eFFECTOR Therapeutics (EFTR) 8-K 31 Aug 21 Entry into a Material Definitive Agreement Financial data

Cover Page

Cover Page	Aug. 25, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 25, 2021
Entity Registrant Name	EFFECTOR THERAPEUTICS, INC.
Entity Central Index Key	0001828522
Entity File Number	001-39866
Entity Tax Identification Number	85-3306396
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	200 Clarendon Street, 51st Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	858
Local Phone Number	925-8215
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	EFTR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	EFTRW
Security Exchange Name	NASDAQ

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 10,880	$ 15,216
Prepaid expenses and other current assets	1,154	1,362
Total current assets	12,034	16,578
Property and equipment, net	21	34
Operating lease right-of-use assets	47	92
Other assets	2,179	0
Total assets	14,281	16,704
Current liabilities:
Accounts payable	1,907	347
Accrued expenses	2,657	1,984
Warrant liability	780	433
Term loans, net	0	12,853
Lease liabilities, current portion	55	108
Total current liabilities	5,399	15,725
Non-current term loans, net	18,568	0
Accrued final payment on term loans	1,100
Total liabilities	25,067	15,725
Commitments and Contingencies
Stockholders' deficit:
Common stock	2	1
Additional paid-in capital	4,817	4,453
Accumulated deficit	(148,829)	(136,699)
Total stockholders' deficit	(144,010)	(132,245)
Total liabilities, convertible preferred stock, and stockholders' deficit	14,281	16,704
Series A Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	46,567	46,567
Series B Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	51,084	51,084
Series C Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	$ 35,573	$ 35,573

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	390,070,063	390,070,063
Common stock, shares issued	15,123,995	14,963,995
Common stock, shares outstanding	15,123,995	14,963,995
Temporary Equity, Shares Authorized	336,276,214
Temporary Equity, Shares Outstanding	294,636,237
Temporary Equity, Liquidation Preference	$ 134,087
Series A Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	145,560,097	145,560,097
Temporary Equity, Shares Issued	119,744,594	119,744,594
Temporary Equity, Shares Outstanding	119,744,594	119,744,594
Temporary Equity, Liquidation Preference	$ 46,900	$ 46,900
Series B Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	114,646,041	114,646,041
Temporary Equity, Shares Issued	105,154,241	105,154,241
Temporary Equity, Shares Outstanding	105,154,241	105,154,241
Temporary Equity, Liquidation Preference	$ 51,400	$ 51,400
Series C Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	76,070,076	76,070,076
Temporary Equity, Shares Issued	69,737,402	69,737,402
Temporary Equity, Shares Outstanding	69,737,402	69,737,402
Temporary Equity, Liquidation Preference	$ 35,800	$ 35,800

Condensed Statement of Operatio

Condensed Statement of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues [Abstract]
Revenue		$ 15,100		$ 41,400
Total revenue	$ 692	15,055	$ 692	41,384
Operating expenses:
Research and development	4,072	4,826	8,540	10,451
General and administrative	1,664	1,126	2,933	2,227
Total operating expenses	5,736	5,952	11,473	12,678
Operating (loss) income	(5,044)	9,103	(10,781)	28,706
Other income (expense)
Interest income	1	16	2	63
Interest expense	(480)	(340)	(786)	(678)
Other expense	(25)	(60)	(73)	(71)
Loss on debt extinguishment			(492)
Total other expense	(504)	(384)	(1,349)	(686)
(Loss) Income before income taxes	(5,548)	8,719	(12,130)	28,020
Income tax expense		126		346
Net (loss) income and comprehensive income (loss)	(5,548)	8,593	(12,130)	27,674
Income allocable to participating securities	0	(8,312)	0	(26,642)
Net (loss) income attributable to common shareholders	$ (5,548)	$ 281	$ (12,130)	$ 1,032
Net (loss) income per share attributable to common shareholders:
Basic	$ (0.37)	$ 0.02	$ (0.81)	$ 0.07
Diluted	$ (0.37)	$ 0.02	$ (0.81)	$ 0.07
Weighted-average common shares outstanding:
Basic	15,016,742	14,720,031	14,990,514	14,279,067
Diluted	15,016,742	28,556,667	14,990,514	24,264,090
Collaboration [Member]
Revenues [Abstract]
Revenue		$ 15,055		$ 41,384
Grant [Member]
Revenues [Abstract]
Revenue	$ 692		$ 692

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2019		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Dec. 31, 2019		119,744,594	105,154,241	69,737,402
Beginning Balance at Dec. 31, 2019	$ (147,063)				$ 1	$ 3,846	$ (150,910)
Beginning Balance (shares) at Dec. 31, 2019					13,810,811
Stock option exercises	16	$ 0	$ 0	$ 0	$ 0	16	0
Stock option exercises (Shares)		0	0	0	195,884
Stock-based compensation expense	89					89
Net income (loss)	19,081						19,081
Ending Balance at Mar. 31, 2020		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Mar. 31, 2020		119,744,594	105,154,241	69,737,402
Ending Balance at Mar. 31, 2020	(127,877)				$ 1	3,951	(131,829)
Ending Balance (shares) at Mar. 31, 2020					14,006,695
Beginning Balance at Dec. 31, 2019		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Dec. 31, 2019		119,744,594	105,154,241	69,737,402
Beginning Balance at Dec. 31, 2019	$ (147,063)				$ 1	3,846	(150,910)
Beginning Balance (shares) at Dec. 31, 2019					13,810,811
Stock option exercises (Shares)	978,184
Net income (loss)	$ 27,674
Ending Balance at Jun. 30, 2020		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Jun. 30, 2020		119,744,594	105,154,241	69,737,402
Ending Balance at Jun. 30, 2020	(119,112)				$ 1	4,123	(123,236)
Ending Balance (shares) at Jun. 30, 2020					14,788,995
Beginning Balance at Dec. 31, 2019		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Dec. 31, 2019		119,744,594	105,154,241	69,737,402
Beginning Balance at Dec. 31, 2019	$ (147,063)				$ 1	3,846	(150,910)
Beginning Balance (shares) at Dec. 31, 2019					13,810,811
Stock option exercises (Shares)	160,000
Ending Balance at Dec. 31, 2020		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Dec. 31, 2020		119,744,594	105,154,241	69,737,402
Ending Balance at Dec. 31, 2020	$ (132,245)				$ 1	4,453	(136,699)
Ending Balance (shares) at Dec. 31, 2020	14,963,995				14,963,995
Beginning Balance at Mar. 31, 2020		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Mar. 31, 2020		119,744,594	105,154,241	69,737,402
Beginning Balance at Mar. 31, 2020	$ (127,877)				$ 1	3,951	(131,829)
Beginning Balance (shares) at Mar. 31, 2020					14,006,695
Stock option exercises	$ 73	$ 0	$ 0	$ 0	$ 0	73	0
Stock option exercises (Shares)	782,300	0	0	0	782,300
Stock-based compensation expense	$ 99					99
Net income (loss)	8,593						8,593
Ending Balance at Jun. 30, 2020		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Jun. 30, 2020		119,744,594	105,154,241	69,737,402
Ending Balance at Jun. 30, 2020	(119,112)				$ 1	4,123	(123,236)
Ending Balance (shares) at Jun. 30, 2020					14,788,995
Beginning Balance at Dec. 31, 2020		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Dec. 31, 2020		119,744,594	105,154,241	69,737,402
Beginning Balance at Dec. 31, 2020	$ (132,245)				$ 1	4,453	(136,699)
Beginning Balance (shares) at Dec. 31, 2020	14,963,995				14,963,995
Stock-based compensation expense	$ 188					188
Net income (loss)	(6,582)						(6,582)
Ending Balance at Mar. 31, 2021		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Mar. 31, 2021		119,744,594	105,154,241	69,737,402
Ending Balance at Mar. 31, 2021	(138,639)				$ 1	4,641	(143,281)
Ending Balance (shares) at Mar. 31, 2021					14,963,995
Beginning Balance at Dec. 31, 2020		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Dec. 31, 2020		119,744,594	105,154,241	69,737,402
Beginning Balance at Dec. 31, 2020	$ (132,245)				$ 1	4,453	(136,699)
Beginning Balance (shares) at Dec. 31, 2020	14,963,995				14,963,995
Stock option exercises (Shares)	160,000
Net income (loss)	$ (12,130)
Ending Balance at Jun. 30, 2021		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Jun. 30, 2021	294,636,237	119,744,594	105,154,241	69,737,402
Ending Balance at Jun. 30, 2021	$ (144,010)				$ 2	4,817	(148,829)
Ending Balance (shares) at Jun. 30, 2021	15,123,995				15,123,995
Beginning Balance at Mar. 31, 2021		$ 46,567	$ 51,084	$ 35,573
Beginning Balance (shares) at Mar. 31, 2021		119,744,594	105,154,241	69,737,402
Beginning Balance at Mar. 31, 2021	$ (138,639)				$ 1	4,641	(143,281)
Beginning Balance (shares) at Mar. 31, 2021					14,963,995
Stock option exercises	16	$ 0	$ 0	$ 0	$ 1	15	0
Stock option exercises (Shares)		0	0	0	160,000
Stock-based compensation expense	161					161
Net income (loss)	$ (5,548)						(5,548)
Ending Balance at Jun. 30, 2021		$ 46,567	$ 51,084	$ 35,573
Ending Balance (shares) at Jun. 30, 2021	294,636,237	119,744,594	105,154,241	69,737,402
Ending Balance at Jun. 30, 2021	$ (144,010)				$ 2	$ 4,817	$ (148,829)
Ending Balance (shares) at Jun. 30, 2021	15,123,995				15,123,995

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net income	$ (5,548,000)	$ 8,593,000	$ (12,130,000)	$ 27,674,000
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	6,400	41,000	13,400	87,000
Stock-based compensation			349,000	188,000
Loss on debt extinguishment			492,000
Loss on change in fair value of warrant liability			76,000	72,000
Non-cash interest expense			127,000	61,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(399,000)	415,000
Accounts payable			118,000	142,000
Accrued expenses			549,000	(532,000)
Operating lease right-of-use assets and liabilities, net			(8,000)	(6,000)
Contract liabilities				616,000
Net cash (used in) provided by operating activities			(10,813,000)	28,717,000
Investing activities:
Proceeds from sale of fixed assets			607,000
Net cash provided by investing activities			607,000
Financing activities:
Proceeds from issuance of common stock options	16,000	73,000	16,000	89,000
Issuance of term loans, net of issuance costs			19,835,000
Repayment of term loans			(13,940,000)
Payment of offering costs			(41,000)
Net cash provided by financing activities			5,870,000	89,000
Net (decrease) increase in cash and cash equivalents			(4,336,000)	28,806,000
Cash and cash equivalents at beginning of period			15,216,000	3,427,000
Cash and cash equivalents at end of period	$ 10,880,000	$ 32,233,000	10,880,000	32,233,000
Supplemental disclosure of cash flow information
Interest paid			557,000	496,000
Accrued offering costs			$ 2,138,000
Operating lease liabilities arising from obtaining right-of-use assets				$ 203,000

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Description of Business eFFECTOR Therapeutics, Inc. (“eFFECTOR” or the “Company”) was incorporated in the state of Delaware on May 1, 2012. eFFECTOR is a clinical-stage biopharmaceutical company focused on pioneering the discovery and development of a new class of oncology drugs the Company refers to as selective translation regulator inhibitors. The Company’s principal operations are in the United States, with its headquarters in San Diego, California. The Company has devoted substantially all of its resources to raising capital, identifying potential product candidates, establishing its intellectual property portfolio, conducting preclinical studies and clinical trials, establishing arrangements with third parties for the manufacture of its product candidates and related raw materials, and providing general and administrative support for these operations. The Company has not generated revenues from its principal operations through June 30, 2021. Basis of Presentation The accompanying unaudited financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X in Amendment No. 2 to the Registration Statement on Form S-4 Liquidity The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step The Company has experienced net losses and negative cash flows from operating activities since its inception, aside from the year ended December 31, 2020, as a result of non-recurring On August 25, 2021, the Company completed a business combination with Locust Walk Acquisition Corp. (“LWAC”), a Delaware corporation, whereby LWAC acquired of the Company’s issued and outstanding securities through a reverse merger of the Company with and into a wholly-owned subsidiary of LWAC, with the Company as the surviving corporation of the merger. In connection with the merger, certain investors agreed to subscribe for and purchased an aggregate of million of the Company’s common stock through a Private Investment in Public Entity (“PIPE”) offering. Together with LWAC’s existing cash balances and funding of the PIPE offering, the Company received gross proceeds of approximately million. The Company believes that its $10.9 million of cash and cash equivalents held as of June 30, 2021, in addition to the proceeds received from the merger with LWAC and PIPE offering, are sufficient to fund planned operations for at least twelve months from the date that these financial statements are available to be issued, though the Company may pursue additional cash resources through public or private equity or debt financings. Management’s expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. Its operating plan may change as a result of many factors currently unknown to management and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than anticipated. If adequate funds are not available to the Company on a timely basis, management may be required to delay, limit, reduce or terminate certain of its research, product development or future commercialization efforts, obtain funds through arrangements with collaborators on terms unfavorable to the Company, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of its stockholders.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Deferred Issuance Costs The Company has deferred issuance costs consisting of legal, accounting and other fees and costs directly attributable to the transaction with LWAC. The deferred issuance costs will be offset against the proceeds received upon the consummation of the transaction. The deferred issuance costs were Grant Revenue The Company’s grant revenues are derived from a grant with the Defense Advanced Research Projects Agency (“DARPA”) through the University of California, San Francisco (“UCSF”). The Company recognizes DARPA Grant revenue as reimbursable grant costs are incurred up to pre-approved Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning As of June 30, 2021 and December 31, 2020, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate. The Company records uncertain tax positions on the basis of a two-step Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with the FASB guidance for Earnings Per Share, which established standards regarding the computation of earnings per share by companies that have issued securities other than common stock that contractually entitle the holder to participate in earnings and dividends. The guidance requires earnings available to common shareholders for the period, after deduction of preferred stock preferences, to be allocated between the common and preferred shareholders based on their respective rights to receive dividends. The Company is not required to present basic and diluted net income per share for securities other than common stock; therefore, the net income (loss) per share amounts only pertain to the Company’s common stock. Basic net income (loss) per share is calculated by dividing income (loss) allocable to common shareholders (net income after reduction for any required returns to preferred stock shareholders prior to paying dividends to the common shareholders, assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding, during the period. The Company calculates diluted net income per share using the more dilutive of the 1) treasury stock method, if-converted two-class The Company has used the treasury stock method to calculate diluted net income (loss) per share for the three and six months ended June 30, 2021, as the Company was in a net loss position, and used the two-class if-converted The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,312 ) — (26,642 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 281 $ (12,130 ) $ 1,032 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Net (loss) income per share - basic $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07 Diluted Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,071 ) — (25,976 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 522 $ (12,130 ) $ 1,698 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Weighted average effect of dilutive stock options — 13,836,636 — 9,985,024 Weighted average common shares outstanding - diluted 15,016,742 28,556,667 14,990,514 24,264,090 Net (loss) income per share - diluted $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07 Potentially dilutive securities as of June 30, 2021 and 2020 are as follows (in common stock equivalent shares): As of June 30, 2021 2020 Series A Convertible Preferred Stock 119,744,594 119,744,594 Series B Convertible Preferred Stock 105,154,241 105,154,241 Series C Convertible Preferred Stock 69,737,402 69,737,402 Series C Convertible Preferred Stock Warrants 1,118,677 729,572 Stock Options Outstanding 40,194,581 825,000 Total 335,949,495 296,190,809

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The Company’s cash equivalents are classified using Level 1 inputs within the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. None of the Company’s non-financial non-recurring The Company estimates the fair value of preferred stock warrants at the time of issuance and subsequent remeasurement using the Black-Scholes option pricing model at each reporting date, based on the following inputs: the risk-free interest rates; the expected dividend rates; the remaining contractual life of the warrants; the fair value of the underlying stock; and the expected volatility of the price of the underlying stock. The estimates are based, in part, on subjective assumptions and could differ materially in the future. Changes to these assumptions as well as the fair value of the Company’s stock on the reporting date can have a significant impact on the fair value of the preferred stock warrant liability. The following table summarizes the Company’s assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements Using June 30, 2021 Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Assets Money market funds $ 10,880 $ 10,880 $ — $ — Total assets $ 10,880 $ 10,880 $ — $ — Liabilities Preferred stock warrant liability $ 780 $ — $ — $ 780 Total liabilities $ 780 $ — $ — $ 780 Fair Value Measurements Using December 31, 0 Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Assets Money market funds $ 15,216 $ 15,216 $ — $ — Total assets $ 15,216 $ 15,216 $ — $ — Liabilities Preferred stock warrant liability $ 433 $ — $ — $ 433 Total liabilities $ 433 $ — $ — $ 433 The preferred stock warranty liability is measured at fair value, using a combination of observable and unobservable inputs. The change in fair value of the preferred stock warrant liability is recorded in Other income (expense) on the statement of operations and comprehensive income (loss). The following key assumptions were used in determining the fair value of the preferred stock warrant liability valued using the Black-Scholes option pricing model as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Fair value of Series C convertible preferred stock $ 0.80 $ 0.70 Expected volatility 96.4% - 97.6% 96.3% Risk-free interest rate 1.2% - 1.5% 0.7% Expected term (in years) 7.2 - 9.7 7.7 Expected dividend yield — — The following table presents activity for the preferred stock warrant liability measured at fair value using significant unobservable Level 3 inputs during the six months ended June 30, 2021 and 2020 (in thousands): Series C Preferred Stock Warrant Liability Balance at December 31, 2019 $ 442 Change in fair value 72 Balance at June 30, 2020 $ 514 Balance at December 31, 2020 $ 433 Issuance of new warrants 271 Change in fair value 76 Balance at June 30, 2021 $ 780

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	4. Property and Equipment, net Property and equipment, net consists of the following (in thousands): June 30, 2021 December 31, 2020 Lab equipment $ 30 $ 30 Computer and office equipment 122 133 Furniture and fixtures 64 64 216 227 Less accumulated depreciation and amortization (195 ) (193 ) $ 21 $ 34 The Company recorded depreciation and amortization expense of $6,400 and $41,000 for the three months ended June 30, 2021 and 2020, respectively, and recorded $13,400 and $87,000 for the six months ended June 30, 2021 and 2020, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2021 December 31, 2020 Employee compensation $ 643 $ 230 Research and development 462 755 Professional and outside services 1,069 44 Interest 128 598 Income taxes payable 351 351 Other 4 6 $ 2,657 $ 1,984

Term Loan

Term Loan	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	6. Term Loans SVB Term Loans In August 2018, the Company entered into a Loan and Security Agreement (“LSA”) with Silicon Valley Bank (“SVB”), pursuant to which the Company may borrow up to $20.0 million, issuable in three separate tranches of $7.5 million (“Term Loan A”), $7.5 million (“Term Loan B”) and $5.0 million (“Term Loan C”), collectively referred to as the Term Loans. The Term Loan A became available to the Company at the effective date of the LSA on August 31, 2018 and the Company borrowed the $7.5 million under the Term Loan A on that date, receiving the cash proceeds on September 5, 2018. Term Loan B was immediately available commencing on the effective date of the LSA and ending on the earlier of 1) August 31, 2019, and 2) the occurrence of an event of default. The Company borrowed the $7.5 million under Term Loan B on November 19, 2018. Term Loan C was not drawn. The Term Loans had an interest-only period that commenced upon the borrowing of each tranche of the Term Loans with interest due and payable upon the first day of each month. The interest-only period ended August 31, 2020. The Company was required to make a final payment equal to 5.5% of the original aggregate principal amount of the Term Loans at maturity, which was accrued over the term of the debt arrangements. The Term Loans had a maturity date of February 1, 2023. In connection with the LSA, the Company issued two separate warrants, each to purchase up to 486,381 shares of Series C Preferred Stock at an exercise price of $0.514 per share, to SVB and Life Science Loans II, LLC (life science loan sector of SVB). The number of shares subject to the warrant are dependent on whether Term Loan A, Term Loan B and Term Loan C are drawn. The number of shares subject to each warrant as of June 30, 2021 and December 31, 2020, was 364,786 in connection with the Term Loan A and Term Loan B. The warrants expire August 31, 2028. The Term Loans carried an interest rate equal to the greater of 1.5% plus prime or 6.5%, with an effective interest rate at December 31, 2020, of 9.1% and 9.0% for Term Loan A and Term Loan B, respectively. The Company recorded a debt discount of $0.2 million for the estimated fair value of warrants and debt issuance costs upon the borrowing of each Term Loan A and Term Loan B, which was being amortized to interest expense over the term of the loan using the effective-interest method. As of December 31, 2020, the Company had $13.0 million of outstanding principal under the Term Loans of which $12.9 million is reflected on the balance sheet net of debt discounts. Interest expense, including amortization of debt discount related to the SVB Term Loans, totaled zero and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $0.2 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively. In March 2021, the Company repaid the SVB Term Loans using the proceeds from Oxford Term A Loans (defined below). The aggregate outstanding principal balance of SVB Term Loans A and B was $11.5 million at the date of repayment. The Company paid the entire outstanding principal balance, along with a final payment in the amount of $0.8 million (equal to 5.5% of the original aggregate principal amount), a prepayment fee of $0.1 million (equal to 1% of the original aggregate principal amount), and $37,000 of accrued interest. The Company recorded a loss on debt extinguishment in the amount of $0.5 million in connection with the transaction, which has been recorded in Loss on debt extinguishment on the Statement of Operations for the period. The loss on debt extinguishment includes the unamortized debt discount and final payment associated with Term Loan A and Term Loan B at the time of extinguishment along with the $0.1 million prepayment fee. Oxford Term Loans In March 2021, the Company entered into a Loan and Security Agreement (“Oxford LSA”) with Oxford Finance LLC (“Oxford”), pursuant to which the Company may borrow up to $30.0 million, issuable in two separate tranches of $20.0 million (“Term A Loans”) and $10.0 million (“Term B Loans”), collectively referred to as the Oxford Loans. The Term A Loans became available to the Company at the effective date of the Oxford LSA on March 19, 2021 and $12.5 million of the proceeds were used to pay off the outstanding SVB Term Loans. The remaining net proceeds from Term A Loans of $7.4 million, after taking into effect specified issuance and legal fees designated within the distribution letter, were distributed to the Company in March 2021. Term B Loans will only become available to the Company upon achievement of certain clinical development milestones (“Phase II Milestones”) and is available until the earlier of (i) May 31, 2022, (ii) forty-five days after the occurrence of the Phase II Milestones, and (iii) the occurrence of an event of default. The Term A Loans have an interest-only period that commences upon the borrowing with interest due and payable upon the first day of each month. The interest-only period ends May 1, 2023, provided that upon the funding of the Term B Loans the end date will be extended to May 1, 2024. The Company is required to make a final payment equal to 5.5% of each funded tranche at maturity, which has been recorded as a debt discount for the Term A Loan which is outstanding and is being amortized over the term of the debt arrangements. The Oxford Loans have a maturity date of March 18, 2026. In connection with the Oxford LSA, the Company issued warrants to purchase a total of 389,105 shares of Series C Preferred Stock at an exercise price of $0.514 per share. The warrants expire May 19, 2031 and are fully exercisable upon issuance. The Oxford Loans carry a variable interest rate equal to the greater of (i) 7.7% and (ii) the sum of the prime rate plus 4.45%. The Company has the option to prepay all, but not less than all, of the borrowed amounts, provided that the Company will be obligated to pay a prepayment fee equal to (i) 3.0% of the outstanding principal balance of the applicable Oxford Loans if prepayment is made prior to the first anniversary of the effective date of the Oxford LSA, (ii) 2.0% of the outstanding principal balance of the applicable Oxford Loans if prepayment is made after the first anniversary of the effective date of the Oxford LSA but before the second anniversary, and (iii) 1.0% of the outstanding principal balance of the applicable Oxford Loans if prepayment is made after the second anniversary of the effective date of the Oxford LSA but before the third anniversary. No prepayment fee will apply for a prepayment made after the third anniversary of the effective date of the Oxford LSA and prior to the maturity date. The Company’s obligations under the Oxford LSA are secured by a first priority security interest in substantially all of its current and future assets, other than its owned intellectual property. The Company is also obligated to comply with various other customary covenants, including restrictions on its ability to encumber intellectual property assets without consent. The Company recorded a debt discount of $1.5 million for the estimated fair value of warrants, debt issuance costs upon the borrowing of Term A Loans, and final payment to be made, which is being amortized to interest expense over the term of the loan using the effective-interest method. As of June 30, 2021, the Company had $20.0 million of outstanding principal under the Term A Loans of which $18.6 million is reflected on the balance sheet net of debt discounts. Interest expense, including amortization of debt discount related to the Oxford Term A Loans, totaled $480,000 and $549,000 for the three and six months ended June 30, 2021. The Company is in compliance with all covenants under the Oxford LSA as of June 30, 2021. The Term A Loans include customary events of default, including instances of a material adverse change in our operations, that may require prepayment of the outstanding Term A Loans. The Company has not been notified of an event of default by the lender as of the date of issuance of these financial statements. Based on the outstanding principal amounts for the Company’s Term A Loa n Years ended December 31, 2023 $ 4,444 2024 6,667 2025 6,667 2026 2,222 20,000 Unamortized debt discount (1,432 ) $ 18,568

Preferred Stock Warrants

Preferred Stock Warrants	6 Months Ended
	Jun. 30, 2021
Preferred Stock Warrants Disclosure [Abstract]
Preferred Stock Warrants Disclosure [Text Block]	7. Preferred Stock Warrants The Company accounts for its warrants to purchase shares of convertible preferred stock as a liability. The Company will continue to adjust the liability for changes in fair value of these warrants until the exercise of warrants or the consummation of an initial public offering or SPAC merger, at which time the liability will be reclassified to stockholders’ equity. Upon consummation of the business combination with LWAC on August 25, 2021, the outstanding warrants were cashless exercised and total net shares were issued, after giving effect to the application of the exchange ratio of approximately 0.09657. The following table summarizes the outstanding warrants to purchase shares of preferred stock and the corresponding exercise price as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Exercise Price Expiration Date Series C preferred stock warrants 729,572 729,572 $ 0.514 August 31, 2028 Series C preferred stock warrants 389,105 — $ 0.514 March 19, 2031

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Deficit	6 Months Ended
	Jun. 30, 2021
Redeemable Convertible Preferred Stock And Stockholders Equity [Abstract]
Redeemable Convertible Preferred Stock And Stockholders Equity [Text Block]	8. Convertible Preferred Stock and Stockholders’ Deficit Convertible Preferred Stock The authorized shares, purchase price, number of shares and liquidation amount for each series of convertible preferred stock as of June 30, 2021 and December 31, 2020 is as follows (in thousands, except share and per share amounts): Shares Authorized Purchase Price Per Share Shares Outstanding Liquidation Preference Convertible preferred stock: Series A 145,560,097 $ 0.39148 119,744,594 $ 46,878 Series B 114,646,041 $ 0.48846 105,154,241 $ 51,364 Series C 76,070,076 $ 0.51400 69,737,402 $ 35,845 Total 336,276,214 294,636,237 $ 134,087 Dividends Each holder of the Company’s Series A Convertible Preferred Stock, Series B Convertible Preferred Stock and Series C Convertible Preferred Stock (collectively, the “Preferred Stock”) is entitled to receive non- cumulative dividends, when and if declared by the Company’s Board of Directors, at a rate of per annum for each share of Series C Convertible Preferred Stock, prior to and in preference to the payment of a dividend on the common stock. No dividends have been declared to date. Liquidation Preferences In the event of any liquidation, dissolution or winding up of the Company, the holders of the Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of common stock, an amount per share equal to the original issue price plus declared but unpaid dividends. Conversion Each share of Preferred Stock is convertible at the option of the holder, at any time, into the number of shares of Common Stock determined by dividing the applicable purchase price by the applicable conversion price at the time of conversion. Each share of Preferred Stock will be automatically converted into common stock immediately upon (i) the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of common stock for the account of the Company in which the valuation of the Company immediately prior to such firmly underwritten public offering is at least $250,000,000, the gross cash proceeds to the Company (before underwriting discounts, commissions and fees) are at least $60,000,000 and the Company’s shares have been listed for trading on the New York Stock Exchange or Nasdaq or (ii) the affirmative vote of more than 70% of the holders of the then- outstanding Preferred Stock, voting together as a single class. Voting The holders of the Preferred Stock are entitled to one vote for each share of common stock into which such shares of Preferred Stock could then be converted; and with respect to such vote, such holders shall have full voting rights and powers equal to the voting rights and powers of the holders of the common stock. Redemption The Preferred Stock is not redeemable at the option of the holder or at the option of the Company. The Company’s convertible preferred stock has been classified as temporary equity on the accompanying balance sheet instead of in stockholders’ deficit in accordance with authoritative guidance for the classification and measurement of redeemable securities. Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of the convertible preferred stock can cause its redemption. The Company has determined not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such events would occur. Common Stock During the three and six months ended June 30, 2021, the Company issued 160,000 shares of common stock in connection with the exercise of stock options, for net cash proceeds of $16,000. During the three and six months ended June 30, 2020, the Company issued 782,300 and 978,184 of shares of common stock in connection with the exercise of stock options, for net cash proceeds of $73,000 and $89,000, respectively. Stock Options In May 2013, the Company adopted the 2013 Equity Incentive Plan (the “Plan”), which was amended in February 2016. The Plan provides for the grant of incentive stock options, non-statutory A summary of the Company’s stock option activity under the Plan is a s Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 40,251,144 $ 0.14 6.6 $ 3,806 Granted 450,000 0.23 9.6 Exercised (160,000 ) 0.09 4.5 Cancelled (346,563 ) 0.13 7.4 Outstanding at June 30, 2021 40,194,581 $ 0.14 6.1 $ 21,033 Vested and exercisable at June 30, 2021 28,704,052 $ 0.11 5.0 $ 15,669 For the six months ended June 30, 2021 the total fair value of vested options was $0.2 million. The weighted-average grant date fair value of employee option grants during the six months ended June 30, 2021 was $0.17 per share. Stock-Based Compensation Expense The Company recognized stock-based compensation expense of $0.2 million and $0.3 million for the three and six months ended June 30, 2021, respectively, and recognized stock-based compensation expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2020, respectively. The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock option grants were as follows: Six Months Ended June 30, 2021 2020 Risk-free interest rate 0.7% 0.5% - 1.0% Expected volatility 90% 87% - 89% Expected term (in years) 6.1 5.3 - 6.1 Expected dividend yield 0% 0% Risk-free interest rate. Expected volatility. Expected term. time-to-vesting Expected dividend yield. Forfeitures As of June 30, 2021, the unrecognized compensation cost related to outstanding employee options was $1.3 million and is expected to be recognized as expense over approximately 1.1 years. Unrecognized compensation cost related to outstanding nonemployee options was $0.1 million as of June 30, 2021, and is expected to be recognized as expense over approximately 0.4 years. Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, Convertible preferred stock 294,636,237 294,636,237 Stock options issued and outstanding 40,194,581 40,251,144 Preferred stock warrants issued and outstanding 1,118,677 729,572 Authorized for future stock awards or option grants 1,273,525 1,376,962 Total 337,223,020 336,993,915 There were 1,273,525 and 1,376,962 shares available for grant under the Plan as of June 30, 2021 and December 31, 2020, respectively. Options granted under the Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant, or in the case of certain non-statutory p

License Agreements

License Agreements	6 Months Ended
	Jun. 30, 2021
License Agreement Disclosure [Abstract]
License Agreements	9. License Agreements In May 2013, the Company entered into an agreement with the Regents of the University of California (“UCSF”) which provides the Company with an exclusive license to UCSF’s patent rights in certain inventions (the “UCSF Translational Profiling Patent Rights”) relating to translational profiling laboratory techniques initially developed at UCSF. Under the agreement, the Company is permitted to research, develop, make and sell products that it discovers and develops utilizing the UCSF Translational Profiling Patent Rights, which the Company refers to as licensed products, and use certain licensed processes utilizing the UCSF Translational Profiling Patent Rights and to sublicense such licensed products and processes. Under the agreements, the Company is required to use commercially reasonable efforts to meet certain specified development, regulatory and commercial milestones related to the licensed products within specified time periods. In consideration of the rights granted to the Company under the agreement, the Company made a one-time a one-time cash of less than one percent on net sales of each of the first two licensed products sold by the Company or its affiliates, subject to minimum annual royalty payments and other adjustments in certain circumstances. The Company’s royalty obligations continue for each licensed product or service until the expiration of the last licensed patent covering the applicable licensed product or service. In the event the Company sublicenses any of the UCSF Translational Profiling Patent Rights, the Company has agreed to pay a percentage of sublicense revenue received at specified rates that start at low double digit percentages and decrease to single digit percentages based on the elapsed time from the effective date of the agreement. Additionally, the Company has agreed to pay a low double digit percentage of any payments it receives from the sales of a licensed product discovered or developed by the Company under a collaboration agreement and a low double digit percentage of any net sales with respect to a licensed service. UCSF may terminate the agreement if the Company fails to perform or violates any material term of the agreement and fails to cure such nonperformance or violation within 60 days of notice from UCSF or in the event of the Company’s insolvency. The Company is currently in compliance with all material terms of the agreement. The Company may terminate the agreement upon 60 days’ written notice to UCSF and may terminate the UCSF Translational Profiling Patent Rights on a claim-by-claim, patent-by-patent country-by-country The Company paid $15,000 to UCSF for the three and six months ended June 30, 2021 and 2020. All license related fees were recorded as research and development expense.

Research Collaboration and Lice

Research Collaboration and License Agreement	6 Months Ended
	Jun. 30, 2021
Research and Development [Abstract]
Research Collaboration and License Agreement	10. Research Collaboration and License Agreement In December 2019, the Company entered into a Research Collaboration and License Agreement (the “Pfizer Agreement”) with Pfizer to research and develop small molecules that target eIF4E. Pursuant to the Pfizer Agreement, the Company granted Pfizer a worldwide, exclusive license, with a right to sublicense, under certain of the Company’s patents, know-how co-fund co-promote Under the Pfizer Agreement, the Company was responsible for initial research in collaboration with Pfizer, and Pfizer is responsible for all further development of the program, including submission of an IND and conducting all clinical development and commercialization activities. Pfizer is obligated to use commercially reasonable efforts to develop and seek regulatory approval for a licensed product, and commercialize a licensed product where Pfizer has received regulatory approval, in the United States and certain other countries. In the event the Company exercises its co-funding co-promotion co-developed Pursuant to the Pfizer Agreement, the Company received an upfront, one-time, non-refundable, non-creditable non-early co-funding co-promotion does not exercise the option, non-early non-early product-by-product co-promotion co-funding Unless earlier terminated, the Pfizer Agreement will continue in effect until the expiration of all Pfizer payment obligations. Except in the United States, if the Company exercises its co-funding co-promotion paid-up, Under the framework of ASC Topic 606, Revenue from Contracts with Customers, the Company identified two distinct performance obligations; 1) delivery of the license and 2) performance of future research activities specified within the research plan. The Company determined the standalone value of the license by calculating the present value of the probability weighted cash inflows to be generated from the Pfizer Agreement. These cash inflows include development and sales milestones and future royalties. The standalone value of the research activities was determined by identifying the market cost for services and supplies to perform such activities if it were to be outsourced to a third-party. The initial transaction price of $27.0 million was allocated to the two performance obligations on a relative standalone value basis, with $25.6 million allocated to the license and $1.4 million allocated to the research activities. The value attributable to the license was recognized upon delivery of the license to Pfizer and the value attributable to the research activities was recognized pro-rata based During the three and six months ended June 30, 2020, the Company received $17.1 million and $42.0 million from Pfizer in connection with the Research and License Agreement for delivery of the license, reimbursement of research activities specific within the research plan, and achievement of the first development milestones. For the three and six months ended June 30, 2020, the Company recorded revenue of $15.1 million and $41.4 million, respectively. Of the $15.1 million in revenue recorded for the three months ended June 30, 2020, $14.3 million related to value attributable to the license for the achievement of the first development milestone and $0.8 million related to the performance of research activities specified within the research plan. A contract liability balance of $0.6 million was recorded as of June 30, 2020. As of June 30, 2020, all future development and sales milestones (variable consideration) were fully constrained. There was no revenue recorded in connection with this agreement for the three months and six months ended June 30, 2021 because all development and sales milestones (variable consideration) were fully constrained.

DARPA Grant Revenue

DARPA Grant Revenue	6 Months Ended
	Jun. 30, 2021
DARPA Grant Revenue Disclosure [Abstract]
DARPA Grant Revenue	11. DARPA Grant Revenue In April 2021, the Company entered into a Research Subaward Agreement with UCSF, whereby up to $5.0 million in allowable costs are reimbursable for clinical and manufacturing activities related to zotatifin for the treatment of COVID-19 The Company recognized $0.7 million of revenue under the DARPA grant in the t h

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Leases The Company leased certain office and lab space in San Diego, California under a non-cancelable two-year non-cancelable During the three and six months ended June 30, 2021, the Company paid $28,000 and $56,000, respectively, in lease payments, which were included in operating activities in the statements of cash flows. During the three and six months ended June 30, 2020, the Company paid $153,000 and $0.3 million, respectively, in lease payments, which were included in operating activities in the statements of cash flows. The following table summarizes supplemental balance sheet information related to leases as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Assets: Operating lease right-of-use $ 47 $ 92 Total right-of-use 47 92 Liabilities Operating lease liabilities, current 55 108 Operating lease liabilities, non-current — — Total operating lease liabilities $ 55 $ 108 As of June 30, 2021, the future minimum annual lease payments under the existing operating leases were as follows (in thousands, except for weighted-average remaining lease term and weighted-average discount rate): In thousands (except for Weighted-average remaining lease term and Weighted-average discount rate) Remainder of 2021 $ 56 Total remaining lease payments 56 Less: imputed interest (1 ) Total operating lease liabilities 55 Less: current portion (55 ) Long-term operating lease liabilities $ — Weighted-average remaining lease term (in years) 1 Weighted-average discount rate 9 %

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Employee Benefits	13. Employee Benefits The Company has a defined contribution 401(k) plan available to eligible employees. Under the terms of the plan, employees may make voluntary contributions as a percent of compensation, limited to the maximum amount allowable under federal tax regulations. The Company, at its discretion, may make certain contributions to the 401(k) plan. Through June 30, 2021, the Company made no matching contributions.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes There was no provision for income taxes recorded during the three months ended June 30, 2021 and tax expense of approximately $0.1 million recorded in the three months ended June 30, 2020. The Company’s deferred tax assets continue to be fully offset by a valuation allowance.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events For the purposes of the financial statements as of June 30, 2021 and the three and six months then ended, the Company has evaluated subsequent events through August 31, 2021, the date on which the financial statements were issued. Business Combination closing of LWAC and eFFECTOR On August 25, 2021, the Company completed the previously announced business combination pursuant to an Agreement and Plan of Merger dated May 26, 2021, among LWAC, LWAC Merger Sub Inc., eFFECTOR Therapeutics, Inc. (Old eFFECTOR). Upon closing of the business combination, the combined company was renamed eFFECTOR Therapeutics, Inc. (eFFECTOR). All outstanding common and preferred shares of Old eFFECTOR converted into common shares of the surviving eFFECTOR company through application of an exchange ratio of approximately 0.09657. Pursuant to the terms of the Agreement and Plan of Merger, the Company’s shareholders exchanged their interests in the Company for shares of common stock of eFFECTOR. In addition, awards under the Company’s existing equity incentive plans, including the 2013 Plan, continue in full force and effect on the same terms and conditions as were previously applicable to such awards, subject to adjustments to the exercise price and number of shares of common stock issuable upon exercise based on the final conversion ratio calculated in accordance with the Merger Agreement. Gross proceeds from this transaction totaled approximately 24 method of accounting, LWAC will be treated as the “acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the business combination, eFFECTOR stockholders have a majority of the voting power of the combined company, comprise all of the ongoing operations of the combined entity, comprise a majority of the governing body of the combined company, and eFFECTOR senior management comprise all of the senior management of the combined company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Deferred Issuance Costs	Deferred Issuance Costs The Company has deferred issuance costs consisting of legal, accounting and other fees and costs directly attributable to the transaction with LWAC. The deferred issuance costs will be offset against the proceeds received upon the consummation of the transaction. The deferred issuance costs were
Grant Revenue	Grant Revenue The Company’s grant revenues are derived from a grant with the Defense Advanced Research Projects Agency (“DARPA”) through the University of California, San Francisco (“UCSF”). The Company recognizes DARPA Grant revenue as reimbursable grant costs are incurred up to pre-approved
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning As of June 30, 2021 and December 31, 2020, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate. The Company records uncertain tax positions on the basis of a two-step
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with the FASB guidance for Earnings Per Share, which established standards regarding the computation of earnings per share by companies that have issued securities other than common stock that contractually entitle the holder to participate in earnings and dividends. The guidance requires earnings available to common shareholders for the period, after deduction of preferred stock preferences, to be allocated between the common and preferred shareholders based on their respective rights to receive dividends. The Company is not required to present basic and diluted net income per share for securities other than common stock; therefore, the net income (loss) per share amounts only pertain to the Company’s common stock. Basic net income (loss) per share is calculated by dividing income (loss) allocable to common shareholders (net income after reduction for any required returns to preferred stock shareholders prior to paying dividends to the common shareholders, assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding, during the period. The Company calculates diluted net income per share using the more dilutive of the 1) treasury stock method, if-converted two-class The Company has used the treasury stock method to calculate diluted net income (loss) per share for the three and six months ended June 30, 2021, as the Company was in a net loss position, and used the two-class if-converted The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,312 ) — (26,642 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 281 $ (12,130 ) $ 1,032 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Net (loss) income per share - basic $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07 Diluted Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,071 ) — (25,976 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 522 $ (12,130 ) $ 1,698 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Weighted average effect of dilutive stock options — 13,836,636 — 9,985,024 Weighted average common shares outstanding - diluted 15,016,742 28,556,667 14,990,514 24,264,090 Net (loss) income per share - diluted $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07 Potentially dilutive securities as of June 30, 2021 and 2020 are as follows (in common stock equivalent shares): As of June 30, 2021 2020 Series A Convertible Preferred Stock 119,744,594 119,744,594 Series B Convertible Preferred Stock 105,154,241 105,154,241 Series C Convertible Preferred Stock 69,737,402 69,737,402 Series C Convertible Preferred Stock Warrants 1,118,677 729,572 Stock Options Outstanding 40,194,581 825,000 Total 335,949,495 296,190,809

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Basic Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,312 ) — (26,642 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 281 $ (12,130 ) $ 1,032 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Net (loss) income per share - basic $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07 Diluted Net (Loss) Income per share Net (loss) income $ (5,548 ) $ 8,593 $ (12,130 ) $ 27,674 Less: income allocated to participating securities — (8,071 ) — (25,976 ) Net (loss) income attributable to common shareholders $ (5,548 ) $ 522 $ (12,130 ) $ 1,698 Weighted average common shares outstanding - basic 15,016,742 14,720,031 14,990,514 14,279,067 Weighted average effect of dilutive stock options — 13,836,636 — 9,985,024 Weighted average common shares outstanding - diluted 15,016,742 28,556,667 14,990,514 24,264,090 Net (loss) income per share - diluted $ (0.37 ) $ 0.02 $ (0.81 ) $ 0.07
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities as of June 30, 2021 and 2020 are as follows (in common stock equivalent shares): As of June 30, 2021 2020 Series A Convertible Preferred Stock 119,744,594 119,744,594 Series B Convertible Preferred Stock 105,154,241 105,154,241 Series C Convertible Preferred Stock 69,737,402 69,737,402 Series C Convertible Preferred Stock Warrants 1,118,677 729,572 Stock Options Outstanding 40,194,581 825,000 Total 335,949,495 296,190,809

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table summarizes the Company’s assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements Using June 30, 2021 Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Assets Money market funds $ 10,880 $ 10,880 $ — $ — Total assets $ 10,880 $ 10,880 $ — $ — Liabilities Preferred stock warrant liability $ 780 $ — $ — $ 780 Total liabilities $ 780 $ — $ — $ 780 Fair Value Measurements Using December 31, 0 Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Assets Money market funds $ 15,216 $ 15,216 $ — $ — Total assets $ 15,216 $ 15,216 $ — $ — Liabilities Preferred stock warrant liability $ 433 $ — $ — $ 433 Total liabilities $ 433 $ — $ — $ 433
Summary of fair value measurements inputs	The following key assumptions were used in determining the fair value of the preferred stock warrant liability valued using the Black-Scholes option pricing model as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Fair value of Series C convertible preferred stock $ 0.80 $ 0.70 Expected volatility 96.4% - 97.6% 96.3% Risk-free interest rate 1.2% - 1.5% 0.7% Expected term (in years) 7.2 - 9.7 7.7 Expected dividend yield — —
Summary of change in fair value of preferred stock warrant liability	The following table presents activity for the preferred stock warrant liability measured at fair value using significant unobservable Level 3 inputs during the six months ended June 30, 2021 and 2020 (in thousands): Series C Preferred Stock Warrant Liability Balance at December 31, 2019 $ 442 Change in fair value 72 Balance at June 30, 2020 $ 514 Balance at December 31, 2020 $ 433 Issuance of new warrants 271 Change in fair value 76 Balance at June 30, 2021 $ 780

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and equipment, net	Property and equipment, net consists of the following (in thousands): June 30, 2021 December 31, 2020 Lab equipment $ 30 $ 30 Computer and office equipment 122 133 Furniture and fixtures 64 64 216 227 Less accumulated depreciation and amortization (195 ) (193 ) $ 21 $ 34

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Summary of Accrued expenses	Accrued expenses consist of the following (in thousands): June 30, 2021 December 31, 2020 Employee compensation $ 643 $ 230 Research and development 462 755 Professional and outside services 1,069 44 Interest 128 598 Income taxes payable 351 351 Other 4 6 $ 2,657 $ 1,984

Term Loan (Tables)

Term Loan (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Company's required future principal payments	Based on the outstanding principal amounts for the Company’s Term A Loa n Years ended December 31, 2023 $ 4,444 2024 6,667 2025 6,667 2026 2,222 20,000 Unamortized debt discount (1,432 ) $ 18,568

Preferred Stock Warrants (Table

Preferred Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2021
Preferred Stock Warrants Disclosure [Abstract]
Summary of Preferred stock warrants outstanding	The following table summarizes the outstanding warrants to purchase shares of preferred stock and the corresponding exercise price as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Exercise Price Expiration Date Series C preferred stock warrants 729,572 729,572 $ 0.514 August 31, 2028 Series C preferred stock warrants 389,105 — $ 0.514 March 19, 2031

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Deficit (Tables)	6 Months Ended
	Jun. 30, 2021
Redeemable Convertible Preferred Stock And Stockholders Equity [Abstract]
Summary of temporary equity	The authorized shares, purchase price, number of shares and liquidation amount for each series of convertible preferred stock as of June 30, 2021 and December 31, 2020 is as follows (in thousands, except share and per share amounts): Shares Authorized Purchase Price Per Share Shares Outstanding Liquidation Preference Convertible preferred stock: Series A 145,560,097 $ 0.39148 119,744,594 $ 46,878 Series B 114,646,041 $ 0.48846 105,154,241 $ 51,364 Series C 76,070,076 $ 0.51400 69,737,402 $ 35,845 Total 336,276,214 294,636,237 $ 134,087
Summary of Company's stock option activity	A summary of the Company’s stock option activity under the Plan is a s Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 40,251,144 $ 0.14 6.6 $ 3,806 Granted 450,000 0.23 9.6 Exercised (160,000 ) 0.09 4.5 Cancelled (346,563 ) 0.13 7.4 Outstanding at June 30, 2021 40,194,581 $ 0.14 6.1 $ 21,033 Vested and exercisable at June 30, 2021 28,704,052 $ 0.11 5.0 $ 15,669 For the six months ended June 30, 2021 the total fair value of vested options was $0.2 million. The weighted-average grant date fair value of employee option grants during the six months ended June 30, 2021 was $0.17 per share.
Summary of fair value of stock option grants using Black-Scholes option pricing model	The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock option grants were as follows: Six Months Ended June 30, 2021 2020 Risk-free interest rate 0.7% 0.5% - 1.0% Expected volatility 90% 87% - 89% Expected term (in years) 6.1 5.3 - 6.1 Expected dividend yield 0% 0%
Summary of Common stock reserved for future issuance	Common stock reserved for future issuance consists of the following as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, Convertible preferred stock 294,636,237 294,636,237 Stock options issued and outstanding 40,194,581 40,251,144 Preferred stock warrants issued and outstanding 1,118,677 729,572 Authorized for future stock awards or option grants 1,273,525 1,376,962 Total 337,223,020 336,993,915

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Supplemental Balance Sheet Information Related to Leases	The following table summarizes supplemental balance sheet information related to leases as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Assets: Operating lease right-of-use $ 47 $ 92 Total right-of-use 47 92 Liabilities Operating lease liabilities, current 55 108 Operating lease liabilities, non-current — — Total operating lease liabilities $ 55 $ 108
Summary of Minimum Annual Lease Payments Under Operating Leases	As of June 30, 2021, the future minimum annual lease payments under the existing operating leases were as follows (in thousands, except for weighted-average remaining lease term and weighted-average discount rate): In thousands (except for Weighted-average remaining lease term and Weighted-average discount rate) Remainder of 2021 $ 56 Total remaining lease payments 56 Less: imputed interest (1 ) Total operating lease liabilities 55 Less: current portion (55 ) Long-term operating lease liabilities $ — Weighted-average remaining lease term (in years) 1 Weighted-average discount rate 9 %

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 25, 2021	Jun. 30, 2021	Jun. 30, 2020	Jul. 31, 2021	Dec. 31, 2020
Organization consolidation and presentation of financial statements [Line Items]
Place of incorporation	DE
Date of incorporation	May 1, 2012
Accumulated deficit		$ (148,829)			$ (136,699)
Net cash (used in) provided by operating activities		10,813	$ (28,717)
Cash and cash equivalents		$ 10,880		$ 10,900	$ 15,216
Proceeds from cash acquired through acquisation and PIPE offering	$ 65,900
Private Investment in Public Entity Offering [Member]
Organization consolidation and presentation of financial statements [Line Items]
Stock issued during period, value, new issues	$ 60,700
Locust Walk Acquisition Corp [Member]
Organization consolidation and presentation of financial statements [Line Items]
Ownership percentage	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic Net (Loss) Income per share
Net (loss) income	$ (5,548)	$ (6,582)	$ 8,593	$ 19,081	$ (12,130)	$ 27,674
Less: income allocated to participating securities	0		(8,312)		0	(26,642)
Net (loss) income attributable to common shareholders	$ (5,548)		$ 281		$ (12,130)	$ 1,032
Weighted average common shares outstanding - basic	15,016,742		14,720,031		14,990,514	14,279,067
Net (loss) income per share - basic	$ (0.37)		$ 0.02		$ (0.81)	$ 0.07
Diluted Net (Loss) Income per share
Net (loss) income	$ (5,548)	$ (6,582)	$ 8,593	$ 19,081	$ (12,130)	$ 27,674
Less: income allocated to participating securities	0		(8,071)		0	(25,976)
Net (loss) income attributable to common shareholders	$ (5,548)		$ 522		$ (12,130)	$ 1,698
Weighted average common shares outstanding - basic	15,016,742		14,720,031		14,990,514	14,279,067
Weighted average effect of dilutive stock options	0		13,836,636		0	9,985,024
Weighted average common shares outstanding - diluted	15,016,742		28,556,667		14,990,514	24,264,090
Net (loss) income per share - diluted	$ (0.37)		$ 0.02		$ (0.81)	$ 0.07

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	335,949,495	296,190,809
Series A Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	119,744,594	119,744,594
Series B Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	105,154,241	105,154,241
Series C Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	69,737,402	69,737,402
Series C Convertible Preferred Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,118,677	729,572
Stock Options Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	40,194,581	825,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Deferred Offering Costs	$ 2.2	$ 0
Percentage of liability refund adjustment from settlement with taxing authority	50.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Money market funds	$ 10,880	$ 15,216
Total assets	10,880	15,216
Liabilities:
Preferred stock warrant liability	780	433
Total liabilities	780	433
Fair Value Inputs Level 1
Assets:
Money market funds	10,880	15,216
Total assets	10,880	15,216
Fair Value Inputs Level 3
Liabilities:
Preferred stock warrant liability	780	433
Total liabilities	$ 780	$ 433

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Fair Value Measurements Inputs (Detail) - Preferred Stock Warrant Liability [Member]	Jun. 30, 2021yrshares	Dec. 31, 2020sharesyr
Series C Convertible Preferred Stock [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input | shares	0.80	0.70
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		96.3
Expected volatility | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	97.6
Expected volatility | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	96.4
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		0.7
Risk-free interest rate | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	1.5
Risk-free interest rate | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	1.2
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input		7.7
Expected term (in years) | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	9.7
Expected term (in years) | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	7.2

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of change in fair value of preferred stock warrant liability (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Class of Warrant or Right [Line Items]
Fair value, Beginning Balance	$ 433	$ 442
Issuance of new warrants	271
Change in fair value	76	72
Fair value, Ending Balance	$ 780	$ 514

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Inputs, Level 1, 2 and 3 [Member]
Fair value, net derivative asset (liability) measured on recurring basis, unobservable inputs reconciliation, transfers, net	$ 0

Property and Equipment, net - S

Property and Equipment, net - Summary of Property and equipment, net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 216	$ 227
Less accumulated depreciation and amortization	(195)	(193)
Total	21	34
Lab equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	30	30
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	122	133
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 64	$ 64

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6,400	$ 41,000	$ 13,400	$ 87,000

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Employee compensation	$ 643	$ 230
Research and development	462	755
Professional and outside services	1,069	44
Interest	128	598
Income taxes payable	351	351
Other	4	6
Total	$ 2,657	$ 1,984

Term Loan -Additional informati

Term Loan -Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 16, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 31, 2021	Dec. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
Debt Instrument [Line Items]
Ceiling limit of maximum percentage amount to be paid on aggregate principal amount	5.50%
Debt Instrument, Maturity Date	Feb. 1, 2023
Number of shares subject to each warrant			364,786		364,786			364,786
Class of warrants, Exercise price per share			$ 514		$ 514
Warrants expire date	Aug. 31, 2028				Mar. 19, 2031
Effective interest rate								6.50%
Unamortized debt discounts			$ 1,432		$ 1,432
Long term debt debt gross			20,000		20,000
Repayment of term loans					13,940
Payment of accrued interest on term loan					37,000
Loss on debt extinguishment					492
Prepayment fees paid in respect of term loan					100
Less Than One Year From The Date Of Loan Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee as a percentage of the outstanding principal		3.00%
Greater Than One Year And Less Than Two Years From The Date Of Loan Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee as a percentage of the outstanding principal		2.00%
Later Than Two Years And Not Later Than Three Years From The Date Of Loan Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee as a percentage of the outstanding principal		1.00%
Later Than Three Years From The Date Of Loan Agreement [Member]
Debt Instrument [Line Items]
Prepayment fee as a percentage of the outstanding principal		0.00%
Prime Rate [Member]
Debt Instrument [Line Items]
Effective interest rate								1.50%
Series C Preferred Stock [Member]
Debt Instrument [Line Items]
Number of shares subject to each warrant	486,381
Class of warrants, Exercise price per share	$ 0.514
Debt Instrument, Term Loan A [Member]
Debt Instrument [Line Items]
Effective interest rate								9.10%
Debt Instrument, Term Loan B. [Member]
Debt Instrument [Line Items]
Effective interest rate								9.00%
Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum borrowing amount										$ 20,000
Loan and Security Agreement [Member] | Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Unamortized debt discounts								$ 200
Long term debt debt gross								13,000
Long term det net of unamortized debt discounts								$ 12,900
Interest expense including amortization of debt discount			$ 0	$ 300	$ 200	$ 700
Loan and Security Agreement [Member] | Oxford Finance LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 30,000
Loan and Security Agreement [Member] | Oxford Finance LLC [Member] | Warrants To Purchase To Series C Redeemable Convertible Stock [Member]
Debt Instrument [Line Items]
Class of warrants, Exercise price per share							$ 0.514
Class of warrants or rights number of securities covered by the warrants or rights			389,105		389,105
Class of warrants or rights maturity date			May 19, 2031		May 19, 2031
Loan and Security Agreement [Member] | Debt Instrument, Term Loan A [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current borrowing amount										7,500
Loan and Security Agreement [Member] | Debt Instrument, Term Loan A [Member] | Oxford Finance LLC [Member]
Debt Instrument [Line Items]
Unamortized debt discounts		1,500
Long term debt debt gross			$ 20,000		$ 20,000
Long term det net of unamortized debt discounts			18,600		18,600
Interest expense including amortization of debt discount			$ 480,000		$ 549,000
Debt instrument, face amount		$ 20,000
Cut off date before which the interest on the term loan shall be paid		May 1, 2023
Extended cut off date before which the interest on term loan shall be paid		May 1, 2024
Term loan final payment as a percentage of the amount funded		5.50%
Long term debt maturity date			Mar. 18, 2026		Mar. 18, 2026
Long term debt variable interest rate percentage			7.70%		7.70%
Debt instrument variable interest rate spread		4.45%
Loan and Security Agreement [Member] | Debt Instrument, Term Loan A [Member] | Oxford Finance LLC [Member] | Debt Instrument Sub Tranche One [Member]
Debt Instrument [Line Items]
Proceeds from long term debt net of issuance costs					$ 12,500
Loan and Security Agreement [Member] | Debt Instrument, Term Loan A [Member] | Oxford Finance LLC [Member] | Debt Instrument Sub Tranche Two [Member]
Debt Instrument [Line Items]
Proceeds from long term debt net of issuance costs					$ 7,400
Loan and Security Agreement [Member] | Debt Instrument, Term Loan B. [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current borrowing amount									$ 7,500	7,500
Loan and Security Agreement [Member] | Debt Instrument, Term Loan B. [Member] | Oxford Finance LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 10,000
Number of days within which a portion of term loan will be available subject to achievement of milestone		45 days
Date on or before which a portion of term loan will be available subject to achievement of milestone		May 31, 2022
Loan and Security Agreement [Member] | Debt Instrument, Term Loan C [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current borrowing amount										$ 5,000
Loan and Security Agreement [Member] | Debt Instrument Term Loan A And B [Member] | Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Repayment of term loans		$ 11,500
Term loan final payment		$ 800
Term loan final payment as a percentage of the original principal amount		1.00%

Term Loan - Summary of Company'

Term Loan - Summary of Company's required future principal payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Debt Instrument Future Principal Payments [Line Items]
2023	$ 4,444
2024	6,667
2025	6,667
2026	2,222
Long-term Debt	20,000
Unamortized debt discount	(1,432)
Total	$ 18,568	$ 0

Preferred Stock Warrants - Summ

Preferred Stock Warrants - Summary of Preferred stock warrants outstanding (Detail) - $ / shares shares in Thousands	Aug. 16, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding		389,105	0
Exercise price of warrants		$ 514
Expiration Date	Aug. 31, 2028	Mar. 19, 2031
Series C Preferred Stock Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding		729,572	729,572
Exercise price of warrants		$ 514
Expiration Date		Aug. 31, 2028

Preferred Stock Warrants - Addi

Preferred Stock Warrants - Additional Information (Detail)	Aug. 25, 2021USD ($)
Preferred Stock Warrants Disclosure [Abstract]
Warrants exercise	$ 50,529
Stockholders equity note stock split exchange ratio	0.09657

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Aug. 31, 2019
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Percentage of votes in terms of shares held by the holders of redeemable convertible preferred stock needed to approve conversion into common stock	70.00%		70.00%		70.00%
Stock issued during the period shares stock options excercised		782,300	160,000	978,184	160,000
Proceeds from the exercise of stock options	$ 16,000	$ 73,000	$ 16,000	$ 89,000
Share based compensation by share based payment arrangement number of shares authorized for issuance	47,571,987		47,571,987		47,571,987
Allocated share based compensation expense	$ 200,000	$ 100,000	$ 300,000	$ 200,000
Share-based Payment Arrangement, Employee [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based arrangement unrecognized compensation for options	1,300,000		$ 1,300,000
Share based compensation by share based arrangement unrecognized compensation for options weighted average remaining period for recognition			1 year 1 month 6 days
Share-based Payment Arrangement, Nonemployee [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based arrangement unrecognized compensation for options	$ 100,000		$ 100,000
Share based compensation by share based arrangement unrecognized compensation for options weighted average remaining period for recognition			4 months 24 days
Two Thousand And Thirteen Amended Equity Incentive Plan [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based arrangement number of shares available for grant	1,273,525		1,273,525		1,376,962
Share based compensation by share based arrangement term			10 years
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Share-based Payment Arrangement, Tranche One [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based payment award vesting rights percentage			25.00%		25.00%
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value					25.00%
Share based compensation by share based payment award vesting rights percentage			25.00%		25.00%
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based payment award vesting rights percentage			25.00%		25.00%
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Share Based Payment Award Tranche Four [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based payment award vesting rights percentage			25.00%		25.00%
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Incentive Stock Options [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based arrangement term			10 years
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value			100.00%		100.00%
Two Thousand And Thirteen Amended Equity Incentive Plan [Member] | Holders Of Ten Percent Or More Of All Classes Of Common Stock [Member] | Incentive Stock Options [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Share based compensation by share based arrangement term			5 years
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value					110.00%
Percentage of voting power of all classes of common stock	10.00%		10.00%		10.00%
Condition For Conversion Of Redeemable Convertible Preferred Stock Into Common Stock [Member] | Minimum [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Net assets	$ 250,000,000		$ 250,000,000			$ 250,000,000
Proceeds from initial public offering gross			$ 60,000,000		$ 60,000,000
Series A Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Temporary equity dividend per share			$ 0.0313184		$ 0.0313184
Series B Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Temporary equity dividend per share			0.0390768		0.0390768
Series C Redeemable Convertible Preferred Stock [Member]
Redeemable Convertible Preferred Stock And Stockholders Equity [Line Items]
Temporary equity dividend per share			$ 0.04112		$ 0.04112

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Deficit - Summary of temporary equity (Detail) $ / shares in Units, $ in Thousands	Jun. 30, 2021USD ($)$ / sharesshares
Temporary Equity [Line Items]
Shares Authorized	336,276,214
Shares Outstanding	294,636,237
Liquidation Preference | $	$ 134,087
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares Authorized	145,560,097
Purchase Price Per Share | $ / shares	$ 0.39148
Shares Outstanding	119,744,594
Liquidation Preference | $	$ 46,878
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares Authorized	114,646,041
Purchase Price Per Share | $ / shares	$ 0.48846
Shares Outstanding	105,154,241
Liquidation Preference | $	$ 51,364
Series C Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares Authorized	76,070,076
Purchase Price Per Share | $ / shares	$ 0.51400
Shares Outstanding	69,737,402
Liquidation Preference | $	$ 35,845

Convertible Preferred Stock a_5

Convertible Preferred Stock and Stockholders' Deficit - Summary of Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Redeemable Convertible Preferred Stock And Stockholders Equity [Abstract]
Shares Outstanding at December 31, 2020		40,251,144
Granted		450,000
Exercised	(782,300)	(160,000)	(978,184)	(160,000)
Cancelled		(346,563)
Shares Outstanding at June 30, 2021		40,194,581		40,251,144
Vested and exercisable at June 30, 2021		28,704,052
Weighted- Average Exercise Price - Outstanding at December 31, 2020		$ 0.14
Granted		0.23
Exercised		0.09
Cancelled		0.13
Weighted- Average Exercise Price - Outstanding at June 30, 2021		0.14		$ 0.14
Vested and exercisable at June 30, 2021		0.11
Weighted- Average Remaining Contractual Term - Outstanding at December 31, 2020		6.6
Granted		9.6
Exercised		4.5
Cancelled		7.4
Weighted- Average Remaining Contractual Term - Outstanding at June 30, 2021		$ 6.1		$ 6.6
Vested and exercisable at June 30, 2021		5 years
Aggregate Intrinsic Value - Outstanding at December 31, 2020		$ 3,806
Granted
Aggregate Intrinsic Value - Outstanding at June 30, 2021		$ 21,033		$ 3,806
Vested and exercisable at June 30, 2021		$ 15,669

Convertible Preferred Stock a_6

Convertible Preferred Stock and Stockholders' Deficit - Summary of Company's Stock Option Activity (Parenthetical) (Detail) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / shares
Redeemable Convertible Preferred Stock And Stockholders Equity [Abstract]
Share based compensation by share based payment award options vested during the period aggregate fair value | $	$ 0.2
Share based compensation by share based arrangement award weighted average grant date fair value of options granted | $ / shares	$ 0.17

Convertible Preferred Stock a_7

Convertible Preferred Stock and Stockholders' Deficit - Summary of fair value of stock option grants using Black-Scholes option pricing model (Detail)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.70%
Expected volatility	90.00%
Expected term (in years)	6 years 1 month 6 days
Expected dividend yield	0.00%	0.00%
Risk-free interest rate - Minimum		0.50%
Risk-free interest rate - Maximum		1.00%
Expected volatility - Minimum		87.00%
Expected volatility - Maximum		89.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 1 month 6 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years 3 months 18 days

Convertible Preferred Stock a_8

Convertible Preferred Stock and Stockholders' Deficit - Summary of Common Stock Reserved for Future Issuance (Detail) - shares	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Common Stock Shares Reserved For Future Issuance Line Items [Line Items]
Common stock reserved for future issuance	337,223,020	336,993,915
Redeemable Convertible Preferred Stock [Member]
Disclosure Of Common Stock Shares Reserved For Future Issuance Line Items [Line Items]
Common stock reserved for future issuance	294,636,237	294,636,237
Stock Options Issued And Outstanding [Member]
Disclosure Of Common Stock Shares Reserved For Future Issuance Line Items [Line Items]
Common stock reserved for future issuance	40,194,581	40,251,144
Preferred Stock Warrants Issued And Outstanding [Member]
Disclosure Of Common Stock Shares Reserved For Future Issuance Line Items [Line Items]
Common stock reserved for future issuance	1,118,677	729,572
Authorized For Future Stock Awards Or Option Grants [Member]
Disclosure Of Common Stock Shares Reserved For Future Issuance Line Items [Line Items]
Common stock reserved for future issuance	1,273,525	1,376,962

License Agreements - Additional

License Agreements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2013	Jul. 31, 2021
License Agreement Disclosure [Line Items]
Research and development expense	$ 4,072,000	$ 4,826,000	$ 8,540,000	$ 10,451,000
Regents Of The University Of California [Member]
License Agreement Disclosure [Line Items]
Payment of one time license issuance fees					$ 50,000
Research and development expense		$ 15,000	$ 15,000
Amendment To The License Agreement [Member] | Regents Of The University Of California [Member]
License Agreement Disclosure [Line Items]
Payable In Connection With The Closing Of The Merger Agreement						$ 1,000,000
Terminate agreement period for written notice					60 days
Amendment To The License Agreement [Member] | Regents Of The University Of California [Member] | Certain Clinical And Regulatory Milestones [Member]
License Agreement Disclosure [Line Items]
Remaining milestone payments payable						$ 375,000

Research Collaboration and Li_2

Research Collaboration and License Agreement - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2020
Research Collaboration And License Agreement [Line Items]
Revenue from contract with customer excluding assessed tax		$ 15.1	$ 41.4
Research and Development Agreement [Member] | Pfizer [Member]
Research Collaboration And License Agreement [Line Items]
Upfront payment received	$ 15
Performance obligation transaction price	27
Received towards delivery of license and reimbursement of research activities		17.1	42
Contract with customer liability		0.6	$ 0.6
Research and Development Agreement [Member] | Pfizer [Member] | Achievement of the First Development Milestone [Member]
Research Collaboration And License Agreement [Line Items]
Revenue from contract with customer excluding assessed tax		14.3
Research and Development Agreement [Member] | Pfizer [Member] | Performance of Research Activities Within the Scope of Research Plan [Member]
Research Collaboration And License Agreement [Line Items]
Revenue from contract with customer excluding assessed tax		$ 0.8
Research and Development Agreement [Member] | Pfizer [Member] | Based on License [Member]
Research Collaboration And License Agreement [Line Items]
Performance obligation transaction price	25.6
Research and Development Agreement [Member] | Pfizer [Member] | Based on Research Activities [Member]
Research Collaboration And License Agreement [Line Items]
Performance obligation transaction price	1.4
Research and Development Agreement [Member] | Pfizer [Member] | Early Development and Regulatory Milestones [Member]
Research Collaboration And License Agreement [Line Items]
Milestone payment receivable	80
Research and Development Agreement [Member] | Pfizer [Member] | Non Early Stage Development Milestones [Member] | Non Exercise of Co-Funding And Co-Promotion Option [Member]
Research Collaboration And License Agreement [Line Items]
Milestone payment receivable	165
Research and Development Agreement [Member] | Pfizer [Member] | Non Early Stage Development Milestones [Member] | Exercise of Co-Funding And Co-Promotion Option [Member]
Research Collaboration And License Agreement [Line Items]
Milestone payment receivable	70
Research and Development Agreement [Member] | Pfizer [Member] | Specified Sales Based Milestones [Member]
Research Collaboration And License Agreement [Line Items]
Milestone payment receivable	$ 235

DARPA Grant Revenue - Additiona

DARPA Grant Revenue - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
DARPA Grant Revenue Disclosure [Line Items]
Allowable costs of reimbursable	$ 5,000
Prepaid expenses and other current assets		$ 1,154		$ 1,154		$ 1,362
DARPA Grant Revenue [Member]
DARPA Grant Revenue Disclosure [Line Items]
Revenues		700	$ 0	700	$ 0
Prepaid expenses and other current assets		$ 500		$ 500		$ 500

Commitments and Contingencies -

Commitments and Contingencies - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Operating lease right-of-use assets	$ 47	$ 92
Total right-of-use assets	47	92
Liabilities
Operating lease liabilities, current	55	108
Operating lease liabilities, non-current	0	0
Total operating lease liabilities	$ 55	$ 108

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Minimum Annual Lease Payments Under Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Disclosure of Operating Lease Future Payments and Terms [Line Items]
Remainder of 2021	$ 56
Total remaining lease payments	56
Less: imputed interest	(1)
Total operating lease liabilities	55	$ 108
Less: current portion	(55)	(108)
Long-term operating lease liabilities	$ 0	$ 0
Weighted-average remaining lease term (in years)	1 year
Weighted-average discount rate	9.00%

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Detail) - Operating Sublease For Office Space [Member] - California - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commitments [Line Items]
Lease cost	$ 24,000	$ 149,000	$ 48,000	$ 300,000
Payment of Operating lease	$ 28,000	$ 153,000	$ 56,000	$ 300,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Income Tax Disclosure [Abstract]
Income taxes expense	$ 0.1

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Aug. 25, 2021	Aug. 24, 2021
Subsequent Event [Line Items]
Stockholders equity note stock split exchange ratio	0.09657
2021 Incentive Award Plan [Member]
Subsequent Event [Line Items]
Stockholders equity note stock split exchange ratio	0.09657
Locust Walk Acquisition Corporation [Member]
Subsequent Event [Line Items]
Proceeds from the transaction related to merger		$ 65.9
Common Stock | PIPE Financing [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 60.7