Nuvalent (NUVL) 10-Q 8 Sep 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity File Number	001-40671
Entity Registrant Name	NUVALENT, INC.
Entity Central Index Key	0001861560
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-5112298
Entity Address, Address Line One	One Broadway
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	357-7000
Title of 12(b) Security	Class A Common stock, par value $0.0001 per share
Trading Symbol	NUVL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
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
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,848,715
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,435,254

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 138,919	$ 10,332
Prepaid expenses and other current assets	362	314
Total current assets	139,281	10,646
Deferred offering costs	1,718	0
Other assets	2,503
Total assets	143,502	10,646
Current liabilities:
Accounts payable	3,798	1,252
Accrued expenses	2,031	1,171
Preferred stock tranche rights		1,957
Total current liabilities	5,829	4,380
Notes payable and accrued interest to stockholder		2,235
Total liabilities	5,829	6,615
Commitments and contingencies
Convertible preferred stock (Series A and B), $0.0001 par value; 182,680,791 shares and 112,431,508 shares authorized at June 30, 2021 and December 31, 2020, respectively; 182,680,791 shares and 89,945,206 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; liquidation preference of $187,235 at June 30, 2021	185,413	35,354
Stockholders' deficit:
Common stock, $0.0001 par value; 228,582,297 shares and 160,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 3,129,384 shares issued and outstanding at June 30, 2021 and December 31, 2020	0
Additional paid-in capital	1,052	842
Accumulated deficit	(48,508)	(31,885)
Promissory note from stockholder	(284)	(280)
Total stockholders' deficit	(47,740)	(31,323)
Total liabilities, convertible preferred stock and stockholders' deficit	$ 143,502	$ 10,646

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Temporary equity, shares authorized	182,680,791	112,431,508
Temporary equity, shares issued	182,680,791	89,945,206
Temporary equity, shares outstanding	182,680,791	89,945,206
Temporary equity, liquidation preference	$ 187,235	$ 40,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	228,582,297	160,000,000
Common stock, shares issued	3,129,384	3,129,384
Common stock, shares outstanding	3,129,384	3,129,384
Convertible preferred stock [Member]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	182,680,791	112,431,508
Temporary equity, shares issued	182,680,791	89,945,206
Temporary equity, shares outstanding	182,680,791	89,945,206
Temporary equity, liquidation preference	$ 187,235

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 7,826	$ 3,657	$ 13,310	$ 6,983
General and administrative	2,024	349	2,702	668
Total operating expenses	9,850	4,006	16,012	7,651
Loss from operations	(9,850)	(4,006)	(16,012)	(7,651)
Other income (expense):
Change in fair value of preferred stock tranche rights		(4,542)	(635)	4,471
Other income (expense), net	12	(9)	24	(18)
Total other income (expense), net	12	(4,551)	(611)	4,453
Net loss and comprehensive loss	$ (9,838)	$ (8,557)	$ (16,623)	$ (3,198)
Net loss per share attributable to common stockholders, basic	$ (3.17)	$ (2.82)	$ (5.37)	$ (1.20)
Net loss per share attributable to common stockholders, diluted	$ (3.17)	$ (2.82)	$ (5.37)	$ (1.20)
Weighted average shares of common stock outstanding, basic	3,106,152	3,037,974	3,095,639	2,675,827
Weighted average shares of common stock outstanding, diluted	3,106,152	3,037,974	3,095,639	2,675,827

STATEMENTS OF CONVERTIBLE PREFE

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Convertible preferred stock [Member]	Common stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Promissory note from stockholder [Member]
Beginning Balance , Shares at Dec. 31, 2019		39,351,028
Beginning Balance at Dec. 31, 2019		$ 14,048
Beginning Balance , Shares at Dec. 31, 2019			2,138,988
Beginning Balance at Dec. 31, 2019	$ (17,256)			$ 98	$ (17,329)	$ (25)
Issuance of convertible preferred stock , Shares		28,107,876
Issuance of convertible preferred stock		$ 12,500
Stock-based compensation expense	623			623
Reclassification of preferred stock tranche rights upon settlement		$ (1,538)
Net loss	5,359				5,359
Ending Balance , Shares at Mar. 31, 2020		67,458,904
Ending Balance at Mar. 31, 2020		$ 25,010
Ending Balance , Shares at Mar. 31, 2020			2,138,988
Ending Balance at Mar. 31, 2020	(11,274)			721	(11,970)	(25)
Beginning Balance , Shares at Dec. 31, 2019		39,351,028
Beginning Balance at Dec. 31, 2019		$ 14,048
Beginning Balance , Shares at Dec. 31, 2019			2,138,988
Beginning Balance at Dec. 31, 2019	(17,256)			98	(17,329)	(25)
Reclassification of preferred stock tranche rights upon settlement	(1,538)
Net loss	(3,198)
Ending Balance , Shares at Jun. 30, 2020		67,458,904
Ending Balance at Jun. 30, 2020		$ 25,010
Ending Balance , Shares at Jun. 30, 2020			3,091,728
Ending Balance at Jun. 30, 2020	(20,053)			750	(20,527)	(276)
Beginning Balance , Shares at Dec. 31, 2019		39,351,028
Beginning Balance at Dec. 31, 2019		$ 14,048
Beginning Balance , Shares at Dec. 31, 2019			2,138,988
Beginning Balance at Dec. 31, 2019	(17,256)			98	(17,329)	(25)
Net loss	$ (14,600)
Ending Balance , Shares at Dec. 31, 2020	89,945,206	89,945,206
Ending Balance at Dec. 31, 2020	$ 35,354	$ 35,354
Ending Balance , Shares at Dec. 31, 2020			3,129,384
Ending Balance at Dec. 31, 2020	(31,323)			842	(31,885)	(280)
Beginning Balance , Shares at Mar. 31, 2020		67,458,904
Beginning Balance at Mar. 31, 2020		$ 25,010
Beginning Balance , Shares at Mar. 31, 2020			2,138,988
Beginning Balance at Mar. 31, 2020	(11,274)			721	(11,970)	(25)
Stock-based compensation expense	29			29
Issuance of common stock , Shares			952,740
Issuance of promissory note from related party stockholder	(250)					(250)
Interest on promissory note from related stockholder party	(1)					(1)
Net loss	(8,557)				(8,557)
Ending Balance , Shares at Jun. 30, 2020		67,458,904
Ending Balance at Jun. 30, 2020		$ 25,010
Ending Balance , Shares at Jun. 30, 2020			3,091,728
Ending Balance at Jun. 30, 2020	$ (20,053)			750	(20,527)	(276)
Beginning Balance , Shares at Dec. 31, 2020	89,945,206	89,945,206
Beginning Balance at Dec. 31, 2020	$ 35,354	$ 35,354
Beginning Balance , Shares at Dec. 31, 2020			3,129,384
Beginning Balance at Dec. 31, 2020	(31,323)			842	(31,885)	(280)
Issuance of convertible preferred stock , Shares		22,486,302
Issuance of convertible preferred stock		$ 10,000
Conversion of note payable and accrued interest to Series A convertible preferred stock , Shares		5,025,604
Conversion of note payable and accrued interest to Series A convertible preferred stock		$ 2,815
Stock-based compensation expense	65			65
Reclassification of preferred stock tranche rights upon settlement		$ 2,592
Loss on extinguishment of debt	(580)			(580)
Interest on promissory note from related stockholder party	(2)					(2)
Net loss	(6,785)				(6,785)
Ending Balance , Shares at Mar. 31, 2021		117,457,112
Ending Balance at Mar. 31, 2021		$ 50,761
Ending Balance , Shares at Mar. 31, 2021			3,129,384
Ending Balance at Mar. 31, 2021	$ (38,625)			327	(38,670)	(282)
Beginning Balance , Shares at Dec. 31, 2020	89,945,206	89,945,206
Beginning Balance at Dec. 31, 2020	$ 35,354	$ 35,354
Beginning Balance , Shares at Dec. 31, 2020			3,129,384
Beginning Balance at Dec. 31, 2020	(31,323)			842	(31,885)	(280)
Reclassification of preferred stock tranche rights upon settlement	2,592
Loss on extinguishment of debt	(580)
Net loss	$ (16,623)
Ending Balance , Shares at Jun. 30, 2021	182,680,791	182,680,791
Ending Balance at Jun. 30, 2021	$ 185,413	$ 185,413
Ending Balance , Shares at Jun. 30, 2021			3,129,384
Ending Balance at Jun. 30, 2021	(47,740)			1,052	(48,508)	(284)
Beginning Balance , Shares at Mar. 31, 2021		117,457,112
Beginning Balance at Mar. 31, 2021		$ 50,761
Beginning Balance , Shares at Mar. 31, 2021			3,129,384
Beginning Balance at Mar. 31, 2021	(38,625)			327	(38,670)	(282)
Issuance of convertible preferred stock , Shares		65,223,679
Issuance of convertible preferred stock		$ 134,652
Stock-based compensation expense	725			725
Interest on promissory note from related stockholder party	(2)					(2)
Net loss	$ (9,838)				(9,838)
Ending Balance , Shares at Jun. 30, 2021	182,680,791	182,680,791
Ending Balance at Jun. 30, 2021	$ 185,413	$ 185,413
Ending Balance , Shares at Jun. 30, 2021			3,129,384
Ending Balance at Jun. 30, 2021	$ (47,740)			$ 1,052	$ (48,508)	$ (284)

STATEMENTS OF CONVERTIBLE PRE_2

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Series B convertible preferred stock [Member]
Temporary Equity Issuance Costs	$ 348

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (16,623)	$ (3,198)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of preferred stock tranche rights	635	(4,471)
Stock-based compensation expense	790	652
Non-cash interest income on promissory note	(4)	(1)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(48)	(77)
Other assets	(2,503)
Accounts payable	1,823	641
Accrued expenses	285	513
Net cash used in operating activities	(15,645)	(5,941)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock and preferred stock tranche rights, net of issuance costs	144,652	12,500
Issuance of promissory note to founder		(250)
Payments of initial public offering costs	(420)
Net cash provided by financing activities	144,232	12,250
Net increase in cash and cash equivalents	128,587	6,309
Cash and cash equivalents at beginning of period	10,332	3,016
Cash and cash equivalents at end of period	138,919	9,325
Supplemental disclosure of noncash financing information:
Settlement of notes payable and accrued interest for preferred stock	2,235
Loss on extinguishment of debt	580
Settlement of preferred stock tranche rights	2,592	$ (1,538)
Deferred offering costs in accounts payable and accrued expenses	$ 1,298

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nuvalent, Inc. (the “Company”) is a biopharmaceutical company focused on creating pr e The Company is subject to risks similar to those of other pre-clinical (“COVID-19”) In March 2020, the World Health Organization declared the COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 On July 23, 2021, the Company effected a one-for-5.38213 On July 23, 2021, the Company filed an amendment to its amended and restated certificate of incorporation, which effected a recapitalization of the Company’s then outstanding common stock to Class A common stock and authorized an additional new class of common stock (See Note 12). On August 2, 2021, the Company completed an initial public offering (“IPO”) of its common stock and issued and sold 10,612,500 shares of Class A and 600,000 shares of Class B common stock at a public offering price of $17.00 per share, inclusive of 1,462,500 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of approximately $174.2 million after deducting underwriting discounts and commissions and estimated offering costs (see Note 12). Basis of presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Since its inception, the Company has funded its operations primarily with proceeds from sales of preferred stock, issuance of convertible notes (which converted in 2018), debt financing from its investors (which was settled with convertible preferred stock in February 2021), and most recently, with proceeds from the sale of common stock in the IPO completed in August 2021. The Company has incurred recurring losses since inception, including net losses of $16.6 million for the six months ended June 30, 2021 and $14.6 million for the year ended December 31, 2020. As of June 30, 2021, the Company had an accumulated deficit of $48.5 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company believes that the net proceeds from its IPO, together with its existing cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date of issuance of these financial statements. The Company will need to obtain additional funding through public or private equity offerings, debt financings or strategic alliances. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or programs. If the Company is unable to obtain funding, the Company will be required to delay, reduce or eliminate some or all of its research and development programs or the Company may be unable to continue operations. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock, the valuation of stock-based awards, preferred stock tranche rights and the accrual of research and development expenses. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. Unaudited interim financial information The balance sheet at December 31, 2020 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s Registration Statement on Form S-1, No. 333-257730 Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. As of June 30, 2021 and December 31, 2020, the Company maintained cash balances in excess of federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party vendors for the manufacturing of its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture materials and components required for the production of its product candidates. These programs could be adversely affected by a significant interruption in the manufacturing process. Deferred offering costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process paid-in Fair value measurements Certain assets and liabilities are carried at fair value under GAAP. 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s preferred stock tranche rights (when outstanding) were carried at fair value, determined according to the fair value hierarchy described above. As of June 30, 2021 and December 31, 2020, the Company had no cash equivalents. The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. Classification of convertible preferred stock The Company’s convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet because the holders of such shares have redemption rights in the event of a deemed liquidation that, in certain situations, is not solely within the control of the Company. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the preferred units are not being a c Preferred stock tranche rights The Series A convertible preferred stock purchase agreement provided the investors with the right and obligation to participate in subsequent closings of Series A convertible preferred stock upon the achievement of certain strategic milestones or as determined by the Series A investors (the “Series A Tranche Rights”) (see Note 6). The Series A Tranche Rights met the definition of a freestanding financial instrument as the Series A Tranche Rights were legally detachable and separately exercisable from the Series A convertible preferred stock. The fair value of the Series A Tranche Rights were initially classified as a liability and recorded at fair value. The preferred stock tranche rights were subject to revaluation at each balance sheet date until each Series A Tranche Right was exercised. Such revaluation resulted in the Series A Tranche Rights being recorded as either an asset or a liability depending on the calculated fair value of the Series A Tranche Rights. Changes in fair value were included as a line item within other income (expense) in the accompanying statements of operations and comprehensive loss. Research and development costs Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, consulting costs, and external costs of vendors engaged to conduct research, preclinical and clinical development activities. Costs for research and development activities are expensed in the period in which they are incurred. Payments for such activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid expense or accrued research and development expense. Determining the prepaid and accrued balances at the end of any reporting period incorporates certain judgments and estimates by management that are based on information available to the Company including information provided by vendors regarding the progress to completion of specific tasks or costs incurred. Stock-based compensation The Company measures stock options with service-based vesting granted to employees, non-employees The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Net income (loss) per share The Company follows the two-class method The two-class method The two-class method Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed using the more dilutive of (a) the two-class method The Company’s convertible preferred stock contractually entitles the holders of such shares to participate in dividends but does not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for each of the three and six months ended June 30, 2021 and 2020. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: As of June 30, 2021 2020 Convertible preferred stock (as converted to common stock) 33,942,085 12,533,866 Unvested restricted common stock 21,129 50,516 Options to purchase common stock 4,324,108 1,210,597 38,287,322 13,794,979 Recently issued accounting pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In February 2016, the FASB issued ASU No. 2016-02, 2016-02”), right-of-use 2016-02, 2018-10, 2018-11, No. 2020-05, one-year right-of-use

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Liabilities: Preferred stock tranche rights $ — $ — $ 1,957 $ 1,957 During the three and six months ended June 30, 2021 and 2020, there were no transfers to or from Level 3. The following table provides a roll-forward of the aggregate fair values of the Company’s preferred stock tranche rights, for which fair value was determined by Level 3 inputs (in thousands): Preferred Stock tranche rights Fair value at December 31, 2020 $ 1,957 Change in fair value 635 Settlement of preferred stock tranche rights (2,592 ) Fair value at June 30, 2021 $ — The preferred stock tranche rights represented the fair value of the Series A Tranche Rights. The fair values of the Series A Tranche Rights were based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the Series A Tranche Rights utilized a scenario-based valuation analysis, which incorporated assumptions and estimates to value the Series A Tranche Rights and a probability assessment of the achievement of the milestones. The Company assessed these assumptions and estimates at the end of each reporting period as additional information impacting the assumptions were obtained. The quantitative elements associated with the Company’s Level 3 inputs impacting the fair value measurement of the Series A Tranche Rights included the fair value per share of the underlying convertible preferred stock, the expected term of the Series A Tranche Rights, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying convertible preferred stock. The Company determined the fair value per share of the underlying preferred stock by taking into consideration its most recent sales of its convertible preferred stock as well as additional factors that the Company deemed relevant. The Company historically has been a private company and lacks company-specific historical and implied volatility information of its stock. Therefore, it estimated its expected stock volatility based on the historical volatility of a representative group of public companies in the biotechnology industry for the expected terms. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the expected terms. The Company estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends. The Company assessed the probabilities of achieving the milestones related to each tranche upon issuance and at the end of each reporting period. Probabilities ranged from 90.0% to 100.0% and expected terms ranged from 0.2 years to 1.6 years. As of December 31, 2020, the fair value of the Company’s Series A convertible preferred stock was $0.53 per share. The Series A Tranche Rights were exercised in March 2020, August 2020 and February 2021 (see Note 6).

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities, Current [Abstract]
Accrued Expenses	4. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued employee compensation and benefits $ 731 $ 636 Accrued external research and development expenses 610 405 Accrued professional fees 673 103 Other 17 27 $ 2,031 $ 1,171

Notes Payable to Related Party

Notes Payable to Related Party	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Notes Payable to Related Party	5. Notes Payable to Related Party In February 2017, the Company issued $2.0 million of promissory notes (the “Notes”) to Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund, IV, L.P. (collectively “Deerfield”), an investor in the Company. The Notes accrued interest at a rate of 2.81% per annum, compounded annually, and matured upon the earlier of a change in control event as defined in the Company’s charter or five years from issuance. In connection with the issuance of the Notes, the Company entered into a revenue share agreement with Deerfield for contingent payments of a low single digit percentage rate of net sales of commercial product. In February 2021, the additional paid-in capital,

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Convertible Preferred Stock	6. Convertible Preferred Stock The Company has issued Series A convertible preferred stock (the “Series A”) and Series B convertible preferred stock (the “Series B”). The Series A and Series B are collectively referred to as the “Preferred Stock”. The Company’s Series A preferred stock purchase agreement entered into in 2018 provided for the issuance and sale of 39,351,028 shares of Series A preferred stock at a purchase price of $0.4447152 per share. The agreement further provided the Series A investors the right and obligation to participate in up to three subsequent offerings of Series A preferred stock upon the achievement of specified development milestones by the Company or upon the Series A investors waiving the milestone requirement, referred to as the Series A Tranche Rights (see Note 3). In March 2020, the Company issued and sold 28,107,876 shares of Series A preferred stock, subject to the first Series A Tranche Right, to its existing investor at a purchase price of $0.4447152 per share resulting in gross proceeds to the Company of $12.5 million. Upon issuance of the shares subject to the first Series A Tranche Right, the Company recorded a reduction to the carrying value of the Series A preferred stock of $1.5 million, representing the fair value of the Series A Tranche Right related to such shares. In August 2020, the Company sold an additional 22,486,302 shares of Series A preferred stock, subject to the second Series A Tranche Right, to its existing investor at a purchase price of $0.4447152 per share resulting in gross proceeds to the Company of $10.0 million. Upon issuance of the shares subject to the second Series A Tranche Right, the Company recorded an increase to the carrying value of the Series A preferred stock of $0.3 million, representing the fair value of the Series A Tranche Right related to such shares. In February 2021, the third and final Series A Tranche Right was exercised resulting in the issuance and sale of 22,486,302 shares of Series A preferred stock at a purchase price of $0.4447152 per share resulting in gross proceeds to the Company of $10.0 million. Upon issuance of the shares subject to the third and final Series A Tranche Right, the Company recorded an increase to the carrying value of the Series A preferred stock of $2.6 million, representing the fair value of the Series A Tranche Right related to such shares. In February 2021, the Company issued 5,025,604 shares of Series A preferred stock with a fair value of $2.8 million for the settlement of the Notes and accrued interest of $2.2 million (see Note 5). In April 2021, the Company issued and sold 65,223,679 shares of Series B preferred stock at a price of $2.0698 per share, for gross proceeds of $135.0 million. There were no tranche rights granted in connection with the Series B preferred stock issuance and sale. Preferred Stock consisted of t h n Preferred Stock Preferred Stock Carrying Value Liquidation Common Stock (in thousands) (in thousands) Series A Preferred Stock 117,457,112 117,457,112 $ 50,761 $ 52,235 21,823,536 Series B Preferred Stock 65,223,679 65,223,679 134,652 135,000 12,118,549 182,680,791 182,680,791 $ 185,413 $ 187,235 33,942,085 Preferred Stock consisted of the following as of December 31, 2020: Preferred Stock Preferred Stock Carrying Value Liquidation Common Stock (in thousands) (in thousands) Series A Preferred Stock 112,431,508 89,945,206 $ 35,354 $ 40,000 16,711,823 112,431,508 89,945,206 $ 35,354 $ 40,000 16,711,823 Upon the closing of the IPO, all of the shares of the Company’s outstanding convertible preferred stock automatically converted into shares of common stock (see Note 12).

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	7. Common Stock Each share of common stock outstanding at June 30, 2021 and December 31, 2020 entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. In April 2021, the Company increased the number of authorized shares of common stock from 160,000,000 shares to 228,582,297 shares. Restricted common stock The Company has outstanding shares of restricted common stock. Shares of unvested restricted common stock may not be sold or transferred by the holder. Vesting may be accelerated upon a change in control, as defined in the restricted stock agreement. If the holders cease to have a business relationship with the Company, the Company may repurchase any unvested shares of common stock held by these individuals at their original purchase price (which was a nominal amount).

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation The Company’s 2017 Stock Option and Grant Plan (the “2017 Plan”) provides for the Company to grant incentive stock options or nonqualified stock options and other equity awards to employees, directors and consultants of the Company. The 2017 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2017 Plan with service-based vesting conditions generally vest over four years and expire after ten years. In April 2021, the Company increased the number of shares of common stock authorized for issuance under the 2017 Plan from 3,600,823 shares to 5,521,288 shares and the total number of shares of common stock that may be issued under the 2017 Plan was 5,521,288 as of June 30, 2021. Shares that are expired, terminated, surrendered or cancelled without having been fully exercised will be available for future awards . The exercise price for stock options granted is not less than the fair value of common stock as determined by the board of directors as of the date of grant. The Company’s board of directors values the Company’s common stock, taking into consideration its most recently available valuation of common stock performed by third parties as well as additional relevant factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. During the six months ended June 30, 2021, the Company granted options to its employees and directors with service-based vesting for the purchase of an aggregate of 2,890,152 shares of common stock with a weighted average grant-date fair value of $12.6 million. Stock-based compensation The Company recorded stock-based compensation expense related to common stock options and restricted common stock in the following expense categories of its statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development expenses $ 276 $ 9 $ 310 $ 629 General and administrative expenses 449 20 480 23 $ 725 $ 29 $ 790 $ 652 As of June 30, 2021, total unrecognized compensation cost related to common stock options and unvested restricted stock was $12.4 million, which is expected to be recognized over a weighted average period of 3.4 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Revenue share The Company has revenue sharing agreements with Deerfield and the Company’s scientific founder to pay each of Deerfield and the scientific founder a low single digit percentage rate of net sales of certain commercial products. The payment obligation expires on the later of twelve years from the first commercial sale in a country or the expiration of the last-to-expire no Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will 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. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Defined Contribution Plan

Defined Contribution Plan	6 Months Ended
	Jun. 30, 2021
Defined Contribution Plan [Abstract]
Defined Contribution Plan	10. Defined Contribution Plan The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for its employees. Eligible employees may make pretax contributions to the 401(k) Plan up to statutory limits. There was no discretionary match made under the 401(k) Plan as of June 30, 2021 and December 31, 2020.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Parties	11. Related Parties The Company had issued certain promissory notes to Deerfield, an investor in the Company. In February 2021, the promissory notes and accrued interest were converted to Series A preferred stock (see Note 5). The Company is obligated to pay low single digit percentage rates of net sales of certain commercial products to Deerfield and its scientific founder. As of June 30, 2021 and December 31, 2020, no products have been commercialized and no amounts have been paid or become due (see Note 9). In February 2017, the Company entered into a three-year consulting agreement with the scientific founder of the Company who is also a board member and a stockholder. The consulting agreement between the scientific founder and the Company continues at will. During each of the three and six months ended June 30, 2021 and 2020, the Company paid the scientific founder $0.1 million. As of June 30, 2021 and December 31, 2020, the Company had no accounts payable to the scientific founder. In June 2020, the Company loaned $0.3 million to the scientific founder of the Co m m July 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Reverse Stock Split On July 23, 2021, the Company effected a one-for-5.38213 Recapitalization On July 23, 2021, the Company filed an amendment to its amended and restated certificate of incorporation, which effected a recapitalization of the Company’s then outstanding common stock to Class A common stock and authorized an additional new class of common stock (“Class B common stock”). The rights of the holders of Class A common stock and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote and shares of Class B common stock are non-voting, 2021 Equity Incentive Plan On July 23, 2021, the Company’s board of directors adopted and its stockholders approved the 2021 Plan, which became effective on August 2, 2021. The 2021 Plan provides for the grant of incentive stock options, non-qualified 2021 Employee Stock Purchase Plan On July 23, 2021, the Company’s board of directors adopted and its stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on August 2, 2021. A total of 473,064 shares of Class A common stock were reserved for issuance under this plan. In addition, the number of shares of Class A common stock that may be issued under the ESPP will automatically increase on January 1, 2022, and each January thereafter through January 1, 2031, by the least of (i) 473,064 shares of Class A common stock, (ii) 1% of the number of shares of the Company’s Class A and Class B common stock outstanding on the immediately preceding December 31st or (iii) such lesser number of shares as determined by the administrator of the Company’s ESPP. Initial Public Offering On August 2, 2021, the Company completed its initial public offering of its common stock and issued and sold 10,612,500 shares of Class A and 600,000 shares of Class B common stock at a public offering price of $17.00 per share, inclusive of 1,462,500 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of approximately $174.2 million after deducting underwriting discounts and commissions and estimated offering costs. In connection with the IPO, the Company’s outstanding convertible preferred stock automatically converted into shares of Class A and Class B common stock.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock, the valuation of stock-based awards, preferred stock tranche rights and the accrual of research and development expenses. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.
Unaudited interim financial information	Unaudited interim financial information The balance sheet at December 31, 2020 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s Registration Statement on Form S-1, No. 333-257730
Concentrations of credit risk and of significant suppliers	Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. As of June 30, 2021 and December 31, 2020, the Company maintained cash balances in excess of federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party vendors for the manufacturing of its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture materials and components required for the production of its product candidates. These programs could be adversely affected by a significant interruption in the manufacturing process.
Deferred offering costs	Deferred offering costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process paid-in
Fair value measurements	Fair value measurements Certain assets and liabilities are carried at fair value under GAAP. 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s preferred stock tranche rights (when outstanding) were carried at fair value, determined according to the fair value hierarchy described above. As of June 30, 2021 and December 31, 2020, the Company had no cash equivalents. The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.
Classification of convertible preferred stock	Classification of convertible preferred stock The Company’s convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet because the holders of such shares have redemption rights in the event of a deemed liquidation that, in certain situations, is not solely within the control of the Company. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the preferred units are not being a c
Preferred stock tranche rights	Preferred stock tranche rights The Series A convertible preferred stock purchase agreement provided the investors with the right and obligation to participate in subsequent closings of Series A convertible preferred stock upon the achievement of certain strategic milestones or as determined by the Series A investors (the “Series A Tranche Rights”) (see Note 6). The Series A Tranche Rights met the definition of a freestanding financial instrument as the Series A Tranche Rights were legally detachable and separately exercisable from the Series A convertible preferred stock. The fair value of the Series A Tranche Rights were initially classified as a liability and recorded at fair value. The preferred stock tranche rights were subject to revaluation at each balance sheet date until each Series A Tranche Right was exercised. Such revaluation resulted in the Series A Tranche Rights being recorded as either an asset or a liability depending on the calculated fair value of the Series A Tranche Rights. Changes in fair value were included as a line item within other income (expense) in the accompanying statements of operations and comprehensive loss.
Research and development costs	Research and development costs Research and development expenses consist of costs incurred in performing research and development activities, including salaries and bonuses, stock-based compensation, employee benefits, consulting costs, and external costs of vendors engaged to conduct research, preclinical and clinical development activities. Costs for research and development activities are expensed in the period in which they are incurred. Payments for such activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid expense or accrued research and development expense. Determining the prepaid and accrued balances at the end of any reporting period incorporates certain judgments and estimates by management that are based on information available to the Company including information provided by vendors regarding the progress to completion of specific tasks or costs incurred.
Stock-based compensation	Stock-based compensation The Company measures stock options with service-based vesting granted to employees, non-employees The Company classifies stock-based compensation expense in its statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.
Net income (loss) per share	Net income (loss) per share The Company follows the two-class method The two-class method The two-class method Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed using the more dilutive of (a) the two-class method The Company’s convertible preferred stock contractually entitles the holders of such shares to participate in dividends but does not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for each of the three and six months ended June 30, 2021 and 2020. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: As of June 30, 2021 2020 Convertible preferred stock (as converted to common stock) 33,942,085 12,533,866 Unvested restricted common stock 21,129 50,516 Options to purchase common stock 4,324,108 1,210,597 38,287,322 13,794,979
Recently issued accounting pronouncements	Recently issued accounting pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In February 2016, the FASB issued ASU No. 2016-02, 2016-02”), right-of-use 2016-02, 2018-10, 2018-11, No. 2020-05, one-year right-of-use

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: As of June 30, 2021 2020 Convertible preferred stock (as converted to common stock) 33,942,085 12,533,866 Unvested restricted common stock 21,129 50,516 Options to purchase common stock 4,324,108 1,210,597 38,287,322 13,794,979

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Liabilities: Preferred stock tranche rights $ — $ — $ 1,957 $ 1,957
Schedule of Roll Forward of the Aggregate Fair Value of the Preferred Stock Tranche Rights	The following table provides a roll-forward of the aggregate fair values of the Company’s preferred stock tranche rights, for which fair value was determined by Level 3 inputs (in thousands): Preferred Stock tranche rights Fair value at December 31, 2020 $ 1,957 Change in fair value 635 Settlement of preferred stock tranche rights (2,592 ) Fair value at June 30, 2021 $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued employee compensation and benefits $ 731 $ 636 Accrued external research and development expenses 610 405 Accrued professional fees 673 103 Other 17 27 $ 2,031 $ 1,171

Convertible Preferred Stock (Ta

Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Redeemable Convertible Preferred Stock	Preferred Stock consisted of t h n Preferred Stock Preferred Stock Carrying Value Liquidation Common Stock (in thousands) (in thousands) Series A Preferred Stock 117,457,112 117,457,112 $ 50,761 $ 52,235 21,823,536 Series B Preferred Stock 65,223,679 65,223,679 134,652 135,000 12,118,549 182,680,791 182,680,791 $ 185,413 $ 187,235 33,942,085 Preferred Stock consisted of the following as of December 31, 2020: Preferred Stock Preferred Stock Carrying Value Liquidation Common Stock (in thousands) (in thousands) Series A Preferred Stock 112,431,508 89,945,206 $ 35,354 $ 40,000 16,711,823 112,431,508 89,945,206 $ 35,354 $ 40,000 16,711,823

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expenses	The Company recorded stock-based compensation expense related to common stock options and restricted common stock in the following expense categories of its statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development expenses $ 276 $ 9 $ 310 $ 629 General and administrative expenses 449 20 480 23 $ 725 $ 29 $ 790 $ 652

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 02, 2021	Jul. 23, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss			$ 9,838	$ 6,785	$ 8,557	$ (5,359)	$ 16,623	$ 3,198	$ 14,600
Accumulated deficit			$ 48,508				$ 48,508		$ 31,885
Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split		one-for-5.38213
Proceeds from Issuance of initial public offering	$ 174,200
Subsequent Event [Member] | Common Class A [Member] | IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period shares new shares	10,612,500
Shares issued price per share	$ 17
Subsequent Event [Member] | Common Class A [Member] | IPO [Member] | Over-Allotment Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period shares new shares	1,462,500
Subsequent Event [Member] | Common Class B [Member] | IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period shares new shares	600,000
Shares issued price per share	$ 17

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	38,287,322	13,794,979
Convertible preferred stock (as converted to common stock) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	33,942,085	12,533,866
Unvested restricted common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	21,129	50,516
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,324,108	1,210,597

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred offering costs	$ 1,718,000	$ 0
cash equivalents	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Preferred stock tranche rights [Member] $ in Thousands	Dec. 31, 2020USD ($)
Liabilities:
Preferred stock tranche rights	$ 1,957
Fair value, inputs, level 3 [Member]
Liabilities:
Preferred stock tranche rights	$ 1,957

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Roll Forward of the Aggregate Fair Value of the Preferred Stock Tranche Rights (Detail) - Preferred stock tranche rights [Member] - Fair value, inputs, level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2020	$ 1,957
Change in fair value	635
Settlement of preferred stock tranche rights	(2,592)
Fair value at June 30, 2021	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2021yr	Dec. 31, 2020$ / shares
Series A convertible preferred stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Redeemable convertible preferred stock fair value per share | $ / shares		$ 0.53
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of achieving milestones	100.00%
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of achieving milestones	90.00%
Measurement input, expected dividend rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible preferred stock, measurement input	0
Measurement input, expected term [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible preferred stock, measurement input	1.6
Measurement input, expected term [Member] | Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible preferred stock, measurement input	0.2

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Accrued employee compensation and benefits	$ 731	$ 636
Accrued external research and development expenses	610	405
Accrued professional fees	673	103
Other	17	27
Total Accrued expenses	$ 2,031	$ 1,171

Notes Payable to Related Party

Notes Payable to Related Party - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Jun. 30, 2021	Feb. 28, 2017
Related Party Transaction [Line Items]
Loss on extinguishment of debt	$ (600)	$ (580)	$ (580)
Convertible preferred stock [Member]
Related Party Transaction [Line Items]
Conversion of note payable and accrued interest to Series A convertible preferred stock , Shares	5,025,604	5,025,604
Deerfield Healthcare Innovations Fund L.P. And Deerfield Private Design Fund IV, L.P [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Debt instrument face amount				$ 2,000
Debt instrument interest rate percentage				2.81%

Convertible Preferred Stock - S

Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Preferred Stock Authorized	182,680,791	112,431,508
Preferred Stock Issued	182,680,791	89,945,206
Preferred Stock Outstanding	182,680,791	89,945,206
Carrying Value	$ 185,413	$ 35,354
Liquidation Preference	$ 187,235	$ 40,000
Common Stock Issuable Upon Conversion	33,942,085	16,711,823
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock Authorized	117,457,112	112,431,508
Preferred Stock Issued	117,457,112	89,945,206
Preferred Stock Outstanding	117,457,112	89,945,206
Carrying Value	$ 50,761	$ 35,354
Liquidation Preference	$ 52,235	$ 40,000
Common Stock Issuable Upon Conversion	21,823,536	16,711,823
Series B Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock Authorized	65,223,679
Preferred Stock Issued	65,223,679
Preferred Stock Outstanding	65,223,679
Carrying Value	$ 134,652
Liquidation Preference	$ 135,000
Common Stock Issuable Upon Conversion	12,118,549

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Apr. 30, 2021	Feb. 28, 2021	Aug. 31, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Increase (decrease) in carrying value						$ 2,592	$ (1,538)
Settlement of notes payable and accrued interest for preferred stock						$ 2,235
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of convertible preferred stock , Shares	39,351,028
Shares issued price per share	$ 0.4447152
Settlement of notes payable and accrued interest for preferred stock			$ 2,200
Conversion of note payable and accrued interest to Series A convertible preferred stock , Shares			5,025,604
Conversion of note payable and accrued interest to Series A convertible preferred stock			$ 2,800
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of convertible preferred stock , Shares		65,223,679
Shares issued price per share		$ 2.0698
Proceeds from issuance of preferred stock		$ 135,000
First Series A Tranche Right [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of convertible preferred stock , Shares					28,107,876
Shares issued price per share					$ 0.4447152
Proceeds from issuance of preferred stock					$ 12,500
Increase (decrease) in carrying value					$ 1,500
Second Series A Tranche Right [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of convertible preferred stock , Shares				22,486,302
Shares issued price per share				$ 0.4447152
Proceeds from issuance of preferred stock				$ 10,000
Increase (decrease) in carrying value				$ 300
Third and Final Series A Tranche Right [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of convertible preferred stock , Shares			22,486,302
Shares issued price per share			$ 0.4447152
Proceeds from issuance of preferred stock			$ 10,000
Increase (decrease) in carrying value			$ 2,600

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Apr. 30, 2021	Mar. 31, 2021
Common stock authorized	228,582,297	160,000,000	228,582,297	160,000,000
Common stock, voting rights	one vote	one vote

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 725	$ 29	$ 790	$ 652
Research and Development Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	276	9	310	629
General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 449	$ 20	$ 480	$ 23

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Mar. 31, 2021
2017 Stock Option and Grant Plan [Member]
Common stock authorized	5,521,288	5,521,288	3,600,823
Service-based vesting options granted	2,890,152
Unrecognized compensation cost related to common stock options and unvested restricted stock	$ 12.4
Share based payment weighted average period	3 years 4 months 24 days
Shares available for future issurance	1,074,985
Share based payment award options granted, weighted average grant date fair value	$ 12.6
2017 Plan [Member]
Service based vesting conditions	4 years
Service based vesting conditions, Expiration Period	10 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Revenue Share Agreement [Member]
Accrued liability	$ 0	$ 0

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0

Related Parties - Additional In

Related Parties - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Scientific Founder [Member]
Notes receivable related parties		$ 300,000		$ 300,000
Loan bears interest rate		2.86%		2.86%
Promissory note maturity date description			The maturity date of the promissory note occurs on the earliest to occur of (i) June 11, 2024, (ii) 60 calendar days following the date of termination of services of the stockholder, and (iii) immediately prior to an initial filing of a registration statement by the Company.
Repayment of the promissory note			$ 0		$ 0
Consulting Agreement [Member]
Related party amounts paid	$ 100,000	$ 100,000	100,000	$ 100,000
Accounts payable, related parties	$ 0		$ 0		$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Aug. 02, 2021	Jul. 23, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, voting rights			one vote	one vote
Subsequent Event [Member]
Subsequent Event [Line Items]
Reverse stock split		one-for-5.38213
Proceeds from Issuance of initial public offering	$ 174.2
Common stock, voting rights		Each share of Class A common stock is entitled to one vote and shares of Class B common stock are non-voting, except as may be required by law.
Common stock, terms of conversion		Each share of Class B common stock may be converted at any time into one share of Class A common stock at the option of its holder, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation.
Common Class A [Member] | Subsequent Event [Member] | IPO [Member]
Subsequent Event [Line Items]
Stock issued during period shares new shares	10,612,500
Shares issued price per share	$ 17
Common Class A [Member] | Subsequent Event [Member] | IPO [Member] | Over-Allotment Option [Member]
Subsequent Event [Line Items]
Stock issued during period shares new shares	1,462,500
Common Class B [Member] | Subsequent Event [Member] | IPO [Member]
Subsequent Event [Line Items]
Stock issued during period shares new shares	600,000
Shares issued price per share	$ 17
2021 Employee Stock Purchase Plan [Member] | Common Class A [Member] | Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Common stock capital shares reserved for issuance		473,064
Employee stock purchase plan annual increase shares		473,064
Employee stock purchase plan annual increase shares percentage		1.00%
2021 Equity Incentive Plan [Member] | Common Class A [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock capital shares reserved for issuance		5,866,004
Cumulative annual increase in shares reserved for issuance, percentage		5.00%