Longboard Pharmaceuticals (LBPH) 10-K 3 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Entity Registrant Name	Longboard Pharmaceuticals, Inc.
Entity Central Index Key	0001832168
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40192
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5009619
Entity Address, Address Line One	4275 Executive Square
Entity Address, Address Line Two	Suite 950
Entity Address, City or Town	La Jolla
Entity Public Float			$ 117,500,000
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	592-9775
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	LBPH
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		17,215,350
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Transition Report	false
Documents Incorporated By Reference Text Block	DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the Registrant's Definitive Proxy Statement for the Annual Meeting of Stockholders to be held in June 2022, which will be filed with the Securities and Exchange Commission on or before May 2, 2022.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Diego, CA

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 66,346	$ 55,316
Short-term Investments	40,379
Prepaid expenses and other current assets	1,659	46
Total current assets	108,384	55,362
Right-of-use assets	521
Property and equipment	14
Other long-term assets	33
Deferred financing costs		876
Total assets	108,952	56,238
Current liabilities:
Accounts payable	1,028	1,213
Accrued research and development expenses	2,245	916
Accrued other expenses	352	845
Accrued compensation and related expenses	1,480	161
Right-of-use liabilities, current portion	339
Total current liabilities	5,444	3,135
Right-of-use liabilities, net of current portion	185
Commitments and contingencies (see Note 9)
Convertible preferred stock:
Temporary equity, value	0	55,795
Stockholders’ equity (deficit):
Preferred stock, value	0
Common stock, value	1
Additional paid-in-capital	145,683	11,708
Accumulated other comprehensive loss	(164)
Accumulated deficit	(42,197)	(14,400)
Total stockholder’s equity (deficit)	103,323	(2,692)
Total liabilities, convertible preferred stock and shareholders’ equity (deficit)	108,952	$ 56,238
Non-Voting Common Stock [Member]
Stockholders’ equity (deficit):
Common stock, value	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	10,500,000
Common stock, shares issued	13,440,761	3,840,540
Common stock, shares outstanding	13,440,761	3,840,540
Common stock, subject to repurchase	145,189	348,450
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	5,600,000
Preferred stock, shares issued	0	5,600,000
Preferred stock, shares outstanding	0	5,600,000
Preferred stock, liquidation preference, value	$ 0	$ 56,000
Non-Voting Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	0
Common stock, shares issued	3,629,400	0
Common stock, shares outstanding	3,629,400	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 19,774	$ 4,633
General and administrative	8,065	9,767
Total operating expenses	27,839	14,400
Loss from operations	(27,839)	(14,400)
Interest income, net	64	0
Other expense	(22)	0
Net loss	$ (27,797)	$ (14,400)
Net loss per share, basic and diluted	$ (1.93)	$ (3.78)
Weighted-average shares outstanding, basic and diluted	14,410,502	3,808,887
Comprehensive loss:
Net loss	$ (27,797)	$ (14,400)
Unrealized gain (loss) on short-term investments	(164)	0
Comprehensive loss	$ (27,961)	$ (14,400)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Non-Voting Common Stock [Member]	Voting Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance, Value at Jan. 03, 2020	$ 0				$ 0	$ 0	$ 0
Beginning Balance, Shares at Jan. 03, 2020		0	0	0
Stock Repurchased During Period, Shares				3,840,540
Arena Pharmaceuticals, Inc. capital contributions	3,200				3,200
Issuance of Series A convertible preferred stock, Value		$ 56,000
Issuance of Series A convertible preferred stock, Shares		5,600,000
Series A convertible preferred stock financing costs	(205)	$ (205)
Stock-based compensation	8,508				8,508
Unrealized gain (loss) on short-term investments	0
Net loss	(14,400)						(14,400)
Ending Balance, Value at Dec. 31, 2020	(2,692)				11,708		(14,400)
Ending Balance, Shares at Dec. 31, 2020				3,840,540
Temporary equity, Ending Balance, shares at Dec. 31, 2020		5,600,000
Temporary equity, Ending Balance, Value at Dec. 31, 2020		$ 55,795
Series A convertible preferred stock financing costs	(1)
Conversion of convertible preferred stock to common stock in association with initial public offering, shares		(5,600,000)	3,629,400	4,098,600
Conversion of convertible preferred stock to common stock in association with initial public offering	(55,794)	$ (55,795)			(55,794)
Issuance of common stock in initial public offering, net, Shares				5,298,360
Issuance of common stock in initial public offering, net, Value	76,215			$ 1	76,214
Vesting of restricted stock				203,261
Stock-based compensation	1,967				1,967
Unrealized gain (loss) on short-term investments	(164)					(164)
Net loss	(27,797)						(27,797)
Ending Balance, Value at Dec. 31, 2021	$ 103,323			$ 1	$ 145,683	$ (164)	$ (42,197)
Ending Balance, Shares at Dec. 31, 2021			3,629,400	13,440,761

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (27,797)	$ (14,400)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,967	8,508
Depreciation and amortization	1
Accretion of premiums on investments, net	157
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,645)	(46)
Accounts payable	(185)	1,213
Accrued research and development expenses	1,329	916
Accrued compensation and related expenses	1,318	161
Accrued other expenses	146	206
Operating right-of-use assets and lease liabilities, net	4
Net cash used in operating activities	(24,705)	(3,442)
Cash flows from investing activities:
Purchases of short-term investments	(40,700)
Purchase of property and equipment	(16)
Net cash used in investing activities	(40,716)
Cash flows from financing activities:
Capital contributions from Arena Pharmaceuticals, Inc.		3,200
Proceeds from Series A convertible preferred stock financing		56,000
Series A convertible preferred stock financing costs	(1)	(205)
Proceeds from initial public offering	84,774
Initial public offering costs	(8,322)	(237)
Net cash provided by financing activities	76,451	58,758
Net increase in cash and cash equivalents	11,030	55,316
Cash and cash equivalents at the beginning of the period	55,316
Cash and cash equivalents at the end of the period	66,346	55,316
Non-cash investing and financing activities:
Common stock issued on conversion of convertible preferred stock in connection with initial public offering	55,794	0
Deferred financing costs in accrued other expenses		$ 639

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Description of Business Longboard Pharmaceuticals, Inc. (the Company), formerly Arena Neuroscience, Inc., was incorporated in the state of Delaware on January 3, 2020 and is based in San Diego, California. The Company was organized and initially wholly-owned by Arena Pharmaceuticals, Inc. (Arena), until the closing of its Series A convertible preferred stock (Series A Preferred Stock) financing in October 2020. The Company is a clinical stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. The Company’s most advanced product candidate, LP352, is being developed for the treatment of seizures associated with developmental and epileptic encephalopathies and is currently in a Phase 1b/2a clinical trial (the PACIFIC Study). The Company’s preclinical product candidates include LP659 and LP143, which are focused on developing therapies for multiple neurological diseases. Initial Public Offering On March 16, 2021, the Company completed the initial public offering (IPO) of its voting common stock. In connection with the IPO, the Company issued and sold 5,298,360 shares of voting common stock, which included 298,360 shares of its voting common stock issued pursuant to the option granted to the underwriters to purchase additional shares in April 2021, at a public offering price of $ 16.00 per share. The Company raised $ 76.2 million in net proceeds from the IPO after deducting underwriters’ discounts and commissions of $ 5.9 million and issuance costs of $ 2.6 million. Unless otherwise noted, all references in the financial statements and related footnotes to the Company's "common stock" refers to the Company's voting common stock. Immediately prior to the closing of the IPO, 2,630,000 shares of Series A Preferred Stock were exchanged for 3,629,400 shares of non-voting common stock and 2,970,000 shares were automatically converted into 4,098,600 shares of voting common stock. Following the IPO, there were no shares of Series A Preferred Stock outstanding. Forward Stock Splits On October 27, 2020, the Company filed an amendment to the Company’s certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 2,783 -for-1 basis (October Forward Stock Split). The par value of the common stock was not adjusted as a result of the October Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the October Forward Stock Split for the periods presented. On March 5, 2021, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 1.38 -for-1 basis (March Forward Stock Split). Adjustments corresponding to the March Forward Stock Split were made to the ratio at which the Company’s Series A Preferred Stock were converted into common stock immediately prior to the closing of the IPO. The par value of the common stock and number of shares authorized were not adjusted as a result of the March Forward Stock Split. All references to common stock, options to purchase common stock, share data, per share data, and related information contained in the financial statements and related footnotes have been retrospectively adjusted to reflect the effect of the March Forward Stock Split for all periods presented. Basis of Presentation The Company’s financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) and reflect all of the Company's activities. In addition, the accompanying financial statements include the financial results from inception (January 3, 2020) through December 31, 2021. The Company’s fiscal year-end is December 31. The Company concluded under the guidance in Accounting Standards Codification 805, Business Combinations that the Company was not required to present historical carve-out financial results for activity occurring at Arena prior to the Company’s formation as the assets licensed to the Company by Arena did not constitute a business. The financial statements include allocations for certain Arena corporate expenses, including costs of information technology, human resources, accounting, legal, facilities, insurance, treasury and other corporate and infrastructure services. These allocations were made on the basis of the actual hours incurred in providing services to the Company by employees of Arena multiplied by a fully burdened average cost per employee. Management believes such allocation of corporate expenses from Arena is reasonable. Effective October 27, 2020, the Company entered into a formal services agreement with Arena for these services (see Note 7). The financial statements may not include all of the expenses that would have been incurred had the Company been a stand-alone company during the period presented and may not reflect the Company’s results of operations, financial position and cash flows had the Company been a stand-alone company during the period presented. The Company also received capital contributions of $ 3.2 million from Arena to fund start-up activities throughout the period ended December 31, 2020. The capital contributions from Arena have been presented in additional paid-in capital on the balance sheet. Liquidity and Capital Resources Since its inception, the Company has devoted substantially all of its resources to research and development (R&D) activities, organizing and staffing, business planning, raising capital, in-licensing intellectual property rights and establishing its intellectual property portfolio, and providing general and administrative (G&A) support for these operations and has funded its operations primarily with the net proceeds from the issuance of Series A Preferred Stock and common stock. The Company has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $ 42.2 million and $ 14.4 million as of December 31, 2021 and 2020, respectively. Management expects the Company will incur substantial operating losses for the foreseeable future in order to complete preclinical studies and clinical trials, seek regulatory approval, and launch and commercialize any product candidates for which it receives regulatory approval. The Company will need to raise additional capital through public or private equity or debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. The COVID-19 pandemic continues to evolve and has already resulted in a significant disruption of global financial markets. The Company’s ability to raise additional capital may be adversely impacted by potential worsening of global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the pandemic. If the disruption persists and deepens, the Company could experience an inability to access additional capital. As of December 31, 2021, the Company had available cash, cash equivalents and investments of $ 106.7 million and working capital of $ 102.9 million to fund future operations. Management believes that its capital resources as of December 31, 2021 will be sufficient to fund the Company’s operations for at least 12 months after the date these audited financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized. Deferred Financing Costs Prior to the completion of the IPO, the Company had deferred financing costs consisting of legal, accounting and other fees and costs directly attributable to the IPO. As of December 31, 2020, $0.9 million of deferred financing costs were recorded on the balance sheet. Upon the completion of the IPO, all deferred financing costs were reclassified to additional paid-in capital. Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2021 consists of computer equipment. R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and Arena in connection with the Company’s discovery, preclinical and clinical activities, process development, manufacturing activities, regulatory and other services. Certain R&D external expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. R&D expenses amounted to $ 19.8 million and $ 4.6 million, respectively, for the year ended December 31, 2021 and for the period from January 3, 2020 (inception) through December 31, 2020. Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option. From January 3, 2020 through October 26, 2020, Company employees participated in Arena’s stock incentive plan and therefore the Company used Arena’s Black-Scholes fair value, and underlying inputs and assumptions, to recognize stock-based compensation. Stock-based awards were measured at fair value and recognized over the requisite service period. There were no forfeitures. Net Loss Per Share Basic net loss per share 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, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for the periods presented, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the periods. The following outstanding shares of potentially dilutive securities 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: Year Ended Period from 2021 2020 Options to purchase common stock 1,421,756 873,264 Restricted stock awards, issued but unvested 145,189 348,450 Series A Preferred Stock (on an as-converted to common stock basis) — 7,728,000 Total 1,566,945 8,949,714 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which supersedes FASB Accounting Standards Codification Topic 840, Leases (Topic 840), and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method for finance leases or on a straight-line basis over the term of the lease for operating leases. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. For companies that are not emerging growth companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. For emerging growth companies, the ASU was to be effective for fiscal years beginning after December 15, 2019. However, in June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for certain Entities, which deferred the effective date of ASU 2016-02 for certain entities. As a result, the ASU is now effective for emerging growth companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company entered into an office space lease and office machine lease effective July 1, 2021 and accounts for these leases under the new standard. The fair value of the right-of-use assets and corresponding lease liabilities for these leases is approximately $ 0.5 million as of December 31, 2021. See Note 9. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance will become effective for the Company beginning January 1, 2023, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (ASU 2019-12). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company adopted this new standard in the first quarter of 2021 and it did not have a material impact on its financial statements and related disclosures. Risks and Uncertainties In December 2019, COVID-19, a novel strain of coronavirus, was first identified in Wuhan, China. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the virus has spread to over 100 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. Potential impacts to the Company’s business include, but are not limited to, temporary closures of facilities of its vendors, disruptions or restrictions on its employees’ ability to travel, disruptions to or delays in ongoing laboratory experiments, preclinical studies, clinical trials, third-party manufacturing supply and other operations, the potential diversion of healthcare resources away from the conduct of clinical trials to focus on pandemic concerns, interruptions or delays in the operations of the U.S. Food and Drug Administration or other regulatory authorities, and the Company’s ability to raise capital and conduct business development activities.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of December 31, 2021. As of December 31, 2020, the Company did no t have financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2021 Assets: Money market funds $ 36,014 $ 36,014 $ — $ — Commercial paper $ 13,987 $ — $ 13,987 $ — Corporate debt securities 14,017 — 14,017 — Government and agency securities 12,375 9,559 2,816 — Total short-term investments 40,379 9,559 30,820 — Total assets measured at fair value $ 76,393 $ 45,573 $ 30,820 $ — The carrying amounts of the Company’s cash equivalents and accounts payable approximate fair value due to their relatively short maturities.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 4. Short-Term Investments The following table summarizes short-term investments (in thousands): As of December 31, 2021 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 13,987 $ — $ — $ 13,987 Corporate debt securities 14,117 — ( 100 ) 14,017 Government and agency securities 12,439 — ( 64 ) 12,375 Total short-term investments $ 40,543 $ — $ ( 164 ) $ 40,379 The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. As of December 31, 2021, the Company held 17 securities, with an aggregate fair value of $ 26.4 million, in an unrealized loss position. These securities have not been in a continuous loss position for more than 12 months and there were no individual securities that were in a significant unrealized loss position as of December 31, 2021. The Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature. The following table summarizes the maturities of the Company's short-term investments at December 31, 2021: Amortized Cost Estimated Fair Value Due in one year or less $ 16,813 $ 16,808 Due after one year through three years 23,730 23,571 Total short-term investments $ 40,543 $ 40,379

Accrued Other Expenses

Accrued Other Expenses	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued Other Expenses	Note 5. Accrued Other Expenses Accrued other expenses consisted of the following (in thousands): As of December 31, 2021 2020 Accrued taxes $ 168 $ — Accrued consulting fees 97 152 Accrued recruiting fees 30 — Accrued computer related expenses 27 — Accrued legal and accounting fees 7 15 Accrued financing costs — 639 Accrued other 23 39 Total $ 352 $ 845

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	Note 6. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Amended and Restated Certificate of Incorporation In March 2021, the Company amended and restated the Company’s certificate of incorporation to, among other things, increase the authorized shares of voting common stock, non-voting common stock and preferred stock to 300,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively. Voting Common Stock and Non-Voting Common Stock As of December 31, 2021, the Company had 13,440,761 shares of voting common stock outstanding, excluding 145,189 shares subject to repurchase, and 3,629,400 shares of non-voting common stock outstanding. As of December 31, 2020, the Company had 3,840,540 shares of voting common stock outstanding, excluding 348,450 shares subject to repurchase. 3,840,540 shares were purchased by Arena for aggregate consideration of $ 0.10 in January 2020. Series A Preferred Stock In October 2020, the Company issued and sold 5,600,000 shares of Series A Preferred Stock at a price of $ 10.00 per share, resulting in gross proceeds of $ 56.0 million, including 100,000 shares purchased by Arena. The Company incurred $ 0.2 million in issuance costs related to the Series A Preferred Stock financing. On March 16, 2021, immediately prior to the closing of the IPO, 2,630,000 shares of the Series A Preferred Stock were exchanged for 3,629,400 shares of non-voting common stock. Upon the closing of the IPO, 2,970,000 shares of the Series A Preferred Stock were automatically converted into 4,098,600 shares of voting common stock. Following the IPO, there were no shares of Series A Preferred Stock outstanding. The Series A Preferred Stock had been classified as temporary equity in the accompanying balance sheet as of December 31, 2020, in accordance with authoritative guidance for the classification and measurement of potentially redeemable securities whose redemption is based upon certain change in control events outside of the Company’s control, including liquidation, sale or change of control of the Company.

Agreements with Arena Pharmaceu

Agreements with Arena Pharmaceuticals, Inc.	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Agreements with Arena Pharmaceuticals, Inc.	Note 7. Agreements with Arena Pharmaceuticals, Inc. The Company entered into a license agreement (License Agreement), a services agreement (Services Agreement), and a royalty purchase agreement (Royalty Purchase Agreement) in October 2020 with Arena. We amended the Licenses Agreement in January 2022 to add an additional program. The following section summarizes these related party agreements. License Agreement Pursuant to the License Agreement, the Company obtained an exclusive, royalty bearing, sublicensable, worldwide license under certain know-how and patents of Arena to develop and commercialize LP352 for any use in humans, LP659 for the treatment of selected CNS indications in humans, LP143 for the treatment of any central nervous system (CNS) indication in humans (excluding the treatment, prevention or amelioration of pain or any gastrointestinal, non-CNS autoimmune or cardiovascular disorder), and certain compounds targeting the 5-HT2a receptor (pharmaceutical products containing any such compounds, Licensed Products). As consideration for the rights granted to the Company under the License Agreement, the Company will be required to pay to Arena a mid-single digit royalty on net sales of Licensed Products of LP352, and a low-single digit royalty on net sales of all other Licensed Products, by the Company, its affiliates or its sublicensees, subject to standard reductions, and other obligations. The Company’s royalty obligations continue on a Licensed Product-by-Licensed Product and country-by-country basis until the later of the (i) tenth anniversary of the first commercial sale of such product in such country or (ii) expiration of the last-to-expire valid claim of the patents licensed by us under the License Agreement covering the manufacture, use or sale of such product in such country. Services Agreement In connection with the License Agreement, the Company also entered into a Services Agreement with Arena under which Arena agreed to perform certain research and development services, general administrative services, management services and other mutually agreed services for the Company and receive service fees therefor on an hourly rate based on an annual full time equivalent rate agreed upon by the parties. Arena will invoice the Company for services provided on a monthly basis, in arrears. The Services Agreement shall continue until December 31, 2022, and shall automatically renew for successive one-year terms. Either party may terminate the Services Agreement for any reason, subject to specified notice periods. Payments for services provided under the Services Agreement are recorded to research and development or general and administrative, on the statement of operations, as appropriate. The following table summarizes the services expensed under the Services Agreement (in thousands): Year Ended Period from 2021 2020 Research and development $ 930 $ 677 General and administrative 94 176 Total $ 1,024 $ 853 There were $ 188,000 and $ 241,000 of related party amounts related to the Services Agreement in accounts payable as of December 31, 2021 and 2020, respectively. Royalty Purchase Agreement In October 2020, the Company entered into a Royalty Purchase Agreement with 356 Royalty Inc., a wholly owned subsidiary of Arena (356 Royalty), and Arena, pursuant to which we purchased the right to receive all milestone payments, royalties, interest and other payments relating to net sales of lorcaserin, owed or otherwise payable to 356 Royalty by Eisai Inc. and Eisai Co., Ltd. pursuant to the Transaction Agreement, by and among 356 Royalty, Eisai Inc. and Eisai Co., Ltd. The Company made a one-time payment to Arena of $ 0.1 million. The Company expensed this amount to research and development expense on the statement of operations and comprehensive loss as lorcaserin is subject to regulatory approval and there are risks and uncertainties as to whether royalties will ultimately be paid and collected.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation Equity Incentive Plan In October 2020, the Company’s board of directors and stockholder approved the 2020 Plan, which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights to its employees, members of its board of directors, and consultants. The Company’s board of directors determined the exercise price, vesting and expiration period of the grants under the 2020 Plan. The Company's board of directors adopted the 2021 Plan in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan became effective on March 11, 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. No additional awards may be granted under the 2020 Plan and all outstanding awards under the 2020 Plan remain subject to the terms of the 2020 Plan. The 2021 Plan authorizes and provides for the issuance of up to 2,834,232 shares of common stock, which amount will be increased to the extent that awards granted under the 2021 Plan are forfeited, expire or are settled for cash (except as otherwise provided in the 2021 Plan). Further, the number of shares of common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (i) 5% of the total number of shares of common stock outstanding on December 31 of the fiscal year before the date of each automatic increase (determined on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock), or (ii) a lesser number of shares determined by the Company’s board of directors prior to the applicable January 1. Recipients of stock options are eligible to purchase shares of the Company’s common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The maximum term of options granted under the 2020 and 2021 Plans (or collectively, Equity Plans) is ten years and, in general, the options issued under the Equity Plans vest over a one to four year period from the vesting commencement date. There are 1,412,476 shares available for grant under the 2021 Plan as of December 31, 2021. Stock Award Grants under the Equity Plans A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2020 873,264 $ 3.42 9.9 $ 174 Options granted 548,492 10.90 Options exercised — — Options cancelled — — Balance at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Vested and expected to vest at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options exercisable at December 31, 2021 540,821 $ 3.95 8.9 $ 814 Options exercisable at December 31, 2021 included 192,371 vested stock options and 348,450 stock options that are subject to an early exercise provision. The following table presents the weighted-average assumptions used for the stock option grants for the year ended December 31, 2021 and for the period from October 27, 2020 through December 31, 2020, along with the related grant date fair value: Year Ended Period from Stock price $ 10.90 $ 3.42 Risk-free interest rate 0.92 % 0.56 % Dividend yield 0.00 % 0.00 % Expected volatility 74.35 % 72.14 % Expected life (years) 6.0 6.8 Estimated grant date fair value per share of award granted $ 7.04 $ 2.25 Determination of Fair Value of Common Stock. Prior to the IPO, there was no public market for the Company's common stock, and therefore, the estimated fair value of common stock for option grants was determined by the Company’s board of directors as of the date of each option grant, with input from management, considering the most recently available third-party valuations of common stock and the board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. Historically, these third-party valuations of our equity instruments were performed contemporaneously with identified value inflection points. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (Practice Aid). The Practice Aid identifies various available methods for allocating the enterprise value across classes of series of capital stock in determining the fair value of the common stock at each valuation date. In addition to considering the results of these third-party valuations, the Company’s board of directors considered various objective and subjective factors to determine the fair value of its common stock as of each grant date, including: the prices of the preferred stock sold to or exchanged between outside investors in arm’s length transactions and the rights, preferences and privileges of the preferred stock as compared to those of the Company’s common stock including liquidation preferences of the Company’s preferred stock; the progress of the Company’s research and development programs, including the status and results of preclinical and clinical trials for product candidates; the stage of development and material risks related to the Company’s business; external market and other conditions affecting the biopharmaceutical industry and trends within the biopharmaceutical industry; the Company’s business conditions and projections; the Company’s financial position and its historical and forecasted performance and operating results; the lack of an active public market for the Company’s common stock and preferred stock; the likelihood of achieving a liquidity event for the Company’s securityholders, such as an initial public offering or a sale of the Company in light of prevailing market conditions; the hiring of key personnel and the experience of management; and the analysis of initial public offerings and the market performance of similar companies in the biopharmaceutical industry, as well as trends and developments in the biopharmaceutical industry. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date. After the closing of the IPO in March 2021, the Company began utilizing the closing stock price of the common stock on the Nasdaq Global Market as both the exercise price and an input to the Black Scholes option pricing model to determine stock-based compensation expense. Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards. Expected dividend yield . The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero. Expected volatility . Since the Company is a newly public company and does not have a trading history for its common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Expected life . The expected life represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is equal to the contractual term. Restricted Stock Awards In October 2020, 348,450 restricted stock awards were granted to an employee under the 2020 Plan, which vest over two years and had an estimated fair value of $ 3.12 per share at the time of grant. During 2021, 203,261 restricted stock awards vested; the fair value of the vested awards was $ 0.6 million. As of December 31, 2021, 145,189 restricted stock awards remained to vest. For the years ended December 31, 2021 and 2020, $ 0.5 million and $ 0.1 million of stock-based compensation related to the restricted stock awards was recorded in general and administrative expense, respectively. Stock Award Grants under the Arena Amended and Restated 2017 Long-Term Incentive Plan (Arena 2017 LTIP) Prior to October 27, 2020, the Company did not have its own equity incentive plan. Stock award grants from the period of January 3, 2020 through October 26, 2020, were made under the Arena 2017 LTIP, a plan approved by Arena’s stockholders. Under the Arena 2017 LTIP, Arena may grant incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and performance awards. Under the Arena 2017 LTIP, 70,000 stock options were granted to the Company’s Chief Executive Officer in March 2020. Stock options under the Arena 2017 LTIP vest over four years with 25 % of the shares subject to each option vesting on the first anniversary of the grant date and the remainder vesting monthly over the following three years in equal installments and have contractual terms of seven years . All option grants provide for an option exercise price equal to the closing market value share of Arena’s common stock on the date of grant. As of October 27, 2020, in connection with the Series A Preferred Stock financing, the employees of the Company were no longer eligible to participate in the Arena 2017 LTIP, or any other employee programs of Arena. The following table presents the assumptions used for the stock option grants under the Arena 2017 LTIP for the period from January 3, 2020 (inception) through October 26, 2020, along with the related grant date fair value: Period from Stock price $ 44.60 Risk-free interest rate 0.89 % Dividend yield 0.00 % Expected volatility 57.80 % Expected life (years) 4.5 Estimated grant date fair value per share of award granted $ 21.02 In connection with the Series A Preferred Stock financing and the formal commencement of the Chief Executive Officer’s (Mr. Lind’s) employment with the Company, Mr. Lind entered into a Separation Agreement with Arena (Separation Agreement). Pursuant to the Separation Agreement, Mr. Lind voluntarily resigned his employment with Arena, effective October 27, 2020. Such resignation did not affect Mr. Lind’s status as the President and Chief Executive Officer of the Company. The Separation Agreement provided for the acceleration of 18 months of option vesting and the extension of the exercise period for equity awards outstanding at Arena as of the separation date. Stock-Based Compensation Expense Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended Period from (in thousands) 2021 2020 Research and development $ 561 $ 248 General and administrative 1,406 8,260 Total $ 1,967 $ 8,508 As of December 31, 2021, unrecognized stock-based compensation expense w as $ 4.8 millio n, which is expected to be recognized over a remaining weighted-average period of approximately 2.9 years. Employee Stock Purchase Plan The Company's board of directors adopted the 2021 Employee Stock Purchase Plan (ESPP) in February 2021, the Company's stockholders approved the ESPP in March 2021 and it became effective on March 11, 2021. The ESPP initially authorizes the issuance of 353,339 shares of common stock under purchase rights granted to the Company's employees. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by the lesser of (i) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year before the date of the automatic increase (determining on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock); and (ii) such number of shares of common stock that would cause the aggregate number of shares of common stock then reserved for issuance under the ESPP to equal 1,060,017 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be for a lesser amount of shares. The ESPP permits eligible employees, who elect to participate in an offering under the ESPP, to contribute up to 15 % of their eligible earnings (as defined in the ESPP) towards the purchase of shares of common stock. Unless otherwise determined by the Company's board of directors, the price at which stock is purchased under the ESPP is equal will be 85 % of the fair market value of the Company’s common stock on the commencement date of each offering period or the relevant purchase date, whichever is lower. There are certain service requirements for an employee to be eligible to participate in the ESPP, and no employee may purchase shares under the ESPP at a rate in excess of $ 25,000 worth of common stock (as determined in accordance with the ESPP). Offering durations under the ESPP may not be longer than 27 months , and the Company may specify shorter purchase periods within each offering. The ESPP is considered a compensatory plan as defined by the authoritative guidance for stock-based compensation. As of December 31, 2021, the ESPP had not yet been implemented.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Leases In June 2021, the Company entered into a lease agreement for office space located at 4275 Executive Square, Suite 950, La Jolla, California 92037 where it occupies 8,681 square feet. The lease became effective as of July 1, 2021 and continues through June 30, 2023 . Rent payments are approximately $ 29,000 per month for the first year and increase by 4.5 % in the second year. A security deposit of $ 33,000 was paid in June 2021 and is classified as a long-term asset on the balance sheet. Previously, the Company leased certain office space in San Diego, California under a month to month lease. Rent payments were approximately $ 1,000 per month. Rent expense totaled approximately $ 198,000 and $ 9,000 for the year ended December 31, 2021 and for the period from January 3, 2020 (inception) through December 31, 2020, respectively. The below table provides supplemental cash flow information related to leases as follows (in thousands): Year Ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 181 Right-of-use assets obtained in exchange for lease obligations: Operating leases 679 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2021 Operating leases Right-of-use assets, net $ 521 Right-of-use lease liabilities, current 339 Right-of-use lease liabilities, noncurrent 185 Total operating lease liabilities $ 524 Weighted average remaining lease term Operating leases 1.5 years Weighted average discount rate Operating leases 9.0 % Future minimum lease commitments are as follows as of December 31, 2021 (in thousands): Operating Leases Year Ending December 31, 2022 370 2023 189 Total lease payments 559 Less imputed interest ( 35 ) Total $ 524 Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company will accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of December 31, 2021 and 2020, the Company is not a party to any litigation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended Period from (in thousands) 2021 2020 United States $ ( 27,797 ) $ ( 14,400 ) Total $ ( 27,797 ) $ ( 14,400 ) The benefit for income taxes are as follows: Year Ended Period from (in thousands) 2021 2020 Benefit for income taxes at statutory federal rate $ ( 5,855 ) $ ( 3,024 ) Permanent differences and other 97 1,764 Research and development credits ( 679 ) ( 161 ) Change in valuation allowance 6,437 1,421 Provision for income taxes $ — $ — The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2021 2020 Federal and California net operating loss carryforwards $ 6,376 $ 1,204 Federal and California research and development carryforwards 840 161 Stock-based compensation expense 343 23 Lease liability 110 — Other, net 301 33 Total deferred tax assets 7,970 1,421 Right-of-use asset ( 109 ) — Fixed asset basis difference ( 3 ) — Total deferred tax liabilities ( 112 ) — Net deferred tax assets 7,858 1,421 Less: valuation allowance ( 7,858 ) ( 1,421 ) Net deferred tax assets $ — $ — The deferred income tax assets have been fully offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $ 6.4 million. We will continue to assess the need for a valuation allowance on its deferred tax assets by evaluating both positive and negative evidence that may exist. As of December 31, 2021, we had federal net operating loss carryforwards of $ 30.4 million that will not expire and California net operating loss carryforwards of $ 1.6 million that will begin to expire in 2040. As of December 31, 2021, we also had federal and California research and development tax credit carryforwards, net of reserves, of $ 0.6 million and $ 0.3 million respectively. Federal credit carryforwards will begin to expire after 2040 unless previously utilized. The California research and development credit carries forward indefinitely. Sections 382 and 383 of the IRC limit the utilization of tax attribute carryforwards that arise prior to certain cumulative changes in a corporation's ownership. We have not completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and research and development credit carryforwards. Utilization of our net operating loss and income tax credit carryforwards may be subject to a substantial annual limitation due to ownership changes that may have occurred or that could occur in the future. These ownership changes may limit the amount of the net operating loss and income tax credit carryover that can be utilized annually to offset future taxable income. In accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 % likelihood of being sustained. The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended Period from (in thousands) 2021 2020 Gross unrecognized tax benefits at the beginning of the year $ 31 $ — Additions from tax positions taken in the current year 174 31 Additions from tax positions taken in prior year 140 — Reductions from tax positions taken in prior years — — Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 345 $ 31 We had unrecognized tax benefits of $ 0.3 million as of December 31, 2021. Due to the existence of the valuation allowance, future changes in unrecognized tax benefits will have no impact on our effective tax rate. We do not anticipate that there will be a substantial change in unrecognized tax benefits within the next 12 months. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. There were no accrued interest and penalties associated with uncertain tax positions as of December 31, 2021 or 2020. We are subject to income taxation in the United States at the Federal and state levels. Tax years beginning in 2020 are subject to examination by US and state tax authorities. To our knowledge, we are not currently under examination by any taxing authorities.

Employment Benefits

Employment Benefits	12 Months Ended
	Dec. 31, 2021
Postemployment Benefits [Abstract]
Employment Benefits	Note 11. Employment Benefits The Company’s employees who had been Arena employees were eligible to participate in Arena’s employee 401(k) salary deferral plan through October 26, 2020. After that date, the Company’s employees were no longer eligible to participate in Arena’s employee 401(k) salary deferral plan. Employees made contributions by withholding a percentage of their salary up to the IRC annual limit. The Company made matching contributions of $ 16,000 for the period from January 3, 2020 (inception) through October 26, 2020. Effective in June 2021, the Company established a 401(k) salary deferral plan for its employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company provides a safe harbor contribution of up to 4 % of the employee's compensation, not to exceed eligible limits, and subject to employee participation. For the year ended December 31, 2021, the Company incurred approximately $ 119,000 in expenses related to the safe harbor contribution.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) and reflect all of the Company's activities. In addition, the accompanying financial statements include the financial results from inception (January 3, 2020) through December 31, 2021. The Company’s fiscal year-end is December 31. The Company concluded under the guidance in Accounting Standards Codification 805, Business Combinations that the Company was not required to present historical carve-out financial results for activity occurring at Arena prior to the Company’s formation as the assets licensed to the Company by Arena did not constitute a business. The financial statements include allocations for certain Arena corporate expenses, including costs of information technology, human resources, accounting, legal, facilities, insurance, treasury and other corporate and infrastructure services. These allocations were made on the basis of the actual hours incurred in providing services to the Company by employees of Arena multiplied by a fully burdened average cost per employee. Management believes such allocation of corporate expenses from Arena is reasonable. Effective October 27, 2020, the Company entered into a formal services agreement with Arena for these services (see Note 7). The financial statements may not include all of the expenses that would have been incurred had the Company been a stand-alone company during the period presented and may not reflect the Company’s results of operations, financial position and cash flows had the Company been a stand-alone company during the period presented. The Company also received capital contributions of $ 3.2 million from Arena to fund start-up activities throughout the period ended December 31, 2020. The capital contributions from Arena have been presented in additional paid-in capital on the balance sheet.
Use of Estimates	Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments.
Deferred Financing Costs	Deferred Financing Costs Prior to the completion of the IPO, the Company had deferred financing costs consisting of legal, accounting and other fees and costs directly attributable to the IPO. As of December 31, 2020, $0.9 million of deferred financing costs were recorded on the balance sheet. Upon the completion of the IPO, all deferred financing costs were reclassified to additional paid-in capital.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value.
Short-Term Investments	Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized.
Property and Equipment	Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2021 consists of computer equipment.
R&D Expenses	R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and Arena in connection with the Company’s discovery, preclinical and clinical activities, process development, manufacturing activities, regulatory and other services. Certain R&D external expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. R&D expenses amounted to $ 19.8 million and $ 4.6 million, respectively, for the year ended December 31, 2021 and for the period from January 3, 2020 (inception) through December 31, 2020.
Stock-Based Compensation	Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option. From January 3, 2020 through October 26, 2020, Company employees participated in Arena’s stock incentive plan and therefore the Company used Arena’s Black-Scholes fair value, and underlying inputs and assumptions, to recognize stock-based compensation. Stock-based awards were measured at fair value and recognized over the requisite service period. There were no forfeitures.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share 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, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for the periods presented, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the periods. The following outstanding shares of potentially dilutive securities 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: Year Ended Period from 2021 2020 Options to purchase common stock 1,421,756 873,264 Restricted stock awards, issued but unvested 145,189 348,450 Series A Preferred Stock (on an as-converted to common stock basis) — 7,728,000 Total 1,566,945 8,949,714
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which supersedes FASB Accounting Standards Codification Topic 840, Leases (Topic 840), and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method for finance leases or on a straight-line basis over the term of the lease for operating leases. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. For companies that are not emerging growth companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. For emerging growth companies, the ASU was to be effective for fiscal years beginning after December 15, 2019. However, in June 2020, the FASB issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for certain Entities, which deferred the effective date of ASU 2016-02 for certain entities. As a result, the ASU is now effective for emerging growth companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company entered into an office space lease and office machine lease effective July 1, 2021 and accounts for these leases under the new standard. The fair value of the right-of-use assets and corresponding lease liabilities for these leases is approximately $ 0.5 million as of December 31, 2021. See Note 9. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance will become effective for the Company beginning January 1, 2023, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (ASU 2019-12). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company adopted this new standard in the first quarter of 2021 and it did not have a material impact on its financial statements and related disclosures.
Risks and Uncertainties	Risks and Uncertainties In December 2019, COVID-19, a novel strain of coronavirus, was first identified in Wuhan, China. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the virus has spread to over 100 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. Potential impacts to the Company’s business include, but are not limited to, temporary closures of facilities of its vendors, disruptions or restrictions on its employees’ ability to travel, disruptions to or delays in ongoing laboratory experiments, preclinical studies, clinical trials, third-party manufacturing supply and other operations, the potential diversion of healthcare resources away from the conduct of clinical trials to focus on pandemic concerns, interruptions or delays in the operations of the U.S. Food and Drug Administration or other regulatory authorities, and the Company’s ability to raise capital and conduct business development activities.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities 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: Year Ended Period from 2021 2020 Options to purchase common stock 1,421,756 873,264 Restricted stock awards, issued but unvested 145,189 348,450 Series A Preferred Stock (on an as-converted to common stock basis) — 7,728,000 Total 1,566,945 8,949,714

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Company's Financial Assets Recognized at Fair Value	The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of December 31, 2021. As of December 31, 2020, the Company did no t have financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2021 Assets: Money market funds $ 36,014 $ 36,014 $ — $ — Commercial paper $ 13,987 $ — $ 13,987 $ — Corporate debt securities 14,017 — 14,017 — Government and agency securities 12,375 9,559 2,816 — Total short-term investments 40,379 9,559 30,820 — Total assets measured at fair value $ 76,393 $ 45,573 $ 30,820 $ —

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments (in thousands): As of December 31, 2021 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 13,987 $ — $ — $ 13,987 Corporate debt securities 14,117 — ( 100 ) 14,017 Government and agency securities 12,439 — ( 64 ) 12,375 Total short-term investments $ 40,543 $ — $ ( 164 ) $ 40,379
Summary of Maturity of the Short-Term Investments	The following table summarizes the maturities of the Company's short-term investments at December 31, 2021: Amortized Cost Estimated Fair Value Due in one year or less $ 16,813 $ 16,808 Due after one year through three years 23,730 23,571 Total short-term investments $ 40,543 $ 40,379

Accrued Other Expenses (Tables)

Accrued Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Summary of Accrued Other Expenses	Accrued other expenses consisted of the following (in thousands): As of December 31, 2021 2020 Accrued taxes $ 168 $ — Accrued consulting fees 97 152 Accrued recruiting fees 30 — Accrued computer related expenses 27 — Accrued legal and accounting fees 7 15 Accrued financing costs — 639 Accrued other 23 39 Total $ 352 $ 845

Agreements with Arena Pharmac_2

Agreements with Arena Pharmaceuticals, Inc (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Services Expensed	The following table summarizes the services expensed under the Services Agreement (in thousands): Year Ended Period from 2021 2020 Research and development $ 930 $ 677 General and administrative 94 176 Total $ 1,024 $ 853

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2020 873,264 $ 3.42 9.9 $ 174 Options granted 548,492 10.90 Options exercised — — Options cancelled — — Balance at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Vested and expected to vest at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options exercisable at December 31, 2021 540,821 $ 3.95 8.9 $ 814
Summary of Weighted Average Grant Date Fair Values and Weighted Average Assumptions used to calculate Fair Value of Options Granted	The following table presents the weighted-average assumptions used for the stock option grants for the year ended December 31, 2021 and for the period from October 27, 2020 through December 31, 2020, along with the related grant date fair value: Year Ended Period from Stock price $ 10.90 $ 3.42 Risk-free interest rate 0.92 % 0.56 % Dividend yield 0.00 % 0.00 % Expected volatility 74.35 % 72.14 % Expected life (years) 6.0 6.8 Estimated grant date fair value per share of award granted $ 7.04 $ 2.25
Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended Period from (in thousands) 2021 2020 Research and development $ 561 $ 248 General and administrative 1,406 8,260 Total $ 1,967 $ 8,508
Arena 2017 LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Weighted Average Grant Date Fair Values and Weighted Average Assumptions used to calculate Fair Value of Options Granted	The following table presents the assumptions used for the stock option grants under the Arena 2017 LTIP for the period from January 3, 2020 (inception) through October 26, 2020, along with the related grant date fair value: Period from Stock price $ 44.60 Risk-free interest rate 0.89 % Dividend yield 0.00 % Expected volatility 57.80 % Expected life (years) 4.5 Estimated grant date fair value per share of award granted $ 21.02

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information Related to Leases	The below table provides supplemental cash flow information related to leases as follows (in thousands): Year Ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 181 Right-of-use assets obtained in exchange for lease obligations: Operating leases 679
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2021 Operating leases Right-of-use assets, net $ 521 Right-of-use lease liabilities, current 339 Right-of-use lease liabilities, noncurrent 185 Total operating lease liabilities $ 524 Weighted average remaining lease term Operating leases 1.5 years Weighted average discount rate Operating leases 9.0 %
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of December 31, 2021 (in thousands): Operating Leases Year Ending December 31, 2022 370 2023 189 Total lease payments 559 Less imputed interest ( 35 ) Total $ 524

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Net Loss Attributable to Stockholders Before Benefit for Income Taxes by Region	The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended Period from (in thousands) 2021 2020 United States $ ( 27,797 ) $ ( 14,400 ) Total $ ( 27,797 ) $ ( 14,400 )
Schedule Of Benefit for Income Taxes	The benefit for income taxes are as follows: Year Ended Period from (in thousands) 2021 2020 Benefit for income taxes at statutory federal rate $ ( 5,855 ) $ ( 3,024 ) Permanent differences and other 97 1,764 Research and development credits ( 679 ) ( 161 ) Change in valuation allowance 6,437 1,421 Provision for income taxes $ — $ —
Schedule of Components of Deferred Taxes	The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2021 2020 Federal and California net operating loss carryforwards $ 6,376 $ 1,204 Federal and California research and development carryforwards 840 161 Stock-based compensation expense 343 23 Lease liability 110 — Other, net 301 33 Total deferred tax assets 7,970 1,421 Right-of-use asset ( 109 ) — Fixed asset basis difference ( 3 ) — Total deferred tax liabilities ( 112 ) — Net deferred tax assets 7,858 1,421 Less: valuation allowance ( 7,858 ) ( 1,421 ) Net deferred tax assets $ — $ —
Unrecognized Tax Benefits	The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended Period from (in thousands) 2021 2020 Gross unrecognized tax benefits at the beginning of the year $ 31 $ — Additions from tax positions taken in the current year 174 31 Additions from tax positions taken in prior year 140 — Reductions from tax positions taken in prior years — — Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 345 $ 31

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 16, 2021$ / sharesshares	Mar. 05, 2021	Oct. 27, 2020	Oct. 31, 2020USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Jan. 31, 2020shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock split, description		On March 5, 2021, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 1.38-for-1 basis (March Forward Stock Split). Adjustments corresponding to the March Forward Stock Split were made to the ratio at which the Company’s Series A Preferred Stock were converted into common stock immediately prior to the closing of the IPO. The par value of the common stock and number of shares authorized were not adjusted as a result of the March Forward Stock Split. All references to common stock, options to purchase common stock, share data, per share data, and related information contained in the financial statements and related footnotes have been retrospectively adjusted to reflect the effect of the March Forward Stock Split for all periods presented.	On October 27, 2020, the Company filed an amendment to the Company’s certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 2,783-for-1 basis (October Forward Stock Split). The par value of the common stock was not adjusted as a result of the October Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the October Forward Stock Split for the periods presented.
Forward stock split		1.38	2,783
Common Stock Shares Issued | shares					13,440,761	3,840,540
Net proceeds from initial public offering (IPO) | $					$ 84,774
Stock issuance costs | $					$ 1	205
Number of shares exchanged during period | shares					2,970,000
Proceeds from contributed capital | $					$ 3,200
Accumulated deficit | $					(42,197)	$ (14,400)
Cash, cash equivalents and investment securities | $					106,700
Working Capital | $					$ 102,900
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common Stock Shares Issued | shares							3,840,540
Number of Shares Converted | shares					(4,098,600)
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Common Stock Shares Issued and Sold | shares	5,298,360
Common Stock Shares Issued | shares	298,360
Public Offering Price Per Share | $ / shares	$ 16
Net proceeds from initial public offering (IPO) | $					$ 76,200
Discount and commissions paid | $					5,900
Stock issuance costs | $					$ 2,600
Series A Preferred Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issuance costs | $				$ 200
Number of Shares Converted | shares	2,970,000
Series A Preferred Stock [Member] | IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares exchanged during period | shares					2,630,000
Voting [Member] | Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Shares Converted | shares					4,098,600
Non Voting [Member] | Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Shares Converted | shares					3,629,400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, basis of valuation	Property and equipment are stated at cost
Property and equipment, depreciation method	straight-line basis
Research and development expenses	$ 19,774	$ 4,633
Right-of-use assets	521
Lease Liability	$ 524
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	1,566,945	8,949,714
Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	1,421,756	873,264
Restricted Stock Awards, Issued But Unvested
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	145,189	348,450
Series A Preferred Stock (On As-Converted To Common Stock Basis)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share		7,728,000

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 76,393
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 0
Liabilities		$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Details) $ in Thousands	Dec. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	$ 40,379
Total assets measured at fair value	76,393
Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	12,375
Commercial Paper [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	13,987
Commercial Paper [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	36,014
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	14,017
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	9,559
Total assets measured at fair value	45,573
Level 1 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	9,559
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	36,014
Level 1 [Member] | Commercial Paper [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0
Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	30,820
Total assets measured at fair value	30,820
Level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	2,816
Level 2 [Member] | Commercial Paper [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	13,987
Level 2 [Member] | Commercial Paper [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	$ 14,017

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-Term Investments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 40,543
Unrealized Gains	0
Unrealized Losses	(164)
Estimated Fair Value	40,379
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,987
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	13,987
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,117
Unrealized Gains	0
Unrealized Losses	(100)
Estimated Fair Value	14,017
Government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,439
Unrealized Gains	0
Unrealized Losses	(64)
Estimated Fair Value	$ 12,375

Short-Term Investments (Additio

Short-Term Investments (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)Securities
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of unrealized loss position | $	$ 26.4
Number of securities | Securities	17

Short-Term Investments - Summ_2

Short-Term Investments - Summary of Maturity of the Short-Term Investments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract]
Fixed maturity securities, available for sale, due in one year or less, amortized cost	$ 16,813
Fixed maturity securities, available for sale, due after one year through three years, amortized cost	23,730
Amortized Cost	40,543
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Fixed maturity securities, available for sale, due in one year or less, fair value	16,808
Fixed maturity securities, available for sale, due after one year through three years, fair value	23,571
Fixed maturity securities, available for sale, fair value	$ 40,379

Accrued Other Expenses - Summar

Accrued Other Expenses - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Accrued taxes	$ 168	$ 0
Accrued consulting fees	97	152
Accrued recruiting fees	30	0
Accrued computer related expenses	27	0
Accrued legal and accounting fees	7	15
Accrued financing costs	0	639
Accrued other	23	39
Total	$ 352	$ 845

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2021	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Jan. 31, 2020	Jan. 03, 2020
Common stock, shares authorized			300,000,000	10,500,000
Preferred stock, shares authorized			10,000,000	0	10,000,000
Common stock, shares outstanding			13,440,761	3,840,540
Common stock, subject to repurchase			145,189	348,450
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding		0	0	0
Proceeds from Series A convertible preferred stock financing				$ 56,000
Stock issuance costs			$ 1	$ 205
Common stock, shares issued			13,440,761	3,840,540
Series A Preferred Stock [Member]
Shares purchased		100,000
Preferred stock, shares issued		5,600,000
Convertible preferred stock available for conversion	2,630,000
Proceeds from Series A convertible preferred stock financing		$ 56,000
Stock issuance costs		$ 200
Price per share		$ 10
Number of shares converted	2,970,000
Non-Voting Common Stock [Member]
Common stock, shares authorized			10,000,000	0	10,000,000
Common stock, shares outstanding			3,629,400	0
Stock issued during conversion of convertible securities	3,629,400
Number of shares converted			(3,629,400)
Common stock, shares issued			3,629,400	0
Voting Common Stock [Member]
Common stock, shares authorized					300,000,000
Common stock, shares outstanding			13,440,761	3,840,540
Common stock, subject to repurchase			145,189	348,450
Price per share							$ 0.10
Number of shares converted			(4,098,600)
Conversion of stock, shares issued	4,098,600
Common stock, shares issued						3,840,540
Purchase of common stock by Arena Pharmaceuticals, Inc.			5,298,360

Agreements with Arena Pharmac_3

Agreements with Arena Pharmaceuticals, Inc. - Additional Information (Details) - Arena Pharmaceuticals Inc [Member] - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Renew of successive agreement term	1 year
Related party amounts related to accounts payable		$ 188,000	$ 241,000
Payments of related party	$ 100

Agreements with Arena Pharmac_4

Agreements with Arena Pharmaceuticals, Inc - Schedule of Services Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development	$ 19,774	$ 4,633
General and administrative	8,065	9,767
Total operating expenses	27,839	14,400
Arena Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Research and development	930	677
General and administrative	94	176
Total operating expenses	$ 1,024	$ 853

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercisable, vested stock options			192,371
Options exercisable, subject to early exercise provision			348,450
Options outstanding, Intrinsic value			$ 1,272	$ 174	$ 174
Options exercisable, Intrinsic value			814
Stock-based compensation expense			$ 1,967		8,508
Number of shares, options granted			548,492
Unrecognized stock-based compensation expense			$ 4,800
Cost not yet recognized, period for recognition			2 years 10 months 24 days
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance			353,339
Shares reserved for future issuance			1,060,017
Employee stock purchase plan, eligible earnings contribution, percentage			15.00%
Employee stock purchase plan, shares purchase price as a percentage of market fair value			85.00%
Employee stock purchase plan, maximum shares purchased, value			$ 25,000
Employee stock purchase plan, maximum offering period			27 months
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 1,406		8,260
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			561		$ 248
Restricted Stock Awards [Member] | General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 500	$ 100
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			1,412,476
2021 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance			2,834,232
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			0
2020 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
2020 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Award expiration term			10 years
2020 Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Restricted stock award, granted	348,450
Restricted stock award, vested			203,261
Restricted stock award, vested fair value			$ 600
Shares remained to vest			145,189
Restricted stock award, Grant date fair value	$ 3.12
Arena 2017 LTIP [Member] | Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Number of shares, options granted		70,000
Award vesting rights percentage			25.00%
Remaining contractual term, options granted			7 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Options [Roll Forward]
Number of Shares, Options outstanding, beginning balance	873,264
Number of Shares, Options granted	548,492
Number of Shares, Options exercised	0
Number of Shares, Options cancelled	0
Number of Shares, Options outstanding, ending balance	1,421,756	873,264
Number of Shares, Options Vested and Expected to Vest	1,421,756
Number of Shares, Options exercisable	540,821
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price Per share, Options outstanding, beginning balance	$ 3.42
Weighted Average Exercise Price Per share, Options granted	10.90
Weighted Average Exercise Price Per share, Options exercised	0
Weighted Average Exercise Price Per share, Options cancelled	0
Weighted Average Exercise Price Per share, Options outstanding, ending balance	6.31	$ 3.42
Weighted Average Exercise Price Per share, Options vested	6.31
Weighted Average Exercise Price Per share, Options exercisable	$ 3.95
Weighted Average Remaining Contractual Term (in Years) [Roll Forward]
Weighted Average Remaining Contractual Term, Options outstanding	9 years 1 month 6 days	9 years 10 months 24 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest	9 years 1 month 6 days
Weighted Average Remaining Contractual Term, Options exercisable	8 years 10 months 24 days
Options outstanding, Intrinsic value	$ 1,272	$ 174
Aggregate Intrinsic Value, Vested and expected to vest	1,272
Options exercisable, Intrinsic value	$ 814

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Details) - $ / shares	2 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2020	Oct. 26, 2020	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 3.42		$ 10.90
Risk-free interest rate	0.56%		0.92%
Dividend yield	0.00%		0.00%
Expected volatility	72.14%		74.35%
Expected life (years)	6 years 9 months 18 days		6 years
Estimated grant date fair value per share of award granted	$ 2.25		$ 7.04
Arena 2017 LTIP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price		$ 44.60
Risk-free interest rate		0.89%
Dividend yield		0.00%
Expected volatility		57.80%
Expected life (years)		4 years 6 months
Estimated grant date fair value per share of award granted		$ 21.02

Stock-Based Compensation Expens

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,967	$ 8,508
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	561	248
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,406	$ 8,260

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)ft²	Jun. 30, 2021USD ($)ft²	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security deposit	$ 33,000	$ 33,000
Percentage of increase in rent by second year	4.50%
Lease expiry date	Jun. 30, 2023
Effective lease date		Jul. 1, 2021
Area of office space | ft²	8,681	8,681
Historical rent paid		$ 1,000
Future rent payment per month for first year		$ 29,000
Total rent expense			$ 198,000	$ 9,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 181
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 679

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating leases
Right-of-use assets, net	$ 521
Right-of-use lease liabilities, current	339
Right-of-use lease liabilities, noncurrent	185
Total operating lease liabilities	$ 524
Weighted average remaining lease term
Operating leases	1 year 6 months
Weighted average discount rate
Operating leases	9.00%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 370
2023	189
Total lease payments	559
Less imputed interest	(35)
Total	$ 524

Income Taxes - Net loss Attribu

Income Taxes - Net loss Attributable To Stockholders Before Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (27,797)	$ (14,400)
Total	$ (27,797)	$ (14,400)

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision For Income Taxes and Income Taxes Computed U.S. Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Benefit for income taxes at statutory federal rate	$ (5,855)	$ (3,024)
Permanent items	97	1,764
Research and development credits	(679)	(161)
Change in valuation allowance	6,437	1,421
Provision for income taxes	$ 0	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal and California net operating loss carryforwards	$ 6,376	$ 1,204
Federal and California research and development carryforwards	840	161
Stock-based compensation expense	343	23
Lease liability	110	0
Other, net	301	33
Total deferred tax assets	7,970	1,421
Right of use asset	(109)	0
Fixed asset basis difference	(3)
Total deferred tax liabilities	112
Net deferred tax assets	7,858	1,421
Less: valuation allowance	(7,858)	(1,421)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summery of Begin

Income Taxes - Summery of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 31	$ 0
Additions from tax positions taken in the current year	174	31
Additions from tax positions taken in prior year	140	0
Unrecognized Tax Benefits, Ending Balance	$ 345	$ 31

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 03, 2020
Operating Loss Carryforwards [Line Items]
Percentage of uncertain tax positions not recognized	50.00%
Unrecognized tax benefits	$ 345	$ 31	$ 0
Increase in valuation allowance	6,437	$ 1,421
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,600
Tax credit carryforwards research	300
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	30,400
Tax credit carryforwards research	$ 600

Employment Benefits - Additiona

Employment Benefits - Additional Information (Details) - USD ($) $ in Thousands	Oct. 26, 2020	Dec. 31, 2021
Postemployment Benefits [Abstract]
Matching contributions	$ 16,000
Company Provides Safe Harbor Contribution		4.00%
Expenses Related To Contribution Plan		$ 119,000