Nuvalent (NUVL) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	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
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,878,747
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,435,254

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 67,273	$ 68,526
Marketable securities	205,461	219,585
Prepaid expenses and other current assets	1,739	2,517
Total current assets	274,473	290,628
Other assets	2,566	3,196
Total assets	277,039	293,824
Current liabilities:
Accounts payable	4,246	2,893
Accrued expenses	3,878	5,894
Total current liabilities	8,124	8,787
Total liabilities	8,124	8,787
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	365,701	363,483
Accumulated other comprehensive loss	(1,019)	(228)
Accumulated deficit	(95,772)	(78,223)
Total stockholders' equity (deficit)	268,915	285,037
Total liabilities and stockholders' equity	277,039	293,824
Common Class A [Member]
Stockholders' equity:
Common stock	4	4
Common Class B [Member]
Stockholders' equity:
Common stock	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	140,000,000	140,000,000
Common stock, shares issued	42,878,747	42,862,175
Common stock, shares outstanding	42,878,747	42,862,175
Common Class B [Member]
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,435,254	5,435,254
Common stock, shares outstanding	5,435,254	5,435,254

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 12,693	$ 5,484
General and administrative	4,995	678
Total operating expenses	17,688	6,162
Loss from operations	(17,688)	(6,162)
Other income (expense):
Change in fair value of preferred stock tranche rights	0	(635)
Other income (expense), net	139	12
Total other income (expense), net	139	(623)
Net loss	$ (17,549)	$ (6,785)
Net loss per share attributable to common stockholders, basic	$ (0.36)	$ (2.20)
Net loss per share attributable to common stockholders, diluted	$ (0.36)	$ (2.20)
Weighted average shares of common stock outstanding, basic	48,284,778	3,085,009
Weighted average shares of common stock outstanding, diluted	48,284,778	3,085,009
Comprehensive loss:
Net loss	$ (17,549)	$ (6,785)
Other comprehensive loss:
Unrealized losses on marketable securities, net of tax of $0	(791)
Comprehensive loss	$ (18,340)	$ (6,785)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Income Statement [Abstract]
Unrealized losses on marketable securities, tax	$ 0

CONSOLIDATED STATEMENTS OF CONV

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Convertible preferred stock [Member]	Common stock [Member]Common Class A [Member]	Common stock [Member]Common Class B [Member]	Additional paid-in capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated deficit [Member]	Promissory note from stockholder [Member]
Beginning Balance , Shares at Dec. 31, 2020		89,945,206
Beginning Balance at Dec. 31, 2020		$ 35,354
Beginning Balance , Shares at Dec. 31, 2020			3,129,834	0
Beginning Balance at Dec. 31, 2020	$ (31,323)		$ 0	$ 0	$ 842	$ 0	$ (31,885)	$ (280)
Issuance of Series A convertible preferred stock, Shares		22,486,302
Issuance of Series A 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
Reclassification of preferred stock tranche rights upon settlement	2,592	$ 2,592
Interest on promissory note from related stockholder party	(2)							(2)
Loss on extinguishment of debt	(580)				(580)
Stock-based compensation expense	65				65
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			3,129,834	0
Ending Balance at Mar. 31, 2021	(38,625)		$ 0	$ 0	327	0	(38,670)	(282)
Beginning Balance , Shares at Dec. 31, 2020		89,945,206
Beginning Balance at Dec. 31, 2020		$ 35,354
Beginning Balance , Shares at Dec. 31, 2020			3,129,834	0
Beginning Balance at Dec. 31, 2020	(31,323)		$ 0	$ 0	842	0	(31,885)	(280)
Net loss	(46,300)
Ending Balance , Shares at Dec. 31, 2021		0
Ending Balance at Dec. 31, 2021		$ 0
Ending Balance , Shares at Dec. 31, 2021			42,862,175	5,435,254
Ending Balance at Dec. 31, 2021	285,037		$ 4	$ 1	363,483	(228)	(78,223)	0
Issuance of common stock upon exercise of stock options , Shares			16,572
Issuance of common stock upon exercise of stock options	13				13
Unrealized losses on marketable securities	(791)					(791)
Stock-based compensation expense	2,205				2,205
Net loss	(17,549)						(17,549)
Ending Balance , Shares at Mar. 31, 2022		0
Ending Balance at Mar. 31, 2022		$ 0
Ending Balance , Shares at Mar. 31, 2022			42,878,747	5,435,254
Ending Balance at Mar. 31, 2022	$ 268,915		$ 4	$ 1	$ 365,701	$ (1,019)	$ (95,772)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (17,549)	$ (6,785)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of preferred stock tranche rights	0	635
Stock-based compensation expense	2,205	65
Non-cash interest income on promissory note		(2)
Net amortization of premiums on marketable securities	276
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	778	(47)
Other assets	630	(398)
Accounts payable	1,353	197
Accrued expenses	(1,235)	402
Net cash used in operating activities	(13,542)	(5,933)
Cash flows from investing activities:
Purchases of marketable securities	(13,943)
Proceeds from sales and maturities of marketable securities	27,000	0
Net cash provided by investing activities	13,057	0
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock and preferred stock tranche rights, net of issuance costs		10,000
Payments of insurance costs financed by a third-party	(781)
Proceeds from issuance of common stock upon option exercise	13
Net cash provided by (used in) financing activities	(768)	10,000
Net increase in cash and cash equivalents	(1,253)	4,067
Cash and cash equivalents at beginning of period	68,526	10,332
Cash and cash equivalents at end of period	$ 67,273	14,399
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
Initial public offering costs in accrued expenses and other current liabilities		$ 88

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 clinical stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer. The Company was founded in January 2017 as a Delaware corporation. The Company is headquartered in Cambridge, Massachusetts. The Company is subject to risks similar to those of other pre-commercial COVID-19 On August , , the Company completed an initial public offering (“IPO”) of its common stock and issued and sold shares of Class A common stock shares of Class B common stock at a public offering price of $ per share, inclusive of 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 $ million after deducting underwriting discounts and commissions and 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. Basis of presentation The Company’s consolidated 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”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Nuvalent Securities Corporation. All intercompany balances and transactions have been eliminated. The Company has incurred recurring losses since inception, including net losses of $17.5 million for the three months ended March 31, 2022, and $46.3 million for the year ended December 31, 2021. As of March 31, 2022, the Company had an accumulated deficit of $95.8 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date of issuance of these consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to fund its operations. 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	3 Months Ended
	Mar. 31, 2022
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 consolidated financial statements include, but are not limited to, the valuation of stock-based awards 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 consolidated balance sheet at December 31, 2021, was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, 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 consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. As of March 31, 2022 and December 31, 2021, the Company maintained cash, cash equivalents and marketable securities 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. 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 cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). 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. Marketable securities The Company’s marketable securities (non-equity available-for-sale The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge recorded in the consolidated statements of operations and comprehensive loss. No such adjustments were necessary during the periods presented. The Company classifies its marketable securities with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities are available for current operations. Net income (loss) per share Prior to the closing of the IPO, the Company followed the two-class method The two-class method The two-class method Subsequent to the closing of the IPO, basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one 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 because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 Convertible preferred stock (as converted to common stock) — 21,823,536 Unvested restricted common stock 21,129 43,084 Options to purchase common stock 6,250,433 2,001,445 6,271,562 23,868,065 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 June 2016, the FASB issued ASU No. 2016-13, No. 2019-10, o s Recently adopted accounting pronouncements Effective January 1, 2022, the Company adopted ASC Topic 842, Leases (“ASC 842”), using the modified retrospective approach with no restatement of prior periods or cumulative adjustment to accumulated deficit. Therefore, as of and for the year ended December 31, 2021, the Company’s consolidated financial statements continue to be presented in accordance with ASC Topic 840, the accounting standard originally in effect for such period. As of and for the three months ended March 31, 2022, the Company’s consolidated financial statements are presented in accordance with ASC 842. The Company elected to use the transition package of three practical expedients, which among other things, allowed the Company to carry forward the historical lease classification. The Company elected, under ASC 842, the further practical expedient not to separate non-lease In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Marketable Securities	3. Marketable Securities Marketable securities by security type consisted of the following (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper (due within one year) $ 103,182 $ — $ (172 ) $ 103,010 Corporate bonds (due within one year) 64,649 — (480 ) 64,169 Government securities (due within one year) 8,606 — (84 ) 8,522 U.S. treasury securities (due within one year) 18,018 2 (72 ) 17,948 Corporate bonds (due after one year through two years) 12,026 — (214 ) 11,812 $ 206,481 $ 2 $ (1,022 ) $ 205,461 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper (due within one year) $ 121,156 $ — $ (44 ) $ 121,112 Corporate bonds (due within one year) 43,756 — (60 ) 43,696 Government securities (due within one year) 4,583 — (10 ) 4,573 U.S. treasury securities (due within one year) 10,056 — (9 ) 10,047 Corporate bonds (due after one year through two years) 36,218 1 (99 ) 36,120 Government securities (due after one year through two years) 4,045 — (8 ) 4,037 $ 219,814 $ 1 $ (230 ) $ 219,585

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. 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 March 31, 2022: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 66,270 $ — $ — $ 66,270 Marketable securities: Commercial paper — 103,010 — 103,010 Corporate bonds — 75,981 — 75,981 Government securities — 8,522 — 8,522 U.S. treasury securities — 17,948 — 17,948 $ 66,270 $ 205,461 $ — $ 271,731 Fair Value Measurements at December 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 67,522 $ — $ — $ 67,522 Marketable securities: Commercial paper — 121,112 — 121,112 Corporate bonds — 79,816 — 79,816 Government securities — 8,610 — 8,610 U.S. treasury securities — 10,047 — 10,047 $ 67,522 $ 219,585 $ — $ 287,107 Money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Corporate bonds, commercial paper, government securities and U.S. treasury securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the three months ended March 31, 2022 and 2021, there were

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee compensation and benefits $ 1,224 $ 2,730 Accrued external research and development expenses 1,871 1,757 Accrued insurance 195 976 Accrued professional 550 415 Other 38 16 $ 3,878 $ 5,894

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation 2021 stock option and incentive plan On July 23, 2021, the Company’s board of directors adopted and its stockholders approved the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which became effective on July 28, 2021. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock Class A January 1, 2022, and shall be further increased on each January 1 thereafter by compensation committee of the board of directors. The shares of Class A common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expired or are otherwise terminated (other than by exercise) under the 2021 Plan and the Company’s previously outstanding 2017 Stock Option and Grant Plan will be added back to the shares of Class A common stock available under the 2021 Plan. As of March 31, 2022, shares of Class A common stock remained available for future issuance under the 2021 Plan. 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 July 28, 2021. A total of 473,064 shares of Class A common stock were reserved for issuance under the ESPP. In addition, the number of shares of Class A common stock that may be issued under the ESPP automatically increased by 473,064 shares on January 1, 2022, and will automatically increase on each January thereafter through January 1, 2031, by the least of (i) shares of Class A common stock remained available for issuance. Option grants During the three months ended March 31, 2022, the Company granted options to its employees and directors with service-based vesting for the purchase of an aggregate of 1,357,460 shares of common stock with a total grant-date fair value of $24.9 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 consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 947 $ 34 General and administrative expenses 1,258 31 $ 2,205 $ 65 As of March 31, 2022, total unrecognized compensation cost related to common stock options and unvested restricted stock was $32.3 million, which is expected to be recognized over a weighted average period of 3.3 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Leases Th e Company leases office space pursuant to a month-to month lease and as such categorizes all of its lease expense as short-term lease cost. During the three months ended March 31, 2022, the Company recorded short-term lease cost of less than $ million. Revenue share The Company has revenue sharing agreements with Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund, IV, L.P. (collectively, “Deerfield”) 12 last-to-expire 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	3 Months Ended
	Mar. 31, 2022
Defined Contribution Plan [Abstract]
Defined Contribution Plan	8. 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. In September 2021, the Company adopted a match program for employee contributions to the 401(k) Plan up to a maximum of six no

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Parties	9. 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 convertible preferred stock. 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 March 31, 2022 and December 31, 2021, no products have been commercialized and no amounts have been paid or become due (see Note 7). 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 the three months ended March 31, 2022 and 2021, the Company paid the scientific founder $0.1 million and less than $0.1 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had less than $0.1 million in accounts payable to the scientific founder.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 consolidated financial statements include, but are not limited to, the valuation of stock-based awards 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 consolidated balance sheet at December 31, 2021, was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, 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 consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K
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, cash equivalents and marketable securities. As of March 31, 2022 and December 31, 2021, the Company maintained cash, cash equivalents and marketable securities 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.
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 cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). 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.
Marketable securities	Marketable securities The Company’s marketable securities (non-equity available-for-sale The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge recorded in the consolidated statements of operations and comprehensive loss. No such adjustments were necessary during the periods presented. The Company classifies its marketable securities with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities are available for current operations.
Net income (loss) per share	Net income (loss) per share Prior to the closing of the IPO, the Company followed the two-class method The two-class method The two-class method Subsequent to the closing of the IPO, basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are substantially identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one 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 because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 Convertible preferred stock (as converted to common stock) — 21,823,536 Unvested restricted common stock 21,129 43,084 Options to purchase common stock 6,250,433 2,001,445 6,271,562 23,868,065
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 June 2016, the FASB issued ASU No. 2016-13, No. 2019-10, o s Recently adopted accounting pronouncements Effective January 1, 2022, the Company adopted ASC Topic 842, Leases (“ASC 842”), using the modified retrospective approach with no restatement of prior periods or cumulative adjustment to accumulated deficit. Therefore, as of and for the year ended December 31, 2021, the Company’s consolidated financial statements continue to be presented in accordance with ASC Topic 840, the accounting standard originally in effect for such period. As of and for the three months ended March 31, 2022, the Company’s consolidated financial statements are presented in accordance with ASC 842. The Company elected to use the transition package of three practical expedients, which among other things, allowed the Company to carry forward the historical lease classification. The Company elected, under ASC 842, the further practical expedient not to separate non-lease In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
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 because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 Convertible preferred stock (as converted to common stock) — 21,823,536 Unvested restricted common stock 21,129 43,084 Options to purchase common stock 6,250,433 2,001,445 6,271,562 23,868,065

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Summary of Marketable securities by Security	Marketable securities by security type consisted of the following (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper (due within one year) $ 103,182 $ — $ (172 ) $ 103,010 Corporate bonds (due within one year) 64,649 — (480 ) 64,169 Government securities (due within one year) 8,606 — (84 ) 8,522 U.S. treasury securities (due within one year) 18,018 2 (72 ) 17,948 Corporate bonds (due after one year through two years) 12,026 — (214 ) 11,812 $ 206,481 $ 2 $ (1,022 ) $ 205,461 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper (due within one year) $ 121,156 $ — $ (44 ) $ 121,112 Corporate bonds (due within one year) 43,756 — (60 ) 43,696 Government securities (due within one year) 4,583 — (10 ) 4,573 U.S. treasury securities (due within one year) 10,056 — (9 ) 10,047 Corporate bonds (due after one year through two years) 36,218 1 (99 ) 36,120 Government securities (due after one year through two years) 4,045 — (8 ) 4,037 $ 219,814 $ 1 $ (230 ) $ 219,585

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 66,270 $ — $ — $ 66,270 Marketable securities: Commercial paper — 103,010 — 103,010 Corporate bonds — 75,981 — 75,981 Government securities — 8,522 — 8,522 U.S. treasury securities — 17,948 — 17,948 $ 66,270 $ 205,461 $ — $ 271,731 Fair Value Measurements at December 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 67,522 $ — $ — $ 67,522 Marketable securities: Commercial paper — 121,112 — 121,112 Corporate bonds — 79,816 — 79,816 Government securities — 8,610 — 8,610 U.S. treasury securities — 10,047 — 10,047 $ 67,522 $ 219,585 $ — $ 287,107

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee compensation and benefits $ 1,224 $ 2,730 Accrued external research and development expenses 1,871 1,757 Accrued insurance 195 976 Accrued professional 550 415 Other 38 16 $ 3,878 $ 5,894

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 947 $ 34 General and administrative expenses 1,258 31 $ 2,205 $ 65

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	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net proceeds from initial public offering	$ 174,300
Net loss		$ 17,549	$ 6,785	$ 46,300
Accumulated deficit		$ 95,772		$ 78,223
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
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
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,271,562	23,868,065
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	0	21,823,536
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	43,084
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	6,250,433	2,001,445

Marketable Securities - Summary

Marketable Securities - Summary of Marketable securities by Security (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized Cost	$ 206,481	$ 219,814
Gross Unrealized Gains	2	1
Gross Unrealized Losses	(1,022)	(230)
Fair Value	205,461	219,585
Corporate bonds | Due from one to two years
Marketable Securities [Line Items]
Amortized Cost	12,026	36,218
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(214)	(99)
Fair Value	11,812	36,120
Corporate bonds | Due within one year
Marketable Securities [Line Items]
Amortized Cost	64,649	43,756
Gross Unrealized Losses	(480)	(60)
Fair Value	64,169	43,696
Commercial paper | Due within one year
Marketable Securities [Line Items]
Amortized Cost	103,182	121,156
Gross Unrealized Losses	(172)	(44)
Fair Value	103,010	121,112
Government Securities [Member] | Due from one to two years
Marketable Securities [Line Items]
Amortized Cost		4,045
Gross Unrealized Losses		(8)
Fair Value		4,037
Government Securities [Member] | Due within one year
Marketable Securities [Line Items]
Amortized Cost	8,606	4,583
Gross Unrealized Losses	(84)	(10)
Fair Value	8,522	4,573
US Treasury Securities [Member] | Due within one year
Marketable Securities [Line Items]
Amortized Cost	18,018	10,056
Gross Unrealized Gains	2
Gross Unrealized Losses	(72)	(9)
Fair Value	$ 17,948	$ 10,047

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Marketable securities	$ 205,461	$ 219,585
Total assets	271,731	287,107
Money Market Funds [Member]
Assets:
Cash equivalents	66,270	67,522
Commercial Paper [Member]
Assets:
Marketable securities	103,010	121,112
Corporate bonds [Member]
Assets:
Marketable securities	75,981	79,816
Government securities [Member]
Assets:
Marketable securities	8,522	8,610
U.S. treasury securities [Member]
Assets:
Marketable securities	17,948	10,047
Fair value, inputs, level 1 [Member]
Assets:
Total assets	66,270	67,522
Fair value, inputs, level 1 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	66,270	67,522
Fair value, inputs, level 2 [Member]
Assets:
Total assets	205,461	219,585
Fair value, inputs, level 2 [Member] | Commercial Paper [Member]
Assets:
Marketable securities	103,010	121,112
Fair value, inputs, level 2 [Member] | Corporate bonds [Member]
Assets:
Marketable securities	75,981	79,816
Fair value, inputs, level 2 [Member] | Government securities [Member]
Assets:
Marketable securities	8,522	8,610
Fair value, inputs, level 2 [Member] | U.S. treasury securities [Member]
Assets:
Marketable securities	$ 17,948	$ 10,047

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value transfers in or out of Level 3	$ 0	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued employee compensation and benefits	$ 1,224	$ 2,730
Accrued external research and development expenses	1,871	1,757
Accrued insurance	195	976
Accrued professional	550	415
Other	38	16
Total Accrued expenses	$ 3,878	$ 5,894

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 2,205	$ 65
Research and Development Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	947	34
General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 1,258	$ 31

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 28, 2021	Mar. 31, 2022
Unrecognized compensation cost related to common stock options and unvested restricted stock			$ 32.3
Share based payment weighted average period			3 years 3 months 18 days
2021 Equity Incentive Plan [Member]
Shares available for future issuance			6,324,518
2021 Equity Incentive Plan [Member] | Common Class A [Member]
Number of authorized shares reserved		5,866,004
Number of additional authorized shares reserved	2,414,871
2021 Employee Stock Purchase Plan [Member]
Shares available for future issuance			946,128
2021 Employee Stock Purchase Plan [Member] | Common Class A [Member]
Number of authorized shares reserved		473,064
Number of additional authorized shares reserved	473,064
Service Based [Member] | Employees and Directors [Member]
Service-based vesting options granted			1,357,460
Aggregate fair value of restricted stock, vested			$ 24.9
Maximum [Member] | 2021 Equity Incentive Plan [Member] | Class A and Class B Common Stock [Member]
Share based compensation arrangement by share based payment award cumulative annual increase percentage		5.00%
Maximum [Member] | 2021 Employee Stock Purchase Plan [Member] | Common Class A [Member]
Share based compensation arrangement by share based payment award annual increase amount		473,064
Maximum [Member] | 2021 Employee Stock Purchase Plan [Member] | Class A and Class B Common Stock [Member]
Share based compensation arrangement by share based payment award annual increase percentage		1.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accrued liability	$ 0	$ 0
Maximum [Member]
Short-term lease cost	$ 100,000

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022
Defined contribution plan, employer discretionary contribution amount	$ 100,000	$ 0
Forecast [Member]
Defined contribution plan employer matching contribution percent of match			6.00%

Related Parties - Additional In

Related Parties - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Consulting Agreement [Member]
Related party amounts paid		$ 0.1
Consulting Agreement [Member] | Maximum [Member]
Related party amounts paid	$ 0.1
Accounts payable, related parties	0.1		$ 0.1
Deerfield And Scientific Founder [Member]
Related party amounts paid	0		0
Accounts payable, related parties	$ 0		$ 0