Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Sensei Biotherapeutics, Inc. | |
Entity Central Index Key | 0001829802 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,720,291 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | SNSE | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39980 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1863385 | |
Entity Address, Address Line One | 451 D Street | |
Entity Address, Address Line Two | Suite 710 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 240 | |
Local Phone Number | 243-8000 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 9,899 | $ 7,159 |
Marketable securities | 113,815 | 140,462 |
Prepaid expenses | 3,484 | 547 |
Other current assets | 293 | 374 |
Total current assets | 127,491 | 148,542 |
Right of use assets - operating leases, net | 5,971 | |
Right of use assets - financing leases, net | 2,417 | |
Property and equipment, net | 2,112 | 4,644 |
Other non-current assets | 45 | 39 |
Total assets | 138,036 | 153,225 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 2,423 | 2,456 |
Compensation and employee benefits liabilities | 1,019 | 1,753 |
Operating lease liabilities, current | 1,194 | |
Financing lease liabilities, current | 798 | 680 |
Total current liabilities | 5,434 | 4,889 |
Operating lease liabilities, non-current | 4,967 | |
Financing lease liabilities, non-current | 1,719 | 1,674 |
Other non-current liabilities | 149 | |
Total liabilities | 12,120 | 6,712 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value and 250,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 30,720,921 and 30,609,029 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 3 | 3 |
Additional paid-in capital | 299,271 | 296,049 |
Accumulated deficit | (172,146) | (149,206) |
Accumulated other comprehensive loss | (1,212) | (333) |
Total stockholders' equity | 125,916 | 146,513 |
Total liabilities and stockholders' equity | $ 138,036 | $ 153,225 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 30,720,921 | 30,609,029 |
Common stock, shares outstanding | 30,720,921 | 30,609,029 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 6,393 | $ 5,898 | $ 13,848 | $ 9,263 |
General and administrative | 4,319 | 3,886 | 9,351 | 8,490 |
Total operating expenses | 10,712 | 9,784 | 23,199 | 17,753 |
Loss from operations | (10,712) | (9,784) | (23,199) | (17,753) |
Other income (expense): | ||||
Realized gain on marketable securities | 15 | |||
Interest income | 349 | 188 | 659 | 188 |
Interest expense | (172) | (147) | (415) | (150) |
Loss on fixed asset disposition | (28) | (28) | ||
Net loss | $ (10,535) | $ (9,771) | $ (22,940) | $ (17,743) |
Net loss per common share, basic and diluted | $ (0.34) | $ (0.32) | $ (0.75) | $ (0.72) |
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 30,701,758 | 30,588,495 | 30,674,868 | 24,778,949 |
Comprehensive loss: | ||||
Net loss | $ (10,535) | $ (9,771) | $ (22,940) | $ (17,743) |
Other comprehensive items: | ||||
Unrealized loss on marketable securities | (313) | (101) | (879) | (101) |
Total other comprehensive loss | (313) | (101) | (879) | (101) |
Total comprehensive loss | $ (10,848) | $ (9,872) | $ (23,819) | $ (17,844) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK, COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock Series AA | Convertible Preferred Stock Series BB | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2020 | $ (56,443) | $ 55,969 | $ (112,412) | ||||
Temporary equity, Beginning balance, shares at Dec. 31, 2020 | 747,683,172 | 52,680,306 | |||||
Temporary equity, Beginning balance at Dec. 31, 2020 | $ 61,411 | $ 10,925 | |||||
Beginning balance, shares at Dec. 31, 2020 | 1,875,422 | ||||||
Stock-based compensation expense | 1,349 | 1,349 | |||||
Issuance of preferred stock | $ 23,491 | ||||||
Issuance of preferred stock, shares | 113,275,902 | ||||||
Temporary equity, Conversion of preferred stock to common stock upon closing of the initial public offering | $ (61,411) | $ (34,416) | |||||
Temporary equity, Conversion of preferred stock to common stock upon closing of the initial public offering, shares | (747,683,172) | (165,956,208) | |||||
Issuance of common stock upon closing of the initial public offering, net of issuance costs | 138,489 | $ 1 | 138,488 | ||||
Issuance of common stock upon closing of the initial public offering, net of issuance costs, shares | 8,030,295 | ||||||
Exercise of common stock warrants | 1 | 1 | |||||
Exercise of common stock warrants, shares | 1,648,709 | ||||||
Conversion of preferred stock to common stock upon closing of the initial public offering | 95,828 | $ 2 | 95,826 | ||||
Conversion of preferred stock to common stock upon closing of the initial public offering, shares | 19,034,069 | ||||||
Net loss | (7,972) | (7,972) | |||||
Ending balance at Mar. 31, 2021 | 171,252 | $ 3 | 291,633 | (120,384) | |||
Ending balance, shares at Mar. 31, 2021 | 30,588,495 | ||||||
Beginning balance at Dec. 31, 2020 | (56,443) | 55,969 | (112,412) | ||||
Temporary equity, Beginning balance, shares at Dec. 31, 2020 | 747,683,172 | 52,680,306 | |||||
Temporary equity, Beginning balance at Dec. 31, 2020 | $ 61,411 | $ 10,925 | |||||
Beginning balance, shares at Dec. 31, 2020 | 1,875,422 | ||||||
Unrealized gains (loss) on marketable securities | (101) | ||||||
Net loss | (17,743) | ||||||
Ending balance at Jun. 30, 2021 | 163,125 | $ 3 | 293,378 | (130,155) | $ (101) | ||
Ending balance, shares at Jun. 30, 2021 | 30,588,495 | ||||||
Beginning balance at Mar. 31, 2021 | 171,252 | $ 3 | 291,633 | (120,384) | |||
Beginning balance, shares at Mar. 31, 2021 | 30,588,495 | ||||||
Stock-based compensation expense | 1,745 | 1,745 | |||||
Unrealized gains (loss) on marketable securities | (101) | (101) | |||||
Net loss | (9,771) | (9,771) | |||||
Ending balance at Jun. 30, 2021 | 163,125 | $ 3 | 293,378 | (130,155) | (101) | ||
Ending balance, shares at Jun. 30, 2021 | 30,588,495 | ||||||
Beginning balance at Dec. 31, 2021 | 146,513 | $ 3 | 296,049 | (149,206) | (333) | ||
Beginning balance, shares at Dec. 31, 2021 | 30,609,029 | ||||||
Stock-based compensation expense | 1,515 | 1,515 | |||||
Exercise of options into common stock | 237 | 237 | |||||
Exercise of options into common stock, shares | 73,784 | ||||||
Employee stock purchase plan expense | 14 | 14 | |||||
Unrealized gains (loss) on marketable securities | (566) | (566) | |||||
Net loss | (12,405) | (12,405) | |||||
Ending balance at Mar. 31, 2022 | 135,308 | $ 3 | 297,815 | (161,611) | (899) | ||
Ending balance, shares at Mar. 31, 2022 | 30,682,813 | ||||||
Beginning balance at Dec. 31, 2021 | $ 146,513 | $ 3 | 296,049 | (149,206) | (333) | ||
Beginning balance, shares at Dec. 31, 2021 | 30,609,029 | ||||||
Exercise of options into common stock, shares | 73,784 | ||||||
Unrealized gains (loss) on marketable securities | $ (879) | ||||||
Net loss | (22,940) | ||||||
Ending balance at Jun. 30, 2022 | 125,916 | $ 3 | 299,271 | (172,146) | (1,212) | ||
Ending balance, shares at Jun. 30, 2022 | 30,720,291 | ||||||
Beginning balance at Mar. 31, 2022 | 135,308 | $ 3 | 297,815 | (161,611) | (899) | ||
Beginning balance, shares at Mar. 31, 2022 | 30,682,813 | ||||||
Stock-based compensation expense | 1,396 | 1,396 | |||||
Employee stock purchase plan expense | 60 | 60 | |||||
Employee stock purchase plan expense, Shares | 37,478 | ||||||
Unrealized gains (loss) on marketable securities | (313) | (313) | |||||
Net loss | (10,535) | (10,535) | |||||
Ending balance at Jun. 30, 2022 | $ 125,916 | $ 3 | $ 299,271 | $ (172,146) | $ (1,212) | ||
Ending balance, shares at Jun. 30, 2022 | 30,720,291 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (22,940) | $ (17,743) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 2,934 | 3,095 |
Depreciation and amortization | 301 | 220 |
Accretion on marketable securities | 323 | 145 |
Interest on finance lease | 92 | 5 |
Non-cash lease expense | 587 | |
Amortization of financing lease right-of-use assets | 353 | |
Realized gain on marketable securities | (15) | |
Loss on fixed asset disposition | 28 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (2,936) | (1,740) |
Other assets | 74 | 86 |
Accounts payable and accrued liabilities | (33) | (1,148) |
Compensation and employee benefits | (735) | 180 |
Operating lease liabilities | (546) | |
Other liabilities | (16) | 58 |
Net cash used in operating activities | (22,649) | (16,814) |
Investing activities | ||
Purchases of property and equipment | (71) | (1,103) |
Purchases of short-term investments | (43,269) | (147,145) |
Sales of short-term investments | 7,864 | |
Maturities of short-term investments | 60,865 | |
Net cash provided by (used in) investing activities | 25,389 | (148,248) |
Financing activities | ||
Principle payments from financing leases | (289) | (21) |
Proceeds from the exercise of common stock options | 238 | 1 |
Employee stock purchase plan expense | 51 | |
Proceeds from issuance of common stock upon initial public offering, net of issuance costs | 140,594 | |
Net cash provided by financing activities | 164,065 | |
Net increase (decrease) in cash and cash equivalents | 2,740 | (997) |
Cash and cash equivalents at beginning of period | 7,159 | 16,596 |
Cash and cash equivalents at end of period | 9,899 | 15,599 |
Supplemental disclosure of noncash financing information: | ||
Property and equipment additions included in accounts payable and accrued liabilities | 56 | |
Deferred offering costs included in accounts payable and accrued liabilities | 534 | |
Interest on financing | 5 | |
Initial measurement of operating lease right-of-use assets | 6,558 | |
Initial measurement of operating lease liabilities | 5,580 | |
Initial measurement of finance lease right-of-use assets | $ 453 | |
Series BB Convertible Preferred Stock | ||
Financing activities | ||
Proceeds on the issuance of convertible preferred stock | 23,491 | |
Conversion of Series AA and BB Convertible Preferred Stock into Common Stock | ||
Supplemental disclosure of noncash financing information: | ||
Conversion of stock | $ 95,826 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS Business Sensei Biotherapeutics, Inc. (the “Company” or “Sensei”) is a biopharmaceutical company that was incorporated in 1999 as a Maryland corporation until incorporated in Delaware on December 1, 2017. The Company is focused on the discovery and development of next generation immunotherapies with an initial focus on treatments for cancer. Liquidity and capital resources Since its inception, the Company has devoted substantially all of its resources to advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Since its inception, the Company has incurred substantial losses and had a net loss of $ 22.9 million for the six months ended June 30, 2022. As of June 30, 2022, the Company had an accumulated deficit of $ 172.1 million . The Company expects to generate operating losses and negative operating cash flows for the foreseeable future. In February 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 8,030,295 shares of its common stock at a public offering price of $ 19.00 per share, for aggregate gross proceeds of $ 152.6 million. The Company received $ 138.5 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2022 of $ 123.7 million will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Reverse stock split On January 29, 2021, the Company effected a reverse stock split of the Company’s common stock on a 48-for-1 basis (the “Reverse Stock Split”). In connection with the Reverse Stock Split, the conversion ratio for the Company’s Series AA and Series BB convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. Accordingly, all common stock share and per share amounts, as well as all preferred stock conversion ratios, for all periods presented in these financial statements have been retroactively adjusted, to reflect this reverse stock split and adjustment of the Series AA and BB convertible preferred stock conversion ratios. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States (“US GAAP”). The condensed consolidated financial statements include those accounts of the Company and its subsidiaries after elimination of all intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods presented. Estimates are used for, but are not limited to, depreciation of equipment, the Company’s enterprise value, fair value of financial instruments, the Company’s ability to continue as a going concern and contingencies. Actual results may differ from those estimates. Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less at the date of purchase and consist of time deposits and investments in money market funds with commercial banks and financial institutions. At June 30, 2022 , cash and cash equivalents included cash on deposit at commercial banks and a money market fund that invests in U.S. Government securities. Marketable securities Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value (level 2). Unrealized gains and losses are reported as the accumulated other comprehensive loss in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s statement of operations and comprehensive loss. Leases Prior to January 1, 2022, the Company accounted for leases in accordance with ASC 840, Leases (“ASC 840”). At lease inception, the Company determined if an arrangement was an operating or capital lease. For operating leases, the Company recognized rent expense, inclusive of rent escalations, holidays and lease incentives, on a straight-line basis over the lease term. The difference between rent expense recorded and the amount paid was charged to deferred rent. The Company presented lease incentives as deferred rent and amortized the incentives as a reduction to rent expense on a straight-line basis over the lease term. The Company classified deferred rent as current and noncurrent liabilities based on the portion of the deferred rent that was scheduled to mature within the proceeding twelve months. Effective January 1, 2022, the Company accounts for leases in accordance with Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”). At contract inception, the Company determines if an arrangement is or contains a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If determined to be or contain a lease, the lease is assessed for classification as either an operating or finance lease at the lease commencement date, defined as the date on which the leased asset is made available for use by the Company, based on the economic characteristics of the lease. For each lease with a term greater than twelve months, the Company records a right-of-use asset and lease liability. A right-of-use asset represents the economic benefit conveyed to the Company by the right to use the underlying asset over the lease term. A lease liability represents the obligation to make lease payments arising from the lease. The Company elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets and therefore measures each lease payment as the total of the fixed lease and associated non-lease components. Lease liabilities are measured at lease commencement and calculated as the present value of the future lease payments in the contract using the rate implicit in the contract, when available. If an implicit rate is not readily determinable, the Company uses an incremental borrowing rate measured as the rate at which the Company could borrow, on a fully collateralized basis, a commensurate loan in the same currency over a period consistent with the lease term at the commencement date. Right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments, less lease incentives granted by the lessor. The lease term is measured as the noncancelable period in the contract, adjusted for any options to extend or terminate when it is reasonably certain the Company will extend the lease term via such options based on an assessment of economic factors present as of the lease commencement date. The Company elected the practical expedient to not recognize leases with a lease term of twelve months or less. Components of a lease are split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) are allocated, based on the respective relative fair values, to the lease components and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. The Company’s operating and finance leases are presented in the consolidated balance sheet as lease right-of-use assets, classified as noncurrent assets, and lease liabilities, classified as current and noncurrent liabilities. Operating and finance lease expense is recognized on a straight-line basis over the lease term. Variable costs associated with a lease, such as maintenance and utilities, are not included in the measurement of the lease liabilities and right-of-use assets but rather are expensed when the events determining the amount of variable consideration to be paid have occurred. ASC 842 provides several optional practical expedients in transition. The Company applied the ‘package of practical expedients’ which allow the Company to not reassess whether existing or expired arrangements contain a lease, the lease classification of existing or expired leases, or whether previous initial direct costs would qualify for capitalization under ASC 842. The adoption of ASC 842 resulted in the recognition of operating lease liabilities of $ 6.7 million and operating right-of-use assets of $ 6.6 million, along with the write-off of certain deferred rent balances of $ 0.1 million within the Company’s condensed consolidated balance sheets as of January 1, 2022. Leases previously reported as capital leases are now referred to as finance leases. The adoption did not have a significant impact on the Company’s condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows. Recently Issued Accounting Standards Updates In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance will be adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company does not expect adoption of this new guidance to have a material impact on its results of operations, financial condition, and financial statement disclosures. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
MARKETABLE SECURITIES | 3. MARKETABLE SECURITIES Marketable securities consist of the following as of June 30, 2022 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 31,288 $ - $ ( 41 ) $ 31,247 Corporate bonds 76,739 - ( 850 ) $ 75,889 U.S. Government agencies 7,000 - ( 321 ) $ 6,679 Total $ 115,027 $ - $ ( 1,212 ) $ 113,815 As of June 30, 2022 , all marketable securities held by the Company had remaining contractual maturities of one year or less, except for corporate bonds and U.S. government agencies securities with a fair value of $ 51.1 million that had maturities of one to three years . As of June 30, 2022, $ 255 thousand and $ 957 thousand of unrealized losses were associated with marketable securities with contractual maturities of one year or less and more than one year , respectively. There were no impairments of the Company’s assets measured and carried at fair value during the six months ended June 30, 2022 . |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands): June 30, December 31, Research equipment $ 2,813 $ 4,974 Office equipment and furniture 536 606 Leaseholder improvement 253 253 Total property and equipment 3,602 5,833 Less accumulated depreciation and amortization ( 1,490 ) ( 1,189 ) Property and equipment, net $ 2,112 $ 4,644 Depreciation and amortization expense for the three months ended June 30, 2022 and 2021 was $ 144 thousand and $ 122 thousand , respectively, and for the six months ended June 30, 2022 and 2021 was $ 301 thousand and $ 220 thousand , respectively. Effective January 1, 2022, the Company adopted ASC 842 and reclassed capital leases that were previously classified as property and equipment, net were presented separately under right of use assets - financing leases, net on the Company's condensed consolidated balance sheet. $ 2.2 million relates to items previously classified under research equipment and $ 70 thousand relates to items previously classified under office equipment and furniture on the table above. These leases are further described in Note 7. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | 5. Debt In May 2020, the Company received $ 567 thousand in loan funding from the Paycheck Protection Program (“PPP”) pursuant to the Coronavirus Aid, Relief, and Economic Security Act, as amended by the Flexibility Act, and administered by the Small Business Administration. The unsecured loan (the “PPP Loan”) is with Silicon Valley Bank. Under the terms of the PPP Loan, interest accrued on the outstanding principal at a rate of 1.0 % per annum. On August 6, 2021, the Small Business Administration approved the forgiveness for the full amount of the PPP Loan, which included principal of $ 567 thousand, plus interest. The Company recognized a gain on debt extinguishment once forgiven in other income (expense) on the Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 6. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): Fair value measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 6,521 $ - $ - $ 6,521 Investments: Commercial paper - 31,247 - 31,247 Corporate bonds - 75,889 - 75,889 U.S. Government agencies - 6,679 - 6,679 Total $ 6,521 $ 113,815 $ - $ 120,336 When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2022 or 2021. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
EQUITY | 8. Equity Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. Series BB Convertible Preferred Stock Issuance In January 2021, the Company issued and sold 113,275,902 shares of Series BB convertible preferred stock at $ 0.207383 per share in exchange for $ 23.5 million in gross proceeds. Initial Public Offering In February 2021, the Company completed its IPO in which the Company issued and sold 8,030,295 shares of its common stock, including 1,030,243 shares pursuant to the partial exercise of the underwriters’ option to purchase additional shares, at a public offering price of $ 19.00 per share, for aggregate gross proceeds of $ 152.6 million. The Company received approximately $ 138.5 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. Upon closing of the IPO on February 8, 2021, all of the Company’s outstanding preferred stock converted into an aggregate of 19,034,069 shares of common stock. On February 8, 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation (the “Amended Certificate”) with the Secretary of State of the State of Delaware. The Amended Certificate, among other things: (i) authorized 250,000,000 shares of common stock; (ii) eliminated all references to the previously existing series of preferred stock; and (iii) authorized 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors in one or more series. Common Stock Warrants The following is a summary of the common stock warrant activity for the six months ended June 30, 2022 related to common stock warrants issued in conjunction with equity and debt fundraising events: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 412,262 $ 9.81 5.71 $ 723 Granted — $ — Exercised — $ — Expired — Outstanding at June 30, 2022 412,262 $ 9.81 5.22 $ — |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION | 9. STOCK-BASED COMPENSATION 2018 Equity Incentive Plan The Company’s 2018 Stock Incentive Plan (the “2018 Plan”), provided for the Company to grant qualified incentive options, nonqualified options, stock grants and other stock-based awards to employees and non-employees to purchase the Company’s common stock. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances will be made under the 2018 Plan. 2021 Stock Option and Incentive Plan The 2021 Equity Incentive Plan (the “2021 Plan”) was approved by the board of directors on January 27, 2021, and the Company’s stockholders on January 28, 2021 and became effective on the execution of the underwriting agreement related to the initial public offering. The 2021 Plan, which superseded the Company’s previous equity incentive plan, provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary corporations, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The number of shares initially reserved for issuance under the 2021 Plan was 5,000,000 , which began automatically increasing on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 4.0 % of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the board of directors. As of June 30, 2022, 2,463,559 shares remained available for issuance pursuant to the 2021 Plan. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved by the Company’s board of directors on January 27, 2021 and became effective on the execution of the underwriting agreement related to the initial public offering. A total of 333,333 shares of common stock were initially reserved for issuance under the 2021 ESPP, which will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by an amount equal to 1.0 % of the total shares of common stock outstanding on December 31st of the preceding calendar year. The purchase price of the shares under the 2021 ESPP are at 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of June 30, 2022, the Company had issued 49,178 shares under the 2021 ESPP. As of June 30, 2022, 590,245 shares were available to be issued under the 2021 ESPP. The Company recognized $ 9 thousand share-based compensation expense related to the ESPP for the six months ended June 30, 2022. Stock Options During 2022, the Company has granted options to purchase shares of common stock to employees and nonexecutive directors pursuant to the 2021 Plan at a weighted average fair value of $2.62 per share. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the stock options on the applicable grant dates. The following is a summary of the stock option award activity during the six months ended June 30, 2022: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 3,026,464 $ 10.84 8.51 $ 6,403 Granted 999,554 $ 3.39 Exercised ( 73,784 ) $ 3.22 Forfeited ( 386,520 ) $ 8.90 Expired ( 113,360 ) $ 14.12 Outstanding at June 30, 2022 3,452,354 $ 8.95 8.62 $ 97 Options expected to vest as of June 30, 2022 2,212,456 $ 6.92 9.02 $ 97 Exercisable at June 30, 2022 1,239,898 $ 12.59 7.90 $ — The aggregate intrinsic value of stock options exercised in the six months ended June 30, 2022 was $ 0.1 million . The grant date fair value of options vested during the six months ended June 30, 2022 was $ 5.7 million . At June 30, 2022, there was approximately $ 13.4 million of unrecognized stock-based compensation expense associated with the stock options, which is expected to be recognized over a weighted-average period of 2.62 years. Restricted Stock Units The Company has granted restricted stock units with service vesting based conditions. The following is a summary of the restricted stock unit activity during the six months ended June 30, 2022: Restricted Stock Units Weighted- Unvested at December 31, 2021 — $ — Granted 239,963 $ 3.74 Forfeited ( 14,133 ) $ 4.30 Unvested at June 30, 2022 225,830 $ 3.70 Pursuant to the 2021 Plan, the Company granted restricted stock units which vest annually over a period of one , two , three or four years . No restricted stock units vested during the six months ended June 30, 2022. At June 30, 2022, there was approximately $ 0.8 million of unrecognized stock-based compensation expense associated with the restricted stock units which is expected to be recognized over a weighted-average period of 3.18 years. Common Stock Warrants The following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2022: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 57,004 $ 6.94 2.91 $ 2 Granted — $ — Exercised — $ — Expired — $ — Outstanding and exercisable at June 30, 2022 57,004 $ 6.94 2.41 $ — As of June 30, 2022 there was no unrecognized stock-based compensation expense associated with the common stock warrants. For the six months ended June 30, 2022 , the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options granted. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used: Six Months Ended June 30, 2022 2021 Volatility 94 %- 97 % 91 %- 98 % Expected life (years) 5.5 - 7 5.5 - 6.1 Risk-free interest rate 1.7 %– 3.2 % 0.5 %- 1.1 % Dividend rate —% —% • Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term. • Expected life—The expected life is estimated as the contractual term. • Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant. • Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 480 $ 639 $ 1,035 $ 1,148 General and administrative 916 1,106 1,876 1,946 Total stock-based compensation expense $ 1,396 $ 1,745 $ 2,911 $ 3,094 |
Employee Retirement Plan
Employee Retirement Plan | 6 Months Ended |
Jun. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE RETIREMENT PLAN | 10. EMPLOYEE RETIREMENT PLAN The Company maintains a defined contribution 401(k) profit-sharing plan (the “Plan”) for all employees. Under the Plan, participants may make voluntary contributions up to the maximum amount allowable by law. The Plan is based on employees’ salary deferral, and the Company matches employees’ contributions up to 4 % of the employees’ base salary. Employees are 100 % vested in the Company’s match contributions. During the three months ended June 30, 2022 and 2021, the Company's matching contributions were $ 77 thousand and $ 76 thousand, respectively. During the six months ended June 30, 2022 and 2021, the Company's matching contributions were $ 183 thousand and $ 105 thousand, respectively. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 11. RELATED-PARTY TRANSACTIONS Service Agreement During 2020, the Company entered into a service agreement with Hope Farms at Disco Bay LLC ("Hope Farms") to provide animal vaccination testing and provide samples to the Company. The Company’s Chief Research and Development Officer is a co-founder and partial owner of Hope Farms. Further, the CEO of Hope Farms is the spouse of the Company’s Chief Research and Development Officer. Expenses recognized by the Company relating to this service agreement for the six months ended June 30, 2022 and 2021 were $ 75 thousand and $ 92 thousand, respectively. In the first quarter of 2022, the Company also made a payment of $ 47 thousand to Hope Farms that was an outstanding obligation at the end of 2021. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES The Company recorded no provision for income taxes for the six months ended June 30, 2022 and 2021. Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the Company’s otherwise recognizable net deferred tax assets. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | 13. NET LOSS PER SHARE Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ ( 10,535 ) $ ( 9,771 ) $ ( 22,940 ) $ ( 17,743 ) Net loss per share—basic and diluted $ ( 0.34 ) $ ( 0.32 ) $ ( 0.75 ) $ ( 0.72 ) Weighted-average number of shares used in computing net loss per share—basic and diluted 30,701,758 30,588,495 30,674,868 24,778,949 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: For the Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,452,354 3,214,117 Unvested restricted stock units 225,830 — Warrants issued to employees and contractor to purchase common stock 57,004 57,212 Warrants issued related to convertible notes and other equity agreements 412,262 412,262 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States (“US GAAP”). The condensed consolidated financial statements include those accounts of the Company and its subsidiaries after elimination of all intercompany accounts and transactions. |
Unaudited interim financial information | Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods presented. Estimates are used for, but are not limited to, depreciation of equipment, the Company’s enterprise value, fair value of financial instruments, the Company’s ability to continue as a going concern and contingencies. Actual results may differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of 90 days or less at the date of purchase and consist of time deposits and investments in money market funds with commercial banks and financial institutions. At June 30, 2022 , cash and cash equivalents included cash on deposit at commercial banks and a money market fund that invests in U.S. Government securities. |
Marketable Securities | Marketable securities Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value (level 2). Unrealized gains and losses are reported as the accumulated other comprehensive loss in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s statement of operations and comprehensive loss. |
Leases | Leases Prior to January 1, 2022, the Company accounted for leases in accordance with ASC 840, Leases (“ASC 840”). At lease inception, the Company determined if an arrangement was an operating or capital lease. For operating leases, the Company recognized rent expense, inclusive of rent escalations, holidays and lease incentives, on a straight-line basis over the lease term. The difference between rent expense recorded and the amount paid was charged to deferred rent. The Company presented lease incentives as deferred rent and amortized the incentives as a reduction to rent expense on a straight-line basis over the lease term. The Company classified deferred rent as current and noncurrent liabilities based on the portion of the deferred rent that was scheduled to mature within the proceeding twelve months. Effective January 1, 2022, the Company accounts for leases in accordance with Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”). At contract inception, the Company determines if an arrangement is or contains a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If determined to be or contain a lease, the lease is assessed for classification as either an operating or finance lease at the lease commencement date, defined as the date on which the leased asset is made available for use by the Company, based on the economic characteristics of the lease. For each lease with a term greater than twelve months, the Company records a right-of-use asset and lease liability. A right-of-use asset represents the economic benefit conveyed to the Company by the right to use the underlying asset over the lease term. A lease liability represents the obligation to make lease payments arising from the lease. The Company elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets and therefore measures each lease payment as the total of the fixed lease and associated non-lease components. Lease liabilities are measured at lease commencement and calculated as the present value of the future lease payments in the contract using the rate implicit in the contract, when available. If an implicit rate is not readily determinable, the Company uses an incremental borrowing rate measured as the rate at which the Company could borrow, on a fully collateralized basis, a commensurate loan in the same currency over a period consistent with the lease term at the commencement date. Right-of-use assets are measured as the lease liability plus initial direct costs and prepaid lease payments, less lease incentives granted by the lessor. The lease term is measured as the noncancelable period in the contract, adjusted for any options to extend or terminate when it is reasonably certain the Company will extend the lease term via such options based on an assessment of economic factors present as of the lease commencement date. The Company elected the practical expedient to not recognize leases with a lease term of twelve months or less. Components of a lease are split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) are allocated, based on the respective relative fair values, to the lease components and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. The Company’s operating and finance leases are presented in the consolidated balance sheet as lease right-of-use assets, classified as noncurrent assets, and lease liabilities, classified as current and noncurrent liabilities. Operating and finance lease expense is recognized on a straight-line basis over the lease term. Variable costs associated with a lease, such as maintenance and utilities, are not included in the measurement of the lease liabilities and right-of-use assets but rather are expensed when the events determining the amount of variable consideration to be paid have occurred. ASC 842 provides several optional practical expedients in transition. The Company applied the ‘package of practical expedients’ which allow the Company to not reassess whether existing or expired arrangements contain a lease, the lease classification of existing or expired leases, or whether previous initial direct costs would qualify for capitalization under ASC 842. The adoption of ASC 842 resulted in the recognition of operating lease liabilities of $ 6.7 million and operating right-of-use assets of $ 6.6 million, along with the write-off of certain deferred rent balances of $ 0.1 million within the Company’s condensed consolidated balance sheets as of January 1, 2022. Leases previously reported as capital leases are now referred to as finance leases. The adoption did not have a significant impact on the Company’s condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows. |
Recently Issued Accounting Standards Updates | Recently Issued Accounting Standards Updates In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which was subsequently amended in November 2018 through ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses.” ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. As per the latest ASU 2020-02, FASB deferred the timelines for certain small public and private entities, thus the new guidance will be adopted by the Company for the annual reporting period beginning January 1, 2023, including interim periods within that annual reporting period. The standard will apply as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company does not expect adoption of this new guidance to have a material impact on its results of operations, financial condition, and financial statement disclosures. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Marketable Securities | Marketable securities consist of the following as of June 30, 2022 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 31,288 $ - $ ( 41 ) $ 31,247 Corporate bonds 76,739 - ( 850 ) $ 75,889 U.S. Government agencies 7,000 - ( 321 ) $ 6,679 Total $ 115,027 $ - $ ( 1,212 ) $ 113,815 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): June 30, December 31, Research equipment $ 2,813 $ 4,974 Office equipment and furniture 536 606 Leaseholder improvement 253 253 Total property and equipment 3,602 5,833 Less accumulated depreciation and amortization ( 1,490 ) ( 1,189 ) Property and equipment, net $ 2,112 $ 4,644 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands): Fair value measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 6,521 $ - $ - $ 6,521 Investments: Commercial paper - 31,247 - 31,247 Corporate bonds - 75,889 - 75,889 U.S. Government agencies - 6,679 - 6,679 Total $ 6,521 $ 113,815 $ - $ 120,336 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Supplemental Balance Sheet Information Related to Operating and Financing Leases | The following table presents supplemental balance sheet information related to operating and financing leases as of June 30, 2022 (in thousands): June 30, Operating leases Right-of-use assets $ 5,971 Right-of-use lease liabilities, current $ 1,194 Right-of-use lease liabilities, noncurrent 4,967 Total operating lease liabilities $ 6,161 Financing leases Right-of-use assets, net $ 2,417 Right-of-use lease liabilities, current $ 798 Right-of-use lease liabilities, noncurrent 1,719 Total financing lease liabilities $ 2,517 |
Summary of Maturity of Operating and Finance Lease Liabilities | The following table presents the maturity of the Company’s operating and finance lease liabilities as of June 30, 2022 (in thousands): Operating Financing Remainder of 2022 $ 801 $ 412 2023 1,628 825 2024 1,640 726 2025 1,689 696 2026 1,413 89 Thereafter 59 — Total future minimum lease payments $ 7,230 $ 2,748 Less amount representing interest 1,069 231 Total lease liabilities $ 6,161 $ 2,517 |
Schedule of Operating Lease Commitments under ASC 840 | The following table presents operating lease commitments as reflected under ASC 840 as of December 31, 2021 (in thousands): Operating 2022 1,585 2023 1,606 2024 1,641 2025 1,689 2026 1,413 2027 59 Total operating lease obligations $ 7,993 |
Schedule of Finance Lease Commitments under ASC 840 | The following table presents finance lease commitments as reflected under ASC 840 as of December 31, 2021 (in thousands): Financing 2022 $ 699 2023 674 2024 674 2025 553 2026 47 Total capital lease obligations 2,647 Less amount representing interest ( 293 ) Present value of minimum capital lease obligations $ 2,354 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Common Stock Warrant Activity | The following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2022: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 57,004 $ 6.94 2.91 $ 2 Granted — $ — Exercised — $ — Expired — $ — Outstanding and exercisable at June 30, 2022 57,004 $ 6.94 2.41 $ — |
Warrant | Equity and Debt Fundraising Events | |
Summary of Common Stock Warrant Activity | The following is a summary of the common stock warrant activity for the six months ended June 30, 2022 related to common stock warrants issued in conjunction with equity and debt fundraising events: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 412,262 $ 9.81 5.71 $ 723 Granted — $ — Exercised — $ — Expired — Outstanding at June 30, 2022 412,262 $ 9.81 5.22 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Award Activity | The following is a summary of the stock option award activity during the six months ended June 30, 2022: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 3,026,464 $ 10.84 8.51 $ 6,403 Granted 999,554 $ 3.39 Exercised ( 73,784 ) $ 3.22 Forfeited ( 386,520 ) $ 8.90 Expired ( 113,360 ) $ 14.12 Outstanding at June 30, 2022 3,452,354 $ 8.95 8.62 $ 97 Options expected to vest as of June 30, 2022 2,212,456 $ 6.92 9.02 $ 97 Exercisable at June 30, 2022 1,239,898 $ 12.59 7.90 $ — |
Summary of Restricted Stock Unit Activity | The following is a summary of the restricted stock unit activity during the six months ended June 30, 2022: Restricted Stock Units Weighted- Unvested at December 31, 2021 — $ — Granted 239,963 $ 3.74 Forfeited ( 14,133 ) $ 4.30 Unvested at June 30, 2022 225,830 $ 3.70 |
Summary of Common Stock Warrant Activity | The following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2022: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2021 57,004 $ 6.94 2.91 $ 2 Granted — $ — Exercised — $ — Expired — $ — Outstanding and exercisable at June 30, 2022 57,004 $ 6.94 2.41 $ — |
Summary of Fair Value Assumptions and Methodology | The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used: Six Months Ended June 30, 2022 2021 Volatility 94 %- 97 % 91 %- 98 % Expected life (years) 5.5 - 7 5.5 - 6.1 Risk-free interest rate 1.7 %– 3.2 % 0.5 %- 1.1 % Dividend rate —% —% |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 480 $ 639 $ 1,035 $ 1,148 General and administrative 916 1,106 1,876 1,946 Total stock-based compensation expense $ 1,396 $ 1,745 $ 2,911 $ 3,094 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ ( 10,535 ) $ ( 9,771 ) $ ( 22,940 ) $ ( 17,743 ) Net loss per share—basic and diluted $ ( 0.34 ) $ ( 0.32 ) $ ( 0.75 ) $ ( 0.72 ) Weighted-average number of shares used in computing net loss per share—basic and diluted 30,701,758 30,588,495 30,674,868 24,778,949 |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: For the Six Months Ended June 30, 2022 2021 Stock options to purchase common stock 3,452,354 3,214,117 Unvested restricted stock units 225,830 — Warrants issued to employees and contractor to purchase common stock 57,004 57,212 Warrants issued related to convertible notes and other equity agreements 412,262 412,262 |
Organization and Operations - A
Organization and Operations - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jan. 29, 2021 | Feb. 28, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Subsidiary Sale Of Stock [Line Items] | |||||||||
Net loss | $ (10,535) | $ (12,405) | $ (9,771) | $ (7,972) | $ (22,940) | $ (17,743) | |||
Accumulated deficit | (172,146) | (172,146) | $ (149,206) | ||||||
Cash, cash equivalents and marketable securities | $ 123,700 | $ 123,700 | |||||||
Reverse stock split description | On January 29, 2021, the Company effected a reverse stock split of the Company’s common stock on a 48-for-1 basis (the “Reverse Stock Split”). | ||||||||
Reverse stock split conversion ratio | 0.020833 | ||||||||
Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Common stock shares issued and sold | shares | 8,030,295 | ||||||||
IPO | Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Common stock shares issued and sold | shares | 8,030,295 | ||||||||
Share price per share | $ / shares | $ 19 | ||||||||
Proceeds from issuance initial public offering | $ 152,600 | ||||||||
Net proceeds after deducting underwriting discounts and estimated offering expenses | $ 138,500 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 6,161 | |
Operating right-of-use assets | $ 5,971 | |
ASC 842 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 6,700 | |
Operating right-of-use assets | 6,600 | |
Write-off deferred rent | $ 100 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Fair Value | $ 113,815 | $ 140,462 |
Marketable Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 115,027 | |
Unrealized Losses | (1,212) | |
Fair Value | 113,815 | |
Marketable Securities | Commercial Paper | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 31,288 | |
Unrealized Losses | (41) | |
Fair Value | 31,247 | |
Marketable Securities | Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 76,739 | |
Unrealized Losses | (850) | |
Fair Value | 75,889 | |
Marketable Securities | U.S. Government Agencies | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 7,000 | |
Unrealized Losses | (321) | |
Fair Value | $ 6,679 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Marketable securities, fair value | $ 113,815 | $ 140,462 |
Impairment of investments | 0 | |
Corporate Bonds and U.S. Government Agencies | ||
Marketable Securities [Line Items] | ||
Marketable securities, fair value | 51,100 | |
Marketable securities, unrealized loss position, fair value | 957 | |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Marketable securities, unrealized loss position, fair value | $ 255 | |
Minimum | Commercial Paper and U.S. Government Agencies | ||
Marketable Securities [Line Items] | ||
Marketable securities unrealized loss position, maturity term | 1 year | |
Maximum | Commercial Paper | ||
Marketable Securities [Line Items] | ||
Marketable securities remaining maturity term | 1 year | |
Maximum | Corporate Bonds and U.S. Government Agencies | ||
Marketable Securities [Line Items] | ||
Marketable securities remaining maturity term | 3 years | |
Maximum | Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Marketable securities unrealized loss position, maturity term | 1 year |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 3,602 | $ 5,833 |
Less accumulated depreciation and amortization | (1,490) | (1,189) |
Property and equipment, net | 2,112 | 4,644 |
Research Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,813 | 4,974 |
Office Equipment and Furniture | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 536 | 606 |
Leaseholder Improvement | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 253 | $ 253 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization expense | $ 144 | $ 122 | $ 301 | $ 220 | |
Right of use assets - financing leases, net | $ 2,417 | $ 2,417 | |||
Research Equipment | |||||
Property Plant And Equipment [Line Items] | |||||
Right of use assets - financing leases, net | $ 2,200 | ||||
Office Equipment and Furniture | |||||
Property Plant And Equipment [Line Items] | |||||
Right of use assets - financing leases, net | $ 70 |
Debt - Additional Information (
Debt - Additional Information (Details) - PPP Loan - USD ($) $ in Thousands | Aug. 06, 2021 | May 31, 2020 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 567 | |
Debt instrument, interest rate | 1% | |
Debt Forgiveness | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 567 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring Basis $ in Thousands | Jun. 30, 2022 USD ($) |
Assets: | |
Total | $ 120,336 |
Level 1 | |
Assets: | |
Total | 6,521 |
Level 2 | |
Assets: | |
Total | 113,815 |
Money Market Funds | |
Assets: | |
Cash equivalents fair value disclosure | 6,521 |
Money Market Funds | Level 1 | |
Assets: | |
Cash equivalents fair value disclosure | 6,521 |
Commercial Paper | |
Assets: | |
Investments fair value disclosure | 31,247 |
Commercial Paper | Level 2 | |
Assets: | |
Investments fair value disclosure | 31,247 |
Corporate Bonds | |
Assets: | |
Investments fair value disclosure | 75,889 |
Corporate Bonds | Level 2 | |
Assets: | |
Investments fair value disclosure | 75,889 |
U.S. Government Agencies | |
Assets: | |
Investments fair value disclosure | 6,679 |
U.S. Government Agencies | Level 2 | |
Assets: | |
Investments fair value disclosure | $ 6,679 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, transfer of liabilities, from level 1 to level 2 | $ 0 | $ 0 |
Fair value, transfer of liabilities from level 2 to level 1 | 0 | 0 |
Fair value, transfer of assets into level 3 | 0 | 0 |
Fair value, transfer of assets out of level 3 | 0 | 0 |
Fair value, transfer of liabilities into level 3 | 0 | 0 |
Fair value, transfer of liabilities out of level 3 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||||
Sep. 27, 2021 USD ($) | Apr. 20, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2017 USD ($) Officer | Dec. 31, 2021 USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||||
Lease expiration year | 2027 | |||||
Letters of credit outstanding amount | $ 678,000 | |||||
Finance lease, term | 4 years | |||||
Capital lease payments | 289,000 | $ 21,000 | ||||
Sale of equipment | $ 293,000 | |||||
Gain on sale of equipment | $ 20,000 | |||||
Property and equipment, net | 2,112,000 | $ 4,644,000 | ||||
Available for purchases of property and equipment | $ 2,700,000 | |||||
Percentage of equipment cost | 15% | |||||
Number of former officers | Officer | 2 | |||||
Loss contingency allegations claims | $ 0 | |||||
Loss contingency, allegations | The Company believes that there is no merit to the claims alleged against the Company and its former officers, including no alleged breach of contract by the Company, and intends to vigorously defend against the claims pertaining to the Company and its former officers. | |||||
Minimum | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Additional renew of lease term | 1 year | |||||
Maximum | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Additional renew of lease term | 2 years | |||||
Research Equipment | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Finance lease, term | 4 years | |||||
Lease payment, term | monthly | |||||
Capital lease payments | $ 13,000 | |||||
Equipment | Maximum | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Property and equipment, net | $ 5,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Lease Costs Recognized under ASC 842 Pertaining to Finance and Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Lease Cost: | ||
Amortization of finance right-of-use assets | $ 353 | |
Interest on finance lease liabilities | 92 | $ 5 |
Operating lease cost | 828 | |
Variable lease cost | 334 | |
Total lease costs | $ 1,607 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Other Information Pertaining to Finance and Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Other Operating Lease Information: | ||
Operating cash flows for operating leases | $ 787 | |
Operating cash flows for finance leases | 92 | |
Financing cash flows from finance leases | $ 289 | $ 21 |
Weighted average remaining lease term | ||
Operating leases | 4 years 3 months 18 days | |
Financing leases | 3 years 4 months 24 days | |
Weighted average discount rate | ||
Operating leases | 7.60% | |
Financing leases | 8.20% |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating leases | ||
Right-of-use assets | $ 5,971 | |
Right-of-use lease liabilities, current | 1,194 | |
Right-of-use lease liabilities, noncurrent | 4,967 | |
Total operating lease liabilities | 6,161 | |
Financing leases | ||
Right-of-use assets, net | 2,417 | |
Right-of-use lease liabilities, current | 798 | $ 680 |
Right-of-use lease liabilities, noncurrent | 1,719 | $ 1,674 |
Total financing lease liabilities | $ 2,517 |
Commitments and Contingencies_5
Commitments and Contingencies - Summary of Maturity of Operating and Finance Lease Liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Operating | |
Remainder of 2022 | $ 801 |
2023 | 1,628 |
2024 | 1,640 |
2025 | 1,689 |
2026 | 1,413 |
Thereafter | 59 |
Total future minimum lease payments | 7,230 |
Less amount representing interest | 1,069 |
Total lease liabilities | 6,161 |
Financing | |
Remainder of 2022 | 412 |
2023 | 825 |
2024 | 726 |
2025 | 696 |
2026 | 89 |
Total future minimum lease payments | 2,748 |
Less amount representing interest | 231 |
Total lease liabilities | $ 2,517 |
Commitments and Contingencies_6
Commitments and Contingencies - Schedule of Operating Lease Commitments under ASC 840 (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ 1,585 |
2023 | 1,606 |
2024 | 1,641 |
2025 | 1,689 |
2026 | 1,413 |
2027 | 59 |
Total operating lease obligations | $ 7,993 |
Commitments and Contingencies_7
Commitments and Contingencies - Schedule of Finance Lease Commitments under ASC 840 (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ 699 |
2023 | 674 |
2024 | 674 |
2025 | 553 |
2026 | 47 |
Total capital lease obligations | 2,647 |
Less amount representing interest | (293) |
Present value of minimum capital lease obligations | $ 2,354 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||||
Feb. 08, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | |||
IPO | |||||
Class Of Stock [Line Items] | |||||
Common stock shares issued and sold | 8,030,295 | ||||
Partial exercise of the underwriters option to purchase additional shares | 1,030,243 | ||||
Sale of Stock, Price Per Share | $ 19 | ||||
Aggregate gross proceeds from issuance of initial public offering | $ 152.6 | ||||
Net proceeds after deducting underwriting discounts | $ 138.5 | ||||
Outstanding preferred stock converted into aggregate shares of common stock | 19,034,069 | ||||
Common stock, shares authorized | 250,000,000 | ||||
Preferred stock, shares authorized | 10,000,000 | ||||
Series BB Convertible Preferred Stock Issuance | |||||
Class Of Stock [Line Items] | |||||
Convertible preferred stock shares issued and sold | 113,275,902 | ||||
Convertible preferred stock per share | $ 0.207383 | ||||
Proceeds on the issuance of convertible preferred stock | $ 23.5 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Warrant activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Number of Common Stock Warrants Outstanding, Beginning Balance | 57,004 | |
Number of Common Stock Warrants Outstanding, Ending Balance | 57,004 | |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 6.94 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | $ 6.94 | |
Weighted-Average Remaining Contractual Term, Outstanding | 2 years 10 months 28 days | |
Aggregate Intrinsic Value Outstanding | $ 2 | |
Warrant | Equity and Debt Fundraising Events | ||
Class Of Stock [Line Items] | ||
Number of Common Stock Warrants Outstanding, Beginning Balance | 412,262 | |
Number of Common Stock Warrants Outstanding, Ending Balance | 412,262 | 412,262 |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 9.81 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | $ 9.81 | $ 9.81 |
Weighted-Average Remaining Contractual Term, Outstanding | 5 years 2 months 19 days | 5 years 8 months 15 days |
Aggregate Intrinsic Value Outstanding | $ 723 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | Jan. 27, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Recognized share-based compensation expense | $ 1,396,000 | $ 1,745,000 | $ 2,911,000 | $ 3,094,000 | ||
Grant dates at weighted average fair value | $ 3.39 | |||||
Aggregate intrinsic value of stock options exercised | $ 100,000 | |||||
Grant date fair value of options vested | $ 5,700,000 | |||||
Options available for grant | 999,554 | |||||
Unrecognized stock-based compensation expense | 13,400,000 | $ 13,400,000 | ||||
Weighted-average period | 2 years 7 months 13 days | |||||
Common Stock Warrants | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation expense | 0 | $ 0 | ||||
Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted-average period | 3 years 2 months 4 days | |||||
Unrecognized stock-based compensation expense | $ 800,000 | $ 800,000 | ||||
2021 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares reserved for issuance | 2,463,559 | 2,463,559 | 5,000,000 | |||
Number of capital stock outstanding percentage | 4% | |||||
2021 Equity Incentive Plan | Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Restricted stock units vested | 0 | |||||
2021 Equity Incentive Plan | Restricted Stock Units | Vesting Period One | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
2021 Equity Incentive Plan | Restricted Stock Units | Vesting Period Two | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 2 years | |||||
2021 Equity Incentive Plan | Restricted Stock Units | Vesting Period Three | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2021 Equity Incentive Plan | Restricted Stock Units | Vesting Period Four | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
2021 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares reserved for issuance | 590,245 | 590,245 | 333,333 | |||
Percentage of number of shares of capital stock outstanding on last day of preceding year | 1% | |||||
Recognized share-based compensation expense | $ 9,000 | |||||
Purchase price of fair value common stock, percent | 85% | |||||
Stock issued under plan | 49,178 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Stock Options, Outstanding balance | 3,026,464 | |
Number of Stock Options, Granted | 999,554 | |
Number of Stock Options, Exercised | (73,784) | |
Number of Stock Options, Forfeited | (386,520) | |
Number of Stock Options, Expired | (113,360) | |
Number of Stock Options, Outstanding balance | 3,452,354 | 3,026,464 |
Number of Stock Options, Options expected to vest | 2,212,456 | |
Number of Stock Options, Exercisable | 1,239,898 | |
Weighted-Average Exercise Price, Outstanding balance | $ 10.84 | |
Grant dates at weighted average fair value | 3.39 | |
Weighted-Average Exercise Price, Exercised | 3.22 | |
Weighted-Average Exercise Price, Forfeited | 8.90 | |
Weighted-Average Exercise Price, Expired | 14.12 | |
Weighted-Average Exercise Price,Outstanding balance | 8.95 | $ 10.84 |
Weighted-Average Exercise Price, Options expected to vest | 6.92 | |
Weighted-Average Exercise Price, Exercisable | $ 12.59 | |
Weighted-Average Remaining Contractual Term, Outstanding balance | 8 years 7 months 13 days | 8 years 6 months 3 days |
Weighted-Average Remaining Contractual Term, Exercisable | 7 years 10 months 24 days | |
Weighted-Average Remaining Contractual Term, Options expected to vest | 9 years 7 days | |
Aggregate Intrinsic Value, Outstanding | $ 97 | $ 6,403 |
Aggregate Intrinsic Value, Options expected to vest | $ 97 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted Stock Units, Granted | shares | 239,963 |
Restricted Stock Units, Forfeited | shares | (14,133) |
Restricted Stock Units, Unvested balance | shares | 225,830 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 3.74 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 4.30 |
Weighted-Average Grant Date Fair Value, Unvested balance | $ / shares | $ 3.70 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Employee-issued Common Stock Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Common Stock Warrants Outstanding, Beginning Balance | 57,004 | |
Number of Common Stock Warrants Outstanding and Exercisable, Ending Balance | 57,004 | |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 6.94 | |
Weighted-Average Exercise Price Outstanding and Exercisable, Ending Balance | $ 6.94 | |
Weighted-Average Remaining Contractual Term Outstanding | 2 years 10 months 28 days | |
Weighted-Average Remaining Contractual Term Outstanding and Exercisable | 2 years 4 months 28 days | |
Aggregate Intrinsic Value Outstanding | $ 2 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Fair Value Assumptions and Methodology (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility, Minimum | 94% | 91% |
Volatility, Maximum | 97% | 98% |
Risk-free interest rate, Minimum | 1.70% | 0.50% |
Risk-free interest rate, Maximum | 3.20% | 1.10% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (years) | 5 years 6 months | 5 years 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (years) | 7 years | 6 years 1 month 6 days |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,396 | $ 1,745 | $ 2,911 | $ 3,094 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 480 | 639 | 1,035 | 1,148 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 916 | $ 1,106 | $ 1,876 | $ 1,946 |
Employee Retirement Plan - Addi
Employee Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's matching contributions vesting percentage | 100% | |||
Accrued expense | $ 77 | $ 76 | $ 183 | $ 105 |
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company matching contributions of employee's base salary | 4% |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - Service Agreement - Hope Farms - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Consultation service fee payment | $ 75 | $ 92 | |
Due to related party | $ 47 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (10,535) | $ (12,405) | $ (9,771) | $ (7,972) | $ (22,940) | $ (17,743) |
Net loss per share-basic and diluted | $ (0.34) | $ (0.32) | $ (0.75) | $ (0.72) | ||
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 30,701,758 | 30,588,495 | 30,674,868 | 24,778,949 |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 3,452,354 | 3,214,117 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 225,830 | |
Warrants Issued to Employees and Contractor to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 57,004 | 57,212 |
Warrants Issued Related to Convertible Notes and Other Equity Agreements | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 412,262 | 412,262 |