Longboard Pharmaceuticals (LBPH) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
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 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 Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	592-9775
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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 Quarterly Report	true
Document Transition Report	false

Condensed Balance Sheets (unaud

Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 18,745	$ 66,346
Short-Term Investments	58,574	40,379
Prepaid expenses and other current assets	2,473	1,659
Total current assets	79,792	108,384
Right-of-use assets	824	521
Property and equipment	10	14
Other long-term assets	33	33
Total assets	80,659	108,952
Current liabilities:
Accounts payable	575	1,028
Accrued research and development expenses	4,800	2,245
Accrued compensation and related expenses	1,589	1,480
Accrued other expenses	829	352
Right-of-use liabilities, current portion	360	339
Total current liabilities	8,153	5,444
Right-of-use liabilities, net of current portion	469	185
Commitments and contingencies (see Note 9)
Stockholders’ equity (deficit):
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	1	1
Additional paid-in-capital	147,748	145,683
Accumulated other comprehensive loss	(915)	(164)
Accumulated deficit	(74,797)	(42,197)
Total stockholder’s equity (deficit)	72,037	103,323
Total liabilities, convertible preferred stock and shareholders’ equity (deficit)	80,659	108,952
Non-Voting Common Stock [Member]
Stockholders’ equity (deficit):
Common Stock, Value, Issued	$ 0	$ 0

Condensed Balance Sheets (una_2

Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
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	300,000,000
Common stock, shares issued	13,571,423	13,440,761
Common stock, shares outstanding	13,571,423	13,440,761
Common stock, subject to repurchase	14,527	145,189
Non-Voting Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,629,400	3,629,400
Common stock, shares outstanding	3,629,400	3,629,400

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 9,403	$ 4,093	$ 25,445	$ 13,406
General and administrative	2,481	2,262	7,626	5,639
Total operating expenses	11,884	6,355	33,071	19,045
Loss from operations	(11,884)	(6,355)	(33,071)	(19,045)
Interest income, net	287	23	446	40
Other income (expense)	1	(13)	25	(19)
Net loss	$ (11,596)	$ (6,345)	$ (32,600)	$ (19,024)
Net loss per share, basic	$ (0.68)	$ (0.38)	$ (1.90)	$ (1.41)
Net loss per share, Diluted	$ (0.68)	$ (0.38)	$ (1.90)	$ (1.41)
Weighted Average Number of Shares Outstanding, Basic	17,173,838	16,866,900	17,130,573	13,538,458
Weighted Average Number of Shares Outstanding, Diluted	17,173,838	16,866,900	17,130,573	13,538,458
Comprehensive loss:
Net loss	$ (11,596)	$ (6,345)	$ (32,600)	$ (19,024)
Unrealized (loss) gain on short-term investments	(131)	10	(751)	(24)
Comprehensive loss	$ (11,727)	$ (6,335)	$ (33,351)	$ (19,048)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (32,600)	$ (19,024)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,065	1,383
Depreciation	4	0
Amortization of premiums on investments, net	263	142
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(815)	(2,727)
Accounts payable	(452)	(322)
Accrued research and development expenses	2,555	738
Accrued compensation and related expenses	109	756
Accrued other expenses	477	22
Operating right-of-use assets and lease liabilities, net	2	2
Net cash used in operating activities	(28,392)	(19,030)
Cash flows from investing activities:
Purchases of short-term investments	(50,848)	(37,263)
Maturities of short-term investments	31,639	0
Purchase of property and equipment	0	(13)
Net cash used in investing activities	(19,209)	(37,276)
Cash flows from financing activities:
Series A convertible preferred stock financing costs	0	(1)
Proceeds from initial public offering	0	84,774
Initial public offering costs	0	(8,322)
Net cash provided by financing activities	0	76,451
Net (decrease) increase in cash and cash equivalents	(47,601)	20,145
Cash and cash equivalents at the beginning of the period	66,346	55,316
Cash and cash equivalents at the end of the period	18,745	75,461
Non-cash investing and financing activities:
Property and equipment in accrued other expenses	$ 0	$ 3

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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 potential therapies for multiple neurological diseases. Initial Public Offering On March 16, 2021, the Company completed the initial public offering (“IPO”) of its 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 (the “October 2020 Forward Stock Split”). The par value of the common stock was not adjusted as a result of the October 2020 Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the October 2020 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 (the “March 2021 Forward Stock Split”). Adjustments corresponding to the March 2021 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 2021 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 2021 Forward Stock Split for all periods presented. Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all information and notes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. The Company’s unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 3, 2022. 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 $ 74.8 million and $ 42.2 million as of September 30, 2022, and December 31, 2021, 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. Geopolitical and macroeconomic events, such as the COVID-19 pandemic and the conflict in Ukraine, continue to evolve and have 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 disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from such events. If the disruption persists or deepens, the Company could experience an inability to access additional capital. As of September 30, 2022, the Company had available cash, cash equivalents and short-term investments of $ 77.3 million and working capital of $ 71.6 million to fund future operations. Management believes that its capital resources as of September 30, 2022, will be sufficient to fund the Company’s operations for at least 12 months after the date these unaudited condensed financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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. Estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, and 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. 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. 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 unaudited condensed 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 unaudited 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. 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 other third parties 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 $ 9.4 million, $ 25.4 million, $ 4.1 million and $ 13.4 million for the three and nine months ended September 30, 2022 and 2021, respectively. Stock-Based Compensation Stock-based awards are measured at fair value and compensation expense is 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. Leases The Company determines if an arrangement is a lease or contains lease components at inception. Lease terms are determined at the commencement date by considering whether renewal options and termination options, if any, are reasonably assured of exercise. For long-term operating leases, the Company recognizes a lease liability and a right-of-use (“ROU”) asset on its balance sheets and recognizes lease expense on a straight-line basis over the lease term. The lease liability is determined as the present value of future lease payments using the discount rate implicit in the lease or, if the implicit rate is not readily determinable, an estimate of the Company’s incremental borrowing rate. The ROU asset is based on the lease liability, adjusted for any prepaid or deferred rent. The Company does not have any financing leases. 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. 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. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Three and Nine Months Ended September 30, 2022 2021 Options to purchase common stock 2,355,648 1,346,237 Restricted stock awards, issued but unvested 14,527 348,450 Total 2,370,175 1,694,687 Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASU 2016-13), to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 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. 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. In February 2022, Russia commenced a military invasion of Ukraine. The ongoing geopolitical turmoil, including continuing military action in the region and sanctions imposed on Russia, have contributed to further disruption, instability and volatility of the financial markets, which may have an adverse impact on the Company’s business or ability to access the capital markets in the future.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of September 30, 2022 Assets: Money market funds $ 15,748 $ 15,748 $ — $ — Commercial paper $ 15,965 $ — $ 15,965 $ — Corporate debt securities 21,035 — 21,035 — Government and agency securities 23,571 19,719 3,852 — Total assets measured at fair value $ 76,319 $ 35,467 $ 40,852 $ — 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

Short-Term Investments	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 4. Short-Term Investments The following table summarizes short-term investments: As of September 30, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 15,989 $ — $ ( 24 ) $ 15,965 Corporate debt securities 21,513 — ( 478 ) 21,035 Government and agency securities 23,984 1 ( 414 ) 23,571 Total short-term investments $ 61,486 $ 1 $ ( 916 ) $ 60,571 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 following table summarizes the maturities of the Company's short-term investments at September 30, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 53,115 $ 52,634 Due after one year through three years 8,371 7,937 Total short-term investments $ 61,486 $ 60,571 The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2022 and December 31, 2021: As of September 30, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 9 $ 8,874 $ ( 24 ) — $ — $ — 9 $ 8,874 $ ( 24 ) Corporate debt securities 12 14,198 ( 167 ) 5 6,837 ( 311 ) 17 21,035 ( 478 ) Government and agency securities 9 16,351 ( 260 ) 2 3,247 ( 154 ) 11 19,598 ( 414 ) 30 $ 39,423 $ ( 451 ) 7 $ 10,084 $ ( 465 ) 37 $ 49,507 $ ( 916 ) As of December 31, 2021 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper — $ — $ — — $ — $ — — $ — $ — Corporate debt securities 10 14,017 ( 100 ) — — — 10 14,017 ( 100 ) Government and agency securities 7 12,375 ( 64 ) — — — 7 12,375 ( 64 ) 17 $ 26,392 $ ( 164 ) — $ — $ — 17 $ 26,392 $ ( 164 ) 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. The unrealized losses in the Company’s investments were caused by changes in interest rates caused by changing economic conditions, and not from a decline in credit of their underlying issuers. 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.

Accrued Other Expenses

Accrued Other Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Accrued Other Expenses	Note 5. Accrued Other Expenses Accrued other expenses consisted of t he following: As of (in thousands) September 30, 2022 December 31, 2021 Insurance premium finance liability $ 397 $ — Accrued consulting fees 143 97 Accrued legal and accounting fees 147 7 Accrued computer related expenses 16 27 Accrued taxes 31 168 Accrued recruiting fees — 30 Accrued travel and other expenses 95 23 Total $ 829 $ 352 The Company entered into a premium finance agreement in March 2022 in connection with the renewal of its annual directors and officers insurance. The total amount financed was $ 1.2 million and is paid over nine months beginning in April 2022. The total finance charge for the premium finance agreement is $ 15,000 which is recorded to interest expense monthly on a straight-line basis.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	Note 6. Stockholders’ Equity Sales Agreement In September 2022, the Company entered into a Controlled Equity Offering SM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor Fitzgerald”), pursuant to which it may issue and sell its common stock from time to time through an “at the market offering” (“ATM”) program under the Sales Agreement. The Company has no obligation to sell any shares of common stock under the Sales Agreement and may at any time suspend sales under the Sales Agreement. Cantor Fitzgerald will be entitled to compensation in an amount of 3% of the gross proceeds of any shares of common stock sold under the Sales Agreement. A maximum of $ 20.0 million of shares of common stock may be sold under the Sales Agreement. The Company had not sold any shares of its common stock under the Sales Agreement as of September 30, 2022. 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 September 30, 2022, the Company had 13,571,423 shares of voting common stock outstanding, excluding 14,527 shares subject to repurchase, and 3,629,400 shares of non-voting common stock outstanding. 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. 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. Reconciliation of Changes in Stockholders’ Equity The following tables document the changes in stockholders' equity for the three and nine months ended September 30, 2022 and 2021 (unaudited): Convertible Preferred Stock Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2021 — $ — 13,440,761 $ 1 3,629,400 $ — $ 145,683 $ ( 164 ) $ ( 42,197 ) $ 103,323 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 571 — — 571 Unrealized loss on short-term investments, net — — — — — — — ( 432 ) — ( 432 ) Net loss — — — — — — — — ( 9,597 ) ( 9,597 ) Balance at March 31, 2022 — — 13,484,315 1 3,629,400 — 146,254 ( 596 ) ( 51,794 ) 93,865 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 699 — — 699 Unrealized loss on short-term investments — — — — — — — ( 188 ) — ( 188 ) Net loss — — — — — — — — ( 11,407 ) ( 11,407 ) Balance at June 30, 2022 — — 13,527,869 1 3,629,400 — 146,953 ( 784 ) ( 63,201 ) 82,969 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 795 — — 795 Unrealized loss on short-term investments, net — — — — — — — ( 131 ) — ( 131 ) Net loss — — — — — — — — ( 11,596 ) ( 11,596 ) Balance at September 30, 2022 — $ — 13,571,423 $ 1 3,629,400 $ — $ 147,748 $ ( 915 ) $ ( 74,797 ) $ 72,037 Convertible Preferred Stock Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2020 5,600,000 $ 55,795 3,840,540 $ — — $ — $ 11,708 $ — $ ( 14,400 ) $ ( 2,692 ) Conversion of Series A convertible preferred stock to common stock in connection with initial public offering ( 5,600,000 ) ( 55,795 ) 4,098,600 — 3,629,400 — 55,795 — — 55,795 Issuance of common stock in initial public offering, net — — 5,000,000 1 — — 71,848 — — 71,849 Stock-based compensation — — — — — — 333 — — 333 Net loss — — — — — — — — ( 5,699 ) ( 5,699 ) Balance at March 31, 2021 — — 12,939,140 1 3,629,400 — 139,684 - ( 20,099 ) 119,586 Issuance of common stock in initial public offering, net — — 298,360 — — — 4,365 — — 4,365 Stock-based compensation — — — — — — 512 — — 512 Unrealized loss on short-term investments, net — — — — — — — ( 34 ) — ( 34 ) Net loss — — — — — — — — ( 6,980 ) ( 6,980 ) Balance at June 30, 2021 — — 13,237,500 1 3,629,400 — 144,561 ( 34 ) ( 27,079 ) 117,449 Stock-based compensation — — — — — — 538 — — 538 Unrealized gain on short-term investments, net — — — — — — — 10 — 10 Net loss — — — — — — — — ( 6,345 ) ( 6,345 ) Balance at September 30, 2021 — $ — 13,237,500 $ 1 3,629,400 $ — $ 145,099 $ ( 24 ) $ ( 33,424 ) $ 111,652

Agreements with Arena Pharmaceu

Agreements with Arena Pharmaceuticals, Inc.	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Agreements with Arena Pharmaceuticals, Inc.	Note 7. Agreements with Arena Pharmaceuticals, Inc. The Company entered into a license agreement (the “License Agreement”), a services agreement (the “Services Agreement”), and a royalty purchase agreement (the “Royalty Purchase Agreement”) in October 2020 with Arena, which was subsequently amended as described below. Arena was purchased by Pfizer in March 2022. The following section summarizes these related party agreements. License Agreement Pursuant to the License Agreement, the Company has 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, LP143 and certain 5-HT2A compounds 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 LP659 for the treatment of selected CNS indications in humans (pharmaceutical products containing any such compounds, Licensed Products). In January 2022, the Company and Arena amended the Arena License Agreement to add additional 5-HT2A compounds, and in September 2022 the Company and Arena further amended the Arena License Agreement to expand the field of the license of LP659 and provide Arena a right of first negotiation to acquire certain development and commercial rights to LP659 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. 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 therefore on an hourly rate based on an annual full time equivalent rate agreed upon by the parties. Arena invoices the Company for services provided on a monthly basis, in arrears. The Services Agreement will continue until December 31, 2022, and will 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 Company has significantly reduced its activities under the Services Agreement, including as a result of its having hired employees or contracted with third parties with the requisite expertise, and the Company is no longer substantially dependent on such services from Arena. The following table summarizes the services expensed under the Services Agreement: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Research and development $ — $ 235 $ 93 $ 699 General and administrative — 30 — 124 Total $ — $ 265 $ 93 $ 823 There were $ 1,000 and $ 188,000 of related party amounts related to the Services Agreement in accounts payable as of September 30, 2022 and December 31, 2021, 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 it 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, dated December 28, 2016, as amended, 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	9 Months Ended
	Sep. 30, 2022
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 stockholders approved the 2020 Equity Incentive Plan (“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 Equity Incentive Plan (“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. As of September 30, 2022, the 2021 Plan authorizes and provides for the issuance of up to 3,694,999 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). The number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, 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, the “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 1,339,351 shares available for grant under the 2021 Plan as of September 30, 2022. Stock Award Grants under the Equity Plans A summary of the Company’s 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, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options granted 1,204,702 4.59 Options exercised — — Options forfeited/cancelled ( 270,810 ) 5.65 Balance at September 30, 2022 2,355,648 $ 5.50 8.5 $ 262 Vested and expected to vest at September 30, 2022 2,355,648 $ 5.50 8.5 $ 262 Options exercisable at September 30, 2022 935,539 $ 5.15 7.6 $ 234 Options exercisable at September 30, 2022 included 587,089 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 three and nine months ended September 30, 2022 and 2021, along with the related grant date fair value: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock price $ 3.60 $ 8.98 $ 4.59 $ 11.46 Risk-free interest rate 2.80 % 0.90 % 2.09 % 0.86 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 75.68 % 76.08 % 75.22 % 74.25 % Expected life (years) 6.1 5.9 6.0 6.0 Estimated grant date fair value per share of award granted $ 2.44 $ 5.87 $ 3.05 $ 7.40 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 independent third-party valuations of the Company's 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 independent 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. As of September 30, 2022, 14,527 restricted stock awards remained to vest. 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: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Research and development $ 354 $ 164 $ 764 $ 381 General and administrative 441 374 1,301 1,002 Total $ 795 $ 538 $ 2,065 $ 1,383 As of September 30, 2022, unrecognized stock-based compensation expense was $ 5.5 million, which is expected to be recognized over a remaining weighted-average period of approximatel y 2.7 y ears. 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. As of September 30, 2022, the ESPP authorizes the issuance of 525,492 shares of common stock under purchase rights granted to our employees. The number of shares of common stock reserved for issuance automatically increases on January 1 of each calendar year, 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 to 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 September 30, 2022, the ESPP had not yet been implemented.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Leases In June 2021, the Company entered into the lease agreement ( “ original lease”) for office space located at 4275 Executive Square, Suite 950, La Jolla, California 92037 where it occupies 8,681 square feet. The original lease became effective July 1, 2021 , and continues through June 30, 2023 . Rent payments were approximately $ 29,000 per month for the first year and increased by 4.5 % in July 2022. A security deposit of $ 33,000 was paid in June 2021 and is included in other long-term assets on the unaudited condensed balance sheet as of September 30, 2022. In August 2022, the Company and the landlord extended the lease agreement ( “ lease extension”) through December 31, 2024. Rent payments under the lease extension are approximately $ 33,000 starting in July 2023 and increase by 4.5 % in July 2024. 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. For the three and nine months ended September 30, 2022 and 2021, the Company recorded approximately $ 96,000 , $ 289,000 , $ 95,000 and $ 101,000 , respectively, in rent expense. The below table provides supplemental cash flow information related to leases as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 275 Right-of-use assets obtained in exchange for lease obligations: Operating leases 554 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): September 30, 2022 Operating leases Right-of-use assets $ 824 Right-of-use lease liabilities, current 360 Right-of-use lease liabilities, noncurrent 469 Total operating lease liabilities $ 829 Weighted-average remaining lease term Operating leases 2.2 years Weighted-average discount rate Operating leases 9.7 % Future minimum lease commitments are as follows as of September 30, 2022 (in thousands): Operating Leases Year Ending December 31, 2022 94 2023 384 2024 400 Total lease payments 878 Less imputed interest ( 49 ) Total $ 829 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 September 30, 2022 and December 31, 2021, the Company is not a party to any litigation.

Employment Benefits

Employment Benefits	9 Months Ended
	Sep. 30, 2022
Postemployment Benefits [Abstract]
Employment Benefits	Note 10. Employment Benefits 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 three and nine months ended September 30, 2022, the Company incurred approximatel y $ 58,000 and $ 230,000 , respectively, in expenses related to the safe harbor contribution.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all information and notes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. The Company’s unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 3, 2022.
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. Estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, and 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.
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.
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 unaudited condensed 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 unaudited 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.
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 other third parties 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 $ 9.4 million, $ 25.4 million, $ 4.1 million and $ 13.4 million for the three and nine months ended September 30, 2022 and 2021, respectively.
Stock-Based Compensation	Stock-Based Compensation Stock-based awards are measured at fair value and compensation expense is 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.
Leases	Leases The Company determines if an arrangement is a lease or contains lease components at inception. Lease terms are determined at the commencement date by considering whether renewal options and termination options, if any, are reasonably assured of exercise. For long-term operating leases, the Company recognizes a lease liability and a right-of-use (“ROU”) asset on its balance sheets and recognizes lease expense on a straight-line basis over the lease term. The lease liability is determined as the present value of future lease payments using the discount rate implicit in the lease or, if the implicit rate is not readily determinable, an estimate of the Company’s incremental borrowing rate. The ROU asset is based on the lease liability, adjusted for any prepaid or deferred rent. The Company does not have any financing leases.
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. 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. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Three and Nine Months Ended September 30, 2022 2021 Options to purchase common stock 2,355,648 1,346,237 Restricted stock awards, issued but unvested 14,527 348,450 Total 2,370,175 1,694,687
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASU 2016-13), to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 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.
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. In February 2022, Russia commenced a military invasion of Ukraine. The ongoing geopolitical turmoil, including continuing military action in the region and sanctions imposed on Russia, have contributed to further disruption, instability and volatility of the financial markets, which may have an adverse impact on the Company’s business or ability to access the capital markets in the future.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three and Nine Months Ended September 30, 2022 2021 Options to purchase common stock 2,355,648 1,346,237 Restricted stock awards, issued but unvested 14,527 348,450 Total 2,370,175 1,694,687

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and December 31, 2021. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of September 30, 2022 Assets: Money market funds $ 15,748 $ 15,748 $ — $ — Commercial paper $ 15,965 $ — $ 15,965 $ — Corporate debt securities 21,035 — 21,035 — Government and agency securities 23,571 19,719 3,852 — Total assets measured at fair value $ 76,319 $ 35,467 $ 40,852 $ — 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)	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments: As of September 30, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 15,989 $ — $ ( 24 ) $ 15,965 Corporate debt securities 21,513 — ( 478 ) 21,035 Government and agency securities 23,984 1 ( 414 ) 23,571 Total short-term investments $ 61,486 $ 1 $ ( 916 ) $ 60,571 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 September 30, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 53,115 $ 52,634 Due after one year through three years 8,371 7,937 Total short-term investments $ 61,486 $ 60,571
Summary of Available-for-sale Investments	The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2022 and December 31, 2021: As of September 30, 2022 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 9 $ 8,874 $ ( 24 ) — $ — $ — 9 $ 8,874 $ ( 24 ) Corporate debt securities 12 14,198 ( 167 ) 5 6,837 ( 311 ) 17 21,035 ( 478 ) Government and agency securities 9 16,351 ( 260 ) 2 3,247 ( 154 ) 11 19,598 ( 414 ) 30 $ 39,423 $ ( 451 ) 7 $ 10,084 $ ( 465 ) 37 $ 49,507 $ ( 916 ) As of December 31, 2021 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper — $ — $ — — $ — $ — — $ — $ — Corporate debt securities 10 14,017 ( 100 ) — — — 10 14,017 ( 100 ) Government and agency securities 7 12,375 ( 64 ) — — — 7 12,375 ( 64 ) 17 $ 26,392 $ ( 164 ) — $ — $ — 17 $ 26,392 $ ( 164 )

Accrued Other Expenses (Tables)

Accrued Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Summary of Accrued Other Expenses	Accrued other expenses consisted of t he following: As of (in thousands) September 30, 2022 December 31, 2021 Insurance premium finance liability $ 397 $ — Accrued consulting fees 143 97 Accrued legal and accounting fees 147 7 Accrued computer related expenses 16 27 Accrued taxes 31 168 Accrued recruiting fees — 30 Accrued travel and other expenses 95 23 Total $ 829 $ 352

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholder's Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit)	The following tables document the changes in stockholders' equity for the three and nine months ended September 30, 2022 and 2021 (unaudited): Convertible Preferred Stock Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2021 — $ — 13,440,761 $ 1 3,629,400 $ — $ 145,683 $ ( 164 ) $ ( 42,197 ) $ 103,323 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 571 — — 571 Unrealized loss on short-term investments, net — — — — — — — ( 432 ) — ( 432 ) Net loss — — — — — — — — ( 9,597 ) ( 9,597 ) Balance at March 31, 2022 — — 13,484,315 1 3,629,400 — 146,254 ( 596 ) ( 51,794 ) 93,865 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 699 — — 699 Unrealized loss on short-term investments — — — — — — — ( 188 ) — ( 188 ) Net loss — — — — — — — — ( 11,407 ) ( 11,407 ) Balance at June 30, 2022 — — 13,527,869 1 3,629,400 — 146,953 ( 784 ) ( 63,201 ) 82,969 Vesting of restricted stock — — 43,554 — — — — — — — Stock-based compensation — — — — — — 795 — — 795 Unrealized loss on short-term investments, net — — — — — — — ( 131 ) — ( 131 ) Net loss — — — — — — — — ( 11,596 ) ( 11,596 ) Balance at September 30, 2022 — $ — 13,571,423 $ 1 3,629,400 $ — $ 147,748 $ ( 915 ) $ ( 74,797 ) $ 72,037 Convertible Preferred Stock Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2020 5,600,000 $ 55,795 3,840,540 $ — — $ — $ 11,708 $ — $ ( 14,400 ) $ ( 2,692 ) Conversion of Series A convertible preferred stock to common stock in connection with initial public offering ( 5,600,000 ) ( 55,795 ) 4,098,600 — 3,629,400 — 55,795 — — 55,795 Issuance of common stock in initial public offering, net — — 5,000,000 1 — — 71,848 — — 71,849 Stock-based compensation — — — — — — 333 — — 333 Net loss — — — — — — — — ( 5,699 ) ( 5,699 ) Balance at March 31, 2021 — — 12,939,140 1 3,629,400 — 139,684 - ( 20,099 ) 119,586 Issuance of common stock in initial public offering, net — — 298,360 — — — 4,365 — — 4,365 Stock-based compensation — — — — — — 512 — — 512 Unrealized loss on short-term investments, net — — — — — — — ( 34 ) — ( 34 ) Net loss — — — — — — — — ( 6,980 ) ( 6,980 ) Balance at June 30, 2021 — — 13,237,500 1 3,629,400 — 144,561 ( 34 ) ( 27,079 ) 117,449 Stock-based compensation — — — — — — 538 — — 538 Unrealized gain on short-term investments, net — — — — — — — 10 — 10 Net loss — — — — — — — — ( 6,345 ) ( 6,345 ) Balance at September 30, 2021 — $ — 13,237,500 $ 1 3,629,400 $ — $ 145,099 $ ( 24 ) $ ( 33,424 ) $ 111,652

Agreements with Arena Pharmac_2

Agreements with Arena Pharmaceuticals, Inc (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Services Expensed	The following table summarizes the services expensed under the Services Agreement: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Research and development $ — $ 235 $ 93 $ 699 General and administrative — 30 — 124 Total $ — $ 265 $ 93 $ 823

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company’s 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, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options granted 1,204,702 4.59 Options exercised — — Options forfeited/cancelled ( 270,810 ) 5.65 Balance at September 30, 2022 2,355,648 $ 5.50 8.5 $ 262 Vested and expected to vest at September 30, 2022 2,355,648 $ 5.50 8.5 $ 262 Options exercisable at September 30, 2022 935,539 $ 5.15 7.6 $ 234
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 three and nine months ended September 30, 2022 and 2021, along with the related grant date fair value: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock price $ 3.60 $ 8.98 $ 4.59 $ 11.46 Risk-free interest rate 2.80 % 0.90 % 2.09 % 0.86 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 75.68 % 76.08 % 75.22 % 74.25 % Expected life (years) 6.1 5.9 6.0 6.0 Estimated grant date fair value per share of award granted $ 2.44 $ 5.87 $ 3.05 $ 7.40
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: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Research and development $ 354 $ 164 $ 764 $ 381 General and administrative 441 374 1,301 1,002 Total $ 795 $ 538 $ 2,065 $ 1,383

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
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): Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 275 Right-of-use assets obtained in exchange for lease obligations: Operating leases 554
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): September 30, 2022 Operating leases Right-of-use assets $ 824 Right-of-use lease liabilities, current 360 Right-of-use lease liabilities, noncurrent 469 Total operating lease liabilities $ 829 Weighted-average remaining lease term Operating leases 2.2 years Weighted-average discount rate Operating leases 9.7 %
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of September 30, 2022 (in thousands): Operating Leases Year Ending December 31, 2022 94 2023 384 2024 400 Total lease payments 878 Less imputed interest ( 49 ) Total $ 829

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 16, 2021 $ / shares shares	Mar. 05, 2021	Oct. 27, 2020	Oct. 31, 2020 USD ($)	Mar. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
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 (the “March 2021 Forward Stock Split”). Adjustments corresponding to the March 2021 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 2021 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 2021 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 (the “October 2020 Forward Stock Split”). The par value of the common stock was not adjusted as a result of the October 2020 Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the October 2020 Forward Stock Split for the periods presented.
Forward stock split		1.38	2,783
Common Stock Shares Issued | shares						13,571,423		13,440,761
Net Proceeds from Initial Public Offering(IPO) | $						$ 0	$ 84,774
Stock issuance costs | $						$ 0	$ 1
Number of shares Exchanged During Period | shares						2,970,000
Accumulated deficit | $						$ (74,797)		$ (42,197)
Cash, cash equivalents and investment securities | $						77,300
Working Capital | $						71,600
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development expenses	$ 9,403	$ 4,093	$ 25,445	$ 13,406

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	2,370,175	1,694,687	2,370,175	1,694,687
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	2,355,648	1,346,237	2,355,648	1,346,237
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	14,527	348,450	14,527	348,450

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	$ 58,574	$ 40,379
Total assets measured at fair value	76,319	76,393
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	15,748	36,014
Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	23,571	12,375
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	15,965	13,987
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	21,035	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	35,467	45,573
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	15,748	36,014
Level 1 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	19,719	9,559
Level 1 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0	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	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	40,852	30,820
Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0	0
Level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	3,852	2,816
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	15,965	13,987
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	$ 21,035	$ 14,017

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 61,486	$ 40,543
Unrealized Gains	1	0
Unrealized Losses	(916)	(164)
Estimated Fair Value	60,571	40,379
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	21,513	14,117
Unrealized Gains	0	0
Unrealized Losses	(478)	(100)
Estimated Fair Value	21,035	14,017
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	23,984	12,439
Unrealized Gains	1	0
Unrealized Losses	(414)	(64)
Estimated Fair Value	23,571	12,375
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,989	13,987
Unrealized Gains	0	0
Unrealized Losses	(24)	0
Estimated Fair Value	$ 15,965	$ 13,987

Short-Term Investments (Additio

Short-Term Investments (Additional Information) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of unrealized loss position	$ 49,507	$ 26,392

Short-Term Investments - Summ_2

Short-Term Investments - Summary of Maturity of the Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
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	$ 53,115
Fixed maturity securities, available for sale, due after one year through three years, amortized cost	8,371
Amortized Cost	61,486	$ 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	52,634
Fixed maturity securities, available for sale, due after one year through three years, fair value	7,937
Fixed maturity securities, available for sale, fair value	$ 60,571	$ 40,379

Short-Term Investments - Summ_3

Short-Term Investments - Summary of Available-for-sale Investments (Details) $ in Thousands	Sep. 30, 2022 USD ($) Securities	Dec. 31, 2021 USD ($) Securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	30	17
Available-for-sale Investments, Less than 12 months, Fair Value	$ 39,423	$ 26,392
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (451)	$ (164)
Available-for-sale Investments, More than 12 months, Count | Securities	7	0
Available-for-sale Investments, More than 12 months, Fair value	$ 10,084	$ 0
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (465)	$ 0
Available-for-sale Investments, Count | Securities	37	17
Available-for-sale Investments, Fair value	$ 49,507	$ 26,392
Available-for-sale Investments, Unrealized Losses	$ 916	$ 164
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	9	0
Available-for-sale Investments, Less than 12 months, Fair Value	$ 8,874	$ 0
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (24)	$ 0
Available-for-sale Investments, More than 12 months, Count | Securities	0	0
Available-for-sale Investments, More than 12 months, Fair value	$ 0	$ 0
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ 0	$ 0
Available-for-sale Investments, Count | Securities	9	0
Available-for-sale Investments, Fair value	$ 8,874	$ 0
Available-for-sale Investments, Unrealized Losses	$ 24	$ 0
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	12	10
Available-for-sale Investments, Less than 12 months, Fair Value	$ 14,198	$ 14,017
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (167)	$ (100)
Available-for-sale Investments, More than 12 months, Count | Securities	5	0
Available-for-sale Investments, More than 12 months, Fair value	$ 6,837	$ 0
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (311)	$ 0
Available-for-sale Investments, Count | Securities	17	10
Available-for-sale Investments, Fair value	$ 21,035	$ 14,017
Available-for-sale Investments, Unrealized Losses	$ 478	$ 100
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	9	7
Available-for-sale Investments, Less than 12 months, Fair Value	$ 16,351	$ 12,375
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (260)	$ (64)
Available-for-sale Investments, More than 12 months, Count | Securities	2	0
Available-for-sale Investments, More than 12 months, Fair value	$ 3,247	$ 0
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (154)	$ 0
Available-for-sale Investments, Count | Securities	11	7
Available-for-sale Investments, Fair value	$ 19,598	$ 12,375
Available-for-sale Investments, Unrealized Losses	$ 414	$ 64

Accrued Other Expenses - Summar

Accrued Other Expenses - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Insurance premium finance liability	$ 397	$ 0
Accrued consulting fees	143	97
Accrued legal and accounting fees	147	7
Accrued computer related expenses	16	27
Accrued Taxes	31	168
Accrued recruiting fees	0	30
Accrued other	95	23
Total	$ 829	$ 352

Accrued Other Expenses (Additio

Accrued Other Expenses (Additional Information) (Details)	Sep. 30, 2022 USD ($)
Accrued Liabilities, Current [Abstract]
Total amount financed	$ 1,200,000
Monthly interest expense	$ 15,000

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 16, 2021	Oct. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Common stock, shares authorized					300,000,000		300,000,000
Preferred stock, shares authorized				10,000,000	10,000,000		10,000,000
Common stock, shares outstanding					13,571,423		13,440,761
Common stock, subject to repurchase					14,527		145,189
Preferred stock, shares issued					0		0
Preferred stock, shares outstanding		0			0		0
Stock issuance costs					$ 0	$ 1
Common stock, shares issued					13,571,423		13,440,761
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
Gross proceeds		$ 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	10,000,000		10,000,000
Common stock, shares outstanding					3,629,400		3,629,400
Stock issued during conversion of convertible securities	3,629,400
Number of shares converted				(3,629,400)
Common stock, shares issued					3,629,400		3,629,400
Voting Common Stock [Member]
Common stock, shares authorized				300,000,000
Common stock, shares outstanding					13,571,423		13,440,761
Common stock, subject to repurchase					14,527		145,189
Number of shares converted				(4,098,600)
Conversion of stock, shares issued	4,098,600
Gross proceeds from issuance of common stock					$ 20,000
Share purchased			298,360	5,000,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning Balance, Value	$ 82,969	$ 93,865	$ 103,323	$ 117,449	$ 119,586	$ (2,692)	$ 103,323	$ (2,692)
Conversion of convertible preferred stock to common stock in association with initial public offering						(55,795)
Issuance of common stock					4,365	71,849
Stock-based compensation	795	699	571	538	512	333
Unrealized (loss) gain on short-term investments	(131)	(188)	(432)	10	(34)		(751)	(24)
Net loss	(11,596)	(11,407)	(9,597)	(6,345)	(6,980)	(5,699)	(32,600)	(19,024)
Temporary equity, Ending Balance, Value	$ 0						$ 0
Temporary Equity, Ending Balance, Shares	0						0
Ending Balance, Value	$ 72,037	82,969	93,865	111,652	117,449	119,586	$ 72,037	111,652
Convertible Preferred Stock [Member]
Temporary equity, Beginning Balance, Value	$ 0	$ 0	$ 0	$ 0	$ 0	$ 55,795	$ 0	$ 55,795
Temporary Equity, Beginning balance, Shares	0	0	0	0	0	5,600,000	0	5,600,000
Conversion of convertible preferred stock to common stock in association with initial public offering						$ (55,795)
Conversion of convertible preferred stock to common stock in association with initial public offering (in shares)						(5,600,000)
Temporary equity, Ending Balance, Value		$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Temporary Equity, Ending Balance, Shares		0	0	0	0	0		0
Non-Voting Common Stock [Member]
Beginning Balance , Shares	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400	0	3,629,400	0
Conversion of convertible preferred stock to common stock in association with initial public offering (in shares)						3,629,400
Ending Balance, Shares	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400
Voting Common Stock [Member]
Beginning Balance, Value	$ 1	$ 1	$ 1	$ 1	$ 1	$ 0	$ 1	$ 0
Beginning Balance , Shares	13,527,869	13,484,315	13,440,761	13,237,500	12,939,140	3,840,540	13,440,761	3,840,540
Vesting of restricted stock	43,554	43,554	43,554
Conversion of convertible preferred stock to common stock in association with initial public offering						$ 0
Conversion of convertible preferred stock to common stock in association with initial public offering (in shares)						4,098,600
Issuance of common stock						$ 1
Issuance of common stock (in shares)					298,360	5,000,000
Ending Balance, Value	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1
Ending Balance, Shares	13,571,423	13,527,869	13,484,315	13,237,500	13,237,500	12,939,140	13,571,423	13,237,500
Additional Paid-in Capital [Member]
Beginning Balance, Value	$ 146,953	$ 146,254	$ 145,683	$ 144,561	$ 139,684	$ 11,708	$ 145,683	$ 11,708
Conversion of convertible preferred stock to common stock in association with initial public offering						(55,795)
Issuance of common stock					4,365	71,848
Stock-based compensation	795	699	571	538	512	333
Ending Balance, Value	147,748	146,953	146,254	145,099	144,561	139,684	147,748	145,099
Accumulated Deficit [Member]
Beginning Balance, Value	(63,201)	(51,794)	(42,197)	(27,079)	(20,099)	(14,400)	(42,197)	(14,400)
Conversion of convertible preferred stock to common stock in association with initial public offering						0
Net loss	(11,596)	(11,407)	(9,597)	(6,345)	(6,980)	(5,699)
Ending Balance, Value	(74,797)	(63,201)	(51,794)	(33,424)	(27,079)	(20,099)	(74,797)	(33,424)
Accumulated Other Comprehensive Gain/(Loss)
Beginning Balance, Value	(784)	(596)	(164)	(34)	0	0	(164)	0
Conversion of convertible preferred stock to common stock in association with initial public offering						0
Unrealized (loss) gain on short-term investments	(131)	(188)	(432)	10	(34)
Ending Balance, Value	$ (915)	$ (784)	$ (596)	$ (24)	$ (34)	$ 0	$ (915)	$ (24)

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	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Renew of successive agreement term	1 year
Related party amounts related to accounts payable		$ 1,000	$ 188,000
Payments of related party	$ 100

Agreements with Arena Pharmac_4

Agreements with Arena Pharmaceuticals, Inc - Schedule of Services Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Research and development	$ 9,403	$ 4,093	$ 25,445	$ 13,406
General and administrative	2,481	2,262	7,626	5,639
Total operating expenses	11,884	6,355	33,071	19,045
Arena Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Research and development	0	235	93	699
General and administrative	0	30	0	124
Total operating expenses	$ 0	$ 265	$ 93	$ 823

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2020	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercisable, vested stock options		587,089
Options exercisable, subject to early exercise provision		348,450
Options outstanding, Intrinsic value		$ 262,000	$ 1,272,000
Options exercisable, Intrinsic value		$ 234,000
Number of shares, options granted		1,204,702
Unrecognized stock-based compensation expense		$ 5,500,000
Cost not yet recognized, period for recognition		2 years 8 months 12 days
Shares reserved for future issuance		1,060,017
Percentage of shares of common stock outstanding		1%
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance		525,492
Employee stock purchase plan, eligible earnings contribution, percentage		15%
Employee stock purchase plan, shares purchase price as a percentage of market fair value		85%
Employee stock purchase plan, maximum shares purchased, value		$ 25,000
Employee stock purchase plan, maximum offering period		27 months
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant		1,339,351
2021 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance		3,694,999
2021 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]
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] | 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, Grant date fair value	$ 3.12
Shares remained to vest	14,527

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Options [Roll Forward]
Number of Shares, Options outstanding, beginning balance	1,421,756
Number of Shares, Options granted	1,204,702
Number of Shares, Options exercised	0
Number of Shares, Options cancelled	(270,810)
Number of Shares, Options outstanding, ending balance	2,355,648	1,421,756
Number of Shares, Options exercisable	935,539
Number of Shares, Options Vested and Expected to Vest	2,355,648
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price Per share, Options outstanding, beginning balance	$ 6.31
Weighted Average Exercise Price Per share, Options granted	4.59
Weighted Average Exercise Price Per share, Options exercised	0
Weighted Average Exercise Price Per share, Options cancelled	5.65
Weighted Average Exercise Price Per share, Options outstanding, ending balance	5.50	$ 6.31
Weighted Average Exercise Price Per share, Options exercisable	5.15
Weighted Average Exercise Price Per share, Options vested	$ 5.50
Weighted Average Remaining Contractual Term (in Years) [Roll Forward]
Weighted Average Remaining Contractual Term, Options outstanding	8 years 6 months	9 years 1 month 6 days
Weighted Average Remaining Contractual Term, Options exercisable	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest	8 years 6 months
Options outstanding, Intrinsic value	$ 262	$ 1,272
Aggregate Intrinsic Value, Vested and expected to vest	262
Options exercisable, Intrinsic value	$ 234

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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 3.60	$ 8.98	$ 4.59	$ 11.46
Risk-free interest rate	2.80%	0.90%	2.09%	0.86%
Dividend yield	0%	0%	0%	0%
Expected volatility	75.68%	76.08%	75.22%	74.25%
Expected life (years)	6 years 1 month 6 days	5 years 10 months 24 days	6 years	6 years
Estimated grant date fair value per share of award granted	$ 2.44	$ 5.87	$ 3.05	$ 7.40

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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 795	$ 538	$ 2,065	$ 1,383
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	354	164	764	381
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 441	$ 374	$ 1,301	$ 1,002

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security deposit		$ 33,000
Percentage of increase in rent by second year	4.50%	4.50%
Lease expiry date		Jun. 30, 2023
Effective lease date		Jul. 01, 2021
Area of office space | ft²		8,681
Historical rent paid		$ 1,000
Future rent payment per month for first year	$ 33,000	$ 29,000
Total rent expense			$ 96,000	$ 95,000	$ 289,000	$ 101,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 275
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 554

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating leases
Right-of-use assets	$ 824	$ 521
Right-of-use lease liabilities, current	360	339
Right-of-use lease liabilities, noncurrent	469	$ 185
Total operating lease liabilities	$ 829
Weighted average remaining lease term
Operating leases	2 years 2 months 12 days
Weighted average discount rate
Operating leases	9.70%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022	$ 94
2023	384
2024	400
Total lease payments	878
Less imputed interest	(49)
Total	$ 829

Employment Benefits - Additiona

Employment Benefits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Postemployment Benefits [Abstract]
Company Provides Safe Harbor Contribution		4%
Expenses Related To Contribution Plan	$ 58,000	$ 230,000