Longboard Pharmaceuticals (LBPH) 10-K 2 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5009619
Entity Address, Address Line One	4275 Executive Square
Entity Address, Address Line Two	Suite 950
Entity Address, City or Town	La Jolla
Entity Public Float			$ 52,100,000
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	592-9775
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	LBPH
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		22,965,350
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Transition Report	false
Documents Incorporated By Reference Text Block	DOCUMENTS INCORPORATED BY REFERENCE Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant's Definitive Proxy Statement for the Annual Meeting of Stockholders to be held in May 2023, which will be filed with the Securities and Exchange Commission on or before May 2, 2023.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Diego, CA

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,775	$ 66,346
Short-Term Investments	56,814	40,379
Prepaid expenses and other current assets	2,249	1,659
Total current assets	69,838	108,384
Right-of-use assets	736	521
Property and equipment	9	14
Other long-term assets	33	33
Total assets	70,616	108,952
Current liabilities:
Accounts payable	1,310	1,028
Accrued research and development expenses	4,168	2,245
Accrued other expenses	490	352
Accrued compensation and related expenses	2,438	1,480
Right-of-use liabilities, current portion	358	339
Total current liabilities	8,764	5,444
Right-of-use liabilities, net of current portion	382	185
Commitments and contingencies (see Note 9)
Stockholders’ equity (deficit):
Preferred stock, value	0	0
Common stock, value	1	1
Additional paid-in-capital	148,303	145,683
Accumulated other comprehensive loss	(692)	(164)
Accumulated deficit	(86,142)	(42,197)
Total stockholder’s equity (deficit)	61,470	103,323
Total liabilities, convertible preferred stock and shareholders’ equity (deficit)	70,616	108,952
Non-Voting Common Stock [Member]
Stockholders’ equity (deficit):
Common stock, value	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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
Preferred stock, shares outstanding		0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	13,585,950	13,440,761
Common stock, shares outstanding	13,585,950	13,440,761
Common stock, subject to repurchase	0	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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 34,638	$ 19,774
General and administrative	10,160	8,065
Total operating expenses	44,798	27,839
Loss from operations	(44,798)	(27,839)
Interest income, net	837	64
Other expense	16	(22)
Net loss	$ (43,945)	$ (27,797)
Net loss per share, basic	$ (2.56)	$ (1.93)
Net loss per share, Diluted	$ (2.56)	$ (1.93)
Weighted-average shares outstanding, basic	17,150,907	14,410,502
Weighted-average shares outstanding, diluted	17,150,907	14,410,502
Comprehensive loss:
Net loss	$ (43,945)	$ (27,797)
Unrealized gain (loss) on short-term investments	(528)	(164)
Comprehensive loss	$ (44,473)	$ (27,961)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Non-Voting Common Stock [Member]	Voting Common Stock [Member]	Preferred Stock [Member] Convertible Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance, Value at Dec. 31, 2020	$ (2,692)			$ 55,795	$ 11,708		$ (14,400)
Beginning Balance, Shares at Dec. 31, 2020			3,840,540	5,600,000
Series A convertible preferred stock financing costs	(1)
Conversion of convertible preferred stock to common stock in association with initial public offering, shares		3,629,400	4,098,600	5,600,000
Conversion of convertible preferred stock to common stock in association with initial public offering	55,794			$ (55,795)	55,794
Issuance of common stock in initial public offering, net, Shares			5,298,360
Issuance of common stock in initial public offering, net, Value	76,215		$ 1		76,214
Vesting of restricted stock			203,261
Stock-based compensation	1,967				1,967
Unrealized gain (loss) on short-term investments	(164)					$ (164)
Net loss	(27,797)						(27,797)
Ending Balance, Value at Dec. 31, 2021	103,323		$ 1		145,683	(164)	(42,197)
Ending Balance, Shares at Dec. 31, 2021		3,629,400	13,440,761
Series A convertible preferred stock financing costs	0
Vesting of restricted stock			145,189
Stock-based compensation	2,657				2,657
Financing related fees	(37)				(37)
Unrealized gain (loss) on short-term investments	(528)					(528)
Net loss	(43,945)						(43,945)
Ending Balance, Value at Dec. 31, 2022	$ 61,470		$ 1		$ 148,303	$ (692)	$ (86,142)
Ending Balance, Shares at Dec. 31, 2022		3,629,400	13,585,950

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (43,945)	$ (27,797)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,657	1,967
Depreciation and amortization	5	1
Accretion of premiums on investments, net	101	157
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(183)	(1,645)
Accounts payable	282	(185)
Accrued research and development expenses	1,923	1,329
Accrued compensation and related expenses	959	1,318
Accrued other expenses	138	146
Operating right-of-use assets and lease liabilities, net	0	4
Net cash used in operating activities	(38,063)	(24,705)
Cash flows from investing activities:
Purchases of short-term investments	(57,614)	(40,700)
Maturities of short-term investments	40,550	0
Purchase of property and equipment	0	(16)
Net cash used in investing activities	(17,064)	(40,716)
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)
Financing related fees	(444)	0
Net cash provided by financing activities	(444)	76,451
Net (decrease) increase in cash and cash equivalents	(55,571)	11,030
Cash and cash equivalents at the beginning of the period	66,346	55,316
Cash and cash equivalents at the end of the period	10,775	66,346
Non-cash investing and financing activities:
Common stock issued on conversion of convertible preferred stock in connection with initial public offering	$ 0	$ 55,794

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 a serotonin receptor that 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 is also developing LP659, an S1P receptor modulator, which could have applicability in multiple neurological conditions. Initial Public Offering On March 16, 2021, the Company completed the initial public offering (IPO) of its voting common stock. In connection with the IPO, the Company issued and sold 5,298,360 shares of voting common stock, which included 298,360 shares of its voting common stock issued pursuant to the option granted to the underwriters to purchase additional shares in April 2021, at a public offering price of $ 16.00 per share. The Company raised $ 76.2 million in net proceeds from the IPO after deducting underwriters’ discounts and commissions of $ 5.9 million and issuance costs of $ 2.6 million. Unless otherwise noted, all references in the financial statements and related footnotes to the Company's “common stock” refers to the Company's voting common stock. Immediately prior to the closing of the IPO, 2,630,000 shares of Series A Preferred Stock were exchanged for 3,629,400 shares of non-voting common stock and 2,970,000 shares were automatically converted into 4,098,600 shares of voting common stock. Following the IPO, there were no shares of Series A Preferred Stock outstanding. Forward Stock Split On March 5, 2021, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 1.38 -for-1 basis (March Forward Stock Split). Adjustments corresponding to the March Forward Stock Split were made to the ratio at which the Company’s Series A Preferred Stock were converted into common stock immediately prior to the closing of the IPO. The par value of the common stock and number of shares authorized were not adjusted as a result of the March Forward Stock Split. All references to common stock, options to purchase common stock, share data, per share data, and related information contained in the financial statements and related footnotes have been retrospectively adjusted to reflect the effect of the March Forward Stock Split for all periods presented. Basis of Presentation The Company’s financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) and reflect all of the Company's activities. The financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the year ended December 31, 2022, are not necessarily indicative of future results. 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 $ 86.1 million and $ 42.2 million as of December 31, 2022 and 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 December 31, 2022, the Company had available cash, cash equivalents and investments of $ 67.6 million and working capital of $ 61.1 million to fund future operations. Management believes that its capital resources as of December 31, 2022 along with the proceeds from the follow-on public offering completed in February 2023 will be sufficient to fund the Company’s operations for at least 12 months after the date these audited financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized. Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2022 consists of computer equipment. R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and 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 $ 34.6 million and $ 19.8 million, respectively, for the years ended December 31, 2022 and 2021. Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. 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: Year Ended December 31, 2022 2021 Options to purchase common stock 2,395,748 1,421,756 Restricted stock awards, issued but unvested — 145,189 Total 2,395,748 1,566,945 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. 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	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 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 December 31, 2022 Assets: Money market funds $ 8,784 $ 8,784 $ — $ — Commercial paper $ 19,429 $ — $ 19,429 $ — Corporate debt securities 19,737 — 19,737 — Government and agency securities 18,639 14,759 3,880 — Total assets measured at fair value $ 66,589 $ 23,543 $ 43,046 $ — As of December 31, 2021 Assets: Money market funds $ 36,014 $ 36,014 $ — $ — Commercial paper $ 13,987 $ — $ 13,987 $ — Corporate debt securities 14,017 — 14,017 — Government and agency securities 12,375 9,559 2,816 — Total short-term investments 40,379 9,559 30,820 — Total assets measured at fair value $ 76,393 $ 45,573 $ 30,820 $ — The carrying amounts of the Company’s cash equivalents and accounts payable approximate fair value due to their relatively short maturities.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 4. Short-Term Investments The following table summarizes short-term investments (in thousands): As of December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 18,453 $ — $ ( 15 ) $ 18,438 Corporate debt securities 20,090 — ( 353 ) 19,737 Government and agency securities 18,963 1 ( 325 ) 18,639 Total short-term investments $ 57,506 $ 1 $ ( 693 ) $ 56,814 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 December 31, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 49,139 $ 48,834 Due after one year through two years 8,367 7,980 Total short-term investments $ 57,506 $ 56,814 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 December 31, 2022 and 2021: As of December 31, 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 8 $ 7,934 $ ( 15 ) — $ — $ — 8 $ 7,934 $ ( 15 ) Corporate debt securities 7 7,626 ( 43 ) 9 12,111 ( 310 ) 16 19,737 ( 353 ) Government and agency securities 3 4,511 ( 37 ) 6 10,653 ( 288 ) 9 15,164 ( 325 ) 18 $ 20,071 $ ( 95 ) 15 $ 22,764 $ ( 598 ) 33 $ 42,835 $ ( 693 ) 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	12 Months Ended
	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Other Expenses	Note 5. Accrued Other Expenses Accrued other expenses consisted of the following (in thousands): As of December 31, 2022 2021 Accrued consulting fees $ 254 $ 97 Accrued legal and accounting fees 127 7 Accrued taxes 34 168 Accrued computer related expenses 15 27 Accrued recruiting fees — 30 Accrued other 60 23 Total $ 490 $ 352

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 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 th e Sales Agreement. The Company had not sold any shares of its common stock under the Sales Agreement as of December 31, 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 December 31, 2022, the Company had 13,585,950 shares of voting common stock outstanding 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.

Agreements with Arena Pharmaceu

Agreements with Arena Pharmaceuticals, Inc.	12 Months Ended
	Dec. 31, 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 (in thousands): Year Ended December 31, 2022 2021 Research and development $ 93 $ 930 General and administrative — 94 Total $ 93 $ 1,024 There were $ 0 and $ 188,000 of related party amounts related to the Services Agreement in accounts payable as of December 31, 2022 and 2021, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 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 stockholder approved the 2020 Plan, which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights to its employees, members of its board of directors, and consultants. The Company’s board of directors determined the exercise price, vesting and expiration period of the grants under the 2020 Plan. The Company's board of directors adopted the 2021 Plan in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan became effective on March 11, 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. No additional awards may be granted under the 2020 Plan and all outstanding awards under the 2020 Plan remain subject to the terms of the 2020 Plan. As of December 31, 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). T he 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, 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 1,299,251 shares available for grant under the 2021 Plan as of December 31, 2022. Stock Award Grants under the Equity Plans A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2020 873,264 $ 3.42 9.9 $ 174 Options granted 548,492 10.90 Options exercised — — Options cancelled — — Balance at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options granted 1,244,802 4.61 Options exercised — — Options forfeited/cancelled ( 270,810 ) 5.65 Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Vested and expected to vest at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options exercisable at December 31, 2022 1,055,847 $ 5.25 7.5 $ 48 Options exercisable at December 31, 2022 included 736,434 vested stock options and 319,413 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 years ended December 31, 2022 and 2021, along with the related grant date fair value: 2022 2021 Stock price $ 4.61 $ 10.90 Risk-free interest rate 2.15 % 0.92 % Dividend yield 0.00 % 0.00 % Expected volatility 75.28 % 74.35 % Expected life (years) 6.0 6.0 Estimated grant date fair value per share of award granted $ 3.07 $ 7.04 Determination of Fair Value of Common Stock. Prior to the IPO, there was no public market for the Company's common stock, and therefore, the estimated fair value of common stock for option grants was determined by the Company’s board of directors as of the date of each option grant, with input from management, considering the most recently available third-party valuations of common stock and the board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. Historically, these third-party valuations of our equity instruments were performed contemporaneously with identified value inflection points. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (Practice Aid). The Practice Aid identifies various available methods for allocating the enterprise value across classes of series of capital stock in determining the fair value of the common stock at each valuation date. In addition to considering the results of these third-party valuations, the Company’s board of directors considered various objective and subjective factors to determine the fair value of its common stock as of each grant date, including: the prices of the preferred stock sold to or exchanged between outside investors in arm’s length transactions and the rights, preferences and privileges of the preferred stock as compared to those of the Company’s common stock including liquidation preferences of the Company’s preferred stock; the progress of the Company’s research and development programs, including the status and results of preclinical and clinical trials for product candidates; the stage of development and material risks related to the Company’s business; external market and other conditions affecting the biopharmaceutical industry and trends within the biopharmaceutical industry; the Company’s business conditions and projections; the Company’s financial position and its historical and forecasted performance and operating results; the lack of an active public market for the Company’s common stock and preferred stock; the likelihood of achieving a liquidity event for the Company’s securityholders, such as an initial public offering or a sale of the Company in light of prevailing market conditions; the hiring of key personnel and the experience of management; and the analysis of initial public offerings and the market performance of similar companies in the biopharmaceutical industry, as well as trends and developments in the biopharmaceutical industry. Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date. After the closing of the IPO in March 2021, the Company began utilizing the closing stock price of the common stock on the Nasdaq Global Market as both the exercise price and an input to the Black Scholes option pricing model to determine stock-based compensation expense. Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards. Expected dividend yield . The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero. Expected volatility . Since the Company is a newly public company and does not have a trading history for its common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Expected life . The expected life represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is equal to the contractual term. Restricted Stock Awards In October 2020, 348,450 restricted stock awards were granted to an employee under the 2020 Plan, which vest over two years and had an estimated fair value of $ 3.12 per share at the time of grant. During 2022 and 2021, 145,189 and 203,261 restricted stock awards vested, respectively; the total fair value of the vested awards was $ 1.1 million. As of December 31, 2022, all restricted stock awards were vested. For the years ended December 31, 2022 and 2021, $ 0.4 million and $ 0.5 million of stock-based compensation related to the restricted stock awards was recorded in general and administrative expense, respectively. Stock-Based Compensation Expense Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended December 31, (in thousands) 2022 2021 Research and development $ 1,016 $ 561 General and administrative 1,641 1,406 Total $ 2,657 $ 1,967 As of December 31, 2022, unrecognized stock-based compensation expense was $ 5.0 millio n, which is expected to be recognized over a remaining weighted-average period of approximately 2.6 years. Employee Stock Purchase Plan The Company's board of directors adopted the 2021 Employee Stock Purchase Plan (ESPP) in February 2021, the Company's stockholders approved the ESPP in March 2021 and it became effective on March 11, 2021. The ESPP initially authorizes the issuance of 353,339 shares of common stock under purchase rights granted to the Company's employees. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by the lesser of (i) 1 % of the total number of shares of common stock outstanding on the last day of the fiscal year before the date of the automatic increase (determining on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock); and (ii) such number of shares of common stock that would cause the aggregate number of shares of common stock then reserved for issuance under the ESPP to equal 1,060,017 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be for a lesser amount of shares. The ESPP permits eligible employees, who elect to participate in an offering under the ESPP, to contribute up to 15 % of their eligible earnings (as defined in the ESPP) towards the purchase of shares of common stock. Unless otherwise determined by the Company's board of directors, the price at which stock is purchased under the ESPP is equal will be 85 % of the fair market value of the Company’s common stock on the commencement date of each offering period or the relevant purchase date, whichever is lower. There are certain service requirements for an employee to be eligible to participate in the ESPP, and no employee may purchase shares under the ESPP at a rate in excess of $ 25,000 worth of common stock (as determined in accordance with the ESPP). Offering durations under the ESPP may not be longer than 27 months , and the Company may specify shorter purchase periods within each offering. The ESPP is considered a compensatory plan as defined by the authoritative guidance for stock-based compensation. As of December 31, 2022, the ESPP had not yet been implemented.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 balance sheet as of December 31, 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. Rent expense totaled approximately $ 394,000 and $ 198,000 for the years ended December 31, 2022 and 2021, respectively. The below table provides supplemental cash flow information related to leases as follows (in thousands): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 181 Right-of-use assets obtained in exchange for lease obligations: Operating leases 554 679 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2022 2021 Operating leases Right-of-use assets, net $ 736 $ 521 Right-of-use lease liabilities, current 358 339 Right-of-use lease liabilities, noncurrent 382 185 Total operating lease liabilities $ 740 $ 524 Weighted average remaining lease term (in years) Operating leases 2.0 1.5 Weighted average discount rate Operating leases 9.8 % 9.0 % Future minimum lease commitments are as follows as of December 31, 2022 (in thousands): Operating Leases Year Ending December 31, 2023 384 2024 400 Total lease payments 784 Less imputed interest ( 44 ) Total $ 740 Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company will accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of December 31, 2022 and 2021, the Company is not a party to any litigation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended December 31, (in thousands) 2022 2021 United States $ ( 43,945 ) $ ( 27,797 ) Total $ ( 43,945 ) $ ( 27,797 ) The benefit for income taxes are as follows: Year Ended December 31, (in thousands) 2022 2021 Benefit for income taxes at statutory federal rate $ ( 9,229 ) $ ( 5,855 ) Permanent differences and other 524 97 Research and development credits ( 1,688 ) ( 679 ) Change in valuation allowance 10,393 6,437 Provision for income taxes $ — $ — The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2022 2021 Federal and California net operating loss carryforwards $ 8,512 $ 6,376 Federal and California research and development carryforwards 2,528 840 Stock-based compensation expense 404 343 Lease liability 155 110 Section 174 capitalized R&D expenses 6,318 — Other, net 491 301 Total deferred tax assets 18,408 7,970 Right-of-use asset ( 155 ) ( 109 ) Fixed asset basis difference ( 2 ) ( 3 ) Total deferred tax liabilities ( 157 ) ( 112 ) Net deferred tax assets 18,251 7,858 Less: valuation allowance ( 18,251 ) ( 7,858 ) Net deferred tax assets $ — $ — The deferred income tax assets have been fully offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $ 10.4 million. We will continue to assess the need for a valuation allowance on our deferred tax assets by evaluating both positive and negative evidence that may exist. As of December 31, 2022, we had federal net operating loss carryforwards of $ 40.5 million that will not expire and California net operating loss carryforwards of $ 1.6 million that will begin to expire in 2040. As of December 31, 2022, we also had federal and California research and development tax credit carryforwards, net of reserves, of $ 1.9 million and $ 0.8 million respectively. Federal credit carryforwards will begin to expire after 2040 unless previously utilized. The California research and development credit carries forward indefinitely. Sections 382 and 383 of the IRC limit the utilization of tax attribute carryforwards that arise prior to certain cumulative changes in a corporation's ownership. We have not completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and research and development credit carryforwards. In accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50 % likelihood of being sustained. The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended December 31, (in thousands) 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 345 $ 31 Additions from tax positions taken in the current year 359 174 Additions from tax positions taken in prior year — 140 Reductions from tax positions taken in prior years ( 1 ) — Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 703 $ 345 We had unrecognized tax benefits of $ 0.7 million as of December 31, 2022. Due to the existence of the valuation allowance, future changes in unrecognized tax benefits will have no impact on our effective tax rate. We do not anticipate that there will be a substantial change in unrecognized tax benefits within the next 12 months. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Because we have incurred net losses since our inception, we did not have any accrued interest or penalties included in our balance sheet as of December 31, 2022 and did not recognize any interest and/or penalties in our statements of operations and comprehensive loss for the year ended December 31, 2022. We are subject to income taxation in the United States at the Federal and state levels. All tax years are subject to examination by US and California tax authorities due to the carryforward of unutilized net operating losses and tax credits. To our knowledge, we are not currently under examination by any taxing authorities.

Employment Benefits

Employment Benefits	12 Months Ended
	Dec. 31, 2022
Postemployment Benefits [Abstract]
Employment Benefits	Note 11. 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 years ended December 31, 2022 and 2021, the Company incurred approximately $ 265,000 and $ 119,000 , respectively, in expenses related to the safe harbor contribution. Note 12. Subsequent Events In February 2023, we raised $ 23.0 million in a follow-on public offering. We issued and sold 5,750,000 shares of common stock which included 750,000 shares of our common stock issued pursuant to the over-allotment option granted to the underwriters to purchase additional shares of common stock, at a public offering price of $ 4.00 per share. We raised $ 21.2 million in net proceeds from the follow-on public offering after deducting underwriters' commissions of $ 1.4 million and issuance costs of $ 0.4 million.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12. Subsequent Events In February 2023, we raised $ 23.0 million in a follow-on public offering. We issued and sold 5,750,000 shares of common stock which included 750,000 shares of our common stock issued pursuant to the over-allotment option granted to the underwriters to purchase additional shares of common stock, at a public offering price of $ 4.00 per share. We raised $ 21.2 million in net proceeds from the follow-on public offering after deducting underwriters' commissions of $ 1.4 million and issuance costs of $ 0.4 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. Government-sponsored enterprises. The carrying amounts reported in the audited balance sheets for cash and cash equivalents are valued at cost, which approximates fair value.
Short-Term Investments	Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying audited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized.
Property and Equipment	Property and Equipment, Net Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets (generally three to five years ). Property and equipment as of December 31, 2022 consists of computer equipment.
R&D Expenses	R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and 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 $ 34.6 million and $ 19.8 million, respectively, for the years ended December 31, 2022 and 2021.
Stock-Based Compensation	Stock-Based Compensation In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan). The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. Under both the 2021 and 2020 Plans, awards are measured at fair value and recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company estimates the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one segment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. 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: Year Ended December 31, 2022 2021 Options to purchase common stock 2,395,748 1,421,756 Restricted stock awards, issued but unvested — 145,189 Total 2,395,748 1,566,945
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses , to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. 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)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	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: Year Ended December 31, 2022 2021 Options to purchase common stock 2,395,748 1,421,756 Restricted stock awards, issued but unvested — 145,189 Total 2,395,748 1,566,945

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 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 December 31, 2022 Assets: Money market funds $ 8,784 $ 8,784 $ — $ — Commercial paper $ 19,429 $ — $ 19,429 $ — Corporate debt securities 19,737 — 19,737 — Government and agency securities 18,639 14,759 3,880 — Total assets measured at fair value $ 66,589 $ 23,543 $ 43,046 $ — As of December 31, 2021 Assets: Money market funds $ 36,014 $ 36,014 $ — $ — Commercial paper $ 13,987 $ — $ 13,987 $ — Corporate debt securities 14,017 — 14,017 — Government and agency securities 12,375 9,559 2,816 — Total short-term investments 40,379 9,559 30,820 — Total assets measured at fair value $ 76,393 $ 45,573 $ 30,820 $ —

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments (in thousands): As of December 31, 2022 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 18,453 $ — $ ( 15 ) $ 18,438 Corporate debt securities 20,090 — ( 353 ) 19,737 Government and agency securities 18,963 1 ( 325 ) 18,639 Total short-term investments $ 57,506 $ 1 $ ( 693 ) $ 56,814 As of December 31, 2021 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 13,987 $ — $ — $ 13,987 Corporate debt securities 14,117 — ( 100 ) 14,017 Government and agency securities 12,439 — ( 64 ) 12,375 Total short-term investments $ 40,543 $ — $ ( 164 ) $ 40,379
Summary of Maturity of the Short-Term Investments	The following table summarizes the maturities of the Company's short-term investments at December 31, 2022: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 49,139 $ 48,834 Due after one year through two years 8,367 7,980 Total short-term investments $ 57,506 $ 56,814
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 December 31, 2022 and 2021: As of December 31, 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 8 $ 7,934 $ ( 15 ) — $ — $ — 8 $ 7,934 $ ( 15 ) Corporate debt securities 7 7,626 ( 43 ) 9 12,111 ( 310 ) 16 19,737 ( 353 ) Government and agency securities 3 4,511 ( 37 ) 6 10,653 ( 288 ) 9 15,164 ( 325 ) 18 $ 20,071 $ ( 95 ) 15 $ 22,764 $ ( 598 ) 33 $ 42,835 $ ( 693 ) 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)	12 Months Ended
	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Summary of Accrued Other Expenses	Accrued other expenses consisted of the following (in thousands): As of December 31, 2022 2021 Accrued consulting fees $ 254 $ 97 Accrued legal and accounting fees 127 7 Accrued taxes 34 168 Accrued computer related expenses 15 27 Accrued recruiting fees — 30 Accrued other 60 23 Total $ 490 $ 352

Agreements with Arena Pharmac_2

Agreements with Arena Pharmaceuticals, Inc (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Services Expensed	The following table summarizes the services expensed under the Services Agreement (in thousands): Year Ended December 31, 2022 2021 Research and development $ 93 $ 930 General and administrative — 94 Total $ 93 $ 1,024

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company’s Equity Plans stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2020 873,264 $ 3.42 9.9 $ 174 Options granted 548,492 10.90 Options exercised — — Options cancelled — — Balance at December 31, 2021 1,421,756 $ 6.31 9.1 $ 1,272 Options granted 1,244,802 4.61 Options exercised — — Options forfeited/cancelled ( 270,810 ) 5.65 Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Vested and expected to vest at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options exercisable at December 31, 2022 1,055,847 $ 5.25 7.5 $ 48
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 years ended December 31, 2022 and 2021, along with the related grant date fair value: 2022 2021 Stock price $ 4.61 $ 10.90 Risk-free interest rate 2.15 % 0.92 % Dividend yield 0.00 % 0.00 % Expected volatility 75.28 % 74.35 % Expected life (years) 6.0 6.0 Estimated grant date fair value per share of award granted $ 3.07 $ 7.04
Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Year Ended December 31, (in thousands) 2022 2021 Research and development $ 1,016 $ 561 General and administrative 1,641 1,406 Total $ 2,657 $ 1,967

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 370 $ 181 Right-of-use assets obtained in exchange for lease obligations: Operating leases 554 679
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): December 31, 2022 2021 Operating leases Right-of-use assets, net $ 736 $ 521 Right-of-use lease liabilities, current 358 339 Right-of-use lease liabilities, noncurrent 382 185 Total operating lease liabilities $ 740 $ 524 Weighted average remaining lease term (in years) Operating leases 2.0 1.5 Weighted average discount rate Operating leases 9.8 % 9.0 %
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of December 31, 2022 (in thousands): Operating Leases Year Ending December 31, 2023 384 2024 400 Total lease payments 784 Less imputed interest ( 44 ) Total $ 740

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Net Loss Attributable to Stockholders Before Benefit for Income Taxes by Region	The following table summarizes the net loss attributable to stockholders before benefit for income taxes by region for the periods presented: Year Ended December 31, (in thousands) 2022 2021 United States $ ( 43,945 ) $ ( 27,797 ) Total $ ( 43,945 ) $ ( 27,797 )
Schedule Of Benefit for Income Taxes	The benefit for income taxes are as follows: Year Ended December 31, (in thousands) 2022 2021 Benefit for income taxes at statutory federal rate $ ( 9,229 ) $ ( 5,855 ) Permanent differences and other 524 97 Research and development credits ( 1,688 ) ( 679 ) Change in valuation allowance 10,393 6,437 Provision for income taxes $ — $ —
Schedule of Components of Deferred Taxes	The components of the Company's net deferred taxes were as follows: December 31, (in thousands) 2022 2021 Federal and California net operating loss carryforwards $ 8,512 $ 6,376 Federal and California research and development carryforwards 2,528 840 Stock-based compensation expense 404 343 Lease liability 155 110 Section 174 capitalized R&D expenses 6,318 — Other, net 491 301 Total deferred tax assets 18,408 7,970 Right-of-use asset ( 155 ) ( 109 ) Fixed asset basis difference ( 2 ) ( 3 ) Total deferred tax liabilities ( 157 ) ( 112 ) Net deferred tax assets 18,251 7,858 Less: valuation allowance ( 18,251 ) ( 7,858 ) Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the periods presented: Year Ended December 31, (in thousands) 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 345 $ 31 Additions from tax positions taken in the current year 359 174 Additions from tax positions taken in prior year — 140 Reductions from tax positions taken in prior years ( 1 ) — Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 703 $ 345

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details)		12 Months Ended
	Mar. 05, 2021	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 16, 2021 $ / shares 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 (March Forward Stock Split). Adjustments corresponding to the March Forward Stock Split were made to the ratio at which the Company’s Series A Preferred Stock were converted into common stock immediately prior to the closing of the IPO. The par value of the common stock and number of shares authorized were not adjusted as a result of the March Forward Stock Split. All references to common stock, options to purchase common stock, share data, per share data, and related information contained in the financial statements and related footnotes have been retrospectively adjusted to reflect the effect of the March Forward Stock Split for all periods presented.
Forward stock split	1.38
Common Stock Shares Issued | shares		13,585,950	13,440,761
Net proceeds from initial public offering (IPO) | $		$ 0	$ 84,774,000
Stock issuance costs | $		$ 0	1,000
Number of shares exchanged during period | shares		2,970,000
Accumulated deficit | $		$ (86,142,000)	$ (42,197,000)
Cash, cash equivalents and investment securities | $		67,600,000
Working capital | $		61,100
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) | $		76,200,000
Discount and commissions paid | $		5,900,000
Stock issuance costs | $		$ 2,600,000
Series A Preferred Stock [Member] | IPO [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares exchanged during period | shares		2,630,000
Voting [Member] | Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Shares Converted | shares		4,098,600
Non Voting [Member] | Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Shares Converted | shares		3,629,400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, basis of valuation	Property and equipment are stated at cost
Property and equipment, depreciation method	straight-line basis
Research and development expenses	$ 34,638	$ 19,774
Right-of-use assets	736	521
Lease Liability	$ 740	$ 524
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful life	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share	2,395,748	1,566,945
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	2,395,748	1,421,756
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	0	145,189

Fair Value Measurements (Additi

Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 66,589	$ 76,393

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	$ 56,814	$ 40,379
Assets	66,589	76,393
Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	18,639	12,375
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	8,784	36,014
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	19,429	13,987
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	19,737	14,017
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments		9,559
Assets	23,543	45,573
Level 1 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	14,759	9,559
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	8,784	36,014
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
Assets	43,046	30,820
Level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	3,880	2,816
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] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	19,429	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	19,737	14,017
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments		0
Assets	0	0
Level 3 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	0	0
Level 3 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-Term Investments	$ 0	$ 0

Short-Term Investments - Summar

Short-Term Investments - Summary of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 57,506	$ 40,543
Unrealized Gains	1	0
Unrealized Losses	(693)	(164)
Estimated Fair Value	56,814	40,379
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	20,090	14,117
Unrealized Gains	0	0
Unrealized Losses	(353)	(100)
Estimated Fair Value	19,737	14,017
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,963	12,439
Unrealized Gains	1	0
Unrealized Losses	(325)	(64)
Estimated Fair Value	18,639	12,375
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,453	13,987
Unrealized Gains	0	0
Unrealized Losses	(15)	0
Estimated Fair Value	$ 18,438	$ 13,987

Short-Term Investments (Additio

Short-Term Investments (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Aggregate fair value of unrealized loss position	$ 42,835	$ 26,392

Short-Term Investments - Summ_2

Short-Term Investments - Summary of Maturity of the Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 49,139
Fixed maturity securities, available for sale, due after one year through two years, amortized cost	8,367
Amortized Cost	57,506	$ 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	48,834
Fixed maturity securities, available for sale, due after one year through two years, fair value	7,980
Fixed maturity securities, available for sale, fair value	$ 56,814	$ 40,379

Short-Term Investments - schedu

Short-Term Investments - schedule of short term investment (Details) Securities in Thousands, $ in Thousands	Dec. 31, 2022 USD ($) Securities	Dec. 31, 2021 USD ($) Securities
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	18	17
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 20,071	$ 26,392
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (95)	$ (164)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	15	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 22,764	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (598)	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	33	17
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 42,835	$ 26,392
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (693)	$ (164)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	7	10
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 7,626	$ 14,017
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (43)	$ (100)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	9	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 12,111	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (310)	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	16	10
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 19,737	$ 14,017
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (353)	$ (100)
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	3	7
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 4,511	$ 12,375
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (37)	$ (64)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	6	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 10,653	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (288)	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	9	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 15,164	$ 12,375
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (325)	$ (64)
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Securities	8	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 7,934	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ (15)	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Securities	0	0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 0	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 0	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | Securities	8	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Total	$ 7,934	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss, Total	$ (15)	$ 0

Accrued Other Expenses - Summar

Accrued Other Expenses - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued consulting fees	$ 254	$ 97
Accrued legal and accounting fees	127	7
Accrued taxes	34	168
Accrued computer related expenses	15	27
Accrued recruiting fees	0	30
Accrued other	60	23
Total	$ 490	$ 352

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
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	13,585,950	13,440,761
Common stock, subject to repurchase	0	145,189
Preferred stock, shares issued		0		0
Preferred stock, shares outstanding		0		0
Stock issuance costs	$ 0	$ 1
Common stock, shares issued	13,585,950	13,440,761
Nonvoting 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
Number of shares converted		(3,629,400)
Common stock, shares issued	3,629,400	3,629,400
Common Stock [Member]
Common stock, shares authorized			300,000,000
Common stock, shares outstanding	13,585,950	13,440,761
Common stock, subject to repurchase		145,189
Number of shares converted		(4,098,600)
Gross proceeds	$ 20,000
Purchase of common stock by Arena Pharmaceuticals, Inc.		5,298,360

Agreements with Arena Pharmac_3

Agreements with Arena Pharmaceuticals, Inc. - Additional Information (Details) - Arena Pharmaceuticals Inc [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Renew of successive agreement term	1 year
Related party amounts related to accounts payable	$ 0	$ 188,000

Agreements with Arena Pharmac_4

Agreements with Arena Pharmaceuticals, Inc - Schedule of Services Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development	$ 34,638	$ 19,774
General and administrative	10,160	8,065
Total operating expenses	44,798	27,839
Arena Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Research and development	93	930
General and administrative	0	94
Total operating expenses	$ 93	$ 1,024

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercisable, vested stock options		736,434
Options exercisable, subject to early exercise provision		319,413
Options outstanding, Intrinsic value		$ 48	$ 1,272	$ 174
Percentage of shares of common stock outstanding		1%
Options exercisable, Intrinsic value		$ 48
Stock-based compensation expense		$ 2,657	$ 1,967
Number of shares, options granted		1,244,802	548,492
Unrecognized stock-based compensation expense		$ 5,000
Cost not yet recognized, period for recognition		2 years 7 months 6 days
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance		353,339
Shares reserved for future issuance		1,060,017
Employee stock purchase plan, eligible earnings contribution, percentage		15%
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
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 1,641	$ 1,406
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		1,016	561
Restricted Stock Awards [Member] | General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 400	$ 500
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant		1,299,251
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
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant		0
2020 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
2020 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Award expiration term		10 years
2020 Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Restricted stock award, granted	348,450
Restricted stock award, vested fair value		$ 1,100
Shares remained to vest		145,189	203,261
Restricted stock award, Grant date fair value	$ 3.12

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options [Roll Forward]
Number of Shares, Options outstanding, beginning balance	1,421,756	873,264
Number of Shares, Options granted	1,244,802	548,492
Number of Shares, Options exercised	0	0
Number of Shares, Options cancelled	270,810	0
Number of Shares, Options outstanding, ending balance	2,395,748	1,421,756	873,264
Number of Shares, Options Vested and Expected to Vest	2,395,748
Number of Shares, Options exercisable	1,055,847
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price Per share, Options outstanding, beginning balance	$ 6.31	$ 3.42
Weighted Average Exercise Price Per share, Options granted	4.61	10.90
Weighted Average Exercise Price Per share, Options exercised	0	0
Weighted Average Exercise Price Per share, Options cancelled	5.65	0
Weighted Average Exercise Price Per share, Options outstanding, ending balance	5.50	$ 6.31	$ 3.42
Weighted Average Exercise Price Per share, Options vested	5.50
Weighted Average Exercise Price Per share, Options exercisable	$ 5.25
Weighted Average Remaining Contractual Term (in Years) [Roll Forward]
Weighted Average Remaining Contractual Term, Options outstanding	8 years 3 months 18 days	9 years 1 month 6 days	9 years 10 months 24 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest	8 years 3 months 18 days
Weighted Average Remaining Contractual Term, Options exercisable	7 years 6 months
Options outstanding, Intrinsic value	$ 48	$ 1,272	$ 174
Aggregate Intrinsic Value, Vested and expected to vest	48
Options exercisable, Intrinsic value	$ 48

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 4.61	$ 10.90
Risk-free interest rate	2.15%	0.92%
Dividend yield	0%	0%
Expected volatility	75.28%	74.35%
Expected life (years)	6 years	6 years
Estimated grant date fair value per share of award granted	$ 3.07	$ 7.04

Stock-Based Compensation Expens

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,657	$ 1,967
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,016	561
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,641	$ 1,406

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
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
Rent payments	$ 33,000	$ 29,000
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			$ 394,000	$ 198,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 370	$ 181
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 554	$ 679

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Right-of-use assets, net	$ 736	$ 521
Right-of-use lease liabilities, current	358	339
Right-of-use lease liabilities, noncurrent	382	185
Total operating lease liabilities	$ 740	$ 524
Weighted average remaining lease term (in years)
Operating leases	2 years	1 year 6 months
Weighted average discount rate
Operating leases	9.80%	9%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 384
2024	400
Total lease payments	784
Less imputed interest	(44)
Total	$ 740	$ 524

Income Taxes - Net loss Attribu

Income Taxes - Net loss Attributable To Stockholders Before Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (43,945)	$ (27,797)
Total	$ (43,945)	$ (27,797)

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision For Income Taxes and Income Taxes Computed U.S. Federal Statutory Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Benefit for income taxes at statutory federal rate	$ (9,229)	$ (5,855)
Permanent items	524	97
Research and development credits	(1,688)	(679)
Change in valuation allowance	10,393	6,437
Provision for income taxes	$ 0	$ 0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Federal and California net operating loss carryforwards	$ 8,512	$ 6,376
Federal and California research and development carryforwards	2,528	840
Stock-based compensation expense	404	343
Lease liability	155	110
Section 174 capitalized R&D expenses	6,318	0
Other, net	491	301
Total deferred tax assets	18,408	7,970
Right of use asset	(155)	(109)
Fixed asset basis difference	(2)	(3)
Total deferred tax liabilities	(157)	(112)
Net deferred tax assets	18,251	7,858
Less: valuation allowance	(18,251)	(7,858)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summery of Begin

Income Taxes - Summery of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 345	$ 31
Additions from tax positions taken in the current year	359	174
Additions from tax positions taken in prior year	0	140
Reductions from tax positions taken in prior years	1	0
Unrecognized Tax Benefits, Ending Balance	$ 703	$ 345

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Percentage of uncertain tax positions not recognized	50%
Unrecognized tax benefits	$ 703	$ 345	$ 31
Increase in valuation allowance	10,393	$ 6,437
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,600
Tax credit carryforwards research	800
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	40,500
Tax credit carryforwards research	$ 1,900

Employment Benefits - Additiona

Employment Benefits - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Postemployment Benefits [Abstract]
Company Provides Safe Harbor Contribution	4%
Expenses Related To Contribution Plan	$ 265,000	$ 119,000

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Proceeds from Issuance Initial Public Offering		$ 0	$ 84,774
Common Stock, Shares, Issued		13,585,950	13,440,761
Payments of Stock Issuance Costs		$ 0	$ 1
Stock Issued During Period, Value, New Issues			$ 76,215
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance Initial Public Offering	$ 21,200
Number of Common Stock Shares Issued and Sold	5,750,000
Common Stock, Shares, Issued	750,000
Sale of Stock, Price Per Share	$ 4
Common Stock, Discount on Shares	$ 1,400
Payments of Stock Issuance Costs	400
Stock Issued During Period, Value, New Issues	$ 23,000