIABILITIES
Operating lease liabilities - non-current	843	1,379
Total liabilities	12,523	16,486
Commitments and contingencies (Note 12)
SHAREHOLDERS' EQUITY:
Additional paid-in capital	448,271	444,750
Accumulated other comprehensive income	1,647	8,840
Accumulated deficit	(190,812)	(169,641)
Total shareholders' equity	259,574	284,412
Total liabilities and shareholders' equity	272,097	300,898
Ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary and deferred shares	440	435
Deferred Shares
SHAREHOLDERS' EQUITY:
Ordinary and deferred shares	$ 28	$ 28

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - £ / shares	Mar. 31, 2022	Dec. 31, 2021
Ordinary shares
Common stock, par value (in GBP per share)	£ 0.008
Common stock, authorized (in shares)	42,464,566	42,019,874
Common stock, issued (in shares)	42,464,566	42,019,874
Common stock, outstanding (in shares)	42,464,566	42,019,874
Deferred Shares
Common stock, par value (in GBP per share)	£ 21,921.504
Common stock, authorized (in shares)	1	1
Common stock, issued (in shares)	1	1
Common stock, outstanding (in shares)	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING EXPENSES:
Research and development	$ 15,362	$ 6,884
General and administrative	10,058	6,718
Total operating expenses	25,420	13,602
LOSS FROM OPERATIONS:	(25,420)	(13,602)
OTHER INCOME (EXPENSE), NET:
Other income	134	1
Foreign exchange gains (losses)	1,333	(643)
Benefit from R&D tax credit	2,922	1,557
Total other income, net	4,389	915
Loss before income taxes	(21,031)	(12,687)
Income tax expense	(140)	(28)
Net loss	(21,171)	(12,715)
Other comprehensive (loss) income:
Foreign exchange translation adjustment	(7,193)	1,988
Comprehensive loss	$ (28,364)	$ (10,727)
Net loss per share - basic (in dollars per share)	$ (0.50)	$ (0.35)
Net loss per share - diluted (in dollars per share)	$ (0.50)	$ (0.35)
Weighted average ordinary shares outstanding - basic (in shares)	42,036,563	36,569,290
Weighted average ordinary shares outstanding - diluted (in shares)	42,036,563	36,569,290

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Ordinary shares	Deferred Shares	Common stockOrdinary shares	Common stockDeferred Shares	ADDITIONAL PAID-IN CAPITAL	ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED DEFICIT
Beginning balance (in shares) at Dec. 31, 2020				35,930,331	1
Beginning balance at Dec. 31, 2020	$ 196,561			$ 367	$ 28	$ 279,480	$ 14,585	$ (97,899)
Exercise of share options (in shares)				581,328
Exercise of share options	998			$ 6		992
Issuance of ordinary shares, net of issuance costs (in shares)				232,227
Issuance of shares due to options exercised in previous year	0			$ 3		(3)
Share-based compensation expense	1,666					1,666
Unrealized gain on foreign currency translation	1,988						1,988
Net loss	(12,715)							(12,715)
Ending balance (in shares) at Mar. 31, 2021				36,743,886	1
Ending balance at Mar. 31, 2021	188,498			$ 376	$ 28	282,135	16,573	(110,614)
Beginning balance (in shares) at Dec. 31, 2021		42,019,874	1	42,019,874	1
Beginning balance at Dec. 31, 2021	$ 284,412			$ 435	$ 28	444,750	8,840	(169,641)
Exercise of share options (in shares)	376,158			376,158
Exercise of share options	$ 397			$ 4		393
Vesting of restricted stock units (in shares)				68,534
Vesting of restricted stock units	1			$ 1
Share-based compensation expense	3,128					3,128
Unrealized gain on foreign currency translation	(7,193)						(7,193)
Net loss	(21,171)							(21,171)
Ending balance (in shares) at Mar. 31, 2022		42,464,566	1	42,464,566	1
Ending balance at Mar. 31, 2022	$ 259,574			$ 440	$ 28	$ 448,271	$ 1,647	$ (190,812)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ (21,171)	$ (12,715)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	54	35
Non-cash gain on foreign currency remeasurement	(219)	(171)
Non-cash share-based compensation	3,128	1,666
Non-cash lease expenses	550	269
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(1,386)	(2,751)
Deferred and prepaid tax assets	(135)	0
Other assets	(311)	7
Operating lease liabilities	(538)	(269)
Accounts payable	(445)	2,432
Accrued expenses and other liabilities	(2,650)	(2,281)
Net cash used in operating activities	(23,123)	(13,778)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(82)	(70)
Net cash used in investing activities	(82)	(70)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options	189	998
Preferred shares issuance costs	0	(40)
Net cash provided by financing activities	189	958
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,543)	2,083
Net decrease in cash, cash equivalents and restricted cash	(29,559)	(10,807)
Cash, cash equivalents and restricted cash, beginning of the period	273,347	190,356
Cash, cash equivalents and restricted cash, end of the period	243,788	179,549
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Proceeds from exercise of options not yet received and recorded in other current assets	208	0
Deferred offering costs included in prepaid expenses and other current assets	835	524
Right-of-use assets obtained in exchange for new operating lease liabilities	0	1,049
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	243,684	179,520
Short-term restricted cash	104	29
Total cash, cash equivalents and restricted cash	$ 243,788	$ 179,549

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business COMPASS Pathways plc, or the Company, is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. The Company is developing psilocybin therapy through late-stage clinical trials in Europe and North America for patients with treatment-resistant depression. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary intellectual property and technology, compliance with government regulations and the ability to secure additional capital to fund operations. Therapeutic candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s therapeutic development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from sales. The Company has funded its operations primarily with proceeds from the sale of its convertible preferred shares, the issuance of convertible notes, and more recently through the sale of American Depository Shares, or ADSs, in connection with the September 2020 IPO and its $154.8 million May 2021 follow-on offering. On October 8, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”), under which the Company may issue and sell from time to time up to $150.0 million of its ADSs, each representing one ordinary share, through Cowen as the sales agent. Sales of the Company’s ADSs, if any, will be made at market prices. The Company has not yet sold any ADSs under this at-the-market offering. The Company has incurred recurring losses since its inception, including net losses of $21.2 million and $12.7 million for the three months ended March 31, 2022 and 2021, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $190.8 million. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. The Company believes the cash and cash equivalents on hand as of March 31, 2022 of $243.7 million will be sufficient to fund its operating expenses and capital expenditure requirements into 2024. There can be no assurance that the Company will be able to secure debt or equity financing or generate revenue on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial conditions. The Company continues to assess its business plans and the additional impact which the ongoing COVID-19 pandemic may have on its ability to advance the development and manufacturing of COMP360 as a result of adverse impacts on the research sites, service providers, vendors, or suppliers on whom it relies, or to raise further financing to support the development of its investigational COMP360 psilocybin therapy. While many health measures put in place to attempt to contain the spread of COVID-19 resurgences, including existing or future variants, if any, no assurances can be given that the Company to avoid any future impact from the ongoing COVID-19 pandemic or the emergence of new variants, including downturns in business sentiment generally or in its sector in particular, impacts on global supply chains, or other effects. The Company cannot currently predict the scope and severity of any future potential business shutdowns or disruptions, but if the Company or any of the third parties on whom it relies or with whom the Company conducts business were to experience additional shutdowns or other business disruptions, the Company’s ability to conduct its business in the manner and on the timelines presently planned could be materially and adversely impacted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2021, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2022, the results of its operations and comprehensive loss and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, any other interim periods, or any future years or periods. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC, on February 24, 2022. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the prepayment and accrual for research and development expenses, discount rates for leases, the fair value of ordinary shares before IPO, share-based compensation and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company does not currently have any cash equivalents. Restricted Cash Restricted cash as of March 31, 2022 and December 31, 2021 represents a collateral deposit for employee credit cards. Investment The investment does not have readily determinable fair value and it is carried at cost, less impairment, adjusted for subsequent changes to estimated fair value up to the original cost, in circumstances where the Company does not have the ability to exercise significant influence or control over the operating and financial policies of the investee. Fair Value of Measurements 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 carrying amounts reflected in the condensed consolidated balance sheets for the Company’s cash and cash equivalents, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. Concentration of Credit Risk Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents. The Company places cash and cash equivalents in established financial institutions. The Company has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Estimated Useful Life Lab equipment 5 years Office equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of useful life or remaining lease term Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the condensed consolidated statements of operations and comprehensive loss. Expenditures for repairs and maintenance are charged to expense as incurred. Impairment of Long-Lived Assets The Company evaluates assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Recoverability is measured by comparing the book values of the assets to the expected future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. The Company has not recognized any impairment losses or had triggering events related to its underlying assets for the three months ended March 31, 2022 and 2021. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision maker, the Company’s Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment; however, the Company operates in two geographic regions: the United Kingdom, or UK, and the United States. The Company’s fixed assets are primarily located in the UK. The Company’s singular concentration is focused on accelerating patient access to evidence-based innovation in mental health. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, share-based compensation and benefits, travel, and external costs of outside vendors engaged to conduct clinical development activities, clinical trials and the cost to manufacture clinical trial materials. Research Contract Costs, Prepayments and Accruals The Company has entered into various research and development-related contracts with research institutions and other companies. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records prepayments and accruals for estimated ongoing research costs and receives updated estimates of costs and amounts owed on a monthly basis from its third-party service providers. When evaluating the adequacy of the prepayments and accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted cost estimates from third-party service providers. Estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical prepayments and accrual estimates have not been materially different from the actual costs. Share-Based Compensation The Company accounts for all share-based payment awards granted to employees and non-employees as share-based compensation expense at fair value. The Company grants equity awards under its share-based compensation programs, which may include share options and restricted ordinary shares. The measurement date for employee and non-employee awards is the date of grant, and share-based compensation costs are recognized as expense over the requisite service period, which is the vesting period, on a straight-line basis. Share-based compensation expense is classified in the accompanying condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company recognizes share-based compensation expense for the portion of awards that have vested. Forfeitures are recorded as they occur. On October 1, 2021, the Company launched the Share Incentive Plan, or the SIP, and Employee Share Purchase Plan, or the ESPP, through which employees can purchase shares at a discounted price. We estimated the fair value of stock options and shares to be issued under the SIP and ESPP using the Black-Scholes option-pricing model on the date of grant. The fair value of shares to be issued under these plans are recognized and amortized on a straight-line basis over the purchase period, which is generally six months. There have been no performance conditions attached to the share options granted by the Company to date. The fair value of each share option grant is estimated on the date of grant using the Black-Scholes option pricing model. See Note 9 for the Company’s assumptions used in connection with option grants made during the periods covered by these condensed consolidated financial statements. Assumptions used in the option pricing model include the following: Expected volatility . The Company lacks sufficient company-specific historical and implied volatility information for its ordinary shares. Therefore, it estimates its expected share volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. Expected term. The expected term of the Company’s share options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Risk-free interest rate . The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods that are approximately equal to the expected term of the award. Expected dividend. Expected dividend yield of zero is based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future. Fair value of ordinary shares. Given the absence of an active market for the Company’s ordinary shares prior to the IPO, the Company and the board of directors of the Company, the members of which the Company believes have extensive business, finance, and venture capital experience, were required to estimate the fair value of the Company’s ordinary shares at the time of each grant of a stock-based award. The grant date fair value of restricted ordinary shares and share options were calculated based on the grant date fair value of the underlying ordinary shares. The Company calculated the fair value of the ordinary shares in accordance with the guidelines in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the “Practice Aid”. The Company’s valuations of ordinary shares were prepared using a market approach, based on precedent transactions in the shares, to estimate the Company’s total equity value using an option-pricing method, or OPM. After the Company’s IPO, the fair value of ordinary shares is determined by reference to the closing price of ADSs on the Nasdaq Global Select Market on the day prior to the grant. The OPM derives an equity value such that the value indicated for ordinary shares is consistent with the investment price, and it provides an allocation of this equity value to each of the Company’s securities. The OPM treats the various classes of ordinary shares as call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company’s securities changes. Under this method, the ordinary shares have value only if the funds available for distribution to shareholders exceeded the value of the share liquidation preferences of ordinary shares with senior preferences at the time of the liquidity event. Key inputs into the OPM calculation included the risk-free rate, expected time to liquidity and volatility. A reasonable discount for lack of marketability was applied to the total equity value to arrive at an estimate of the total fair value of equity on a non-marketable basis. Leases Effective January 1, 2021, the Company adopted ASU No. 2016-02, Leases (Topic 842), as amended, using the modified retrospective method and utilizing the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under ASC 840, Leases, or ASC 840. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and to allocate all the contract consideration to the lease component only. All the Company’s leases are classified as operating leases. Lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts has not been readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. As the Company does not have a rating agency-based credit rating, quotes were obtained from lenders to establish an estimated secured rate to borrow based on Company and market-based factors as of the respective lease measurement dates. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes the non-cancelable lease term in its assessment of a lease arrangement unless there is an option to extend the lease that is reasonably certain of exercise. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. Operating lease costs are recognized on a straight-line basis over the lease term, and they are categorized within research and development and general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. The operating lease cash flows are categorized under net cash used in operating activities in the condensed consolidated statements of cash flows. Foreign Currency Translation The Company maintains its condensed consolidated financial statements in its functional currency, which is Pound Sterling. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The Company recorded foreign exchange gains of approximately $1.3 million and foreign exchange losses of approximately $0.6 million for the three months ended March 31, 2022 and 2021, respectively. These gains and losses arise from U.S. dollars which are held in a financial institution in one of our UK subsidiaries that has a functional currency of Pound Sterling. For financial reporting purposes, the condensed consolidated financial statements of the Company have been presented in the U.S. dollar, the reporting currency. The financial statements of entities are translated from their functional currency into the reporting currency as follows: assets and liabilities are translated at the exchange rates at the balance sheet dates, expenses and other income (expense), net are translated at the average exchange rates and shareholders’ equity is translated based on historical exchange rates. Translation adjustments are not included in determining net loss but are included as a foreign exchange adjustment to other comprehensive income, a component of shareholders’ equity. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the condensed consolidated financial statements or in its tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the condensed consolidated financial statements and tax basis of assets and liabilities substantively enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that deferred tax assets will be recovered in the future to the extent management believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes in the condensed consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed as the amount of benefit to recognize in the condensed consolidated financial statements. The amount of benefit that may be used is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related net interest and penalties. As of March 31, 2022 and December 31, 2021, the Company has not identified any uncertain tax positions. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statements of operations and comprehensive loss. As of March 31, 2022 and December 31, 2021 no accrued interest or penalties are included on the related tax liability line in the condensed consolidated balance sheets. Benefit from Research and Development Tax Credit As a company that carries out extensive research and development activities, the Company benefits from the UK research and development tax credit regime under the scheme for small or medium-sized enterprises, or SME. Under the SME regime, the Company is able to surrender some of its trading losses that arise from qualifying research and development activities for a cash rebate of up to 33.35% of such qualifying research and development expenditure. The Company meets the conditions of the SME regime. Qualifying expenditures largely comprise employment costs for research staff, consumables, outsourced contract research organization costs and utilities costs incurred as part of research projects. Certain subcontracted qualifying research and development expenditures are eligible for a cash rebate of up to 21.67%. A large portion of costs relating to research and development, clinical trials and manufacturing activities are eligible for inclusion within these tax credit cash rebate claims. The Company is subject to corporate taxation in the UK. Due to the nature of the business, the Company has generated losses since inception. The benefit from research and development, (“ R&D”), tax credits is recognized in the condensed consolidated statements of operations and comprehensive loss as a component of other income (expense), net, and represents the sum of the research and development tax credits recoverable in the UK. The UK research and development tax credit is fully refundable to the Company and is not dependent on current or future taxable income. As a result, the Company has recorded the entire benefit from the UK research and development tax credit as a benefit which is included in net loss before income tax and accordingly, not reflected as part of the income tax provision. If, in the future, any UK research and development tax credits generated are needed to offset a corporate income tax liability in the UK, that portion would be recorded as a benefit within the income tax provision and any refundable portion not dependent on taxable income would continue to be recorded within other income (expense), net. The Company may not be able to continue to claim research and development tax credits under the SME regime in the future because it may no longer qualify as a small or medium-sized company. In addition, the EU State Aid cap limits the total aid claimable in respect of a given project to €7.5 million which may impact the Company's ability to claim R&D tax credits in future. Further, the U.K. Finance Act of 2021 introduced a cap on payable credit claims under the SME Program in excess of £20,000 with effect from April 2021 by reference to, broadly, three times the total Pay As You Earn, or PAYE, and National Insurance Contributions, or NICs, liability of the company, subject to an exception which prevents the cap from applying. That exception requires the company to be creating, taking steps to create or managing intellectual property, as well as having qualifying research and development expenditure in respect of connected parties, which does not exceed 15% of the total claimed. If such exception does not apply, this could restrict the amount of payable credit that we claim. Unsurrendered UK losses may be carried forward indefinitely to be offset against future taxable profits, subject to numerous utilization criteria and restrictions. The amount that can be offset each year is limited to £5.0 million plus an incremental 50% of UK taxable profits. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in shareholders’ equity that result from transactions and economic events other than those with shareholders. For the three months ended March 31, 2022 and 2021, the component of accumulated other comprehensive loss is foreign currency translation adjustment. Net Loss per Share The Company has reported losses since inception and has computed basic net loss per share attributable to ordinary shareholders by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per ordinary share after giving consideration to all potentially dilutive ordinary shares, including unvested restricted shares and outstanding options. Because the Company has reported net losses since inception, these potential ordinary shares have been anti-dilutive and basic and diluted loss per share were the same for all periods presented. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standard Board, or the FASB, issued ASU No. 2016-02, Leases (Topic 842), as subsequently amended, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors), and replaces the existing guidance in ASC 840. The Company lost its Emerging Growth Company status on December 31, 2021 and adopted Topic 842 during the year-ended December 31, 2021, with an effective adoption date of January 1, 2021. Interim periods previously issued for fiscal year 2021 were reported under the legacy leasing guidance of ASC 840. The Company has elected to adopt ASC 842 by utilizing the effective date method, which resulted in a cumulative-effect adjustment to the Company’s consolidated balance sheets at January 1, 2021. The Company has elected to apply the package of three expedients to all of its leases requiring (1) no reassessment of whether any expired or existing contracts are or contain leases, (2) the lease classification of any expired or existing leases, or (3) the capitalization of initial direct costs for any existing leases. Adoption of this standard resulted in the recording of operating lease right-of-use assets and current operating lease liabilities of $1.0 million, on the Company’s balance sheet on the effective date. The adoption of the standard did not have a material effect on the Company’s statements of operations and comprehensive loss, statements of cash flows or accumulated deficit. Refer to Note 11 for right-of-use assets and liabilities recorded during the period ended March 31, 2022. In December 2019, the FASB issued Accounting Standard Update, or ASU, 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” or ASU 740, which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intra-period tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after December 15, 2020, and interim periods thereafter; however, early adoption is permitted. The Company adopted this ASU as of January 1, 2021 and it has had no material impact on the condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThere are no financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021. Management believes that the carrying amounts of the Company’s condensed consolidated financial instruments, including cash and cash equivalents, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments.

Investment

Investment	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment	InvestmentOn March 6, 2020, the Company made a strategic investment of $0.5 million to acquire an 8% (on a fully diluted basis) shareholding in Delix Therapeutics, Inc., a drug discovery and development company researching novel small molecules for use in Central Nervous System, or CNS, indications. The Company’s investment in Delix Therapeutics, Inc. does not provide it with significant influence over the investee. The investment does not have a readily determinable fair value and therefore will be measured at cost minus impairment adjusted by observable price changes in orderly transactions for the identical or a similar investment of the same issuer. This investment will be measured at fair value on a nonrecurring basis when there are events or changes in circumstances that may have a significant adverse effect. An impairment loss is recognized in the condensed consolidated statements of operations and comprehensive loss equal to the amount by which the carrying value exceeds the fair value of the investment. As of March 31, 2022, no impairment loss was recognized.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2022 2021 UK R&D tax credit $ 12,178 $ 9,587 Prepaid insurance premium 2,117 3,359 Prepaid research and development 4,618 4,562 VAT recoverable 1,424 1,629 Deferred offering costs 817 840 Security deposit 276 274 Other current assets 1,334 1,370 $ 22,764 $ 21,621

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 2021 Lab equipment $ 360 $ 370 Office equipment 272 315 Furniture and fixtures 63 65 Leasehold improvements 5 6 700 756 Less: accumulated depreciation (285) (358) $ 415 $ 398 Depreciation and amortization expense were less than $0.1 million for the three months ended March 31, 2022 and 2021 respectively.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development expense $ 1,688 $ 3,043 Accrued professional expenses 1,761 1,386 Accrued compensation and benefit costs 2,158 5,018 Payroll tax payable 708 593 Income taxes payable 207 — Other liabilities 958 268 $ 7,480 $ 10,308

Ordinary Shares

Ordinary Shares	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Ordinary Shares	Ordinary SharesDuring the three months ended March 31, 2022, the Company issued in total 376,158 ordinary shares to settle share options exercised by employees and non-employees compared to 813,555 in the three months ended March 31, 2021. Of the shares issued in the three months ended March 31, 2021, 232,227 were related to options exercised in 2020 for which shares were delivered in 2021. During the three months ended March 31, 2022, a total of 68,534 ordinary shares were issued in settlement of restricted share units, of which 10,659 vested and were issued during the three months ended March 31, 2022 and 57,875 vested but had not been issued at December 31, 2021. No restricted share units vested or were issued in the three months ended March 31, 2021. Each ordinary share entitles the holder to one vote on all matters submitted to a vote of the Company’s shareholders. Ordinary shareholders are entitled to receive dividends, if any, as may be declared by the board of directors. Through March 31, 2022, no cash dividends had been declared or paid by the Company.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2017 Equity Incentive Plan Under the Company’s shareholder and subscription agreements, the Company is authorized to issue restricted shares, restricted share units, as well as options, as incentives to its employees, non-employees and members of its board of directors. To the extent such incentives are in the form of share options, the options are granted pursuant to the terms of the 2017 Equity Incentive Plan, or the 2017 Plan. In July 2019, the Company’s board of directors adopted the 2017 Plan. The 2017 Plan provides for the grant of Enterprise Management Incentive, or EMI, options, to its UK employees, for the grant of options to its U.S. employees and non-employees of the Company. The 2017 Plan is administered by the board of directors. As of March 31, 2022, the Company was authorized under the shareholder agreements to issue a total of 13,601,246 ordinary shares, including shares underlying options granted pursuant to the 2017 Plan. Forfeitures are accounted for as they occur. As of March 31, 2022, there were 533,779 shares available for issuance as incentives to the Company’s employees and directors, which includes shares underlying options that may be granted from time to time subsequent to March 31, 2022 under the terms of the 2017 Plan. Options granted under the 2017 Plan, typically vest over a three The options granted before June 30, 2020 were subject to 100% vesting upon the date of the listing of the Company's ordinary shares on any stock exchange. The options granted on June 30, 2020 were subject to 25% vesting upon the earlier occurrence of (i) the one year anniversary of the date of grant, or (ii) the date of the listing of the Company's ordinary shares on any stock exchange. Upon completion of the IPO, 866,268 options vested due to the accelerated vesting and a total of $3.5 million was immediately recognized in share-based compensation expense, including $1.4 million in research and development expenses and $2.1 million in general and administrative expenses. The options granted on June 30, 2020 are subject to 25% vesting upon the earlier occurrence of (i) the one year anniversary of the date of grant, or (ii) the date of the listing of the Company's ordinary shares on any stock exchange, followed by straight line vesting for three years for the remaining 75% of the allocation until vested in full. The restricted share units granted on June 30, 2020 are subject to 25% vesting upon the earlier of (i) the one year anniversary of the date of grant, or (ii) the first day following the six-month anniversary of the listing of the Company's ordinary shares on any stock exchange on which the closing price of the shares is 20% higher than the listing price for at least five consecutive trading days. Options granted under the 2017 Plan generally expire 10 years from the date of grant. 2020 Employee Share Purchase Plan The Company’s 2020 Employee Share Purchase Plan, “(the ESPP)”, was adopted by the Board in September 2020 and approved by shareholders in September 2020 and became effective upon the effectiveness of the Company’s Registration Statement on Form F-1 in connection with the IPO. The ESPP initially reserves and authorizes the issuance of up to a total of 340,053 ordinary shares to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and each January 1 thereafter through January 1, 2022, by the lesser of (i) 1% of the outstanding number of ordinary shares on the immediately preceding December 31 or (ii) 510,058 ordinary shares. The number of shares reserved under the ESPP is subject to change in the event of a share split, share dividend or other change in our capitalization. On October 1, 2021, the Company launched the SIP and the ESPP, through which employees can purchase shares at a discounted price. At the end of six months, shares will automatically be purchased at the lower of the opening and closing price of the shares for the saving period minus a 15% discount. 2020 Share Option Plan In September 2020, the Company’s board of directors adopted, and the Company’s shareholders approved, the 2020 Share Option Plan, or (the “2020 Plan”), which became effective upon the effectiveness of the Company’s Registration Statement on Form F-1 in connection with the IPO. The 2020 Plan allows the compensation and leadership development committee to make equity-based and cash-based incentive awards to the Company’s officers, employees, directors and other key persons (including consultants). Options granted under the 2020 Plan generally expire 10 years from the date of grant and typically vest over a 4 year service period with 25% of the vesting on the first anniversary of the commencement date and the balance vesting monthly over the remaining years. The Company initially reserved 2,074,325 of its ordinary shares for the issuance of awards under the 2020 Plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2022, by up to 4% of the outstanding number of ordinary shares on the immediately preceding December 31, or such lesser number of shares as determined by our compensation and leadership development committee. This number is subject to adjustment in the event of a sub-division, consolidation, share dividend or other change in our capitalization. The total number of ordinary shares that may be issued under the 2020 Plan was 3,755,119 shares as of March 31, 2022, of which 1,015,317 shares remained available for future grant. The options granted in February 2022 under the 2020 Plan to employees generally expire 10 years from the date of grant. There are three potential vesting conditions for the February 2022 grants including: i) 25% per year over four year service period, ii) four year service period with 25% of the vesting on the first anniversary of the commencement date and the balance vesting monthly over the remaining years; and iii) monthly vesting over four year service period. During the three months ended March 31, 2022 and 2021, the Company granted options to purchase 1,111,569 and 210,080 ordinary shares to employees and non-employees, respectively. Restricted Share Units A summary of the changes in the Company’s unvested restricted share units during the three months ended March 31, 2022 are as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested and Outstanding as of December 31, 2021 115,140 $ 10.19 Granted 92,590 $ 13.56 Vested (10,659) $ 10.60 Forfeited — $ — Unvested and Outstanding as of March 31, 2022 197,071 $ 12.69 As of March 31, 2022 and March 31 2021, there was $2.3 million and $1.9 million of unrecognized compensation cost related to unvested restricted share units, respectively, which is expected to be recognized over a weighted-average period of 3.20 years and 3.10 years, respectively. The exercise price of restricted share units is at a nominal value less than £0.01 per share. Share Options The following table summarizes the Company’s share options activity for the three months ended March 31, 2022: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 3,915,503 $ 13.53 8.64 $ 51,162 Granted 1,111,569 $ 14.81 Exercised (376,158) $ 1.00 Forfeited (91,802) $ 13.40 Outstanding as of March 31, 2022 4,559,112 $ 14.59 8.79 $ 24,245 Exercisable as of March 31, 2022 1,992,397 $ 4.86 8.11 $ 20,495 Unvested as of March 31, 2022 2,566,715 $ 21.57 9.32 $ 3,750 The aggregate intrinsic value of options exercised during the three months ended March 31, 2022 and 2021 was $4.9 million and $26.1 million, respectively. The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares for those share options that had exercise prices lower than the fair value of the Company’s ordinary shares. The weighted average grant-date fair value of share options granted was $11.38 and $26.73 per share during the three months ended March 31, 2022, and 2021, respectively. As of March 31, 2022 and 2021, there was $35.2 million and $21.6 million of unrecognized compensation cost related to unvested share options, which is expected to be recognized over a weighted-average period of 3.18 years and3.37 years, respectively. Share Option Valuation The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the three months ended March 31, 2022, and 2021 were as follows: Three Months Ended March 31, 2022 2021 Expected option life (years) 5.88 years 6.07 years Expected volatility 80.20 % 67.80 % Risk-free interest rate 1.65 % 0.72 % Expected dividend yield — % — % Fair value of underlying ordinary shares $ 15.98 $ 44.03 Share-based Compensation Expense Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development 1,792 801 General and administrative 1,336 865 Total stock based compensation expense $ 3,128 $ 1,666

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss $ (21,171) $ (12,715) Net loss attributable to ordinary shareholders - basic and diluted $ (21,171) $ (12,715) Denominator Weighted-average number of ordinary shares used in net loss per share - basic and diluted 42,036,563 36,569,290 Net loss per share - basic and diluted $ (0.50) $ (0.35) The Company’s potentially dilutive securities, which include unvested ordinary shares, unvested restricted share units, and options granted, 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 ordinary shares outstanding used to calculate both basic and diluted net loss per share attributable to ordinary shareholders is the same. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders for the three months ended March 31, 2022, and 2021 because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2022 2021 Unvested ordinary shares — 5,503 Unvested restricted share units 197,071 217,482 Share options 4,559,112 4,026,508 4,756,183 4,249,493

Right of use of assets

Right of use of assets	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Right of use assets	Right of use of assets: Eastbourne Terrace , London, UK In November 2019, the Company entered into an operating lease located at 19 Eastbourne Terrace, London, UK. This lease commenced on January 1, 2020, and expired on December 31, 2021. Under the terms of the lease, the Company paid £780,000 per year, and paid a refundable deposit of £130,000 upon signing the agreement. Additionally, in February 2021, the Company entered into an Amendment for rental relief in January and February 2021 for a total of £32,500, due to extended periods working from home as a result of the COVID-19 pandemic. New York, NY In May 2019, the Company entered into a lease with BioLabs for 200 rentable square feet of office space at 180 Varick Street, New York, New York 10014, United States. The lease is cancellable with 30 days’ notice. This lease is accounted for as a short-term lease as the Company is not reasonably certain to extend the lease beyond twelve months and is therefore not recognized on the Company’s condensed consolidated balance sheets. Soho, London, UK In July 2021, the Company entered into a two-year operating lease with Fora Space Limited commencing on September 1, 2021. The noncancellable term is 24 months and there is no option to extend the lease. The recurring residency fee per month is £136,200, and the Company paid a refundable deposit of £136,200 at the execution of the agreement. Additionally, at the start of each calendar year, the monthly residency fee will be subject to an automatic inflation linked increase of the previous years’ amount. San Francisco, CA In August 2021, the Company entered into an operating lease commencing in August 2021 for approximately 2,526 rentable square feet located in San Francisco, California. The lease is set to expire on August 31, 2022 with no option to renew. The total monthly rent for the lease term is $10,000 per month, and the Company paid $9,000 of advanced rent upon lease execution. Additionally, the Company paid a refundable security deposit of $20,000 upon execution of the lease. Denmark Hill, London, UK In March 2022, the Company entered into an agreement for a lease with South London and Maudsley NHS Foundation Trust for land and buildings at 5 Windsor Walk, Maudsley Hospital, Denmark Hill, London, UK. The lease is currently expected to commence on May 15, 2022 and has a contractual term of five years. The rent will be £180,000 per year, with no deposit payable, and payment dates occurring once per quarter. The following table summarizes our costs included in our condensed consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered into through March 31, 2022 (in thousands): Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost $ 560 $ 269 Variable lease cost — (45) Short-term lease cost 86 86 $ 646 $ 310 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 578 $ 269 Weighted average remaining lease term (in years) 0.92 0.75 Weighted average discount rate 4.67 % 5.00 % The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2022, which does not include the Denmark Hill lease commencing in May 2022 (in thousands): March 31, 2022 2022 $ 1,658 2023 1,430 Total lease payments $ 3,088 Less: imputed interest (99) Total $ 2,989

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company may be a party to litigation or subject to claims incident to the ordinary course of business. The Company was not a party to any material litigation and did not have material contingency reserves established for any liabilities as of March 31, 2022, or 2021. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In accordance with its Articles of Association, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no claims to date, and the Company has director and officer insurance that may enable it to recover a portion of any amounts paid for future potential claims.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company receives accounting and professional services from Tapestry Networks, Inc., or Tapestry, a company affiliated with a director of the Company and the Company’s Chief Executive Officer, from time to time as needed. The Company recorded accounting and professional fees of less than $0.1 million and $0.1 million for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, the Company had less than $0.1 million outstanding to Tapestry.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans In the UK, the Company makes contributions to private defined contribution pension schemes on behalf of its employees. The Company paid less than $0.1 million in contributions for the three months ended March 31, 2022, and 2021. In the United States, the Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company paid less than $0.1 million in contributions in the three months ended March 31, 2022 and 2021, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP.
Principles of Consolidation	Principles of ConsolidationThe accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the prepayment and accrual for research and development expenses, discount rates for leases, the fair value of ordinary shares before IPO, share-based compensation and the research and development tax credit. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company does not currently have any cash equivalents.
Restricted Cash	Restricted CashRestricted cash as of March 31, 2022 and December 31, 2021 represents a collateral deposit for employee credit cards.
Investment	InvestmentThe investment does not have readily determinable fair value and it is carried at cost, less impairment, adjusted for subsequent changes to estimated fair value up to the original cost, in circumstances where the Company does not have the ability to exercise significant influence or control over the operating and financial policies of the investee.
Fair Value of Financial Instruments	Fair Value of Measurements 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
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents. The Company places cash and cash equivalents in established financial institutions. The Company has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Estimated Useful Life Lab equipment 5 years Office equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of useful life or remaining lease term
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Recoverability is measured by comparing the book values of the assets to the expected future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. The Company has not recognized any impairment losses or had triggering events related to its underlying assets for the three months ended March 31, 2022 and 2021.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision maker, the Company’s Chief Executive Officer, views the Company’s operations and manages its business as a single operating segment; however, the Company operates in two geographic regions: the United Kingdom, or UK, and the United States. The Company’s fixed assets are primarily located in the UK. The Company’s singular concentration is focused on accelerating patient access to evidence-based innovation in mental health.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, share-based compensation and benefits, travel, and external costs of outside vendors engaged to conduct clinical development activities, clinical trials and the cost to manufacture clinical trial materials.
Research Contract Costs, Prepayments and Accruals	Research Contract Costs, Prepayments and Accruals The Company has entered into various research and development-related contracts with research institutions and other companies. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records prepayments and accruals for estimated ongoing research costs and receives updated estimates of costs and amounts owed on a monthly basis from its third-party service providers. When evaluating the adequacy of the prepayments and accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted cost estimates from third-party service providers. Estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Actual results could
Share-Based Compensation	Share-Based Compensation The Company accounts for all share-based payment awards granted to employees and non-employees as share-based compensation expense at fair value. The Company grants equity awards under its share-based compensation programs, which may include share options and restricted ordinary shares. The measurement date for employee and non-employee awards is the date of grant, and share-based compensation costs are recognized as expense over the requisite service period, which is the vesting period, on a straight-line basis. Share-based compensation expense is classified in the accompanying condensed consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. The Company recognizes share-based compensation expense for the portion of awards that have vested. Forfeitures are recorded as they occur. On October 1, 2021, the Company launched the Share Incentive Plan, or the SIP, and Employee Share Purchase Plan, or the ESPP, through which employees can purchase shares at a discounted price. We estimated the fair value of stock options and shares to be issued under the SIP and ESPP using the Black-Scholes option-pricing model on the date of grant. The fair value of shares to be issued under these plans are recognized and amortized on a straight-line basis over the purchase period, which is generally six months. There have been no performance conditions attached to the share options granted by the Company to date. The fair value of each share option grant is estimated on the date of grant using the Black-Scholes option pricing model. See Note 9 for the Company’s assumptions used in connection with option grants made during the periods covered by these condensed consolidated financial statements. Assumptions used in the option pricing model include the following: Expected volatility . The Company lacks sufficient company-specific historical and implied volatility information for its ordinary shares. Therefore, it estimates its expected share volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. Expected term. The expected term of the Company’s share options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Risk-free interest rate . The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods that are approximately equal to the expected term of the award. Expected dividend. Expected dividend yield of zero is based on the fact that the Company has never paid cash dividends on ordinary shares and does not expect to pay any cash dividends in the foreseeable future. Fair value of ordinary shares. Given the absence of an active market for the Company’s ordinary shares prior to the IPO, the Company and the board of directors of the Company, the members of which the Company believes have extensive business, finance, and venture capital experience, were required to estimate the fair value of the Company’s ordinary shares at the time of each grant of a stock-based award. The grant date fair value of restricted ordinary shares and share options were calculated based on the grant date fair value of the underlying ordinary shares. The Company calculated the fair value of the ordinary shares in accordance with the guidelines in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the “Practice Aid”. The Company’s valuations of ordinary shares were prepared using a market approach, based on precedent transactions in the shares, to estimate the Company’s total equity value using an option-pricing method, or OPM. After the Company’s IPO, the fair value of ordinary shares is determined by reference to the closing price of ADSs on the Nasdaq Global Select Market on the day prior to the grant. The OPM derives an equity value such that the value indicated for ordinary shares is consistent with the investment price, and it provides an allocation of this equity value to each of the Company’s securities. The OPM treats the various classes of ordinary shares as call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company’s securities changes. Under this method, the ordinary shares have value only if the funds available for distribution to shareholders exceeded the value of the share liquidation preferences of ordinary shares with senior preferences at the time of the liquidity event. Key inputs into the OPM calculation included the risk-free rate, expected time to liquidity and volatility. A reasonable discount for lack of marketability was applied to the total equity value to arrive at an estimate of the total fair value of equity on a non-marketable basis.
Leases	Leases Effective January 1, 2021, the Company adopted ASU No. 2016-02, Leases (Topic 842), as amended, using the modified retrospective method and utilizing the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under ASC 840, Leases, or ASC 840. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and to allocate all the contract consideration to the lease component only. All the Company’s leases are classified as operating leases. Lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts has not been readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. As the Company does not have a rating agency-based credit rating, quotes were obtained from lenders to establish an estimated secured rate to borrow based on Company and market-based factors as of the respective lease measurement dates. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes the non-cancelable lease term in its assessment of a lease arrangement unless there is an option to extend the lease that is reasonably certain of exercise. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. Operating lease costs are recognized on a straight-line basis over the lease term, and they are categorized within research and development and general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. The operating lease cash flows are categorized under net cash used in operating activities in the condensed consolidated statements of cash flows.
Foreign Currency Translation	Foreign Currency Translation The Company maintains its condensed consolidated financial statements in its functional currency, which is Pound Sterling. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Exchange gains or losses arising from foreign currency transactions are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The Company recorded foreign exchange gains of approximately $1.3 million and foreign exchange losses of approximately $0.6 million for the three months ended March 31, 2022 and 2021, respectively. These gains and losses arise from U.S. dollars which are held in a financial institution in one of our UK subsidiaries that has a functional currency of Pound Sterling. For financial reporting purposes, the condensed consolidated financial statements of the Company have been presented in the U.S. dollar, the reporting currency. The financial statements of entities are translated from their functional currency into the reporting currency as follows: assets and liabilities are translated at the exchange rates at the balance sheet dates, expenses and other income (expense), net are translated at the average exchange rates and shareholders’ equity is translated based on historical exchange rates. Translation adjustments are not included in determining net loss but are included as a foreign exchange adjustment to other comprehensive income, a component of shareholders’ equity.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the condensed consolidated financial statements or in its tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the condensed consolidated financial statements and tax basis of assets and liabilities substantively enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that deferred tax assets will be recovered in the future to the extent management believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes in the condensed consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed as the amount of benefit to recognize in the condensed consolidated financial statements. The amount of benefit that may be used is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related net interest and penalties. As of March 31, 2022 and December 31, 2021, the Company has not identified any uncertain tax positions. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statements of operations and comprehensive loss. As of March 31, 2022 and December 31, 2021 no accrued interest or penalties are included on the related tax liability line in the condensed consolidated balance sheets.
Benefit from Research and Development Tax Credit	Benefit from Research and Development Tax Credit As a company that carries out extensive research and development activities, the Company benefits from the UK research and development tax credit regime under the scheme for small or medium-sized enterprises, or SME. Under the SME regime, the Company is able to surrender some of its trading losses that arise from qualifying research and development activities for a cash rebate of up to 33.35% of such qualifying research and development expenditure. The Company meets the conditions of the SME regime. Qualifying expenditures largely comprise employment costs for research staff, consumables, outsourced contract research organization costs and utilities costs incurred as part of research projects. Certain subcontracted qualifying research and development expenditures are eligible for a cash rebate of up to 21.67%. A large portion of costs relating to research and development, clinical trials and manufacturing activities are eligible for inclusion within these tax credit cash rebate claims. The Company is subject to corporate taxation in the UK. Due to the nature of the business, the Company has generated losses since inception. The benefit from research and development, (“ R&D”), tax credits is recognized in the condensed consolidated statements of operations and comprehensive loss as a component of other income (expense), net, and represents the sum of the research and development tax credits recoverable in the UK. The UK research and development tax credit is fully refundable to the Company and is not dependent on current or future taxable income. As a result, the Company has recorded the entire benefit from the UK research and development tax credit as a benefit which is included in net loss before income tax and accordingly, not reflected as part of the income tax provision. If, in the future, any UK research and development tax credits generated are needed to offset a corporate income tax liability in the UK, that portion would be recorded as a benefit within the income tax provision and any refundable portion not dependent on taxable income would continue to be recorded within other income (expense), net. The Company may not be able to continue to claim research and development tax credits under the SME regime in the future because it may no longer qualify as a small or medium-sized company. In addition, the EU State Aid cap limits the total aid claimable in respect of a given project to €7.5 million which may impact the Company's ability to claim R&D tax credits in future. Further, the U.K. Finance Act of 2021 introduced a cap on payable credit claims under the SME Program in excess of £20,000 with effect from April 2021 by reference to, broadly, three times the total Pay As You Earn, or PAYE, and National Insurance Contributions, or NICs, liability of the company, subject to an exception which prevents the cap from applying. That exception requires the company to be creating, taking steps to create or managing intellectual property, as well as having qualifying research and development expenditure in respect of connected parties, which does not exceed 15% of the total claimed. If such exception does not apply, this could restrict the amount of payable credit that we claim. Unsurrendered UK losses may be carried forward indefinitely to be offset against future taxable profits, subject to numerous utilization criteria and restrictions. The amount that can be offset each year is limited to £5.0 million plus an incremental 50% of UK taxable profits.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in shareholders’ equity that result from transactions and economic events other than those with shareholders. For the three months ended March 31, 2022 and 2021, the component of accumulated other comprehensive loss is foreign currency translation adjustment.
Net Loss per Share	Net Loss per Share The Company has reported losses since inception and has computed basic net loss per share attributable to ordinary shareholders by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding for the period, without consideration for potentially dilutive securities. The Company computes diluted net loss per ordinary share after giving consideration to all potentially dilutive ordinary shares, including unvested restricted shares and outstanding options. Because the Company has reported net losses since inception, these potential ordinary shares have been anti-dilutive and basic and diluted loss per share were the same for all periods presented.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standard Board, or the FASB, issued ASU No. 2016-02, Leases (Topic 842), as subsequently amended, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors), and replaces the existing guidance in ASC 840. The Company lost its Emerging Growth Company status on December 31, 2021 and adopted Topic 842 during the year-ended December 31, 2021, with an effective adoption date of January 1, 2021. Interim periods previously issued for fiscal year 2021 were reported under the legacy leasing guidance of ASC 840. The Company has elected to adopt ASC 842 by utilizing the effective date method, which resulted in a cumulative-effect adjustment to the Company’s consolidated balance sheets at January 1, 2021. The Company has elected to apply the package of three expedients to all of its leases requiring (1) no reassessment of whether any expired or existing contracts are or contain leases, (2) the lease classification of any expired or existing leases, or (3) the capitalization of initial direct costs for any existing leases. Adoption of this standard resulted in the recording of operating lease right-of-use assets and current operating lease liabilities of $1.0 million, on the Company’s balance sheet on the effective date. The adoption of the standard did not have a material effect on the Company’s statements of operations and comprehensive loss, statements of cash flows or accumulated deficit. Refer to Note 11 for right-of-use assets and liabilities recorded during the period ended March 31, 2022. In December 2019, the FASB issued Accounting Standard Update, or ASU, 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” or ASU 740, which simplifies the accounting for income taxes. The new guidance removes certain exceptions to the general principles in ASC 740 such as recognizing deferred taxes for equity investments, the incremental approach to performing intra-period tax allocation and calculating income taxes in interim periods. The standard also simplifies accounting for income taxes under U.S. GAAP by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. This guidance is effective for annual periods beginning after December 15, 2020, and interim periods thereafter; however, early adoption is permitted. The Company adopted this ASU as of January 1, 2021 and it has had no material impact on the condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Property and Equipment	Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Estimated Useful Life Lab equipment 5 years Office equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of useful life or remaining lease term Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 2021 Lab equipment $ 360 $ 370 Office equipment 272 315 Furniture and fixtures 63 65 Leasehold improvements 5 6 700 756 Less: accumulated depreciation (285) (358) $ 415 $ 398

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2022 2021 UK R&D tax credit $ 12,178 $ 9,587 Prepaid insurance premium 2,117 3,359 Prepaid research and development 4,618 4,562 VAT recoverable 1,424 1,629 Deferred offering costs 817 840 Security deposit 276 274 Other current assets 1,334 1,370 $ 22,764 $ 21,621

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Estimated Useful Life Lab equipment 5 years Office equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of useful life or remaining lease term Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 2021 Lab equipment $ 360 $ 370 Office equipment 272 315 Furniture and fixtures 63 65 Leasehold improvements 5 6 700 756 Less: accumulated depreciation (285) (358) $ 415 $ 398

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development expense $ 1,688 $ 3,043 Accrued professional expenses 1,761 1,386 Accrued compensation and benefit costs 2,158 5,018 Payroll tax payable 708 593 Income taxes payable 207 — Other liabilities 958 268 $ 7,480 $ 10,308

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Share Units Activity	Restricted Share Units A summary of the changes in the Company’s unvested restricted share units during the three months ended March 31, 2022 are as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested and Outstanding as of December 31, 2021 115,140 $ 10.19 Granted 92,590 $ 13.56 Vested (10,659) $ 10.60 Forfeited — $ — Unvested and Outstanding as of March 31, 2022 197,071 $ 12.69
Schedule of Share-based Payment Arrangement, Option, Activity	Share Options The following table summarizes the Company’s share options activity for the three months ended March 31, 2022: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 3,915,503 $ 13.53 8.64 $ 51,162 Granted 1,111,569 $ 14.81 Exercised (376,158) $ 1.00 Forfeited (91,802) $ 13.40 Outstanding as of March 31, 2022 4,559,112 $ 14.59 8.79 $ 24,245 Exercisable as of March 31, 2022 1,992,397 $ 4.86 8.11 $ 20,495 Unvested as of March 31, 2022 2,566,715 $ 21.57 9.32 $ 3,750
Schedule of Valuation Assumptions	Share Option Valuation The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the share options granted to employees and directors during the three months ended March 31, 2022, and 2021 were as follows: Three Months Ended March 31, 2022 2021 Expected option life (years) 5.88 years 6.07 years Expected volatility 80.20 % 67.80 % Risk-free interest rate 1.65 % 0.72 % Expected dividend yield — % — % Fair value of underlying ordinary shares $ 15.98 $ 44.03
Summary of Share-based Compensation Expense	Share-based Compensation Expense Share-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development 1,792 801 General and administrative 1,336 865 Total stock based compensation expense $ 3,128 $ 1,666

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss $ (21,171) $ (12,715) Net loss attributable to ordinary shareholders - basic and diluted $ (21,171) $ (12,715) Denominator Weighted-average number of ordinary shares used in net loss per share - basic and diluted 42,036,563 36,569,290 Net loss per share - basic and diluted $ (0.50) $ (0.35)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to ordinary shareholders for the three months ended March 31, 2022, and 2021 because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2022 2021 Unvested ordinary shares — 5,503 Unvested restricted share units 197,071 217,482 Share options 4,559,112 4,026,508 4,756,183 4,249,493

Right of use of assets (Tables)

Right of use of assets (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Costs Included in Operating Expenses Related To Right of Use Assets	The following table summarizes our costs included in our condensed consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered into through March 31, 2022 (in thousands): Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost $ 560 $ 269 Variable lease cost — (45) Short-term lease cost 86 86 $ 646 $ 310 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 578 $ 269 Weighted average remaining lease term (in years) 0.92 0.75 Weighted average discount rate 4.67 % 5.00 %
Schedule of Future Minimum Lease Payments Due Under Operating Leases	The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2022, which does not include the Denmark Hill lease commencing in May 2022 (in thousands): March 31, 2022 2022 $ 1,658 2023 1,430 Total lease payments $ 3,088 Less: imputed interest (99) Total $ 2,989

Nature of Business (Details)

Nature of Business (Details) $ in Thousands	Oct. 08, 2021USD ($)	May 31, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Conversion of Stock [Line Items]
Ordinary share conversion ratio	1
Net loss			$ 21,171	$ 12,715
Accumulated deficit			190,812		$ 169,641
Cash and cash equivalents			243,684	$ 179,520	$ 273,243
Initial Public Offering
Conversion of Stock [Line Items]
Consideration received on transaction		$ 154,800
Accumulated deficit			$ 190,800
American Depositary Shares | Initial Public Offering
Conversion of Stock [Line Items]
Maximum amount of stock that may be sold	$ 150,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	3 Months Ended
	Mar. 31, 2022
Lab equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years
Office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	3 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)region	Mar. 31, 2022EUR (€)region	Mar. 31, 2022GBP (£)region	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Jan. 01, 2021USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of geographic regions | region	2	2	2
Foreign exchange gains (losses)	$ (1,333)			$ 643
Operating lease right-of-use assets	3,056				$ 3,696	$ 1,000
Operating lease liabilities - current	$ 2,146				$ 2,235	$ 1,000
United Kingdom Research and Development Tax Credit Regime, Small or Medium-Sized Enterprises (SME)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash rebate percent (in percent)	33.35%	33.35%	33.35%
Total aid claimable | €		€ 7.5
United Kingdom Research and Development Tax Credit Regime
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash rebate percent (in percent)	21.67%	21.67%	21.67%
Annual offset amount | £			£ 5
Percentage of taxable profits (in percent)	50.00%	50.00%	50.00%

Investment - Narrative (Details

Investment - Narrative (Details) $ in Millions	Mar. 06, 2020USD ($)
Delix Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage in Delix Therapeutics, Inc (in percent)	8.00%
Delix Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Purchase of investments	$ 0.5

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
UK R&D tax credit	$ 12,178	$ 9,587
Prepaid insurance premium	2,117	3,359
Prepaid research and development	4,618	4,562
VAT recoverable	1,424	1,629
Deferred offering costs	817	840
Security deposit	276	274
Other current assets	1,334	1,370
Prepaid expenses and other current assets	$ 22,764	$ 21,621

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 700		$ 756
Less: accumulated depreciation	(285)		(358)
Property, plant and equipment	415		398
Depreciation and amortization	54	$ 35
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	360		370
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	272		315
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63		65
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5		$ 6

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued research and development expense	$ 1,688	$ 3,043
Accrued professional expenses	1,761	1,386
Accrued compensation and benefit costs	2,158	5,018
Payroll tax payable	708	593
Income taxes payable	207	0
Other liabilities	958	268
Total accrued expenses and other liabilities	$ 7,480	$ 10,308

Ordinary Shares (Details)

Ordinary Shares (Details)	3 Months Ended
	Mar. 31, 2022voteshares	Mar. 31, 2021shares
Class of Stock [Line Items]
Exercise of share options (in shares)	376,158
Restricted share units for which no shares were issued (in shares)	57,875
Ordinary shares
Class of Stock [Line Items]
Number of votes | vote	1
Ordinary shares | Common stock
Class of Stock [Line Items]
Exercise of share options (in shares)	376,158	581,328
Exercise of share options, including prior period exercises issued in period (in shares)		813,555
Issuance of shares (in shares)		232,227
Vesting of restricted stock units (in shares)	68,534
Restricted stock award, issued and vested in period (shares)	10,659

Share-Based Compensation - 2017

Share-Based Compensation - 2017 Equity Incentive Plan (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022USD ($)dayshares	Mar. 31, 2021USD ($)	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	1,015,317
Share-based compensation expense	$ 3,128	$ 1,666
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,792	801
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,336	$ 865
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	533,779
Ordinary shares | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares	13,601,246
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,500
Options vested due to accelerated vesting (in shares) | shares	866,268
Share options | Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,400
Share options | General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,100
Share options | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Share options | 2017 Equity Incentive Plan | Options Granted Before June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Award vesting percentage (in percent)	25.00%
Vesting percentage if listed on a stock exchange	100.00%
Share options | 2017 Equity Incentive Plan | Share-based Payment Arrangement, Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)	33.30%
Share options | 2017 Equity Incentive Plan | Share-based Payment Arrangement, Tranche one | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Award vesting percentage (in percent)	25.00%
Share options | 2017 Equity Incentive Plan | Share-based Payment Arrangement, Tranche two | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Award vesting percentage (in percent)	75.00%
Share options | 2017 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share options | 2017 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Units (RSUs) | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award vesting percentage (in percent)	25.00%
Restricted Stock Units (RSUs) | 2017 Equity Incentive Plan | Share-based Payment Arrangement, Tranche one | Grant Date June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (in percent)			25.00%
Percentage amount closing price is higher than listing price	20.00%
Expiration period			1 year
Threshold consecutive trading days | day	5

Share-Based Compensation - 2020

Share-Based Compensation - 2020 Employee Share Purchase Plan (Details) - Employee stock - shares	Oct. 01, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		340,053
Allowable increase in shares authorized for issuance, percentage of outstanding stock (in percent)		1.00%
Maximum increase in shares available for issuance (in shares)		510,058
Stock plan, offering period	6 months
Saving period (in percent)	15.00%

Share-Based Compensation - 20_2

Share-Based Compensation - 2020 Share Option Plan (Details) - shares	1 Months Ended		3 Months Ended
	Feb. 28, 2022	Sep. 30, 2020	Mar. 31, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)				1,015,317
Granted (in shares)			210,080
2020 Share Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years	10 years
Award vesting percentage (in percent)		25.00%
Shares issued (in shares)				3,755,119
2020 Share Option Plan | Vesting condition one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award vesting percentage (in percent)	25.00%
2020 Share Option Plan | Vesting condition two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award vesting percentage (in percent)	25.00%
2020 Share Option Plan | Vesting condition three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Ordinary shares | 2020 Share Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		2,074,325
Maximum percentage of shares outstanding number of shares reserved for issuance may increase (in percent)		4.00%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Share Unit (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2022USD ($)£ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares) | shares			210,080
Unvested and Outstanding, ending balance (in shares) | shares	2,566,715	2,566,715
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share) | $ / shares	$ 11.38		$ 26.73
Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares	$ 21.57
Ordinary shares | Common stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Vested (shares) | shares	(10,659)	(10,659)
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Unvested and Outstanding, beginning balance (in shares) | shares	115,140	115,140
Granted (in shares) | shares	92,590	92,590
Forfeited (in shares) | shares	0	0
Unvested and Outstanding, ending balance (in shares) | shares	197,071	197,071
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ / shares	$ 10.19
Granted (in dollars per share) | $ / shares	13.56
Vested (in dollars per share) | $ / shares	10.60
Forfeited (in dollars per share) | $ / shares	0
Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares	$ 12.69
Unrecognized compensation cost | $	$ 2.3	$ 2.3	$ 1.9
Period for recognition (in years)	3 years 2 months 12 days	3 years 2 months 12 days	3 years 1 month 6 days
Exercise price (in pound sterling per share) | £ / shares		$ 0.01

Share-based Compensation - Shar

Share-based Compensation - Share Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Number of Shares
Granted (in shares)	1,111,569
Exercised (in shares)	(376,158)
Forfeited (in shares)	(91,802)
Outstanding, ending balance (in shares)	4,559,112
Exercisable (in shares)	1,992,397
Unvested (in shares)	2,566,715
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 13.53
Granted (in dollars per share)	14.81
Exercised (in dollars per share)	1
Forfeited (in dollars per share)	13.40
Outstanding, ending balance (in dollars per share)	14.59		$ 13.53
Exercisable (in dollars per share)	4.86
Unvested (in dollars per share)	$ 21.57
Weighted Average Remaining Contractual Term (Years)
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	8 years 9 months 14 days		8 years 7 months 20 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	8 years 9 months 14 days		8 years 7 months 20 days
Exercisable (in years)	8 years 1 month 9 days
Unvested (in years)	9 years 3 months 25 days
Outstanding, aggregate intrinsic value, beginning balance	$ 51,162
Outstanding, aggregate intrinsic value, ending balance	24,245		$ 51,162
Exercisable	20,495
Unvested	3,750
Aggregate intrinsic value of options exercised during the period	$ 4,900	$ 26,100
Granted (in dollars per share)	$ 11.38	$ 26.73
Unrecognized compensation cost of options	$ 35,200	$ 21,600
Share options
Weighted Average Remaining Contractual Term (Years)
Period for recognition (in years)	3 years 2 months 4 days	3 years 4 months 13 days
Share options | Ordinary shares
Number of Shares
Outstanding, beginning balance (in shares)	3,915,503
Outstanding, ending balance (in shares)			3,915,503

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected option life (years)	5 years 10 months 17 days	6 years 25 days
Expected volatility (in percent)	80.20%	67.80%
Risk-free interest rate (in percent)	1.65%	0.72%
Expected dividend yield (in percent)	0.00%	0.00%
Fair value of underlying ordinary shares (in dollars per share)	$ 15.98		$ 44.03

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,128	$ 1,666
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,792	801
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,336	$ 865

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (21,171)	$ (12,715)
Net loss attributable to ordinary shareholders - basic	(21,171)	(12,715)
Net loss attributable to ordinary shareholders - diluted	$ (21,171)	$ (12,715)
Weighted average ordinary shares outstanding - basic (in shares)	42,036,563	36,569,290
Weighted average ordinary shares outstanding - diluted (in shares)	42,036,563	36,569,290
Net loss per share - basic (in dollars per share)	$ (0.50)	$ (0.35)
Net loss per share - diluted (in dollars per share)	$ (0.50)	$ (0.35)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unvested ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	5,503
Unvested restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	197,071	217,482
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,559,112	4,026,508
Convertible A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,756,183	4,249,493

Right of use of assets - Narrat

Right of use of assets - Narrative (Details)	1 Months Ended				3 Months Ended
	Aug. 31, 2021USD ($)ft²	Feb. 28, 2021GBP (£)	Nov. 30, 2019GBP (£)	May 31, 2019ft²	Mar. 31, 2022GBP (£)	Jul. 31, 2021
Eastbourne Terrace, London, UK
Lessee, Lease, Description [Line Items]
Annual lease payment			£ 780,000
Refundable lease deposit			£ 130,000
Lease rental relief		£ 32,500
New York, NY
Lessee, Lease, Description [Line Items]
Net rentable area | ft²				200
Lease cancellation notification period (in days)				30 days
Soho, London, UK
Lessee, Lease, Description [Line Items]
Refundable lease deposit					£ 136,200
Lease term						2 years
Operating lease, monthly payment					£ 136,200
San Francisco, CA
Lessee, Lease, Description [Line Items]
Refundable lease deposit | $	$ 20,000
Net rentable area | ft²	2,526
Operating lease, monthly payment | $	$ 10,000
Advance rent upon lease execution | $	$ 9,000
Denmark Hill, London, UK
Lessee, Lease, Description [Line Items]
Lease term					5 years
Operating lease, annual payment					£ 180,000

Right of use of assets - Summar

Right of use of assets - Summary of costs included in operating expenses related to right of use assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease cost
Operating lease cost	$ 560	$ 269
Variable lease cost	0	(45)
Short-term lease cost	86	86
Total lease cost	646	310
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 578	$ 269
Weighted average remaining lease term (in years)	11 months 1 day	9 months
Weighted average discount rate (in percent)	4.67%	5.00%

Right of use of assets - Summ_2

Right of use of assets - Summary of future minimum lease payments due to operating leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022	$ 1,658
2023	1,430
Total lease payments	3,088
Less: imputed interest	(99)
Total	$ 2,989

Related Party Transactions (Det

Related Party Transactions (Details) - Tapestry Networks, Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 0.1		$ 0.1
Professional Fees
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 0.1	$ 0.1

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Company contributions on behalf of the employee	$ 0.1	$ 0.1
Defined contribution plan contributions	$ 0.1	$ 0.1