Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | TYRA BIOSCIENCES, INC. | |
Entity Central Index Key | 0001863127 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-40800 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1476348 | |
Entity Address, Address Line One | 2656 State Street | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92008 | |
City Area Code | 619 | |
Local Phone Number | 728-4760 | |
Entity Common Stock, Shares Outstanding | 43,010,692 | |
Entity Listing, Par Value Per Share | $ 0.0001 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | TYRA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and Cash Equivalents | $ 232,413 | $ 251,213 |
Prepaid and other current assets | 8,333 | 6,075 |
Total current assets | 240,746 | 257,288 |
Restricted cash | 1,000 | 1,000 |
Property and equipment, net | 1,054 | 1,077 |
Right-of-use assets | 6,346 | 2,466 |
Other long-term assets | 866 | 4,350 |
Total assets | 250,012 | 266,181 |
Current liabilities: | ||
Accounts payable | 1,440 | 1,145 |
Lease liabilities, current | 144 | 140 |
Accrued and other current liabilities (including related party amounts of $0 and $59, respectively) | 3,821 | 4,416 |
Total current liabilities | 5,405 | 5,701 |
Lease liabilities, noncurrent | 5,927 | 2,482 |
Other long-term liabilities | 108 | 169 |
Total liabilities | 11,440 | 8,352 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022. | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 shares authorized at June 30, 2023 and December 31, 2022; 42,994,630 and 42,634,459 shares issued at June 30, 2023 and December 31, 2022, respectively, and 42,817,233 and 42,353,550 shares outstanding at June 30, 2023 and December 31, 2022, respectively. | 4 | 4 |
Additional paid-in capital | 359,416 | 353,521 |
Accumulated deficit | (120,848) | (95,696) |
Total stockholders' equity | 238,572 | 257,829 |
Total liabilities and stockholders' equity | $ 250,012 | $ 266,181 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued and other related parties | $ 0 | $ 59 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 42,994,630 | 42,634,459 |
Common stock, shares outstanding | 42,817,233 | 42,353,550 |
Condensed Statement of Operatio
Condensed Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 12,162 | $ 12,047 | $ 22,570 | $ 21,692 |
General and administrative (including related party amounts of $0, $186, $0 and $396, respectively) | 3,852 | 3,381 | 7,778 | 8,570 |
Total operating expenses | 16,014 | 15,428 | 30,348 | 30,262 |
Loss from operations | (16,014) | (15,428) | (30,348) | (30,262) |
Other income (expense): | ||||
Interest income | 2,763 | 346 | 5,218 | 364 |
Other expense | (21) | (13) | (22) | (23) |
Total other income | 2,742 | 333 | 5,196 | 341 |
Net loss and comprehensive loss | $ (13,272) | $ (15,095) | $ (25,152) | $ (29,921) |
Net loss per share, basic | $ (0.31) | $ (0.36) | $ (0.59) | $ (0.72) |
Net loss per share, diluted | $ (0.31) | $ (0.36) | $ (0.59) | $ (0.72) |
Weighted - average shares used to compute net loss per common share - basic | 42,589,213 | 41,777,206 | 42,492,377 | 41,665,155 |
Weighted - average shares used to compute net loss per common share - diluted | 42,589,213 | 41,777,206 | 42,492,377 | 41,665,155 |
Condensed Statement of Operat_2
Condensed Statement of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Related party transaction, selling, general and administrative expenses | $ 0 | $ 186 | $ 0 | $ 396 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ 301,737 | $ 4 | $ 342,104 | $ (40,371) |
Beginning balance (in shares) at Dec. 31, 2021 | 41,441,135 | |||
Issuance of common stock under benefit plans | 238 | 238 | ||
Issuance of common stock under benefit plans, Shares | 28,951 | |||
Vesting of shares of common stock subject to repurchase | 63 | 63 | ||
Vesting of shares of common stock subject to repurchase, Share | 226,478 | |||
Stock-based compensation | 3,972 | 3,972 | ||
Net loss | (14,826) | (14,826) | ||
Ending balance at Mar. 31, 2022 | 291,184 | $ 4 | 346,377 | (55,197) |
Ending balance (in shares) at Mar. 31, 2022 | 41,696,564 | |||
Beginning balance at Dec. 31, 2021 | 301,737 | $ 4 | 342,104 | (40,371) |
Beginning balance (in shares) at Dec. 31, 2021 | 41,441,135 | |||
Net loss | (29,921) | |||
Ending balance at Jun. 30, 2022 | 278,853 | $ 4 | 349,141 | (70,292) |
Ending balance (in shares) at Jun. 30, 2022 | 41,903,110 | |||
Beginning balance at Mar. 31, 2022 | 291,184 | $ 4 | 346,377 | (55,197) |
Beginning balance (in shares) at Mar. 31, 2022 | 41,696,564 | |||
Issuance of common stock under benefit plans | 34 | 34 | ||
Issuance of common stock under benefit plans, Shares | 15,247 | |||
Vesting of shares of common stock subject to repurchase | 42 | 42 | ||
Vesting of shares of common stock subject to repurchase, Share | 191,299 | |||
Stock-based compensation | 2,688 | 2,688 | ||
Net loss | (15,095) | (15,095) | ||
Ending balance at Jun. 30, 2022 | 278,853 | $ 4 | 349,141 | (70,292) |
Ending balance (in shares) at Jun. 30, 2022 | 41,903,110 | |||
Beginning balance at Dec. 31, 2022 | 257,829 | $ 4 | 353,521 | (95,696) |
Beginning balance (in shares) at Dec. 31, 2022 | 42,353,550 | |||
Issuance of common stock under benefit plans | 376 | 376 | ||
Issuance of common stock under benefit plans, Shares | 129,669 | |||
Vesting of shares of common stock subject to repurchase | 32 | 32 | ||
Vesting of shares of common stock subject to repurchase, Share | 52,155 | |||
Stock-based compensation | 2,433 | 2,433 | ||
Net loss | (11,880) | (11,880) | ||
Ending balance at Mar. 31, 2023 | 248,790 | $ 4 | 356,362 | (107,576) |
Ending balance (in shares) at Mar. 31, 2023 | 42,535,374 | |||
Beginning balance at Dec. 31, 2022 | 257,829 | $ 4 | 353,521 | (95,696) |
Beginning balance (in shares) at Dec. 31, 2022 | 42,353,550 | |||
Net loss | (25,152) | |||
Ending balance at Jun. 30, 2023 | 238,572 | $ 4 | 359,416 | (120,848) |
Ending balance (in shares) at Jun. 30, 2023 | 42,817,233 | |||
Beginning balance at Mar. 31, 2023 | 248,790 | $ 4 | 356,362 | (107,576) |
Beginning balance (in shares) at Mar. 31, 2023 | 42,535,374 | |||
Issuance of common stock under benefit plans | 494 | 494 | ||
Issuance of common stock under benefit plans, Shares | 230,502 | |||
Vesting of shares of common stock subject to repurchase | 31 | 31 | ||
Vesting of shares of common stock subject to repurchase, Share | 51,357 | |||
Stock-based compensation | 2,529 | 2,529 | ||
Net loss | (13,272) | (13,272) | ||
Ending balance at Jun. 30, 2023 | $ 238,572 | $ 4 | $ 359,416 | $ (120,848) |
Ending balance (in shares) at Jun. 30, 2023 | 42,817,233 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (13,272) | $ (15,095) | $ (25,152) | $ (29,921) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 169 | 132 | ||
Stock-based compensation | 4,962 | 6,660 | ||
Loss on disposal of property and equipment | 3 | 2 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other assets | 1,337 | (5,083) | ||
Accounts payable, accrued expenses and other liabilities (including related party amounts of $0 and $20, respectively) | (350) | 2,102 | ||
Right-of-use assets and lease liabilities, net | (431) | 15 | ||
Net cash used in operating activities | (19,462) | (26,093) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (84) | (490) | ||
Net cash used in investing activities | (84) | (490) | ||
Cash flows from financing activities: | ||||
Proceeds from issuances of common stock under benefit plans | 746 | 265 | ||
Net cash provided by financing activities | 746 | 265 | ||
Net cash decrease for the period | (18,800) | (26,318) | ||
Cash, cash equivalents and restricted cash at beginning of the period | 252,213 | 302,425 | ||
Cash, cash equivalents and restricted cash at end of the period | 233,413 | 276,107 | 233,413 | 276,107 |
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet | ||||
Cash and cash equivalents | 232,413 | 275,107 | 232,413 | 275,107 |
Restricted cash | 1,000 | 1,000 | 1,000 | 1,000 |
Total cash, cash equivalents and restricted cash | $ 233,413 | $ 276,107 | 233,413 | 276,107 |
Supplemental disclosure of cash flow information: | ||||
Right-of-use asset obtained in exchange for lease liability | 4,004 | 1,556 | ||
Non-cash financing activities: | ||||
Purchases of equipment included in accounts payable | 50 | 29 | ||
Vesting of options early exercised subject to repurchase | 63 | 105 | ||
Receivable from exercise of stock options included in prepaid and other current assets | $ 124 | $ 7 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Cash Flows [Abstract] | ||
Accounts Payable Accrued Expenses And Other Liabilities Related Parties Transaction | $ 0 | $ 20 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at June 30, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the three and six months ended June 30, 2023, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both June 30, 2023 and December 31, 2022 was $ 1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets. Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: • Affiliates of the entity; • Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; • Trusts for the benefit of employees; • Principal owners of the entity and members of their immediate families; • Management of the entity and members of their immediate families; or • Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements. There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three and six months ended June 30, 2023 . Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 —Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, restricted cash, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities. Assets measured at fair value on a recurring basis are as follows (in millions): Fair Value Measurements Using As of June 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and Cash Equivalents $ 232.4 $ 232.4 $ — $ — Restricted Cash $ 1.0 $ 1.0 $ — $ — Total assets $ 233.4 $ 233.4 $ — $ — Fair Value Measurements Using As of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and Cash Equivalents $ 251.2 $ 251.2 $ — $ — Restricted Cash $ 1.0 $ 1.0 $ — $ — Total assets $ 252.2 $ 252.2 $ — $ — None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, December 31, Equipment $ 1,150 $ 1,119 Computers and software 186 181 Leasehold improvements 250 156 Furniture and fixtures 97 82 1,683 1,538 Less: accumulated depreciation ( 629 ) ( 461 ) Total property and equipment, net $ 1,054 $ 1,077 The Company recognized $ 0.1 million and $ 0.2 million in depreciation expense for the three and six months ended June 30, 2023, respectively, and $ 0.1 million and $ 0.1 million in depreciation expense for the three and six months ended June 30, 2022 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued payroll and other employee benefits $ 1,800 $ 2,854 Accrued research and development 1,589 1,028 Accrued legal and professional fees 197 94 Accrued other general and administrative fees 235 440 Total accrued and other current liabilities $ 3,821 $ 4,416 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders' Equity Common Stock Common stock reserved for future issuance consisted of the following: June 30, December 31, Common stock options granted and outstanding 6,040,647 5,890,869 Shares available for future issuance under the 2021 5,993,588 4,339,373 Shares available for future issuance under the 1,153,344 759,442 Total common stock reserved for future issuance 13,187,579 10,989,684 On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $ 150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0 % of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of June 30, 2023 , no shares of common stock were issued and sold pursuant to the Sales Agreement. Restricted Stock Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $ 0.0001 per share to certain founders of the Company (Founders Stock). The Company maintains a repurchase right whereby the shares of Founders Stock are released from such repurchase right over a period of time of continued service by the recipient. Any shares subject to repurchase by the Company are not deemed to be outstanding, for accounting purposes, until those shares vest. Unvested outstanding Founders Stock as of June 30, 2023 and December 31, 2022 were 2,530 and 3,828 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of June 30, 2023 and December 31, 2022. For the six months ended June 30, 2023 and 2022, 1,297 and 244,940 shares vested in each period and the Company recognized $ 5 thousand and $ 147 thousand of stock-based compensation expense for each period related to the Founders Stock, respectively. As of June 30, 2023 , the total unrecognized compensation expense related to unvested Founders Stock was immaterial. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 7. Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Equity Incentive Plan (the 2020 Plan). The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan, consisting of 4,537,850 shares reserved under the 2021 Plan and 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. As of June 30, 2023, 5,993,588 shares were available for future grant under the 2021 Plan. A summary of the Company’s stock option activity for the period ended June 30, 2023 is as follows (in thousands, expect share and per share data and years): Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 5,890,869 $ 7.91 8.8 $ 13,492 Granted 776,948 $ 10.30 Exercised ( 327,729 ) $ 2.00 Cancelled ( 299,441 ) $ 10.29 Outstanding at June 30, 2023 6,040,647 $ 8.42 8.3 $ 57,335 Exercisable at June 30, 2023 2,205,555 $ 7.69 7.6 $ 23,158 Vested and expected to vest as of June 30, 2023 6,040,647 $ 8.42 8.3 $ 57,335 As of June 30, 2023, 134,148 performance-based stock options were both outstanding and unvested. During the three and six months ended June 30, 2023, the Company recognized $ 0.1 million in expense related to these options as the achievement of certain performance conditions was deemed probable to occur. As of June 30, 2023, the unrecognized stock-based compensation expense related to the performance-based options was $ 1.3 million . Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions (excluding option modifications): Six Months Ended 2023 2022 Stock Options: Risk-free rate of interest 3.5 - 4.2 % 1.6 - 3.6 % Expected term (years) 5.2 - 6.1 5.1 - 6.1 Expected stock price volatility 88.6 - 89.7 % 86.4 - 90.4 % Dividend yield — — Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 1,478 $ 1,602 $ 2,937 $ 3,080 General and administrative expense 1,051 1,085 2,025 3,580 Total $ 2,529 $ 2,687 $ 4,962 $ 6,660 The weighted-average grant date fair value of options granted for the six months ended June 30, 2023 and 2022 was $ 7.65 a nd $ 6.40 per share, respectively. Forfeitures resulting in the reversal of compensation expense were immaterial for the six months ended June 30, 2023 and 2022. As of June 30, 2023, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 24.1 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.1 years. Employee Stock Purchase Plan In September 2021, the Company’s Board of Directors and stockholders approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the ESPP was increased to 805,361 shares and on January 1, 2023, the number of shares reserved for issuance under the ESPP was increased to 1,231,705 shares. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the six months ended June 30, 2023 and 2022, the Company issued 32,442 and 27,518 shares, respectively, of common stock in connection with the ESPP . As of June 30, 2023, there were 1,153,344 shares available for future purchase under the ESPP. The Company estimated the fair value of shares purchased under the ESPP, using the Black-Scholes valuation model. The fair value of shares purchased under the ESPP was estimated using the following assumptions: Six Months Ended 2023 2022 Stock Options: Risk-free rate of interest 4.1 - 4.9 % 0.9 - 2.0 % Expected term (years) 0.5 - 2.0 0.5 - 2.0 Expected stock price volatility 99.2 - 122.5 % 80.7 - 89.8 % Dividend yield — — The Company recognized compensation expense of $ 0.2 million and $ 0.1 million for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million and $ 0.3 million for the six months ended June 30, 2023 and 2022, respectively, related to the ESPP. As of June 30, 2023, the remaining unrecognized compensation expense related to the ESPP was $ 0.5 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.2 years. Liability for Early Exercise of Stock Options Certain individuals were granted the ability to early exercise their stock options prior to the IPO. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying condensed balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of June 30, 2023 and December 31, 2022, 174,867 and 277,081 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of June 30, 2023 and December 31, 2022, the Company recorded $ 0.1 million and $ 0.2 million, respectively, associated with early exercised stock options in other long-term liabilities. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net loss $ ( 13,272 ) $ ( 15,095 ) $ ( 25,152 ) $ ( 29,921 ) Denominator: Weighted-average common shares outstanding 42,792,812 42,570,792 42,721,891 42,558,051 Less: weighted-average unvested restricted common stock subject to repurchase ( 2,770 ) ( 331,876 ) ( 3,095 ) ( 392,675 ) Less: weighted-average unvested common stock issued upon early exercise of common stock options ( 200,829 ) ( 461,710 ) ( 226,419 ) ( 500,221 ) Weighted-average shares used to compute net loss per common share, basic and diluted 42,589,213 41,777,206 42,492,377 41,665,155 Net loss per share, basic and diluted $ ( 0.31 ) $ ( 0.36 ) $ ( 0.59 ) $ ( 0.72 ) The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of June 30, 2023 2022 Unvested restricted common stock subject to repurchase 2,530 250,230 Unvested common stock upon early exercise of stock 174,867 427,041 Options to purchase common stock 6,040,647 4,505,258 6,218,044 5,182,529 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has operating leases for its office and laboratory space, including its corporate headquarters. In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, and had an original term of 60 months, with an option to extend for two additional 36 month periods. In March 2022, the Company entered into a lease agreement for approximately 7,377 square feet of additional office and laboratory space at 2676 State Street in Carlsbad, California (the Expansion Lease). The Expansion Lease commenced for accounting purposes when the Company gained access to the premises in May 2023. The Company's obligation for payment of base rent begins on the date the landlord delivers possession of the Expansion Lease premises, estimated to occur in November 2023. The landlord is completing improvements on the Expansion Lease premises, and the Company paid $ 0.5 million of these costs prior to the Expansion Lease commencement. The Company has concluded that the landlord is the accounting owner of these improvements, and therefore this payment has been included in the calculation of the right-of-use asset and lease liability. The Company is entitled to certain rent abatement for delays related to the landlord's delivery of the Expansion Lease premises to the Company. The Expansion Lease has a lease term of 120 months, starting on the day the landlord delivers possession of the Expansion Lease premises. The Company has an option to renew the Expansion Lease for two additional 36 month periods. The Original Lease was also amended to have the same lease expiration as the Expansion Lease. The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options. In connection with the Company's lease agreements, the Company paid security deposits of $ 0.1 million and is required to maintain a letter of credit of $ 1.0 million until 2027 at which time it can be reduced to $ 0.5 million throughout the end of the lease term. Cash paid for amounts included in the measurement of lease liabilities was $ 0.6 million and $ 0.1 million for the three months ended June 30, 2023 and 2022, respectively, and $ 0.7 million and $ 0.1 million for the six months ended June 30, 2023 and 2022, respectively. The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the condensed statements of operations and comprehensive loss. Components of lease cost for the three and six months ended June 30, 2023 and 2022, respectively, were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost $ 163 $ 83 $ 246 $ 156 Short-term lease cost 21 19 43 39 Variable lease cost 15 14 29 30 Total lease cost $ 199 $ 116 $ 318 $ 225 Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of June 30, Year ending December 31, 2023 (remaining six months) $ 152 2024 717 2025 827 2026 852 2027 877 Thereafter 5,667 Total minimum lease payments 9,092 Less: amount representing interest ( 3,021 ) Present value of lease liabilities 6,071 Less: current portion of lease liabilities ( 144 ) Lease liabilities, noncurrent $ 5,927 June 30, December 31, 2023 2022 Weighted-average remaining lease term (years) - operating leases 10.4 10.5 Weighted-average incremental borrowing rate - operating leases 8.04 % 6.50 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Other Funding Commitments As of June 30, 2023, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties. Litigation The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of June 30, 2023 , and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at June 30, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Restricted Cash | Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both June 30, 2023 and December 31, 2022 was $ 1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets. |
Commitments and Contingencies | Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. |
Related Parties | Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: • Affiliates of the entity; • Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; • Trusts for the benefit of employees; • Principal owners of the entity and members of their immediate families; • Management of the entity and members of their immediate families; or • Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements. There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three and six months ended June 30, 2023 . Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets measured | Assets measured at fair value on a recurring basis are as follows (in millions): Fair Value Measurements Using As of June 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and Cash Equivalents $ 232.4 $ 232.4 $ — $ — Restricted Cash $ 1.0 $ 1.0 $ — $ — Total assets $ 233.4 $ 233.4 $ — $ — Fair Value Measurements Using As of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and Cash Equivalents $ 251.2 $ 251.2 $ — $ — Restricted Cash $ 1.0 $ 1.0 $ — $ — Total assets $ 252.2 $ 252.2 $ — $ — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): June 30, December 31, Equipment $ 1,150 $ 1,119 Computers and software 186 181 Leasehold improvements 250 156 Furniture and fixtures 97 82 1,683 1,538 Less: accumulated depreciation ( 629 ) ( 461 ) Total property and equipment, net $ 1,054 $ 1,077 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued payroll and other employee benefits $ 1,800 $ 2,854 Accrued research and development 1,589 1,028 Accrued legal and professional fees 197 94 Accrued other general and administrative fees 235 440 Total accrued and other current liabilities $ 3,821 $ 4,416 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: June 30, December 31, Common stock options granted and outstanding 6,040,647 5,890,869 Shares available for future issuance under the 2021 5,993,588 4,339,373 Shares available for future issuance under the 1,153,344 759,442 Total common stock reserved for future issuance 13,187,579 10,989,684 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended June 30, 2023 is as follows (in thousands, expect share and per share data and years): Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 5,890,869 $ 7.91 8.8 $ 13,492 Granted 776,948 $ 10.30 Exercised ( 327,729 ) $ 2.00 Cancelled ( 299,441 ) $ 10.29 Outstanding at June 30, 2023 6,040,647 $ 8.42 8.3 $ 57,335 Exercisable at June 30, 2023 2,205,555 $ 7.69 7.6 $ 23,158 Vested and expected to vest as of June 30, 2023 6,040,647 $ 8.42 8.3 $ 57,335 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the following assumptions (excluding option modifications): Six Months Ended 2023 2022 Stock Options: Risk-free rate of interest 3.5 - 4.2 % 1.6 - 3.6 % Expected term (years) 5.2 - 6.1 5.1 - 6.1 Expected stock price volatility 88.6 - 89.7 % 86.4 - 90.4 % Dividend yield — — |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 1,478 $ 1,602 $ 2,937 $ 3,080 General and administrative expense 1,051 1,085 2,025 3,580 Total $ 2,529 $ 2,687 $ 4,962 $ 6,660 |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: June 30, December 31, Common stock options granted and outstanding 6,040,647 5,890,869 Shares available for future issuance under the 2021 5,993,588 4,339,373 Shares available for future issuance under the 1,153,344 759,442 Total common stock reserved for future issuance 13,187,579 10,989,684 |
Schedule of Share-Based Compensation, Employee Stock Purchase Plan | The fair value of shares purchased under the ESPP was estimated using the following assumptions: Six Months Ended 2023 2022 Stock Options: Risk-free rate of interest 4.1 - 4.9 % 0.9 - 2.0 % Expected term (years) 0.5 - 2.0 0.5 - 2.0 Expected stock price volatility 99.2 - 122.5 % 80.7 - 89.8 % Dividend yield — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator: Net loss $ ( 13,272 ) $ ( 15,095 ) $ ( 25,152 ) $ ( 29,921 ) Denominator: Weighted-average common shares outstanding 42,792,812 42,570,792 42,721,891 42,558,051 Less: weighted-average unvested restricted common stock subject to repurchase ( 2,770 ) ( 331,876 ) ( 3,095 ) ( 392,675 ) Less: weighted-average unvested common stock issued upon early exercise of common stock options ( 200,829 ) ( 461,710 ) ( 226,419 ) ( 500,221 ) Weighted-average shares used to compute net loss per common share, basic and diluted 42,589,213 41,777,206 42,492,377 41,665,155 Net loss per share, basic and diluted $ ( 0.31 ) $ ( 0.36 ) $ ( 0.59 ) $ ( 0.72 ) |
Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding | The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of June 30, 2023 2022 Unvested restricted common stock subject to repurchase 2,530 250,230 Unvested common stock upon early exercise of stock 174,867 427,041 Options to purchase common stock 6,040,647 4,505,258 6,218,044 5,182,529 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the condensed statements of operations and comprehensive loss. Components of lease cost for the three and six months ended June 30, 2023 and 2022, respectively, were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost $ 163 $ 83 $ 246 $ 156 Short-term lease cost 21 19 43 39 Variable lease cost 15 14 29 30 Total lease cost $ 199 $ 116 $ 318 $ 225 |
Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate | Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of June 30, Year ending December 31, 2023 (remaining six months) $ 152 2024 717 2025 827 2026 852 2027 877 Thereafter 5,667 Total minimum lease payments 9,092 Less: amount representing interest ( 3,021 ) Present value of lease liabilities 6,071 Less: current portion of lease liabilities ( 144 ) Lease liabilities, noncurrent $ 5,927 June 30, December 31, 2023 2022 Weighted-average remaining lease term (years) - operating leases 10.4 10.5 Weighted-average incremental borrowing rate - operating leases 8.04 % 6.50 % |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Entity Incorporation, Date of Incorporation | Aug. 02, 2018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Significant Accounting Policies [Line Items] | ||
Restricted Cash | $ 1 | $ 1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of assets measured at fair value (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Cash and Cash Equivalents | $ 232,413 | $ 251,213 | $ 275,107 |
Restricted Cash | 1,000 | 1,000 | |
Fair Value Measurements Recurring | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Cash and Cash Equivalents | 232,400 | 251,200 | |
Restricted Cash | 1,000 | 1,000 | |
Total assets | 233,400 | 252,200 | |
Fair Value Measurements Recurring | Level 1 | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Cash and Cash Equivalents | 232,400 | 251,200 | |
Restricted Cash | 1,000 | 1,000 | |
Total assets | 233,400 | 252,200 | |
Fair Value Measurements Recurring | Level 2 | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Restricted Cash | 0 | 0 | |
Total assets | 0 | 0 | |
Fair Value Measurements Recurring | Level 3 | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Restricted Cash | 0 | 0 | |
Total assets | $ 0 | $ 0 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,683 | $ 1,538 |
Less: accumulated depreciation | (629) | (461) |
Total property and equipment, net | 1,054 | 1,077 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 1,150 | 1,119 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 186 | 181 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 250 | 156 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 97 | $ 82 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.1 |
Schedule of Accrued and Other C
Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and other employee benefits | $ 1,800 | $ 2,854 |
Accrued research and development | 1,589 | 1,028 |
Accrued legal and professional fees | 197 | 94 |
Accrued other general and administrative fees | 235 | 440 |
Total accrued and other current liabilities | $ 3,821 | $ 4,416 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 03, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, shares issued | 42,994,630 | 42,994,630 | 42,634,459 | |||
Stock based compensation expense | $ 200 | $ 100 | $ 300 | $ 300 | ||
ATM Sales Agreement [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Aggregate Common Stock Offering Price | $ 150,000 | |||||
Commission For Agent on Sales | 3% | |||||
Common stock, shares issued | 0 | 0 | ||||
Restricted Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 2,820,560 | 2,820,560 | ||||
Unvested founders stock outstanding | 2,530 | 2,530 | 3,828 | |||
Shares vested | 1,297 | 244,940 | ||||
Stock based compensation expense | $ 5 | $ 147 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Common Stock Options Granted And Outstanding | 6,040,647 | 5,890,869 |
Total common stock reserved for future issuance | 13,187,579 | 10,989,684 |
2021 Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 5,993,588 | 4,339,373 |
2021 Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Shares Available For Future Issuance | 1,153,344 | 759,442 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jan. 01, 2023 | Jan. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | |||||||
Total common stock reserved for future issuance | 13,187,579 | 13,187,579 | 10,989,684 | ||||
Performance-based stock options, outstanding | 6,040,647 | 6,040,647 | 5,890,869 | ||||
Unrecognized compensation cost related to options | $ 24.1 | $ 24.1 | |||||
Term of recognized expense | 2 years 1 month 6 days | ||||||
Common stock, shares issued | 42,994,630 | 42,994,630 | 42,634,459 | ||||
Liability of early exercise options, shares | 174,867 | 174,867 | 277,081 | ||||
Liability of early exercise options | $ 0.1 | $ 0.1 | $ 0.2 | ||||
Stock based compensation expense | $ 0.2 | $ 0.1 | $ 0.3 | $ 0.3 | |||
Employee Stock Purchase Plan [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Total common stock reserved for future issuance | 380,000 | 380,000 | |||||
Increase in common stock | 1% | ||||||
Term of recognized expense | 1 year 2 months 12 days | ||||||
Common stock, shares issued | 32,442 | 27,518 | 32,442 | 27,518 | |||
Increased decrease in stock reserve for future issuance | 1,231,705 | 805,361 | |||||
Unrecognized compensation expense | $ 0.5 | $ 0.5 | |||||
Stock Options [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Weighted average grant fair value | $ 7.65 | $ 6.40 | |||||
Performance Shares [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Performance-based stock options, unvested | 134,148 | 134,148 | |||||
Performance-based stock options, outstanding | 134,148 | 134,148 | |||||
Performance-based stock options, Expense recognized | $ 0.1 | ||||||
Unrecognized compensation cost related to options | $ 1.3 | $ 1.3 | |||||
2021 Plan | |||||||
Class Of Stock [Line Items] | |||||||
Total common stock reserved for future issuance | 5,570,000 | 5,570,000 | |||||
Increase in common stock | 5% | ||||||
Total common stock available for future issuance | 1,032,150 | 1,032,150 | |||||
Common stock reserve for future issuance | 4,537,850 | 4,537,850 | |||||
Shares reserved for future issuance | 5,993,588 | ||||||
Common Stock [Member] | Employee Stock Purchase Plan [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Total common stock reserved for future issuance | 1,153,344 | 1,153,344 | |||||
Employee Stock Purchase Plan Description | The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. | ||||||
Fair market value of the common stock, percentage | 85% | ||||||
Purchase of common stock through payroll deduction | 15% |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Number of Outstanding Options, Beginning balance | 5,890,869 | |
Number of Outstanding Options, Granted | 776,948 | |
Number of Outstanding Options, Exercised | (327,729) | |
Cancelled | (299,441) | |
Number of Outstanding Options, Ending balance | 6,040,647 | 5,890,869 |
Number of Outstanding Options, Exercisable | 2,205,555 | |
Number of Outstanding Options, Vested and expected to vest | 6,040,647 | |
Weighted- Average Exercise Price, Beginning balance | $ 7.91 | |
Weighted- Average Exercise Price, Granted | 10.30 | |
Weighted- Average Exercise Price, Exercised | 2 | |
Weighted- Average Exercise Price, Cancelled | 10.29 | |
Weighted- Average Exercise Price, Ending balance | 8.42 | $ 7.91 |
Weighted- Average Exercise Price, Exercisable | 7.69 | |
Weighted- Average Exercise Price, Vested and expected to vest | $ 8.42 | |
Weighted- Average Remaining Contractual Term | 8 years 3 months 18 days | 8 years 9 months 18 days |
Weighted- Average Remaining Contractual Term, Exercisable | 7 years 7 months 6 days | |
Weighted- Average Remaining Contractual Term, Vested and expected to vest | 8 years 3 months 18 days | |
Aggregate Intrinsic Value, Beginning balance | $ 13,492 | |
Aggregate Intrinsic Value, Exercised | 23,158 | |
Aggregate Intrinsic Value, Ending balance | 57,335 | $ 13,492 |
Aggregate Intrinsic Value, Vested and expected to vest | $ 57,335 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Class Of Stock [Line Items] | ||
Dividend yield | 0% | 0% |
Minimum | ||
Class Of Stock [Line Items] | ||
Risk-free rate of interest | 3.50% | 1.60% |
Expected term (years) | 5 years 2 months 12 days | 5 years 1 month 6 days |
Expected stock price volatility | 88.60% | 86.40% |
Maximum | ||
Class Of Stock [Line Items] | ||
Risk-free rate of interest | 4.20% | 3.60% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected stock price volatility | 89.70% | 90.40% |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,529 | $ 2,687 | $ 4,962 | $ 6,660 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,478 | 1,602 | 2,937 | 3,080 |
General And Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,051 | $ 1,085 | $ 2,025 | $ 3,580 |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Options: | ||
Dividend yield | 0% | 0% |
Minimum | ||
Stock Options: | ||
Risk-free rate of interest | 3.50% | 1.60% |
Expected term (years) | 5 years 2 months 12 days | 5 years 1 month 6 days |
Expected stock price volatility | 88.60% | 86.40% |
Maximum | ||
Stock Options: | ||
Risk-free rate of interest | 4.20% | 3.60% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected stock price volatility | 89.70% | 90.40% |
Employee Stock [Member] | ||
Stock Options: | ||
Dividend yield | 0% | 0% |
Employee Stock [Member] | Minimum | ||
Stock Options: | ||
Risk-free rate of interest | 4.10% | 0.90% |
Expected term (years) | 6 months | 6 months |
Expected stock price volatility | 99.20% | 80.70% |
Employee Stock [Member] | Maximum | ||
Stock Options: | ||
Risk-free rate of interest | 4.90% | 2% |
Expected term (years) | 2 years | 2 years |
Expected stock price volatility | 122.50% | 89.80% |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net loss | $ (13,272) | $ (11,880) | $ (15,095) | $ (14,826) | $ (25,152) | $ (29,921) |
Denominator: | ||||||
Weighted average common shares outstanding | 42,792,812 | 42,570,792 | 42,721,891 | 42,558,051 | ||
Less: weighted-average unvested restricted common stock subject to repurchase | (2,770) | (331,876) | (3,095) | (392,675) | ||
Less: weighted average unvested common stock issued upon early exercise of common stock options | (200,829) | (461,710) | (226,419) | (500,221) | ||
Weighted - average shares used to compute net loss per common share - basic | 42,589,213 | 41,777,206 | 42,492,377 | 41,665,155 | ||
Weighted - average shares used to compute net loss per common share - diluted | 42,589,213 | 41,777,206 | 42,492,377 | 41,665,155 | ||
Net loss per share, basic | $ (0.31) | $ (0.36) | $ (0.59) | $ (0.72) | ||
Net loss per share, diluted | $ (0.31) | $ (0.36) | $ (0.59) | $ (0.72) |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,218,044 | 5,182,529 |
Unvested restricted common stock subject to repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,530 | 250,230 |
Unvested common stock upon early exercise of stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 174,867 | 427,041 |
Options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,040,647 | 4,505,258 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2021 Renewal | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 ft² | Aug. 31, 2020 ft² | |
Lessee Lease Description [Line Items] | |||||||
Operating lease cost | $ 163 | $ 83 | $ 246 | $ 156 | |||
Lease liability paid | 600 | $ 100 | 700 | $ 100 | |||
First Amendment [Member] | Lease Agreements Member | |||||||
Lessee Lease Description [Line Items] | |||||||
Area of Lease | ft² | 7,377 | 4,734 | |||||
First Amendment [Member] | Office Building [Member] | Lease Agreements Member | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease term of contract | 60 months | ||||||
Number of lease term renewal option | Renewal | 2 | ||||||
Operating lease renewal term | 36 months | 36 months | |||||
Expansion Lease Agreement [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease term of contract | 120 months | ||||||
Operating lease cost | 500 | ||||||
Security deposit | 100 | 100 | |||||
Long-term line of credit | 1,000 | 1,000 | |||||
Expansion Lease Agreement [Member] | Minimum | |||||||
Lessee Lease Description [Line Items] | |||||||
Long-term line of credit | $ 500 | $ 500 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 163 | $ 83 | $ 246 | $ 156 |
Short-term lease cost | 21 | 19 | 43 | 39 |
Variable lease cost | 15 | 14 | 29 | 30 |
Total lease cost | $ 199 | $ 116 | $ 318 | $ 225 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 (remaining six months) | $ 152 | |
2024 | 717 | |
2025 | 827 | |
2026 | 852 | |
2027 | 877 | |
Thereafter | 5,667 | |
Total minimum lease payments | 9,092 | |
Less: amount representing interest | (3,021) | |
Present value of lease liabilities | 6,071 | |
Operating lease liabilities, current | (144) | $ (140) |
Operating lease liabilities, noncurrent | $ 5,927 | $ 2,482 |
Weighted-average remaining lease term (years) - operating leases | 10 years 4 months 24 days | 10 years 6 months |
Weighted-average incremental borrowing rate - operating leases | 8.04% | 6.50% |