Tarsus Pharmaceuticals (TARS) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39614
Entity Registrant Name	TARSUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4717861
Entity Address, Address Line One	15440 Laguna Canyon Road, Suite 160
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(949)
Local Phone Number	409-9820
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TARS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,574,104
Amendment Flag	false
Entity Central Index Key	0001819790
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 176,735	$ 168,129
Restricted cash	0	20
Accounts receivable	20,000	0
Other receivables	157	20
Prepaid expenses and other current assets	4,012	2,486
Total current assets	200,904	170,655
Property and equipment, net of accumulated depreciation	481	548
Operating lease right-of-use asset	540	688
Other assets	1,525	81
Total assets	203,450	171,972
Current liabilities:
Accounts payable and other accrued liabilities	8,985	4,347
Accrued payroll and benefits	1,470	1,040
Total current liabilities	10,455	5,387
Other long-term liabilities	524	605
Total liabilities	10,979	5,992
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 20,704,104 shares issued and 20,573,951 outstanding, which excludes 130,153 shares subject to repurchase at June 30, 2021 (unaudited); 20,502,576 shares issued and 20,323,301 outstanding, which excludes 179,375 shares subject to repurchase at December 31, 2020	4	4
Additional paid-in capital	208,591	198,821
Accumulated deficit	(16,124)	(32,845)
Total stockholders’ equity	192,471	165,980
Total liabilities, preferred stock and stockholders’ equity	$ 203,450	$ 171,972

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (shares)	10,000,000	10,000,000
Preferred stock, issued (shares)	0	0
Preferred stock, outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (shares)	200,000,000	200,000,000
Common stock, issued (shares)	20,704,104	20,502,576
Common stock, outstanding (shares)	20,573,951	20,323,301
Common stock, subject to repurchase (shares)	130,153	179,375

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 22,017	$ 0	$ 55,449	$ 0
Operating expenses:
Research and development	7,204	1,737	23,465	3,249
General and administrative	6,794	1,526	11,954	2,132
Total operating expenses	14,735	3,263	37,453	5,381
Income (loss) from operations before other (expense) income and income taxes	7,282	(3,263)	17,996	(5,381)
Other (expense) income:
Interest income (expense), net	7	13	16	174
Other (expense) income, net	(39)	0	(73)	0
Change in fair value of equity warrant rights	(876)	0	(876)	0
Total other (expense) income	(908)	13	(933)	174
Provision for income taxes	(29)	0	(342)	0
Net income (loss)	6,345	(3,250)	16,721	(5,207)
Comprehensive income (loss)	$ 6,345	$ (3,250)	$ 16,721	$ (5,207)
Net income (loss) per share
Basic (usd per share)	$ 0.31	$ (1.23)	$ 0.81	$ (1.96)
Diluted (usd per share)	$ 0.29	$ (1.23)	$ 0.76	$ (1.96)
Weighted-average shares outstanding
Basic (shares)	20,555,258	2,651,321	20,446,246	2,650,843
Diluted (shares)	21,966,599	2,651,321	21,895,304	2,650,843
License fees and Collaboration
Operating expenses:
Cost of license fees and collaboration revenue	$ 737	$ 0	$ 2,034	$ 0
License fees
Revenues:
Total revenues	19,048	0	52,359	0
Collaboration
Revenues:
Total revenues	$ 2,969	$ 0	$ 3,090	$ 0

Condensed Statements of Preferr

Condensed Statements of Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Preferred stock, outstanding (shares) at Dec. 31, 2019		8,249,939
Beginning balance at Dec. 31, 2019	$ (6,005)	$ 63,402	$ 2	$ 27	$ (6,034)
Beginning balance (shares) at Dec. 31, 2019			2,646,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,957)				(1,957)
Recognition of stock-based compensation expense	4			4
Lapse of repurchase rights related to common stock issued pursuant to early exercises (shares)			4,300
Preferred stock, outstanding (shares) at Mar. 31, 2020		8,249,939
Ending balance at Mar. 31, 2020	(7,958)	$ 63,402	$ 2	31	(7,991)
Ending balance (shares) at Mar. 31, 2020			2,650,919
Preferred stock, outstanding (shares) at Dec. 31, 2019		8,249,939
Beginning balance at Dec. 31, 2019	(6,005)	$ 63,402	$ 2	27	(6,034)
Beginning balance (shares) at Dec. 31, 2019			2,646,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,207)
Shares issued as consideration for in-license rights	0
Preferred stock, outstanding (shares) at Jun. 30, 2020		8,249,939
Ending balance at Jun. 30, 2020	(11,035)	$ 63,402	$ 2	204	(11,241)
Ending balance (shares) at Jun. 30, 2020			2,651,996
Preferred stock, outstanding (shares) at Mar. 31, 2020		8,249,939
Beginning balance at Mar. 31, 2020	(7,958)	$ 63,402	$ 2	31	(7,991)
Beginning balance (shares) at Mar. 31, 2020			2,650,919
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,250)				(3,250)
Recognition of stock-based compensation expense	173			173
Exercise of vested stock options (shares)			1,000
Preferred stock, outstanding (shares) at Jun. 30, 2020		8,249,939
Ending balance at Jun. 30, 2020	$ (11,035)	$ 63,402	$ 2	204	(11,241)
Ending balance (shares) at Jun. 30, 2020			2,651,996
Preferred stock, outstanding (shares) at Dec. 31, 2020	0	0
Beginning balance at Dec. 31, 2020	$ 165,980	$ 0	$ 4	198,821	(32,845)
Beginning balance (shares) at Dec. 31, 2020	20,323,301		20,323,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 10,376				10,376
Recognition of stock-based compensation expense	1,363			1,363
Exercise of vested stock options (shares)			13,773
Exercise of vested stock options	19			19
Shares issued as consideration for in-license rights (shares)			187,500
Shares issued as consideration for in-license rights	5,494			5,494
Preferred stock, outstanding (shares) at Mar. 31, 2021		0
Ending balance at Mar. 31, 2021	$ 183,232	$ 0	$ 4	205,697	(22,469)
Ending balance (shares) at Mar. 31, 2021			20,524,474
Preferred stock, outstanding (shares) at Dec. 31, 2020	0	0
Beginning balance at Dec. 31, 2020	$ 165,980	$ 0	$ 4	198,821	(32,845)
Beginning balance (shares) at Dec. 31, 2020	20,323,301		20,323,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 16,721
Shares issued as consideration for in-license rights	$ 5,494
Preferred stock, outstanding (shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 192,471	$ 0	$ 4	208,591	(16,124)
Ending balance (shares) at Jun. 30, 2021	20,573,951		20,573,951
Preferred stock, outstanding (shares) at Mar. 31, 2021		0
Beginning balance at Mar. 31, 2021	$ 183,232	$ 0	$ 4	205,697	(22,469)
Beginning balance (shares) at Mar. 31, 2021			20,524,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6,345				6,345
Recognition of stock-based compensation expense	2,794			2,794
Exercise of vested stock options (shares)			255
Exercise of vested stock options	1			1
Lapse of repurchase rights related to common stock issued pursuant to early exercises (shares)			49,222
Lapse of repurchase rights related to common stock issued pursuant to early exercises	$ 99			99
Preferred stock, outstanding (shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 192,471	$ 0	$ 4	$ 208,591	$ (16,124)
Ending balance (shares) at Jun. 30, 2021	20,573,951		20,573,951

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ 16,721	$ (5,207)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	189	32
Stock-based compensation	4,157	177
Amortization of operating lease right-of-use asset	87	38
Loss on disposal of property and equipment	70	0
Loss on lease termination	2	0
Change in fair value of derivative assets	876	0
Unrealized gain from transactions denominated in a foreign currency	(8)	0
Issuance of common stock pursuant to in-license agreement	5,494	0
Changes in operating assets and liabilities:
Accounts receivable	(20,000)	0
Other receivables	(137)	34
Prepaid expenses and other current assets	(1,527)	(1,526)
Other non-current assets	(2,326)	(27)
Accounts payable and other accrued liabilities	4,622	1,953
Accrued payroll and benefits	430	(27)
Other long-term liabilities	107	0
Net cash provided by (used in) operating activities	8,757	(4,553)
Cash Flows From Investing Activities:
Purchases of property and equipment	(191)	(371)
Cash used in investing activities	(191)	(371)
Cash Flows From Financing Activities:
Payments of issuance costs	0	(28)
Proceeds from exercise of vested stock options	20	0
Proceeds from exercise of stock options prior to vesting	0	135
Net cash provided by financing activities	20	107
Net increase (decrease) in cash, cash equivalents and restricted cash	8,586	(4,817)
Cash, cash equivalents, and restricted cash — beginning of year	168,149	57,972
Cash, cash equivalents, and restricted cash — end of period	176,735	53,155
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	176,735	53,135
Restricted cash	0	20
Cash, cash equivalents and restricted cash	176,735	53,155
Supplemental Disclosures Noncash Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for operating lease liability	0	767
Additions of property and equipment in accounts payable and other accrued liabilities	0	47
Derecognition of right-of-use asset upon lease termination	(38)	0
Stock issued to licensor pursuant to execution of out-license agreement	$ 5,494	$ 0

Description of Business and Pre

Description of Business and Presentation of Financial Statements	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Presentation of Financial Statements	DESCRIPTION OF BUSINESS AND PRESENTATION OF FINANCIAL STATEMENTS (a) Description of Business Tarsus Pharmaceuticals, Inc. (“Tarsus” or the “Company”) is a late clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutic candidates to address large market opportunities initially in ophthalmic conditions where there are limited treatment alternatives. (b) Reverse Stock Split and Initial Public Offering On October 8, 2020, the Tarsus Board of Directors approved a 1-for-7.4276 reverse stock split and a certificate of amendment was filed to amend the Company's certificate of incorporation to effect this reverse split. The par value was not adjusted as a result of the reverse stock split. All share and per share information included in the accompanying financial statements give retroactive effect to this reverse stock split for all periods presented. On October 20, 2020, the Company completed its initial public offering ("IPO") through an underwritten sale of 6,325,000 sh ares of its common stock at a price of $16.00 per share, inclusive of an additional 825,000 shares of its common stock sold upon the full exercise of the underwriters’ purchase option. The aggregate net proceeds by the Company from the offering totaled $91.7 million, after deducting underwriting discounts and commissions and other offering expenses. Concurrent with the closing of the Company's IPO, all then-outstanding shares of its convertible preferred stock (see Note 4 ) were automatically converted into an aggregate of 11,107,018 issued shares of common stock. (c) Liquidity The Company currently has no product sales, and since inception, has accumulated losses and negative cash flows from operations (other than consideration received from an out-licensing agreement, as discussed in Note 9 ), resulting in an accumulated deficit of $16.1 million as of June 30, 2021 and $32.8 million as of December 31, 2020. The Company’s cash and cash equivalents were $176.7 million and $168.1 million as of June 30, 2021 and December 31, 2020, respectively. The Company has funded its inception-to-date operations primarily through equity capital raises and proceeds from its out-license agreement. The Company believes that its existing capital resources will be sufficient to meet projected operating requirements beyond at least 12 months from the August 5, 2021 filing date of this Form 10-Q. Accordingly, the accompanying financial statements in this Form 10-Q have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company’s operations currently consist of its corporate organization build-out, intellectual property licensing activities, and conducting preclinical and clinical studies. The Company faces the clinical, business, and liquidity risks that are typically associated with early-stage biotechnology companies; it must complete expensive research and development activities, achieve research and development outcomes that are inherently uncertain, recruit and retain skilled personnel (including executive management), and build and defend its intellectual property rights. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities and other operating expenses. The Company will be required to raise additional capital to fund its future operations, however, no assurance can be given as to whether financing will be available on terms acceptable to the Company, if at all. If the Company raises additional funds by issuing equity securities, its stockholders may experience dilution. Any future debt financing into which the Company enters may impose additional covenants that restrict operations, including limitations on its ability to incur liens or additional debt, pay dividends, repurchase common stock, make certain investments, or engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity raise may contain terms that are not favorable to the Company or its stockholders. The Company’s potential inability to raise capital when needed could have a negative impact on its financial condition and ability to pursue planned business strategies. If the Company is unable to raise additional funds as required, it may need to delay, reduce, or terminate some or all its development programs and clinical trials. The Company may also be required to sell or license its rights to product candidates in certain territories or indications that it would otherwise prefer to develop and commercialize on its own. If the Company is required to enter into collaborations and other arrangements to address its liquidity needs, it may have to give up certain rights that limit its ability to develop and commercialize product candidates or may have other terms that are not favorable to the Company or its stockholders, which could materially and adversely affect its business and financial prospects. These factors may adversely impact the Company's ability to achieve its business objectives and would likely have an adverse effect on its future business prospects, or even its ability to remain a going concern. (d) Operating Segment To date, the Company has operated and managed its business and financial information on an aggregate basis for the purposes of evaluating financial performance and the allocation of capital and personnel resources. Accordingly, the Company’s management determined that it operates in one reportable operating segment. This single segment is focused exclusively on developing pharmaceutical products for eventual commercialization. (e) Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected to not take this exemption and, as a result, will adopt new or revised accounting standards on the relevant effective dates on which adoption of such standards is required for other public companies that are not emerging growth companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Use of Estimates	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Use of Estimates	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES (i) Basis of Presentation The Company’s condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim condensed balance sheet as of June 30, 2021, and the interim condensed statements of operations and comprehensive income (loss), changes in preferred stock and stockholders’ equity and cash flows for the three and six months ended June 30, 2021 and 2020 are unaudited. These unaudited interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which consist of only normal and recurring adjustments for the fair presentation of its financial information. The financial data and other information disclosed in these notes related to the three and six-month periods are also unaudited. The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all information and footnotes required by GAAP for annual financial statements. The condensed interim operating results for three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021 or any other interim or annual period. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020 in the Company’s Annual Report on Form 10-K (“Annual Report”) for the fiscal year ended December 31, 2020, as filed with the SEC on March 31, 2021. The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. These amounts may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an on-going basis, management evaluates its most critical estimates and assumptions, including those related to the (i) fair value of equity-based awards and periodic recognition of stock-based compensation, (ii) the realization of income tax assets and estimates of tax liabilities, and (iii) expense accruals related to research and development activities, including clinical trials. The accounting policies and estimates that most significantly impact the presented amounts within the accompanying condensed financial statements are further described below: (ii) Cash and Cash Equivalents Cash and cash equivalents consist of bank deposits and highly liquid investments, including money market fund accounts, with original maturities of three months or less from the purchase date. (iii) Restricted Cash Restricted cash represents cash held as collateral for the Company’s corporate credit card program. Any cash that is legally or contractually restricted from immediate use is classified as restricted cash. (iv) Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents in deposits at financial institutions that exceed federally insured limits. In March 2020, the World Health Organization declared a pandemic related to the global novel coronavirus disease 2019 (“COVID-19”) outbreak. To date, the Company’s operations have not been significantly impacted by the COVID-19 pandemic, though the Company continues to monitor the potential impact COVID-19 may have on its ongoing and planned clinical trials. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak may have on these activities or its financial condition. The Company’s results of operations involve numerous risks and uncertainties. Factors that could adversely impact the Company’s operating results and business objectives include, but are not limited to, (1) uncertainty of results of clinical trials, (2) uncertainty of regulatory approval of the Company’s potential product candidates, including TP-03 for ophthalmic conditions, TP-04 for treatment of skin conditions and TP-05 for prophylaxis of Lyme and community malaria reduction, (3) uncertainty of market acceptance of its product candidates, (4) competition from substitute products and other companies, (5) securing and protecting proprietary technology and strategic relationships, and (6) and dependence on key individuals and sole source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive these necessary approvals. If the Company is denied approval, approval is delayed, or is unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company's business. (v) Property and Equipment Property and equipment is stated at historical cost and is depreciated on a straight-line basis over an estimated useful life that corresponds with its designated asset category. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. The Company evaluates the recoverability of “long-lived assets” (which includes property and equipment) whenever events or changes in circumstances in the business indicate that the asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the sum of the future undiscounted cash flows the assets are expected to generate over the remaining useful lives of the assets. If a long-lived asset fails a recoverability test, the Company measures the amount by which the carrying value of the asset exceeds its fair value. Other than the right-of-use ("ROU") asset impairment discussed in Note 8 , there were no events or changes in business circumstances during the three and six months ended June 30, 2021 or year ended December 31, 2020 that indicated the carrying amounts of any long-lived assets were not fully recoverable. (vi) Revenue Recognition for Out-License Arrangements Overview The Company currently has one out-license arrangement that allows the licensee to market the Company’s TP-03 product (representing "functional intellectual property") in certain territories for a certain field of use and for a stated term - see Note 9 . The accounting and reporting of revenue for out-license arrangements requires significant judgment for: (a) identification of the number of performance obligations within the contract, (b) the contract’s transaction price for allocation (including variable consideration), (c) the stand-alone selling price for each identified performance obligation, and (d) the timing and amount of revenue recognition in each period. The Company's out-license arrangement, as described in Note 9 , was analyzed under GAAP to determine whether the promised goods or services (which include the license, and know-how, data, and information necessary or reasonably useful for the research, development, manufacture, or commercialization of any license product, and governance committee services) are distinct or must be accounted for as part of a combined performance obligation. In making these assessments, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own, and/or whether the required expertise is readily available. If the license is considered to not be distinct, the license is combined with other promised goods or services as a combined performance obligation for revenue recognition. The Company's out-license arrangement is in exchange for the following forms of consideration: (i) upfront cash payments, (ii) equity-based consideration, (iii) sales royalties, (iv) sales threshold milestones, (v) development milestone fees, and (vi) regulatory milestone fees. Revenue is recognized in proportion to the allocated transaction price when (or as) the respective performance obligation is satisfied. The Company evaluates the progress related to each milestone at each reporting period and, if necessary, also adjusts the probability of achievement and related revenue recognition. The measure of progress, and thereby periods over which revenue is recognized, is subject to estimates by management and may change over the course of the agreement. Contractual Terms for Receipt of Payments The contractual terms that establish the Company’s right to collect specified amounts from its customers and the require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, as follows: (1) Upfront License Fees: The Company determines whether non-refundable license consideration is recognized at the time of contract execution (i.e., when the license is transferred to the customer and customer is able to use and benefit from the license) or over the actual (or implied) contractual period of the out-license. The Company also evaluates whether it has any other requirements to provide substantive services that are inseparable from the performance obligation of the license transfer to determine whether any combined performance obligation is satisfied over time or at a point in time. (2) Development Milestones: The Company utilizes the “most likely amount” method to estimate the amount of consideration to which it will be entitled for achievement of development milestones. For those payments based on development milestones (e.g., patient dosing in a clinical study or the achievement of statistically significant clinical results), the Company assesses the probability that the milestone will be achieved, including its ability to control the timing or likelihood of achievement, and any associated revenue constraint. At each reporting period, the Company re-evaluates this associated revenue recognition constraint. Any resulting adjustments are recorded to revenue on a cumulative catch-up basis, thus reflected in the financial statements in the period of adjustment. (3) Regulatory Milestones: The Company utilizes the “most likely amount” method to estimate the consideration to which it will be entitled and recognizes revenue in the period regulatory approval occurs (the performance obligation is satisfied). Amounts constrained as variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company evaluates whether the milestones are considered probable of being reached and not otherwise constrained. Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are constrained for revenue recognition until achievement. (4) Royalties: Under the "sales-or-usage-based royalty exception" the Company recognizes revenue based on the contractual percentage of the licensee’s sales to its customers at the later of (i) the occurrence of the related sales or (ii) the date upon which the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue from its out-licensing arrangements. (5) Sales Threshold Milestones: Similar to royalties, applying the "sales-or-usage-based royalty exception", the Company recognizes revenue from sales threshold milestones at the later of (i) the period the licensee achieves the one-time annual product sales levels in their territories for which the Company is contractually entitled to a specified lump-sum receipt, or (ii) the date upon which the performance obligation to which some or all of the milestone has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any sales threshold milestone revenue from out-licensing arrangements. (vii) Research and Development Costs Research and development costs are expensed as incurred or as certain upfront or milestone payments become contractually due to licensors upon the achievement of clinical or regulatory events. These expenses also include internal costs directly attributable to in-development programs, including cost of certain salaries, payroll taxes, employee benefits, and stock-based compensation expense, as well as laboratory and clinical supplies, pre-clinical and clinical trial related expenses, and the cost of services provided by outside contractors. The Company recognizes expense for pre-clinical studies and clinical trial activities performed by these third parties. This is typically based upon estimates of the proportion of work completed over the term of the individual study or trial, as well as patient enrollment and dosing events in accordance with agreements established with clinical research organizations ("CROs") and clinical trial or pre-clinical study sites. The Company has entered, and may continue to enter into, license agreements to access and utilize intellectual property for drug development. In each case, the Company evaluates if the assets acquired in a transaction represent the acquisition of an as set or a business, as defined under applicable GAAP. The Company’s executed in-license agreements (see Note 8(b) ) were evaluated and determined to represent asset acquisitions. Because these assets have not yet received regulatory approval and have no alternative future uses, the purchase price for each was immediately recognized as research and development expense. In addition, any future milestone payments (whether in the form of cash or stock) made before product regulatory approval (that do not meet the definition of a derivative) will also be immediately recognized as research and development expense when paid or becomes payable, provided there is no alternative future use of the rights in other research and development projects. (viii) Stock-Based Compensation Stock-based compensation expense is recognized for all equity awards granted to employees, consultants, and members of the Company’s Board of Directors and is recognized at fair value. For stock-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date is the date of grant and the related expense is recognized on a straight-line basis over each award’s actual or implied vesting period. For stock-based awards that vest subject to a performance condition, the Company recognizes compensation cost if and when it concludes that it is probable that the performance condition will be achieved and the related expense is recognized on an accelerated attribution method. As applicable, the Company reverses previously recognized expense for forfeitures of unvested awards in the period of occurrence. The Company uses the Black-Scholes pricing model to estimate the fair value of stock option awards as of the date of grant. The measurement of the fair value of stock-based awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including (a) the fair value of the Company’s common stock on the date of the option grant, (b) the expected term of the stock option until its exercise by the recipient, (c) stock price volatility over the expected term, (d) the prevailing risk-free interest rate over the expected term, and (e) expected dividend payments over the expected term. Management estimates the expected term of awarded stock options utilizing the “simplified method” for awards as the Company does not yet have sufficient exercise history since its November 2016 formation. Further, prior to the IPO, the Company was privately-held and therefore lacked company-specific historical and implied volatility information of its stock. Accordingly, management estimated this expected volatility based on a designated peer-group of publicly-traded companies for a look-back period, as of the date of grant, that corresponded with the expected term of the awarded stock option. The Company estimates the risk-free interest rate based upon the U.S. Department of the Treasury yield curve in effect at award grant for time periods that correspond with the expected term of the awarded stock option. The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future. Prior to the IPO, given the absence of a public trading market, the Company’s Board of Directors, with input from management, considered numerous objective and subjective factors to determine the fair value of its common stock. The factors included: (i) third-party valuations of the Company’s common stock; (ii) the Company’s stage of development; (iii) the status of research and development efforts; (iv) the rights, preferences and privileges of the Company’s preferred stock relative to common stock; (v) the Company’s operating results and financial condition, including the Company’s levels of available capital resources; (vi) equity market conditions affecting comparable public companies; (vii) general U.S. market conditions; and (viii) the lack of current marketability of the Company’s common stock. Subsequent to the IPO, the fair value of the Company’s common stock is based on the closing quoted market price of its common stock as reported by the Nasdaq Global Select Market on the date of grant. All stock-based compensation expense is reported in the Statements of Operations and Comprehensive Income (Loss) within "research and development" expense or "general and administrative" expense, based upon the assigned department of the award recipient. (ix) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carryforwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain due to the Company’s historical operating performance and recorded cumulative net losses in prior fiscal periods. A valuation allowance is recorded to reduce deferred tax assets, because based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If and when the Company were to determine that deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase the net income in the period that such determination was made. In the event that the Company is assessed interest and/or penalties from taxing authorities that have not been previously accrued, such amounts would be included as a component of “income tax expense” within the Statements of Operations and Comprehensive Income (Loss) in the period the notice was received. To date there have been no interest or penalties charged. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021, which had no material impact to its financial statements. (x) Net Income (Loss) per Share Attributable to Common Stockholders Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without the consideration for potential dilutive shares of common stock. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method and if-converted method, as applicable. The Company’s participating securities include unvested common stock awards issued upon early exercise of certain stock options, as early exercised unvested common stock awards have a non-forfeitable right to dividends. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses, so in periods of net losses, the two-class method of calculating basic and diluted earnings per share is not required. In periods of net income, basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. In periods of net income, net income is attributed to both common stockholders and participating security holders, and therefore, net income is allocated to shares of common stock and participating securities, as if all of the earnings for the period had been distributed. Diluted earnings per share under the two-class method is calculated using the more dilutive of the treasury stock or the two-class method. Due to a net loss for the three and six months ended June 30, 2020, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals the reported diluted net loss per share in these periods. (xi) Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability 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. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. • Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments (see Note 7 ) are carried at fair value based on unobservable market inputs. (xii) Comprehensive Income (Loss) Comprehensive income (loss) represents all changes in stockholders’ equity (deficit), except those resulting from distributions to stockholders. For all periods presented, comprehensive income (loss) was the same as reported net income (loss). (xiii) Recently Issued or Effective Accounting Standards Recently issued or effective accounting pronouncements that impact, or may have an impact, on the Company’s financial statements have been discussed within the footnote to which each relates. Other recent accounting pronouncements not disclosed in these condensed financial statements have been determined by the Company’s management to have no impact, or an immaterial impact, on its current and expected future financial position, results of operations, or cash flows.

Balance Sheet Account Detail

Balance Sheet Account Detail	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Detail	BALANCE SHEET ACCOUNT DETAIL The composition of selected financial statement captions that comprise the accompanying balance sheets are summarized below: (a) Property and Equipment, net of Accumulated Depreciation “Property and equipment, net of accumulated depreciation” consists of the following: June 30, 2021 December 31, 2020 Furniture and fixtures $ 365 $ 294 Office equipment 52 74 Lab equipment 167 173 Leasehold improvements 163 141 Property and equipment, at cost 747 682 (Less): Accumulated depreciation and amortization 266 134 Property and equipment, net of accumulated depreciation and amortization $ 481 $ 548 Depreciation expense (included within “total operating expenses” in the accompanying Statements of Operations and Comprehensive Income (Loss)) for the three months ended June 30, 2021 and 2020 was $125 thousand and $17 thousand, respectively, and for the six months ended June 30, 2021 and 2020 was $189 thousand and $32 thousand, respectively. (b) Other Assets "Other assets" consists of the following: June 30, 2021 December 31, 2020 Deposits $ 27 $ 33 Equity warrant rights* 1,076 — Other long term assets 422 48 Other assets $ 1,525 $ 81 *In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force), which clarifies the interaction of the accounting for equity securities, investments accounted for under the equity method, and certain forward contracts and purchased options. This update is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Company is in the process of determining the impact the adoption will have on its financial statements, beginning as of and for the three months ending March 31, 2022. (c) Accounts Payable and Other Accrued Liabilities “Accounts payable and other accrued liabilities” consists of the following: June 30, 2021 December 31, 2020 Trade accounts payable and other $ 3,303 $ 2,237 Operating lease liability, current portion 229 282 Accrued clinical studies 3,358 1,524 Contract liability 1,504 — Income taxes payable 342 — Employee stock option early exercise liability, current portion 249 304 Accounts payable and other accrued liabilities $ 8,985 $ 4,347 (d) Other Long-Term Liabilities “Other long-term liabilities” consists of the following: June 30, 2021 December 31, 2020 Operating lease liability, non-current portion $ 405 $ 549 Derivative liability 107 — Employee stock option early exercise liability, non-current portion 12 56 Other long-term liabilities $ 524 $ 605

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Authorized Stock Under the October 2020 Amended and Restated Certificate of Incorporation, the Company is authorized to issue two classes of stock: common and preferred . The total number of shares authorized for issuance is 200.0 million shares of common stock and 10.0 million shares of preferred stock. Common Stock Overview and Reserve for Future Issuance Common stockholders have one vote for each share of common stock held and are entitled to receive any dividends declared by the Company’s Board of Directors when legally available for distribution, then-subject to the dividend rights of the holders of preferred stock. For the three and six months ended June 30, 2021 and for the year ended December 31, 2020, no dividends were declared. As of June 30, 2021 and December 31, 2020, the Company had 20.7 million and 20.5 million shares of common stock issued, respectively. At June 30, 2021 and December 31, 2020, the Company had 20.6 million, an d 20.3 million shares of common stock outstanding, respectively. The following shares of common stock were reserved for issuance: June 30, 2021 December 31, 2020 Stock options issued and outstanding 2,598,764 1,836,739 Common stock awards reserved for future grant 9,451,191 9,414,091 Restricted stock units outstanding 4,257 — Total shares of common stock reserved 12,054,212 11,250,830

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION 2020 and 2016 Equity Incentive Plans The Company's Board of Directors and stockholders adopted and approved the Company's 2020 Equity Incentive Plan (the “2020 Plan”) on October 8, 2020. The 2020 Plan replaced the Company's 2016 Equity Incentive Plan that was earlier adopted in December 2016 (the “2016 Plan”). However, awards outstanding under the 2016 Plan will continue to be governed by its original terms. The number of shares of the Company's common stock that were initially available for issuance under the 2020 Plan equaled the initial sum of 9,000,000 shares plus 2,432,980 shares that were then available for issuance under the 2016 Plan. The 2020 Plan provides for the following types of awards: incentive and non-statutory stock options, stock appreciation rights, restricted shares, and restricted stock units. The number of shares of common stock reserved for issuance under the 2020 Plan are increased automatically on the first business day of each fiscal year, commencing in 2021 and ending in 2030, by a number equal to the lesser of : (i) 4% of the shares of common stock outstanding on the last day of the prior fiscal year; or (ii) the number of shares determined by the Company's Board of Directors. In general, to the extent that any awards under the 2020 Plan are forfeited, terminate, expire or lapse without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2020 Plan, those shares will again become available for issuance under the 2020 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to any award. Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2020 Plan (and previously the 2016 Plan) at an exercise price of not less than 100% of the fair market value of common stock on the respective date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. Through June 30, 2021, all awards issued under the 2020 Plan and 2016 Plan were in the form of stock options and restricted stock units. These stock award agreements have service and/or performance conditions for vesting, unless immediately vested on the date of grant. Stock awards granted typically have one Stock options must be exercised, if at all, no later than 10 years from the date of grant. Upon termination of employment, vested stock options may be exercised within 12 months after the date of termination upon death, six months after the date of termination upon disability, and three months after the date of termination for all other separations. Stock-Based Compensation Summary Stock-based compensation expense is recorded in the accompanying condensed statements of operations and comprehensive income (loss) based on the assigned or designated department of the award recipient. Stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 427 $ 14 $ 771 $ 15 General and administrative 2,367 159 3,386 162 Total stock-based compensation $ 2,794 $ 173 $ 4,157 $ 177 Pre-Vesting Exercise Feature of Certain Stock Options The 2016 Plan permitted certain option holders to exercise awarded options prior to vesting. Upon this early exercise, the options became subject to a restricted stock agreement and remain subject to the same vesting provisions in the corresponding stock option award. These unvested options are subject to repurchase by the Company upon employee termination at the same price exercised. These unvested shares of common stock are reported as issued (but not outstanding) on the accompanying Balance Sheets while subject to repurchase by the Company. These shares are also excluded from the basic net income (loss) per share until the repurchase right lapses upon vesting, but are included in the diluted net income per share for the three and six months ended June 30, 2021.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	NET INCOME (LOSS) PER SHARE The Company permits certain option holders to exercise awarded options prior to vesting (see Note 5 ). Upon this early exercise, these options become subject to a restricted stock agreement and remain subject to the same vesting provisions in the corresponding stock option award. These early exercised options are considered to be "participating securities" due to non-forfeitable right to dividends (i.e., even prior to vesting). For the three and six months ended June 30, 2021, the "two-class method" was utilized to calculate diluted net income per share as it was more dilutive than the "treasury stock metho d". Due to a net loss for the three months ended March 31, 2020, all otherwise potentially dilutive securities are antidilutive. Accordingly, basic net loss per share equals diluted net loss per share for the three and six months ended June 30, 2020. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic EPS Net income (loss) $ 6,345 $ (3,250) $ 16,721 $ (5,207) Less: undistributed income allocated to participating securities 46 — 133 — Net income available to common shareholders $ 6,299 $ (3,250) $ 16,588 $ (5,207) Basic weighted average shares outstanding 20,555,258 2,651,321 20,446,246 2,650,843 Net income (loss) per share attributable to common stockholders—basic $ 0.31 $ (1.23) $ 0.81 $ (1.96) Diluted EPS Net income (loss) $ 6,345 $ (3,250) $ 16,721 $ (5,207) Less: undistributed income reallocated to participating securities 43 — 124 — Net income available to common shareholders $ 6,302 $ (3,250) $ 16,597 $ (5,207) Basic weighted average shares outstanding 20,555,258 2,651,321 20,446,246 2,650,843 Effect of dilutive securities: Common stock options 1,411,341 — 1,449,058 — Diluted weighted average shares outstanding 21,966,599 2,651,321 21,895,304 2,650,843 Net income (loss) per share attributable to common stockholders—diluted $ 0.29 $ (1.23) $ 0.76 $ (1.96) During the three and six months ended June 30, 2021 , 0.8 million unexercised stock options were excluded from the computation of n et income per share because the effect would have been anti-dilutive. Additionally, during the three and six months ended June 30, 2020, 1.2 million unexercised stock options, 8.2 million shares of preferred stock, and 67 thousand early-exercised and unvested stock options were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact under the “treasury stock method” and "if-converted metho

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The table below summarizes certain financial instruments measured at fair value that are included within the accompanying balance sheets, and their designation among the three fair value measurement categories (see Note 2(xiii) ): June 30, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 176,710 $ — $ — $ 176,710 Equity warrant rights — — 1,076 1,076 Total assets measured at fair value $ 176,710 $ — $ 1,076 $ 177,786 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 168,129 — — $ 168,129 Total assets measured at fair value $ 168,129 — — $ 168,129 Money Market Funds Money market fund holdings are included in "cash and cash equivalents" on the accompanying Balance Sheets and are classified within Level 1 of the fair value hierarchy because of their readily-available market prices in active markets that are publicly accessible at the measurement date. These money market funds are invested in U.S. Treasury, bills, notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government or its agencies. Equity Warrant Rights In March 2021, contemporaneous with the China Out-License transaction (see Note 9 ), the Company and LianBio Ophthalmology Limited (“LianBio”), executed a warrant agreement for the Company to purchase a stated number of equity securities of LianBio, a privately-held China-focused pharmaceutical company, at fair value (on a per share basis at the time of issuance). The warrants will vest upon the achievement of certain clinical and regulatory events. These warrants are classified as Level 3 in the fair value measurement hierarchy. The most significant assumptions used in the option pricing valuation model to determine fair value include: the estimated current fair value of LianBio common stock, LianBio stock volatility (based on the historical volatility of similar companies), and the probability of achievement of discrete clinical and regulatory milestones for the vesting of each of the three warrants. As of June 30, 2021, one of these three milestones was met for vesting of the respective warrant. These warrant agreements allow for "noncash settlement" and therefore met the criteria to be recognized as a "derivative asset" on the accompanying Condensed Balance Sheets and are presented within "other assets" as of June 30, 2021 (see Note 3(b) ). These warrants will be remeasured with a corresponding amount reported in "other (expense) income, net" on the Statement of Operations and Comprehensive Income (Loss) at each reporting date, until exercised or expired. The following table sets forth a summary of the changes in fair value of the equity warrant rights presented in "other assets" on the accompanying Condensed Balance Sheets. The measurement of the equity warrant rights represents a Level 3 financial instrument: Equity Warrant Rights, presented in "other assets" within the Condensed Consolidated Balance Sheets Fair value as of December 31, 2020 $ — Initial fair value estimate of equity warrant rights upon issuance 1,233 Fair value as of March 31, 2021 $ 1,233 Revaluation of equity warrant rights upon achievement of first development milestone, included in "license fees" within the Condensed Statement of Operations for the three months ended June 30, 2021 719 Revaluation of equity warrant rights included in "other income (expense), net" within the Condensed Statement of Operations for the three months ended June 30, 2021 (876) Fair value as of June 30, 2021 $ 1,076

Commitment & Contingencies

Commitment & Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitment & Contingencies	COMMITMENTS & CONTINGENCIES (a) Facility Leases Overview In the ordinary course of business, the Company enters lease agreements with unaffiliated parties for the use of office and laboratory facilities and office equipment. As of December 31, 2020, the Company had three active facility leases in Irvine, California. Separately in January 2021, the Company entered into a six-month lease for an additional adjacent administrative office suite that was not capitalized due to its under 12-month term. In December 2020, the Company recorded a $15 thousand impairment of its "operating lease right-of-use lease asset" in connection with its decision to early terminate one of the leases, which was completed in January 2021. The Company's remaining two capitalized facility leases for adjacent administrative and laboratory suites in Irvine, California commenced on June 1, 2020. These leases each expire on January 31, 2024 and one includes a renewal option that was not reasonably certain to be exercised at the time of lease commencement for purposes of its associated accounting for capitalized "operating lease right-of-use asset" and accompanying lease liability included within "accounts payable and other accrued liabilities" and "other long-term liabilities" on the accompanying Condensed Balance Sheets, amounting to an aggregate $0.6 million. These operating leases have annual rent that is payable monthly and carry fixed annual increases. Also, under these arrangements, real estate taxes, certain operating expenses, and common area maintenance are paid by the Company; since these costs are variable in nature, they are excluded from the measurement of the reported right-of-use asset and liability and are expensed as incurred. During the year ended December 31, 2020 and for the three and six months ended June 30, 2021, the Company had no sublease arrangements with it as lessor. Components of Lease Expense The liability associated with each lease is amortized over the respective lease term using the “effective interest rate method.” The Company’s right-of-use asset is amortized over the lease term on a straight-line basis to lease expense, as reported on an allocated basis within “research and development” and “general and administrative” expenses on the accompanying Statements of Operations and Comprehensive Income (Loss). The components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 60 $ 38 $ 120 $ 53 Variable lease cost 11 — 71 — Short-term lease cost 63 — 95 — Total lease cost $ 134 $ 38 $ 286 $ 53 Weighted-Average Remaining Lease Term and Applied Discount Rate as of June 30, 2021 and December 31, 2020 As of June 30, 2021 and December 31, 2020, the Company's active facility leases had a weighted average remaining lease term of 2 years, 7 months and 2 years, 10 months, respectively. The weighted average estimated incremental borrowing rate of 10% was utilized to present value future minimum lease payments since an implicit interest rate was not readily determinable. Future Contractual Lease Payments as of June 30, 2021 The below table summarizes the (i) minimum lease payments over the next five years and thereafter, (ii) lease arrangement imputed interest, and (iii) present value of future lease payments: Operating Leases - future payments June 30, 2021 2021 (remaining six months) $ 140 2022 271 2023 281 2024 25 2025 — Total future lease payments, undiscounted $ 717 (Less): Imputed interest (83) Present value of operating lease payments $ 634 (b) In-License Agreements for Lotilaner Agreement for Skin and Eye Disease or Conditions in Humans In January 2019, the Company entered into an in-license agreement with Elanco Tiergesundheit AG (“Elanco”) for exclusive worldwide rights to certain intellectual property for the development and commercialization of lotilaner in the treatment or cure of any eye or skin disease or condition in humans (the "January 2019 Agreement"). The Company has sole financial responsibility for related development, regulatory, and commercialization activities. The Company made a $1.0 million upfront payment at execution of the January 2019 Agreement. In September 2020, the Company made a required $1.0 million clinical milestone payment associated with the first of two U.S. pivotal trials for the treatment of Demodex blepharitis. The Company recognized an additional $2.0 million expense for its second pivotal trial milestone in the three and six months ended June 30, 2021, which was paid in April 2021. These amounts are presented in the applicable period within "research and development" expense in the accompanying Statements of Operations and Comprehensive Income (Loss). The Company may make further cash payments to Elanco under this January 2019 Agreement upon the achievement of certain clinical milestones in the treatment of human skin diseases using lotilaner for an aggregate maximum of $3.0 million and various commercial and sales threshold milestones for an aggregate maximum of $79.0 million. In addition, the Company will be obligated to pay contractual royalties to Elanco in the single digits of its net sales. If the Company receives certain types of payments from its sublicensees, it will also be obligated to pay Elanco a variable percentage in the low to mid double-digits of such proceeds, except for territories in which the Company achieved applicable regulatory approval prior to sublicense execution. As part of the China Out-License discussed in Note 9 , the Company made a required contractual payment in the amount of $2.5 million to Elanco as part of the receipt of $25 million of initial proceeds from LianBio during the three months ended June 30, 2021. Agreement for All Other Diseases or Conditions in Humans In September 2020, the Company executed an expanded license agreement with Elanco, granting it a worldwide license to certain intellectual property for the development and commercialization of lotilaner for the treatment, palliation, prevention, or cure of "all other" diseases and conditions in humans (i.e., beyond that of the eye or skin, the “September 2020 Agreement”). The Company issued Elanco 222,460 shares of its common stock at the execution of the September 2020 Agreement. The value of these shares was $3.1 million ($14.0003 per share, approximating the issuance price of the Company's Series C preferred stock in September 2020). The Company is required to make further cash payments to Elanco under the September 2020 Agreement upon the achievement of various clinical milestones for an aggregate maximum of $4.5 million and various commercial and sales threshold milestones for an aggregate maximum of $77.0 million. In addition, the Company will be obligated to pay contractual royalties to Elanco in the single digits of its net sales. If the Company receives certain types of payments from its sublicensees, it will also be obligated to pay Elanco a variable percentage in the low to mid double-digits of such proceeds, except for territories in which the Company achieved applicable regulatory approval prior to sublicense execution. In March 2021, the Company entered into an out-license agreement with LianBio (see Note 9 ), which obligated it to grant Elanco an additional fixed 187,500 shares of the Company's common stock that were otherwise required to be granted no later than the 18-month anniversary of the September 2020 Agreement for the Company's continued license exclusivity. These additional shares were valued at $5.5 million based on the Company's stock closing price of $29.30 per share (on the date the issuance became contractually required) and is reported within "research and development" expense within the accompanying Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2021. (c) Employment Agreements The Company has entered into employment agreements with six of its named executive officers. These agreements provide for the payment of certain benefits upon separation of employment under specified circumstances, such as termination without cause, or termination in connection with a change in control event. (d) Litigation Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company is currently not aware of any such matters where there is at least a reasonable probability that a material loss, if any, has been or will be incurred for financial statement recognition. (e) Indemnities and Guarantees The Company has certain indemnity commitments, under which it may be required to make payments to its officers and directors in relation to certain transactions to the maximum extent permitted under applicable laws. The duration of these indemnities varies, and in certain cases, is indefinite and does not provide for any limitation of maximum payments. The Company has not been obligated to make any such payments to date and no liabilities have been recorded for this contingency in the accompanying Condensed Balance Sheets.

Out-License Agreement

Out-License Agreement	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Out-License Agreement	OUT-LICENSE AGREEMENT Out-License of TP-03 Commercial Rights in Greater China in March 2021 On March 26, 2021, the Company entered into an out-license agreement with LianBio for its exclusive development and commercialization rights of TP-03 (lotilaner ophthalmic solution, 0.25%) in the People’s Republic of China, Hong Kong, Macau, and Taiwan (the “China Territory”) for the treatment of Demodex blepharitis and Meibomian Gland Disease (the “China Out-License”). LianBio is contractually responsible for all clinical development and commercialization activities and costs within the China Territory. The Company received payments from LianBio of $15.0 million in April 2021 and $10.0 million in May 2021 as initial consideration, and $10.0 million in June 2021 for the achievement of a clinical development milestone. The Company also is eligible to receive other payments and consideration from LianBio upon achievement of certain additional milestones, including: (i) TP-03 clinical development and regulatory milestones of up to $65.0 million (including $20 million for the achievement of a clinical milestone in June 2021 that is presented within "accounts receivable" on the accompanying Condensed Balance Sheets), (ii) TP-03 sales-based milestones for the China Territory of up to $100.0 million, (iii) tiered mid-to-high-teen royalties for China Territory TP-03 sales, and (iv) equity warrants issued to the Company in March 2021 for purchase of LianBio equity securities, subject to TP-03 clinical/regulatory achievements for vesting. The Company recognized "license fees" and "collaboration revenue" for the three months ended June 30, 2021 of $19.0 million and $3.0 million, respectively, in the accompanying Condensed Statements of Operations and Comprehensive Income (Loss), in accordance with the revenue recognition accounting policy described in Note 2(vi). These amounts represent separately valued "performance obligations" in the China Out-License . For the six months ended June 30, 2021, the Company recognized $52.4 million and $3.1 million, respectively, for "license fees" and "collaboration revenue". These revenue amounts were each recognized upon (i) the transfer of TP-03 license rights in the China Territory to LianBio and (ii) the actual or partial completion of clinical activities and related data for the Company's pivotal trials of TP-03 in the treatment of Demodex blepharitis (each representing separately valued "performance obligations" in the China Out-License). As part of this revenue recognition model, the Company was required to value the LianBio equity warrant, applying a discounted cash flow model with highly subjective inputs for this pre-revenue company, and to also consider the probability of achievement of requisite vesting events.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Operating Segment	To date, the Company has operated and managed its business and financial information on an aggregate basis for the purposes of evaluating financial performance and the allocation of capital and personnel resources. Accordingly, the Company’s management determined that it operates in one reportable operating segment. This single segment is focused exclusively on developing pharmaceutical products for eventual commercialization.
Basis of Presentation	Basis of Presentation The Company’s condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim condensed balance sheet as of June 30, 2021, and the interim condensed statements of operations and comprehensive income (loss), changes in preferred stock and stockholders’ equity and cash flows for the three and six months ended June 30, 2021 and 2020 are unaudited. These unaudited interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which consist of only normal and recurring adjustments for the fair presentation of its financial information. The financial data and other information disclosed in these notes related to the three and six-month periods are also unaudited. The condensed balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all information and footnotes required by GAAP for annual financial statements. The condensed interim operating results for three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021 or any other interim or annual period. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020 in the Company’s Annual Report on Form 10-K (“Annual Report”) for the fiscal year ended December 31, 2020, as filed with the SEC on March 31, 2021. The preparation of financial statements in conformity with GAAP and with the rules and regulations of the SEC requires management to make informed estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. These amounts may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. On an on-going basis, management evaluates its most critical estimates and assumptions, including those related to the (i) fair value of equity-based awards and periodic recognition of stock-based compensation, (ii) the realization of income tax assets and estimates of tax liabilities, and (iii) expense accruals related to research and development activities, including clinical trials. The accounting policies and estimates that most significantly impact the presented amounts within the accompanying condensed financial statements are further described below:
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of bank deposits and highly liquid investments, including money market fund accounts, with original maturities of three months or less from the purchase date.
Restricted Cash	Restricted CashRestricted cash represents cash held as collateral for the Company’s corporate credit card program. Any cash that is legally or contractually restricted from immediate use is classified as restricted cash.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents in deposits at financial institutions that exceed federally insured limits. In March 2020, the World Health Organization declared a pandemic related to the global novel coronavirus disease 2019 (“COVID-19”) outbreak. To date, the Company’s operations have not been significantly impacted by the COVID-19 pandemic, though the Company continues to monitor the potential impact COVID-19 may have on its ongoing and planned clinical trials. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak may have on these activities or its financial condition. The Company’s results of operations involve numerous risks and uncertainties. Factors that could adversely impact the Company’s operating results and business objectives include, but are not limited to, (1) uncertainty of results of clinical trials, (2) uncertainty of regulatory approval of the Company’s potential product candidates, including TP-03 for ophthalmic conditions, TP-04 for treatment of skin conditions and TP-05 for prophylaxis of Lyme and community malaria reduction, (3) uncertainty of market acceptance of its product candidates, (4) competition from substitute products and other companies, (5) securing and protecting proprietary technology and strategic relationships, and (6) and dependence on key individuals and sole source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive these necessary approvals. If the Company is denied approval, approval is delayed, or is unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company's business.
Property and Equipment	Property and EquipmentProperty and equipment is stated at historical cost and is depreciated on a straight-line basis over an estimated useful life that corresponds with its designated asset category. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining lease term or the estimated useful lives of related improvements. The Company evaluates the recoverability of “long-lived assets” (which includes property and equipment) whenever events or changes in circumstances in the business indicate that the asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the sum of the future undiscounted cash flows the assets are expected to generate over the remaining useful lives of the assets. If a long-lived asset fails a recoverability test, the Company measures the amount by which the carrying value of the asset exceeds its fair value.
Revenue	Revenue Recognition for Out-License Arrangements Overview The Company currently has one out-license arrangement that allows the licensee to market the Company’s TP-03 product (representing "functional intellectual property") in certain territories for a certain field of use and for a stated term - see Note 9 . The accounting and reporting of revenue for out-license arrangements requires significant judgment for: (a) identification of the number of performance obligations within the contract, (b) the contract’s transaction price for allocation (including variable consideration), (c) the stand-alone selling price for each identified performance obligation, and (d) the timing and amount of revenue recognition in each period. The Company's out-license arrangement, as described in Note 9 , was analyzed under GAAP to determine whether the promised goods or services (which include the license, and know-how, data, and information necessary or reasonably useful for the research, development, manufacture, or commercialization of any license product, and governance committee services) are distinct or must be accounted for as part of a combined performance obligation. In making these assessments, the Company considers factors such as the stage of development of the underlying intellectual property and the capabilities of the customer to develop the intellectual property on their own, and/or whether the required expertise is readily available. If the license is considered to not be distinct, the license is combined with other promised goods or services as a combined performance obligation for revenue recognition. The Company's out-license arrangement is in exchange for the following forms of consideration: (i) upfront cash payments, (ii) equity-based consideration, (iii) sales royalties, (iv) sales threshold milestones, (v) development milestone fees, and (vi) regulatory milestone fees. Revenue is recognized in proportion to the allocated transaction price when (or as) the respective performance obligation is satisfied. The Company evaluates the progress related to each milestone at each reporting period and, if necessary, also adjusts the probability of achievement and related revenue recognition. The measure of progress, and thereby periods over which revenue is recognized, is subject to estimates by management and may change over the course of the agreement. Contractual Terms for Receipt of Payments The contractual terms that establish the Company’s right to collect specified amounts from its customers and the require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, as follows: (1) Upfront License Fees: The Company determines whether non-refundable license consideration is recognized at the time of contract execution (i.e., when the license is transferred to the customer and customer is able to use and benefit from the license) or over the actual (or implied) contractual period of the out-license. The Company also evaluates whether it has any other requirements to provide substantive services that are inseparable from the performance obligation of the license transfer to determine whether any combined performance obligation is satisfied over time or at a point in time. (2) Development Milestones: The Company utilizes the “most likely amount” method to estimate the amount of consideration to which it will be entitled for achievement of development milestones. For those payments based on development milestones (e.g., patient dosing in a clinical study or the achievement of statistically significant clinical results), the Company assesses the probability that the milestone will be achieved, including its ability to control the timing or likelihood of achievement, and any associated revenue constraint. At each reporting period, the Company re-evaluates this associated revenue recognition constraint. Any resulting adjustments are recorded to revenue on a cumulative catch-up basis, thus reflected in the financial statements in the period of adjustment. (3) Regulatory Milestones: The Company utilizes the “most likely amount” method to estimate the consideration to which it will be entitled and recognizes revenue in the period regulatory approval occurs (the performance obligation is satisfied). Amounts constrained as variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company evaluates whether the milestones are considered probable of being reached and not otherwise constrained. Accordingly, due to the inherent uncertainty of achieving regulatory approval, associated milestones are constrained for revenue recognition until achievement. (4) Royalties: Under the "sales-or-usage-based royalty exception" the Company recognizes revenue based on the contractual percentage of the licensee’s sales to its customers at the later of (i) the occurrence of the related sales or (ii) the date upon which the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue from its out-licensing arrangements. (5) Sales Threshold Milestones:
Research and Development Costs	Research and Development CostsResearch and development costs are expensed as incurred or as certain upfront or milestone payments become contractually due to licensors upon the achievement of clinical or regulatory events. These expenses also include internal costs directly attributable to in-development programs, including cost of certain salaries, payroll taxes, employee benefits, and stock-based compensation expense, as well as laboratory and clinical supplies, pre-clinical and clinical trial related expenses, and the cost of services provided by outside contractors. The Company recognizes expense for pre-clinical studies and clinical trial activities performed by these third parties. This is typically based upon estimates of the proportion of work completed over the term of the individual study or trial, as well as patient enrollment and dosing events in accordance with agreements established with clinical research organizations ("CROs") and clinical trial or pre-clinical study sites. The Company has entered, and may continue to enter into, license agreements to access and utilize intellectual property for drug development. In each case, the Company evaluates if the assets acquired in a transaction represent the acquisition of an as set or a business, as defined under applicable GAAP. The Company’s executed in-license agreements (see Note 8(b) ) were evaluated and determined to represent asset acquisitions. Because these assets have not yet received regulatory approval and have no alternative future uses, the purchase price for each was immediately recognized as research and development expense. In addition, any future milestone payments (whether in the form of cash or stock) made before product regulatory approval (that do not meet the definition of a derivative) will also be immediately recognized as research and development expense when paid or becomes payable, provided there is no alternative future use of the rights in other research and development projects.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is recognized for all equity awards granted to employees, consultants, and members of the Company’s Board of Directors and is recognized at fair value. For stock-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date is the date of grant and the related expense is recognized on a straight-line basis over each award’s actual or implied vesting period. For stock-based awards that vest subject to a performance condition, the Company recognizes compensation cost if and when it concludes that it is probable that the performance condition will be achieved and the related expense is recognized on an accelerated attribution method. As applicable, the Company reverses previously recognized expense for forfeitures of unvested awards in the period of occurrence. The Company uses the Black-Scholes pricing model to estimate the fair value of stock option awards as of the date of grant. The measurement of the fair value of stock-based awards and recognition of stock-based compensation expense requires assumptions to be estimated by management that involve inherent uncertainties and the application of management’s judgment, including (a) the fair value of the Company’s common stock on the date of the option grant, (b) the expected term of the stock option until its exercise by the recipient, (c) stock price volatility over the expected term, (d) the prevailing risk-free interest rate over the expected term, and (e) expected dividend payments over the expected term. Management estimates the expected term of awarded stock options utilizing the “simplified method” for awards as the Company does not yet have sufficient exercise history since its November 2016 formation. Further, prior to the IPO, the Company was privately-held and therefore lacked company-specific historical and implied volatility information of its stock. Accordingly, management estimated this expected volatility based on a designated peer-group of publicly-traded companies for a look-back period, as of the date of grant, that corresponded with the expected term of the awarded stock option. The Company estimates the risk-free interest rate based upon the U.S. Department of the Treasury yield curve in effect at award grant for time periods that correspond with the expected term of the awarded stock option. The Company’s expected dividend yield is zero because it has never paid cash dividends and does not expect to for the foreseeable future. Prior to the IPO, given the absence of a public trading market, the Company’s Board of Directors, with input from management, considered numerous objective and subjective factors to determine the fair value of its common stock. The factors included: (i) third-party valuations of the Company’s common stock; (ii) the Company’s stage of development; (iii) the status of research and development efforts; (iv) the rights, preferences and privileges of the Company’s preferred stock relative to common stock; (v) the Company’s operating results and financial condition, including the Company’s levels of available capital resources; (vi) equity market conditions affecting comparable public companies; (vii) general U.S. market conditions; and (viii) the lack of current marketability of the Company’s common stock. Subsequent to the IPO, the fair value of the Company’s common stock is based on the closing quoted market price of its common stock as reported by the Nasdaq Global Select Market on the date of grant. All stock-based compensation expense is reported in the Statements of Operations and Comprehensive Income (Loss) within "research and development" expense or "general and administrative" expense, based upon the assigned department of the award recipient.
Income Taxes	Income TaxesIncome taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carryforwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain due to the Company’s historical operating performance and recorded cumulative net losses in prior fiscal periods. A valuation allowance is recorded to reduce deferred tax assets, because based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If and when the Company were to determine that deferred tax assets are realizable, an adjustment to the corresponding valuation allowance would increase the net income in the period that such determination was made. In the event that the Company is assessed interest and/or penalties from taxing authorities that have not been previously accrued, such amounts would be included as a component of “income tax expense” within the Statements of Operations and Comprehensive Income (Loss) in the period the notice was received. To date there have been no interest or penalties charged. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . ASU 2019-12 removes certain exceptions for performing intraperiod tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. The Company adopted ASU 2019-12 in the first quarter of 2021, which had no material impact to its financial statements.
Net Loss per Share Attributable to Common Stockholders	Net Income (Loss) per Share Attributable to Common Stockholders Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without the consideration for potential dilutive shares of common stock. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method and if-converted method, as applicable. The Company’s participating securities include unvested common stock awards issued upon early exercise of certain stock options, as early exercised unvested common stock awards have a non-forfeitable right to dividends. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses, so in periods of net losses, the two-class method of calculating basic and diluted earnings per share is not required. In periods of net income, basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. In periods of net income, net income is attributed to both common stockholders and participating security holders, and therefore, net income is allocated to shares of common stock and participating securities, as if all of the earnings for the period had been distributed. Diluted earnings per share under the two-class method is calculated using the more dilutive of the treasury stock or the two-class method. Due to a net loss for the three and six months ended June 30, 2020, all otherwise potentially dilutive securities are antidilutive, and accordingly, the reported basic net loss per share equals the reported diluted net loss per share in these periods.
Fair Value Measurements	Fair Value MeasurementsAssets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability 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. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are publicly accessible at the measurement date. • Level 2: Observable prices that are based on inputs not quoted on active markets, but that are corroborated by market data. These inputs may include quoted prices for similar assets or liabilities or quoted market prices in markets that are not active to the general public. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their short maturities. Derivative instruments (see Note 7 ) are carried at fair value based on unobservable market inputs.
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) represents all changes in stockholders’ equity (deficit), except those resulting from distributions to stockholders. For all periods presented, comprehensive income (loss) was the same as reported net income (loss).
Recently Issued or Effective Accounting Standards	Recently Issued or Effective Accounting StandardsRecently issued or effective accounting pronouncements that impact, or may have an impact, on the Company’s financial statements have been discussed within the footnote to which each relates. Other recent accounting pronouncements not disclosed in these condensed financial statements have been determined by the Company’s management to have no impact, or an immaterial impact, on its current and expected future financial position, results of operations, or cash flows.

Balance Sheet Account Detail (T

Balance Sheet Account Detail (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment, net of accumulated depreciation	“Property and equipment, net of accumulated depreciation” consists of the following: June 30, 2021 December 31, 2020 Furniture and fixtures $ 365 $ 294 Office equipment 52 74 Lab equipment 167 173 Leasehold improvements 163 141 Property and equipment, at cost 747 682 (Less): Accumulated depreciation and amortization 266 134 Property and equipment, net of accumulated depreciation and amortization $ 481 $ 548
Other assets	"Other assets" consists of the following: June 30, 2021 December 31, 2020 Deposits $ 27 $ 33 Equity warrant rights* 1,076 — Other long term assets 422 48 Other assets $ 1,525 $ 81 *In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815
Accounts payable and accrued liabilities	“Accounts payable and other accrued liabilities” consists of the following: June 30, 2021 December 31, 2020 Trade accounts payable and other $ 3,303 $ 2,237 Operating lease liability, current portion 229 282 Accrued clinical studies 3,358 1,524 Contract liability 1,504 — Income taxes payable 342 — Employee stock option early exercise liability, current portion 249 304 Accounts payable and other accrued liabilities $ 8,985 $ 4,347
Other long-term liabilities	“Other long-term liabilities” consists of the following: June 30, 2021 December 31, 2020 Operating lease liability, non-current portion $ 405 $ 549 Derivative liability 107 — Employee stock option early exercise liability, non-current portion 12 56 Other long-term liabilities $ 524 $ 605

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stock details	The following shares of common stock were reserved for issuance: June 30, 2021 December 31, 2020 Stock options issued and outstanding 2,598,764 1,836,739 Common stock awards reserved for future grant 9,451,191 9,414,091 Restricted stock units outstanding 4,257 — Total shares of common stock reserved 12,054,212 11,250,830

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three months ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 427 $ 14 $ 771 $ 15 General and administrative 2,367 159 3,386 162 Total stock-based compensation $ 2,794 $ 173 $ 4,157 $ 177

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss per share, basis and diluted	The Company permits certain option holders to exercise awarded options prior to vesting (see Note 5 ). Upon this early exercise, these options become subject to a restricted stock agreement and remain subject to the same vesting provisions in the corresponding stock option award. These early exercised options are considered to be "participating securities" due to non-forfeitable right to dividends (i.e., even prior to vesting). For the three and six months ended June 30, 2021, the "two-class method" was utilized to calculate diluted net income per share as it was more dilutive than the "treasury stock metho d". Due to a net loss for the three months ended March 31, 2020, all otherwise potentially dilutive securities are antidilutive. Accordingly, basic net loss per share equals diluted net loss per share for the three and six months ended June 30, 2020. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic EPS Net income (loss) $ 6,345 $ (3,250) $ 16,721 $ (5,207) Less: undistributed income allocated to participating securities 46 — 133 — Net income available to common shareholders $ 6,299 $ (3,250) $ 16,588 $ (5,207) Basic weighted average shares outstanding 20,555,258 2,651,321 20,446,246 2,650,843 Net income (loss) per share attributable to common stockholders—basic $ 0.31 $ (1.23) $ 0.81 $ (1.96) Diluted EPS Net income (loss) $ 6,345 $ (3,250) $ 16,721 $ (5,207) Less: undistributed income reallocated to participating securities 43 — 124 — Net income available to common shareholders $ 6,302 $ (3,250) $ 16,597 $ (5,207) Basic weighted average shares outstanding 20,555,258 2,651,321 20,446,246 2,650,843 Effect of dilutive securities: Common stock options 1,411,341 — 1,449,058 — Diluted weighted average shares outstanding 21,966,599 2,651,321 21,895,304 2,650,843 Net income (loss) per share attributable to common stockholders—diluted $ 0.29 $ (1.23) $ 0.76 $ (1.96)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value	The table below summarizes certain financial instruments measured at fair value that are included within the accompanying balance sheets, and their designation among the three fair value measurement categories (see Note 2(xiii) ): June 30, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 176,710 $ — $ — $ 176,710 Equity warrant rights — — 1,076 1,076 Total assets measured at fair value $ 176,710 $ — $ 1,076 $ 177,786 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 168,129 — — $ 168,129 Total assets measured at fair value $ 168,129 — — $ 168,129
Changes in fair value of derivative liability	The following table sets forth a summary of the changes in fair value of the equity warrant rights presented in "other assets" on the accompanying Condensed Balance Sheets. The measurement of the equity warrant rights represents a Level 3 financial instrument: Equity Warrant Rights, presented in "other assets" within the Condensed Consolidated Balance Sheets Fair value as of December 31, 2020 $ — Initial fair value estimate of equity warrant rights upon issuance 1,233 Fair value as of March 31, 2021 $ 1,233 Revaluation of equity warrant rights upon achievement of first development milestone, included in "license fees" within the Condensed Statement of Operations for the three months ended June 30, 2021 719 Revaluation of equity warrant rights included in "other income (expense), net" within the Condensed Statement of Operations for the three months ended June 30, 2021 (876) Fair value as of June 30, 2021 $ 1,076

Commitment & Contingencies (Tab

Commitment & Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Components of lease cost	The components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 60 $ 38 $ 120 $ 53 Variable lease cost 11 — 71 — Short-term lease cost 63 — 95 — Total lease cost $ 134 $ 38 $ 286 $ 53
Future contractual lease payments	The below table summarizes the (i) minimum lease payments over the next five years and thereafter, (ii) lease arrangement imputed interest, and (iii) present value of future lease payments: Operating Leases - future payments June 30, 2021 2021 (remaining six months) $ 140 2022 271 2023 281 2024 25 2025 — Total future lease payments, undiscounted $ 717 (Less): Imputed interest (83) Present value of operating lease payments $ 634

Description of Business and P_2

Description of Business and Presentation of Financial Statements (Details) $ / shares in Units, $ in Thousands	Oct. 20, 2020USD ($)$ / sharesshares	Oct. 08, 2020	Jun. 30, 2021USD ($)segment	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Subsequent Event [Line Items]
Reverse stock split, conversion ratio		0.1346
Accumulated deficit | $			$ 16,124	$ 32,845
Cash and cash equivalents | $			$ 176,735	$ 168,129	$ 53,135
Number of reportable segments | segment			1
IPO
Subsequent Event [Line Items]
Stock issued (shares) | shares	6,325,000
Price per share (usd per share) | $ / shares	$ 16
Stock issued, net proceeds | $	$ 91,700
Common stock issued upon conversion of preferred stock (shares) | shares	11,107,018
Underwriters' option
Subsequent Event [Line Items]
Stock issued (shares) | shares	825,000

Balance Sheet Account Detail -

Balance Sheet Account Detail - Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 747		$ 747		$ 682
(Less): Accumulated depreciation and amortization	266		266		134
Property and equipment, net of accumulated depreciation and amortization	481		481		548
Depreciation	125	$ 17	189	$ 32
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	365		365		294
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	52		52		74
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	167		167		173
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 163		$ 163		$ 141

Balance Sheet Account Detail _2

Balance Sheet Account Detail - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposits	$ 27	$ 33
Equity warrant rights*	1,076	0
Other long term assets	422	48
Other assets	$ 1,525	$ 81

Balance Sheet Account Detail _3

Balance Sheet Account Detail - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accounts payable and other	$ 3,303	$ 2,237
Operating lease liability, current portion	229	282
Accrued clinical studies	3,358	1,524
Contract liability	1,504	0
Income taxes payable	342	0
Employee stock option early exercise liability, current portion	249	304
Accounts payable and other accrued liabilities	$ 8,985	$ 4,347

Balance Sheet Account Detail _4

Balance Sheet Account Detail - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease liability, non-current portion	$ 405	$ 549
Derivative liability	107	0
Employee stock option early exercise liability, non-current portion	12	56
Other long-term liabilities	$ 524	$ 605

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	6 Months Ended	9 Months Ended
	Jun. 30, 2021vote$ / sharesshares	Sep. 30, 2020$ / shares	Dec. 31, 2020shares
Class of Stock [Line Items]
Common stock, authorized (shares)	200,000,000		200,000,000
Preferred stock, authorized (shares)	10,000,000
Common stock voting rights, number of votes | vote	1
Common stock dividends declared (usd per share) | $ / shares	$ 0	$ 0
Common stock, issued (shares)	20,704,104		20,502,576
Common stock, outstanding (shares)	20,573,951		20,323,301

Stockholders' Equity - Shares R

Stockholders' Equity - Shares Reserved for Issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Stock options issued and outstanding (shares)	2,598,764	1,836,739
Stock options reserved for future grant (shares)	9,451,191	9,414,091
Restricted stock units outstanding	4,257	0
Total shares of common stock reserved (shares)	12,054,212	11,250,830

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Oct. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	12,054,212	11,250,830
Liability for early exercise of stock options	$ 0.3	$ 0.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term	10 years
Exercise period from termination upon death	12 months
Exercise period from termination upon disability	6 months
Exercise period from termination upon all other separations	3 months
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)			9,000,000
Common stock reserved for issuance, increase percentage on first business day of each of next ten fiscal years	4.00%
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)			2,432,980
Minimum exercise price, percent of fair market value of common stock on grant date	100.00%
2016 Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting	1 year
2016 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting	4 years

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,794	$ 173	$ 4,157	$ 177
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	427	14	771	15
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,367	$ 159	$ 3,386	$ 162

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic EPS
Net income (loss)	$ 6,345	$ 10,376	$ (3,250)	$ (1,957)	$ 16,721	$ (5,207)
Less: undistributed income allocated to participating securities	46		0		133	0
Net income available to common shareholders	$ 6,299		$ (3,250)		$ 16,588	$ (5,207)
Basic weighted average shares outstanding (shares)	20,555,258		2,651,321		20,446,246	2,650,843
Net income (loss) per share attributable to common stockholders - basic (usd per share)	$ 0.31		$ (1.23)		$ 0.81	$ (1.96)
Diluted EPS
Net income (loss)	$ 6,345	$ 10,376	$ (3,250)	$ (1,957)	$ 16,721	$ (5,207)
Less: undistributed income reallocated to participating securities	43		0		124	0
Net income available to common shareholders	$ 6,302		$ (3,250)		$ 16,597	$ (5,207)
Basic weighted average shares outstanding (shares)	20,555,258		2,651,321		20,446,246	2,650,843
Effect of dilutive securities:
Common stock options (shares)	1,411,341		0		1,449,058,000	0
Diluted weighted average shares outstanding (shares)	21,966,599		2,651,321		21,895,304	2,650,843
Net income (loss) per share attributable to common stockholders - diluted (usd per share)	$ 0.29		$ (1.23)		$ 0.76	$ (1.96)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unexercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share	800	1,200	800	1,200
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share		8,200		8,200
Early-exercised and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share		67		67

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total assets measured at fair value	$ 177,786	$ 168,129
Money market funds
Assets:
Money market funds	176,710	168,129
Equity warrant rights	1,076
Level 1
Assets:
Total assets measured at fair value	176,710	168,129
Level 1 | Money market funds
Assets:
Money market funds	176,710	168,129
Equity warrant rights	0
Level 2
Assets:
Total assets measured at fair value	0	0
Level 2 | Money market funds
Assets:
Money market funds	0	0
Equity warrant rights	0
Level 3
Assets:
Total assets measured at fair value	1,076	0
Level 3 | Money market funds
Assets:
Money market funds	0	$ 0
Equity warrant rights	$ 1,076

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Derivative Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 1,233	$ 0
Initial fair value estimate of equity warrant rights upon issuance		1,233
Fair value, end of period	1,076	$ 1,233
Revenue
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Revaluation of equity warrant rights	719
Other income (expense), net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Revaluation of equity warrant rights	$ (876)

Commitment & Contingencies - Fa

Commitment & Contingencies - Facility Leases (Details) $ in Thousands	Jun. 01, 2020USD ($)	Dec. 31, 2020USD ($)contract	Jun. 30, 2021USD ($)contract	Jun. 30, 2020USD ($)	Jan. 31, 2021
Lessee, Lease, Description [Line Items]
Lease term					6 months
Impairment of operating lease right-of-use asset		$ 15
Operating lease right-of-use asset obtained in exchange for operating lease liability	$ 600		$ 0	$ 767
Weighted average remaining lease term		2 years 10 months	2 years 7 months
Estimated incremental borrowing rate			10.00%
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (remaining six months)			$ 140
2022			271
2023			281
2024			25
2025			0
Total future lease payments, undiscounted			717
(Less): Imputed interest			(83)
Present value of operating lease payments			$ 634
Irvine office and laboratory facility
Lessee, Lease, Description [Line Items]
Number of leases | contract		3
Other facility leases
Lessee, Lease, Description [Line Items]
Number of leases not impaired | contract			2

Commitment & Contingencies - Le

Commitment & Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 60	$ 38	$ 120	$ 53
Variable lease cost	11	0	71	0
Short-term lease cost	63	0	95	0
Total lease cost	$ 134	$ 38	$ 286	$ 53

Commitment & Contingencies - In

Commitment & Contingencies - In-License Agreement for Lotilaner (Details) - USD ($)	Sep. 03, 2020	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Sep. 30, 2020	Jan. 31, 2019	May 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development								$ 7,204,000		$ 1,737,000	$ 23,465,000	$ 3,249,000
Common stock issued for license agreement, value									$ 5,494,000		5,494,000	$ 0
License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development					$ 1,000,000	$ 1,000,000					$ 2,000,000
Common stock issued for license agreement (shares)					222,460
Common stock issued for license agreement, value					$ 3,100,000
Common stock issued for license agreement, share price (usd per share)		$ 14.0003						$ 14.0003			$ 14.0003
Additional shares to be issued upon 18-month anniversary of contract execution (shares)					187,500
Additional shares to be issued upon 18-month anniversary of contract execution, value	$ 5,500,000
Additional shares to be issued upon 18-month anniversary of contract execution, share price (usd per share)					$ 29.30
License agreement | LianBio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received		$ 10,000,000	$ 10,000,000	$ 15,000,000			$ 2,500,000
License agreement | Elanco
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received							$ 25,000,000
License agreement | Clinical milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments		4,500,000				3,000,000		$ 4,500,000			$ 4,500,000
License agreement | Commercial and sales milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments		$ 77,000,000				$ 79,000,000		$ 77,000,000			$ 77,000,000

Commitment & Contingencies - Em

Commitment & Contingencies - Employment Arrangements (Details)	Jun. 30, 2021arrangement
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	6

Out-License Agreement (Details)

Out-License Agreement (Details) - USD ($)	1 Months Ended			2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues					$ 22,017,000	$ 0	$ 55,449,000	$ 0
License fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues					19,048,000	0	52,359,000	0
Collaboration
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues					2,969,000	$ 0	3,090,000	$ 0
LianBio | License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 10,000,000	$ 10,000,000	$ 15,000,000	$ 2,500,000
LianBio | License agreement | Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	65,000,000				65,000,000		65,000,000
Milestone payment achieved	20,000,000
LianBio | License agreement | Sales-Based Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	$ 100,000,000				100,000,000		100,000,000
LianBio | License agreement | License fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues					19,000,000		52,400,000
LianBio | License agreement | Collaboration
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues					$ 3,000,000		$ 3,100,000