Vera Therapeutics (VERA) 10-Q 24 Jun 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Jun. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	VERA
Entity Registrant Name	Vera Therapeutics, Inc.
Entity Central Index Key	0001831828
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-40407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2744449
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	170 Harbor Way, 3rd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	770-0077
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,968,376
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		309,238

Condensed Balance Sheet

Condensed Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 49,505	$ 53,654
Restricted cash, current	50	50
Prepaid expenses and other current assets	1,977	557
Total current assets	51,532	54,261
Restricted cash, noncurrent	293	293
Total assets	51,825	54,554
Current liabilities:
Accounts payable	1,440	909
Restructuring liability, current	515	962
Accrued expenses and other current liabilities	1,798	535
Total current liabilities	3,753	2,406
Restructuring liability, noncurrent	1,526	1,634
Accrued and other noncurrent liabilities	286	286
Total liabilities	5,565	4,326
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.001 par value; 182,772,372 shares authorized, issued and outstanding as of March 31, 2021 and December 31, 2020	139,576	139,576
Stockholders' deficit
Additional paid-in capital	2,845	2,099
Accumulated deficit	(96,161)	(91,447)
Total stockholders' deficit	(93,316)	(89,348)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	51,825	54,554
Common Class A [Member]
Stockholders' deficit
Common Stock	0	0
Common Class B Non Voting [Member]
Stockholders' deficit
Common Stock	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Temporary equity par or stated value per share	$ 0.001	$ 0.001
Temporary equity shares authorized	182,772,372	182,772,372
Temporary equity shares issued	182,772,372	182,772,372
Temporary equity shares outstanding	182,772,372	182,772,372
Common Class A [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	273,986,920	273,986,920
Common stock, Shares issued	468,979	468,979
Common stock, Shares outstanding	355,296	355,296
Common Class B [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	21,593,607	21,593,607
Common stock, Shares issued	0	0
Common stock, Shares outstanding	0	0

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 2,932	$ 1,439
General and administrative	1,784	1,032
Total operating expenses	4,716	2,471
Loss from operations	(4,716)	(2,471)
Other income (expense):
Interest income	2	6
Interest expense		(24)
Gain on issuance of convertible notes		62
Change in fair value of convertible notes		(47)
Total other income (expense)	2	(3)
Net loss and comprehensive loss	$ (4,714)	$ (2,474)
Net loss per share attributable to common stockholders, basic and diluted	$ (12.23)	$ (7.79)
Weighted-average common shares outstanding, basic and diluted	385,401	317,693

Condensed Statements of Redeema

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock [Member]
Beginning Balance, Temporary Equity, shares at Dec. 31, 2019					14,015,773
Beginning Balance, Temporary Equity Value at Dec. 31, 2019					$ 40,095
Beginning balance, shares at Dec. 31, 2019		322,007
Beginning Balance, Value at Dec. 31, 2019	$ (36,548)		$ 1,486	$ (38,034)
Issuance of Class A common stock upon exercise of options	15		15
Issuance of Class A common stock upon exercise of options, shares		2,491
Stock-based compensation	61		61
Net loss	(2,474)			(2,474)
Ending Balance, shares at Mar. 31, 2020		324,498
Ending Balance, Value at Mar. 31, 2020	$ (38,946)		1,562	(40,508)
Ending Balance, Temporary Equity at Mar. 31, 2020					14,015,773
Ending Balance, Temporary Equity Value at Mar. 31, 2020					$ 40,095
Beginning Balance, Temporary Equity, shares at Dec. 31, 2020	182,772,372				182,772,372
Beginning Balance, Temporary Equity Value at Dec. 31, 2020					$ 139,576
Beginning balance, shares at Dec. 31, 2020		355,296
Beginning Balance, Value at Dec. 31, 2020	$ (89,348)		2,099	(91,447)
Issuance of Class A common stock upon exercise of options	$ 342		342
Issuance of Class A common stock upon exercise of options, shares	275,353	113,683
Stock-based compensation	$ 404		404
Net loss	(4,714)			(4,714)
Ending Balance, shares at Mar. 31, 2021		468,979
Ending Balance, Value at Mar. 31, 2021	$ (93,316)		$ 2,845	$ (96,161)
Ending Balance, Temporary Equity at Mar. 31, 2021	182,772,372				182,772,372
Ending Balance, Temporary Equity Value at Mar. 31, 2021					$ 139,576

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (4,714)	$ (2,474)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	35	108
Stock-based compensation	404	61
Restructuring payments	(590)	(29)
Non-cash interest expense on convertible notes		14
Issuance costs for convertible notes		18
Gain on issuance of convertible notes		(62)
Change in fair value of convertible notes		47
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(127)	(112)
Accounts payable	(198)	3
Accrued and other current liabilities	1,069	114
Other liabilities		7
Net cash used in operating activities	(4,121)	(2,305)
Cash flows from investing activities
Purchase of property and equipment		(52)
Net cash used in investing activities		(52)
Cash flows from financing activities
Proceeds from exercise of stock options	342	15
Proceeds from issuance of convertible notes		5,000
Payment of deferred offering costs	(369)
Payment on capital lease obligations	(1)	(48)
Net cash (used in) provided by financing activities	(28)	4,967
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,149)	2,610
Cash, cash equivalents and restricted cash, beginning of period	53,997	3,558
Cash, cash equivalents and restricted cash, end of period	49,848	6,168
Supplemental disclosure of cash flow information
Cash paid for interest		10
Deferred offering costs included in accounts payable	729
Deferred offering costs included in accrued and other current liabilities	195
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	49,505	5,805
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	$ 343	$ 363

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Description of Business Vera Therapeutics, Inc., (the “Company”) is a clinical stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. The Company is headquartered in South San Francisco, California and was incorporated in May 2016 in Delaware. In 2017, the Company acquired all of the outstanding shares of PNA Innovations, Inc. (“PNAi”), which was based in Woburn, Massachusetts. Reverse Stock Split On May 7, 2021, the Company filed a certificate of amendment to its fourth amended and restated certificate of incorporation to effect a 11.5869-for-one reverse stock split of its issued and outstanding Class A common stock. Adjustments corresponding to the reverse stock split were made to the ratio at which the Company’s redeemable convertible preferred stock will convert into Class A common stock. Accordingly, all share and per share amounts related to Class A common stock, stock options and restricted stock awards for all periods presented in the accompanying unaudited condensed financial statements and notes thereto have been retroactively adjusted, where applicable to reflect the reverse stock split. Initial Public Offering On May 13, 2021, the Company’s registration statement on Form S-1 shares of its Class A common stock at a public offering price of $ per share. On May 20, 2021, the Company issued 652,500 shares of its Class A common stock to the underwriters of the IPO pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of approximately $48,400 from the IPO, after deducting underwriting discounts and commissions of $3,852, and offering costs of approximately $2,800, of which $1,294 was incurred as of March 31,2021. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into 15,464,776 shares of Class A common stock and 309,238 shares of Class B common stock. The unaudited condensed financial statements as of March 31, 2021, including share and per share amounts, do not include proceeds from or shares issued in the IPO as it occurred after March 31, 2021. Liquidity Since inception, the Company has been primarily performing research and development activities, establishing and maintaining its intellectual property, hiring personnel and raising capital to support and expand these operations. The Company has incurred recurring net operating losses since its inception and had an accumulated deficit of $96,161 as of March 31, 2021. The Company had cash and cash equivalents of $49,505 as of March 31, 2021, and has not generated positive cash flow from operations. The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock and convertible notes. Management believes that the net proceeds from the IPO, together with cash and cash equivalents as of March 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed financial statements. While the Company believes that its current cash and cash equivalents are adequate to meet its needs for the next 12 months, the Company will need to raise additional capital in order to achieve its longer-term business objectives.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency. Unaudited Interim Condensed Financial Statements The accompanying condensed balance sheet as of March 31, 2021, and condensed statements of operations and comprehensive loss, condensed statements of cash flows, and condensed statements of redeemable convertible preferred stock and stockholders’ deficit for the three months ended March 31, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from the audited financial statements as of and for the year ended December 31, 2020. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and in the opinion of management, reflect all adjustments consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2021, and the condensed results of its operations and its cash flows for the three months ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The condensed results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated May 13, 2021 for the IPO filed with the SEC on May 17, 2021 pursuant to Rule 424(b)(4) relating to the Company’s Registration Statement on Form S-1, No. 333-255492). Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Use of Estimates The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include useful lives of fixed and intangible assets, the accrual of research and development expenses, restructuring liabilities, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates. Deferred Offering Costs Deferred offering costs consisting of legal, accounting and filing fees relating to the IPO are capitalized. The deferred offering costs will be offset against offering proceeds in the period in which the offering is completed. Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash and cash equivalents to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Impact of the COVID-19 The COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market funds and are stated at fair value. Restricted Cash Restricted cash represents cash held by a financial institution as collateral for a letter of credit securing its operating lease for office and laboratory space and as collateral for a credit card, which are classified within current and non-current Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting redeemable convertible preferred stock and stockholders’ deficit that, under U.S. GAAP, are excluded from net loss. The Company has no items of other comprehensive loss for the three months ended March 31, 2021 and 2020. As such, net loss equals comprehensive loss. Research and Development Costs Research and development costs are expensed as incurred and consist primarily of employees’ salaries and related benefits, including stock-based compensation and termination expenses for employees engaged in research and development efforts, allocated overhead including rent, depreciation, information technology and utilities, contracted services, license fees, and external expenses to conduct and support the Company’s operations that are directly attributable to the Company’s research and development efforts. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Costs incurred in obtaining technology licenses including upfront and milestone payments incurred under the Company’s licensing agreements are recorded as expense in the period in which they are incurred, provided that the licensed technology, method or process has no alternative future uses other than for the Company’s research and development activities. Research Contract Costs and Accruals The Company enters into various research and development and other agreements with commercial firms, researchers, and others for provisions of goods and services from time to time. These agreements are generally cancellable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. Redeemable Convertible Preferred Stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The carrying value of the Company’s redeemable convertible preferred stock is adjusted to reflect dividends if and when declared by the Company’s board of directors. No dividends have been declared by the board of directors since inception. The Company classifies its redeemable convertible preferred stock separate from total stockholders’ deficit, as the redemption of such stock is not solely under the control of the Company. Stock-Based Compensation The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to the Company’s employees, nonemployee directors and consultants that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s common stock on the date of the grant. For all stock options granted, the Company calculated the expected term using the simplified method (derived from the average midpoint between the weighted average vesting period and the contractual term of the award) for “plain vanilla” stock option awards, as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The estimate of expected volatility is based on comparative companies’ volatility. The risk-free rate is based on the yield available on United States Treasury zero-coupon The fair value of the shares of common stock underlying the stock options has historically been determined by the board of directors with the assistance of management and input from an independent third-party valuation firm, as there was no public market for the common stock. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors, including the valuation of comparable companies, sales of redeemable convertible preferred stock, the Company’s operating and financial performance, the lack of liquidity of common stock, and general and industry specific economic outlook, amongst other factors. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Income Taxes The Company did not record an income tax provision for the three months ended March 31, 2021 and 2020, as net operating losses have been incurred since inception. The net deferred tax assets generated from net operating losses are fully offset by a valuation allowance. Net Loss Per Share Attributable to Common Stockholders Net loss per share of common stock is computed using the two-class The Company’s participating securities include the Company’s redeemable convertible preferred stock, as the holders are entitled to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. The Company also considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable two-class Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted Leases The Company leases office and laboratory space under operating leases and laboratory equipment under capital leases. Leases for which the Company assumes substantially all risks and rewards incidental to ownership of the leased assets are classified as capital leases. The leased assets and the corresponding lease liabilities (net of interest charges) are recognized on the balance sheet as property and equipment, based on the cost of the equipment, and borrowings, respectively, at the inception of the related lease. Each lease payment is apportioned between the reduction of the outstanding lease liability and the related interest expense. The interest expense is recorded on a basis that reflects a constant periodic rate of interest on the outstanding finance lease liability. Leases for which substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentive received from the lessors) are recorded on a straight-line basis over the period of the lease. Restructuring Costs Restructuring costs primarily consist of contract termination costs related to leases and employee termination costs. The Company recognizes restructuring charges when the liability has been incurred. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations, cease use date of leased property and equipment, and the timing of employees leaving the Company. Accretion expenses related to restructuring costs are included in general and administrative expenses. Fair Value Option The convertible notes issued in 2020, for which the Company elected the fair value option, are accounted for at fair value on a recurring basis with changes in fair value recognized in the statement of operations and comprehensive loss. Interest accrued on the convertible notes is recorded to interest expense. Fair Value Measurements Fair value is defined as the exchange price to sell an asset or transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should be based on the assumptions market participants would use when pricing the asset or liability. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 – Quoted unadjusted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. The carrying amounts of the Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to their short-term nature. Money market funds are highly liquid investments that are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of March 31, 2021 and December 31, 2020, the Company held $48,303 and $52,301, respectively, in money market funds with no unrealized gains or losses. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. On June 20, 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2018-10, 2018-11, 2018-20, 2019-01 2019-10, right-of-use In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40) 470-20 2020-06

Other Financial Statement Infor

Other Financial Statement Information	3 Months Ended
	Mar. 31, 2021
Other Financial Statement Information [Abstract]
Other Financial Statement Information	3. OTHER FINANCIAL STATEMENT INFORMATION Prepaid Expense and Other Current Assets Prepaid expenses and other current assets consist of the following. March 31, 2021 December 31, 2020 Prepaid expenses $ 535 $ 336 Deferred stock offering costs 1,294 — Deposits 67 86 Receivables on exercise of options — 52 Other 81 83 Total prepaid expenses and other current assets $ 1,977 $ 557 Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following. March 31, 2021 December 31, 2020 Accrued contract costs $ 729 $ — Accrued payroll 444 405 Related party payable 299 — Accrued expense and other 326 130 Total accrued expenses and other current liabilities $ 1,798 $ 535 Related party payable represents amounts due to Ares Trading S.A. (“Ares”), an affiliate of Merck KGaA, Darmstadt, Germany, related to manufacturing technology and know-how

Convertible Notes

Convertible Notes	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Notes	4. CONVERTIBLE NOTES In March 2020, the Company issued convertible notes to certain existing investors of the Company for cash. The principal amount of the convertible notes was $5,000 in the aggregate with a fixed accrued interest rate of 4% per annum. The convertible notes were either due on or after December 31, 2020 or upon a change of control of the Company, unless earlier converted. No principal or interest was payable prior to maturity as the convertible notes and any accrued interest would automatically convert upon a qualified financing event at a conversion price equal to 85% of the price per share of the qualified financing. Holders also had the option to convert their notes to shares of Series B redeemable convertible stock at a conversion price equal to $4.2926 per share on the maturity date or upon a change of control of the Company, if no qualified financing occurred prior to such date. Due to certain embedded features within the convertible notes, the Company elected to account for the convertible notes under the fair value option. In April and May 2020, the Company issued additional convertible notes to certain existing investors of the Company for cash. The principal amount of the convertible notes was $602 in the aggregate with the same terms as the convertible notes issued in March 2020. In October 2020, the outstanding principal and accrued interest of $134, were automatically converted into 11,404,246 shares of the Company’s Series C redeemable convertible preferred stock in connection with the closing of the Company’s Series C redeemable convertible preferred stock financing (see Note 5) at a conversion price of $0.5030 per share, which was 85% of the $0.5918 original issuance price of the Series C redeemable convertible preferred stock.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2021
Temporary Equity [Abstract]
Redeemable Convertible Preferred Stock	5. REDEEMABLE CONVERTIBLE PREFERRED STOCK As of March 31, 2021, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts). ISSUE PRICE SHARES SHARES ISSUED CARRYING AGGREGATE Series Seed $ 1.01 1,010,456 1,010,456 $ 1,789 $ 1,020 Series Seed-1 1.92 1,787,640 1,787,640 3,718 3,430 Series A 2.15 6,120,111 6,120,111 12,851 13,136 Series B 4.29 5,097,566 5,097,566 21,737 21,882 Series C 0.59 168,756,599 168,756,599 99,481 99,870 Total 182,772,372 182,772,372 $ 139,576 $ 139,338 In October 2020, the Company issued 135,180,800 shares of Series C redeemable convertible preferred stock for a purchase price of $0.5918 per share, payable in cash. Gross proceeds to the Company were $80,000. The Series C redeemable convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible notes into 11,404,246 shares of Series C redeemable convertible preferred stock based on price of $0.5030 per share (85% of the $0.5918 original issuance price of the Series C redeemable convertible preferred stock). In addition, the Company issued 22,171,553 shares of Series C redeemable convertible preferred stock to Ares as the initial payment for the Company’s license of atacicept from Ares (see Note 9).

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common Stock	6. COMMON STOCK As of March 31, 2021, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 273,986,920 shares of Class A common stock and 21,593,607 shares of Class B common stock, each with a par value of $0.001 per share. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B common stock is non-voting.

Stock Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Compensation	7. STOCK COMPENSATION 2017 Equity Incentive Plan In 2017, the Company’s board of directors adopted the Vera Therapeutics, Inc. 2017 Equity Incentive Plan, which provides for the grant of qualified stock options, nonqualified stock options and other awards, including restricted stock awards, to the Company’s employees, directors, and consultants to purchase up to In 2020, the Company’s board of directors voted to amend the 2017 Equity Incentive Plan to increase the aggregate authorized number of Class A common stock to be Stock-Based Compensation Expense The following tables summarize the stock-based compensation expense for stock options and restricted stock awards granted to employees and nonemployees that was recorded in the Company’s statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020. THREE MONTHS ENDED 2021 2020 Research and development $ 60 $ 3 General and administrative 344 58 Total stock-based compensation expense $ 404 $ 61 THREE MONTHS ENDED 2021 2020 Employees $ 399 $ 59 Nonemployees 5 2 Total stock-based compensation expense $ 404 $ 61 As of March 31, 2021, the Company had $4,998 of unrecognized stock-based compensation expense related to unvested stock options and restricted stock awards, which is expected to be recognized over a weighted-average period of approximately 1.8 years, respectively. The fair value of stock options granted during the three months ended March 31, 2021 and 2020, was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions. THREE MONTHS ENDED MARCH 31, 2021 2020 Expected term (in years) 6.0 – 6.1 5.5 – 5.8 Expected volatility 76.3% – 76.4% 74.0% – 74.2% Risk-free rate 0.6% – 0.8% 1.5% – 1.7 % Dividend yield — — The following table summarizes the Company’s option activity for the three months ended March 31, 2021. NUMBER WEIGHTED- WEIGHTED AGGREGATE Balance – December 31, 2020 1,855,507 $ 2.99 9.79 $ 8 Granted 275,353 3.92 Exercised (113,683 ) 3.01 Cancelled and forfeited (1,654 ) 9.39 Balance – March 31, 2021 2,015,523 3.14 9.60 $ 9,104 Options exercisable – March 31, 2021 63,177 5.12 5.74 $ 180 Unvested and expected to vest –March 31, 2021 1,952,346 $ 3.08 9.72 $ 8,924 The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 was $527. The weighted average grant date fair value of options granted during the three months ended March 31, 2021 was $3.53 per share. The weighted average grant date fair value of options vested during the three months ended March 31, 2021 was $2.60 per share. Restricted Stock Awards In October 2020, in conjunction with the Series C redeemable convertible preferred stock issuance, the Company restricted 49,636 shares of fully issued and outstanding Class A common stock held by the Company’s Chief Executive Officer and founder. The restriction allows the Company to repurchase shares that have not vested. The vesting term of restricted stock is one year. The grant date fair value of the restricted shares was $6.37. The following table summarizes the activity for the Company’s restricted stock for the three months ended March 31, 2021. NUMBER OF Unvested as of December 31, 2020 41,363 Vested (12,408 ) Unvested as of March 31, 2021 28,955 For each of the three months ended March 31, 2021 and 2020, the Company recognized $79 and $0, respectively, of stock-based compensation expense related to restricted stock awards that vested during the periods.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	8. EMPLOYEE BENEFIT PLANS The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. There were no employer contributions under this plan for the three months ended March 31, 2021.

Licenses and Collaborations

Licenses and Collaborations	3 Months Ended
	Mar. 31, 2021
Licenses And Collaborations [Abstract]
Licenses and Collaborations	9. LICENSES AND COLLABORATIONS Yale University In 2017, PNAi entered into a collaborative research agreement (the “Yale CRA”) and license agreement (the “Yale License Agreement”) with Yale University, which were assigned to the Company upon the closing of the acquisition of PNAi by the Company in 2017. The purpose of the agreements was to fund the Yale University research program in the field of nanoparticle-sized The Yale CRA required funding the labs of collaborators with $1,500 per year for a minimum of two years. The Yale CRA expired in 2019. No payments were made to Yale University pursuant to the Yale CRA during the year ended December 31, 2019, with no future obligation under this commitment. As consideration for the Yale License Agreement, PNAi paid an initial fee of $37 and had the option to issue 5% of the company’s common stock on a fully diluted, as converted basis. If the shares were not issued, the agreement could be terminated at Yale University’s option. After the completion of the merger with PNAi, the Company exercised the option and issued 264,301 shares of common stock to Yale University with a fair value of $100. Under the Yale License Agreement, the Company reimbursed Yale University for patent related expenses. The Company reimbursed Yale University $45 for patent related expenses for the year ended December 31, 2019. The Company and Yale agreed to terminate the Yale License Agreement in 2020 and there are no future payment obligations under the Yale License Agreement. Ares Trading S.A. In October 2020, the Company entered into a license agreement with Ares (the “Ares Agreement”), pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how As consideration for the Ares Agreement, the Company issued to Ares a non-refundable In December 2020, the Company paid Ares $25,000 in milestone payments upon delivery and initiation of the transfer of specified information and materials. The Company is obligated to pay Ares aggregate milestone payments of up to $176,500 upon the achievement of specified BLA filing or regulatory approval milestones and up to $515,000 upon the achievement of specified commercial milestones. The non-refundable Ares is performing manufacturing technology and know-how Commencing on the first commercial sale of licensed products, the Company is obligated to pay Ares tiered royalties of low double-digit to mid-teen product-by- country-by-country

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. COMMITMENTS AND CONTINGENCIES The aggregate future minimum lease payments for operating leases as of March 31, 2021 are as follows (in thousands). Year ending December 31, Operating (1) Sublease 2021 (remaining 9 months) $ 1,900 $ (1,387 ) 2022 2,399 (1,908 ) 2023 2,458 (1,971 ) 2024 2,538 (2,036 ) 2025 1,937 (1,552 ) Total payments $ 11,232 $ (8,854 ) (1) Future minimum lease payments include repayment of outstanding restructuring liabilities Facilities Leases In April 2015, PNAi entered a lease for approximately 3,800 square feet of office and laboratory space for a term of 39 months in Woburn, Massachusetts. In January 2018, the Company elected to renew this lease for three years, beginning in August 2018. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $50, which is secured by restricted cash that is classified as noncurrent based on the term of the underlying lease. In April 2018, the Company entered into a lease for approximately 24,606 square feet of office and life science research space, which commenced on October 1, 2018, when the Company obtained control of the rented space for a term of 84 months in South San Francisco, California (“the South San Francisco Lease”). In connection with the South San Francisco Lease, the Company maintains a letter of credit issued to the lessor in the amount of The Company’s total future minimum commitment due pursuant to the South San Francisco Lease is $11,046 as of March 31, 2021. In November 2020, the Company entered into a non-cancellable The Company recorded rent expense totaling $535 for the three months ended March 31, 2020. No rent expense was recorded during the three months ended March 31, 2021. Equipment Lease The Company has certain leases on research and laboratory equipment with total future minimum commitments of $141 as of March 31, 2021. The Company recorded rent expense totaling $128 for the three months ended March 31, 2020. No rent expense was recorded during the three months ended March 31, 2021.

Restructuring and Related Activ

Restructuring and Related Activities	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities	11. RESTRUCTURING AND RELATED ACTIVITIES During the year ended December 31, 2019, the Company completely vacated its leased facilities in Woburn, Massachusetts. In connection with vacating the leased spaces, the Company recorded a discounted lease-related restructuring liability, which was calculated as the present value of the estimated future facility costs for which the Company would obtain no future economic benefit over the term of the lease, reduced for actual or estimated sublease rentals. In July 2020, the Company initiated a restructuring plan to reduce operating expense as a result of the disposal of PNAi technology. The restructuring plan included reducing the number of employees, vacating leased facilities, and ceasing use of leased equipment. As a result of this restructuring plan, the Company completely vacated its leased facilities in South San Francisco, California, which was subleased to a third party in November 2020, and returned certain leased equipment to the lessor. The Company recorded a discounted lease-related restructuring liability of $2,228 and $768 for the abandonment of the leased facilities and equipment, which was calculated as the present value of the estimated future lease costs for which the Company would obtain with no future economic benefit over the term of the leases. In addition, the Company recognized restructuring liability of $321 related to severance and other employee termination costs related to the reduction in the number of employees. The Company expects this restructuring plan to be completed in 2021. The activity related to the restructuring liabilities for the three months ended March 31, 2021, is as follows. Lease -related Employee Total Balance as of December 31, 2020 2,584 12 2,596 Accretion 35 — 35 Cash payments (578 ) (12 ) (590 ) Balance as of March 31, 2021 $2,041 $ — $ 2,041

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Common Share	12. NET LOSS PER COMMON SHARE The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted THREE MONTHS ENDED 2021 2020 Redeemable convertible preferred stock 15,774,014 1,209,599 Class A common stock options issued and outstanding 2,015,523 181,157 Unvested restricted stock awards 28,955 4,137 Total 17,818,492 1,394,893

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	13. RELATED PARTY TRANSACTIONS In October 2018, the Company entered into a sublease agreement for a portion of its South San Francisco office space, the term for which commenced on December 7, 2018. The Chief Executive Officer of the sublessor is a member of the Company’s board of directors. The initial sublease was established for approximately 400 square feet of space. Prior to the initial expiration of the sublease in April 2019, the space was expanded to approximately 3,700 square feet with the term of the lease extended for an additional two years. The monthly rent charged by the Company to the subtenant is subject to escalating rent payments according to the terms of the Company’s lease agreement, and the subtenant is required to reimburse the Company for monthly facility operating expenses based on its proportionate share of total square footage pursuant to the lease. The Company’s lease agreement provides that 50% of any profit resulting from the excess of the amount collected from the subtenant less the sum of monthly rent, operating expenses and reimbursement of direct expenditures made by the Company in order to arrange and maintain the sublease is to be shared with the lessor. To date, no profit has been realized on the sublease arrangement as the monthly collections from the subtenant are equivalent to the Company’s cost of rent, operating expense and recovery of professional fees to arrange the sublease. In June 2020, the sublease agreement was terminated. During the three months ended March 31, 2020 the Company recognized $78 of sublease income under this agreement, which was recorded as a reduction to the Company’s rent expense. In October 2020, the Company entered into the Ares Agreement with Ares, pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS Neubase Asset Sale On January 27, 2021, the Company entered into an asset purchase agreement with Neubase Therapeutics, Inc. (“Neubase”), whereby the Company agreed to sell all assets relating to its investment in PNAi, including all inventory, machinery, intellectual property, goodwill and licenses, including the CMU License Agreement, and Neubase agreed to assume certain related liabilities. The sale of the Company’s investment in PNAi closed on April 26, 2021. The Company received $796 in cash and 308,635 shares of Neubase common stock, with a fair market value of $1,759 based on the closing price reported on the Nasdaq Capital Market on the date the sale closed. Of the total Neubase shares issued to the Company, 2021 Employee Stock Purchase Plan and 2021 Equity Incentive Plan In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”) and the 2021 Equity Incentive Plan (“2021 EIP”), each of which became effective in connection with the IPO. The Company has reserved and 2,212,335 shares of common stock for future issuance under the ESPP and 2021 EIP, respectively.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.
Unaudited Interim Condensed Financial Statements	Unaudited Interim Condensed Financial Statements The accompanying condensed balance sheet as of March 31, 2021, and condensed statements of operations and comprehensive loss, condensed statements of cash flows, and condensed statements of redeemable convertible preferred stock and stockholders’ deficit for the three months ended March 31, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from the audited financial statements as of and for the year ended December 31, 2020. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and in the opinion of management, reflect all adjustments consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2021, and the condensed results of its operations and its cash flows for the three months ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The condensed results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated May 13, 2021 for the IPO filed with the SEC on May 17, 2021 pursuant to Rule 424(b)(4) relating to the Company’s Registration Statement on Form S-1, No. 333-255492).
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include useful lives of fixed and intangible assets, the accrual of research and development expenses, restructuring liabilities, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consisting of legal, accounting and filing fees relating to the IPO are capitalized. The deferred offering costs will be offset against offering proceeds in the period in which the offering is completed.
Concentrations of Credit Risk and Other Risks and Uncertainties	Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash and cash equivalents to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Impact of the COVID-19 Pandemic	Impact of the COVID-19 The COVID-19 COVID-19 COVID-19 COVID-19 COVID-19
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market funds and are stated at fair value.
Restricted Cash	Restricted Cash Restricted cash represents cash held by a financial institution as collateral for a letter of credit securing its operating lease for office and laboratory space and as collateral for a credit card, which are classified within current and non-current
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting redeemable convertible preferred stock and stockholders’ deficit that, under U.S. GAAP, are excluded from net loss. The Company has no items of other comprehensive loss for the three months ended March 31, 2021 and 2020. As such, net loss equals comprehensive loss.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and consist primarily of employees’ salaries and related benefits, including stock-based compensation and termination expenses for employees engaged in research and development efforts, allocated overhead including rent, depreciation, information technology and utilities, contracted services, license fees, and external expenses to conduct and support the Company’s operations that are directly attributable to the Company’s research and development efforts. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Costs incurred in obtaining technology licenses including upfront and milestone payments incurred under the Company’s licensing agreements are recorded as expense in the period in which they are incurred, provided that the licensed technology, method or process has no alternative future uses other than for the Company’s research and development activities.
Research Contract Costs and Accruals	Research Contract Costs and Accruals The Company enters into various research and development and other agreements with commercial firms, researchers, and others for provisions of goods and services from time to time. These agreements are generally cancellable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The carrying value of the Company’s redeemable convertible preferred stock is adjusted to reflect dividends if and when declared by the Company’s board of directors. No dividends have been declared by the board of directors since inception. The Company classifies its redeemable convertible preferred stock separate from total stockholders’ deficit, as the redemption of such stock is not solely under the control of the Company.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to the Company’s employees, nonemployee directors and consultants that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s common stock on the date of the grant. For all stock options granted, the Company calculated the expected term using the simplified method (derived from the average midpoint between the weighted average vesting period and the contractual term of the award) for “plain vanilla” stock option awards, as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The estimate of expected volatility is based on comparative companies’ volatility. The risk-free rate is based on the yield available on United States Treasury zero-coupon The fair value of the shares of common stock underlying the stock options has historically been determined by the board of directors with the assistance of management and input from an independent third-party valuation firm, as there was no public market for the common stock. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors, including the valuation of comparable companies, sales of redeemable convertible preferred stock, the Company’s operating and financial performance, the lack of liquidity of common stock, and general and industry specific economic outlook, amongst other factors. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest.
Income Taxes	Income Taxes The Company did not record an income tax provision for the three months ended March 31, 2021 and 2020, as net operating losses have been incurred since inception. The net deferred tax assets generated from net operating losses are fully offset by a valuation allowance.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Net loss per share of common stock is computed using the two-class The Company’s participating securities include the Company’s redeemable convertible preferred stock, as the holders are entitled to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. The Company also considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable two-class Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted
Leases	Leases The Company leases office and laboratory space under operating leases and laboratory equipment under capital leases. Leases for which the Company assumes substantially all risks and rewards incidental to ownership of the leased assets are classified as capital leases. The leased assets and the corresponding lease liabilities (net of interest charges) are recognized on the balance sheet as property and equipment, based on the cost of the equipment, and borrowings, respectively, at the inception of the related lease. Each lease payment is apportioned between the reduction of the outstanding lease liability and the related interest expense. The interest expense is recorded on a basis that reflects a constant periodic rate of interest on the outstanding finance lease liability. Leases for which substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentive received from the lessors) are recorded on a straight-line basis over the period of the lease.
Restructuring Costs	Restructuring Costs Restructuring costs primarily consist of contract termination costs related to leases and employee termination costs. The Company recognizes restructuring charges when the liability has been incurred. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations, cease use date of leased property and equipment, and the timing of employees leaving the Company. Accretion expenses related to restructuring costs are included in general and administrative expenses.
Fair Value Option	Fair Value Option The convertible notes issued in 2020, for which the Company elected the fair value option, are accounted for at fair value on a recurring basis with changes in fair value recognized in the statement of operations and comprehensive loss. Interest accrued on the convertible notes is recorded to interest expense.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price to sell an asset or transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should be based on the assumptions market participants would use when pricing the asset or liability. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 – Quoted unadjusted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. The carrying amounts of the Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to their short-term nature. Money market funds are highly liquid investments that are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of March 31, 2021 and December 31, 2020, the Company held $48,303 and $52,301, respectively, in money market funds with no unrealized gains or losses.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. On June 20, 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2018-10, 2018-11, 2018-20, 2019-01 2019-10, right-of-use In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40) 470-20 2020-06

Other Financial Statement Inf_2

Other Financial Statement Information (Tables)	3 Months Ended
	Mar. 31, 2021
Other Financial Statement Information [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following. March 31, 2021 December 31, 2020 Prepaid expenses $ 535 $ 336 Deferred stock offering costs 1,294 — Deposits 67 86 Receivables on exercise of options — 52 Other 81 83 Total prepaid expenses and other current assets $ 1,977 $ 557
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following. March 31, 2021 December 31, 2020 Accrued contract costs $ 729 $ — Accrued payroll 444 405 Related party payable 299 — Accrued expense and other 326 130 Total accrued expenses and other current liabilities $ 1,798 $ 535

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2021
Temporary Equity [Abstract]
Summary of Redeemable Convertible Preferred Stock	As of March 31, 2021, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts). ISSUE PRICE SHARES SHARES ISSUED CARRYING AGGREGATE Series Seed $ 1.01 1,010,456 1,010,456 $ 1,789 $ 1,020 Series Seed-1 1.92 1,787,640 1,787,640 3,718 3,430 Series A 2.15 6,120,111 6,120,111 12,851 13,136 Series B 4.29 5,097,566 5,097,566 21,737 21,882 Series C 0.59 168,756,599 168,756,599 99,481 99,870 Total 182,772,372 182,772,372 $ 139,576 $ 139,338

Stock Compensation (Tables)

Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following tables summarize the stock-based compensation expense for stock options and restricted stock awards granted to employees and nonemployees that was recorded in the Company’s statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020. THREE MONTHS ENDED 2021 2020 Research and development $ 60 $ 3 General and administrative 344 58 Total stock-based compensation expense $ 404 $ 61 THREE MONTHS ENDED 2021 2020 Employees $ 399 $ 59 Nonemployees 5 2 Total stock-based compensation expense $ 404 $ 61
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of stock options granted during the three months ended March 31, 2021 and 2020, was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions. THREE MONTHS ENDED MARCH 31, 2021 2020 Expected term (in years) 6.0 – 6.1 5.5 – 5.8 Expected volatility 76.3% – 76.4% 74.0% – 74.2% Risk-free rate 0.6% – 0.8% 1.5% – 1.7 % Dividend yield — —
Summary of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes the Company’s option activity for the three months ended March 31, 2021 NUMBER WEIGHTED- WEIGHTED AGGREGATE Balance – December 31, 2020 1,855,507 $ 2.99 9.79 $ 8 Granted 275,353 3.92 Exercised (113,683 ) 3.01 Cancelled and forfeited (1,654 ) 9.39 Balance – March 31, 2021 2,015,523 3.14 9.60 $ 9,104 Options exercisable – March 31, 2021 63,177 5.12 5.74 $ 180 Unvested and expected to vest –March 31, 2021 1,952,346 $ 3.08 9.72 $ 8,924
Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes the activity for the Company’s restricted stock for the three months ended March 31, 2021. NUMBER OF Unvested as of December 31, 2020 41,363 Vested (12,408 ) Unvested as of March 31, 2021 28,955

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments For Operating Leases	The aggregate future minimum lease payments for operating leases as of March 31, 2021 are as follows (in thousands). Year ending December 31, Operating (1) Sublease 2021 (remaining 9 months) $ 1,900 $ (1,387 ) 2022 2,399 (1,908 ) 2023 2,458 (1,971 ) 2024 2,538 (2,036 ) 2025 1,937 (1,552 ) Total payments $ 11,232 $ (8,854 ) (1) Future minimum lease payments include repayment of outstanding restructuring liabilities

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Summary of Activity Related To The Restructuring Liabilities	The activity related to the restructuring liabilities for the three months ended March 31, 2021, is as follows. Lease -related Employee Total Balance as of December 31, 2020 2,584 12 2,596 Accretion 35 — 35 Cash payments (578 ) (12 ) (590 ) Balance as of March 31, 2021 $2,041 $ — $ 2,041

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted THREE MONTHS ENDED 2021 2020 Redeemable convertible preferred stock 15,774,014 1,209,599 Class A common stock options issued and outstanding 2,015,523 181,157 Unvested restricted stock awards 28,955 4,137 Total 17,818,492 1,394,893

Organization and Description _2

Organization and Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands	May 20, 2021USD ($)shares	May 13, 2021$ / sharesshares	May 07, 2021	May 31, 2021shares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Accumulated deficit					$ 96,161	$ 91,447
Cash and cash equivalents					49,505	$ 53,654
Deferred offering costs					$ 1,294
Subsequent Event [Member]
Stock split ratio			11.5869
Underwriting discounts and commissions	$ 3,852
Offering costs	2,800
Common Class A [Member] | Subsequent Event [Member] | IPO [Member]
Stock shares issued during the period new issues shares | shares		4,350,000
Sale of stock, price per share | $ / shares		$ 11
Sale of stock net consideration received on the transaction	$ 48,400
Common Class A [Member] | Subsequent Event [Member] | Over-Allotment Option [Member]
Stock shares issued during the period new issues shares | shares	652,500
Common Class A [Member] | Subsequent Event [Member] | Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock | shares				15,464,776
Common Class B [Member] | Subsequent Event [Member] | Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock | shares				309,238

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Line Items]
Income tax provision	$ 0	$ 0
Money Market Funds [Member]
Accounting Policies [Line Items]
Money market funds	48,303		$ 52,301
Unrealized gains or losses on securities	$ 0		$ 0

Other Financial Statement Inf_3

Other Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Prepaid expenses	$ 535	$ 336
Deferred stock offering costs	1,294
Deposits		86
Receivables on exercise of options	67	52
Other	81	83
Prepaid expenses and other current assets	$ 1,977	$ 557

Other Financial Statement Inf_4

Other Financial Statement Information - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Accrued contract costs	$ 729
Accrued payroll	444	$ 405
Related party payable	299
Accrued expense and other	326	130
Total accrued expenses and other current liabilities	$ 1,798	$ 535

Convertible Notes - Additional

Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Oct. 31, 2020	Mar. 31, 2021	May 31, 2020	Mar. 31, 2020
Series C [Member]
Debt Instrument [Line Items]
Temporary equity original issuance price		$ 0.59
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument Principal amount				$ 5,000
Debt instrument fixed interest rate percentage				4.00%
Convertible Notes [Member] | Additional Convertible Notes Issued [Member]
Debt Instrument [Line Items]
Debt instrument Principal amount			$ 602
Convertible Notes [Member] | Series B redeemable convertible stock [Member]
Debt Instrument [Line Items]
Debt conversion convertible instrument percent				85.00%
Debt instrument convertible price per share				$ 4.2926
Convertible Notes [Member] | Series C [Member]
Debt Instrument [Line Items]
Debt conversion convertible instrument percent	85.00%
Debt instrument convertible price per share	$ 0.5030
Debt outstanding converted instrument amount	$ 134
Debt instrument converted shares issued	11,404,246
Temporary equity original issuance price	$ 0.5918

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized	182,772,372	182,772,372
Shares Issued	182,772,372	182,772,372
Shares Outstanding	182,772,372	182,772,372
Carrying Value	$ 139,576	$ 139,576
Aggregate Liquidation Preference	$ 139,338
Series Seed [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 1.01
Shares Authorized	1,010,456
Shares Issued	1,010,456
Shares Outstanding	1,010,456
Carrying Value	$ 1,789
Aggregate Liquidation Preference	$ 1,020
Series Seed-1 [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 1.92
Shares Authorized	1,787,640
Shares Issued	1,787,640
Shares Outstanding	1,787,640
Carrying Value	$ 3,718
Aggregate Liquidation Preference	$ 3,430
Series A [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 2.15
Shares Authorized	6,120,111
Shares Issued	6,120,111
Shares Outstanding	6,120,111
Carrying Value	$ 12,851
Aggregate Liquidation Preference	$ 13,136
Series B [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 4.29
Shares Authorized	5,097,566
Shares Issued	5,097,566
Shares Outstanding	5,097,566
Carrying Value	$ 21,737
Aggregate Liquidation Preference	$ 21,882
Series C [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 0.59
Shares Authorized	168,756,599
Shares Issued	168,756,599
Shares Outstanding	168,756,599
Carrying Value	$ 99,481
Aggregate Liquidation Preference	$ 99,870

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock - Additional Information (Detail) - Series C [Member]	1 Months Ended
	Oct. 31, 2020USD ($)$ / sharesshares
Temporary Equity [Line Items]
Number of redeemable convertible preferred stock shares issued | shares	135,180,800
Temporary equity purchase price per share | $ / shares	$ 0.5918
Proceeds from redeemable convertible preferred stock | $	$ 80,000
Ares [Member]
Temporary Equity [Line Items]
Number of redeemable convertible preferred stock shares issued | shares	22,171,553
Convertible Notes [Member]
Temporary Equity [Line Items]
Temporary equity purchase price per share | $ / shares	$ 0.5918
Debt conversion converted instrument shares issued | shares	11,404,246
Debt instrument convertible price per share | $ / shares	$ 0.5030
Debt conversion convertible instrument percent	85.00%

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized	273,986,920	273,986,920
Common stock par or stated value per share	$ 0.001	$ 0.001
Common stock conversion basis	one
Cash dividends	$ 0
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized	21,593,607	21,593,607
Common stock par or stated value per share	$ 0.001	$ 0.001
Cash dividends	$ 0

Stock compensation - Summary of

Stock compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 404	$ 61
Employees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	399	59
Nonemployees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	5	2
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	60	3
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 344	$ 58

Stock Compensation - Schedule o

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	76.30%	74.00%
Expected volatility, Maximum	76.40%	74.20%
Risk-free rate, Minimum	0.60%	1.50%
Risk-free rate, Maximum	0.80%	1.70%
Dividend yield	0.00%	0.00%
Minimum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years	5 years 6 months
Maximum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years 1 month 6 days	5 years 9 months 18 days

Stock Compensation - Summary _2

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Beginning	1,855,507
Number of options, Granted	275,353
Number of options, Exercised	(113,683)
Number of options, Cancelled and forfeited	(1,654)
Number of options, Ending	2,015,523	1,855,507
Number of options, Options exercisable	63,177
Number of options, Unvested and expected to vest	1,952,346
Weighted average exercise price, Opening balance	$ 2.99
Weighted average exercise price, Granted	3.92
Weighted average exercise price, Exercised	3.01
Weighted average exercise price, Cancelled and forfeited	9.39
Weighted average exercise price, Ending balance	3.14	$ 2.99
Weighted average exercise price, Option exercisable	5.12
Weighted average exercise price, Unvested and expected to vest	$ 3.08
Weighted average remaining contractual term	9 years 7 months 6 days	9 years 9 months 14 days
Weighted average remaining contractual term, Options exercisable	5 years 8 months 26 days
Weighted average remaining contractual term, Unvested and expected to vest	9 years 8 months 19 days
Intrinsic Value	$ 9,104	$ 8
Intrinsic Value, Options exercisable	180
Intrinsic Value, Unvested and expected to vest	$ 8,924

Stock Compensation - Summary _3

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Detail) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested as of December 31, 2020	41,363
Vested	(12,408)
Unvested as of March 31, 2021	28,955

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2020
Share Based Payment Arrangement [Line Items]
Stock-based compensation expense		$ 404	$ 61
2017 Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period				4 years
Share based compensation arrangement by share based payment award, Expiration period				10 years
2017 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting percentage				25.00%
2017 Equity Incentive Plan [Member] | Grants Of Stock Options And Restricted Stock Awards [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period				3 years
2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Options exercised in period, Total intrinsic value		$ 527
Share based compensation arrangement by share based payment award, Options granted in period, Weighted average grant date fair value		$ 3.53
Share based compensation arrangement by share based payment award, Options vested, Weighted average grant date fair value		$ 2.60
2017 Amended Equity Incentive Plan [Member] | Unvested Stock Options And Restricted Stock Awards [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 4,998
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		1 year 9 months 18 days
Restricted Stock [Member] | 2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period	1 year
Share based compensation arrangement by share based payment award, Equity instruments other than options nonvested, Weighted average Grant date fair value	$ 6.37
Stock-based compensation expense		$ 79	$ 0
Common Class A [Member] | 2017 Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Number of shares authorized				286,578
Common Class A [Member] | 2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Number of shares authorized					3,052,169
Common stock capital, Shares reserved for future issuance		876,429
Common Class A [Member] | Restricted Stock [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Restricted shares of fully issued and outstanding common stock	49,636

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)
Retirement Benefits [Abstract]
Employer contributions	$ 0

License and Collaborations - Ad

License and Collaborations - Additional Information (Detail) - USD ($)	Oct. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ares Agreement [Member] | Ares Trading S A [Member]
License and Collaborations [Line Items]
Milestone payments paid				$ 25,000,000
Due to related parties			$ 299,000
Payment for royalties on a licensed product, Term			3 years
Ares Agreement [Member] | Ares Trading S A [Member] | Research and Development Expense [Member]
License and Collaborations [Line Items]
Non-refundable license issue fee				13,121,000
Milestone payments recorded to research and development expense				25,000,000
Ares Agreement [Member] | Ares Trading S A [Member] | Achievement Of Specified BLA Filing Or Regulatory Approval Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable				176,500,000
Ares Agreement [Member] | Ares Trading S A [Member] | Achievement Of Specified Commercial Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable				$ 515,000,000
Yale University [Member]
License and Collaborations [Line Items]
Stock shares issued during the period shares		264,301
Reimbursement for patent related expenses		$ 45,000
Yale University [Member] | Portion at Fair Value Measurement [Member]
License and Collaborations [Line Items]
Stock shares issued during the period value					$ 100,000
PNAI [Member] | Yale License Agreement [Member]
License and Collaborations [Line Items]
Initial fee paid as consideration		$ 37,000
PNAI [Member] | Yale License Agreement [Member] | Common Stock [Member]
License and Collaborations [Line Items]
Percentage of common stock issuable on a fully diluted and converted basis		5.00%			5.00%
Series C [Member]
License and Collaborations [Line Items]
Temporary equity issue price per share	$ 0.5918
Series C [Member] | Ares Agreement [Member] | Ares Trading S A [Member]
License and Collaborations [Line Items]
Temporary equity stock shares issued during the period shares	22,171,553
Temporary equity issue price per share	$ 0.5918
Temporary equity shares issued during the period value	$ 13,121

Commitments and Contingencies -

Commitments and Contingencies - Summary of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, 2021 (remaining 9 months)	$ 1,900
Operating Leases 2022	2,399
Operating Leases 2023	2,458
Operating Leases 2024	2,538
Operating Leases 2025	1,937
Operating Leases, Total payments	11,232
Sublease Income, 2021 (remaining 9 months)	(1,387)
Sublease Income, 2022	(1,908)
Sublease Income, 2023	(1,971)
Sublease Income, 2024	(2,036)
Sublease Income, 2025	(1,552)
Sublease Income, Total payments	$ (8,854)

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Nov. 30, 2020USD ($)	Aug. 31, 2018USD ($)	Apr. 30, 2018USD ($)ft²	Apr. 30, 2015ft²
Other Commitments [Line Items]
Operating lease future minimum payments due	$ 11,232,000
Operating lease minimum future commitments	8,854,000
PNAI [Member]
Other Commitments [Line Items]
Operating lease minimum future commitments			$ 11,046,000
Operating lease, rent expense	0	$ 535,000
PNAI [Member] | Research And Laboratory Equipment [Member]
Other Commitments [Line Items]
Operating lease future minimum payments due	141,000
Operating lease, rent expense	0	$ 128,000
Office and Laboratory Space at Woborn Massauchets [Member] | PNAI [Member]
Other Commitments [Line Items]
Area of real estate availed on lease | ft²					24,606	3,800
Operating lease term					84 months	39 months
Operating lease renewal term				3 years
Letters of credit outstanding				$ 50,000	$ 293,000
Operating lease future minimum payments due	$ 11,046,000
Operating lease minimum future commitments			$ 8,854

Restructuring and Related Act_3

Restructuring and Related Activities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 2,041	$ 2,596
Employee Severance And Other Employee Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			$ 321
Leased Facilities Abandoned [Member] | Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			2,228
Equipment Abondoned [Member] | Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			$ 768

Restructuring and Related Act_4

Restructuring and Related Activities - Summary of Activity Related to the Restructuring Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 2,596
Accretion	35
Cash payments	(590)	$ (29)
Ending balance	2,041
Lease-related exit costs
Restructuring Cost and Reserve [Line Items]
Beginning balance	2,584
Accretion	35
Cash payments	(578)
Ending balance	2,041
Employee termination
Restructuring Cost and Reserve [Line Items]
Beginning balance	12
Cash payments	$ (12)

Net Loss Per Common Share - Sum

Net Loss Per Common Share - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	17,818,492	1,394,893
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	15,774,014	1,209,599
Class A common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	2,015,523	181,157
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	28,955	4,137

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Lessee Company Where Ceo of the Lessor Company is the Member of Board of Directors [Member] $ in Thousands	Dec. 07, 2018ft²	Mar. 31, 2020USD ($)	Apr. 01, 2019ft²
Related Party Transaction [Line Items]
Area of space subleased	400
Revised area of space subleased			3,700
Sublease lease term extension		2 years
Percentage of profit arising on sublease due to excess amount collected from subtenant to be shared			50.00%
Operating lease rental expense sublease rentals | $		$ 78

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($)	Apr. 26, 2021	Apr. 30, 2021
Neubase Therapeutics Inc [Member]
Subsequent Event [Line Items]
Investment owned number of shares placed in escrow account	162,260
Neubase Therapeutics Inc [Member] | Investment In PNAI [Member]
Subsequent Event [Line Items]
Proceeds received from the disposal of business	$ 796,000
Disposal group including discontinued operations shares received for disposal	308,635
Investments owned market value	$ 1,759
Employee Stock Purchase Plan Two Thousand Twenty One [Member]
Subsequent Event [Line Items]
Common stock capital, Shares reserved for future issuance		220,251
Two Thousand and Twenty One Equity Incentive Plan [Member]
Subsequent Event [Line Items]
Common stock capital, Shares reserved for future issuance		2,212,335