Tenaya Therapeutics (TNYA) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	TENAYA THERAPEUTICS, INC.
Entity Central Index Key	0001858848
Entity File Number	001-40656
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3789973
Entity Address, Address Line One	171 Oyster Point Boulevard
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	825-6900
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TNYA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		41,310,849

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 25,970	$ 38,129
Investments in marketable securities	184,484	213,171
Prepaid expenses and other current assets	3,328	4,058
Total current assets	213,782	255,358
Property and equipment, net	49,384	43,020
Operating lease right-of-use assets	11,353	11,685
Restricted cash, noncurrent	399	547
Other noncurrent assets	6,579	3,579
Total assets	281,497	314,189
Current liabilities:
Accounts payable	8,888	10,721
Accrued expenses and other current liabilities	8,132	9,059
Operating lease liabilities, current	2,075	1,994
Total current liabilities	19,095	21,774
Operating lease liabilities, noncurrent	13,093	13,707
Other noncurrent liabilities	212	182
Total liabilities	32,400	35,663
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock	4	4
Additional paid-in capital	436,313	434,196
Accumulated other comprehensive loss	(631)	(141)
Accumulated deficit	(186,589)	(155,533)
Total stockholders' equity	249,097	278,526
Total liabilities and stockholders' equity	$ 281,497	$ 314,189

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 24,155	$ 9,590
General and administrative	6,999	3,515
Total operating expenses	31,154	13,105
Loss from operations	(31,154)	(13,105)
Other income (expense), net:
Interest income	99	9
Other income (expense), net	(1)	(2)
Total other income (expense), net	98	7
Net loss before income tax expense	(31,056)	(13,098)
Net loss	(31,056)	(13,098)
Other comprehensive loss:
Unrealized loss on marketable securities	(490)
Comprehensive loss	$ (31,546)	$ (13,098)
Net loss per share, basic and diluted	$ (0.75)	$ (11.93)
Weighted-average shares used in computing net loss per share, basic and diluted	41,267,990	1,097,805

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Notes Receivable from Stockholders	Accumulated Other Comprehensive Loss	Accumulated Deficit
Temporary equity balance, shares at Dec. 31, 2020		24,493,528
Temporary equity, balance at Dec. 31, 2020		$ 220,754
Balance at Dec. 31, 2020	$ (81,315)				$ 1,584	$ (87)		$ (82,812)
Balance, shares at Dec. 31, 2020				1,210,306
Issuance of convertible preferred stock, net of issuance costs			$ 19,981
Issuance of convertible preferred stock, net of issuance costs, shares			1,608,750
Issuance of common stock upon exercise of stock options	29				29
Issuance of common stock upon exercise of stock options, shares				12,508
Repurchase of common stock related to early exercise of options, shares				(365)
Vesting of early exercised stock options	9				9
Stock-based compensation	432				432
Net loss	(13,098)							(13,098)
Balance at Mar. 31, 2021	(93,943)				2,054	$ (87)		(95,910)
Temporary equity balance, shares at Mar. 31, 2021		26,102,278
Temporary equity, balance at Mar. 31, 2021		$ 240,735
Balance, shares at Mar. 31, 2021				1,222,449
Balance at Dec. 31, 2021	278,526			$ 4	434,196		$ (141)	(155,533)
Balance, shares at Dec. 31, 2021				41,291,374
Issuance of common stock upon exercise of stock options	17				17
Issuance of common stock upon exercise of stock options, shares				7,652
Vesting of early exercised stock options	6				6
Stock-based compensation	2,094				2,094
Other comprehensive loss	(490)						(490)
Net loss	(31,056)							(31,056)
Balance at Mar. 31, 2022	$ 249,097			$ 4	$ 436,313		$ (631)	$ (186,589)
Balance, shares at Mar. 31, 2022				41,299,026

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Series C Convertible Preferred Stock
Stock issuance costs	$ 20

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (31,056)	$ (13,098)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	966	689
Amortization of premium on marketable securities	143
Stock-based compensation	2,094	432
Non-cash operating lease expense	332	171
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	732	118
Other noncurrent assets	25	(3,313)
Accounts payable	(1,779)	618
Accrued expenses and other current liabilities	318	(1,022)
Operating lease liabilities	(533)	(384)
Other noncurrent liabilities	2
Net cash used in operating activities	(28,756)	(15,789)
Cash flows from investing activities:
Purchases of property and equipment	(8,595)	(4,323)
Purchases of marketable securities	(43,171)
Proceeds from maturities of marketable securities	68,200
Net cash provided by (used in) investing activities	16,434	(4,323)
Cash flows from financing activities:
Proceeds from exercise of stock options	15	29
Net cash provided by financing activities	15	20,015
Net change in cash, cash equivalents and restricted cash	(12,307)	(97)
Cash and cash equivalents and restricted cash at beginning of period	38,676	129,083
Cash and cash equivalents and restricted cash at end of period	26,369	128,986
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	25,970	128,439
Restricted cash, noncurrent	399	547
Cash, cash equivalents and restricted cash	26,369	128,986
Supplemental disclosure of cash operating activities:
Cash paid for leases included in operating cash outflows	1,366	1,389
Supplemental disclosure of non-cash operating activities:
Lease liability obtained in exchange for right-of-use asset		213
Supplemental disclosure of non-cash investing and financing activities:
Deferred offering costs related to initial public offering included in accounts payable		74
Property and equipment included in accounts payable and accrued expenses and other current liabilities	$ 5,282	452
Series C Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 19,986

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of the Business	1. Organization and Description of the Business Description of the Business Tenaya Therapeutics, Inc. (the “Company”) was incorporated in the state of Delaware in August 2016 and is headquartered in South San Francisco, California. The Company is a preclinical stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease. The Company is advancing product candidates from three distinct but interrelated product platforms: gene therapy, cellular regeneration and precision medicine. Liquidity The Company has incurred net losses since inception and expects such losses to continue in the future as it conducts research and development activities. As of March 31, 2022, the Company had an accumulated deficit of $ 186.6 million. The Company incurred a net loss of $ 31.1 million and $ 13.1 million during the three months ended March 31, 2022 and 2021, respectively. The Company had $ 213.5 million of cash, cash equivalents and investments in marketable securities as of March 31, 2022. Management recognizes the need to raise additional capital to fully implement its business plan. The Company may seek to raise capital through equity financings, debt financings, license agreements, collaborative agreements or other sources of financing. Management believes that its existing cash, cash equivalents and investments in marketable securities as of March 31, 2022 will be sufficient to fund the Company’s operations for at least the next twelve months following the date these condensed financial statements are filed with the Securities and Exchange Commission (“SEC”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of March 31, 2022, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) and cash flows for the three months ended March 31, 2022 and 2021 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto for the year ended December 31, 2021, included in Company's Annual Report on Form 10-K, filed with the SEC on March 23, 2022. Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trials accrued liabilities, income tax valuation allowance and stock-based compensation . Management bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Concentration of Risk The Company invests in a variety of financial instruments and, by its Board approved investment policy, limits the amount of credit exposure with any one issuer, industry or geographic area for investments other than instruments backed by the U.S. federal government. Significant Accounting Policies There have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify the accounting for income taxes. This standard eliminates certain exceptions to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. As an emerging growth company, ASU 2019-12 became effective for the Company beginning January 1, 2022 . The adoption of this standard did not have any impact on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (ASU 2021-10), which requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or contribution accounting model. The required annual disclosures include the nature of the transaction, the entity’s related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, and any significant terms and conditions. ASU 2021-10 became effective for the Company beginning January 1, 2022 . The adoption of this standard did no t have a material impact on its financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model . This standard will require companies to recognize an allowance for credit losses on available-for-sale debt securities rather than the current approach of recording a reduction to the carrying value of the asset. As an emerging growth company, ASU 2016-13 will become effective for the Company beginning January 1, 2023. The Company is evaluating the impact of this standard on its financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 24,970 $ — $ — $ 24,970 Marketable securities: U.S. treasuries Level 1 106,319 — ( 404 ) 105,915 Commercial paper Level 2 70,670 — ( 196 ) 70,474 Government agencies bonds Level 2 11,151 — ( 31 ) 11,120 Total financial assets $ 213,110 $ — $ ( 631 ) $ 212,479 December 31, 2021 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 37,129 $ — $ — $ 37,129 Marketable securities: U.S. treasuries Level 1 $ 78,097 $ — $ ( 85 ) $ 78,012 Commercial paper Level 2 $ 121,634 $ — $ ( 50 ) $ 121,584 Corporate bonds Level 2 $ 8,979 $ — $ ( 3 ) $ 8,976 Government agencies bonds Level 2 $ 4,602 $ — $ ( 3 ) $ 4,599 Total financial assets $ 250,441 $ — $ ( 141 ) $ 250,300 Money market funds are classified as Level 1 because they are valued using quoted market prices in active markets for identical assets. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on observable inputs or can be derived from non-binding quotes from the Company’s investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company considers the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company believes it is more likely than not that its marketable securities in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has no t recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of March 31, 2022, $ 184.5 million of available-for-sale marketable securities had remaining maturities of less than one year. The remainder of the marketable securities of $ 3.0 million had remaining maturities between one and two years and was included in other noncurrent assets in the accompanying condensed balance sheet as of March 31, 2022. The carrying amount of our remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: March 31, December 31, (In thousands) Construction in progress $ 22,961 $ 32,561 Laboratory equipment 12,172 11,891 Leasehold improvements 23,603 7,241 Furniture and fixtures 821 534 Computer equipment and software 218 218 Total property and equipment $ 59,775 $ 52,445 Less: accumulated depreciation and amortization ( 10,391 ) ( 9,425 ) Total property and equipment, net $ 49,384 $ 43,020 Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was $ 1.0 million and $ 0.7 million, respectively. Leasehold improvements as of March 31, 2022 include certain enhancements made to the Company’s leased manufacturing and office space located in Union City, California ("Union City Facility"). Construction in progress as of March 31, 2022 primarily consists of capitalized machinery and equipment that is expected to be placed in service in the Union City Facility (see Note 6). Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: March 31, December 31, (In thousands) Accrued compensation and related expenses $ 2,401 $ 3,667 Accrued research and development expenses 2,822 2,863 Accrued property and equipment 1,622 2,023 Other current liabilities 791 344 Accrued professional services 496 162 Total accrued expenses and other current liabilities $ 8,132 $ 9,059

License Agreements

License Agreements	3 Months Ended
	Mar. 31, 2022
License Agreements [Abstract]
License Agreements	5. License Agreements Gladstone License Agreement In October 2016, the Company entered into a license agreement with the J. David Gladstone Institute (Gladstone), pursuant to which Gladstone granted the Company a worldwide, royalty-bearing exclusive patent license and a non-exclusive technology license to develop and commercialize certain products for certain diseases (“Gladstone License Agreement”). Pursuant to the Gladstone License Agreement, the Company is obligated, among other things, to pay Gladstone (i) annual license maintenance fees ranging from $ 25,000 up to $ 0.1 million per year, which will be creditable against royalties paid in the following twelve month period, (ii) milestone payments up to $ 4.1 million for royalty-bearing products directed to a particular target, which are contingent upon achieving specific clinical and commercialization milestone events, and (iii) tiered low-single digit royalties on future net sales of each royalty-bearing product. Under the agreement, the Company is subject to diligence requirements to develop and commercialize at least one royalty-bearing product. The Company may pay $ 50,000 to $ 100,000 to extend the deadline for its diligence milestone obligations for up to four additional one-year terms. As of March 31, 2022, the Company has no t recognized any milestone and royalty payments under the Gladstone License Agreement. During the three months ended March 31, 2022 and 2021, there were no material amounts recorded related to annual license fees payable pursuant to the Gladstone License Agreement. University of Texas Southwestern License Agreement In January 2020, the Company entered into a license agreement with the University of Texas Southwestern (“UTSW License”), pursuant to which UTSW granted the Company a royalty-bearing exclusive and sublicensable patent license and a non-exclusive, non-sublicensable license for mutually agreed upon development activities. Under the UTSW License, the Company is obligated to pay UTSW (i) a non-refundable upfront license fee of $ 0.1 million, (ii) milestone payments up to a total of $ 14.8 million in aggregate, which are contingent upon achieving specific development and commercialization milestone events, and (iii) royalties on future net sales of each royalty-bearing product ranging in the low-single digits. As of March 31, 2022, the Company has no t recognized any milestone and royalty payments under the UTSW License. Other License Agreements In addition to the agreements described above, the Company has also entered into other license agreements with various institutions and business entities, none of which are material individually or in the aggregate.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Facility Leases In December 2016, the Company entered into a lease agreement for office and laboratory space in South San May 2025 and the Company may renew the lease term for two additional five-year periods. In February 2021, the Company entered into a lease agreement for manufacturing and office space located in Union City, California. The lease commenced in May 2021 and has a ten-year term with one five-year renewal option. Upon the execution of the lease agreement, the Company provided the landlord with a refundable security deposit of $ 3.3 million, which is included in other noncurrent assets on the balance sheets. In November 2021, the Company entered into a short-term sublease agreement for additional office and laboratory space in South San Francisco, California with a lease term that expires on June 30, 2022 . For these operating leases, the Company incurred $ 1.2 million of lease costs for the three months ended March 31, 2022 and 2021, of which $ 0.2 million and $ 0.6 million, respectively, were related to the Company’s short-term lease, and $ 0.3 million and $ 0.4 million, respectively, were related to variable lease payments. As of March 31, 2022, the Company's operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 9.5 %. Future minimum lease payments under the Company’s operating leases as of March 31, 2022 were as follows: Amount (In thousands) 2022 (remaining 9 months) $ 2,775 2023 3,792 2024 3,910 2025 2,445 2026 1,386 Thereafter 6,905 Total undiscounted future minimum lease payments $ 21,213 Imputed interest ( 5,763 ) Tenant improvement receivable ( 282 ) Total operating lease liabilities $ 15,168 Asset Retirement Obligation Under the lease agreement for the manufacturing and office facility in Union City, the Company is contractually obligated to remove constructed leasehold improvements related to capitalized machinery and equipment (see Note 4) and to restore the leased space to its original condition upon termination of the lease agreement. As of March 31, 2022, the balance of the asset retirement obligation liability was not material. Purchase Commitments The Company enters into contractual agreements with various suppliers in the normal course of its business, including vendors that provide machinery and equipment. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received through the time of termination. Litigation and Indemnification From time to time, the Company may become involved in litigation and other legal actions. The Company estimates the range of liability related to any pending litigation where the amount and range of loss can be estimated. The Company records its best estimate of a loss when the loss is considered probable. Where a liability is probable and there is a range of estimated loss with no best estimate in the range, the Company records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the consolidated financial statements indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and (ii) the range of loss can be reasonably estimated. The Company was not involved in any material litigations as of March 31, 2022. In the normal course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amounts of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with its directors and certain officers that may require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. As of March 31, 2022 and December 31, 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and, consequently, has not recorded any related liabilities.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock	7. Common Stock The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. Common stock issued and outstanding on the condensed statements of convertible preferred stock and stockholders’ equity (deficit) includes shares related to early exercised options and restricted stock that are subject to repurchase. Common stock issued and outstanding is reduced for any repurchases of early exercised stock options and restricted stock. As of March 31, 2022 and December 31, 2021, outstanding common stock included 21,799 and 28,905 shares related to early exercised stock options and restricted stock that are unvested and subject to repurchase. Total shares of common stock reserved for issuance, on an as-if converted basis, are as follows: March 31, December 31, Stock options and awards issued and outstanding 4,860,612 2,772,154 Stock options and awards available for future grant 3,149,702 3,594,158 Total 8,010,314 6,366,312

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation 2021 Equity Incentive Plan In July 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. Under the 2021 Plan, 4,000,000 shares of the Company's common stock were initially reserved for issuance of equity awards to employees, directors, and consultants, under terms and provisions established by the Board of Directors. The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on the first day of January for a period of ten years , commencing on January 1, 2022, in an amount equal to the lesser of: 4,000,000 shares; 4 % of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the Company’s Board of Directors may determine. In addition, the Company’s 2016 Equity Incentive Plan (the “2016 Plan”) was terminated in connection with the IPO. Shares subject to awards granted under the 2016 Plan that are repurchased by or forfeited to the Company will be reserved for issuance under the 2021 Plan. Total shares reserved and available for grant under the 2021 Plan as of March 31, 2022 are 3,149,702 . Stock Option Activity The following table summarizes stock option activity: Shares Weighted- (in dollars) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,035,186 14.77 Options exercised ( 7,652 ) 2.26 Options cancelled ( 14,985 ) 17.06 Outstanding as of March 31, 2022 4,784,703 $ 10.80 Stock option awards granted to employees generally vest over a four-year period. The contractual term of stock option awards is generally 10 years from the grant date. Stock Option Valuation The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended 2022 2021 Expected term (in years) 6.0 – 6.1 6.0 – 6.1 Expected volatility 97 % 183 % Risk-free interest rate 1.6 % – 2.1 % 0.6 % – 1.0 % Expected dividend yield —% —% Restricted Stock Units The Company began granting restricted stock units ("RSUs") in the first quarter of 2022. RSUs are awards that entitle the holder to receive freely tradable shares of the Company's common stock upon the completion of a specific period of continued service. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. RSUs are valued at the market price of the underlying common stock on the date of grant. The Company recognizes noncash compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of the awards. The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan. Shares Weighted (in dollars) Unvested as of December 31, 2021 — $ — Granted 76,156 $ 15.19 Vested — $ — Forfeited ( 247 ) $ 15.19 Unvested as of March 31, 2022 75,909 $ 15.19 2021 Employee Stock Purchase Plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The Company initially reserved 800,000 shares for future issuance under the ESPP. The number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year beginning with 2022 in an amount equal to the lesser of: 800,000 shares; 1 % of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the board of directors may determine. As of March 31, 2022, 1,212,913 shares were reserved for future issuance under the ESPP. Under Company's ESPP, employees are generally eligible to participate and can purchase shares on each purchase date established semi-annually through payroll deductions at the lower of 85 % of the fair market value of the Company's stock at the commencement of the offering period or each purchase date of the offering period. Each offering period will span 6 months . The ESPP permits eligible employees to purchase common stock through payroll deductions for up to 15 % of qualified compensation, up to an annual limit of $ 25,000 . The first offering period commenced in January 2022. For the three months ended March 31, 2022, the stock-based compensation expense for ESPP was no t material. Stock-Based Compensation The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended 2022 2021 (In thousands) Research and development $ 996 $ 154 General and administrative 1,098 278 Total stock-based compensation $ 2,094 $ 432

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For the three months ended March 31, 2022 and 2021, the Company did no t record any income tax expense. The Company has recorded a full valuation allowance against its U.S. federal and state deferred tax assets as the Company believes it is not more likely than not that the benefit will be realized.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net Loss Per Share Basic and diluted loss per share are computed by dividing net loss by the weighted-average number of common shares outstanding during the reporting period. The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: March 31, 2022 2021 Convertible preferred stock — 26,102,278 Outstanding stock options and awards 4,860,612 1,727,968 Restricted stock subject to future vesting 21,799 101,592 Total 4,882,411 27,931,838

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of March 31, 2022, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) and cash flows for the three months ended March 31, 2022 and 2021 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto for the year ended December 31, 2021, included in Company's Annual Report on Form 10-K, filed with the SEC on March 23, 2022.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trials accrued liabilities, income tax valuation allowance and stock-based compensation . Management bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
Concentration of Risk	Concentration of Risk The Company invests in a variety of financial instruments and, by its Board approved investment policy, limits the amount of credit exposure with any one issuer, industry or geographic area for investments other than instruments backed by the U.S. federal government. There have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify the accounting for income taxes. This standard eliminates certain exceptions to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. As an emerging growth company, ASU 2019-12 became effective for the Company beginning January 1, 2022 . The adoption of this standard did not have any impact on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (ASU 2021-10), which requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or contribution accounting model. The required annual disclosures include the nature of the transaction, the entity’s related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, and any significant terms and conditions. ASU 2021-10 became effective for the Company beginning January 1, 2022 . The adoption of this standard did no t have a material impact on its financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model . This standard will require companies to recognize an allowance for credit losses on available-for-sale debt securities rather than the current approach of recording a reduction to the carrying value of the asset. As an emerging growth company, ASU 2016-13 will become effective for the Company beginning January 1, 2023. The Company is evaluating the impact of this standard on its financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 24,970 $ — $ — $ 24,970 Marketable securities: U.S. treasuries Level 1 106,319 — ( 404 ) 105,915 Commercial paper Level 2 70,670 — ( 196 ) 70,474 Government agencies bonds Level 2 11,151 — ( 31 ) 11,120 Total financial assets $ 213,110 $ — $ ( 631 ) $ 212,479 December 31, 2021 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 37,129 $ — $ — $ 37,129 Marketable securities: U.S. treasuries Level 1 $ 78,097 $ — $ ( 85 ) $ 78,012 Commercial paper Level 2 $ 121,634 $ — $ ( 50 ) $ 121,584 Corporate bonds Level 2 $ 8,979 $ — $ ( 3 ) $ 8,976 Government agencies bonds Level 2 $ 4,602 $ — $ ( 3 ) $ 4,599 Total financial assets $ 250,441 $ — $ ( 141 ) $ 250,300

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consists of the following: March 31, December 31, (In thousands) Construction in progress $ 22,961 $ 32,561 Laboratory equipment 12,172 11,891 Leasehold improvements 23,603 7,241 Furniture and fixtures 821 534 Computer equipment and software 218 218 Total property and equipment $ 59,775 $ 52,445 Less: accumulated depreciation and amortization ( 10,391 ) ( 9,425 ) Total property and equipment, net $ 49,384 $ 43,020
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, December 31, (In thousands) Accrued compensation and related expenses $ 2,401 $ 3,667 Accrued research and development expenses 2,822 2,863 Accrued property and equipment 1,622 2,023 Other current liabilities 791 344 Accrued professional services 496 162 Total accrued expenses and other current liabilities $ 8,132 $ 9,059

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments Under Operating Lease	Future minimum lease payments under the Company’s operating leases as of March 31, 2022 were as follows: Amount (In thousands) 2022 (remaining 9 months) $ 2,775 2023 3,792 2024 3,910 2025 2,445 2026 1,386 Thereafter 6,905 Total undiscounted future minimum lease payments $ 21,213 Imputed interest ( 5,763 ) Tenant improvement receivable ( 282 ) Total operating lease liabilities $ 15,168

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Issuance	Total shares of common stock reserved for issuance, on an as-if converted basis, are as follows: March 31, December 31, Stock options and awards issued and outstanding 4,860,612 2,772,154 Stock options and awards available for future grant 3,149,702 3,594,158 Total 8,010,314 6,366,312

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity: Shares Weighted- (in dollars) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,035,186 14.77 Options exercised ( 7,652 ) 2.26 Options cancelled ( 14,985 ) 17.06 Outstanding as of March 31, 2022 4,784,703 $ 10.80
Summary of Fair Value of Stock Option Awards	The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended 2022 2021 Expected term (in years) 6.0 – 6.1 6.0 – 6.1 Expected volatility 97 % 183 % Risk-free interest rate 1.6 % – 2.1 % 0.6 % – 1.0 % Expected dividend yield —% —%
Summary of Restricted Stock Activity	The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan. Shares Weighted (in dollars) Unvested as of December 31, 2021 — $ — Granted 76,156 $ 15.19 Vested — $ — Forfeited ( 247 ) $ 15.19 Unvested as of March 31, 2022 75,909 $ 15.19
Summary of Stock-based Compensation	The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended 2022 2021 (In thousands) Research and development $ 996 $ 154 General and administrative 1,098 278 Total stock-based compensation $ 2,094 $ 432

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: March 31, 2022 2021 Convertible preferred stock — 26,102,278 Outstanding stock options and awards 4,860,612 1,727,968 Restricted stock subject to future vesting 21,799 101,592 Total 4,882,411 27,931,838

Organization and Description _2

Organization and Description of the Business - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization And Description Of Business [Line Items]
Accumulated deficit	$ (186,589)		$ (155,533)
Net loss	(31,056)	$ (13,098)
Cash, cash equivalents and investments in marketable securities	$ 213,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2022
ASU 2019-12
Significant Accounting Policies [Line Items]
Accounting standards update, adopted [true false]	true
Accounting standards update, immaterial effect [true false]	true
Accounting standards update, adoption date	Jan. 1, 2022
ASU 2021-10
Significant Accounting Policies [Line Items]
Accounting standards update, adopted [true false]	true
Accounting standards update, immaterial effect [true false]	true
Accounting standards update, adoption date	Jan. 1, 2022

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 213,110	$ 250,441
Unrealized Loss	(631)	(141)
Fair Value	212,479	250,300
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	24,970	37,129
Fair Value	24,970	37,129
U.S. Treasuries | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	106,319	78,097
Unrealized Loss	(404)	(85)
Fair Value	105,915	78,012
Commercial Paper | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	70,670	121,634
Unrealized Loss	(196)	(50)
Fair Value	70,474	121,584
Corporate Bonds | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		8,979
Unrealized Loss		(3)
Fair Value		8,976
Government Agencies Bonds | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	11,151	4,602
Unrealized Loss	(31)	(3)
Fair Value	$ 11,120	$ 4,599

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges on marketable securities related to other-than-temporary	$ 0
Available-for-sale marketable securities	184,500
Available-for-sale marketable securities maturities between one and two Years	$ 3,000
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale marketable securities contractual maturities term	2 years
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale marketable securities contractual maturities term	1 year

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 59,775	$ 52,445
Less: accumulated depreciation and amortization	(10,391)	(9,425)
Total property and equipment, net	49,384	43,020
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	22,961	32,561
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	12,172	11,891
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	23,603	7,241
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	821	534
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 218	$ 218

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 1	$ 0.7

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 2,401	$ 3,667
Accrued research and development expenses	2,822	2,863
Accrued property and equipment	1,622	2,023
Other current liabilities	791	344
Accrued professional services	496	162
Total accrued expenses and other current liabilities	$ 8,132	$ 9,059

License Agreements (Details)

License Agreements (Details)	1 Months Ended		3 Months Ended
	Jan. 31, 2020USD ($)	Oct. 31, 2016USD ($)Option	Mar. 31, 2022USD ($)
University of Texas Southwestern License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and royalty payments recognized			$ 0
Non-refundable upfront license fee	$ 100,000
University of Texas Southwestern License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments contingent upon achieving specific development and commercialization milestone events	$ 14,800,000
Gladstone | Gladstone License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and royalty payments recognized			$ 0
Number of additional option to extend milestone payment | Option		4
Milestone obligation additional extended payment terms		1 year
Gladstone | Gladstone License Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Annual license maintenance fees		$ 25,000
Milestone obligation amount		50,000
Gladstone | Gladstone License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Annual license maintenance fees		100,000
Milestone payments for royalty-bearing products contingent upon achieving specific clinical and commercialization milestone events		4,100,000
Milestone obligation amount		$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended			3 Months Ended
	Nov. 30, 2021	Feb. 28, 2021USD ($)RenewalOption	Dec. 31, 2016RenewalOption	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Commitments And Contingencies [Line Items]
Weighted-average remaining lease term				6 years 6 months
Weighted-average discount rate				9.50%
Rent expense				$ 1.2	$ 1.2
Short-term lease				0.2	0.6
Variable lease payments				$ 0.3	$ 0.4
Office and Laboratory Space | South San Francisco, California
Commitments And Contingencies [Line Items]
Lease expiration month and year			2025-05
Number of lease renewal term | RenewalOption			2
Lease renewal term			5 years
Additional Office and Laboratory Space | South San Francisco, California
Commitments And Contingencies [Line Items]
Lease Expiration Date	Jun. 30, 2022
Manufacturing and Office Space | Union City, California
Commitments And Contingencies [Line Items]
Number of lease renewal term | RenewalOption		1
Lease renewal term		5 years
Lease commenced month and year		2021-05
Term of lease		10 years
Manufacturing and Office Space | Union City, California | Other Noncurrent Assets
Commitments And Contingencies [Line Items]
Security deposit		$ 3.3

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022 (remaining 9 months)	$ 2,775
2023	3,792
2024	3,910
2025	2,445
2026	1,386
Thereafter	6,905
Total undiscounted future minimum lease payments	21,213
Imputed interest	(5,763)
Tenant improvement receivable	(282)
Total operating lease liabilities	$ 15,168

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock voting rights	The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders.
Early Exercised Stock Options and Restricted Stock That are Unvested and Subject to Repurchase
Class Of Stock [Line Items]
Common stock, outstanding	21,799	28,905

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock reserved for issuance	8,010,314	6,366,312
Stock options and Awards Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for issuance	4,860,612	2,772,154
Stock Options and Awards Available for Future Grant
Class Of Stock [Line Items]
Common stock reserved for issuance	3,149,702	3,594,158

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance		8,010,314		6,366,312
Contractual term of stock option awards		10 years
Vesting period		4 years
Stock-based compensation		$ 2,094	$ 432
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	800,000	1,212,913
Participants to purchase common stock through payroll deduction maximum percentage of eligible compensation		15.00%
Participants to purchase shares through payroll deduction at lower percentage of fair market value		85.00%
Number of shares of common stock that may be issued in accordance with the plan	800,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	1.00%
Stock-based compensation		$ 0
Participants to purchase common stock through payroll deduction annual limit of eligible compensation		$ 25,000
Offering period		6 months
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	4,000,000
Common stock shares available for issuance period	10 years
Number of shares of common stock that may be issued in accordance with the plan	4,000,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	4.00%
Shares reserved and available for grant		3,149,702

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Outstanding Beginning Balance | shares	2,772,154
Shares, Options granted | shares	2,035,186
Shares, Options exercised | shares	(7,652)
Shares, Options cancelled | shares	(14,985)
Shares, Outstanding Ending Balance | shares	4,784,703
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares	$ 7.90
Weighted-Average Exercise Price Per Share, Options granted | $ / shares	14.77
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares	2.26
Weighted-Average Exercise Price Per Share, Options cancelled | $ / shares	17.06
Weighted-Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares	$ 10.80

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	97.00%	183.00%
Risk-free interest rate, minimum	1.60%	0.60%
Risk free interest rate, maximum	2.10%	1.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Granted | shares	76,156
Forfeited | shares	(247)
Unvested as of March 31, 2022 | shares	75,909
Weighted Average Grant Date Fair Value per Share
Granted | $ / shares	$ 15.19
Forfeited | $ / shares	15.19
Unvested as of March 31, 2022 | $ / shares	$ 15.19

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,094	$ 432
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	996	154
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,098	$ 278

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	4,882,411	27,931,838
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share		26,102,278
Outstanding Stock Options and Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	4,860,612	1,727,968
Restricted Stock Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	21,799	101,592