0000950170-23-020091 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		35,685,129
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	100 Forge Road,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
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

Mar. 31, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 95,618

$ 186,605

Marketable securities

68,862

Prepaid expenses and other current assets

7,736

11,200

Total current assets

172,216

197,805

Property and equipment, net

1,914

1,184

Operating lease right-of-use assets

17,239

141

Financing lease right-of-use assets

Restricted cash

927

Other assets

266

Total assets

192,361

200,393

Current liabilities:

Accounts payable

2,166

1,942

Accrued expenses and other current liabilities

^[1]

4,165

9,194

Operating lease liabilities

1,048

153

Financing lease liabilities

Total current liabilities

7,391

11,312

Operating lease liabilities, net of current portion

13,630

Total liabilities

21,021

11,312

Commitments and contingencies (Note 12)

Stockholders' equity:

Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 0 share issued and outstanding at March 31, 2023 and December 31, 2022, respectively

Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2023 and December 31, 2022; 35,710,107 shares issued as of March 31, 2023 and 35,664,658 shares issued as of December 31, 2022; and 35,665,784 shares outstanding as of March 31, 2023 and 35,620,335 shares outstanding as of December 31, 2022

Additional paid-in capital

331,159

329,211

Accumulated other comprehensive income

106

Accumulated deficit

(159,929)

(140,134)

Total stockholders' equity

171,340

189,081

Total liabilities and stockholders' equity

$ 192,361

$ 200,393

[1]	Includes related party amounts of $52 (accrued expenses and other current liabilities) at March 31, 2023; $78 (accrued expenses and other current liabilities) at December 31, 2022 (see Note 11).

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares, issued	35,710,107	35,664,658
Common stock, shares, outstanding	35,665,784	35,620,335
Accrued Expenses and Other Current Liabilities
Due to related party amounts	$ 52	$ 78

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Operating expenses:

Research and development

^[1]

$ 13,834

$ 10,365

General and administrative

6,941

4,967

Total operating expenses

20,775

15,332

Loss from operations

(20,775)

(15,332)

Other income (expense):

Interest income, net

985

Other income (expense), net

(5)

(4)

Total other expense, net

980

(2)

Net loss

$ (19,795)

$ (15,334)

Net loss per share attributable to common stockholders, basic

$ (0.51)

$ (0.58)

Net loss per share attributable to common stockholders, diluted

$ (0.51)

$ (0.58)

Weighted-average common shares outstanding, basic

38,546,012

26,660,246

Weighted-average common shares outstanding, diluted

38,546,012

26,660,246

Comprehensive loss:

Net loss

$ (19,795)

$ (15,334)

Unrealized gain on available for sale securities

106

Total comprehensive loss

$ (19,689)

$ (15,334)

[1]	Includes related party amounts of $43 for the three months ended March 31, 2023, and $67 for the three months ended March 31, 2022 (see Note 11).

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Research and development expense related party	$ 43	$ 67

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	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
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
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
Options exercised			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, 2022	$ 189,081		$ 4	329,211		(140,134)
Beginning balance, Shares at Dec. 31, 2022	35,620,335		35,620,335
Exercise of stock options	$ 214			214
Options exercised			45,449
Stock-based compensation expense	1,734			1,734
Unrealized gain on available for sale securities	106				$ 106
Net loss	(19,795)					(19,795)
Balance at Mar. 31, 2023	$ 171,340		$ 4	$ 331,159	$ 106	$ (159,929)
Ending balance shares at Mar. 31, 2023	35,665,784		35,665,784

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (Unaudited) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Stock issuance costs	$ 10.0

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (19,795)	$ (15,334)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock-based compensation expense	1,734	1,021
Non-cash operating lease expense	318	219
Depreciation and amortization	65	18
Amortization of premium/discount on marketable securities	(244)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	471	(987)
Other non-current assets		(16)
Accounts payable	214	(1,339)
Accrued expenses and other current liabilities	(5,061)	(1,508)
Operating lease liabilities	112	(218)
Net cash used in operating activities	(22,186)	(18,144)
Cash flows from investing activities:
Purchases of marketable securities	(68,512)
Purchases of property and equipment	(492)	(142)
Net cash used in investing activities	(69,004)	(142)
Cash flows from financing activities:
Proceeds from issuance of common stock upon initial public offering, net of offering costs		90,191
Payments of finance lease obligations	(11)	(10)
Proceeds from stock option exercised	214	9
Net cash provided by financing activities	203	90,190
Net increase in cash and cash equivalents	(90,987)	71,904
Cash, cash equivalents and restricted cash at beginning of period	187,532	92,347
Cash, cash equivalents and restricted cash at end of period	96,545	164,251
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		1,887
Offering costs included in accounts payable and accrued expenses		318
Right-of-use assets obtained in exchange for operating lease liabilities	14,413	62
Prepaid rent reclassified to right-of-use assets	$ 2,887
Other assets in accounts payable and accrued expenses		94
Purchases of property and equipment included in accounts payable and accrued expenses		$ 102

Nature of the Business and Basis of Presentation

3 Months Ended

Mar. 31, 2023

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 Security 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 Watertown, 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.

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 March 31, 2023, the Company had cash, cash equivalents, and marketable securities of $164.5 million and an accumulated deficit of $159.9 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 a private placement 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 its 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 the Company's business, its 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 2023 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 reflect the operations of the Company 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, 2022, which were included in our Annual Report on Form 10-K that was filed with the Securities and Exchange Commission on March 21, 2023. 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

3 Months Ended

Mar. 31, 2023

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, 2022, 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 21, 2023, or the 2022 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. 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 original maturities when purchased of three months or less that are readily convertible to known amounts of cash to be cash equivalents. The carrying values of these instruments approximate their respective fair value due to the short-term maturity of these investments. At March 31, 2023 and December 31, 2022, the Company’s cash equivalents were in money market funds and government securities. 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 12), 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 condensed consolidated balance sheets that sum to the total of the amounts reported in the condensed consolidated statement of cash flows (in thousands):


	March 31, 2023		March 31, 2022

Cash and cash equivalents	$	95,618	$	163,324
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	96,545	$	164,251

Marketable securities

Investments in marketable securities are classified as available-for-sale. Available-for-sale securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity in other comprehensive income. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all of these securities as current assets even if the stated maturity of some individual securities may be one year or more beyond the balance sheet date.

The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the consolidated statements of operations and comprehensive loss. If any adjustment is required to reflect a decline in the value of the investment that the Company considers to be “other than temporary”, the Company recognizes a charge to the consolidated statement of operations and comprehensive loss. No such adjustments were necessary during the periods presented.

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 no 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 March 31, 2023 (in thousands):


	Useful Life	March 31, 2023			December 31, 2022
Computer software and equipment	3 years	$	71		$	16
Furniture and fixtures	5 years		138			104
Lab equipment	5 years		1,694			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		144			—
Construction in progress			—			944
Total property and equipment			2,047			1,256
Less: accumulated depreciation			(133	)		(72	)
Total property and equipment, net		$	1,914		$	1,184

Depreciation expense was $61 thousand during the three months ended March 31, 2023. Depreciation expense was $13 thousand during the three months ended March 31, 2022.

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 2024. The Company does not currently expect the adoption to materially impact its financial position and results of operations.

Fair Value Measurements and Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

3. Fair Value Measurements and Financial Instruments

The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands):


	Fair Value Measurement at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	65,545	$	—	$	—	$	65,545
U.S. government securities		—		15,935		—		15,935
Total cash equivalents	$	65,545	$	15,935	$	—	$	81,480
Marketable securities (U.S. government securities)		—		68,862		—		68,862
Restricted cash (non-current)		927		—		—		927
Total	$	66,472	$	84,797	$	—	$	151,269


	Fair Value Measurement at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	156,219	$	—	$	—	$	156,219
Marketable securities		—		—		—		—
Restricted cash (non-current)		927		—		—		927
Total	$	157,146	$	—	$	—	$	157,146

Marketable securities

The following table summarizes the Company’s marketable securities as of March 31, 2023 (in thousands):


	At March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities (U.S. government securities)	$	68,756	$	106	$	—	$	68,862
Total	$	68,756	$	106	$	—	$	68,862

The following table summarizes the Company’s marketable securities by maturity as of March 31, 2023 (in thousands):


	At March 31, 2023
Maturities in one year or less	$	68,862
Maturities greater than one year		—
Total	$	68,862

As of March 31, 2023, the Company held 28 securities, none of which were in an unrealized loss position. The Company did not recognize any credit losses during the three months ended March 31, 2023 and 2022. Additionally, there were no realized gains or losses on marketable securities for the three months ended March 31, 2023 and 2022.

- 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

3 Months Ended

Mar. 31, 2023

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):


	March 31, 2023		December 31, 2022
Research and development	$	5,231	$	6,670
Construction related prepaid assets		—		3,769
Business insurance		1,146		133
Other		1,359		628
Total	$	7,736	$	11,200

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

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):


	March 31, 2023		December 31, 2022
Research and development	$	1,756	$	2,894
Payroll and employee related		1,143		3,512
Professional fees		878		986
Construction related		270		1,416
Other		118		386
Total	$	4,165	$	9,194

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

2020 Equity Incentive Plan

The Company's 2020 Equity Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report on Form 10-K. As of March 31, 2023, 2,720,727 options were outstanding under the 2020 Plan.

2021 Stock Option and Incentive Plan

The Company's 2021 Stock Option and Incentive Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report on Form 10-K. On January 1, 2023, the shares reserved for future grants under the 2021 Plan increased by 1,781,017 pursuant to the 2021 Plan Evergreen Provision. In March of 2023, as part of the Company's annual grant of equity, the Company granted 1,348,380 stock options to employees. As of March 31, 2023, 3,153,489 options were outstanding under the 2021 Plan.

2021 Employee Stock Purchase Plan

The Company's 2021 Employee Stock Purchase Plan is described in detail within Note 6 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report on Form 10-K. On January 1, 2023, the shares reserved for future grants under the 2021 ESPP increased by 286,127 pursuant to the 2021 Plan Evergreen Provision. As of March 31, 2023, a total of 572,254 shares of common stock were reserved for issuance under this plan. No stock-based compensation expense was recognized during the three months ended March 31, 2023 related to the 2021 ESPP.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense of $1.7 million and $1.0 million during the three months ended March 31, 2023 and March 31, 2022, respectively. Stock-based compensation expense was classified as follows in the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	686	$	580
General and administrative		1,048		441
Total stock-based compensation	$	1,734	$	1,021

At March 31, 2023, there was approximately $26.4 million unrecognized stock-based compensation expense related to unvested options, which is expected to be recognized over a weighted-average period of 2.99 years. At March 31, 2023, 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 1.09 years.

Preferred Stock

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022.

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.

Common Stock

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022, no dividends have been declared or paid.

Pre-funded Warrants

In connection with the Private Placement, the Company 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, is immediately exercisable and will remain exercisable until exercised in full. The pre-funded warrants have no expiration date and the price of the pre-funded warrants does not include any discounts. The Company 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 March 31, 2023, 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.


	March 31, 2023		December 31, 2022
Common stock options		5,874,216		4,440,811
Pre-funded warrants		2,980,889		2,980,889
Shares available for issuance under the 2021 Plan		1,772,808		1,682,909
Shares available for issuance under the 2021 ESPP		572,254		286,127
Total common stock reserved for future issuance		11,200,167		9,390,736

- 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
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss per Share

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Numerator:
Net loss attributable to common stockholders	$	(19,795	)	$	(15,334	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		38,546,012			26,660,246
Net loss per share attributable to common stockholders, basic and diluted	$	(0.51	)	$	(0.58	)

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:


	Three Months Ended March 31,
	2023		2022
Options to purchase common stock – service based		5,663,587		3,712,784
Options to purchase common stock – performance based		210,629		210,629
Unvested restricted common stock		68,364		126,959
Total		5,942,580		4,050,372

Leases

3 Months Ended

Mar. 31, 2023

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. 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. In 2022, the Company further extended the lease term through February 28, 2023 and terminated the lease as of February 28, 2023 due to the Company's move to Watertown, Massachusetts as noted below.

In October 2021, the Company entered into a lease for its corporate headquarters in Cambridge, Massachusetts with an initial term of 14 months. In 2022, the Company extended the lease through January 31, 2023 and terminated the lease as of January 31, 2023 due to the Company's move to Watertown, Massachusetts as noted below. The lease payments during the three months ended March 31, 2023 were $74 thousand and the security deposit at March 31, 2023 was approximately $49 thousand.

Watertown, MA Lease

In September 2021, the Company entered into a lease for laboratory and office space in Watertown, Massachusetts with an initial term of ten years from the term commencement date of May 2022, and a five-year renewal option. The lease commenced for accounting purposes in the January 2023 when the leased space was made available for the Company’s use. As of the lease commencement date, the Company has determined that it is not reasonably certain to exercise the option to extend the lease and has not included the extension period in the lease term. The monthly lease payment is approximately $154 thousand with annual escalation of approximately 3%. The lease includes a $3.7 million construction allowance. At the lease commencement date, the Company recorded an initial lease liability of $14.4 million and a right-of-use asset of $17.4 million. The components of lease expense for the three months ended March 31, 2023 were $481 thousand in operating lease expense and $177 thousand in variable lease expense. Variable lease expense generally includes common area maintenance and property taxes.

At March 31, 2023, the weighted-average remaining lease terms related to the finance and operating leases are 0.3 years and 9.7 years, respectively.

The weighted-average discount rates used at the time that the leases were evaluated were 5.18% for the finance leases and 7.55% for the operating leases that were still active as of March 31, 2023.

The Watertown lease began in January 2023, with minimum base rent payments ranging from $1.9 million annually and increasing to $2.1 million annually over the next 5 years. Future minimum lease payments due under the Company’s operating and finance lease liabilities as of March 31, 2023 are as follows:


	Operating Leases			Financing Leases
2023		1,625			12
2024		1,910			—
2025		1,968			—
2026		2,027			—
2027		2,088			—
2028 and thereafter		11,269			—
Total lease payments		20,887			12
Less: imputed interest		(6,209	)		—
Total future minimum lease payments	$	14,678		$	12

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

11. 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 $43 thousand for the three months ended March 31, 2023, and $67 thousand for the three months ended March 31, 2022. 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 terminated the lease for the laboratory space as of February 28, 2023 due to the Company's move to Watertown, Massachusetts, and therefore had no operating lease right-of-use asset or lease liability recorded as of March 31, 2023. As of March 31, 2023, the Company recognized $52 thousand in accrued expenses associated with the leases.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

License Agreement

The Company has a license agreement with Amgen (see Note 12 to the consolidated financial statements of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022).

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 March 31, 2023. 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 its 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. The SOW is expected to incur costs over approximately 2 years. As of March 31, 2023, approximately 10% of work has been completed on this SOW.

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 March 31, 2023, 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 three months ended March 31, 2023.

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)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Cash, Cash Equivalents and Restricted Cash


	March 31, 2023		March 31, 2022

Cash and cash equivalents	$	95,618	$	163,324
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	96,545	$	164,251

Marketable securities

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 March 31, 2023 (in thousands):


	Useful Life	March 31, 2023			December 31, 2022
Computer software and equipment	3 years	$	71		$	16
Furniture and fixtures	5 years		138			104
Lab equipment	5 years		1,694			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		144			—
Construction in progress			—			944
Total property and equipment			2,047			1,256
Less: accumulated depreciation			(133	)		(72	)
Total property and equipment, net		$	1,914		$	1,184

Depreciation expense was $61 thousand during the three months ended March 31, 2023. Depreciation expense was $13 thousand during the three months ended March 31, 2022.

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	March 31, 2023		March 31, 2022

Cash and cash equivalents	$	95,618	$	163,324
Restricted cash, non-current		927		927
Total cash, cash equivalents and restricted cash	$	96,545	$	164,251

Summary of Property and Equipment and Related Accumulated Depreciation

The following is the summary of property and equipment and related accumulated depreciation as of March 31, 2023 (in thousands):


	Useful Life	March 31, 2023			December 31, 2022
Computer software and equipment	3 years	$	71		$	16
Furniture and fixtures	5 years		138			104
Lab equipment	5 years		1,694			192
Leasehold improvements	Lesser of (i) useful life or (ii) lease term		144			—
Construction in progress			—			944
Total property and equipment			2,047			1,256
Less: accumulated depreciation			(133	)		(72	)
Total property and equipment, net		$	1,914		$	1,184

Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Fair Value Hierarchy for Assets and Liabilities


	Fair Value Measurement at March 31, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	65,545	$	—	$	—	$	65,545
U.S. government securities		—		15,935		—		15,935
Total cash equivalents	$	65,545	$	15,935	$	—	$	81,480
Marketable securities (U.S. government securities)		—		68,862		—		68,862
Restricted cash (non-current)		927		—		—		927
Total	$	66,472	$	84,797	$	—	$	151,269


	Fair Value Measurement at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	156,219	$	—	$	—	$	156,219
Marketable securities		—		—		—		—
Restricted cash (non-current)		927		—		—		927
Total	$	157,146	$	—	$	—	$	157,146

Summary of marketable securities

The following table summarizes the Company’s marketable securities as of March 31, 2023 (in thousands):


	At March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities (U.S. government securities)	$	68,756	$	106	$	—	$	68,862
Total	$	68,756	$	106	$	—	$	68,862

Summary of marketable securities by maturity

The following table summarizes the Company’s marketable securities by maturity as of March 31, 2023 (in thousands):


	At March 31, 2023
Maturities in one year or less	$	68,862
Maturities greater than one year		—
Total	$	68,862

Prepaid Expense and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2023

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):


	March 31, 2023		December 31, 2022
Research and development	$	5,231	$	6,670
Construction related prepaid assets		—		3,769
Business insurance		1,146		133
Other		1,359		628
Total	$	7,736	$	11,200

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31, 2023		December 31, 2022
Research and development	$	1,756	$	2,894
Payroll and employee related		1,143		3,512
Professional fees		878		986
Construction related		270		1,416
Other		118		386
Total	$	4,165	$	9,194

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Research and development	$	686	$	580
General and administrative		1,048		441
Total stock-based compensation	$	1,734	$	1,021

Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

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.


	March 31, 2023		December 31, 2022
Common stock options		5,874,216		4,440,811
Pre-funded warrants		2,980,889		2,980,889
Shares available for issuance under the 2021 Plan		1,772,808		1,682,909
Shares available for issuance under the 2021 ESPP		572,254		286,127
Total common stock reserved for future issuance		11,200,167		9,390,736

- 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.

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+ Details

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Numerator:
Net loss attributable to common stockholders	$	(19,795	)	$	(15,334	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		38,546,012			26,660,246
Net loss per share attributable to common stockholders, basic and diluted	$	(0.51	)	$	(0.58	)

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:


	Three Months Ended March 31,
	2023		2022
Options to purchase common stock – service based		5,663,587		3,712,784
Options to purchase common stock – performance based		210,629		210,629
Unvested restricted common stock		68,364		126,959
Total		5,942,580		4,050,372

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Future Minimum Lease Payments Due under Operating and Finance Lease Liabilities

Future minimum lease payments due under the Company’s operating and finance lease liabilities as of March 31, 2023 are as follows:


	Operating Leases			Financing Leases
2023		1,625			12
2024		1,910			—
2025		1,968			—
2026		2,027			—
2027		2,088			—
2028 and thereafter		11,269			—
Total lease payments		20,887			12
Less: imputed interest		(6,209	)		—
Total future minimum lease payments	$	14,678		$	12

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Cash, cash equivalents and marketable securities	$ 164,500
Accumulated deficit	159,929	$ 140,134
Net proceeds from issuance initial public offering	88,000
Private Placement
Class of Stock [Line Items]
Net proceeds from offering	$ 71,300

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense on property and equipment	$ 61	$ 13
Certificate of Deposit
Summary Of Significant Accounting Policies [Line Items]
Lease security deposit	$ 900

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 95,618	$ 186,605	$ 163,324
Restricted cash	927	927	927
Total cash, cash equivalents and restricted cash	$ 96,545	$ 187,532	$ 164,251	$ 92,347

Summary of Significant Accounting Policies - Summary of Property and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,047	$ 1,256
Less: accumulated depreciation	(133)	(72)
Total property and equipment, net	$ 1,914	$ 1,184
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years	3 years
Total property and equipment	$ 71	$ 16
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years	5 years
Total property and equipment	$ 138	$ 104
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years	5 years
Total property and equipment	$ 1,694	$ 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
Total property and equipment	$ 144
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment		$ 944

Fair Value Measurements and Financial Instruments - Schedule of Fair Value Hierarchy for Assets and Liabilities (Details) - Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Assets, fair value	$ 151,269	$ 157,146
Level 1
Assets:
Assets, fair value	66,472	157,146
Level 2
Assets:
Assets, fair value	84,797
Cash Equivalents (Money Market)
Assets:
Assets, fair value		156,219
Cash Equivalents (Money Market) \| Level 1
Assets:
Assets, fair value		156,219
Restricted Cash (Non-Current)
Assets:
Assets, fair value	927	927
Restricted Cash (Non-Current) \| Level 1
Assets:
Assets, fair value	927	$ 927
Marketable Securities (U.S. Government Securities)
Assets:
Assets, fair value	68,862
Marketable Securities (U.S. Government Securities) \| Level 2
Assets:
Assets, fair value	68,862
Cash Equivalents
Assets:
Assets, fair value	81,480
Cash Equivalents \| Level 1
Assets:
Assets, fair value	65,545
Cash Equivalents \| Level 2
Assets:
Assets, fair value	15,935
Cash Equivalents \| U.S. Government Securities
Assets:
Assets, fair value	15,935
Cash Equivalents \| U.S. Government Securities \| Level 2
Assets:
Assets, fair value	15,935
Money Market Funds \| Cash Equivalents
Assets:
Assets, fair value	65,545
Money Market Funds \| Cash Equivalents \| Level 1
Assets:
Assets, fair value	$ 65,545

Fair Value Measurements and Financial Instruments - Summary of Marketable Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Amortized Cost	$ 68,756
Investment Gross Unrealized Gain	106
Investment Fair Value	68,862
Marketable Securities (U.S. Government Securities)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment Amortized Cost	68,756
Investment Gross Unrealized Gain	106
Investment Fair Value	$ 68,862

Fair Value Measurements and Financial Instruments - Summary of Marketable Securities by Maturity (Details) - Marketable Securities $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturities in one year or less	$ 68,862
Total	$ 68,862

Fair Value Measurements and Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Securities	Mar. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Securities \| Securities	28
Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain or losses on marketable securities \| $	$ 0	$ 0

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Research and development	$ 5,231	$ 6,670
Construction related prepaid assets		3,769
Business insurance	1,146	133
Other	1,359	628
Total	$ 7,736	$ 11,200

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

Mar. 31, 2023

Dec. 31, 2022

Payables and Accruals [Abstract]

Research and development

$ 1,756

$ 2,894

Payroll and employee related

1,143

3,512

Professional fees

878

986

Construction related

270

1,416

Other

118

386

Total

^[1]

$ 4,165

$ 9,194

[1]	Includes related party amounts of $52 (accrued expenses and other current liabilities) at March 31, 2023; $78 (accrued expenses and other current liabilities) at December 31, 2022 (see Note 11).

Stock-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance		11,200,167	11,200,167		9,390,736
Stock-based compensation expense			$ 1,734,000	$ 1,021,000
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock reserved for issuance		5,874,216	5,874,216		4,440,811
Unrecognized stock-based compensation expense related to unvested stock options not recognized		$ 26,400,000	$ 26,400,000
Unrecognized stock-based compensation expense period of recognition			2 years 11 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 1 month 2 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options outstanding		2,720,727	2,720,727
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		1,772,808	1,772,808		1,682,909
Number of shares granted		1,348,380
Increase in common stock reserved	1,781,017
Number of options outstanding		3,153,489	3,153,489
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		572,254	572,254		286,127
Increase in common stock reserved	286,127
Stock-based compensation expense			$ 0

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,734	$ 1,021
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	686	580
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,048	$ 441

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Aug. 13, 2021	May 28, 2021	Sep. 18, 2020	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Gross proceeds from issuance of preferred stock						$ 90,191
Net proceeds from issuance initial public offering					$ 88,000
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]
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 \| 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) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Aug. 12, 2022
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
Pre-Funded Warrants
Class of Stock [Line Items]
Warrants exercised	0
Private Placement \| Pre-Funded Warrants
Class of Stock [Line Items]
Share purchase price per pre funded warrant			$ 7.2999
Warrants exercise price per share			$ 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	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Total common stock reserved for future issuance	11,200,167	9,390,736
Shares Available for Issuance Under the 2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,772,808	1,682,909
Shares Available for Issuance Under the 2021 ESPP
Class Of Stock [Line Items]
Total common stock reserved for future issuance	572,254	286,127
Pre-Funded Warrants
Class Of Stock [Line Items]
Total common stock reserved for future issuance	2,980,889	2,980,889
Common Stock Options
Class Of Stock [Line Items]
Total common stock reserved for future issuance	5,874,216	4,440,811

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
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (19,795)	$ (15,334)
Denominator:
Weighted-average common shares outstanding, basic	38,546,012	26,660,246
Weighted-average common shares outstanding, diluted	38,546,012	26,660,246
Net loss per share attributable to common stockholders, basic	$ (0.51)	$ (0.58)
Net loss per share attributable to common stockholders, diluted	$ (0.51)	$ (0.58)

- 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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- Definition

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

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,942,580	4,050,372
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	5,663,587	3,712,784
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	210,629
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	68,364	126,959

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Jan. 31, 2023	Sep. 30, 2021	Jul. 31, 2021	Feb. 28, 2021	Mar. 31, 2023	Dec. 31, 2022	May 31, 2022	Oct. 31, 2021
Lessee Lease Description [Line Items]
Operating lease liabilities					$ 14,678		$ 14,400
Operating lease right-of-use assets					17,239	$ 141	$ 17,400
Variable lease expense					177
Operating lease expense					$ 481
Finance lease, weighted-average remaining lease term					3 months 18 days
Operating lease, weighted-average remaining lease term					9 years 8 months 12 days
Finance lease, weighted-average discount rate					5.18%
Operating lease, weighted-average discount rate					7.55%
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					Feb. 28, 2023
Laboratory and Office Space
Lessee Lease Description [Line Items]
Operating lease term	5 years	10 years
Operating lease commencement month and year	2023-01				2023-01
Lease annual payments	$ 1,900
Lease increased annual payments	$ 2,100
Operating lease, option to extend					five-year renewal option.
Operating lease, existence of option to extend [true false]					true
Operating lease renewal term		5 years
Operating lease monthly payment		$ 154
Percentage of annual escalation		3.00%
Lease construction allowance		$ 3,700
Corporate Headquarters
Lessee Lease Description [Line Items]
Operating lease term								14 months
Operating lease, existence of option to extend [true false]					true
Lease termination date					Jan. 31, 2023
Lease monthly payment					$ 74
Lease security deposit					$ 49

Leases - Summary of Future Minimum Lease Payments Due under Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	May 31, 2022
Leases [Abstract]
Operating Leases, 2023	$ 1,625
Operating Leases, 2024	1,910
Operating Leases, 2025	1,968
Operating Leases, 2026	2,027
Operating Leases, 2027	2,088
Operating Leases, 2028 and thereafter	11,269
Operating Leases, Total lease payments	20,887
Operating Leases, Less: imputed interest	(6,209)
Operating Leases, Total future minimum lease payments	14,678	$ 14,400
Financing leases, 2023	12
Financing Lease, Total lease payments	12
Financing leases, Total future minimum lease payments	$ 12

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 31, 2022
Related Party Transaction [Line Items]
Operating lease right-of-use assets	$ 17,239,000		$ 141,000	$ 17,400,000
Operating lease liabilities	14,678,000			$ 14,400,000
Atlas Venture Fund XII, LP
Related Party Transaction [Line Items]
Lease, Cost	43,000	$ 67,000
Operating lease right-of-use assets	0
Operating lease liabilities	0
Accrued expenses, related parties	$ 52,000

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Mar. 31, 2023
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
Renewed to expire date			Sep. 11, 2023
Letter of credit renewal period		2032-12
FUJIFILM Diosynth Biotechnologies Texas, LLC
Loss Contingencies [Line Items]
Purchase commitment fee	$ 3.8
Purchase commitment statement of work completed percentage			10.00%
Purchase commitment period			2 years
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%