0000950170-22-024159 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	VIGIL NEUROSCIENCE, INC.
Entity Central Index Key	0001827087
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	VIGL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		35,581,091
Entity Shell Company	false
Entity File Number	001-41200
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1880494
Entity Address, Address Line One	1 Broadway, 7th Floor
Entity Address, Address Line Two	Suite 07-300
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	254-4445
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2021

Current assets:

Cash and cash equivalents

$ 203,863

$ 91,420

Prepaid expenses and other current assets

9,075

6,063

Total current assets

212,938

97,483

Property and equipment, net

1,020

301

Operating lease right-of-use assets

356

882

Financing lease right-of-use assets

Restricted cash

927

Other assets

193

2,757

Total assets

215,509

102,441

Current liabilities:

Accounts payable

2,363

3,977

Accrued expenses and other current liabilities

^[1]

6,853

5,031

Operating lease liabilities

347

830

Financing lease liabilities

Total current liabilities

9,597

9,881

Operating lease liabilities, net of current portion

Finance lease liabilities, net of current portion

Total liabilities

9,597

9,945

Commitments and contingencies (Note 13)

Stockholders' equity (deficit):

Undesignated preferred stock, $0.001 par value, 10,000,000 and 0 shares authorized as of September 30, 2022 and December 31, 2021; 0 share issued and outstanding at September 30, 2022 and December 31, 2021

Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30, 2022 and 72,000,000 shares authorized at December 31, 2021; 35,612,256 shares issued as of September 30, 2022 and 1,748,879 shares issued as of December 31, 2021; and 35,567,933 shares outstanding as of September 30, 2022 and 1,724,950 shares outstanding as of December 31, 2021

Additional paid-in capital

327,586

2,386

Accumulated deficit

(121,678)

(71,829)

Total stockholders' equity (deficit)

205,912

$ 150,626

(69,443)

Total liabilities, convertible preferred stock and stockholders' equity (deficit)

$ 215,509

102,441

Series A Convertible Preferred Stock

Current liabilities:

Convertible preferred stock

72,327

Series B Convertible Preferred Stock

Current liabilities:

Convertible preferred stock

$ 89,612

[1]	Includes related party amounts of $78 (accrued expenses and other current liabilities) at September 30, 2022; $221 (accrued expenses and other current liabilities) at December 31, 2021 (see Note 12).

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	72,000,000
Common stock, shares, issued	35,612,256	1,748,879
Common stock, shares, outstanding	35,567,933	1,724,950
Series A Convertible Preferred Stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	28,522,592
Temporary equity, shares issued	0	28,522,592
Temporary equity, shares outstanding	0	28,522,592
Temporary equity, liquidation preference	$ 0	$ 72,647
Series B Convertible Preferred Stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	25,657,096
Temporary equity, shares issued	0	25,657,096
Temporary equity, shares outstanding	0	25,657,096
Temporary equity, liquidation preference	$ 0	$ 90,000,000
Accrued Expenses and Other Current Liabilities
Due to related party amounts	$ 78,000	$ 221,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Operating expenses:

Research and development

^[1]

$ 12,791

$ 7,810

$ 35,253

$ 23,211

General and administrative

4,846

2,928

14,758

6,221

Total operating expenses

17,637

10,738

50,011

29,432

Loss from operations

(17,637)

(10,738)

(50,011)

(29,432)

Other income (expense):

Change in fair value of the related party antidilution obligation

(836)

Change in fair value of Series A preferred stock tranche obligation

(28)

Interest income, net

163

197

Other income (expense), net

(26)

(2)

(35)

(5)

Total other expense, net

137

(2)

162

(866)

Net loss and comprehensive loss

$ (17,500)

$ (10,740)

$ (49,849)

$ (30,298)

Net loss per share attributable to common stockholders, basic

$ (0.53)

$ (6.98)

$ (1.70)

$ (19.94)

Net loss per share attributable to common stockholders, diluted

$ (0.53)

$ (6.98)

$ (1.70)

$ (19.94)

Weighted-average common shares outstanding, basic

33,303,345

1,539,769

29,395,548

1,519,686

Weighted-average common shares outstanding, diluted

33,303,345

1,539,769

29,395,548

1,519,686

[1]	Includes related party amounts of $76 and $218 for the three and nine months ended September 30, 2022, respectively, and $140 and $2,602 for the three and nine months ended September 30, 2021, respectively (see Note 12).

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Research and development expense related party	$ 76	$ 140	$ 218	$ 2,602

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Initial Public Offering (IPO)	Initial Public Offering (IPO) Convertible Preferred Stock	Initial Public Offering (IPO) Common Stock	Initial Public Offering (IPO) Additional Paid-In Capital	PIPE	PIPE Common Stock	PIPE Additional Paid-In Capital
Balance at Dec. 31, 2020	$ (28,283)					$ 263	$ (28,546)
Temporary equity balance, shares at Dec. 31, 2020		18,707,126
Temporary equity, balance at Dec. 31, 2020		$ 47,034
Beginning balance, Shares at Dec. 31, 2020					1,748,879
Stock-based compensation expense	333					333
Net loss	(8,191)						(8,191)
Balance at Mar. 31, 2021	(36,141)					596	(36,737)
Temporary equity balance, shares at Mar. 31, 2021		18,707,126
Temporary equity, balance at Mar. 31, 2021		$ 47,034
Ending balance shares at Mar. 31, 2021					1,748,879
Balance at Dec. 31, 2020	(28,283)					263	(28,546)
Temporary equity balance, shares at Dec. 31, 2020		18,707,126
Temporary equity, balance at Dec. 31, 2020		$ 47,034
Beginning balance, Shares at Dec. 31, 2020					1,748,879
Net loss	(30,298)
Balance at Sep. 30, 2021	(57,258)					1,586	(58,844)
Temporary equity, balance at Sep. 30, 2021		$ 161,980
Ending balance shares at Sep. 30, 2021		54,179,688			1,727,093
Balance at Mar. 31, 2021	(36,141)					596	(36,737)
Temporary equity balance, shares at Mar. 31, 2021		18,707,126
Temporary equity, balance at Mar. 31, 2021		$ 47,034
Beginning balance, Shares at Mar. 31, 2021					1,748,879
Issuance of convertible preferred stock, net of issuance costs			$ 19,879
Issuance of convertible preferred stock, net of issuance costs, shares			7,852,373
Reclassification of Series A preferred stock tranche obligation upon settlement		331
Reclassification of the related party antidilution obligation upon settlement		$ 5,083
Reclassification of the related party antidilution obligation upon settlement, Shares		1,963,093
Stock-based compensation expense	434					434
Net loss	(11,367)						(11,367)
Balance at Jun. 30, 2021	(47,074)					1,030	(48,104)
Temporary equity, balance at Jun. 30, 2021		$ 72,327
Ending balance shares at Jun. 30, 2021		28,522,592			1,748,879
Issuance of convertible preferred stock, net of issuance costs				$ 89,653
Issuance of convertible preferred stock, net of issuance costs, shares				25,657,096
Forfeiture of restricted stock					(21,786)
Stock-based compensation expense	556					556
Net loss	(10,740)						(10,740)
Balance at Sep. 30, 2021	(57,258)					1,586	(58,844)
Temporary equity, balance at Sep. 30, 2021		$ 161,980
Ending balance shares at Sep. 30, 2021		54,179,688			1,727,093
Balance at Dec. 31, 2021	$ (69,443)					2,386	(71,829)
Temporary equity balance, shares at Dec. 31, 2021		54,179,688
Temporary equity, balance at Dec. 31, 2021		$ 161,939
Beginning balance, Shares at Dec. 31, 2021	1,724,950				1,724,950
Issuance of convertible preferred stock, net of issuance costs, shares								7,000,000
Temporary equity balance, shares at Jan. 31, 2022									54,179,688
Balance at Dec. 31, 2021	$ (69,443)					2,386	(71,829)
Temporary equity balance, shares at Dec. 31, 2021		54,179,688
Temporary equity, balance at Dec. 31, 2021		$ 161,939
Beginning balance, Shares at Dec. 31, 2021	1,724,950				1,724,950
Temporary Equity Conversion of convertible preferred stock to common stock upon closing of initial public offering,Shares									(54,179,688)
Conversion of convertible preferred stock to common stock upon closing of initial public offering,shares										19,536,870
Temporary equity Conversion of convertible preferred stock to common stock upon closing of initial public offering,Amount									$ (161,939)
Conversion of Convertible Preferred Stock to Common Stock Upon Closing of Initial Public Offering,Amount								$ 161,939		$ 2	$ 161,937
Issuance of convertible preferred stock, net of issuance costs								$ 87,986		$ 1	$ 87,985
Issuance of convertible preferred stock, net of issuance costs, shares										7,000,000
Exercise of stock options	$ 9					9
Exercise of stock options, Shares					4,995
Stock-based compensation expense	1,021					1,021
Net loss	(15,334)						(15,334)
Balance at Mar. 31, 2022	166,178				$ 3	253,338	(87,163)
Ending balance shares at Mar. 31, 2022					28,266,815
Balance at Dec. 31, 2021	$ (69,443)					2,386	(71,829)
Temporary equity balance, shares at Dec. 31, 2021		54,179,688
Temporary equity, balance at Dec. 31, 2021		$ 161,939
Beginning balance, Shares at Dec. 31, 2021	1,724,950				1,724,950
Net loss	$ (49,849)
Balance at Sep. 30, 2022	$ 205,912				$ 4	327,586	(121,678)
Ending balance shares at Sep. 30, 2022	35,567,933				35,567,933
Balance at Mar. 31, 2022	$ 166,178				$ 3	253,338	(87,163)
Beginning balance, Shares at Mar. 31, 2022					28,266,815
Exercise of stock options	2					2
Exercise of stock options, Shares					799
Stock-based compensation expense	1,461					1,461
Net loss	(17,015)						(17,015)
Balance at Jun. 30, 2022	150,626				$ 3	254,801	(104,178)
Ending balance shares at Jun. 30, 2022					28,267,614
Issuance of convertible preferred stock, net of issuance costs												$ 50,595	$ 1	$ 50,594
Issuance of convertible preferred stock, net of issuance costs, shares													7,293,084
Issuance of prefunded warrants for the purchase of common stock, net of issuance costs	20,678					20,678
Exercise of stock options	19					19
Exercise of stock options, Shares					7,235
Stock-based compensation expense	1,494					1,494
Net loss	(17,500)						(17,500)
Balance at Sep. 30, 2022	$ 205,912				$ 4	$ 327,586	$ (121,678)
Ending balance shares at Sep. 30, 2022	35,567,933				35,567,933

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021
Common Stock
Stock issuance costs	$ 2,600	$ 10,000
Prefunded Warrants
Stock issuance costs	$ 1,100
Series A Convertible Preferred Stock
Stock issuance costs				$ 121
Series B Convertible Preferred Stock
Stock issuance costs			$ 347

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (49,849)	$ (30,298)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock-based compensation expense	3,976	1,323
Non-cash operating lease expense	679	147
Change in fair value of the related party antidilution obligation		836
Change in fair value of Series A preferred stock tranche obligation		28
Depreciation and amortization	57	13
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,196)	(105)
Other non-current assets	(175)	(16)
Accounts payable	(2,108)	3,951
Accrued expenses and other current liabilities	1,230	2,280
Operating lease liabilities	(676)	(159)
Net cash used in operating activities	(48,062)	(22,000)
Cash flows from investing activities:
Purchases of property and equipment	(649)	(177)
Net cash used in investing activities	(649)	(177)
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net of issuance costs		109,637
Proceeds from issuance of common stock upon initial public offering, net of offering costs	89,872
Net proceeds from issuance of common stock	50,602
Proceeds from issuance of pre-funded warrants from PIPE, net of offering costs	20,682
Payments of finance lease obligations	(32)	(28)
Proceeds from stock option exercised	30
Net cash provided by financing activities	161,154	109,609
Net increase in cash and cash equivalents	112,443	87,432
Cash, cash equivalents and restricted cash at beginning of period	92,347	24,151
Cash, cash equivalents and restricted cash at end of period	204,790	111,583
Supplemental disclosure of non-cash investing and financing activities:
Conversion of Series A & Series B Preferred Stock to common stock, net of Issuance costs	161,939
Deferred offering costs paid in the prior year	1,886
Purchases of property and equipment included in accounts payable and accrued expenses	207
Settlement of related party antidilution obligation		5,083
Settlement of Series A preferred stock tranche obligation		331
Right-of-use assets obtained in exchange for operating lease liabilities	153	534
Right-of-use assets obtained in exchange for financing lease liabilities		104
Unpaid issuance costs included in accrued expenses	$ 11	105
Offering costs included in accounts payable and accrued expenses		$ 911

Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Vigil Neuroscience, Inc., together with its consolidated subsidiary, Vigil Neuroscience Securities Corporation (“Vigil” or the “Company”), is a clinical-stage, microglia-focused biotechnology company dedicated to improving the lives of patients, caregivers and families affected by rare and common neurodegenerative diseases by pursuing the development of disease-modifying therapeutics to restore the vigilance of microglia, the sentinel immune cells of the brain. The Company’s initial focus is on developing a pipeline of therapeutic candidates that it believes will activate and restore microglia function, with an initial focus in genetically defined subpopulations. The Company was incorporated in the State of Delaware in June 2020 and is located in Cambridge, Massachusetts.

The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, completing preclinical studies and clinical trials, the ability to raise additional capital to fund operations, obtaining regulatory approval for therapeutic candidates, market acceptance of products, competition from substitute products, protection of proprietary intellectual property, compliance with government regulations, the impact of the COVID-19 coronavirus, dependence on key personnel, reliance on third-party organizations and the clinical and commercial success of its therapeutic candidates. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Private Placement

On August 12, 2022, the Company entered into a securities purchase agreement pursuant to which it agreed to issue and sell to certain existing and new accredited investors, in a private placement, 7,293,084 shares of common stock at a price of $7.30 per share and 2,980,889 pre-funded warrants at a purchase price of $7.2999 per pre-funded warrant, through a private investment in public equity (“PIPE”) financing. The pre-funded warrants will have an exercise price of $0.0001 per share of common stock, be immediately exercisable and remain exercisable until exercised in full. The prices of common stock and pre-funded warrants do not include any discounts. The Company received gross proceeds of $75.0 million, before deducting fees to the placement agent and other offering expenses.

Reverse Stock Split

On December 30, 2021, the Company effected a one-for-2.7732 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios of each series of the Company’s preferred stock (see Note 7). Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the preferred stock conversion ratios.

Liquidity

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of September 30, 2022, the Company had cash and cash equivalents of $203.9 million and an accumulated deficit of $121.7 million. In January 2022, the Company completed its initial public offering (“IPO”) of its common stock which resulted in net proceeds of $88.0 million. In August, 2022, the Company completed the PIPE financing which resulted in net proceeds of $71.3 million. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its cash and cash equivalents will be sufficient to fund current operations for at least the next twelve months from the issuance of these condensed consolidated financial statements.

The Company expects to seek additional funding through equity financings, government or private-party grants, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or rights of the Company’s stockholders.

If the Company is unable to obtain sufficient capital, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there

is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

The condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Impact of the COVID-19 Coronavirus

In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The Company is subject to a number of risks associated with the COVID-19 global pandemic, including potential delays associated with the Company’s ongoing preclinical studies and clinical trials. COVID-19 may have an adverse impact on the Company’s operations, supply chains and distribution systems or those of our third-party vendors and collaborators, and increase expenses, including as a result of impacts associated with preventive and precautionary measures that are being taken, such as restrictions on travel and border crossings, quarantine polices and social distancing. The Company and its third-party vendors and collaborators may experience disruptions in supply of items that are essential for its research and development activities. In addition, the spread of COVID-19 has disrupted global healthcare and healthcare regulatory systems, which could divert healthcare resources away from, or materially delay, U.S. Food and Drug Administration approval and approval by other health authorities worldwide with respect to its therapeutic candidates. Furthermore, the Company’s clinical trials may be negatively affected by the COVID-19 outbreak. Site initiation, patient enrollment and patient follow-up visits may be delayed, for example, due to prioritization of hospital resources toward the COVID-19 outbreak, travel restrictions, the inability to access sites for initiation and monitoring, and difficulties recruiting or retaining patients in the Company’s planned clinical trials. The emergence of additional variants, as well as reduced efficacy of vaccines over time and the possibility that a large number of people decline to get vaccinated or receive booster shots, creates inherent uncertainty as to the future of our business, our industry and the economy in general in light of the pandemic. Management cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on the Company’s financial condition, operations, and business plans for the year 2022 and beyond. If the Company does not successfully commercialize any of its therapeutic candidates, it will be unable to generate product revenue or achieve profitability.

Basis of Presentation

The accompanying condensed consolidated financial statements of Vigil are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods and, in the opinion of management, include all normal and recurring adjustments that are necessary to state fairly the results of operations for the reported periods. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Our condensed consolidated financial statements have also been prepared on a basis substantially consistent with, and should be read in conjunction with, our audited consolidated financial statements for the year ended December 31, 2021, which were included in our Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 25, 2022. The year-end condensed consolidated balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The results of our operations for any interim period are not necessarily indicative of the results of our operations for any other interim period or for a full fiscal year.

The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 25, 2022, or the 2021 Form 10-K. Since the date of those financial statements, there have been no material changes to Vigil’s significant accounting policies except as noted below.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and the valuation of common stock, Related Party Antidilution Obligation (as defined in

Note 11) and Series A Preferred Stock Tranche Obligation. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with a remaining maturity when purchased of three months or less to be cash equivalents. Cash equivalents are reported at fair value. At September 30, 2022 and December 31, 2021, the Company’s cash equivalents were in money market funds. As of each balance sheet date and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits.

In connection with the Company’s lease agreement entered into in September 2021 (see Note 13), the Company is required to maintain a certificate of deposit (“CD”) of $0.9 million for the benefit of the landlord.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited condensed consolidated balance sheets that sum to the total of the amounts reported in the unaudited condensed consolidated statement of cash flows (in thousands):


	September 30, 2022		September 30, 2021

Cash and cash equivalents	$	203,863	$	110,656
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	204,790	$	111,583

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the estimated useful life of each asset.

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance that do not improve or extend the life of the respective assets are charged to expense in the period incurred.

The following is the summary of property and equipment and related accumulated depreciation as of September 30, 2022 (in thousands):


	Useful Life	September 30, 2022			December 31, 2021
Computer software and equipment	3 years	$	16		$	16
Furniture and fixtures	5 years		104			9
Lab equipment	5 years		192			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		—			—
Construction in progress			764			99
Total property and equipment			1,076			316
Less: accumulated depreciation			(56	)		(15	)
Total property and equipment, net		$	1,020		$	301

Depreciation expense was $16 thousand and $41 thousand for the three and nine months ended September 30, 2022, respectively. Depreciation expense was $4 thousand and $5 thousand for the three and nine months ended September 30, 2021, respectively.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company qualifies as an ‘‘emerging growth company’’ as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to ‘‘opt out’’ of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to ‘‘opt out’’ of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies.

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, which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, the ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. The ASU also simplifies the accounting for convertible instruments by removing the beneficial conversion feature and cash conversion feature separation models. This ASU may be applied on a full retrospective or modified retrospective basis. This ASU is effective for smaller reporting companies for fiscal years beginning after December 15, 2023 and all other public entities, this ASU is effective for fiscal years beginning after December 15, 2021. Early adoption permitted. The Company expects to adopt this ASU in fiscal year 2023. The Company does not currently expect the adoption to materially impact its financial position and results of operations.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following table presents the Company’s fair value hierarchy for its assets and liabilities items that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, by level within the fair value hierarchy (in thousands):


	Fair Value Measurement at September 30, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	68,136	$	—	$	—	$	68,136
Restricted cash (non-current)		927	$	—	$	—	$	927
	$	69,063	$	—	$	—	$	69,063


	Fair Value Measurement at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	67,942	$	—	$	—	$	67,942
Restricted cash (non-current)		927	$	—	$	—	$	927
	$	68,869	$	—	$	—	$	68,869

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1, Level 2 or Level 3 for the nine months ended September 30, 2022 and for the year ended December 31, 2021, respectively.

Related Party Antidilution Obligation

The Company was obligated to issue Series A convertible preferred stock with an antidilution provision as part of a license agreement with Amgen (see Note 11). The Related Party Antidilution Obligation was included within the Level 3 fair value hierarchy. The Related Party Antidilution Obligation was valued using a probability-weighted expected return method. The valuation model required a variety of inputs, including the probability of occurrence of events that would trigger the issuance of additional shares, the expected timing of such events, the expected value of the contingently issuable equity upon occurrence of a triggering event and a discount rate. The Related Party Antidilution Obligation was remeasured on May 1, 2021, and December 31, 2020, with changes in fair value recognized within changes in fair value of the Related Party Antidilution Obligation in the consolidated statements of operations and comprehensive loss.

At December 31, 2020, the Company had a $4.2 million liability related to the Related Party Antidilution Obligation. During the four months prior to settlement on May 1, 2021, the Company recorded a $0.8 million increase in fair value of the Related Party Antidilution Obligation. On May 28, 2021, the Company completed the second closing pursuant to the Series A Convertible Preferred Stock Purchase Agreement which resulted in the Company raising net cash proceeds from financing activities in excess of the $45.0 million Related Party Antidilution Obligation cap. The second closing triggered the settlement of the remaining Related Party Antidilution Obligation, resulting in the issuance of 1,963,093 shares of Series A convertible preferred stock to Amgen with a fair value of $5.1 million.

Series A Preferred Stock Tranche Obligation

The Series A Preferred Stock Tranche Obligation was valued using a probability-weighted present value model. The valuation model considered the probability of closing the tranche, the estimated future value of the Series A convertible preferred stock to be issued at each closing and the investment required at each closing. Future values were converted to present value using a discount rate appropriate for probability-adjusted cash flows.

The Related Party Antidilution Obligation and Series A Preferred Stock Tranche Obligation were settled in May 2021 (see Note 7).

The following table sets forth a rollforward of changes in the fair value of financial liabilities classified as Level 3 in the fair valued hierarchy (in thousands):


	Related Party Antidilution Obligation			Series A Preferred Stock Tranche Obligation			Total
Ending balance at December 31, 2020	$	4,247		$	303		$	4,550
Change in fair value		252			21			273
Issuance of Series A preferred shares in partial settlement of related party antidilution obligation		—			—			—
Ending balance at March 31, 2021	$	4,499		$	324		$	4,823
Change in fair value through the settlement date		584			7			591
Reclassification of Series A preferred stock tranche obligation and related party antidilution obligation upon settlement		(5,083	)		(331	)		(5,414	)
Ending balance at May 1, 2021	$	—		$	—		$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Prepaid Expense and Other Current Assets

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Research and development	$	5,228	$	5,597
Construction related prepaids and other current assets		2,530		—
Business insurance		615		107
Other		702		359
Total	$	9,075	$	6,063

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Research and development	$	2,555	$	1,422
Payroll and employee related		2,479		2,017
Construction related		1,161		65
Professional fees		434		933
Deferred offering		11		543
Other		213		51
Total	$	6,853	$	5,031

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

2020 Equity Incentive Plan

The Company’s 2020 Equity Incentive Plan (the “2020 Plan”) provides for the Company to grant incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other equity awards to employees, directors, and consultants of the Company. The 2020 Plan is administered by the Board or, at the discretion of the Board, by a committee of the Board. The Board may also delegate to one or more officers of the Company the power to grant awards to employees and certain officers of the Company. The exercise prices, vesting and other restrictions are determined at the discretion of the Board, or its committee or any such officer if so delegated.

Options under the 2020 Plan may be designated as incentive stock options or non-statutory stock options. The options granted under the 2020 Plan are either service-based options or performance-based options. As of September 30, 2022, 3,038,223 options were outstanding under the 2020 Plan.

2021 Stock Option and Incentive Plan

On November 16, 2021, the Company’s board of directors adopted, and on December 3, 2021 its stockholders approved, the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which became effective on January 5, 2022, immediately preceding the date on which the registration statement for the Company’s initial public offering was declared effective by the SEC. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan is initially equal to 3,145,281. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2021 Plan will automatically increase on the first day of each calendar year, beginning on January 1, 2023 and each January 1 thereafter, by an amount equal to the lesser of (i) five percent (5%) of the cumulative number of shares of common stock issued and outstanding on the immediately preceding December 31, or (ii) such lesser number of shares of common stock as determined by the compensation committee of the board of directors.

The shares of common stock underlying any awards under the 2021 Plan or the 2020 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated will be added back to the shares of common stock available for issuance under the 2021 Plan.

In March of 2022, as part of the Company's annual grant of equity, the Company issued 802,145 stock options to employees. As of September 30, 2022, 1,352,547 options were outstanding under the 2021 Plan.

2021 Employee Stock Purchase Plan

On November 16, 2021, the Company’s board of directors adopted, and on December 3, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the ‘‘2021 ESPP’’), which became effective on January 5, 2022, immediately preceding the date on which the registration statement for the Company’s initial public offering was declared effective by the SEC. A total of 286,127 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2021 ESPP shall cumulatively increase beginning on January 1, 2023 and each January 1 thereafter through January 1, 2032, by the least of (A) 286,127 shares of common stock, (B) one percent (1%) of the cumulative number of shares of common stock issued and

outstanding on the immediately preceding December 31 or (C) such lesser number of shares of common stock as determined by the administrator of the 2021 ESPP.

No stock-based compensation expense was recognized during the three and nine months ended September 30, 2022 related to the 2021 ESPP.

Stock-Based Compensation Expense

The Company recorded stock-based compensation of $1.5 million and $4.0 million during the three and nine months ended September 30, 2022, respectively, and recorded $0.6 million and $1.3 million during the three and nine months ended September 30, 2021, respectively. Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	598	$	214	$	1,647	$	484
General and administrative		896		342		2,329		839
Total stock-based compensation	$	1,494	$	556	$	3,976	$	1,323

At September 30, 2022, there was approximately $16.0 million unrecognized stock-based compensation expense related to unvested options, which is expected to be recognized over a weighted-average period of 2.74 years. At September 30, 2022, there was approximately $0.2 million unrecognized stock-based compensation expense related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 1.59 years.

Preferred Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Preferred Stock

7. Preferred Stock

Convertible Preferred Stock

The Series A preferred stock and Series B preferred stock, described in more detail below, converted into 10,285,077 shares and 9,251,793 shares of common stock in January 2022 as part of our IPO.

Series A Convertible Preferred Stock and Series A Preferred Stock Tranche Obligation

On September 18, 2020, the Company entered into the Series A Convertible Preferred Stock Purchase Agreement with its initial investors committing to purchase an aggregate of $50.0 million in shares of Series A convertible preferred stock. At the initial closing, 9,815,467 shares of Series A convertible preferred stock were issued by the Company at a purchase price of $2.547 per share, for gross cash proceeds of $25.0 million. The gross proceeds were offset by $0.2 million of issuance costs and $0.2 million related to the Series A Preferred Stock Tranche Obligation, discussed below.

Included in the terms of the September 2020 Series A Convertible Preferred Stock Purchase Agreement were certain rights (“Series A Preferred Stock Tranche Obligation”) granted to the investors who purchased the Series A convertible preferred stock in September 2020. The Series A Preferred Stock Tranche Obligation contingently obligated the investors to purchase, and the Company to sell, up to an aggregate of 7,852,373 shares of Series A convertible preferred stock at $2.547 per share upon the satisfaction of specified research and development milestones by the Company.

The Company concluded that the Series A Preferred Stock Tranche Obligation met the definition of a freestanding financial instrument, as the Series A Preferred Stock Tranche Obligation was legally detachable and separately exercisable from the Series A convertible preferred stock. Therefore, the Company allocated the proceeds from the September 2020 issuance between the Series A Preferred Stock Tranche Obligation and the Series A convertible preferred stock, including those issued in exchange for the SAFE. As the Series A convertible preferred stock is redeemable upon a deemed liquidation event at the election of the holder-controlled Board, and therefore outside of the control of the Company, the Series A Preferred Stock Tranche Obligation was classified as a liability and recorded at its fair value of $0.3 million at both inception and as of December 31, 2020. The Series A Preferred Stock Tranche Obligation was remeasured at fair value at each reporting period, with changes in fair value recorded in change in fair value of the Series A Preferred Stock Tranche Obligation in the condensed consolidated statements of operations and comprehensive loss (see Note 3).

On May 28, 2021, the Company issued 7,852,373 shares of its Series A convertible preferred stock at $2.547 per share, for which the Company received gross proceeds of $20.0 million, offset by issuance costs of $0.1 million. As a result of this issuance, the Series A Preferred Stock Tranche Obligation with a then fair value of approximately $0.3 million was settled and reclassified to Series A convertible preferred stock in the consolidated balance sheet.

Series B Convertible Preferred Stock Financing

On August 13, 2021, the Company issued 25,657,096 shares of its Series B convertible preferred stock at $3.5078 per share, for which the Company received gross proceeds of $90.0 million. Issuance costs were $0.4 million.

Upon issuance of each class of the Convertible Preferred Stock, the Company assessed the embedded conversion and liquidation features of the securities and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed upon the issuance date of each class of the Convertible Preferred Stock or as of December 31, 2021 and January 2022, when the Company completed its IPO.

The holders of Convertible Preferred Stock had the followings rights and privileges:

Conversion

The holders of the Convertible Preferred Stock may convert, at any time, each share of the Convertible Preferred Stock into shares of common stock. In addition, upon either (a) the closing of the sale of shares of common stock to the public at a price of at least three times the Series A Original Issue Price (subject to adjustment) in an initial public offering with net proceeds to the Company of at least $50.0 million or (b) the written consent of the holders of the outstanding shares of Convertible Preferred Stock, the Convertible Preferred Stock will automatically convert into common stock.

The conversion ratio of each series of the Convertible Preferred Stock is determined by dividing the Original Issuance Price of each series by the Conversion Price of each series. The Original Issuance Price per share is $2.547 for Series A convertible preferred stock and $3.5078 for Series B convertible preferred stock. The Conversion Price per share at issuance was $7.063 for Series A convertible preferred stock and $9.7278 for Series B convertible preferred stock, each subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization and other adjustments, including adjustment if common stock is issued for less than the Original Issue Price of each series of Convertible Preferred Stock. Accordingly, as of December 31, 2021, each share of each series of Convertible Preferred Stock was convertible into shares of common stock on a one-for-one basis.

Common Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Common Stock

8. Common Stock

Each share of common stock entitles the holder to one vote for each share of common stock held. Common stockholders are entitled to receive dividends, as may be declared by the Company’s Board. During each of the three and nine months ended September 30, 2022 and the three and nine months ended September 30, 2021, no dividends have been declared or paid.

Initial Public Offering

In January 2022, the Company completed its initial public offering (“IPO”) of its common stock. In connection with its IPO, the Company issued and sold 7,000,000 shares of its common stock, at a price to the public of $14.00 per share. As a result of the IPO, the Company received $88.0 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $10.0 million.

Upon the closing of the IPO, 54,179,688 shares of outstanding convertible preferred stock were automatically converted into 19,536,870 shares of common stock, after the effect of the one-for-2.7732 reverse stock split, with the related carrying value of $161.9 million reclassified to common stock and additional paid-in capital. In connection with the IPO, the Company amended and restated its certificate of incorporation to change the authorized capital stock to 150,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock, all with a par value of $0.0001 per share.

Private Placement

On August 12, 2022, the Company entered into a securities purchase agreement pursuant to which it agreed to issue and sell to certain existing and new accredited investors (collectively the "Investors"), in a private placement (the “Private Placement”), 7,293,084 shares of its common stock at a price of $7.30 per share and pre-funded warrants to purchase up to an aggregate of 2,980,889 shares of common stock at a purchase price of $7.2999 per pre-funded warrant, (representing the price of $7.30 per share minus $0.0001 per share

exercise price of each such pre-funded warrant). The prefunded warrants are exercisable any time after their original issuance date and have no expiration date. The Private Placement closed on August 16, 2022 and the Company received gross proceeds of $75.0 million, before deducting offering expenses payable by the Company. The Company performed an analysis of the prefunded warrants and concluded that they met all the criteria for permanent equity classification and as such were recorded in equity as additional paid in capital.

Also on August 12, 2022, the Company entered into a registration rights agreement (the "Registration Rights Agreement") with the Investors, pursuant to which the Company agreed to register for resale the shares of common stock purchase by the Investors and the shares of common stock underlying the pre-funded warrants held by the Investors (the "Registerable Securities") on or prior to October 11, 2022. Pursuant to the Registration Rights Agreement, the Company filed a registration statement covering the resale of the Registrable Securities on September 30, 2022.

Pre-funded Warrants

In connection with the Private Placement, the Company has issued pre-funded warrants to purchase up to an aggregate of 2,980,889 shares of common stock at a purchase price of $7.2999 per pre-funded warrant. Each pre-funded warrant is exercisable for one share of common stock at an exercise price of $0.0001 per share of common stock, are immediately exercisable and remain exercisable until exercised in full. The pre-funded warrants have no expiration date and the price of the pre-funded warrants do not include any discounts. We evaluated the pre-funded warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, and determined that equity treatment was appropriate because the pre-funded warrants did not meet the definition of liability instruments and met the criteria for permanent equity. As of September 30, 2022, no pre-funded warrants were exercised.

The Company has reserved the following number of shares of common stock for the exercise of outstanding stock options and future issuance of stock-based awards.


	September 30, 2022		December 31, 2021
Common stock options		4,390,770		3,089,065
Pre-funded warrants		2,980,889		—
Shares available for issuance under the 2020 Plan		—		276,261
Shares available for issuance under the 2021 Plan		1,792,734		3,145,281
Shares available for issuance under the 2021 ESPP		286,127		286,127
Series A convertible preferred stock outstanding		—		10,285,087
Series B convertible preferred stock outstanding		—		9,251,793
Total common stock reserved for future issuance		9,450,520		26,333,614

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Share

9. Net Loss per Share

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss attributable to common stockholders	$	(17,500	)	$	(10,740	)	$	(49,849	)	$	(30,298	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,303,345			1,539,769			29,395,548			1,519,686
Net loss per share attributable to common stockholders, basic and diluted	$	(0.53	)	$	(6.98	)	$	(1.70	)	$	(19.94	)

Basic and diluted weighted average shares of common stock outstanding for the three and nine months ended September 30, 2022 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.0001 or less per share.

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per common share as the effect would be to reduce the net loss per common share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per common share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per common share for the periods indicated because including them would have had an anti-dilutive effect:


	As of September 30,
	2022		2021
Series A convertible preferred stock		—		10,285,077
Series B convertible preferred stock		—		9,251,793
Options to purchase common stock – service based		4,180,141		2,692,351
Options to purchase common stock – performance based		210,629		229,019
Unvested restricted common stock		97,662		180,297
Total		4,488,432		22,638,537

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

10. Leases

In February 2021, the Company entered into an equipment lease with lease term of 24 months commencing in April 2021. The lease includes an option to purchase the equipment at fair market value at the end of the lease term.

In July 2021, the Company entered into a lease for laboratory space in Cambridge, Massachusetts, with an initial term of one year commencing in April 2021, with a month-to-month option to renew at the end of the initial lease term (see Note 12). At inception, the Company determined that it was reasonably certain that it would elect options to renew the lease through September 2022 and have included these renewal options into the initial determination of the lease term. As of September 30, 2022, the Company estimates the lease term to have a termination date of January 31, 2023.

In September 2021, the Company entered into a lease for laboratory and office space in Watertown, Massachusetts with an initial term of ten years, and a five-year renewal option at the end of the initial lease term. The monthly lease payment is approximately $0.2 million with annual escalation of approximately 3%. The lease includes a $3.7 million construction allowance. As of September 30, 2022, the Company recorded $2.3 million in Landlord assets, net of $0.8 million received or receivable pursuant to the construction allowance, within Prepaid expenses and other current assets. The lease is expected to commence in the first quarter of 2023 when the leased space is expected to be made available for the Company’s use.

In October 2021, the Company entered into a lease for its corporate headquarters in Cambridge, Massachusetts with an initial term of 14 months. As of September 30, 2022, the Company estimates the lease term to have a termination date of January 31, 2023. The monthly lease payment and security deposit are each approximately $49 thousand.

At September 30, 2022, the weighted-average remaining lease terms related to the finance and operating leases are 0.8 year and 0.4 year, respectively.

As the Company’s operating leases did not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. The Company’s incremental borrowing rate was based on the term of the lease, the economic environment of the lease and reflect the rate the Company would have had to pay to borrow on a secured basis. The weighted-average discount rates used at the time that the leases were evaluated were 5.20% for the finance leases and 6.31% for the operating leases.

Related Party License Agreement

9 Months Ended

Sep. 30, 2022

Related Party License Agreement

11. Related Party License Agreement

Amgen, Inc.

In July 2020, the Company entered into an Exclusive License Agreement and Letter Agreement (collectively, the “Amgen Agreement”) with Amgen, pursuant to which the Company has been granted an exclusive, royalty-bearing sublicensable license to certain intellectual property rights owned or controlled by Amgen, to commercially develop, manufacture, use, distribute and sell therapeutic products containing compounds that bind to Triggering Receptor Expressed on Myeloid Cells 2 (“TREM2”).

As initial consideration for the license, the Company made a one-time, non-creditable, non-refundable upfront payment of $0.5 million. As additional consideration for the license, the Company is required to pay Amgen up to $80.0 million in the aggregate upon the achievement of specified regulatory milestones for the first monoclonal antibody agonist of TREM2 agonist (“mAb”) product and the first small molecule TREM2 agonist product and aggregate milestone payments of up to $350.0 million upon the achievement of specific commercial milestones across all mAb products and small molecule products. No regulatory or commercial milestones have been achieved to date under the Amgen Agreement. The Company is also required to pay tiered royalties of low to mid single-digit percentages on annual net sales of the products covered by the license. In the event that the exploitation of a product is not covered by a valid claim within the licensed patent rights, then the royalty rate with respect to the net sales shall be subject to a customary reduction by a certain percentage. The royalty term will terminate on a country-by-country basis on the later of (i) the expiration date of the last valid claim within the licensed patent rights, and (ii) the tenth (10th) anniversary of the first commercial sale of such product in such country. Further, the Company was required to reimburse Amgen for amounts it paid to its contract manufacturers on the Company’s behalf. During the nine months ended September 30, 2021, the Company incurred $2.4 million in contract manufacturing costs. No additional costs were incurred during the nine months ended September 30, 2022. These costs are recognized as research and development expense over the period that the goods are provided, as applicable.

In addition to the cash consideration described above, the Company agreed to issue Series A convertible preferred stock to Amgen in an amount equal to 25% of the Company’s capital stock on a fully diluted basis (the “Related Party Antidilution Obligation”) until the Company has raised an aggregate of $45.0 million net cash proceeds from equity financings. The Company determined that the Related Party Antidilution Obligation was required to be recorded as a liability because it was a freestanding instrument that would require the Company to transfer assets to settle the obligation and it is indexed to an obligation to contingently redeem the Company’s equity shares. Accordingly, the Company recognized the liability at fair value on the acquisition date and recognizes changes in the fair value of the anti-dilution rights at each subsequent reporting period in the change in fair value of the Related Party Antidilution Obligation in the consolidated statements of operations and comprehensive loss (see Note 3).

On September 18, 2020, the Company completed the first closing pursuant to the Series A Convertible Preferred Stock Purchase Agreement which triggered the Related Party Antidilution Obligation resulting in the issuance of 6,928,566 Series A convertible preferred stock to Amgen with a fair value of $17.5 million.

On May 28, 2021, the Company completed the second closing pursuant to the Series A Convertible Preferred Stock Purchase Agreement which resulted in the Company raising net cash proceeds from financing activities in excess of the $45.0 million Related Party Antidilution Obligation cap. Amgen received an additional 1,963,093 Series A convertible preferred stock with a fair value of $5.1 million.

As of September 30, 2022, Amgen owned approximately 9.01% of the Company’s outstanding shares of capital stock.

Amounts paid with respect to goods provided by Amgen on the Company’s behalf under the Amgen Agreement are recognized as research and development expense as such amounts are incurred. For the nine months ended September 30, 2022 and 2021, the Company recognized $0 and $2.4 million, respectively, of expense in connection with goods provided by Amgen.

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

12. Related Party Transactions

Atlas

The Company entered into various lease agreements with Atlas Venture Fund XII, L.P., a principal stockholder of the Company, and incurred lease costs of $218 thousand for the nine months ended September 30, 2022, and $133 thousand for the nine months ended September 30, 2021. The lease payments are included in general and administrative expenses for office space and research and development expenses for lab space in the condensed consolidated statements of operations and comprehensive loss. The Company recorded an operating lease right-of-use asset and a lease liability for $94 thousand as of September 30, 2022. The right-of-use asset is included in operating lease right-of-use assets and the lease liability is included as an operating lease liability in the Company’s condensed consolidated balance sheet as of September 30, 2022. As of September 30, 2022, the Company recognized $78 thousand in accrued expenses associated with the leases.

In September 2021, the Company terminated its short-term related party leases with Atlas Venture Fund XII, L.P. The effective termination date of the leases was in the fourth quarter of 2021.

Amgen, Inc.

Under the Amgen Agreement, the Company was obligated to issue shares of Series A convertible preferred stock to Amgen, a principal stockholder of the Company. Additionally, in consideration for the rights assigned and license conveyed under the Amgen

Agreement, Amgen received upfront consideration in the form of Series A convertible preferred stock, and is entitled to receive milestone and royalty payments upon specified conditions and received payments from the Company for providing ongoing services under the agreement (see Note 11).

Expenses to reimburse Amgen’s contract manufacturers incurred by the Company were $0 and $2.4 million during the nine months ended September 30, 2022 and September 30, 2021, respectively. These costs are included in research and development expenses in the condensed consolidated statements of operations and comprehensive loss.

The Company did not have any amounts in accrued expenses and other current liabilities in the Company’s condensed consolidated balance sheet as of September 30, 2022. As of December 31, 2021, $0.2 million was due to Amgen by the Company and was included in accruals in the consolidated balance sheet.

The Company did not have any amounts in prepaids as of September 30, 2022 and December 31, 2021, respectively.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

License Agreement

The Company entered into a license agreement with Amgen (see Note 11).

Letter of Credit

In September 2021, in connection with the Watertown, Massachusetts lease, the Company entered into a $0.9 million standby letter of credit which initially expired on September 10, 2022 and was renewed to expire on September 11, 2023. The standby letter of credit will automatically renew for subsequent annual periods through December 2032. Remittance of funds from the letter of credit was not probable and the full amount was available as of September 30, 2022. The Company did not recognize a liability in the condensed consolidated balance sheet.

Purchase Commitment

In November 2021, the Company entered into a statement of work ("SOW") with FUJIFILM Diosynth Biotechnologies Texas, LLC for $3.8 million under our existing master services agreement for the manufacturing of VGL101. If the Company terminates the SOW before completion, it may be required to pay fees ranging from 0% to 100%. The amount due upon an early termination depends on the length of time prior to the commencement of specific stages of the SOW. As of September 30, 2022, no significant work had begun. The SOW is expected to be substantially completed by the end of 2024.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenses will be incurred and can be reasonably estimated. As of September 30, 2022, the Company does not have any significant legal disputes that require a loss liability to be recorded.

401(k) Plan

The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code of 1986 (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions are discretionary and contributions in the amount of $0.2 million were made during the nine months ended September 30, 2022.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Legal Proceedings

The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Use of Estimates

Cash, Cash Equivalents and Restricted Cash


	September 30, 2022		September 30, 2021

Cash and cash equivalents	$	203,863	$	110,656
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	204,790	$	111,583

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the estimated useful life of each asset.

The following is the summary of property and equipment and related accumulated depreciation as of September 30, 2022 (in thousands):


	Useful Life	September 30, 2022			December 31, 2021
Computer software and equipment	3 years	$	16		$	16
Furniture and fixtures	5 years		104			9
Lab equipment	5 years		192			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		—			—
Construction in progress			764			99
Total property and equipment			1,076			316
Less: accumulated depreciation			(56	)		(15	)
Total property and equipment, net		$	1,020		$	301

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	September 30, 2022		September 30, 2021

Cash and cash equivalents	$	203,863	$	110,656
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	204,790	$	111,583

Summary of Property and Equipment and Related Accumulated Depreciation

The following is the summary of property and equipment and related accumulated depreciation as of September 30, 2022 (in thousands):


	Useful Life	September 30, 2022			December 31, 2021
Computer software and equipment	3 years	$	16		$	16
Furniture and fixtures	5 years		104			9
Lab equipment	5 years		192			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		—			—
Construction in progress			764			99
Total property and equipment			1,076			316
Less: accumulated depreciation			(56	)		(15	)
Total property and equipment, net		$	1,020		$	301

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Schedule of Fair Value Hierarchy for Assets and Liabilities


	Fair Value Measurement at September 30, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	68,136	$	—	$	—	$	68,136
Restricted cash (non-current)		927	$	—	$	—	$	927
	$	69,063	$	—	$	—	$	69,063


	Fair Value Measurement at December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	67,942	$	—	$	—	$	67,942
Restricted cash (non-current)		927	$	—	$	—	$	927
	$	68,869	$	—	$	—	$	68,869

Rollforward of Changes in Fair Value of Financial Liabilities

The following table sets forth a rollforward of changes in the fair value of financial liabilities classified as Level 3 in the fair valued hierarchy (in thousands):


	Related Party Antidilution Obligation			Series A Preferred Stock Tranche Obligation			Total
Ending balance at December 31, 2020	$	4,247		$	303		$	4,550
Change in fair value		252			21			273
Issuance of Series A preferred shares in partial settlement of related party antidilution obligation		—			—			—
Ending balance at March 31, 2021	$	4,499		$	324		$	4,823
Change in fair value through the settlement date		584			7			591
Reclassification of Series A preferred stock tranche obligation and related party antidilution obligation upon settlement		(5,083	)		(331	)		(5,414	)
Ending balance at May 1, 2021	$	—		$	—		$	—

Prepaid Expense and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Research and development	$	5,228	$	5,597
Construction related prepaids and other current assets		2,530		—
Business insurance		615		107
Other		702		359
Total	$	9,075	$	6,063

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2022		December 31, 2021
Research and development	$	2,555	$	1,422
Payroll and employee related		2,479		2,017
Construction related		1,161		65
Professional fees		434		933
Deferred offering		11		543
Other		213		51
Total	$	6,853	$	5,031

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock-based Compensation Expense

Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	598	$	214	$	1,647	$	484
General and administrative		896		342		2,329		839
Total stock-based compensation	$	1,494	$	556	$	3,976	$	1,323

Common Stock (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Reserved Number of Shares of Common Stock for Exercise of Outstanding Stock Options and Future Issuance of Stock-Based Awards

The Company has reserved the following number of shares of common stock for the exercise of outstanding stock options and future issuance of stock-based awards.


	September 30, 2022		December 31, 2021
Common stock options		4,390,770		3,089,065
Pre-funded warrants		2,980,889		—
Shares available for issuance under the 2020 Plan		—		276,261
Shares available for issuance under the 2021 Plan		1,792,734		3,145,281
Shares available for issuance under the 2021 ESPP		286,127		286,127
Series A convertible preferred stock outstanding		—		10,285,087
Series B convertible preferred stock outstanding		—		9,251,793
Total common stock reserved for future issuance		9,450,520		26,333,614

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share Attributable to Common Stockholders

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss attributable to common stockholders	$	(17,500	)	$	(10,740	)	$	(49,849	)	$	(30,298	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,303,345			1,539,769			29,395,548			1,519,686
Net loss per share attributable to common stockholders, basic and diluted	$	(0.53	)	$	(6.98	)	$	(1.70	)	$	(19.94	)

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per common share for the periods indicated because including them would have had an anti-dilutive effect:


	As of September 30,
	2022		2021
Series A convertible preferred stock		—		10,285,077
Series B convertible preferred stock		—		9,251,793
Options to purchase common stock – service based		4,180,141		2,692,351
Options to purchase common stock – performance based		210,629		229,019
Unvested restricted common stock		97,662		180,297
Total		4,488,432		22,638,537

Nature of the Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands				1 Months Ended	9 Months Ended
	Aug. 16, 2022 USD ($)	Aug. 12, 2022 $ / shares shares	Dec. 30, 2021	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Class of Stock [Line Items]
Reverse stock split			one-for-2.7732
Conversion ratio			0.003605
Cash and cash equivalents					$ 203,863	$ 91,420	$ 110,656
Accumulated deficit					121,678	$ 71,829
Net proceeds from issuance initial public offering					$ 88,000
PIPE
Class of Stock [Line Items]
Common stock issued \| shares		7,293,084
Common stock issued, price per share \| $ / shares		$ 7.30
Gross proceeds before deducting placement agent fees and other offering expenses	$ 75,000
Net proceeds from offering				$ 71,300
PIPE \| Pre-Funded Warrants
Class of Stock [Line Items]
Warrants issued to purchase common stock \| shares		2,980,889
Share purchase price per pre funded warrant \| $ / shares		$ 7.2999
Warrants exercise price per share \| $ / shares		$ 0.0001

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense on property and equipment	$ 16	$ 4	$ 41	$ 5
Certificate of Deposit
Summary Of Significant Accounting Policies [Line Items]
Lease security deposit		$ 900		$ 900

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 203,863	$ 91,420	$ 110,656
Restricted cash	927	927	927
Total cash, cash equivalents and restricted cash	$ 204,790	$ 92,347	$ 111,583	$ 24,151

Summary of Significant Accounting Policies - Summary of Property and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,076	$ 316
Less: accumulated depreciation	(56)	(15)
Total property and equipment, net	$ 1,020	$ 301
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years	3 years
Total property and equipment	$ 16	$ 16
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years	5 years
Total property and equipment	$ 104	$ 9
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years	5 years
Total property and equipment	$ 192	$ 192
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, useful life	Lesser of (i) usefullife or (ii) lease term	Lesser of (i) usefullife or (ii) lease term
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 764	$ 99

Fair Value Measurements - Schedule of Fair Value Hierarchy for Assets and Liabilities (Details) - Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Assets, fair value	$ 69,063	$ 68,869
Level 1
Assets:
Assets, fair value	69,063	68,869
Cash Equivalents (Money Market)
Assets:
Assets, fair value	68,136	67,942
Cash Equivalents (Money Market) \| Level 1
Assets:
Assets, fair value	68,136	67,942
Restricted Cash (Non-Current)
Assets:
Assets, fair value	927	927
Restricted Cash (Non-Current) \| Level 1
Assets:
Assets, fair value	$ 927	$ 927

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	May 28, 2021	May 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability related to the related party antidilution obligation				$ 4,200
Increase in fair value of related party antidilution obligations		$ 800
Series A Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of convertible preferred stock, net of issuance costs, shares			7,852,373
Issuance of convertible preferred stock, fair value			$ 19,879
Related Party Antidilution Obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess of net cash proceeds from financing activities based on liability cap	$ 45,000
Related Party Antidilution Obligation \| Series A Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of convertible preferred stock, net of issuance costs, shares	1,963,093
Issuance of convertible preferred stock, fair value	$ 5,100

Fair Value Measurements - Rollforward of Changes in Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 01, 2021	Mar. 31, 2021
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 4,823	$ 4,550
Change in fair value through the settlement date	591	273
Reclassification of Series A preferred stock tranche obligation and related party antidilution obligation upon settlement	(5,414)
Ending balance		4,823
Related Party Antidilution Obligation
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	4,499	4,247
Change in fair value through the settlement date	584	252
Reclassification of Series A preferred stock tranche obligation and related party antidilution obligation upon settlement	(5,083)
Ending balance		4,499
Series A Preferred Stock Tranche Obligation
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	324	303
Change in fair value through the settlement date	7	21
Reclassification of Series A preferred stock tranche obligation and related party antidilution obligation upon settlement	$ (331)
Ending balance		$ 324

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Research and development	$ 5,228	$ 5,597
Construction related prepaids and other current assets	2,530
Business insurance	615	107
Other	702	359
Total	$ 9,075	$ 6,063

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Dec. 31, 2021

Payables and Accruals [Abstract]

Research and development

$ 2,555

$ 1,422

Payroll and employee related

2,479

2,017

Construction related

1,161

Professional fees

434

933

Deferred offering

543

Other

213

Total

^[1]

$ 6,853

$ 5,031

[1]	Includes related party amounts of $78 (accrued expenses and other current liabilities) at September 30, 2022; $221 (accrued expenses and other current liabilities) at December 31, 2021 (see Note 12).

Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 05, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance			9,450,520		9,450,520		26,333,614
Stock-based compensation			$ 1,494,000	$ 556,000	$ 3,976,000	$ 1,323,000
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance			4,390,770		4,390,770		3,089,065
Unrecognized stock-based compensation expense related to unvested stock options not recognized			$ 16,000,000.0		$ 16,000,000.0
Unrecognized stock-based compensation expense period of recognition					2 years 8 months 26 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested restricted stock not recognized			$ 200,000		$ 200,000
Unrecognized stock-based compensation expense period of recognition					1 year 7 months 2 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance							276,261
Number of options outstanding			3,038,223		3,038,223
2021 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance	3,145,281		1,792,734		1,792,734		3,145,281
Number of shares issued		802,145
Percentage of cumulative number of shares issued and outstanding	5.00%
Number of options outstanding			1,352,547		1,352,547
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance	286,127		286,127		286,127		286,127
Number of shares issued	286,127
Percentage of cumulative number of shares issued and outstanding	1.00%
Stock-based compensation			$ 0		$ 0

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,494	$ 556	$ 3,976	$ 1,323
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	598	214	1,647	484
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 896	$ 342	$ 2,329	$ 839

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	9 Months Ended
	Dec. 31, 2021	Aug. 13, 2021	May 28, 2021	Sep. 18, 2020	Jan. 31, 2022	Sep. 30, 2022	Dec. 31, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Gross proceeds from issuance of preferred stock						$ 89,872
Net proceeds from issuance initial public offering						$ 88,000
Initial Public Offering (IPO)
Class Of Stock [Line Items]
Issuance Price per share					$ 14.00
Common Stock
Class Of Stock [Line Items]
Convertible preferred stock basis	one-for-one
Common Stock \| Initial Public Offering (IPO)
Class Of Stock [Line Items]
Convertible Preferred stock converted to common stock					19,536,870
Series A Convertible Preferred Stock Purchase Agreement \| Maximum
Class Of Stock [Line Items]
Temporary equity, shares issued								7,852,373
Series A Convertible Preferred Stock Purchase Agreement \| Research and Development
Class Of Stock [Line Items]
Purchase price per share								$ 2.547
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Purchase an aggregate shares				$ 50,000
Temporary equity, shares issued			7,852,373	9,815,467
Purchase price per share			$ 2.547	$ 2.547
Issuance Price per share						$ 2.547
Gross proceeds from issuance of preferred stock			$ 20,000	$ 25,000
Issuance costs			100
Preferred stock conversion price per share						7.063
Series A Preferred Stock Tranche Obligation
Class Of Stock [Line Items]
Issuance costs				200
Preferred stock tranche obligation classified as liability and recorded at fair value			$ 300				$ 300
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares issued		25,657,096
Purchase price per share		$ 3.5078
Issuance Price per share						3.5078
Gross proceeds from issuance of preferred stock		$ 90,000
Issuance costs		$ 400
Preferred stock conversion price per share						$ 9.7278
Convertible Preferred Stock
Class Of Stock [Line Items]
Net proceeds from issuance initial public offering						$ 50,000
Series A Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares issued	28,522,592					0
Purchase price per share	$ 0.0001					$ 0.0001
Issuance costs				$ 200
Series A Preferred Stock \| Common Stock \| Initial Public Offering (IPO)
Class Of Stock [Line Items]
Convertible Preferred stock converted to common stock					10,285,077
Series B Preferred stock
Class Of Stock [Line Items]
Temporary equity, shares issued	25,657,096					0
Purchase price per share	$ 0.0001					$ 0.0001
Series B Preferred stock \| Common Stock \| Initial Public Offering (IPO)
Class Of Stock [Line Items]
Convertible Preferred stock converted to common stock					9,251,793

Common Stock - Additional Information (Details)				1 Months Ended	3 Months Ended			9 Months Ended
Common Stock - Additional Information (Details)	Aug. 16, 2022 USD ($)	Aug. 12, 2022 $ / shares shares	Dec. 30, 2021	Jan. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2022 shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Class of Stock [Line Items]
Common stock, voting rights								Each share of common stock entitles the holder to one vote for each share of common stock held.
Common stock dividend declared \| $					$ 0		$ 0	$ 0	$ 0
Net proceeds from issuance of common stock \| $								$ 50,602,000
Reverse stock split			one-for-2.7732
Conversion ratio			0.003605
Common stock, shares authorized				150,000,000	150,000,000			150,000,000		72,000,000
Preferred stock, shares authorized				10,000,000	10,000,000			10,000,000		0
Common stock, par or stated value per share \| $ / shares					$ 0.0001			$ 0.0001		$ 0.0001
Preferred stock, par or stated value per share \| $ / shares					$ 0.001			$ 0.001		$ 0.001
Pre-Funded Warrants
Class of Stock [Line Items]
Warrants exercised					0			0
Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, shares outstanding										54,179,688		18,707,126	18,707,126
Convertible preferred stock \| $							$ 161,980,000		$ 161,980,000	$ 161,939,000	$ 72,327,000	$ 47,034,000	$ 47,034,000
Initial Public Offering (IPO)
Class of Stock [Line Items]
Common stock issued				7,000,000
Common stock issued, price per share \| $ / shares				$ 14.00
Net proceeds from issuance of common stock \| $				$ 88,000,000.0
Underwriting discounts and commissions and offering costs \| $				$ 10,000,000.0
Common stock, par or stated value per share \| $ / shares				$ 0.0001
Preferred stock, par or stated value per share \| $ / shares				$ 0.0001
Initial Public Offering (IPO) \| Common Stock
Class of Stock [Line Items]
Common stock issued						7,000,000
Convertible Preferred stock converted to common stock				19,536,870
Reverse stock split				one-for-2.7732
Conversion ratio				0.003605
Initial Public Offering (IPO) \| Common Stock and Additional Paid-in Capital
Class of Stock [Line Items]
Convertible preferred stock \| $				$ 161,900,000
Initial Public Offering (IPO) \| Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, shares outstanding				54,179,688
Private Placement
Class of Stock [Line Items]
Common stock issued		7,293,084
Common stock issued, price per share \| $ / shares		$ 7.30
Gross proceeds before deducting offering expenses \| $	$ 75,000,000.0
Private Placement \| Pre-Funded Warrants
Class of Stock [Line Items]
Warrants issued to purchase common stock		2,980,889
Share purchase price per pre funded warrant \| $ / shares		$ 7.2999
Warrants exercise price per share \| $ / shares		$ 0.0001
Private Placement \| Pre-Funded Warrants \| Maximum
Class of Stock [Line Items]
Warrants issued to purchase common stock		2,980,889

Common Stock - Schedule of Reserved Number of Shares of Common Stock for Exercise of Outstanding Stock Options and Future Issuance of Stock-Based Awards (Details) - shares	Sep. 30, 2022	Jan. 05, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Total common stock reserved for future issuance	9,450,520		26,333,614
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Total common stock reserved for future issuance			10,285,087
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Total common stock reserved for future issuance			9,251,793
Shares Available for Issuance Under the 2020 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance			276,261
Shares Available for Issuance Under the 2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,792,734	3,145,281	3,145,281
Shares Available for Issuance Under the 2021 ESPP
Class Of Stock [Line Items]
Total common stock reserved for future issuance	286,127	286,127	286,127
Pre-Funded Warrants
Class Of Stock [Line Items]
Total common stock reserved for future issuance	2,980,889
Common Stock Options
Class Of Stock [Line Items]
Total common stock reserved for future issuance	4,390,770		3,089,065

Net Loss per Share - Summary of Basic and Diluted Net Loss Per Common Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (17,500)	$ (17,015)	$ (15,334)	$ (10,740)	$ (11,367)	$ (8,191)	$ (49,849)	$ (30,298)
Denominator:
Weighted-average common shares outstanding, basic	33,303,345			1,539,769			29,395,548	1,519,686
Weighted-average common shares outstanding, diluted	33,303,345			1,539,769			29,395,548	1,519,686
Net loss per share attributable to common stockholders, basic	$ (0.53)			$ (6.98)			$ (1.70)	$ (19.94)
Net loss per share attributable to common stockholders, diluted	$ (0.53)			$ (6.98)			$ (1.70)	$ (19.94)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Net Loss per Share - Additional Information (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Earnings Per Share [Abstract]
Pre-funded warrants remaining unfunded exercise price	$ 0.0001	$ 0.0001

Net Loss per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,488,432	22,638,537
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		10,285,077
Series B Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		9,251,793
Options to Purchase Common Stock – Service Based
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,180,141	2,692,351
Options to Purchase Common Stock – Performance Based
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	210,629	229,019
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	97,662	180,297

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Jul. 31, 2021	Feb. 28, 2021	Sep. 30, 2022
Lessee Lease Description [Line Items]
Finance lease, weighted-average remaining lease term					9 months 18 days
Operating lease, weighted-average remaining lease term					4 months 24 days
Finance lease, weighted-average discount rate					5.20%
Operating lease, weighted-average discount rate					6.31%
Equipment Lease
Lessee Lease Description [Line Items]
Operating lease term				24 months
Operating lease commencement month and year				2021-04
Laboratory Space
Lessee Lease Description [Line Items]
Operating lease term			1 year
Operating lease commencement month and year			2021-04
Operating lease, option to extend					At inception, the Company determined that it was reasonably certain that it would elect options to renew the lease through September 2022 and have included these renewal options into the initial determination of the lease term.
Operating lease, existence of option to extend [true false]					true
Lease termination date					Jan. 31, 2023
Laboratory and Office Space
Lessee Lease Description [Line Items]
Operating lease term		10 years
Operating lease, option to extend					five-year renewal option at the end of the initial lease term
Operating lease, existence of option to extend [true false]					true
Operating lease renewal term		5 years
Operating lease monthly payment		$ 200
Percentage of annual escalation		3.00%
Lease construction allowance		$ 3,700
Landlord Assets \| Prepaid Expenses and Other Current Assets
Lessee Lease Description [Line Items]
Payment of construction allowance net amount					$ 2,300
Received or receivable from construction allowance amount					$ 800
Corporate Headquarters
Lessee Lease Description [Line Items]
Operating lease term	14 months
Lease termination date					Jan. 31, 2023
Operating lease monthly payment	$ 49
Lease security deposit	$ 49

Related Party License Agreement - Additional Information (Details) - USD ($)			1 Months Ended	9 Months Ended
	May 28, 2021	Sep. 18, 2020	Jul. 31, 2020	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Net cash proceeds from financing activities				$ 161,154,000	$ 109,609,000
Amgen Agreement
Related Party Transaction [Line Items]
Contract manufacturing costs				$ 0	2,400,000
Amgen, Inc.
Related Party Transaction [Line Items]
Ownership percentage of outstanding shares of capital stock				9.01%
Amgen, Inc. \| Research and Development
Related Party Transaction [Line Items]
Expense in connection with goods provided				$ 0	$ 2,400,000
Amgen, Inc. \| Series A Convertible Preferred Stock
Related Party Transaction [Line Items]
Percentage of capital stock to issue temporary equity			25.00%
Proceeds from equity financings			$ 45,000,000.0
Issuance of convertible preference shares	1,963,093	6,928,566
Issuance of convertible preferred stock with fair value	$ 5,100,000	$ 17,500,000
Net cash proceeds from financing activities	$ 45,000,000.0
Amgen, Inc. \| Amgen Agreement
Related Party Transaction [Line Items]
Upfront consideration for license arrangement			500,000
Additional maximum consideration for license agreement upon achievement of specified regulatory milestones			80,000,000.0
Maximum aggregate milestone payments upon achievement of specific commercial milestones across all mab products			$ 350,000,000.0

Related Party Transactions - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Operating lease right-of-use assets	$ 356,000		$ 882,000
Operating lease liabilities	347,000		830,000
Prepaid reservation fees	0		0
Atlas Venture Fund XII, LP
Related Party Transaction [Line Items]
Lease, Cost	218,000	$ 133,000
Operating lease right-of-use assets	94,000
Operating lease liabilities	94,000
Accrued expenses, related parties	78,000
Amgen, Inc.
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities	0
Related party transactions, expenses incurred	$ 0	$ 2,400,000
Due to related party amounts			$ 200,000

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Loss Contingencies [Line Items]
Discretionary and contributions amount			$ 0.2
Standby Letter of Credit
Loss Contingencies [Line Items]
Letter of credit		$ 0.9
Letter of credit expiration date		Sep. 10, 2022	Sep. 11, 2023
Letter of credit renewal period		2032-12
FUJIFILM Diosynth Biotechnologies Texas, LLC
Loss Contingencies [Line Items]
Purchase commitment fee	$ 3.8
FUJIFILM Diosynth Biotechnologies Texas, LLC \| Minimum
Loss Contingencies [Line Items]
Purchase commitment fee percentage	0.00%
FUJIFILM Diosynth Biotechnologies Texas, LLC \| Maximum
Loss Contingencies [Line Items]
Purchase commitment fee percentage	100.00%