Tarsus Pharmaceuticals (TARS) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		20,727,701
Amendment Flag	false
Entity Central Index Key	0001819790
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 175,010	$ 171,332
Marketable securities	291	483
Accounts receivable	17	0
Other receivables	306	92
Prepaid expenses and other current assets	3,131	4,045
Total current assets	178,755	175,952
Property and equipment, net	915	755
Operating lease right-of-use assets	926	1,074
Other assets	887	1,126
Total assets	181,483	178,907
Current liabilities:
Accounts payable and other accrued liabilities	10,805	8,680
Accrued payroll and benefits	1,805	2,798
Total current liabilities	12,610	11,478
Term loan, net	19,180	0
Other long-term liabilities	496	699
Total liabilities	32,286	12,177
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 20,731,062 shares issued and 20,718,528 outstanding, which excludes 12,534 shares subject to repurchase at March 31, 2022 (unaudited); 20,726,580 shares issued and 20,698,737 outstanding, which excludes 27,840 shares subject to repurchase at December 31, 2021	4	4
Additional paid-in capital	216,103	213,398
Accumulated deficit	(66,910)	(46,672)
Total stockholders’ equity	149,197	166,730
Total liabilities and stockholders’ equity	$ 181,483	$ 178,907

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	20,731,062	20,726,580
Common stock, outstanding (shares)	20,718,528	20,698,737
Common stock, subject to repurchase (shares)	12,534	27,840

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 539	$ 33,432
Operating expenses:
Research and development	12,081	16,261
General and administrative	7,946	5,160
Total operating expenses	20,060	22,718
(Loss) income from operations before other (expense) income and income taxes	(19,521)	10,714
Other (expense) income:
Interest (expense) income, net	(316)	9
Other income (expense), net	37	(34)
Unrealized loss on equity securities	(192)	0
Change in fair value of equity warrants	(245)	0
Total other expense, net	(716)	(25)
Benefit for income taxes	(1)	(313)
Net (loss) income	(20,238)	10,376
Comprehensive (loss) income	$ (20,238)	$ 10,376
Earnings Per Share [Abstract]
Net (loss) per share, basic (usd per share)	$ (0.98)	$ (0.51)
Net (loss) income per share, diluted (usd per share)	$ (0.98)	$ 0.47
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted-average shares outstanding, basic (shares)	20,710,224	20,336,022
Weighted-average shares outstanding, diluted (shares)	20,710,224	21,824,574
License fees and Collaboration
Operating expenses:
Cost of license fees and collaboration revenue	$ 33	$ 1,297
License fees
Revenues:
Total revenues	0	33,311
Collaboration revenue
Revenues:
Total revenues	$ 539	$ 121

Condensed Statements of Preferr

Condensed Statements of Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (shares) at Dec. 31, 2020	0
Beginning balance at Dec. 31, 2020	$ 0
Ending balance (shares) at Mar. 31, 2021	0
Ending balance at Mar. 31, 2021	$ 0
Beginning balance (shares) at Dec. 31, 2020		20,323,201
Beginning balance at Dec. 31, 2020	165,980	$ 4	$ 198,821	$ (32,845)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	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
Ending balance (shares) at Mar. 31, 2021		20,524,474
Ending balance at Mar. 31, 2021	$ 183,232	$ 4	205,697	(22,469)
Beginning balance (shares) at Dec. 31, 2021	0
Beginning balance at Dec. 31, 2021	$ 0
Ending balance (shares) at Mar. 31, 2022	0
Ending balance at Mar. 31, 2022	$ 0
Beginning balance (shares) at Dec. 31, 2021	20,698,737	20,698,737
Beginning balance at Dec. 31, 2021	$ 166,730	$ 4	213,398	(46,672)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(20,238)			(20,238)
Recognition of stock-based compensation expense	2,674		2,674
Exercise of vested stock options (shares)		225
Issuance of common stock upon the vesting of restricted stock units (shares)		4,257
Lapse of repurchase rights related to common stock issued pursuant to early exercises (shares)		15,309
Lapse of repurchase rights related to common stock issued pursuant to stock option exercises prior to vesting	31		31
Shares issued as consideration for in-license rights	$ 0
Ending balance (shares) at Mar. 31, 2022	20,718,528	20,718,528
Ending balance at Mar. 31, 2022	$ 149,197	$ 4	$ 216,103	$ (66,910)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities:
Net (loss) income	$ (20,238)	$ 10,376
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	41	64
Amortization and accretion of long-term debt related costs	55	0
Stock-based compensation	2,674	1,363
Non-cash lease expense	113	43
Loss on disposal of property and equipment	0	70
Loss on lease termination	0	2
Unrealized loss on equity securities	192	0
Change in fair value of equity warrants	245	0
Unrealized loss (gain) from transactions denominated in a foreign currency	1	(35)
Issuance of common stock pursuant to in-license agreement	0	5,494
Changes in operating assets and liabilities:
Accounts receivable	(17)	(25,000)
Contract asset	0	(7,199)
Other receivables	(225)	(227)
Prepaid expenses and other current assets	926	(321)
Other non-current assets	14	(1,255)
Accounts payable and other accrued liabilities	1,969	5,063
Accrued payroll and benefits	(993)	(355)
Other long-term liabilities	(43)	123
Net cash used in operating activities	(15,286)	(11,794)
Cash Flows From Investing Activities:
Purchases of property and equipment	(161)	(175)
Cash used in investing activities	(161)	(175)
Cash Flows From Financing Activities:
Proceeds from exercise of vested stock options	0	19
Payment of deferred offering costs	(60)	0
Proceeds from term loan	20,000	0
Payment of debt issuance costs	(815)	0
Net cash provided by financing activities	19,125	19
Net decrease in cash, cash equivalents and restricted cash	3,678	(11,950)
Cash, cash equivalents, and restricted cash — beginning of period	171,332	168,149
Cash, cash equivalents, and restricted cash — end of period	175,010	156,199
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	175,010	156,179
Restricted cash	0	20
Cash, cash equivalents and restricted cash	175,010	156,199
Supplemental Disclosures Noncash Investing and Financing Activities:
"Interest expense" paid in cash	127	0
Additions of "property and equipment, net" included within "accounts payable and other accrued liabilities"	41	0
Expensing of "operating lease right-of-use assets" upon lease termination	0	(38)
Stock issued for in-license agreements	0	5,494
Deferred offering costs included within "accounts payable and accrued liabilities"	$ 55	$ 0

Description of Business and Pre

Description of Business and Presentation of Financial Statements	3 Months Ended
	Mar. 31, 2022
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 biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. (b) Liquidity The Company has no product sales and has accumulated losses and negative cash flows from operations since inception (other than consideration received from an out-licensing agreement, as discussed in Note 9 ), resulting in an accumulated deficit of $66.9 million as of March 31, 2022 and $46.7 million as of December 31, 2021. The Company’s cash and cash equivalents were $175.0 million and $171.3 million as of March 31, 2022 and December 31, 2021, respectively. The Company expects to continue to incur operating losses and negative cash flows. On February 2, 2022, the Company executed a loan and security agreement (the "Credit Facility") with Hercules Capital, Inc. ("Hercules") and Silicon Valley Bank ("SVB"). This $175 million Credit Facility has tranched availability. Capital draws are at the Company's election and are in $5 million increments. In February 2022, the Company made a $20 million draw (see Note 10 ). The Company has funded its inception-to-date operations primarily through equity capital raises, proceeds from its out-license agreement, and draw downs on its credit facility. The Company estimates that its existing capital resources will be sufficient to meet projected operating requirements beyond at least 12 months from the filing date of the accompanying Condensed Financial Statements in 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 Company’s operations currently consist of its corporate organization build-out, intellectual property licensing activities, and preclinical and clinical study progression. The Company faces the clinical, business, and liquidity risks that are typically associated with biopharma companies; it must significantly invest in and conduct research and development activities, achieve research and development outcomes that are inherently uncertain, recruit and retain skilled personnel (including executive management), and expand and defend its intellectual property rights. Management expects the Company to continue to incur losses in the foreseeable future as a result of research and development activities and other operating expenses. The Company may 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. The Company's Credit Facility imposes 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 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. (c) Operating Segment To date, the Company has operated and managed its business and financial information on an aggregate basis based on the Company's organizational structure, for the purposes of evaluating financial performance and the allocation of capital and personnel resources, consistent with the way operations and investments are centrally managed and evaluated. Accordingly, the Company’s management determined that it operates one reportable operating segment. This single segment is focused exclusively on developing pharmaceutical products for eventual commercialization. (d) 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. As a result, it 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	3 Months Ended
	Mar. 31, 2022
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 ("GAAP") in the United States ("U.S.") for interim financial information and pursuant to Form 10-Q and with the rules and regulations 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 March 31, 2022, the interim Condensed Statements of Operations and Comprehensive (Loss) Income, and Stockholders’ Equity for the three months ended March 31, 2022 and 2021, and the interim Condensed Cash Flows for the three months ended March 31, 2022 and 2021 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-month periods are also unaudited. The Condensed Balance Sheet as of December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 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 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 14, 2022. 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 estimates and assumptions involve judgments with respect to numerous factors that are difficult to forecast and may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. There have been no significant changes in the Company’s significant accounting policies during the three months ended March 31, 2022, as compared with those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022. 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, that are readily convertible into cash without penalty, with original maturities of three months or less from the purchase date. (iii) Marketable Securities Marketable securities represent LianBio Ophthalmology Limited ("LianBio") common stock (see Note 7 ) designated as "available-for-sale securities" with associated gains or losses recorded within "other expense, net" within the Condensed Statements of Operations at each reporting period. (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. The COVID-19 pandemic continues to evolve and its impact on the Company’s business will depend on several factors that are highly uncertain and unpredictable, including, the efficacy and adoption of vaccines, future resurgences of the virus and its variants, and the speed at which government restrictions are lifted. 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, (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) 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 the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a materially adverse impact on the business. (v) Revenue Recognition for Out-License Arrangements Overview The Company currently has one out-license arrangement that allows the third-party licensee to market the its TP-03 product candidate (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 includes the following forms of consideration: (i) non-refundable upfront license payments, (ii) equity-based consideration, (iii) sales-based royalties, (iv) sales threshold milestones, (v) development milestone payments, and (vi) regulatory milestone payments. 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 that require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, are as follows: (1) Upfront License Fees: The Company determines whether non-refundable license fee 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. Upfront payments may require deferral of revenue recognition to a future period until the Company performs obligations under these arrangements. (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 as these represent variable consideration. 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. Given the high degree of uncertainty around the occurrence of these events, the Company determined the milestone and other contingent amounts to be "constrained" until the uncertainty associated with these payments is resolved. 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, and 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) as these represent variable consideration. 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 sale of products to its customers at the later of (i) the occurrence of the related product 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. The Company re-evaluates the measure of progress to each performance obligation in each reporting period as uncertain events are resolved and other changes in circumstances occur. A "performance obligation" is a promise in a contract to transfer a distinct good or service and is the unit of accounting. A contract’s "transaction price" is allocated among each distinct performance obligation based on relative standalone selling price and recognized when, or as, the applicable performance obligation is satisfied. (vi) 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, clinical manufacturing costs, 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 use, 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. (vii) Stock-Based Compensation The Company recognizes stock-based compensation expense for equity awards granted to employees, consultants, and members of its Board of Directors. The Black-Scholes pricing model is used to estimate the fair value of stock option awards as of the date of grant. The fair value of restricted stock units is representative of the closing share price preceding the date of grant. For stock-based awards that vest subject to the satisfaction of a service requirement, 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 related expense on an accelerated attribution method, if and when it concludes that it is highly probable that the performance condition will be achieved. As applicable, the Company reverses previously recognized expense for forfeitures of unvested awards in the same period of occurrence. The measurement of the fair value of stock option 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 for all awards granted prior to the Initial Public Offering ("IPO"), (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 corporate formation. The Company lacks 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. 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 (Loss) Income within "research and development" expense or "general and administrative" expense, based upon the assigned department of the award recipient. (viii) Net (Loss) Income per Share Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net (loss) income per share is computed by dividing the net (loss) income 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. Also, 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 months ended March 31, 2022, 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 this period. (ix) 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. The Company's equity warrant holdings are carried at fair value based on unobservable market inputs (see Note 7 ). Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented. (x) Comprehensive (Loss) Income Comprehensive (loss) income represents all changes in stockholders’ equity (deficit), except those resulting from distributions to stockholders. For all periods presented in the accompanying Condensed Financial Statements, comprehensive (loss) income was the same as reported net (loss) income. (xi) 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	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Detail	BALANCE SHEET ACCOUNT DETAIL The composition of selected captions within the accompanying Condensed Balance Sheets are summarized below: (a) Property and Equipment, Net “Property and equipment, net” consists of the following: March 31, 2022 December 31, 2021 Furniture and fixtures $ 596 $ 596 Office equipment 84 84 Laboratory equipment 167 167 Leasehold improvements 330 129 Property and equipment, at cost 1,177 976 (Less): Accumulated depreciation and amortization 262 221 Property and equipment, net $ 915 $ 755 Depreciation expense (included within “total operating expenses” in the accompanying Condensed Statements of Operations and Comprehensive (Loss) Income) for the three months ended March 31, 2022 and 2021 was $41 thousand and $64 thousand, respectively. (b) Other Assets "Other assets" consists of the following: March 31, 2022 December 31, 2021 Deposits $ 71 $ 71 Equity warrants ( Note 7 ) 418 663 Other long term assets 398 392 Other assets $ 887 $ 1,126 (c) Accounts Payable and Other Accrued Liabilities “Accounts payable and other accrued liabilities” consists of the following: March 31, 2022 December 31, 2021 Trade accounts payable and other $ 4,028 $ 2,856 Operating lease liability, current 635 609 Accrued clinical studies 5,740 4,407 Contract liability 174 697 Accrued interest, current 148 — Income taxes payable 55 55 Employee stock option pre-vesting exercise liability, current portion 25 56 Accounts payable and other accrued liabilities $ 10,805 $ 8,680 (d) Other Long-Term Liabilities “Other long-term liabilities” consists of the following: March 31, 2022 December 31, 2021 Operating lease liability, non-current $ 425 $ 585 Derivative liability 71 114 Other long-term liabilities $ 496 $ 699

Stockholders' Equity and Equity

Stockholders' Equity and Equity Incentive Plans	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity and Equity Incentive Plans	STOCKHOLDERS’ EQUITY AND EQUITY INCENTIVE PLANS Common Stock Outstanding and Reserves for Future Issuance As of March 31, 2022 and December 31, 2021, the Company had 20.7 million common shares issued and outstanding. Each share of common stock is entitled to one vote. The Company's outstanding equity awards and shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan (the "ESPP") is summarized below: March 31, 2022 December 31, 2021 Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans 8,954,066 9,266,200 Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan 2,700,475 2,493,488 Stock options issued and outstanding under 2020 and 2016 Equity Incentive Plans 3,561,261 2,759,830 Restricted stock units outstanding under 2020 Equity Incentive Plan 351,422 17,251 Total shares of common stock reserved 15,567,224 14,536,769 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 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 day of each fiscal year, commencing in 2021 and through 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 or 2016 Plans 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 or 2016 Plans, 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. Through March 31, 2022, 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. 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 Condensed Balance Sheets while subject to repurchase by the Company. These shares are also excluded from the basic net (loss) income per share until the repurchase right lapses upon vesting, but are included in the diluted net income per share for the three months ended March 31, 2021. The Company initially records a liability for these early exercises that is subsequently reclassified into stockholders’ equity on a pro rata basis as vesting occurs. As of March 31, 2022 and December 31, 2021, the Company recorded the unvested portion of the exercise proceeds of $25 thousand and $56 thousand, respectively, within "accounts payable and other accrued liabilities" in the accompanying Condensed Balance Sheets. Employee Stock Purchase Plan As of March 31, 2022, a total of 2.7 million shares of common stock are authorized and remain available for issuance under the Company's ESPP. Beginning on January 1, 2021, and each January 1st thereafter, pursuant to the terms of the ESPP, the number of common stock available for issuance under the ESPP is automatically increased by an amount equal to the least of (i) one percent of the total number of shares of common stock outstanding on the last day of the previous fiscal year, (ii) 2.3 million shares, or (iii) a number of shares determined by the board of directors. Under the terms of the ESPP, eligible employees can purchase common stock through scheduled payroll deductions. The purchase price is equal to the closing price of the Company's common stock on the first or last day of the offering period (whichever is less), minus

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Stock-Based Compensation Summary Stock-based compensation expense is recorded in the accompanying Condensed Statements of Operations and Comprehensive (Loss) Income based on the designated department of the recipient. Stock-based compensation expense for the three months ended March 31, 2022 and 2021 was as follows: Three months ended March 31, 2022 2021 Research and development $ 678 $ 344 General and administrative 1,996 1,019 Total stock-based compensation $ 2,674 $ 1,363

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	NET (LOSS) INCOME PER SHARE The following table sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended March 31, 2022 2021 Basic EPS Net (loss) income $ (20,238) $ 10,376 Less: undistributed income allocated to participating securities — 90 Net (loss) income available to common shareholders $ (20,238) $ 10,286 Basic weighted average shares outstanding 20,710,224 20,336,022 Net (loss) per share—basic $ (0.98) $ (0.51) Diluted EPS Net (loss) income $ (20,238) $ 10,376 Less: undistributed income reallocated to participating securities — 84 Net (loss) income available to common shareholders $ (20,238) $ 10,292 Basic weighted average shares outstanding 20,710,224 20,336,022 Effect of dilutive securities: Common stock options — 1,488,552 Diluted weighted average shares outstanding 20,710,224 21,824,574 Net (loss) income per share—diluted $ (0.98) $ 0.47 The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share because their impact under the “treasury stock method” and “if-converted method” would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2022 2021 Stock options, unexercised—vested and unvested 3,561,261 632,781 Stock options early-exercised and unvested 12,531 — Restricted stock units—unvested 351,422 — Total 3,925,214 632,781

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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(ix) ): March 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 175,010 $ — $ — $ 175,010 Common stock in LianBio (included in "marketable securities") 291 — — 291 Equity warrants in LianBio (included in "other assets") — — 418 418 Total assets measured at fair value $ 175,301 $ — $ 418 $ 175,719 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 171,332 — — $ 171,332 Common stock in LianBio (included in "marketable securities") 483 — — $ 483 Equity warrants in LianBio (included in "other assets") — — 663 $ 663 Total assets measured at fair value $ 171,815 $ — $ 663 $ 172,478 Money Market Funds Money market fund holdings are included in "cash and cash equivalents" on the accompanying Condensed Balance Sheets and are classified within Level 1 of the fair value hierarchy because they have readily-available market prices in active markets that are publicly observable at the measurement date. These money market funds are invested in U.S. Treasury bills and notes, and other obligations issued or guaranteed as to principal and interest by the U.S. Government or its agencies. Equity Warrants In March 2021, contemporaneous with the China Out-License transaction (see Note 9 ), the Company and LianBio, executed a warrant agreement for the Company to purchase, in three tranches, a stated number of common stock in LianBio, a then privately-held pharmaceutical company focused on China. The warrants vest upon the achievement of certain clinical and regulatory events and have an exercise price at common stock par value. During the year ended December 31, 2021, one of these three warrants vested and converted to 78,373 shares of LianBio common stock ("equity securities") which were recorded within "marketable securities" on the accompanying Balance Sheet as of December 31, 2021. The LianBio common stock is classified within Level 1 of the fair value hierarchy because their value is based on the closing common stock price of LianBio. The remaining two unvested tranches of 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 the fair value as of March 31, 2022 included: LianBio common stock volatility (based on the historical volatility of similar companies), the probability of achievement of discrete clinical and regulatory milestones for the remaining two unvested tranches of these warrants, and application of an assumed discount rate for the unvested warrants as of March 31, 2022. These warrants 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 March 31, 2022 (see Note 3(b) ). They will be remeasured with a corresponding amount reported in "other expense, net" on the accompanying statements of operations and comprehensive (loss) income at each reporting date, until exercised or expired. The following table sets forth a summary of the changes in fair value of the equity warrants presented in "other assets" on the accompanying Condensed Balance Sheets. The measurement of the equity warrants represents a Level 3 financial instrument: Equity Warrants, presented on the Balance Sheets Fair value as of December 31, 2021 $ 663 Revaluation of equity warrants included in "total revenues" within the Condensed Statement of Operations for the three months ended March 31, 2022 $ — Revaluation of equity warrants included in "other expense, net" within the Condensed Statement of Operations for the three months ended March 31, 2022 $ (245) Fair value as of March 31, 2022 $ 418 Equity Warrants, presented on the Balance Sheets Fair value as of December 31, 2020 $ — Initial fair value estimate of equity warrants (included in "other assets" within the Consolidated Balance Sheet) upon issuance 1,233 Fair value as of March 31, 2021 $ 1,233

Commitment & Contingencies

Commitment & Contingencies	3 Months Ended
	Mar. 31, 2022
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 third parties for facilities and office equipment. As of March 31, 2022 and December 31, 2021, the Company had four active leases in Irvine, California for adjacent office and laboratory suites. In January 2021, the Company entered into a six-month lease for an additional administrative office suite that was not capitalized due to its under 12-month term. The company does not recognize lease asset and liabilities for leases with a term of 12 months or less. On July 30, 2021, the Company executed an amendment to extend the term of this lease and lease an additional office suite, both expiring January 31, 2024. This amendment was accounted for as a "lease modification" and resulted in the recognition of an "operating lease right-of-use asset" valued at $0.7 million as of the execution date. The Company's two other capitalized facility leases commenced on June 1, 2020 and also expire on January 31, 2024. One includes a renewal option that was not reasonably certain to be exercised at the time of lease commencement. The Company's operating leases have annual rent that is payable monthly and carry fixed annual increases. 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, 2021 and for the three months ended March 31, 2022, the Company had no sublease arrangements with it as lessor. Financial Reporting Captions The below table summarizes the lease asset and liability accounts presented on the accompanying Condensed Balance Sheets: Operating Leases Consolidated Balance Sheet Caption March 31, 2022 December 31, 2021 Operating lease right-of-use assets - non-current Operating lease right-of-use assets $ 926 $ 1,074 Operating lease liability - current Accounts payable and other accrued liabilities $ 635 $ 609 Operating lease liability - non-current Other long-term liabilities 425 585 Total lease liabilities $ 1,060 $ 1,194 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 in the accompanying Condensed Statements of Operations and Comprehensive (Loss) Income. The Company combines lease and non-lease components in the recognition of lease expense. The components of lease cost were as follows: Three months ended March 31, 2022 2021 Operating lease cost $ 143 $ 60 Variable lease cost 39 60 Short-term lease cost — 32 Total lease cost $ 182 $ 152 Weighted-Average Remaining Lease Term and Applied Discount Rate As of March 31, 2022, the Company's facility leases had a weighted average remaining lease term of 1 year, 10 months. 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 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 March 31, 2022 2022 (remaining nine months) $ 349 2023 761 2024 65 2025 — 2026 — Total future lease payments, undiscounted $ 1,175 (Less): Imputed interest (115) Present value of operating lease payments $ 1,060 (b) In-License Agreements for Lotilaner January 2019 Agreement for Skin and Eye Disease or Conditions in Humans In January 2019, the Company entered into a 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 "Eye and Derm Elanco Agreement"). The Company has sole financial responsibility for related development, regulatory, and commercialization activities. The Company paid a $1.0 million upfront payment at execution of the Eye and Derm Elanco Agreement in January 2019. In September 2020, the Company made a required $1.0 million clinical milestone payment associated with the first two U.S. pivotal trials for the treatment of Demodex blepharitis. The Company paid an additional $2.0 million for its second pivotal trial milestone in April 2021, which was recorded in “research and development” expense in the accompanying Statements of Operations and Comprehensive Loss for the three months ended March 31, 2021. The Company may make further cash payments to Elanco pursuant to the Eye and Derm Elanco Agreement upon 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 tiered contractual royalties to Elanco in the mid to high single digits of its net sales. If the Company receives certain types of payments from its sublicensees, it will 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 contractual payment in the amount of $2.5 million to Elanco following the receipt of $25 million of initial proceeds from LianBio during the second quarter of 2021. September 2020 Agreement for All Other Diseases or Conditions in Humans In September 2020, the Company executed an expanded in-license agreement with Elanco, granting the Company 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 “All Human Uses Elanco Agreement”). The Company issued Elanco 222,460 shares of its common stock at the execution of the All Human Uses Elanco Agreement. The fair 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 All Human Uses Elanco 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 product 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 the China 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 All Human Uses Elanco 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 were reported within "research and development" expense within the accompanying Condensed Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2021. (c) Employment Agreements The Company has entered into employment agreements with eight of its 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 vary, and in certain cases, are indefinite and do 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	3 Months Ended
	Mar. 31, 2022
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. To date the Company received payments from LianBio totaling $55.0 million related to initial consideration of $25.0 million and two clinical development milestone achievements of $30.0 million. During the three months ended March 31, 2022 the Company did not receive any cash proceeds in connection with the China Out-License. The Company is also 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 $45.0 million, (ii) an expected drug supply agreement milestone of $5.0 million, (iii) TP-03 sales-based milestones for the China Territory of up to $100 million, (iv) tiered mid-to-high-teen royalties for China Territory TP-03 product sales, and (v) LianBio equity warrants, which are subject to three TP-03 clinical/regulatory achievements for complete vesting, of which one tranche vested in June 2021. The Company recognized no "license fees" and $0.5 million "collaboration revenue" for the three months ended March 31, 2022 in the accompanying Condensed Statements of Operations and Comprehensive (Loss) Income, in accordance with the revenue recognition accounting policy described in Note 2(vii). These amounts represent an allocation of the transaction price based upon the partial satisfaction of the performance obligations in the China Out-License . These revenue amounts are each recognized upon satisfaction of the following performance obligations (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. As part of this revenue recognition model, the Company was required to value the LianBio equity warrants, applying a discounted cash flow model with highly subjective inputs for this then private, pre-revenue company, and also considered the probability of achievement of requisite vesting events. Subsequent adjustments to the estimated initial fair value of these warrants are reported within "total revenues" and "other (expense) income" on the accompanying Condensed Statements of Operations for the three months ended March 31, 2022. The first tranche of these warrants vested and were exercised to LianBio common shares and are reported within "marketable securities" on the accompanying Condensed Balance Sheets as of December 31, 2021 and March 31, 2022 (See Note 7 ).

Credit Facility Agreement

Credit Facility Agreement	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Credit Facility Agreement	CREDIT FACILITY AGREEMENT On February 2, 2022, the Company executed the Credit Facility with Hercules and SVB with a term to February 2, 2027. The Credit Facility provides an aggregate principal amount of up to $175.0 million with tranched availability as follows: $40.0 million at closing (with $20.0 million drawn in February 2022), $25.0 million upon submission of a New Drug Application ("NDA") with the FDA for TP-03, $35.0 million upon FDA approval of TP-03, and $75.0 million upon achievement of certain revenue thresholds and other conditions. Each of the tranches may be drawn down in $5.0 million increments at the Company's election. The Credit Facility includes a four-year interest only period and is extendable to five years upon meeting certain conditions. The Credit Facility requires interest-only payments from the issuance date through the amortization date of February 1, 2026, followed by 12 months of principal amortization, unless extended for one year to maturity upon meeting certain contractual conditions. All unpaid amounts under the Credit Facility become due on February 2, 2027. Principal draws accrue interest on the outstanding principal balance at a floating interest rate per annum equal to the greater of either (i) The Wall Street Journal prime rate plus 5.20% or (ii) 8.45%. At execution of the Credit Facility, the interest rate was 8.45%. On March 17, 2022 this prime rate increased to 3.50% and the Credit Facility interest rate increased to 8.70%. The Credit Facility interest rate further increased to 9.20% on May 5, 2022 based on the updated Wall Street Journal prime rate. The Company is required to pay a fee upon the earlier of (i) the maturity date or (ii) the date the Company prepays, in full or in part, the outstanding principal balance of the Credit Facility ("End of Term Charge"). The current End of Term Charge of $1.0 million was derived at the execution of the Credit Facility by multiplying 4.75% to the $20.0 million drawn at closing and is accreted to "accrued interest" through the maturity date of the Credit Facility. As of March 31, 2022, the carrying value of this debt consisted of $20.0 million principal outstanding less debt issuance costs of approximately $0.9 million. These incurred legal and administrative fees were recorded as a "contra-liability" and accreted to interest expense using the "effective interest method" over the loan term. The calculated effective interest rate for this Credit Facility was 9.66% for the three months ended March 31, 2022. As of December 31, 2021 the Company had no outstanding debt. During the three months ended March 31, 2022, the Company recognized "interest expense" on its Condensed Statement of Operations and Comprehensive (Loss) Income in connection with the Credit Facility as follows: March 31, 2022 Interest expense for term loan $ 274 Accretion of End of Term Charge 32 Amortization of debt issuance costs 23 Total interest expense related to term loan $ 329 The principal balance of this term loan and related accretion and amortization as of March 31, 2022, were as follows: March 31, 2022 Term loan, gross (amount drawn) $ 20,000 Debt issuance costs (legal and other administrative fees) (875) Accretion of End of Term Charge 32 Accumulated amortization of debt issuance costs 23 Term loan, net $ 19,180

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTMay 2022 Follow-on Equity Raise On May 5, 2022, the Company completed a follow-on public offering, pursuant to the Company's effective Form S-3 shelf registration statement, through an underwritten sale of 5,600,000 shares of its common stock at a price of $13.50 per share. This resulted in gross proceeds of $75.6 million before underwriting discounts, commissions, and estimated expenses, for net proceeds of approximately $70.6 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Operating Segment	To date, the Company has operated and managed its business and financial information on an aggregate basis based on the Company's organizational structure, for the purposes of evaluating financial performance and the allocation of capital and personnel resources, consistent with the way operations and investments are centrally managed and evaluated. Accordingly, the Company’s management determined that it operates 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 ("GAAP") in the United States ("U.S.") for interim financial information and pursuant to Form 10-Q and with the rules and regulations 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 March 31, 2022, the interim Condensed Statements of Operations and Comprehensive (Loss) Income, and Stockholders’ Equity for the three months ended March 31, 2022 and 2021, and the interim Condensed Cash Flows for the three months ended March 31, 2022 and 2021 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-month periods are also unaudited. The Condensed Balance Sheet as of December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 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 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 14, 2022. 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 estimates and assumptions involve judgments with respect to numerous factors that are difficult to forecast and may materially differ from the amounts ultimately realized and reported due to the inherent uncertainty of any estimate or assumption. There have been no significant changes in the Company’s significant accounting policies during the three months ended March 31, 2022, as compared with those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022. 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, that are readily convertible into cash without penalty, with original maturities of three months or less from the purchase date.
Marketable Securities	Marketable Securities Marketable securities represent LianBio Ophthalmology Limited ("LianBio") common stock (see Note 7
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. The COVID-19 pandemic continues to evolve and its impact on the Company’s business will depend on several factors that are highly uncertain and unpredictable, including, the efficacy and adoption of vaccines, future resurgences of the virus and its variants, and the speed at which government restrictions are lifted. 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, (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) 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 the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a materially adverse impact on the business.
Revenue	Revenue Recognition for Out-License Arrangements Overview The Company currently has one out-license arrangement that allows the third-party licensee to market the its TP-03 product candidate (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 includes the following forms of consideration: (i) non-refundable upfront license payments, (ii) equity-based consideration, (iii) sales-based royalties, (iv) sales threshold milestones, (v) development milestone payments, and (vi) regulatory milestone payments. 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 that require contemporaneous evaluation and documentation under GAAP for the corresponding timing and amount of revenue recognition, are as follows: (1) Upfront License Fees: The Company determines whether non-refundable license fee 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. Upfront payments may require deferral of revenue recognition to a future period until the Company performs obligations under these arrangements. (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 as these represent variable consideration. 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. Given the high degree of uncertainty around the occurrence of these events, the Company determined the milestone and other contingent amounts to be "constrained" until the uncertainty associated with these payments is resolved. 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, and 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) as these represent variable consideration. 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 sale of products to its customers at the later of (i) the occurrence of the related product 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.
Research and Development Costs	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, clinical manufacturing costs, 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 use, 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 The Company recognizes stock-based compensation expense for equity awards granted to employees, consultants, and members of its Board of Directors. The Black-Scholes pricing model is used to estimate the fair value of stock option awards as of the date of grant. The fair value of restricted stock units is representative of the closing share price preceding the date of grant. For stock-based awards that vest subject to the satisfaction of a service requirement, 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 related expense on an accelerated attribution method, if and when it concludes that it is highly probable that the performance condition will be achieved. As applicable, the Company reverses previously recognized expense for forfeitures of unvested awards in the same period of occurrence. The measurement of the fair value of stock option 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 for all awards granted prior to the Initial Public Offering ("IPO"), (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 corporate formation. The Company lacks 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. 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 (Loss) Income within "research and development" expense or "general and administrative" expense, based upon the assigned department of the award recipient.
Net (Loss) Income per Share	Net (Loss) Income per Share Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net (loss) income per share is computed by dividing the net (loss) income 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. Also, 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 months ended March 31, 2022, 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 this period.
Fair Value Measurements	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. The Company's equity warrant holdings are carried at fair value based on unobservable market inputs (see Note 7 ).
Comprehensive (Loss) Income	Comprehensive (Loss) Income Comprehensive (loss) income represents all changes in stockholders’ equity (deficit), except those resulting from distributions to stockholders. For all periods presented in the accompanying Condensed Financial Statements, comprehensive (loss) income was the same as reported net (loss) income.
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)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment, net of accumulated depreciation	“Property and equipment, net” consists of the following: March 31, 2022 December 31, 2021 Furniture and fixtures $ 596 $ 596 Office equipment 84 84 Laboratory equipment 167 167 Leasehold improvements 330 129 Property and equipment, at cost 1,177 976 (Less): Accumulated depreciation and amortization 262 221 Property and equipment, net $ 915 $ 755
Other assets	"Other assets" consists of the following: March 31, 2022 December 31, 2021 Deposits $ 71 $ 71 Equity warrants ( Note 7 ) 418 663 Other long term assets 398 392 Other assets $ 887 $ 1,126
Accounts payable and accrued liabilities	“Accounts payable and other accrued liabilities” consists of the following: March 31, 2022 December 31, 2021 Trade accounts payable and other $ 4,028 $ 2,856 Operating lease liability, current 635 609 Accrued clinical studies 5,740 4,407 Contract liability 174 697 Accrued interest, current 148 — Income taxes payable 55 55 Employee stock option pre-vesting exercise liability, current portion 25 56 Accounts payable and other accrued liabilities $ 10,805 $ 8,680
Other long-term liabilities	“Other long-term liabilities” consists of the following: March 31, 2022 December 31, 2021 Operating lease liability, non-current $ 425 $ 585 Derivative liability 71 114 Other long-term liabilities $ 496 $ 699

Stockholders' Equity and Equi_2

Stockholders' Equity and Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stock details	The Company's outstanding equity awards and shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan (the "ESPP") is summarized below: March 31, 2022 December 31, 2021 Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans 8,954,066 9,266,200 Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan 2,700,475 2,493,488 Stock options issued and outstanding under 2020 and 2016 Equity Incentive Plans 3,561,261 2,759,830 Restricted stock units outstanding under 2020 Equity Incentive Plan 351,422 17,251 Total shares of common stock reserved 15,567,224 14,536,769

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based compensation	Stock-based compensation expense for the three months ended March 31, 2022 and 2021 was as follows: Three months ended March 31, 2022 2021 Research and development $ 678 $ 344 General and administrative 1,996 1,019 Total stock-based compensation $ 2,674 $ 1,363

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net (loss) income per share, basis and diluted	The following table sets forth the computation of basic and diluted net (loss) income per share: Three Months Ended March 31, 2022 2021 Basic EPS Net (loss) income $ (20,238) $ 10,376 Less: undistributed income allocated to participating securities — 90 Net (loss) income available to common shareholders $ (20,238) $ 10,286 Basic weighted average shares outstanding 20,710,224 20,336,022 Net (loss) per share—basic $ (0.98) $ (0.51) Diluted EPS Net (loss) income $ (20,238) $ 10,376 Less: undistributed income reallocated to participating securities — 84 Net (loss) income available to common shareholders $ (20,238) $ 10,292 Basic weighted average shares outstanding 20,710,224 20,336,022 Effect of dilutive securities: Common stock options — 1,488,552 Diluted weighted average shares outstanding 20,710,224 21,824,574 Net (loss) income per share—diluted $ (0.98) $ 0.47
Outstanding potentially dilutive securities	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share because their impact under the “treasury stock method” and “if-converted method” would have been anti-dilutive for the periods presented: Three Months Ended March 31, 2022 2021 Stock options, unexercised—vested and unvested 3,561,261 632,781 Stock options early-exercised and unvested 12,531 — Restricted stock units—unvested 351,422 — Total 3,925,214 632,781

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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(ix) ): March 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 175,010 $ — $ — $ 175,010 Common stock in LianBio (included in "marketable securities") 291 — — 291 Equity warrants in LianBio (included in "other assets") — — 418 418 Total assets measured at fair value $ 175,301 $ — $ 418 $ 175,719 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Money market funds $ 171,332 — — $ 171,332 Common stock in LianBio (included in "marketable securities") 483 — — $ 483 Equity warrants in LianBio (included in "other assets") — — 663 $ 663 Total assets measured at fair value $ 171,815 $ — $ 663 $ 172,478
Changes in fair value of equity warrants	The following table sets forth a summary of the changes in fair value of the equity warrants presented in "other assets" on the accompanying Condensed Balance Sheets. The measurement of the equity warrants represents a Level 3 financial instrument: Equity Warrants, presented on the Balance Sheets Fair value as of December 31, 2021 $ 663 Revaluation of equity warrants included in "total revenues" within the Condensed Statement of Operations for the three months ended March 31, 2022 $ — Revaluation of equity warrants included in "other expense, net" within the Condensed Statement of Operations for the three months ended March 31, 2022 $ (245) Fair value as of March 31, 2022 $ 418 Equity Warrants, presented on the Balance Sheets Fair value as of December 31, 2020 $ — Initial fair value estimate of equity warrants (included in "other assets" within the Consolidated Balance Sheet) upon issuance 1,233 Fair value as of March 31, 2021 $ 1,233

Commitment & Contingencies (Tab

Commitment & Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lease asset and liability accounts	The below table summarizes the lease asset and liability accounts presented on the accompanying Condensed Balance Sheets: Operating Leases Consolidated Balance Sheet Caption March 31, 2022 December 31, 2021 Operating lease right-of-use assets - non-current Operating lease right-of-use assets $ 926 $ 1,074 Operating lease liability - current Accounts payable and other accrued liabilities $ 635 $ 609 Operating lease liability - non-current Other long-term liabilities 425 585 Total lease liabilities $ 1,060 $ 1,194
Components of lease cost	The components of lease cost were as follows: Three months ended March 31, 2022 2021 Operating lease cost $ 143 $ 60 Variable lease cost 39 60 Short-term lease cost — 32 Total lease cost $ 182 $ 152
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 March 31, 2022 2022 (remaining nine months) $ 349 2023 761 2024 65 2025 — 2026 — Total future lease payments, undiscounted $ 1,175 (Less): Imputed interest (115) Present value of operating lease payments $ 1,060

Credit Facility Agreement (Tabl

Credit Facility Agreement (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Interest Expense	During the three months ended March 31, 2022, the Company recognized "interest expense" on its Condensed Statement of Operations and Comprehensive (Loss) Income in connection with the Credit Facility as follows: March 31, 2022 Interest expense for term loan $ 274 Accretion of End of Term Charge 32 Amortization of debt issuance costs 23 Total interest expense related to term loan $ 329
Balances of Debt, Debt Issuance Costs, and Accumulated Accretion	The principal balance of this term loan and related accretion and amortization as of March 31, 2022, were as follows: March 31, 2022 Term loan, gross (amount drawn) $ 20,000 Debt issuance costs (legal and other administrative fees) (875) Accretion of End of Term Charge 32 Accumulated amortization of debt issuance costs 23 Term loan, net $ 19,180

Description of Business and P_2

Description of Business and Presentation of Financial Statements (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)segment	Feb. 02, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ 66,910		$ 46,672
Cash and cash equivalents		$ 175,010		$ 171,332	$ 156,179
Number of reportable segments | segment		1
Number of operating segments | segment		1
Line of Credit
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 175,000
Increments to draw on credit facility at company's election			$ 5,000
Draw on line of credit	$ 20,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Use of Estimates (Details)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Expected dividend yield	0.00%

Balance Sheet Account Detail -

Balance Sheet Account Detail - Property and Equipment, Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,177		$ 976
(Less): Accumulated depreciation and amortization	262		221
Property and equipment, net	915		755
Depreciation	41	$ 64
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	596		596
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	84		84
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	167		167
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 330		$ 129

Balance Sheet Account Detail _2

Balance Sheet Account Detail - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposits	$ 71	$ 71
Equity warrant rights	418	663
Other long term assets	398	392
Other assets	$ 887	$ 1,126

Balance Sheet Account Detail _3

Balance Sheet Account Detail - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accounts payable and other	$ 4,028	$ 2,856
Operating lease liability, current	635	609
Accrued clinical studies	5,740	4,407
Contract liability	174	697
Accrued interest, current	148	0
Income taxes payable	55	55
Employee stock option pre-vesting exercise liability, current portion	25	56
Accounts payable and other accrued liabilities	$ 10,805	$ 8,680

Balance Sheet Account Detail _4

Balance Sheet Account Detail - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease liability, non-current	$ 425	$ 585
Derivative liability	71	114
Other long-term liabilities	$ 496	$ 699

Stockholders' Equity and Equi_3

Stockholders' Equity and Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Oct. 08, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, outstanding (shares)	20,718,528	20,698,737
Common stock, issued (shares)	20,731,062	20,726,580
Total shares of common stock reserved (in shares)	15,567,224	14,536,769
Common stock reserved for issuance, increase percentage on first business day of each of next ten fiscal years	1.00%
Liability for early exercise of stock options	$ 25	$ 56
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan	2,700,475	2,493,488
Common stock, shares reserved for future issuance, annual shares increase (in shares)	2,300,000
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
Employee stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP discount percentage from market price, beginning of purchase period	15.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period for full vesting	4 years
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

Stockholders' Equity and Equi_4

Stockholders' Equity and Equity Incentive Plans - Shares Reserved for Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Stock options reserved for future grant (shares)	8,954,066	9,266,200
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan	2,700,475	2,493,488
Stock options issued and outstanding (shares)	3,561,261	2,759,830
Restricted stock units outstanding under 2020 Equity Incentive Plan	351,422	17,251
Total shares of common stock reserved (shares)	15,567,224	14,536,769

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,674	$ 1,363
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	678	344
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,996	$ 1,019

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic EPS
Net (loss) income	$ (20,238)	$ 10,376
Less: undistributed income allocated to participating securities	0	90
Net (loss) income available to common shareholders	$ (20,238)	$ 10,286
Basic weighted average shares outstanding (shares)	20,710,224	20,336,022
Net (loss) per share, basic (usd per share)	$ (0.98)	$ (0.51)
Diluted EPS
Net (loss) income	$ (20,238)	$ 10,376
Less: undistributed income reallocated to participating securities	0	84
Net (loss) income available to common shareholders	$ (20,238)	$ 10,292
Basic weighted average shares outstanding (shares)	20,710,224	20,336,022
Effect of dilutive securities:
Common stock options (shares)	0	1,488,552
Diluted weighted average shares outstanding (shares)	20,710,224	21,824,574
Net (loss) income per share, diluted (usd per share)	$ (0.98)	$ 0.47

Net (Loss) Income Per Share - A

Net (Loss) Income Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share	3,925,214	632,781
Stock options, unexercised—vested and unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share	3,561,261	632,781
Stock options early-exercised and unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share	12,531	0
Restricted stock units—unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income (loss) per share	351,422	0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Common stock in LianBio (included in "marketable securities")	$ 291	$ 483
Equity warrants in LianBio (included in "other assets")	418	663
Total assets measured at fair value	175,719	172,478
Money market funds
Assets:
Money market funds	175,010	171,332
Level 1
Assets:
Common stock in LianBio (included in "marketable securities")	291	483
Equity warrants in LianBio (included in "other assets")	0	0
Total assets measured at fair value	175,301	171,815
Level 1 | Money market funds
Assets:
Money market funds	175,010	171,332
Level 2
Assets:
Common stock in LianBio (included in "marketable securities")	0	0
Equity warrants in LianBio (included in "other assets")	0	0
Total assets measured at fair value	0	0
Level 2 | Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Common stock in LianBio (included in "marketable securities")	0	0
Equity warrants in LianBio (included in "other assets")	418	663
Total assets measured at fair value	418	663
Level 3 | Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2021warrantshares
Fair Value Disclosures [Abstract]
Number of warrants	3
Number of vested warrants	1
Equity securities (in shares) | shares	78,373

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Equity Warrants (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 663	$ 0
Revaluation of equity warrants		1,233
Fair value, end of period	418	$ 1,233
Total revenues
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Revaluation of equity warrants	0
Other income (expense), net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Revaluation of equity warrants	$ (245)

Commitment & Contingencies - Fa

Commitment & Contingencies - Facility Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)contract	Dec. 31, 2021USD ($)contract	Jul. 30, 2021USD ($)	Jan. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 926	$ 1,074
Weighted average remaining lease term	1 year 10 months
Estimated incremental borrowing rate	10.00%
Irvine office and laboratory facility
Lessee, Lease, Description [Line Items]
Number of leases | contract	4	4
Irvine office and facilities, office suite and space lease
Lessee, Lease, Description [Line Items]
Lease term				6 months
Operating lease right-of-use assets			$ 700

Commitment & Contingencies - Le

Commitment & Contingencies - Lease Asset and Liability Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 926	$ 1,074
Operating lease liability, current	$ 635	$ 609
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other accrued liabilities	Accounts payable and other accrued liabilities
Operating lease liability, non-current	$ 425	$ 585
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Present value of operating lease payments	$ 1,060	$ 1,194

Commitment & Contingencies - _2

Commitment & Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 143	$ 60
Variable lease cost	39	60
Short-term lease cost	0	32
Total lease cost	$ 182	$ 152

Commitment and Contingencies -

Commitment and Contingencies - Summary of Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 349
2023	761
2024	65
2025	0
2026	0
Total future lease payments, undiscounted	1,175
(Less): Imputed interest	(115)
Present value of operating lease payments	$ 1,060	$ 1,194

Commitment & Contingencies - In

Commitment & Contingencies - In-License Agreement for Lotilaner (Details) - USD ($)	Mar. 26, 2021	Apr. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jan. 31, 2019	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development						$ 12,081,000		$ 16,261,000
Common stock issued for license agreement, value						0		$ 5,494,000
License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		$ 2,000,000		$ 1,000,000	$ 1,000,000
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
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	$ 25,000,000						$ 2,500,000		$ 55,000,000
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					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					$ 79,000,000	$ 77,000,000			$ 77,000,000

Commitment & Contingencies - Em

Commitment & Contingencies - Employment Arrangements (Details)	Mar. 31, 2022arrangement
Commitments and Contingencies Disclosure [Abstract]
Number of employment arrangements with executive officers	8

Out-License Agreement (Details)

Out-License Agreement (Details) - USD ($)	Mar. 26, 2021	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 539,000		$ 33,432,000
License fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		0		33,311,000
Collaboration revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		539,000		$ 121,000
LianBio | License agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 25,000,000		$ 2,500,000		$ 55,000,000
LianBio | License agreement | Clinical development milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment achieved	$ 30,000,000
LianBio | License agreement | Development and Regulatory Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments		45,000,000			45,000,000
LianBio | License agreement | Drug Supply Agreement Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments		5,000,000			5,000,000
LianBio | License agreement | Sales-Based Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments		100,000,000			$ 100,000,000
LianBio | License agreement | License fees
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		0
LianBio | License agreement | Collaboration revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 500,000

Credit Facility Agreement (Deta

Credit Facility Agreement (Details) - USD ($)	May 05, 2022	Mar. 17, 2022	Feb. 02, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal outstanding				$ 20,000,000
Debt issuance costs				875,000
Line of Credit
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 175,000,000
Increments to draw on credit facility at company's election			$ 5,000,000
Interest only period			4 years
Interest only period, extension			5 years
Interest rate		8.70%	8.45%
Principal outstanding				20,000,000	$ 0
End of term charge				1,000,000
End of term charge, interest rate			4.75%
Debt issuance costs				$ 900,000
Effective interest rate				9.66%
Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Interest rate	9.20%
Line of Credit | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%	5.20%
Line of Credit | Credit Facility, Tranche One
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 40,000,000
Line of Credit | Credit Facility, Tranche Two
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			20,000,000
Line of Credit | Credit Facility, Tranche Three
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			25,000,000
Line of Credit | Credit Facility, Tranche Four
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			35,000,000
Line of Credit | Credit Facility, Tranche Five
Debt Instrument [Line Items]
Credit facility, aggregate principal amount			$ 75,000,000

Credit Facility Agreement - Sum

Credit Facility Agreement - Summary of Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Interest expense for term loan	$ 274
Accretion of End of Term Charge	32
Amortization of debt issuance costs	23
Total interest expense related to term loan	$ 329

Credit Facility Agreement - Bal

Credit Facility Agreement - Balances of Debt, Debt Issuance Costs, and Accumulated Accretion (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
Term loan, gross (amount drawn)	$ 20,000
Debt issuance costs (legal and other administrative fees)	(875)
Accretion of End of Term Charge	32
Accumulated amortization of debt issuance costs	23
Term loan, net	$ 19,180

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ / shares in Units, $ in Millions	May 05, 2022USD ($)$ / sharesshares
Subsequent Event [Line Items]
Price per share (usd per share) | $ / shares	$ 13.50
Stock issued, gross proceeds | $	$ 75.6
Stock issued, net proceeds | $	$ 70.6
Public Stock Offering
Subsequent Event [Line Items]
Stock issued (shares) | shares	5,600,000
Underwriters' option
Subsequent Event [Line Items]
Stock issued (shares) | shares	840,000