Tyra Biosciences (TYRA) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

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%