Longboard Pharmaceuticals (LBPH) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Entity Registrant Name	Longboard Pharmaceuticals, Inc.
Entity Central Index Key	0001832168
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40192
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-5009619
Entity Address, Address Line One	4275 Executive Square
Entity Address, Address Line Two	Suite 950
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	789-9283
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	LBPH
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		23,857,249
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false

Condensed Balance Sheets (unaud

Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 23,910	$ 10,775
Short-term Investments	32,106	56,814
Prepaid expenses and other current assets	2,307	2,249
Total current assets	58,323	69,838
Right-of-use assets	500	736
Property and equipment	5	9
Other long-term assets	36	33
Total assets	58,864	70,616
Current liabilities:
Accounts payable	363	1,310
Accrued research and development expenses	3,652	4,168
Accrued compensation and related expenses	1,819	2,438
Accrued other expenses	484	490
Right-of-use liabilities, current portion	394	358
Total current liabilities	6,712	8,764
Right-of-use liabilities, net of current portion	108	382
Commitments and contingencies (see Note 9)
Stockholders' equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	2	1
Additional paid-in-capital	177,754	148,303
Accumulated other comprehensive loss	(181)	(692)
Accumulated deficit	(125,531)	(86,142)
Total stockholders' equity	52,044	61,470
Total liabilities and stockholders' equity	58,864	70,616
Non-Voting Common Stock [Member]
Stockholders' equity:
Common Stock, Value, Issued	$ 0	$ 0

Condensed Balance Sheets (una_2

Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	21,426,199	13,585,950
Common stock, shares outstanding	21,426,199	13,585,950
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	2,420,755	3,629,400
Common stock, shares outstanding	2,420,755	3,629,400

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 10,488	$ 9,403	$ 31,554	$ 25,445
General and administrative	3,094	2,481	9,632	7,626
Total operating expenses	13,582	11,884	41,186	33,071
Loss from operations	(13,582)	(11,884)	(41,186)	(33,071)
Interest income, net	662	287	1,838	446
Other income (expense)	(14)	1	(41)	25
Net loss	$ (12,934)	$ (11,596)	$ (39,389)	$ (32,600)
Net loss per share, basic	$ (0.55)	$ (0.68)	$ (1.77)	$ (1.9)
Net loss per share, Diluted	$ (0.55)	$ (0.68)	$ (1.77)	$ (1.9)
Weighted Average Number of Shares Outstanding, Basic	23,487,457	17,173,838	22,299,998	17,130,573
Weighted Average Number of Shares Outstanding, Diluted	23,487,457	17,173,838	22,299,998	17,130,573
Comprehensive loss:
Net loss	$ (12,934)	$ (11,596)	$ (39,389)	$ (32,600)
Unrealized gain (loss) on short-term investments	109	(131)	511	(751)
Comprehensive loss	$ (12,825)	$ (11,727)	$ (38,878)	$ (33,351)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (39,389)	$ (32,600)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,394	2,065
Depreciation	4	4
(Accretion) amortization of premiums on investments, net	(575)	263
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(185)	(815)
Accounts payable	(946)	(452)
Accrued research and development expenses	(516)	2,555
Accrued compensation and related expenses	(620)	109
Accrued other expenses	(5)	477
Operating right-of-use assets and lease liabilities, net	(2)	2
Net cash used in operating activities	(39,840)	(28,392)
Cash flows from investing activities:
Purchases of short-term investments	(53,056)	(50,848)
Maturities of short-term investments	78,850	31,639
Net cash provided by (used in) investing activities	25,794	(19,209)
Cash flows from financing activities:
Proceeds from issuance of common stock	28,960	0
Payments for offering costs	(2,001)	0
Proceeds from exercise of stock options	222	0
Net cash provided by financing activities	27,181	0
Net increase (decrease) in cash and cash equivalents	13,135	(47,601)
Cash and cash equivalents at the beginning of the period	10,775	66,346
Cash and cash equivalents at the end of the period	$ 23,910	$ 18,745

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 La Jolla, 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 agonist 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, and conducting other early-stage research. Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The unaudited condensed financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all information and notes required by GAAP for complete financial statements. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. The Company’s unaudited condensed financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on March 2, 2023. 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 $ 125.5 million and $ 86.1 million as of September 30, 2023 and December 31, 2022, 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, bank failures, and the conflicts in Ukraine and the Middle East, continue to evolve and have resulted in a significant disruption of global financial markets. The Company’s ability to raise additional capital may be adversely impacted by potential worsening of global economic conditions and the disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from such events. If the disruption persists or deepens, the Company could experience an inability to access additional capital. As of September 30, 2023, the Company had available cash, cash equivalents and short-term investments of $ 56.0 million and working capital of $ 51.6 million to fund future operations. Management believes that its capital resources as of September 30, 2023 will be sufficient to fund the Company’s operations for at least 12 months after the date these unaudited condensed financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, and actual results may materially differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments, but we have not eliminated all credit risk. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. government-sponsored enterprises. The carrying amounts reported in the unaudited condensed balance sheets for cash and cash equivalents are valued at cost, which approximates fair value. Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized. R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and other third parties in connection with the Company’s research, 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 $ 10.5 million, $ 31.6 million, $ 9.4 million and $ 25.4 million for the three and nine months ended September 30, 2023 and 2022, respectively. Stock-Based Compensation Stock-based awards are measured at fair value and compensation expense is recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company determines the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option. Leases The Company determines if an arrangement is a lease or contains lease components at inception. Lease terms are determined at the commencement date by considering whether renewal options and termination options, if any, are reasonably assured of exercise. For long-term operating leases, the Company recognizes a lease liability and a right-of-use (ROU) asset on its balance sheets and recognizes lease expense on a straight-line basis over the lease term. The lease liability is determined as the present value of future lease payments using the discount rate implicit in the lease or, if the implicit rate is not readily determinable, an estimate of the Company’s incremental borrowing rate. The ROU asset is based on the lease liability, adjusted for any prepaid or deferred rent. The Company only has operating leases and does not have any financing leases. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Nine Months Ended September 30, 2023 2022 Options to purchase common stock 3,888,920 2,355,648 Restricted stock awards, issued but unvested — 14,527 Total 3,888,920 2,370,175 Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASU 2016-13), to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. The adoption of this standard did not have a material impact on the Company’s 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 may continue to be extensive in many aspects of society, which has resulted in and may continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. In February 2022, Russia commenced a military invasion of Ukraine causing ongoing geopolitical turmoil, including continuing military action in the region and sanctions imposed on Russia. In addition, as of October 2023, there is a war in the Middle East. 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. These and other events have caused and may continue to cause significant disruption, instability and volatility in the global economy and financial markets, resulting in inflation, rising interest rates, tightening of credit markets and bank failures, the actual or anticipated occurrence of which may have an adverse impact on the Company’s business or ability to access capital markets in the future.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of September 30, 2023 Assets: Money market funds $ 11,132 $ 11,132 $ — $ — Commercial paper $ 19,847 $ — $ 19,847 $ — Corporate debt securities 4,193 — 4,193 — Government and agency securities 18,007 16,028 1,979 — Total assets measured at fair value $ 53,179 $ 27,160 $ 26,019 $ — 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 $ —

Short-Term Investments

Short-Term Investments	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Short-Term Investments	Note 4. Short-Term Investments The following table summarizes short-term investments: As of September 30, 2023 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 13,907 $ — $ ( 8 ) $ 13,899 Corporate debt securities 4,272 — ( 79 ) 4,193 Government and agency securities 14,107 2 ( 95 ) 14,014 Total short-term investments $ 32,286 $ 2 $ ( 182 ) $ 32,106 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 The following table summarizes the maturities of the Company's short-term investments at September 30, 2023: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 32,286 $ 32,106 Total short-term investments $ 32,286 $ 32,106 The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2023 and December 31, 2022: As of September 30, 2023 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 9 $ 13,899 $ ( 8 ) — $ — $ — 9 $ 13,899 $ ( 8 ) Corporate debt securities — — — 3 4,193 ( 79 ) 3 4,193 ( 79 ) Government and agency securities — — — 2 3,108 ( 95 ) 2 3,108 ( 95 ) 9 $ 13,899 $ ( 8 ) 5 $ 7,301 $ ( 174 ) 14 $ 21,200 $ ( 182 ) 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 ) The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates caused by changing economic conditions, and not from a decline in credit of their underlying issuers. The Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature.

Accrued Other Expenses

Accrued Other Expenses	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued Other Expenses	Note 5. Accrued Other Expenses Accrued other expenses consisted of t he following: As of (in thousands) September 30, 2023 December 31, 2022 Accrued consulting fees $ 259 $ 254 Accrued legal and accounting fees 102 127 Accrued travel expenses 48 43 Accrued taxes 30 34 Accrued computer related expenses 14 15 Accrued other 31 17 Total $ 484 $ 490

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 6. Stockholders’ Equity Follow-On Public Offering In February 2023, the Company raised $ 23.0 million in a follow-on public offering. The Company issued and sold 5,750,000 shares of common stock which included 750,000 shares of 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. The Company 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. 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. In August 2023, the Sales Agreement was updated to reflect a maximum of $ 75.0 million of shares of common stock that may be sold under the Sales Agreement. The Company has sold 822,250 shares of its common stock under the Sales Agreement for gross proceeds of $ 6.0 million as of September 30, 2023. 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. Amended and Restated Certificate of Incorporation In March 2021, the Company amended and restated the Company’s certificate of incorporation to, among other things, increase the authorized shares of voting common stock, non-voting common stock and preferred stock to 300,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively. Voting Common Stock and Non-Voting Common Stock As of September 30, 2023, the Company had 21,426,199 shares of voting common stock outstanding and 2,420,755 shares of non-voting common stock outstanding. 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. Reconciliation of Changes in Stockholders’ Equity The following tables document the changes in stockholders' equity for the three and nine months ended September 30, 2023 and 2022 (unaudited): Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2022 13,585,950 $ 1 3,629,400 $ — $ 148,303 $ ( 692 ) $ ( 86,142 ) $ 61,470 Issuance of common stock in follow-on public offering 5,750,000 1 — — 21,187 — — 21,188 Conversion of non-voting common stock to voting common stock 1,208,645 — ( 1,208,645 ) — — — — — Financing related fees — — — — ( 37 ) — — ( 37 ) Stock-based compensation — — — — 697 — — 697 Unrealized gain on short-term investments, net — — — — — 271 — 271 Net loss — — — — — — ( 11,456 ) ( 11,456 ) Balance at March 31, 2023 20,544,595 $ 2 2,420,755 $ — $ 170,150 $ ( 421 ) $ ( 97,598 ) $ 72,133 Financing related fees — — — — ( 46 ) — — ( 46 ) Stock-based compensation — — — — 841 — — 841 Exercise of stock options 10,014 — — — 48 — — — 48 Unrealized gain on short-term investments, net — — — — — 131 — 131 Net loss — — — — — — ( 14,999 ) ( 14,999 ) Balance at June 30, 2023 20,554,609 $ 2 2,420,755 $ — $ 170,993 $ ( 290 ) $ ( 112,597 ) $ 58,108 Issuance of common stock in at the market offering 822,250 — — — 5,960 — — 5,960 Financing related fees — — — — ( 229 ) — — ( 229 ) Stock-based compensation — — — — 856 — — 856 Exercise of stock options 49,340 — — — 174 — — 174 Unrealized gain on short-term investments, net — — — — — 109 — 109 Net loss — — — — — — ( 12,934 ) ( 12,934 ) Balance at September 30, 2023 21,426,199 $ 2 2,420,755 $ — $ 177,754 $ ( 181 ) $ ( 125,531 ) $ 52,044 Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2021 13,440,761 $ 1 3,629,400 $ — $ 145,683 $ ( 164 ) $ ( 42,197 ) $ 103,323 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 571 — — 571 Unrealized loss on short-term investments, net — — — — — ( 432 ) — ( 432 ) Net loss — — — — — — ( 9,597 ) ( 9,597 ) Balance at March 31, 2022 13,484,315 $ 1 3,629,400 $ — $ 146,254 $ ( 596 ) $ ( 51,794 ) $ 93,865 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 699 — — 699 Unrealized loss on short-term investments, net — — — — — ( 188 ) — ( 188 ) Net loss — — — — — — ( 11,407 ) ( 11,407 ) Balance at June 30, 2022 13,527,869 $ 1 3,629,400 $ — $ 146,953 $ ( 784 ) $ ( 63,201 ) $ 82,969 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 795 — — 795 Unrealized loss on short-term investments, net — — — — — ( 131 ) — ( 131 ) Net loss — — — — — — ( 11,596 ) ( 11,596 ) Balance at September 30, 2022 13,571,423 $ 1 3,629,400 $ — $ 147,748 $ ( 915 ) $ ( 74,797 ) $ 72,037

License Agreement with Arena Ph

License Agreement with Arena Pharmaceuticals, Inc.	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
License Agreement with Arena Pharmaceuticals, Inc.	Note 7. License Agreement with Arena Pharmaceuticals, Inc. The Company entered into a license agreement (Arena License Agreement), a services agreement, and a royalty purchase agreement (Royalty Purchase Agreement) in October 2020 with Arena. The Arena License Agreement was subsequently amended as described below. Arena was purchased by Pfizer in March 2022. The following section summarizes the Arena License Agreement. Arena License Agreement Pursuant to the Arena 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, LP659 for the treatment of selected central nervous system (CNS) indications in humans, and LP143 and certain 5-HT2A compounds for the treatment of any CNS indication in humans (excluding the treatment, prevention or amelioration of pain or any gastrointestinal, non-CNS autoimmune or cardiovascular disorder) (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 Arena 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 the Company under the Arena License Agreement covering the manufacture, use or sale of such product in such country.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation Equity Incentive Plan In October 2020, the Company’s board of directors and stockholders approved the 2020 Equity Incentive Plan (2020 Plan), which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock unit awards, and stock appreciation rights to its employees, members of its board of directors, and consultants. The Company’s board of directors determined the exercise price, vesting and expiration period of the grants under the 2020 Plan. The Company's board of directors adopted the 2021 Equity Incentive Plan (2021 Plan) in February 2021 and the Company's stockholders approved the 2021 Plan in March 2021. The 2021 Plan became effective on March 11, 2021. The 2021 Plan is the successor and continuation of the 2020 Plan. No additional awards may be granted under the 2020 Plan and all outstanding awards under the 2020 Plan remain subject to the terms of the 2020 Plan. As of September 30, 2023, the 2021 Plan authorizes and provides for the issuance of up to 4,496,412 shares of comm on stock, which consists of 3,888,920 shares of common stock subject to outstanding options and 607,492 shares of common stock available for grant. The number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, through January 1, 2031, in an amount equal to (i) 5% of the total number of shares of common stock outstanding on December 31 of the fiscal year before the date of each automatic increase (determined on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock), or (ii) a lesser number of shares determined by the Company’s board of directors prior to the applicable January 1. Recipients of stock options are eligible to purchase shares of the Company’s common stock at an exercise price equal to no less than the estimated fair market value of such stock on the date of grant. The maximum term of options granted under the 2020 and 2021 Plans (or collectively, the Equity Plans) is ten years and, in general, the options issued under the Equity Plans vest over a one to four year period from the vesting commencement date. Stock Award Grants under the Equity Plans A summary of the Company’s stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options granted 1,676,145 4.64 Options exercised ( 59,354 ) 3.73 Options forfeited/cancelled ( 123,619 ) 6.34 Balance at September 30, 2023 3,888,920 $ 5.13 8.3 $ 4,349 Vested and expected to vest at September 30, 2023 3,888,920 $ 5.13 8.3 $ 4,349 Options exercisable at September 30, 2023 1,645,510 $ 5.34 7.5 $ 2,129 Options exercisable at September 30, 2023 included 1,456,766 vested stock options and 188,744 stock options that are subject to an early exercise provision. The following table presents the weighted-average assumptions used for the stock option grants for the three and nine months ended September 30, 2023 and 2022, along with the related grant date fair value: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock price $ 6.00 $ 3.60 $ 4.64 $ 4.59 Risk-free interest rate 4.41 % 2.80 % 3.83 % 2.09 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 78.27 % 75.68 % 77.60 % 75.22 % Expected life (years) 6.1 6.1 6.0 6.0 Estimated grant date fair value per share of award granted $ 4.25 $ 2.44 $ 3.22 $ 3.05 Determination of Fair Value of Common Stock. The Company utilizes 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. Stock-Based Compensation Expense Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Research and development $ 388 $ 354 $ 1,130 $ 764 General and administrative 468 441 1,264 1,301 Total $ 856 $ 795 $ 2,394 $ 2,065 As of September 30, 2023, unrecognized stock-based compensation expense was $ 7.6 million, which is expected to be recognized over a remaining weighted-average period of approximatel y 2.6 y ears. Employee Stock Purchase Plan The Company's board of directors adopted the 2021 Employee Stock Purchase Plan (ESPP) in February 2021, the Company's stockholders approved the ESPP in March 2021 and it became effective on March 11, 2021. As of September 30, 2023, the ESPP authorizes the issuance of 697,645 shares of common stock under purchase rights granted to our employees. The number of shares of common stock reserved for issuance automatically increases on January 1 of each calendar year, through January 1, 2031, by the lesser of (i) 1 % of the total number of shares of common stock outstanding on the last day of the fiscal year before the date of the automatic increase (determining on an as-converted to voting common stock basis, without regard to any limitations on the conversion of the non-voting common stock); and (ii) such number of shares of common stock that would cause the aggregate number of shares of common stock then reserved for issuance under the ESPP to equal 1,060,017 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be for a lesser amount of shares. The ESPP permits eligible employees, who elect to participate in an offering under the ESPP, to contribute up to 15 % of their eligible earnings (as defined in the ESPP) towards the purchase of shares of common stock. Unless otherwise determined by the Company's board of directors, the price at which stock is purchased under the ESPP is equal to 85 % of the fair market value of the Company’s common stock on the commencement date of each offering period or the relevant purchase date, whichever is lower. There are certain service requirements for an employee to be eligible to participate in the ESPP, and no employee may purchase shares under the ESPP at a rate in excess of $ 25,000 worth of common stock (as determined in accordance with the ESPP). Offering durations under the ESPP may not be longer than 27 months , and the Company may specify shorter purchase periods within each offering. The ESPP is considered a compensatory plan as defined by the authoritative guidance for stock-based compensation. As of September 30, 2023, the ESPP had not yet been implemented.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Leases The Company has a lease agreement for office space located at 4275 Executive Square, Suite 950, La Jolla, California 92037 where it currently occupies 9,289 square feet. The lease expires on December 31, 2024 . Monthly rent payments under the lease agreement are approximately $ 35,000 and will increase to approximately $ 36,000 in July 2024. A security deposit of approximately $ 36,000 is included in other long-term assets on the unaudited condensed balance sheet as of September 30, 2023. For the three and nine months ended September 30, 2023 and 2022, the Company recorded approximately $ 103,000 , $ 309,000 , $ 96,000 and $ 289,000 , respectively, in rent expense. The below table provides supplemental cash flow information related to leases as follows (in thousands): Nine Months Ended September 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 289 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 35 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): September 30, 2023 Operating leases Right-of-use assets $ 500 Right-of-use lease liabilities, current 394 Right-of-use lease liabilities, noncurrent 108 Total operating lease liabilities $ 502 Weighted-average remaining lease term Operating leases 1.3 years Weighted-average discount rate Operating leases 10.0 % Future minimum lease commitments are as follows as of September 30, 2023 (in thousands): Operating Leases Year Ending December 31, 2023 105 2024 427 Total lease payments 532 Less imputed interest ( 30 ) Total $ 502 Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company will accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of September 30, 2023 and December 31, 2022, the Company is not a party to any litigation.

Employment Benefits

Employment Benefits	9 Months Ended
	Sep. 30, 2023
Postemployment Benefits [Abstract]
Employment Benefits	Note 10. Employment Benefits Effective in June 2021, the Company established a 401(k) salary deferral plan for its employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company provides a safe harbor contribution of up to 4 % of the employee's compensation, not to exceed eligible limits, and subject to employee participation. For the three and nine months ended September 30, 2023 and 2022, the Company incurred approximatel y $ 75,000 , $ 259,000 , $ 58,000 and $ 230,000 , respectively, in expenses related to the safe harbor contribution.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11. Subsequent Events In October 2023 the compensation committee of the Company’s board of directors amended the 2021 Plan to incorporate an additional pool of 1,000,000 shares that the Company is authorized to issue to individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1, including individuals who were not previously an employee or director of the Company or are following a bona fide period of non-employment, in each case as an inducement material to such individual’s agreement to enter into employment with the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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. Estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, and actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments, but we have not eliminated all credit risk.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, corporate debt securities, and obligations of U.S. government-sponsored enterprises. The carrying amounts reported in the unaudited condensed balance sheets for cash and cash equivalents are valued at cost, which approximates fair value.
Short-Term Investments	Short-Term Investments Short-term investments primarily consist of commercial paper, corporate debt securities, and government and agency bonds. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized.
R&D Expenses	R&D Expenses R&D expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to contract research organizations, outside consultants and other third parties in connection with the Company’s research, 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 $ 10.5 million, $ 31.6 million, $ 9.4 million and $ 25.4 million for the three and nine months ended September 30, 2023 and 2022, respectively.
Stock-Based Compensation	Stock-Based Compensation Stock-based awards are measured at fair value and compensation expense is recognized over the requisite service period. Forfeitures are accounted for in the period they occur. The Company determines the fair value of each stock-based award on the date of grant using the Black-Scholes option pricing model which requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected term of the option.
Leases	Leases The Company determines if an arrangement is a lease or contains lease components at inception. Lease terms are determined at the commencement date by considering whether renewal options and termination options, if any, are reasonably assured of exercise. For long-term operating leases, the Company recognizes a lease liability and a right-of-use (ROU) asset on its balance sheets and recognizes lease expense on a straight-line basis over the lease term. The lease liability is determined as the present value of future lease payments using the discount rate implicit in the lease or, if the implicit rate is not readily determinable, an estimate of the Company’s incremental borrowing rate. The ROU asset is based on the lease liability, adjusted for any prepaid or deferred rent. The Company only has operating leases and does not have any financing leases.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share of common stock are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share as it would be anti-dilutive: Nine Months Ended September 30, 2023 2022 Options to purchase common stock 3,888,920 2,355,648 Restricted stock awards, issued but unvested — 14,527 Total 3,888,920 2,370,175
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASU 2016-13), to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance became effective for the Company on January 1, 2023. The adoption of this standard did not have a material impact on the Company’s 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 may continue to be extensive in many aspects of society, which has resulted in and may continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. In February 2022, Russia commenced a military invasion of Ukraine causing ongoing geopolitical turmoil, including continuing military action in the region and sanctions imposed on Russia. In addition, as of October 2023, there is a war in the Middle East. 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. These and other events have caused and may continue to cause significant disruption, instability and volatility in the global economy and financial markets, resulting in inflation, rising interest rates, tightening of credit markets and bank failures, the actual or anticipated occurrence of which may have an adverse impact on the Company’s business or ability to access capital markets in the future.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Nine Months Ended September 30, 2023 2022 Options to purchase common stock 3,888,920 2,355,648 Restricted stock awards, issued but unvested — 14,527 Total 3,888,920 2,370,175

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Company's Financial Assets Recognized at Fair Value	The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Fair Value Measurements at (in thousands) Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of September 30, 2023 Assets: Money market funds $ 11,132 $ 11,132 $ — $ — Commercial paper $ 19,847 $ — $ 19,847 $ — Corporate debt securities 4,193 — 4,193 — Government and agency securities 18,007 16,028 1,979 — Total assets measured at fair value $ 53,179 $ 27,160 $ 26,019 $ — 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 $ —

Short-Term Investments (Tables)

Short-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Summary of Short-Term Investments	The following table summarizes short-term investments: As of September 30, 2023 Unrealized (in thousands) Amortized Cost Gains Losses Estimated Fair Value Commercial paper $ 13,907 $ — $ ( 8 ) $ 13,899 Corporate debt securities 4,272 — ( 79 ) 4,193 Government and agency securities 14,107 2 ( 95 ) 14,014 Total short-term investments $ 32,286 $ 2 $ ( 182 ) $ 32,106 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
Summary of Maturity of the Short-Term Investments	The following table summarizes the maturities of the Company's short-term investments at September 30, 2023: (in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 32,286 $ 32,106 Total short-term investments $ 32,286 $ 32,106
Summary of Available-for-sale Investments	The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2023 and December 31, 2022: As of September 30, 2023 Less than 12 months More than 12 months Total (in thousands) Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Commercial paper 9 $ 13,899 $ ( 8 ) — $ — $ — 9 $ 13,899 $ ( 8 ) Corporate debt securities — — — 3 4,193 ( 79 ) 3 4,193 ( 79 ) Government and agency securities — — — 2 3,108 ( 95 ) 2 3,108 ( 95 ) 9 $ 13,899 $ ( 8 ) 5 $ 7,301 $ ( 174 ) 14 $ 21,200 $ ( 182 ) 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 )

Accrued Other Expenses (Tables)

Accrued Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Summary of Accrued Other Expenses	Accrued other expenses consisted of t he following: As of (in thousands) September 30, 2023 December 31, 2022 Accrued consulting fees $ 259 $ 254 Accrued legal and accounting fees 102 127 Accrued travel expenses 48 43 Accrued taxes 30 34 Accrued computer related expenses 14 15 Accrued other 31 17 Total $ 484 $ 490

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit)	The following tables document the changes in stockholders' equity for the three and nine months ended September 30, 2023 and 2022 (unaudited): Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2022 13,585,950 $ 1 3,629,400 $ — $ 148,303 $ ( 692 ) $ ( 86,142 ) $ 61,470 Issuance of common stock in follow-on public offering 5,750,000 1 — — 21,187 — — 21,188 Conversion of non-voting common stock to voting common stock 1,208,645 — ( 1,208,645 ) — — — — — Financing related fees — — — — ( 37 ) — — ( 37 ) Stock-based compensation — — — — 697 — — 697 Unrealized gain on short-term investments, net — — — — — 271 — 271 Net loss — — — — — — ( 11,456 ) ( 11,456 ) Balance at March 31, 2023 20,544,595 $ 2 2,420,755 $ — $ 170,150 $ ( 421 ) $ ( 97,598 ) $ 72,133 Financing related fees — — — — ( 46 ) — — ( 46 ) Stock-based compensation — — — — 841 — — 841 Exercise of stock options 10,014 — — — 48 — — — 48 Unrealized gain on short-term investments, net — — — — — 131 — 131 Net loss — — — — — — ( 14,999 ) ( 14,999 ) Balance at June 30, 2023 20,554,609 $ 2 2,420,755 $ — $ 170,993 $ ( 290 ) $ ( 112,597 ) $ 58,108 Issuance of common stock in at the market offering 822,250 — — — 5,960 — — 5,960 Financing related fees — — — — ( 229 ) — — ( 229 ) Stock-based compensation — — — — 856 — — 856 Exercise of stock options 49,340 — — — 174 — — 174 Unrealized gain on short-term investments, net — — — — — 109 — 109 Net loss — — — — — — ( 12,934 ) ( 12,934 ) Balance at September 30, 2023 21,426,199 $ 2 2,420,755 $ — $ 177,754 $ ( 181 ) $ ( 125,531 ) $ 52,044 Voting Common Stock Non-Voting Common Stock (in thousands, except shares) Number of Shares Amount Number of Shares Amount Additional Accumulated Other Comprehensive Loss Accumulated Deficit Total Stockholders' Equity Balance at December 31, 2021 13,440,761 $ 1 3,629,400 $ — $ 145,683 $ ( 164 ) $ ( 42,197 ) $ 103,323 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 571 — — 571 Unrealized loss on short-term investments, net — — — — — ( 432 ) — ( 432 ) Net loss — — — — — — ( 9,597 ) ( 9,597 ) Balance at March 31, 2022 13,484,315 $ 1 3,629,400 $ — $ 146,254 $ ( 596 ) $ ( 51,794 ) $ 93,865 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 699 — — 699 Unrealized loss on short-term investments, net — — — — — ( 188 ) — ( 188 ) Net loss — — — — — — ( 11,407 ) ( 11,407 ) Balance at June 30, 2022 13,527,869 $ 1 3,629,400 $ — $ 146,953 $ ( 784 ) $ ( 63,201 ) $ 82,969 Vesting of restricted stock 43,554 — — — — — — — Stock-based compensation — — — — 795 — — 795 Unrealized loss on short-term investments, net — — — — — ( 131 ) — ( 131 ) Net loss — — — — — — ( 11,596 ) ( 11,596 ) Balance at September 30, 2022 13,571,423 $ 1 3,629,400 $ — $ 147,748 $ ( 915 ) $ ( 74,797 ) $ 72,037

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company’s stock option activity is as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Balance at December 31, 2022 2,395,748 $ 5.50 8.3 $ 48 Options granted 1,676,145 4.64 Options exercised ( 59,354 ) 3.73 Options forfeited/cancelled ( 123,619 ) 6.34 Balance at September 30, 2023 3,888,920 $ 5.13 8.3 $ 4,349 Vested and expected to vest at September 30, 2023 3,888,920 $ 5.13 8.3 $ 4,349 Options exercisable at September 30, 2023 1,645,510 $ 5.34 7.5 $ 2,129
Summary of Weighted Average Grant Date Fair Values and Weighted Average Assumptions used to calculate Fair Value of Options Granted	The following table presents the weighted-average assumptions used for the stock option grants for the three and nine months ended September 30, 2023 and 2022, along with the related grant date fair value: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock price $ 6.00 $ 3.60 $ 4.64 $ 4.59 Risk-free interest rate 4.41 % 2.80 % 3.83 % 2.09 % Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 78.27 % 75.68 % 77.60 % 75.22 % Expected life (years) 6.1 6.1 6.0 6.0 Estimated grant date fair value per share of award granted $ 4.25 $ 2.44 $ 3.22 $ 3.05
Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss	Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Research and development $ 388 $ 354 $ 1,130 $ 764 General and administrative 468 441 1,264 1,301 Total $ 856 $ 795 $ 2,394 $ 2,065

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information Related to Leases	The below table provides supplemental cash flow information related to leases as follows (in thousands): Nine Months Ended September 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 289 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 35
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): September 30, 2023 Operating leases Right-of-use assets $ 500 Right-of-use lease liabilities, current 394 Right-of-use lease liabilities, noncurrent 108 Total operating lease liabilities $ 502 Weighted-average remaining lease term Operating leases 1.3 years Weighted-average discount rate Operating leases 10.0 %
Schedule of Future Minimum Lease Commitments	Future minimum lease commitments are as follows as of September 30, 2023 (in thousands): Operating Leases Year Ending December 31, 2023 105 2024 427 Total lease payments 532 Less imputed interest ( 30 ) Total $ 502

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Accumulated deficit	$ (125,531)	$ (86,142)
Cash, cash equivalents and investment securities	56,000
Working capital	$ 51,600

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development expenses	$ 10,488	$ 9,403	$ 31,554	$ 25,445
ASU 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development expenses	$ 10,500	$ 9,400	$ 31,600	$ 25,400

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,888,920	2,370,175
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	3,888,920	2,355,648
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	14,527

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	$ 32,106	$ 56,814
Total assets measured at fair value	53,179	66,589
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	11,132	8,784
Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments And Cash Equivalents	18,007	18,639
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	19,847	19,429
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	4,193	19,737
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	27,160	23,543
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	11,132	8,784
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	16,028	14,759
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]
Total assets measured at fair value	26,019	43,046
Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	0	0
Level 2 [Member] | Government and agency securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	1,979	3,880
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	19,847	19,429
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments	4,193	19,737
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	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] | 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] | 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	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 32,286	$ 57,506
Unrealized Gains	0	1
Unrealized Losses	(182)	(693)
Estimated Fair Value	32,106	56,814
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	13,907	18,453
Unrealized Gains	0	0
Unrealized Losses	(8)	(15)
Estimated Fair Value	13,899	18,438
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,272	20,090
Unrealized Gains	0	0
Unrealized Losses	(79)	(353)
Estimated Fair Value	4,193	19,737
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	14,107	18,963
Unrealized Gains	0	1
Unrealized Losses	(95)	(325)
Estimated Fair Value	$ 14,014	$ 18,639

Short-Term Investments - Summ_2

Short-Term Investments - Summary of Maturity of the Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	$ 32,286
Amortized Cost	32,286	$ 57,506
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	32,106
Fixed maturity securities, available for sale, fair value	$ 32,106	$ 56,814

Short-Term Investments - Summ_3

Short-Term Investments - Summary of Available-for-sale Investments (Details) $ in Thousands	Sep. 30, 2023 USD ($) Securities	Dec. 31, 2022 USD ($) Securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	9	18
Available-for-sale Investments, Less than 12 months, Fair Value	$ 13,899	$ 20,071
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (8)	$ (95)
Available-for-sale Investments, More than 12 months, Count | Securities	5	15
Available-for-sale Investments, More than 12 months, Fair value	$ 7,301	$ 22,764
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (174)	$ (598)
Available-for-sale Investments, Count | Securities	14	33
Available-for-sale Investments, Fair value	$ 21,200	$ 42,835
Available-for-sale Investments, Unrealized Losses	$ (182)	$ (693)
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	9	8
Available-for-sale Investments, Less than 12 months, Fair Value	$ 13,899	$ 7,934
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ (8)	$ (15)
Available-for-sale Investments, More than 12 months, Count | Securities	0	0
Available-for-sale Investments, More than 12 months, Fair value	$ 0	$ 0
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ 0	$ 0
Available-for-sale Investments, Count | Securities	9	8
Available-for-sale Investments, Fair value	$ 13,899	$ 7,934
Available-for-sale Investments, Unrealized Losses	$ (8)	$ (15)
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	0	7
Available-for-sale Investments, Less than 12 months, Fair Value	$ 0	$ 7,626
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ 0	$ (43)
Available-for-sale Investments, More than 12 months, Count | Securities	3	9
Available-for-sale Investments, More than 12 months, Fair value	$ 4,193	$ 12,111
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (79)	$ (310)
Available-for-sale Investments, Count | Securities	3	16
Available-for-sale Investments, Fair value	$ 4,193	$ 19,737
Available-for-sale Investments, Unrealized Losses	$ (79)	$ (353)
Government and agency securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale Investments, Less than 12 months, Count | Securities	0	3
Available-for-sale Investments, Less than 12 months, Fair Value	$ 0	$ 4,511
Available-for-sale Investments, Less than 12 months, Unrealized Losses	$ 0	$ (37)
Available-for-sale Investments, More than 12 months, Count | Securities	2	6
Available-for-sale Investments, More than 12 months, Fair value	$ 3,108	$ 10,653
Available-for-sale Investments, More than 12 months, Unrealized Losses	$ (95)	$ (288)
Available-for-sale Investments, Count | Securities	2	9
Available-for-sale Investments, Fair value	$ 3,108	$ 15,164
Available-for-sale Investments, Unrealized Losses	$ (95)	$ (325)

Accrued Other Expenses - Summar

Accrued Other Expenses - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued consulting fees	$ 259	$ 254
Accrued legal and accounting fees	102	127
Accrued travel expenses	48	43
Accrued taxes	30	34
Accrued computer related expenses	14	15
Accrued other	31	17
Total	$ 484	$ 490

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 16, 2021	Feb. 28, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2021
Common stock, shares authorized				300,000,000		300,000,000
Preferred stock, shares authorized				10,000,000		10,000,000	10,000,000
Common stock, shares outstanding				21,426,199		13,585,950
Preferred stock, shares issued				0		0
Preferred stock, shares outstanding				0		0
Stock issuance costs		$ 400
Common stock, shares issued				21,426,199		13,585,950
Proceeds from issuance of common stock				$ 28,960	$ 0
Commissions		$ 1,400
Series A Preferred Stock [Member]
Convertible preferred stock available for conversion	2,630,000
Non-Voting Common Stock [Member]
Common stock, shares authorized				10,000,000		10,000,000	10,000,000
Common stock, shares outstanding				2,420,755		3,629,400
Stock issued during conversion of convertible securities	3,629,400
Number of shares converted			(1,208,645)
Common stock, shares issued				2,420,755		3,629,400
Over-Allotment Option [Member]
Common stock, shares issued		750,000
IPO [Member]
Stock issuance costs	$ 2,600
Proceeds from issuance of common stock	76,200
Commissions	$ 5,900
Follow on Public Offering [Member]
Raised public offering		$ 23,000
Proceeds from issuance of common stock		$ 21,200
Voting Common Stock [Member]
Common stock, shares authorized							300,000,000
Common stock, shares outstanding				21,426,199		13,585,950
Common stock shares sold				822,250
Stock issued during conversion of convertible securities	2,970,000
Price per share		$ 4
Number of shares converted			1,208,645
Conversion of stock, shares issued	4,098,600
Common stock, shares issued		5,750,000
Gross proceeds from issuance of common stock				$ 6,000
Voting Common Stock [Member] | Maximum [Member]
Gross proceeds from issuance of common stock				$ 75,000
Voting Common Stock [Member] | Over-Allotment Option [Member]
Common stock, shares issued	298,360
Voting Common Stock [Member] | IPO [Member]
Price per share	$ 16
Common stock, shares issued	5,298,360

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Beginning Balance, Value	$ 58,108	$ 72,133	$ 61,470	$ 82,969	$ 93,865	$ 103,323	$ 61,470	$ 103,323
Financing related fees	(229)	(46)	(37)
Stock-based compensation	856	841	697	795	699	571
Exercise of stock options, shares							59,354
Exercise of stock options, value	174	48
Unrealized gain on short-term investments, net	109	131	271	(131)	(188)	(432)	$ 511	(751)
Net loss	(12,934)	(14,999)	(11,456)	(11,596)	(11,407)	(9,597)	(39,389)	(32,600)
Ending Balance, Value	52,044	$ 58,108	72,133	$ 72,037	$ 82,969	$ 93,865	$ 52,044	$ 72,037
Follow On [Member]
Issuance of common stock in follow-on public offering			$ 21,188
ATM [Member]
Issuance of common stock in follow-on public offering	$ 5,960
Non-Voting Common Stock [Member]
Beginning Balance , Shares	2,420,755	2,420,755	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400	3,629,400
Conversion of non-voting common stock to voting common stock (in shares)			(1,208,645)
Ending Balance, Shares	2,420,755	2,420,755	2,420,755	3,629,400	3,629,400	3,629,400	2,420,755	3,629,400
Voting Common Stock [Member]
Beginning Balance, Value	$ 2	$ 2	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1
Beginning Balance , Shares	20,554,609	20,544,595	13,585,950	13,527,869	13,484,315	13,440,761	13,585,950	13,440,761
Vesting of restricted stock				43,554	43,554	43,554
Conversion of non-voting common stock to voting common stock (in shares)			1,208,645
Exercise of stock options, shares	49,340	10,014
Ending Balance, Value	$ 2	$ 2	$ 2	$ 1	$ 1	$ 1	$ 2	$ 1
Ending Balance, Shares	21,426,199	20,554,609	20,544,595	13,571,423	13,527,869	13,484,315	21,426,199	13,571,423
Voting Common Stock [Member] | Follow On [Member]
Issuance of common stock in follow-on public offering			$ 1
Issuance of common stock in follow-on public offering (in shares)			5,750,000
Voting Common Stock [Member] | ATM [Member]
Issuance of common stock in follow-on public offering (in shares)	822,250
Additional Paid-in Capital [Member]
Beginning Balance, Value	$ 170,993	$ 170,150	$ 148,303	$ 146,953	$ 146,254	$ 145,683	$ 148,303	$ 145,683
Financing related fees	(229)	(46)	(37)
Stock-based compensation	856	841	697	795	699	571
Exercise of stock options, value	174	48
Ending Balance, Value	177,754	170,993	170,150	147,748	146,953	146,254	177,754	147,748
Additional Paid-in Capital [Member] | Follow On [Member]
Issuance of common stock in follow-on public offering			21,187
Additional Paid-in Capital [Member] | ATM [Member]
Issuance of common stock in follow-on public offering	5,960
Accumulated Other Comprehensive Loss [Member]
Beginning Balance, Value	(290)	(421)	(692)	(784)	(596)	(164)	(692)	(164)
Unrealized gain on short-term investments, net	109	131	271	(131)	(188)	(432)
Ending Balance, Value	(181)	(290)	(421)	(915)	(784)	(596)	(181)	(915)
Accumulated Deficit [Member]
Beginning Balance, Value	(112,597)	(97,598)	(86,142)	(63,201)	(51,794)	(42,197)	(86,142)	(42,197)
Net loss	(12,934)	(14,999)	(11,456)	(11,596)	(11,407)	(9,597)
Ending Balance, Value	$ (125,531)	$ (112,597)	$ (97,598)	$ (74,797)	$ (63,201)	$ (51,794)	$ (125,531)	$ (74,797)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercisable, vested stock options	1,456,766
Options exercisable, subject to early exercise provision	188,744
Options outstanding, Intrinsic value	$ 4,349,000	$ 48,000
Options exercisable, Intrinsic value	$ 2,129,000
Number of shares, options outstanding	3,888,920	2,395,748
Number of shares, options granted	1,676,145
Unrecognized stock-based compensation expense	$ 7,600,000
Cost not yet recognized, period for recognition	2 years 7 months 6 days
Percentage of shares of common stock outstanding	1%
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	697,645
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
Shares reserved for future issuance	1,060,017
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, options outstanding	3,888,920
Number of shares, options granted	607,492
2021 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	4,496,412
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] | Minimum [Member] | Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
2020 Equity Incentive Plan [Member] | Maximum [Member] | Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Award expiration term	10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Options [Roll Forward]
Number of Shares, Options outstanding, beginning balance | shares	2,395,748
Number of Shares, Options granted | shares	1,676,145
Number of Shares, Options exercised | shares	(59,354)
Number of Shares, Options cancelled | shares	(123,619)
Number of Shares, Options outstanding, ending balance | shares	3,888,920	2,395,748
Number of Shares, Options Vested and Expected to Vest | shares	3,888,920
Number of Shares, Options exercisable | shares	1,645,510
Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price Per share, Options outstanding, beginning balance | $ / shares	$ 5.5
Weighted Average Exercise Price Per share, Options granted | $ / shares	4.64
Weighted Average Exercise Price Per share, Options exercised | $ / shares	3.73
Weighted Average Exercise Price Per share, Options cancelled | $ / shares	6.34
Weighted Average Exercise Price Per share, Options outstanding, ending balance | $ / shares	5.13	$ 5.5
Weighted Average Exercise Price Per share, Options vested | $ / shares	5.13
Weighted Average Exercise Price Per share, Options exercisable | $ / shares	$ 5.34
Weighted Average Remaining Contractual Term (in Years) [Roll Forward]
Weighted Average Remaining Contractual Term, Options outstanding	8 years 3 months 18 days	8 years 3 months 18 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 | $	$ 4,349	$ 48
Aggregate Intrinsic Value, Vested and expected to vest | $	4,349
Options exercisable, Intrinsic value | $	$ 2,129

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Values And Weighted Average Assumptions Used to Calculate Fair Value of Options Granted (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 6	$ 3.6	$ 4.64	$ 4.59
Risk-free interest rate	4.41%	2.80%	3.83%	2.09%
Dividend yield	0%	0%	0%	0%
Expected volatility	78.27%	75.68%	77.60%	75.22%
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years	6 years
Estimated grant date fair value per share of award granted	$ 4.25	$ 2.44	$ 3.22	$ 3.05

Stock-Based Compensation Expens

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense Recognized for all Equity Awards and Reported in the Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 856	$ 795	$ 2,394	$ 2,065
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	388	354	1,130	764
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 468	$ 441	$ 1,264	$ 1,301

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($)	Aug. 31, 2022	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security deposit			$ 36,000		$ 36,000
Area of office space | ft²			9,289		9,289
Lease term, renew, description		.
Historical rent paid	$ 36,000
Future rent payment per month for first year					$ 35,000
Total rent expense			$ 103,000	$ 96,000	$ 309,000	$ 289,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 289
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 35

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating leases
Right-of-use assets	$ 500	$ 736
Right-of-use lease liabilities, current	394	358
Right-of-use lease liabilities, noncurrent	108	$ 382
Total operating lease liabilities	$ 502
Weighted-average remaining lease term
Operating leases	1 year 3 months 18 days
Weighted-average discount rate
Operating leases	10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 105
2024	427
Total lease payments	532
Less imputed interest	(30)
Total	$ 502

Employment Benefits - Additiona

Employment Benefits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Postemployment Benefits [Abstract]
Company Provides Safe Harbor Contribution			4%
Expenses Related To Contribution Plan	$ 75,000	$ 58,000	$ 259,000	$ 230,000

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details)	1 Months Ended
	Oct. 31, 2023 shares
Subsequent Event [Member] | 2021 Equity Incentive Plan [Member]
Subsequent Event [Line Items]
Shares issuable under plan	1,000,000