IO Biotech (IOBT) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	IO Biotech, Inc.
Entity Central Index Key	0001865494
Entity File Number	001-41008
Entity Tax Identification Number	87-0909276
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Ole Maaløes Vej 3
Entity Address, City or Town	Copenhagen N
Entity Address, Country	DK
Entity Address, Postal Zip Code	DK-2200
City Area Code	+45
Local Phone Number	7070 2980
Title of each class	Common Stock, par value $0.001 per share
Trading Symbol(s)	IOBT
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		28,815,267
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 170,122	$ 211,531
Prepaid expenses and other current assets	8,839	10,207
Total current assets	178,961	221,738
Restricted cash	268	268
Property and equipment, net	358	155
Right of use lease asset	2,148
Noncurrent assets	910	127
Total assets	182,645	222,288
Current liabilities
Accounts payable	4,541	3,928
Lease liability - current	419
Accrued expenses and other current liabilities	3,587	6,377
Total current liabilities	8,547	10,305
Lease liability - noncurrent	1,921
Other long-term liabilities		59
Total liabilities	10,468	10,364
Commitments and contingencies (Note 9)
Stockholders' equity
Preferred stock, par value of $0.001 per share; 5,000,000 shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021
Common stock, par value of $0.001 per share; 300,000,000 shares authorized, 28,815,267 shares issued and outstanding as of March 31, 2022 and December 31, 2021	29	29
Additional paid-in capital	322,643	319,665
Accumulated deficit	(141,980)	(106,281)
Accumulated other comprehensive loss	(8,515)	(1,489)
Total stockholders' equity	172,177	211,924
Total liabilities, convertible preference shares and stockholders' equity	$ 182,645	$ 222,288

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	28,815,267	28,815,267
Common stock, shares outstanding	28,815,267	28,815,267
Preferred stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Research and development	$ 12,226	$ 6,735	$ 22,531	$ 9,583
General and administrative	5,935	2,248	12,639	3,213
Total operating expenses	18,161	8,983	35,170	12,796
Loss from operations	(18,161)	(8,983)	(35,170)	(12,796)
Other income (expense)
Currency exchange gain (loss), net	(286)	155	(305)	292
Interest income	158		173
Interest expense	(102)	(71)	(226)	(143)
Fair value adjustments preference shares tranche obligations		(29,460)		(29,460)
Total other income (expense), net	(230)	(29,376)	(358)	(29,311)
Loss before income tax expense	(18,391)	(38,359)	(35,528)	(42,107)
Income tax expense	104	0	171	0
Net loss	(18,495)	(38,359)	(35,699)	(42,107)
Cumulative dividends on class B and C preference shares		(2,094)		(3,933)
Net loss attributable to common shareholders	$ (18,495)	$ (40,453)	$ (35,699)	$ (46,040)
Net loss per common share, basic	$ (0.64)	$ (228.29)	$ (1.24)	$ (259.82)
Net loss per common share, diluted	$ (0.64)	$ (228.29)	$ (1.24)	$ (259.82)
Weighted-average number of shares used in computing net loss per common share, basic	28,815,267	177,200	28,815,267	177,200
Weighted-average number of shares used in computing net loss per common share, diluted	28,815,267	177,200	28,815,267	177,200
Other comprehensive loss
Net loss	$ (18,495)	$ (38,359)	$ (35,699)	$ (42,107)
Foreign currency translation	(4,379)	1,190	(7,026)	(576)
Total comprehensive loss	$ (22,874)	$ (37,169)	$ (42,725)	$ (42,683)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preference Shares and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Class B Convertible Preference Stock	Class C Convertible Preference Stock	Common Stock	Common Stock Class A Ordinary Shares	Additional Paid-In Capital	Other Comprehensive Loss	Accumulated Deficit
Temporary equity, Balance at Dec. 31, 2020		$ 37,906
Temporary equity, Balance, shares at Dec. 31, 2020		584,583
Balance at Dec. 31, 2020	$ (35,303)			$ 0	$ 28	$ 1,110	$ 1,961	$ (38,402)
Balance, shares at Dec. 31, 2020					177,200
Temporary equity, Issuance of preference shares, net of issuance costs			$ 62,983
Temporary equity, Issuance of preference shares, net of issuance costs, shares			538,088
Equity-based compensation	9					9
Foreign currency translation	(576)						(576)
Net loss	(42,107)							(42,107)
Temporary equity, Balance at Jun. 30, 2021		$ 37,906	$ 62,983
Temporary equity, Balance, shares at Jun. 30, 2021		584,583	538,088
Balance at Jun. 30, 2021	(77,977)			0	$ 28	1,119	1,385	(80,509)
Balance, shares at Jun. 30, 2021					177,200
Temporary equity, Balance at Dec. 31, 2020		$ 37,906
Temporary equity, Balance, shares at Dec. 31, 2020		584,583
Balance at Dec. 31, 2020	(35,303)			0	$ 28	1,110	1,961	(38,402)
Balance, shares at Dec. 31, 2020					177,200
Net loss	(67,900)
Balance at Dec. 31, 2021	211,924			$ 29	$ 0	319,665	(1,489)	(106,281)
Balance, shares at Dec. 31, 2021				28,815,267
Equity-based compensation	2,978					2,978
Foreign currency translation	(7,026)						(7,026)
Net loss	(35,699)							(35,699)
Balance at Jun. 30, 2022	$ 172,177			$ 29		$ 322,643	$ (8,515)	$ (141,980)
Balance, shares at Jun. 30, 2022				28,815,267

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preference Shares and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Class C Convertible Preference Stock
Temporary equity, issuance costs	$ 340

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss			$ (35,699)	$ (42,107)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation			19	1
Equity-based compensation			2,978	9
Fair value adjustments preference shares tranche obligations		$ 29,460		29,460
Amortization of right of use lease asset			212
Foreign currency loss (gain)	$ 286	(155)	305	(292)
Changes in operating assets and liabilities
Prepaid expenses and other current assets			1,368	(3,180)
Accounts payable			613	1,174
Lease liability			(20)
Accrued expenses and other current liabilities			(3,631)	1,700
Net cash used in operating activities			(33,855)	(13,235)
Cash flows from investing activities
Purchase of property and equipment			(223)
Net cash used in investing activities			(223)
Cash flows from financing activities
Proceeds from issuance of preference shares				65,748
Preference shares issuance costs				(340)
Net cash provided by financing activities				65,408
Net increase (decrease) in cash, cash equivalents and restricted cash			(34,078)	52,173
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(7,331)	(825)
Cash, cash equivalents and restricted cash, beginning of period			211,799	3,405
Cash, cash equivalents and restricted cash, end of period	170,390	54,753	170,390	54,753
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	170,122	54,753	170,122	54,753
Restricted cash	268		268
Total cash, cash equivalents and restricted cash	$ 170,390	$ 54,753	$ 170,390	$ 54,753

Description of Business, Organi

Description of Business, Organization and Liquidity	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Organization and Liquidity	1. Description of Business, Organization and Liquidity Business IO Biotech, Inc. is a clinical-stage biotechnology company dedicated to the identification and development of disruptive immune therapies for the treatment of cancer. As used in these financial statements, unless the context otherwise requires, references to the “Company”, “we,” “us,” and “our” refer to IO Biotech, Inc. and its subsidiaries. IO Biotech ApS was incorporated in Denmark in December 2014. We are developing novel, immune-modulating cancer therapies based on our T-win technology platform. Corporate Reorganization In November 2021, we completed a corporate reorganization whereby IO Biotech ApS became a wholly-owned subsidiary of the Company. In connection with the corporate reorganization, each issued and outstanding class A ordinary share ($ 0.16 par value) was exchanged on a one for one basis into shares of common stock of the Company ($ 0.001 par value). Each class B and class C preference share of IO Biotech ApS was exchanged on a one for one basis into shares of class B and class C preferred stock of the Company. Risks and Uncertainties We are subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities. Our product candidates are in development. There can be no assurance that our research and development will be successfully completed, that adequate protection for our intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if our product development efforts are successful, it is uncertain when, if ever, we will generate significant revenue from product sales. We operate in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, we are dependent upon the services of our employees and consultants. Liquidity Considerations Since inception, we have devoted substantially all our efforts to business planning, conducting research and development, recruiting management and technical staff, and raising capital. We have financed our operations primarily through the issuance of convertible preference shares, convertible notes and, most recently, our initial public offering, or IPO. Our continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. As of June 30, 2022, we had an accumulated deficit of $ 142.0 million. We have incurred losses and negative cash flows from operations since inception, including net losses of $ 35.7 million and $ 67.9 million for the six months ended June 30, 2022 and the year ended December 31, 2021, respectively. We expect that our operating losses and negative cash flows will continue for the foreseeable future as we continue to develop our product candidates. We currently expect that our cash and cash equivalents of $ 170.1 million as of June 30, 2022 will be sufficient to fund our operating expenses and capital requirements for at least 12 months from the date the financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. We will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although we have been successful in raising capital in the past, there is no assurance that we will be successful in obtaining such additional financing on terms acceptable to it, if at all, and we may not be able to enter into collaborations or other arrangements. If we are unable to obtain funding, we could be forced to delay, reduce or eliminate our research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect our business prospects, even our ability to continue operations. Coronavirus Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. In order to mitigate the spread of COVID-19, governments have imposed unprecedented restrictions on business operations, travel and gatherings, resulting in a global economic downturn and other adverse economic and societal impacts. The COVID-19 pandemic has also overwhelmed or otherwise led to changes in the operations of many healthcare facilities, including clinical trial sites. As a result of the ongoing COVID-19 pandemic and continuing resource constraints on CROs, us, prospective clinical trial sites and others, we are currently experiencing longer than expected lead times in clinical trial site activation and patient enrollment in our clinical trials. We cannot predict the scope and severity of any further disruptions as a result of COVID-19 and continuing resource constraints or their impacts on CROS, us, clinical trial sites and others. But continuing resource constraints or business disruptions for us or any of the third parties with whom we engage, including the collaborators, contract organizations, third-party manufacturers, suppliers, clinical trial sites, regulators and other third parties with whom we conduct business could materially and negatively impact our ability to conduct our business in the manner and on the timelines presently planned. The actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on our business cannot be predicted. As a result, there can be no assurance that we will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact our business, financial condition and results of operations causing interruptions or delays in the Company’s programs and services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual financial statements for the years ended December 31, 2021 and 2020 included in its annual report on Form 10-K filed with the Securities and Exchange Commission (or the “SEC”), other than those described below. Unaudited Financial Information The Company’s condensed financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 02, “Leases” (“ASC 842”) to enhance the transparency and comparability of financial reporting related to leasing arrangements. Under this new lease standard, most leases are required to be recognized on the balance sheet as right-of-use assets and lease liabilities. Disclosure requirements have been enhanced with the objective of enabling financial statement users to assess the amount, timing, and uncertainty of cash flows arising from leases. Prior to January 1, 2019, GAAP did not require lessees to recognize assets and liabilities related to operating leases on the balance sheet. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and corresponding lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement as well as the reduction of the right of use asset. The Company has adopted the standard effective January 1, 2022 and has chosen to use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2022. The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the ‘package of practical expedients’ which allow us to not reassess (i) whether existing or expired arrangements contain a lease, (ii) the lease classification of existing or expired leases, or (iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. The Company has also elected to apply (i) the practical expedient which allows us to not separate lease and non-lease components, for new leases entered into after adoption and (ii) the short-term lease exemption for all leases with an original term of less than 12 months, for purposes of applying the recognition and measurements requirements in the new standard. For the impact to the Company’s consolidated financial statement upon adoption of the new leasing standard, see Note 7 to our unaudited consolidated financial statements. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company will utilize the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. As of the ASC 842 effective date, the Company’s incremental borrowing rate is approximately 6.5 % based on the remaining lease term of the applicable leases. The Company has elected to combine lease and non-lease components as a single component. Operating leases are recognized on the balance sheet as ROU lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. Recently Issued Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments , or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. We are currently assessing the potential impact of adopting ASU 2016-13 on our financial statements and financial statement disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently assessing the impact adoption of ASU 2019-12 will have on our financial statements and disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for us beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently assessing the impact adoption of ASU 2020-06 will have on our financial statements and disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2022 Total Level 1 Level 2 Level 3 Assets 0 Money market funds(1) $ 96,739 $ 96,739 $ — $ — Total assets measured at fair value $ 96,739 $ 96,739 $ — $ — December 31, 2021 Total Level 1 Level 2 Level 3 Assets Money market funds(1) $ 101,561 $ 101,561 $ — $ — Total assets measured at fair value $ 101,561 $ 101,561 $ — $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value. The following table presents a roll-forward of the fair value of the preference shares tranche obligations for which fair value is determined by Level 3 inputs (in thousands): Preference Balance, December 31, 2020 $ — Addition on issuance of class C preference shares 2,425 Fair value adjustments 29,460 Currency exchange ( 541 ) Balance, June 30, 2021 $ 31,344 Fair value adjustments ( 2,630 ) Currency exchange ( 438 ) Settlement of preference shares tranche obligation through issuance of preference shares ( 28,276 ) Balance, December 31, 2021 $ — Valuation techniques used to measure fair value maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Our convertible notes were classified within Level 3 of the fair value hierarchy because the fair value measurement was based, in part, on significant inputs not observed in the market. Our class C Preference Shares Tranche Obligation was measured at fair value using a Black-Scholes option pricing valuation methodology. The fair value of class C Preference Shares Tranche Obligation included inputs not observable in the market and thus represents a Level 3 measurement. The option pricing valuation methodology utilized required inputs based on certain subjective assumptions, including (i) expected stock price volatility, (ii) calculation of an expected term, (iii) a risk-free interest rate, and (iv) expected dividends. The assumptions utilized to value the class C Preference Shares Tranche Obligation during 2021 were (i) expected stock price volatility of 73.7 %; (ii) remaining term of 0.3 years; (iii) a risk-free interest rate of 0.05 %; and (iv) an expectation of no dividends. There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2022 and year ended December 31, 2021.

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	4. License and Collaboration Agreements In February 2018, we entered into a clinical collaboration with MSD International GmbH ("MSDIG"), to evaluate IO102 in combination with KEYTRUDA ® (pembrolizumab) in first-line treatment of patients with metastatic non-small cell lung cancer. Under the terms of the collaboration with MSDIG, we will conduct an international Phase 1/2 study to evaluate a combination therapy of IO102 and KEYTRUDA ® . We will sponsor the clinical trials and MSDIG will provide KEYTRUDA ® to be used in the clinical trials free of charge. We and MSDIG will be responsible for our own internal costs and expenses to support the study and we shall bear all other costs associated with conducting the study, including costs of providing IO102 for use in the study. The rights to the data from the clinical trials will be shared by us and MSDIG and we will maintain global commercial rights to IO102. In September 2021, we entered into a clinical collaboration with MSDIG and MSD International Business GmbH (MSDIB), another affiliate of Merck, (collectively, "MSD") to evaluate IO102-IO103 in combination with KEYTRUDA® versus KEYTRUDA® alone in treatment of patients with metastatic (advanced) melanoma. Under the terms of the collaboration with MSD, we will conduct an international Phase 3 study to evaluate a combination therapy of IO102-IO103 and KEYTRUDA®. We will sponsor the clinical trials and MSD will provide KEYTRUDA® to be used in the clinical trials free of charge. We and MSD will be responsible for our own internal costs and expenses to support the study and we shall bear all other costs associated with conducting the study, including costs of providing IO102-IO103 for use in the study. The rights to the data from the clinical trials will be shared by us and MSD and we will maintain global commercial rights to IO102-IO103. In December 2021, we entered into a clinical collaboration with MSD to evaluate IO102-IO103 in combination with KEYTRUDA® in previously untreated patients with three different tumor types— metastatic non-small cell lung cancer (NSCLC), squamous cell carcinoma of the head and neck (SCCHN), and metastatic urothelial bladder cancer (UBC). Under the terms of the collaboration with MSD, we will conduct an international Phase 2 study to evaluate a combination therapy of IO102-IO103 and KEYTRUDA®. We will sponsor the clinical trials and MSD will provide KEYTRUDA® to be used in the clinical trials free of charge. We and MSD will be responsible for our own internal costs and expenses to support the study and we shall bear all other costs associated with conducting the study, including costs of providing IO102-IO103 for use in the study. The rights to the data from the clinical trials will be shared by us and MSD and we will maintain global commercial rights to IO102-IO103 .

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Prepaid contract research and development costs $ 5,119 $ 4,770 Insurance 1,449 3,197 Research and development tax credit receivable 775 841 Value-added tax refund receivable 1,295 1,250 Other 201 149 Total prepaid expenses and other current assets $ 8,839 $ 10,207

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, Accrued contract research and development costs $ 1,086 $ 3,861 Professional fees 771 1,028 Employee compensation costs 1,241 1,027 Other liabilities 489 461 Total accrued expenses and other current liabilities $ 3,587 $ 6,377

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	7. Leases On January 1, 2022, the Company adopted ASC 842 using the modified retrospective transition approach allowed under ASU 2018-11 which releases companies from presenting comparative periods and related disclosures under ASC 842 and requires a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption (Note 2). The Company had an immaterial cumulative-effect adjustment to the opening balance of accumulated deficit as of January 1, 2022. The Company is party to three operating leases for laboratory and office space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less. As of June 30, 2022, this exception applies to one operating lease for office and laboratory space in Denmark that expires December 31, 2022 and another operating lease for office space in the UK that is payable month to month. Further, the Company has applied the guidance in ASC 842 to our corporate office and laboratory leases and has determined that these should be classified as operating leases. Consequently, as a result of the adoption of ASC 842, we recognized a right-of-use (ROU) lease asset of approximately $ 2.3 million with a corresponding lease liability of approximately $ 2.4 million based on the present value of the minimum rental payments of such leases. In accordance with ASC 842, the beginning balance of the ROU lease asset was reduced by the existing deferred rent liability at inception of approximately $ 59,000 . In the consolidated balance sheet at June 30, 2022, the Company has a ROU asset balance of $ 2.1 million and a current and non-current lease liability of $ 0.4 million and $ 1.9 million, respectively, relating to the ROU lease asset. The balance of both the ROU lease asset and the lease liabilities primarily consists of future payments under the Company’s office leased in New York, NY, Rockville, MD and Copenhagen, Denmark. The Company is party to an operating lease in Copenhagen, Denmark for office and laboratory space that commenced in March 2021 with the initial term set to expire in January 2025. Base rent for this lease is approximately $ 92,000 annually. The Company is party to an operating lease in New York, NY for office and laboratory space that commenced in October 2021 with the initial term set to expire in January 2027. Base rent for this lease is approximately $ 222,000 annually. The Company is party to an operating lease in Rockwell, MD for office and laboratory space that commenced in December 2021 with the initial term set to expire in April 2027. Base rent for this lease is approximately $ 273,000 annually. Additionally, the Company is party to an operating lease in the UK that has month-to-month payments of approximately $ 900 per month. Rent expense for the three months ended June 30, 2022 and 2021 was $ 0.2 million and $ 0.1 million , respectively. Rent expense for the six months ended June 30, 2022 and 2021 was $ 0.4 million and $ 0.1 million , respectively. Quantitative information regarding the Company’s leases for the six months ended June 30, 2022 is as follows (in thousands): Three months ended Six Months Ended Lease Cost June 30, 2022 June 30, 2022 Operating lease cost $ 174 $ 348 Other Information Operating cash flows paid for amounts included in the measurement of lease liabilities $ 56 $ 192 Operating lease liabilities arising from obtaining right‑of‑use assets $ — $ 2,411 Remaining lease term (years) 2.6 - 4.9 2.6 - 4.9 Weighted average discount rate 6.5 % 6.5 % Future lease payments under noncancelable leases are as follows at June 30, 2022 (in thousands): Future Lease Payments Amount 2022 $ 269 2023 597 2024 614 2025 546 2026 553 Thereafter 150 Total $ 2,729 The Company’s leases do not provide an implicit rate, therefore the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2022 for operating leases that commenced prior to that date, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Legal Proceedings From time to time, we may be party to litigation arising in the ordinary course of its business. We were not subject to any material legal proceedings during the six months ended June 30, 2022 and year ended December 31, 2021, and, to our knowledge, no material legal proceedings are currently pending or threatened. Indemnification Agreements We enter into certain types of contracts that contingently requires us to indemnify various parties against claims from third parties. These contracts primarily relate to procurement, service, consultancy or license agreements under which we may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from our acts or omissions with respect to our products, technology, intellectual property or services. From time to time, we may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against us, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition. It is not possible to estimate the maximum amount potentially payable under these contracts since we have no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative.

Convertible Preference Shares

Convertible Preference Shares	6 Months Ended
	Jun. 30, 2022
Temporary Equity Disclosure [Abstract]
Convertible Preference Shares	9. Convertible Preference Shares As of June 30, 2022 and December 31, 2 0 21 , we had no preference shares authorized, issued and outstanding. In January 2021, we completed an investment agreement, Class C Investment Agreement, for the sale and issuance of up to 1,263,804 class C preference shares to new investors and existing related-party investors at a subscription price of $ 121.55 per share. Then, pursuant to the Class C Investment Agreement, we issued 505,520 class C preference shares for gross cash proceeds of $ 61.5 million. The Class C Investment Agreement further provides for a milestone closing in the event of certain development milestones before April 2022, whereby purchasers of class C preference shares are obligated to a further subscription amount of $ 88.4 million, or the Preference Shares Tranche Obligation, which resulted in a further issuance of 689,344 class C preference shares at a subscription price of $ 128.19 per share. We incurred issuance costs of $ 340,000 in connection with the issuances of the class C preference shares. We concluded that the Preference Shares Tranche Obligation met the definition of a freestanding financial instrument, as it is legally detachable and separately exercisable from the class C preference shares. Therefore, we allocated the proceeds received from the issuance of shares under the Class C Investment Agreement between the Preference Shares Tranche Obligation and the class C preference shares. The fair value of the Preference Shares Tranche Obligation of $ 2.4 million on issuance was allocated from the $ 61.5 million proceeds of the class C preference shares financing and is classified as a current liability on the balance sheet as the class C preference shares would become redeemable upon a Deemed Liquidation Event, the occurrence of which is not within our control. In March 2021, prior to a milestone closing, an investor elected to purchase and we issued 35,825 class C preference shares for gross cash proceeds of $ 4.2 million pursuant to the Class C Investment Agreement. As a result of entering into a collaboration agreement with Merck in September 2021, the number of class C preference shares issued in March 2021 was adjusted downward to 32,568 class C preference shares. In October 2021, investors purchased and we issued 656,776 class C preference shares for gross cash proceeds of $ 84.1 million pursuant to the Class C Investment Agreement, resulting in the settlement of the preference shares tranche obligations. Immediately prior to consummation of our IPO, all outstanding class B and class C preference shares were converted into 20,415,213 shares of common stock.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Class of Stock Disclosures [Abstract]
Stockholders' Equity	10. Stockholders' Equity Common and Preferred Stock In November 2021, we completed our IPO selling an aggregate of 8,222,500 shares of common stock at $ 14.00 per share, which included 1,072,500 shares that represented the full exercise of an option to purchase additional shares granted to the underwriters in connection with the IPO. The offering resulted in $ 103.3 million of net proceeds to us, after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of our IPO, we filed an amended and restated certificate of incorporation, which authorized us to issue 300,000,000 shares of common stock and 5,000,000 shares of preferred stock, which shares of preferred stock are currently undesignated. Common stockholders are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings. Common stockholders are entitled to receive dividends, if and when declared by the Board. No dividends have been declared or paid by us through June 30, 2022. The Company had 28,815,267 common shares outstanding as of June 30, 2022.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	11. Equity-Based Compensation Employee Equity Plan Prior to our IPO, we issued warrants to certain employees, board members and advisors (Pre-IPO Plan). Each vested warrant entitled the warrant holder to a single class A ordinary share. Holders of stock warrants were entitled to exercise the vested portion of the stock warrant. Stock warrants generally vest over a three-year period and expire five years from the vest date. In November 2021, our board of directors adopted, and our stockholders approved, the 2021 Equity Incentive Plan (or the “2021 Plan”), which became effective on November 4, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other stock-based awards. The number of shares of our common stock reserved for issuance under the 2021 Plan is equal to 2,465,150 , subject to an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022 and continuing until, and including, the fiscal year ending December 31, 2031, equal to the lesser of (i) 4 % of the number of shares of common stock outstanding on the first day of such fiscal year or (ii) such other amount determined by our board of directors . The 2,396,413 outstanding warrants granted under the Pre-IPO Plan were transferred to the 2021 Equity Plan and no further warrants were available to be issued under the Pre-IPO Plan. As of June 30, 2022 , we had 2,367,810 options available for future grant under the 2021 Equity Plan. The following table summarizes our stock options activity: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2021 3,071,613 $ 13.12 8.5 $ — Granted 650,503 $ 7.43 Cancelled or forfeited ( 290,858 ) $ 12.96 Outstanding June 30, 2022 3,431,258 $ 12.05 8.3 $ 14,600 Exercisable at June 30, 2022 513,491 $ 13.65 7.3 $ — Equity-Based Compensation All share-based awards granted are measured based on the fair value on the date of the grant and compensation expense is recognized with respect to those awards over the requisite service period, which is generally the vesting period of the respective award. Forfeitures related to equity-based compensation awards are recognized as they occur, and we reverse any previously recognized compensation cost associated with forfeited awards in the period the forfeiture occurs. As of June 30, 2022, there was $ 20.9 million of unrecognized compensation cost related to unvested stock-based compensation arrangements that is expected to be recognized over a weighted average period of 3.2 years. Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 538 $ 2 $ 1,223 $ 3 General and administrative 820 3 1,755 6 Total equity-based compensation $ 1,358 $ 5 $ 2,978 $ 9 We did no t recognize any tax benefits for stock-based compensation during the three and six months ended June 30, 2022 and 2021.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes We are subject to taxes for earnings generated in multiple jurisdictions, both inside and outside of the United States and our tax expense is primarily affected by unrecognized tax benefits in Denmark. We recorded a provision for income taxes of $ 0.1 million and $ 0.2 million during the three and six months ended June 30, 2022. There was no provision for income taxes in the prior year. We continue to maintain a full valuation allowance against all of our deferred tax assets in Denmark. We have evaluated the positive and negative evidence involving our ability to realize our deferred tax assets. We have considered our history of cumulative net losses incurred since inception and our lack of any commercial products. We have concluded that it is more likely than not that we will not realize the benefits of our deferred tax assets in Denmark. We reevaluate the positive and negative evidence at each reporting period.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	13. Net Loss Per Share Basic and diluted net loss per common share is calculated as follows (in thousands except share and per share amounts): For the Three Months Six Months Ended 2022 2021 2022 2021 Net loss $ ( 18,495 ) $ ( 38,359 ) $ ( 35,699 ) $ ( 42,107 ) Cumulative dividends on class B and C preference shares — ( 2,094 ) — ( 3,933 ) Net loss attributable to common shareholders $ ( 18,495 ) $ ( 40,453 ) $ ( 35,699 ) $ ( 46,040 ) Net loss per common share, basic and diluted $ ( 0.64 ) $ ( 228.29 ) $ ( 1.24 ) $ ( 259.82 ) Weighted-average number of shares used in computing net loss per common share, basic and diluted 28,815,267 177,200 28,815,267 177,200 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: Three Months Ended Six Months Ended 2022 2021 2022 2021 Convertible preference shares — 1,122,671 — 1,122,671 Stock options to purchase common stock 3,431,258 — 3,431,258 — Stock warrants to purchase class A ordinary shares — 89,935 — 89,935

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events We have evaluated subsequent events through the date on which the consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure to the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Unaudited Financial Information	Unaudited Financial Information The Company’s condensed financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Leases	Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 02, “Leases” (“ASC 842”) to enhance the transparency and comparability of financial reporting related to leasing arrangements. Under this new lease standard, most leases are required to be recognized on the balance sheet as right-of-use assets and lease liabilities. Disclosure requirements have been enhanced with the objective of enabling financial statement users to assess the amount, timing, and uncertainty of cash flows arising from leases. Prior to January 1, 2019, GAAP did not require lessees to recognize assets and liabilities related to operating leases on the balance sheet. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and corresponding lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement as well as the reduction of the right of use asset. The Company has adopted the standard effective January 1, 2022 and has chosen to use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2022. The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the ‘package of practical expedients’ which allow us to not reassess (i) whether existing or expired arrangements contain a lease, (ii) the lease classification of existing or expired leases, or (iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. The Company has also elected to apply (i) the practical expedient which allows us to not separate lease and non-lease components, for new leases entered into after adoption and (ii) the short-term lease exemption for all leases with an original term of less than 12 months, for purposes of applying the recognition and measurements requirements in the new standard. For the impact to the Company’s consolidated financial statement upon adoption of the new leasing standard, see Note 7 to our unaudited consolidated financial statements. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company will utilize the incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. As of the ASC 842 effective date, the Company’s incremental borrowing rate is approximately 6.5 % based on the remaining lease term of the applicable leases. The Company has elected to combine lease and non-lease components as a single component. Operating leases are recognized on the balance sheet as ROU lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments , or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. We are currently assessing the potential impact of adopting ASU 2016-13 on our financial statements and financial statement disclosures. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. We are currently assessing the impact adoption of ASU 2019-12 will have on our financial statements and disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for us beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently assessing the impact adoption of ASU 2020-06 will have on our financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2022 Total Level 1 Level 2 Level 3 Assets 0 Money market funds(1) $ 96,739 $ 96,739 $ — $ — Total assets measured at fair value $ 96,739 $ 96,739 $ — $ — December 31, 2021 Total Level 1 Level 2 Level 3 Assets Money market funds(1) $ 101,561 $ 101,561 $ — $ — Total assets measured at fair value $ 101,561 $ 101,561 $ — $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying consolidated balance sheets and are recognized at fair value.
Roll-forward of Fair Value of Preference Shares Tranche Obligations for Which Fair Value Determined by Level 3 Inputs	The following table presents a roll-forward of the fair value of the preference shares tranche obligations for which fair value is determined by Level 3 inputs (in thousands): Preference Balance, December 31, 2020 $ — Addition on issuance of class C preference shares 2,425 Fair value adjustments 29,460 Currency exchange ( 541 ) Balance, June 30, 2021 $ 31,344 Fair value adjustments ( 2,630 ) Currency exchange ( 438 ) Settlement of preference shares tranche obligation through issuance of preference shares ( 28,276 ) Balance, December 31, 2021 $ —

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Prepaid contract research and development costs $ 5,119 $ 4,770 Insurance 1,449 3,197 Research and development tax credit receivable 775 841 Value-added tax refund receivable 1,295 1,250 Other 201 149 Total prepaid expenses and other current assets $ 8,839 $ 10,207

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, Accrued contract research and development costs $ 1,086 $ 3,861 Professional fees 771 1,028 Employee compensation costs 1,241 1,027 Other liabilities 489 461 Total accrued expenses and other current liabilities $ 3,587 $ 6,377

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Quantitative Information Regarding Leases	Quantitative information regarding the Company’s leases for the six months ended June 30, 2022 is as follows (in thousands): Three months ended Six Months Ended Lease Cost June 30, 2022 June 30, 2022 Operating lease cost $ 174 $ 348 Other Information Operating cash flows paid for amounts included in the measurement of lease liabilities $ 56 $ 192 Operating lease liabilities arising from obtaining right‑of‑use assets $ — $ 2,411 Remaining lease term (years) 2.6 - 4.9 2.6 - 4.9 Weighted average discount rate 6.5 % 6.5 %
Schedule of Future Lease Payments under Noncancelable Leases	Future lease payments under noncancelable leases are as follows at June 30, 2022 (in thousands): Future Lease Payments Amount 2022 $ 269 2023 597 2024 614 2025 546 2026 553 Thereafter 150 Total $ 2,729

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options Activity	The following table summarizes our stock options activity: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2021 3,071,613 $ 13.12 8.5 $ — Granted 650,503 $ 7.43 Cancelled or forfeited ( 290,858 ) $ 12.96 Outstanding June 30, 2022 3,431,258 $ 12.05 8.3 $ 14,600 Exercisable at June 30, 2022 513,491 $ 13.65 7.3 $ —
Schedule of Equity-based Compensation Expense	Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 538 $ 2 $ 1,223 $ 3 General and administrative 820 3 1,755 6 Total equity-based compensation $ 1,358 $ 5 $ 2,978 $ 9

Net Loss Per Share (Table)

Net Loss Per Share (Table)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net loss per common share is calculated as follows (in thousands except share and per share amounts): For the Three Months Six Months Ended 2022 2021 2022 2021 Net loss $ ( 18,495 ) $ ( 38,359 ) $ ( 35,699 ) $ ( 42,107 ) Cumulative dividends on class B and C preference shares — ( 2,094 ) — ( 3,933 ) Net loss attributable to common shareholders $ ( 18,495 ) $ ( 40,453 ) $ ( 35,699 ) $ ( 46,040 ) Net loss per common share, basic and diluted $ ( 0.64 ) $ ( 228.29 ) $ ( 1.24 ) $ ( 259.82 ) Weighted-average number of shares used in computing net loss per common share, basic and diluted 28,815,267 177,200 28,815,267 177,200
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share	The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: Three Months Ended Six Months Ended 2022 2021 2022 2021 Convertible preference shares — 1,122,671 — 1,122,671 Stock options to purchase common stock 3,431,258 — 3,431,258 — Stock warrants to purchase class A ordinary shares — 89,935 — 89,935

Description of Business, Orga_2

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Description Of Business Organization And Liquidity [Line Items]
Common stock, par value		$ 0.001		$ 0.001		$ 0.001
Accumulated deficit		$ (141,980)		$ (141,980)		$ (106,281)
Net losses		(18,495)	$ (38,359)	(35,699)	$ (42,107)	(67,900)
Cash and cash equivalents		$ 170,122	$ 54,753	$ 170,122	$ 54,753	$ 211,531
Class A Ordinary Shares
Description Of Business Organization And Liquidity [Line Items]
Common stock, par value	$ 0.16
Common stock conversion basis	one for one
Class B Preference Shares
Description Of Business Organization And Liquidity [Line Items]
Common stock, par value	$ 0.001
Common stock conversion basis	one for one
Class C Preference Shares
Description Of Business Organization And Liquidity [Line Items]
Common stock, par value	$ 0.001
Common stock conversion basis	one for one

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares
Accounting Policies [Abstract]
Operating lease incremental borrowing rate on remaining lease	$ 6.5

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Total assets measured at fair value	$ 96,739	$ 101,561
Money Market Funds
Assets
Total assets measured at fair value	96,739	101,561
Level 1
Assets
Total assets measured at fair value	96,739	101,561
Level 1 | Money Market Funds
Assets
Total assets measured at fair value	$ 96,739	$ 101,561

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-forward of Fair Value of Preference Shares Tranche Obligations for Which Fair Value Determined by Level 3 Inputs (Details) - Level 3 - Preference Shares Tranche Obligations - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Beginning balance	$ 31,344
Addition on issuance of class C preference shares		$ 2,425
Fair value adjustments	(2,630)	29,460
Currency exchange	(438)	(541)
Settlement of preference shares tranche obligation through issuance of preference shares	$ (28,276)
Ending balance		$ 31,344

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers into Level 3	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0
Class C Convertible Preference Stock | Expected Stock Price Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preference stock measurement input	0.737
Class C Convertible Preference Stock | Remaining Term
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Remaining term	3 months 18 days
Class C Convertible Preference Stock | Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preference stock measurement input	0.05
Class C Convertible Preference Stock | Expectation of Dividends
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Preference stock measurement input	0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid contract research and development costs	$ 5,119	$ 4,770
Insurance	1,449	3,197
Research and development tax credit receivable	775	841
Value-added tax refund receivable	1,295	1,250
Other	201	149
Total prepaid expenses and other current assets	$ 8,839	$ 10,207

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued contract research and development costs	$ 1,086	$ 3,861
Professional fees	771	1,028
Employee compensation costs	1,241	1,027
Other liabilities	489	461
Total accrued expenses and other current liabilities	$ 3,587	$ 6,377

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Lease	Jun. 30, 2021 USD ($)	Jan. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense	$ 200,000	$ 100,000	$ 400,000	$ 100,000
Number of operating leases | Lease			3
Right of use lease asset	2,148,000		$ 2,148,000		$ 2,300,000
Lease liability					2,400,000
Operating lease liability, current	400,000		400,000
Operating lease, liability, non-current	$ 1,900,000		1,900,000
Deferred rent					$ 59,000
UK
Lessee, Lease, Description [Line Items]
Operating lease monthly base rent			$ 900
Office and Laboratory | Denmark
Lessee, Lease, Description [Line Items]
Lease expiration			Dec. 31, 2022
Number of operating leases | Lease			1
Operating lease annual base rent			$ 92,000
Office and Laboratory | New York, NY
Lessee, Lease, Description [Line Items]
Operating lease annual base rent			222,000
Office and Laboratory | Maryland
Lessee, Lease, Description [Line Items]
Operating lease annual base rent			$ 273,000

Leases - Schedule of Quantitati

Leases - Schedule of Quantitative information Regarding Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 174	$ 348
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$ 56	192
Operating lease liabilities arising from obtaining right-of-use assets		$ 2,411
Weighted average discount rate	6.50%	6.50%
Minimum
Other Information
Remaining lease term (years)	2 years 7 months 6 days	2 years 7 months 6 days
Maximum
Other Information
Remaining lease term (years)	4 years 10 months 24 days	4 years 10 months 24 days

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments under Noncancelable Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022	$ 269
2023	597
2024	614
2025	546
2026	553
Thereafter	150
Total	$ 2,729

Convertible Preference Shares -

Convertible Preference Shares - Additional information (Details) - USD ($)	1 Months Ended			6 Months Ended
	Oct. 31, 2021	Mar. 31, 2021	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Preference shares authorized					5,000,000	5,000,000
Preference shares issued					0	0
Preference shares outstanding					0	0
Class C Preference Shares
Class Of Stock [Line Items]
Convertible preference shares, shares issued	656,776	35,825	505,520
Temporary equity, subscription price per share			$ 121.55
Proceeds from issuance of preference shares	$ 84,100,000	$ 4,200,000	$ 61,500,000
Temporary equity, issuance costs			$ 340,000
Convertible preference shares, shares authorized			1,263,804
Number of shares issued for adjusted downward		32,568
Class C Preference Shares | Tranche Obligation
Class Of Stock [Line Items]
Convertible preference shares, shares issued			689,344
Temporary equity, subscription price per share			$ 128.19
Proceeds from issuance of preference shares				$ 61,500,000
Temporary equity, subscription amount			$ 88,400,000
Fair value of preference shares tranche obligation				$ 2,400,000
Class B and Class C Preference Shares
Class Of Stock [Line Items]
Preference shares authorized					0	0
Preference shares issued					0	0
Preference shares outstanding					0	0
Convertible preference share issued upon conversion		20,415,213

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	1 Months Ended	6 Months Ended
	Nov. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) Vote shares	Dec. 31, 2021 shares
Subsidiary, Sale of Stock [Line Items]
Net proceeds from IPO, after deducting underwriting discounts, commissions and offering costs | $	$ 103,300,000
Common stock shares authorized		300,000,000	300,000,000
Preferred stock shares authorized		5,000,000	5,000,000
Number of votes per share | Vote		1
Common stock shares outstanding		28,815,267	28,815,267
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued	8,222,500
Common stock shares sold, price per share | $ / shares	$ 14
Underwriters
Subsidiary, Sale of Stock [Line Items]
Shares issued	1,072,500
Undesignated Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Preferred stock shares authorized		5,000,000
Dividend Declared
Subsidiary, Sale of Stock [Line Items]
Dividends | $		$ 0
Dividend Paid
Subsidiary, Sale of Stock [Line Items]
Dividends | $		$ 0

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 04, 2021	Nov. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost			$ 20,900,000		$ 20,900,000
Unrecognized compensation cost, recognition period					3 years 2 months 12 days
Tax benefits for stock-based compensation			$ 0	$ 0	$ 0	$ 0
Pre IPO Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants available for future grant		0
Stock Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants granted transferred to plan					650,503
Employee Equity Plan | Stock Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					3 years
Expiration period from vest date					5 years
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants available for future grant			2,367,810		2,367,810
Common stock reserved for issuance	2,465,150
Maximum percentage of shares that may be issued under the plan as a proportion of outstanding capital stock	4%
2021 Equity Incentive Plan | Pre IPO Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants granted transferred to plan		2,396,413

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Stock Options Activity (Details) - Warrant - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Warrants, Beginning balance	3,071,613
Number of Warrants, Granted	650,503
Number of Warrants, Cancelled or forfeited	(290,858)
Number of Warrants, Ending balance	3,431,258	3,071,613
Number of Warrants, Exercisable	513,491
Weighted-average exercise price per share, Beginning balance	$ 13.12
Weighted-average exercise price per share, Granted	7.43
Weighted-average exercise price per share, Cancelled or forfeited	12.96
Weighted-average exercise price per share, Ending balance	12.05	$ 13.12
Weighted-average exercise price per share, Exercisable	$ 13.65
Weighted-average remaining contractual term (in years), Outstanding	8 years 3 months 18 days	8 years 6 months
Weighted-average remaining contractual term (in years), Exercisable	7 years 3 months 18 days
Aggregate intrinsic value, Ending balance	$ 14,600

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 1,358	$ 5	$ 2,978	$ 9
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	538	2	1,223	3
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 820	$ 3	$ 1,755	$ 6

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 104	$ 0	$ 171	$ 0

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Loss Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (18,495)	$ (38,359)	$ (35,699)	$ (42,107)	$ (67,900)
Cumulative dividends on class B and C preference shares		(2,094)		(3,933)
Net loss attributable to common shareholders	$ (18,495)	$ (40,453)	$ (35,699)	$ (46,040)
Net loss per common share, basic	$ (0.64)	$ (228.29)	$ (1.24)	$ (259.82)
Net loss per common share, diluted	$ (0.64)	$ (228.29)	$ (1.24)	$ (259.82)
Weighted-average number of shares used in computing net loss per common share, basic	28,815,267	177,200	28,815,267	177,200
Weighted-average number of shares used in computing net loss per common share, diluted	28,815,267	177,200	28,815,267	177,200

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Convertible Preference Shares
Earnings Per Share Basic [Line Items]
Outstanding potentially dilutive securities		1,122,671		1,122,671
Stock options to purchase common stock
Earnings Per Share Basic [Line Items]
Outstanding potentially dilutive securities	3,431,258		3,431,258
Stock warrants to purchase class A ordinary shares
Earnings Per Share Basic [Line Items]
Outstanding potentially dilutive securities		89,935		89,935