0001558370-22-002388 | 10-K | XBRL Viewer | Olema Pharmaceuticals INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 13,812	$ 338,549
Marketable securities	273,438
Prepaid expenses and other current assets	3,435	3,588
Total current assets	290,685	342,137
Property and equipment, net	1,474	75
Operating lease right-of-use assets	3,246
Other assets	540	510
Total assets	295,945	342,722
Current liabilities:
Accounts payable	23	719
Operating lease liabilities, current	931
Other current liabilities	8,065	3,866
Total current liabilities	9,019	4,585
Operating lease liabilities, net of current portion	2,358
Total liabilities	11,377	4,585
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2021 and December 31, 2020; no shares issued and outstanding as of December 31, 2021 and December 31, 2020.
Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 40,337,046 and 40,169,738 shares issued as of December 31, 2021 and December 31, 2020, respectively; 39,797,263 and 39,308,238 shares outstanding as of December 31, 2021 and December 31, 2020, respectively.	3	3
Additional paid-in capital	388,904	371,228
Accumulated other comprehensive loss	(149)
Accumulated deficit	(104,190)	(33,094)
Total stockholders' equity	284,568	338,137
Total liabilities and stockholders' equity	$ 295,945	$ 342,722

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	490,000,000	490,000,000
Common stock, issued (in shares)	40,337,046	40,169,738
Common stock, outstanding (in shares)	39,797,263	39,308,238

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 51,100	$ 13,704	$ 3,920
General and administrative	20,391	7,824	403
Total operating expenses	71,491	21,528	4,323
Loss from operations	(71,491)	(21,528)	(4,323)
Other income (expense):
Interest income	442	60	7
Interest expense		(653)
Other expense	(47)
Total other income (expense), net	395	(593)	7
Net loss	(71,096)	(22,121)	(4,316)
Repurchase and retirement of Series A and Series A-1 convertible preferred stock		(1,869)
Net loss attributable to common stockholders	$ (71,096)	$ (23,990)	$ (4,316)
Net loss per share, basic	$ (1.80)	$ (3.42)	$ (1.66)
Net loss per share, diluted	$ (1.80)	$ (3.42)	$ (1.66)
Weighted average shares used to compute net loss per share, basic	39,524,272	7,021,468	2,593,316
Weighted average shares used to compute net loss per share, diluted	39,524,272	7,021,468	2,593,316

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Loss
Net loss	$ (71,096)	$ (22,121)	$ (4,316)
Other comprehensive loss:
Net unrealized loss on marketable securities	(149)
Total comprehensive loss	$ (71,245)	$ (22,121)	$ (4,316)

- 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

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)	Convertible preferred stock	Series A Convertible Preferred Stock Additional Paid-in Capital	Series A Convertible Preferred Stock Accumulated Deficit	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2018								$ 168,000		$ (6,446,000)	$ (8,397,000)
Balances, at Beginning of period (in shares) at Dec. 31, 2018							2,593,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options (in shares)											2,941
Net loss										(4,316,000)	$ (4,316,000)
Balances, at End of period at Dec. 31, 2019								168,000		(10,762,000)	(10,594,000)
Balances, at End of period (in shares) at Dec. 31, 2019							2,593,316
Balances, at Beginning of period at Dec. 31, 2018	$ 9,348,000
Balances, at Beginning of period (in shares) at Dec. 31, 2018	4,628,215
Balances, at End of period (in shares) at Dec. 31, 2019	4,628,215
Balances, at End of period at Dec. 31, 2019	$ 9,348,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beneficial conversion option recognized upon issuance of 2020 convertible notes								1,054,000			1,054,000
Beneficial conversion option recognized upon repurchase of 2020 convertible notes on settlement date								(2,568,000)			(2,568,000)
Extinguishment of 2020 convertible notes								2,148,000			2,148,000
Issuance of convertible stock, net of issuance costs							$ 1,000	220,509,000			220,510,000
Issuance of convertible stock, net of issuance costs (in shares)							12,650,000
Repurchase and retirement of convertible preferred stock		$ (1,658,000)	$ (211,000)	$ (1,869,000)
Issuance of Series B convertible preferred stock in connection with the conversion of convertible notes (in shares)	(23,765,075)						23,765,075
Exercise of stock options							$ 246,046	151,000			$ 151,000
Vesting of restricted stock awards (in shares)							53,801
Vesting of early exercised stock options (in shares)											426,739
Stock-based compensation expense								3,078,000			$ 3,078,000
Employee stock purchase plan expense								30,000			30,000
Net loss										(22,121,000)	(22,121,000)
Balances, at End of period at Dec. 31, 2020							$ 3,000	371,228,000		(33,094,000)	338,137,000
Balances, at End of period (in shares) at Dec. 31, 2020							39,308,238
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net of issuance costs					$ 50,607,000	$ 85,776,000
Issuance of convertible preferred stock, net of issuance cost (in shares)					10,801,277	7,904,135
Repurchase and retirement of convertible preferred stock				$ (420,000)
Repurchase and retirement of convertible preferred stock (in shares)				(206,822)
Issuance of Series B convertible preferred stock in connection with the conversion of convertible notes					$ 3,007,000
Issuance of Series B convertible preferred stock in connection with the conversion of convertible notes (in shares)					638,270
Conversion of convertible preferred units to common stock	$ (148,318,000)						$ 2,000	148,316,000			148,318,000
Conversion of convertible preferred units to common stock (Shares)	(23,765,075)						23,765,075
Balances, at End of period (in shares) at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options								670,000			$ 670,000
Exercise of stock options (in shares)							126,937				206,545
Issuance of shares under the employee stock purchase plan								721,000			$ 721,000
Issuance of shares under the employee stock purchase plan (in shares)							40,371
Vesting of restricted stock awards (in shares)							242,109				242,109
Vesting of early exercised stock options								372,000			$ 372,000
Vesting of early exercised stock options (in shares)							79,608				1,286,729
Stock-based compensation expense								15,680,000			$ 15,680,000
Employee stock purchase plan expense								233,000			233,000
Net unrealized loss on marketable securities									$ (149,000)		(149,000)
Net loss										(71,096,000)	(71,096,000)
Balances, at End of period at Dec. 31, 2021							$ 3,000	$ 388,904,000	$ (149,000)	$ (104,190,000)	$ 284,568,000
Balances, at End of period (in shares) at Dec. 31, 2021							39,797,263
Balances, at End of period (in shares) at Dec. 31, 2021	0

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - Parentheticals $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Stock issuance costs	$ 19,840
Series B Convertible Preferred Stock
Stock issuance costs	286
Series C Convertible Preferred Stock
Stock issuance costs	$ 1,662

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (71,096)	$ (22,121)	$ (4,316)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	163	11	9
Non-cash interest expense		641
Non-cash lease expense	1,224
Premium amortization and discount accretion on marketable securities, net	276
Stock-based compensation expense, including ESPP expense	15,913	3,108
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(40)	(3,553)	58
Other assets	(30)	(507)
Accounts payable	(683)	(220)	810
Other current liabilities	4,571	2,775	358
Operating lease liabilities	(988)
Net cash used in operating activities	(50,690)	(19,866)	(3,081)
Cash flows from investing activities:
Purchase of equipment	(1,575)	(56)
Maturities of marketable securities	213,104
Purchases of marketable securities	(486,967)
Net cash used in investing activities	(275,438)	(56)
Cash flows from financing activities:
Proceeds from exercise of stock options	670	641
Proceeds from issuance of common stock under the ESPP plan	721
Proceeds from the issuance of convertible notes		3,000
Proceeds from the settlement of non-recourse notes		88
Proceeds from issuance of common stock upon initial public offering, net of issuance costs		220,550
Net cash provided by financing activities	1,391	358,403
Net (decrease) increase in cash and cash equivalents	(324,737)	338,481	(3,081)
Cash and cash equivalents at beginning of period	338,549	68	3,149
Cash and cash equivalents at end of period	13,812	338,549	$ 68
Supplemental disclosure of non-cash investing and financing activities:
Conversion of series A, Series A-1, Series B and Series C stock into common stock		148,318
Deferred offering costs included in other current liabilities		70
Vesting of early exercised stock options	$ 372	41
Series A Convertible Preferred Stock
Cash flows from financing activities:
Repurchase of shares of Series A and Series A-1 convertible preferred stock		(2,289)
Series B Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		50,637
Supplemental disclosure of non-cash investing and financing activities:
Conversion value		3,007
Series C Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 85,776

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Nature of the Business and Basis of Presentation

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Olema Pharmaceuticals Inc. (“Olema” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation targeted therapies for women’s cancers. The Company is initially focused on developing therapies for the treatment of breast cancer. The Company’s wholly owned, lead product candidate, OP-1250, is a novel oral therapy with combined activity as both a complete estrogen receptor (“ER”) antagonist (“CERAN”) and a selective ER degrader (“SERD”). The Company is currently evaluating OP-1250 in a Phase 1/2 dose escalation and expansion trial for the treatment of recurrent, locally advanced or metastatic estrogen receptor-positive (“ER+”), human epidermal growth factor receptor 2-negative (“HER2-”) breast cancer.

The Company is located in San Francisco, California and was incorporated in Delaware on August 7, 2006 under the legal name of CombiThera, Inc. and on March 25, 2009 was renamed Olema Pharmaceuticals, Inc. The Company’s principal operations are based in San Francisco, California, and it operates in one business segment and therefore has only one reportable segment. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of COVID-19, the ability to secure additional capital to fund operations and commercial success of its product candidates. OP-1250 and any future product candidates the Company may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Initial Public Offering

In November 2020, the Company completed its initial public offering (“IPO”) of its common stock. In connection with its IPO, the Company issued and sold 12,650,000 shares of its common stock, at a price to the public of $19.00 per share. As a result of the IPO, the Company received $220.6 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $19.8 million.

Upon the closing of the IPO, 23,765,075 shares of outstanding convertible preferred stock were automatically converted into 23,765,075 shares of common stock with the related carrying value of $148.3 million reclassified to common stock and additional paid-in capital. In connection with the IPO, the Company amended and restated its amended and restated certificate of incorporation to change the authorized capital stock to 490,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock, all with a par value of $0.0001 per share.

Liquidity

The Company had $287.3 million of cash, cash equivalents and marketable securities at December 31, 2021, which management believes is sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the filing date of these consolidated financial statements.

Impact of COVID-19

The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration of the outbreak and its impact on the Company’s development activities, planned clinical trial enrollment, future trial sites, clinical research organizations (“CROs”), third-party manufacturers, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and the Company’s key scientific and management personnel. During 2021, although the Company modified its operations and practices due to the COVID-19 pandemic and to comply with federal, state and local requirements, its business, operations and development timelines were not material adversely affected. In October 2021, the Company re-opened its offices to administrative employees, however due to the resurgence of cases relating to the spread of the Delta and Omicron variants, the Company continued to limit access to its offices and may close its offices again in the future as the COVID-19 pandemic continues to evolve. The extent to which the COVID-19 pandemic may affect the Company’s business, operations and development timelines and plans in the future, including the resulting impact on its expenditures and capital needs, remains uncertain.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting, and the instructions to Form 10-K and Article 10 of Regulation S-X. These consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly owned subsidiary, Olema Oncology Australia Pty Ltd incorporated on January 6, 2021. All intercompany balances and transactions have been eliminated upon consolidation.

Use of Estimates

The accompanying consolidated financial statements are prepared in accordance with GAAP. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, share-based compensation assumptions, and fair value of common stock and convertible preferred stock prior to the IPO. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash deposits are all in reputable financial institutions in the United States and as of December 31, 2021 and 2020, cash and cash equivalents consisted of cash on deposit with U.S. banks, including the Company’s bank account for its Australia subsidiary, denominated in U.S. dollars and Australian dollars and investments in interest bearing money market funds.

Marketable Securities

All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a

component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other expense. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.

The Company periodically assesses its available-for-sale marketable securities for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through other expense.

For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through other expense, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. The Company has not recorded any impairments for its marketable securities.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued new lease accounting guidance in Accounting Standard Update (“ASU”) 2016-02, Leases, and in July 2018 issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases (Topic 842): Targeted Improvements (the foregoing ASUs collectively referred to as “Topic 842”). Under the new guidance, lessees are required to

recognize for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statements of operations and comprehensive loss.

At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.

Most leases include options to renew and, or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

The Company has operating leases for its manufacturing, research and development and office facilities. Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss.

The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less. Additional information and disclosures required by Topic 842 are contained in Note 13 “Lease”.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the consolidated statements of operations and comprehensive loss and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants, CROs and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed.

Research Contract Costs and Accruals

The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred.

The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation, and insignificant for all periods presented. Depreciation is computed using the straight-line method over the estimated useful lives. The useful lives of equipment are as follows:


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

When assets are sold or retired, the cost and related accumulated depreciation are removed from the balance sheets, with any resulting gain or loss recorded in operating expenses in the statements of operations and comprehensive loss. Costs of repairs and maintenance are expensed as incurred.

Income Taxes

Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, the Company considers all expected future events other than enactment of changes in tax laws or rates. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized. As of December 31, 2021 and 2020, the Company has recorded full valuation allowance against its net deferred tax assets.

The Company had no unrecognized tax benefits for the years ended December 31, 2021 and 2020, respectively. The Company may be subject to U.S. Federal, state, and local tax examinations by tax authorities for years before 2021, which may include adjustments to carry-forward attributes (see Note 11, “Income Taxes”).

The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2021 and 2020, the Company had no accrued interest or penalties related to uncertain tax positions.

Common Stock Valuation

Due to the absence of an active market for the Company’s common stock prior to its IPO, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the fair value of options granted prior to the IPO, the Company estimated fair value of its common stock as of each measurement date. Significant changes to the

key assumptions underlying the factors used could have resulted in different fair values of common stock at each valuation date.

Follow the Company’s initial public offering, the fair market value of its common stock is determined based on the closing price of its common stock as reported by the Nasdaq Global Select Market on the date of grant.

Comprehensive Loss

Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities.

Stock-Based Compensation

All stock-based compensation cost, including grants of stock options and restricted stock awards issued under the Company’s equity incentive plans and ESPP, is measured at the grant date based on the estimated fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes stock compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s determination of the fair value of stock options with time-based vesting on the date of grant utilizes the Black-Scholes option-pricing model. The Company estimates volatility using stock prices of peer companies and its historical data, risk-free rates using the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term, and dividend yield using the Company’s expectations and historical data. The Company uses the simplified method to calculate the expected term of employee stock option grants. Under the simplified method, the expected term is estimated to be the mid-point between the vesting date and the contractual term of the option. For awards with graded vesting, in which specified tranches of the options vest on different dates, the Company uses a single weighted average expected life to value the entire award, which is equal to the average of the weighted average vesting period of the award and the contractual term of the award. Equity instruments issued to nonemployees are recorded at their fair value on the grant date and without subsequent remeasurement. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest, including awards with graded vesting. As part of the requirements of ASC 718, the Company has elected to account for forfeitures of stock option grants as they occur.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, including unvested early exercised options, unvested restricted stock awards, contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”), and convertible preferred stock are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.

The Company’s convertible preferred stock contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reported a net loss, such losses were not allocated to such securities. In periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss for all periods presented.

Recent Accounting Pronouncements

The Company lost its status as an emerging growth company on December 31, 2021, when it qualified as a large accelerated filer based on its market capitalization as of June 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company adopted all accounting pronouncements formerly deferred under the extended transition period available for emerging growth companies according to public company standards at December 31, 2021. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. Where allowable, the Company has early adopted certain standards as described below.

Recently Adopted Accounting Pronouncements

The Company adopted ASU No. 2016-02, Leases, Topic 842, or ASU 842 as of January 1, 2021 and recorded adoption entries during the fourth quarter of 2021 using the modified retrospective approach as required. The Company elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the consolidated financial statements and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. The Company elected to combine lease components (for example fixed rent payments) with non-lease components (for example, common-area maintenance costs) on the Company’s research and development and office facilities asset classes. The Company also elected the “package of practical expedients”, which permits the Company not to reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. Lastly, the Company elected the hindsight expedient to determine the lease terms for existing leases. The election of the hindsight expedient did not have a significant impact on the calculation of the expected lease term.

Upon the adoption of ASU 842 as of January 1, 2021 (recorded in the fourth quarter of 2021), the Company recorded operating lease right-of-use assets of $1.0 million, including the derecognition of prepaid rent of $0.1 million, with the corresponding operating lease liabilities of $0.9 million. There was no material impact to the opening balance of accumulated deficit upon the adoption.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), or ASU 2016-13: Measurement of Credit Losses on Financial Instruments. This standard requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of current expected credit losses (“CECL”) is based on historical experience, current conditions, and reasonable and supportable forecasts that affect collectability. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. This standard is effective for public companies who are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those years. These standards require using a modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings. The Company adopted the new guidance under ASU 2016-13 as of January 1, 2021 at December 31, 2021. The adoption did not have an impact on the Company’s consolidated financial position or results of operations.

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, or ASU 2018-15. ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software (ASC 350-40), to determine which implementation costs to capitalize as assets or expense as incurred. The internal-use software guidance in ASC 350-40 requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. A customer’s accounting for the hosting component of the arrangement is not affected by this guidance. The amendments in ASU No. 2018-15 are effective for fiscal years beginning after December 15,

2019 for public entities. For all other entities, the guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. Early adoption permitted. The Company early adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, or ASU 2018-18. This standard provides guidance on the interaction between Revenue Recognition (Topic 606) and Collaborative Arrangements (Topic 808) by aligning the unit of account guidance between the two topics and clarifying whether certain transactions between collaborative participants should be accounted for as revenue under Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Fair Value Measurement

Fair Value Measurement

3. Fair Value Measurement

The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

●	Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

●

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●	Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.


		December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets
Cash	$	7,289	$	—	$	—	$	7,289
Money market funds		6,523		—		—		6,523
Corporate bonds		—		3,001		—		3,001
Commercial paper		—		185,921		—		185,921
U.S. government treasury bills		23,915		—		—		23,915
Government-sponsored enterprise securities		—		60,601		—		60,601
Total	$	37,727	$	249,523	$	—	$	287,250


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value
Financial Assets
Cash and cash equivalents	$	13,812	$	—	$	—	$	13,812
Short-term marketable securities (<12 months to maturity)		260,622		7		(120)		260,509
Long-term marketable securities (>12 months to maturity)		12,965		—		(36)		12,929
Total	$	287,399	$	7	$	(156)	$	287,250

The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale.

The Company periodically reviews its available-for-sale marketable investments for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the year ended December 31, 2021, the Company did not recognize any other-than-temporary impairment loss. There was no allowance for losses on available-for-sale debt securities, which were attributable to credit risk for the year ended December 31, 2021.

As of December 31, 2021, all of the Company’s cash and cash equivalents consisted of cash on deposit with U.S. banks, including the Company’s bank account for its Australia subsidiary, denominated in U. S. dollars and Australian dollars.

- 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

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property and Equipment, net

Property and Equipment, net

4. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Lab equipment	$	1,639	$	90
Computer equipment		59		47
Property and equipment, gross		1,698		137
Less: Accumulated depreciation		(224)		(62)
Property and equipment, net	$	1,474	$	75

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

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


	December 31,		December 31,
	2021		2020
Prepaid clinical trial costs	$	916	$	1,148
Prepaid insurance		1,766		1,663
Prepaid subscriptions and licenses		291		—
Prepaid research contracts		239		432
Prepaid rent		—		196
Other		223		149
Total	$	3,435	$	3,588

Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Other Current Liabilities

Other Current Liabilities

6. Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Accrued R&D related costs	$	2,645	$	609
Accrued employee bonuses		3,752		1,222
Accrued professional fees		1,011		577
Early exercise of unvested stock options		206		578
Accrued payroll related costs		191		444
Accrued taxes		88		198
Other		172		238
Total	$	8,065	$	3,866

Convertible Notes

12 Months Ended

Dec. 31, 2021

Convertible Notes

Convertible Notes

7. Convertible Notes

On March 17, 2020, then outstanding convertible promissory notes were settled with 2,545,277 shares of Series B convertible preferred stock at $4.712 per share for gross proceeds of approximately $12.0 million. As of December 31, 2021 and 2020, there were no convertible notes outstanding. Refer to Note 5 “Convertible Notes” included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 17, 2021 with the SEC.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Convertible Preferred Stock.

Convertible Preferred Stock

8. Convertible Preferred Stock

Upon the closing of the Company’s IPO, each then outstanding share of convertible preferred stock was converted into one share of common stock. As of December 31, 2021 and 2020, there was no convertible preferred stock outstanding. Refer to Note 6 “Convertible Preferred Stock” included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 17, 2021 with the SEC.

Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock.

Common Stock

9. Common Stock

As of each of the balance sheet dates below, the Company had reserved shares of common stock for issuance in connection with the following:


	December 31,		December 31,
	2021		2020
Options outstanding under the 2014 Stock Plan ⁽¹⁾⁽²⁾		2,447,889		2,632,017
Options outstanding under the 2020 Equity Incentive Plan		3,320,139		2,144,891
Shares available for future grant under the 2020 Equity Incentive Plan		818,010		7,189
Available for the 2020 Employee Stock Purchase Plan		791,742		430,416
Unvested restricted stock awards outstanding under the 2014 Stock Plan		493,185		735,294
		7,870,965		5,949,807

(1)	Balance as of December 31, 2020 includes 126,206 unvested early exercised stock options (see Note 10, “Stock-Based Compensation”).

(2)	Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options (see Note 10, “Stock-Based Compensation”).

- 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

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

10. Stock-Based Compensation

In 2014, the Company’s Board of Directors and stockholders approved and adopted the 2014 Stock Plan (the “2014 Plan”). The 2014 Plan was intended to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The 2014 Plan permitted the grant of options and restricted stock awards (including restricted stock purchase rights and restricted stock bonus awards). The maximum aggregate number of shares that may be subject to awards and sold under the 2014 Plan as of December 31, 2019 was 717,360 shares, which was subsequently increased to 4,842,180 in September 2020.The 2014 Plan was terminated on the date the 2020 Equity Incentive Plan (the “2020 Plan”), which is described below, became effective, and no additional awards will be made pursuant to the 2014 Plan. However, any outstanding awards granted under the 2014 Plan will remain outstanding, subject to the terms of the 2014 Plan award agreements, until such outstanding options are exercised or until any awards terminate or expire by their terms.

In 2020, the Company’s Board of Directors and stockholders approved and adopted the 2020 Plan. The 2020 Plan is intended to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The maximum number of shares of common stock that may be issued under the 2020 Plan will not exceed 6,494,510 shares of the Company’s common stock, which is the sum of (i) 2,152,080 new shares, plus (ii) an additional number of shares not to exceed 4,342,430 shares, consisting of any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the Company’s 2014 Plan that, on or after the 2020 Plan becomes effective, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2020 Plan automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2021 and continuing through January 1, 2030, in an amount equal to the lesser of (1) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors no later than December 31 of the immediately preceding year. The maximum number of shares of the common stock that may be issued on the exercise of incentive stock options under the 2020 Plan is 19,483,530 shares. The 2020 Plan permits the grant of options restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards.

The exercise price for each option and stock appreciation right is established in the discretion of the Board, provided that the exercise price of a stock option will not be less than 100% of the fair market value of the Company’s common stock on the date of grant. Specific vesting for stock options and stock appreciation rights is service related and determined in each award agreement, where stock options and stock appreciation rights are fully vested at the grant date or follow a graded vesting schedule. Stock options and stock appreciation rights granted under the Plan generally expire ten years after the date of grant.

Stock Option Valuation

The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company lacks company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies in addition to its own historical volatility. For options with service- based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is 0% since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan were as follows, presented as a weighted average:


	December 31,		December 31,
	2021		2020
Risk-free interest rate		0.95%		0.51%
Expected term (in years)		5.97		6.00
Expected volatility		77.55%		76.69%
Expected dividend yield		—		—

Stock Option Activity

The following table summarizes the stock option activity under the 2014 Plan and the 2020 Plan:


				Weighted
		Weighted		Average
		Average		Remaining
	Number of	Exercise		Contractual	Aggregate
	Shares	Price		Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2020	4,776,908	$	10.83	9.67	$	177,962
Granted	1,299,433		33.82	9.11		—
Exercised(1)	(206,545)		5.04	—		—
Forfeited	(101,768)		23.22	—		—
Outstanding as of December 31, 2021(2)	5,768,028	$	15.99	8.82	$	11,365

Options vested and exercisable as of December 31, 2021	1,715,441	$	11.33	8.54	$	5,257
Options expected to vest as of December 31, 2021	4,052,587	$	17.97	8.95	$	7,078

(1)	Exercised amount includes vesting of early exercised options.

(2)	Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options.

The weighted-average grant-date fair value per share of options granted during the year ended December 31, 2021, 2020, and 2019 was $21.87, $7.26, and $0, respectively. For the years ended December 31, 2021, 2020, and 2019, there were 1,286,729, 426,739 and 2,941 shares vested, respectively. The weighted-average grant date fair value per share of options vested during the year ended December 31, 2021 was $7.48. The total fair value of options vested during the year ended December 31, 2021, 2020, and 2019 was $10.9 million, $1.7 million, and $1,000, respectively. The aggregate intrinsic value of options exercised was $0.73 million, $0.1 million, and $0 for the years ended December 31, 2021, 2020, and 2019, respectively.

As of December 31, 2021, the total unrecognized compensation expense related to unvested options was $43.8 million, which the Company expects to recognize over an estimated weighted average period of 2.8 years.

Early Exercise of Stock Options

In September 2020, one employee and one non-employee paid $0.6 million to early exercise 135,525 options with exercise prices ranging from $4.406 per share to $4.824 per share. As of December 31, 2021, 88,927 of such shares had vested with the remaining shares vesting over their respective terms. The terms of the 2014 Plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. The early exercised options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the price paid by the purchaser. Such shares are not deemed to be outstanding for accounting purposes until they vest and are therefore excluded from shares outstanding and from basic and diluted net loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. A liability is recognized related to the cash proceeds of the unvested options and is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the exercise proceeds of $0.2 million in other current liabilities as of December 31, 2021.

Restricted Stock Awards

In June 2020, the Company granted to certain employees 789,095 shares of restricted common stock (the “RSAs”) under the 2014 Plan as consideration for services with a deemed value of $2.40 per share, or $1.9 million. The following table summarizes the restricted stock activity under the Plan during the year ended December 31, 2021:


	Number of Shares	Grant Date Fair Value
Unvested restricted stock as of December 31, 2020	735,294	$	2.40
Granted	—		—
Vested	(242,109)		2.40
Forfeited	—		—
Unvested restricted stock as of December 31, 2021	493,185	$	2.40

The total grant date fair value of the RSAs vested during the year ended December 31, 2021, was $0.6 million. As of December 31, 2021, the total unrecognized compensation expense related to unvested RSAs was $1.2 million, which the Company expects to recognize over an estimated weighted average period of 2.5 years.

Stock-Based Compensation Expense

Stock-based compensation expense related to awards granted under the 2014 Plan, including the RSAs, the 2020 Plan and the 2020 ESPP was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years Ended December 31,
	2021		2020		2019
Research and development	$	9,346	$	1,970	$	—
General and administrative		6,567		1,108		—
Total	$	15,913	$	3,078	$	—

2020 Employee Stock Purchase Plan

In 2020, the Company’s board of directors and stockholders approved and adopted the 2020 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective immediately prior to the date of the underwriting agreement related to the IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of the common stock purchased under the ESPP is equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Each offering period is not to exceed 27 months and will include one or more purchase periods (each a “Purchase Period”) as approved by the Company’s board of directors in the offering. The current offering period will consist of two (2) six-month purchase periods (each a “Purchase Period”) during which payroll deductions of the participants are accumulated under the ESPP. The last business day of each Purchase Period is referred to as the “Purchase Date.” The first Purchase Period commenced on November 18, 2020 with a purchase date of May 15, 2021. The second Purchase Period commenced on May 16, 2021 and had a purchase date of November 15, 2021. A total of 430,416 shares of common stock were initially reserved for issuance pursuant to the ESPP.

The ESPP is a compensatory plan as defined by the authoritative guidance for stock-based compensation. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock offered under the ESPP. The valuation methodology is similar to the stock options. Stock-based compensation expense related to the ESPP was $0.2 million and less than $0.1 million for the years ended December 31, 2021 and 2020, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

11. Income Taxes

The reconciliation of the Federal statutory income tax benefit (provision) to the Company’s effective income tax provision is as follows (in thousands):


	Years Ended
	December 31,
	2021		2020
Federal statutory income tax	$	14,930	$	4,760
State income taxes, net of federal tax benefit		25		(1)
Permanent differences in non-tax-deductible executive compensation		(1,092)		—
Other permanent items		(105)		(135)
Other deferred items		158		13
Valuation allowance		(13,916)		(4,637)
Provision for income taxes	$	—	$	—

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following (in thousands):


	As of December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	17,889	$	6,168
Equity compensation		2,530		500
Other		959		578
Total deferred tax assets	$	21,378	$	7,246
Deferred tax liabilities:
Fixed assets	$	(310)	$	(15)
Total deferred tax liabilities		(310)		(15)
Valuation allowance		(21,068)		(7,231)
Net deferred tax assets	$	—	$	—

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical operating results and the uncertainty of the economic conditions, the Company has recorded a valuation allowance of $21.1 million and $7.2 million at December 31, 2021 and 2020, respectively. The change in the valuation allowance for the year end December 31, 2021 was an increase of $13.8 million.

At December 31, 2021 and 2020, the Company had Federal net operating losses (NOLs) of approximately $81.8 million and $26.1 million, and state NOLs of $10.4 million and $9.8 million, respectively. As a result of the Tax Act, as modified by the CARES Act, for U.S. income tax purposes, NOLs generated in tax years beginning before January 1, 2018 can still be carried forward for up to 20 years, but net operating losses generated for tax years beginning after December 31, 2017 carryforward indefinitely and can be used to offset taxable income, but the deductibility of such Federal NOLs may be limited to 80% of current year taxable income for tax years beginning on or after December 31, 2021. Of the total Federal net operating loss of $81.8 million, $3.3 million will begin to expire in 2032 and $78.4 million will not expire. The state NOL carryover of $10.4 million will begin to expire in 2032.

Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382 that has occurred or may occur in the future. Any adjustment to the Company’s tax attributes as a result of an ownership change will result in a corresponding decrease to the valuation allowance recorded against the Company’s deferred tax assets.

The Company’s valuation allowance increased during the years ended December 31, 2021 and 2020 due primarily to the generation of net operating losses, as follows (in thousands):


	Years Ended
	December 31,
	2021		2020
Valuation allowance at beginning of year	$	7,231	$	2,708
Increase recorded to provision for income taxes		13,837		4,523
Valuation allowance at end of year	$	21,068	$	7,231

The Company has not incurred any material interest or penalties as of the current reporting date with respect to income tax matters. The Company does not expect that there will be unrecognized tax benefits within 12 months of the reporting date. The Company is subject to U.S. Federal and state income taxes. The Federal and state income tax returns for tax years prior to 2021 may remain open to examination as carry-forward attributes generated prior may be adjusted upon examination.

The unrecognized tax benefit amounts are not reflected in the determination of the Company’s deferred tax assets. If recognized, none of these amounts would affect the Company’s effective tax rate, since it would be offset by an equal corresponding adjustment in the deferred tax asset valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Publisher FASB
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+ Details

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2021

Net Loss Per Common Share

Net Loss Per Common Share

12. Net Loss Per Common Share

Net Loss Per Common Share

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


	Years Ended December 31,
	2021		2020			2019
Numerator:
Net loss	$	(71,096)	$	(22,121)	$	(4,316)
Repurchase and retirement of Series A and Series A-1 convertible preferred stock		—		(1,869)		—
Net loss attributable to common stockholders	$	(71,096)	$	(23,990)	$	(4,316)
Denominator:
Weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted		39,524,272		7,021,468		2,593,316
Net loss per share attributable to common stockholders, basic and diluted	$	(1.80)	$	(3.42)	$	(1.66)

The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows:


	Years Ended December 31,
	2021	2020	2019
Unvested restricted common stock	493,185	735,294	—
Options to purchase common stock	5,768,028	4,776,908	322,811
Employee stock purchase plan contingently issuable	17,110	5,602	—
Convertible preferred stock (as converted to common shares)	—	—	4,628,215
	6,278,323	5,517,804	4,951,026

Included in the potentially dilutive options to purchase common stock noted above for 2019 are 211,621 shares issued upon exercise of options under non-recourse notes receivable during 2015 (see Note 10, “Stock-Based Compensation”). The Company determined the purchase of the stock to be non-substantive, and as such, the

shares subject to the promissory notes will not be deemed outstanding until such time as the promissory notes have been repaid. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the year ended December 31, 2019. As of December 31, 2020, all outstanding principal and accrued interest relating to the Non-Recourse Notes were settled in full by the two noteholders, and as a result, the Company issued 211,621 shares of common stock to the noteholders and included these shares in the basic and diluted net loss per share for year ended December 31, 2020. As of December 31, 2021, included in the potentially dilutive options to purchase common stock are 46,598 unvested stock options that were early exercised by an employee and a non-employee in September 2020 (see Note 10, “Stock-Based Compensation”). The Company determined the early exercises to be non-substantive as the shares were subject to repurchase rights. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the year ended December 31, 2021.

Lease

12 Months Ended

Dec. 31, 2021

Lease

Lease

13. Lease

Management Services Agreements

The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2026. On June 1, 2013, the Company entered into a management services agreement with MandalMed, Inc. (“MandalMed”) (the “MandalMed Services Agreement”) to lease approximately 5,762 square feet of space for the use laboratory benches, lab equipment, office space, and administrative and facilities services. The Company subsequently entered into several amendments to extend the lease term to November 2020. On November 3, 2020, the Company entered into the sixth amendment to the MandalMed Services Agreement to extend the term to December 31, 2021. As part of the sixth amendment, the Company leased additional space of approximately 2,130 square feet (the “Additional Space”) for a three year period commencing on December 1, 2020 and ending on November 30, 2023.

On August 27, 2020, the Company entered into a lease agreement with 512 2nd Street LLC to lease approximately 3,500 square feet of office space in San Francisco, California (the “Office Space Lease Agreement”). The Office Space Lease Agreement is for a period of two years commencing on September 1, 2020 and ending August 31, 2022. According to the terms of the Office Space Lease Agreement, the Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges.

On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing approximately February 1, 2021 and ending January 31, 2026. According to the terms of the Office Space Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges.

The following table summarizes total lease expense during the year ended December 31, 2021 (in thousands):


		Year Ended December 31,
		2021
Straight-line operating lease expense	$	1,224
Variable lease expense		64
Short-term lease expense		112
Total operating lease expense	$	1,400

Rent expense was $0.2 million and $0.1 million for the years ended December 31, 2020 and 2019, respectively. Rent expense is measured based upon amortizing minimum lease payments, including rent escalations under the lease term, using the straight-line method over the term of the lease.

The following table summarizes supplemental cash flow information during the year ended December 31, 2021 (in thousands):


		Year Ended December 31,
		2021
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	988
ROU asset obtained in exchange for a new operating lease liability (*)		3,152

(*) Relates to the Laboratory Lease Agreement.

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of December 31, 2021 (in thousands):


Years Ended December 31,
2022	$	1,168
2023		973
2024		799
2025		822
2026		69
Thereafter		—
Total future minimum lease payments		3,831
Less: Interest		(542)
Total lease liabilities at present value		3,289
Lease liabilities, current		931
Lease liabilities, non-current	$	2,358

The following table summarizes lease term and discount rate as of December 31, 2021:


			Year Ended December 31,
			2021
Weighted-average remaining lease term (years)			3.63
Weighted-average discount rate			8.65%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies.

Commitments and Contingencies

14. Commitments and Contingencies

Clinical Collaboration and Supply Agreement

On July 22, 2020, the Company entered into a non-exclusive clinical collaboration and supply agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) (the “Novartis Agreement”). The collaboration is focused on the evaluation of the safety, tolerability and efficacy of OP-1250 in combination with Novartis’ proprietary CDK4/6 inhibitor Kisqali® (ribociclib) and/or Novartis’ proprietary phosphatidylinositol 3-kinase inhibitor Piqray® (alpelisib) (collectively the “Novartis Study Drugs”) as part of the Company’s planned Phase 1b clinical trial of OP-1250 in patients with metastatic estrogen receptor-positive breast cancer. The Company will be responsible for the conduct of the clinical trials for the combined therapies in accordance with a mutually agreed development plan. As part of the collaboration, the parties granted to each other a non-exclusive, royalty- free license under certain of the parties’ respective background patent rights and other technology to

use the parties’ respective study drugs in research and development, solely to the extent reasonably needed for the other party’s activities in the collaboration. All inventions and data developed in the performance of the clinical trials for the combined therapies (other than those specific to each component study drug), will be jointly owned by the parties.

The Company is responsible for manufacturing, packaging and labeling OP-1250, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than the Novartis Study Drugs). Novartis is responsible for manufacturing and delivering to the Company the Novartis Study Drugs in such quantities as reasonably needed for the clinical trials for the combined therapies. In accordance with an agreed budget, subject to certain thresholds, Novartis will reimburse the Company for a majority of the direct outside costs that the Company incurs related to conducting the activities under the agreed development plan in conducting the clinical trials for the combined therapies.

The Novartis Agreement will terminate upon completion of all activities outlined in the development plan and the relevant protocols. Either party may terminate the Novartis Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the Novartis Study Drugs or OP-1250. In addition, Novartis may terminate the Novartis Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures, and the Company may terminate the Novartis Agreement in the event the Company terminates all clinical trials of the combined therapies other than due to a material safety issue or upon a clinical hold.

For the year ended December 31, 2021 and 2020, costs incurred reimbursable by Novartis were not material to the consolidated financial statements.

Clinical Trial Agreement

In November 2020, the Company entered into a non-exclusive clinical trial agreement with Pfizer Inc. (“Pfizer”) (the “Pfizer Agreement”), to evaluate the safety and tolerability of OP-1250 in combination with Pfizer’s proprietary CDK4/6 inhibitor IBRANCE® (palbociclib) in patients with recurrent, locally advanced or metastatic ER+, HER2- breast cancer in a clinical trial. Under the terms of the non-exclusive agreement, the Company will be responsible for conducting the clinical trial for the combined therapies and Pfizer is responsible for supplying IBRANCE® to the Company at no cost to the Company.

The Pfizer Agreement will terminate upon completion of all activities outlined in the study plan and the relevant protocols. Either party may terminate the Pfizer Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the IBRANCE® (palbociclib) or OP-1250. In addition, either party may terminate the Pfizer Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures or if either party determines to discontinue clinical development for medical, scientific, legal or other reasons.

The Pfizer Agreement does not grant any right of first negotiation to participate in future clinical trials, and each of the parties retains all rights and ability to evaluate their respective compounds. Costs incurred in connection to the Pfizer Agreement are included in the Research and Development expense in the consolidated statements of operations for the year ended December 31, 2021 and 2020.

Management Services Agreements

The Company conducts research and development programs internally and through third parties that include, among others, arrangements with vendors, consultants, CMOs, and CROs. The Company has contractual arrangements in the normal course of business with these parties, however, the contracts with these parties are cancelable generally on reasonable notice within one year and the Company’s obligations under these contracts are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders executed by the parties. As of December 31, 2021, the Company did not have material contractual commitments with respect to these arrangements.

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 expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, 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 of Directors and 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. As of December 31, 2021 and 2020, the Company had not incurred any material costs as a result of such indemnifications.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Use of Estimates

Cash and Cash Equivalents

Marketable Securities

Concentration of Credit Risk and Other Risks and Uncertainties

Leases

Research and Development Costs

Research Contract Costs and Accruals

Patent Costs

Property and Equipment


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

Income Taxes

Common Stock Valuation

key assumptions underlying the factors used could have resulted in different fair values of common stock at each valuation date.

Comprehensive Loss

Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities.

Stock-Based Compensation

Net Loss Per Common Share

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of useful lives of equipment


		Estimated Useful Lives
Lab equipment		5 – 7 years
Computer equipment		5 years

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurement

Schedule of financial assets and liabilities measured at fair value on a recurring basis


		December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets
Cash	$	7,289	$	—	$	—	$	7,289
Money market funds		6,523		—		—		6,523
Corporate bonds		—		3,001		—		3,001
Commercial paper		—		185,921		—		185,921
U.S. government treasury bills		23,915		—		—		23,915
Government-sponsored enterprise securities		—		60,601		—		60,601
Total	$	37,727	$	249,523	$	—	$	287,250

Schedule of financial assets reconciliation


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value
Financial Assets
Cash and cash equivalents	$	13,812	$	—	$	—	$	13,812
Short-term marketable securities (<12 months to maturity)		260,622		7		(120)		260,509
Long-term marketable securities (>12 months to maturity)		12,965		—		(36)		12,929
Total	$	287,399	$	7	$	(156)	$	287,250

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment, net

Schedule of property and equipment, net


	December 31,		December 31,
	2021		2020
Lab equipment	$	1,639	$	90
Computer equipment		59		47
Property and equipment, gross		1,698		137
Less: Accumulated depreciation		(224)		(62)
Property and equipment, net	$	1,474	$	75

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets


	December 31,		December 31,
	2021		2020
Prepaid clinical trial costs	$	916	$	1,148
Prepaid insurance		1,766		1,663
Prepaid subscriptions and licenses		291		—
Prepaid research contracts		239		432
Prepaid rent		—		196
Other		223		149
Total	$	3,435	$	3,588

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Current Liabilities

Schedule of other current liabilities


	December 31,		December 31,
	2021		2020
Accrued R&D related costs	$	2,645	$	609
Accrued employee bonuses		3,752		1,222
Accrued professional fees		1,011		577
Early exercise of unvested stock options		206		578
Accrued payroll related costs		191		444
Accrued taxes		88		198
Other		172		238
Total	$	8,065	$	3,866

Common Stock (Tables)

12 Months Ended

Dec. 31, 2021

Common Stock.

Schedule of common stock reserved for issuance


	December 31,		December 31,
	2021		2020
Options outstanding under the 2014 Stock Plan ⁽¹⁾⁽²⁾		2,447,889		2,632,017
Options outstanding under the 2020 Equity Incentive Plan		3,320,139		2,144,891
Shares available for future grant under the 2020 Equity Incentive Plan		818,010		7,189
Available for the 2020 Employee Stock Purchase Plan		791,742		430,416
Unvested restricted stock awards outstanding under the 2014 Stock Plan		493,185		735,294
		7,870,965		5,949,807

(1)	Balance as of December 31, 2020 includes 126,206 unvested early exercised stock options (see Note 10, “Stock-Based Compensation”).

(2)	Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options (see Note 10, “Stock-Based Compensation”).

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Schedule of fair value assumptions


	December 31,		December 31,
	2021		2020
Risk-free interest rate		0.95%		0.51%
Expected term (in years)		5.97		6.00
Expected volatility		77.55%		76.69%
Expected dividend yield		—		—

Schedule of stock option activity


				Weighted
		Weighted		Average
		Average		Remaining
	Number of	Exercise		Contractual	Aggregate
	Shares	Price		Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding as of December 31, 2020	4,776,908	$	10.83	9.67	$	177,962
Granted	1,299,433		33.82	9.11		—
Exercised(1)	(206,545)		5.04	—		—
Forfeited	(101,768)		23.22	—		—
Outstanding as of December 31, 2021(2)	5,768,028	$	15.99	8.82	$	11,365

Options vested and exercisable as of December 31, 2021	1,715,441	$	11.33	8.54	$	5,257
Options expected to vest as of December 31, 2021	4,052,587	$	17.97	8.95	$	7,078

(1)	Exercised amount includes vesting of early exercised options.

(2)	Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options.

Summary of restricted stock activity


	Number of Shares	Grant Date Fair Value
Unvested restricted stock as of December 31, 2020	735,294	$	2.40
Granted	—		—
Vested	(242,109)		2.40
Forfeited	—		—
Unvested restricted stock as of December 31, 2021	493,185	$	2.40

Schedule of stock-based compensation expense


	Years Ended December 31,
	2021		2020		2019
Research and development	$	9,346	$	1,970	$	—
General and administrative		6,567		1,108		—
Total	$	15,913	$	3,078	$	—

Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of reconciliation of federal statutory income tax provision to effective income tax provision


	Years Ended
	December 31,
	2021		2020
Federal statutory income tax	$	14,930	$	4,760
State income taxes, net of federal tax benefit		25		(1)
Permanent differences in non-tax-deductible executive compensation		(1,092)		—
Other permanent items		(105)		(135)
Other deferred items		158		13
Valuation allowance		(13,916)		(4,637)
Provision for income taxes	$	—	$	—

Schedule of deferred income tax assets and liabilities


	As of December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	17,889	$	6,168
Equity compensation		2,530		500
Other		959		578
Total deferred tax assets	$	21,378	$	7,246
Deferred tax liabilities:
Fixed assets	$	(310)	$	(15)
Total deferred tax liabilities		(310)		(15)
Valuation allowance		(21,068)		(7,231)
Net deferred tax assets	$	—	$	—

Schedule of valuation allowance


	Years Ended
	December 31,
	2021		2020
Valuation allowance at beginning of year	$	7,231	$	2,708
Increase recorded to provision for income taxes		13,837		4,523
Valuation allowance at end of year	$	21,068	$	7,231

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Net Loss Per Common Share

Schedule of basic and diluted net loss per common share

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


	Years Ended December 31,
	2021		2020			2019
Numerator:
Net loss	$	(71,096)	$	(22,121)	$	(4,316)
Repurchase and retirement of Series A and Series A-1 convertible preferred stock		—		(1,869)		—
Net loss attributable to common stockholders	$	(71,096)	$	(23,990)	$	(4,316)
Denominator:
Weighted average shares used to compute net loss per share attributable to common stockholders, basic and diluted		39,524,272		7,021,468		2,593,316
Net loss per share attributable to common stockholders, basic and diluted	$	(1.80)	$	(3.42)	$	(1.66)

Schedule of anti-dilutive securities excluded from computation of diluted loss per share


	Years Ended December 31,
	2021	2020	2019
Unvested restricted common stock	493,185	735,294	—
Options to purchase common stock	5,768,028	4,776,908	322,811
Employee stock purchase plan contingently issuable	17,110	5,602	—
Convertible preferred stock (as converted to common shares)	—	—	4,628,215
	6,278,323	5,517,804	4,951,026

Lease (Tables)

12 Months Ended

Dec. 31, 2021

Lease

Summary of total lease expense

The following table summarizes total lease expense during the year ended December 31, 2021 (in thousands):


		Year Ended December 31,
		2021
Straight-line operating lease expense	$	1,224
Variable lease expense		64
Short-term lease expense		112
Total operating lease expense	$	1,400

Summary of supplemental cash flow information

The following table summarizes supplemental cash flow information during the year ended December 31, 2021 (in thousands):


		Year Ended December 31,
		2021
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	988
ROU asset obtained in exchange for a new operating lease liability (*)		3,152

Summary of future minimum lease payments

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of December 31, 2021 (in thousands):


Years Ended December 31,
2022	$	1,168
2023		973
2024		799
2025		822
2026		69
Thereafter		—
Total future minimum lease payments		3,831
Less: Interest		(542)
Total lease liabilities at present value		3,289
Lease liabilities, current		931
Lease liabilities, non-current	$	2,358

Summary of lease term and discount rate


			Year Ended December 31,
			2021
Weighted-average remaining lease term (years)			3.63
Weighted-average discount rate			8.65%

Nature of the Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Net proceeds \| $			$ 220,510
Number of shares converted \| shares	23,765,075
Shares issued upon conversion \| shares	23,765,075
Conversion value \| $	$ 148,300
Common stock, authorized \| shares	490,000,000	490,000,000	490,000,000
Preferred stock, authorized \| shares	10,000,000	10,000,000	10,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Cash, cash equivalents and marketable securities \| $		$ 287,300
IPO
Shares issued \| shares	12,650,000
Share price \| $ / shares	$ 19.00
Net proceeds \| $	$ 220,600
Offering costs \| $	$ 19,800

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Accrued interest or penalties	$ 0	0
Lease, Practical Expedients, Package [true false]	true
Operating lease right-of-use assets	$ 3,246
Prepaid rent		196
Lease liabilities	$ 3,289
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-02
Property, Plant and Equipment [Line Items]
Operating lease right-of-use assets		1,000
Prepaid rent		(100)
Lease liabilities		$ 900
Maximum \| Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Minimum \| Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years

Fair Value Measurement (Details) - Recurring	Dec. 31, 2021 USD ($)
Assets
Cash	$ 7,289,000
Total	287,250,000
Level 1
Assets
Cash	7,289,000
Total	37,727,000
Level 2
Assets
Total	249,523,000
Money market funds
Assets
Cash	6,523,000
Money market funds \| Level 1
Assets
Cash	6,523,000
Commercial paper
Assets
Marketable securities	185,921,000
Commercial paper \| Level 2
Assets
Marketable securities	185,921,000
Corporate bonds
Assets
Marketable securities	3,001,000
Corporate bonds \| Level 2
Assets
Marketable securities	3,001,000
U.S. Government treasury bills
Assets
Marketable securities	23,915,000
U.S. Government treasury bills \| Level 1
Assets
Marketable securities	23,915,000
Government-sponsored enterprise securities
Assets
Marketable securities	60,601,000
Government-sponsored enterprise securities \| Level 2
Assets
Marketable securities	$ 60,601,000

Fair Value Measurement - Marketable Securities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 287,399
Gross Unrealized Gains	7
Gross Unrealized Losses	(156)
Estimated Fair Value	287,250
Allowance for losses on available-for-sale debt securities	0
Cash and cash equivalents
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	13,812
Estimated Fair Value	13,812
Short-term marketable securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	260,622
Gross Unrealized Gains	7
Gross Unrealized Losses	(120)
Estimated Fair Value	260,509
Long-term marketable securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	12,965
Gross Unrealized Losses	(36)
Estimated Fair Value	$ 12,929

Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,698	$ 137
Less: Accumulated depreciation	(224)	(62)
Property and equipment, net	1,474	75
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,639	90
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59	$ 47

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid clinical trial costs	$ 916	$ 1,148
Prepaid insurance	1,766	1,663
Prepaid subscriptions and licenses	291
Prepaid research contracts	239	432
Prepaid rent		196
Other	223	149
Total	$ 3,435	$ 3,588

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Liabilities
Accrued R&D related costs	$ 2,645	$ 609
Accrued employee bonuses	3,752	1,222
Accrued professional fees	1,011	577
Early exercise of unvested stock options	206	578
Accrued payroll related costs	191	444
Accrued taxes	88	198
Other	172	238
Total	$ 8,065	$ 3,866

Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 17, 2020	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Convertible notes outstanding		$ 0	$ 0
Convertible preferred stock
Short-term Debt [Line Items]
Shares issued	2,545,277
Offering price per share	$ 4.712
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 12,000

Convertible Preferred Stock (Details) - Convertible preferred stock - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Convertible Preferred Stock
Number of common stock issued upon conversion	1
Convertible preferred stock, outstanding (in shares)	0	0	4,628,215	4,628,215

Common Stock (Details) - shares	1 Months Ended	12 Months Ended
Common Stock (Details) - shares	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Unvested early exercised stock options		7,870,965	5,949,807
Exercised (in shares)	135,525	206,545
Options outstanding under the 2014 Stock Plan (1)(2)
Class of Stock [Line Items]
Unvested early exercised stock options		2,447,889	2,632,017
Exercised (in shares)		46,598	126,206
Options outstanding under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Unvested early exercised stock options		3,320,139	2,144,891
Shares available for future grant under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Unvested early exercised stock options		818,010	7,189
Available for the 2020 Employee Stock Purchase Plan
Class of Stock [Line Items]
Unvested early exercised stock options		791,742	430,416
Unvested restricted stock awards outstanding under the 2014 Stock Plan
Class of Stock [Line Items]
Unvested early exercised stock options		493,185	735,294

Stock-Based Compensation (Details) - shares	12 Months Ended
Stock-Based Compensation (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock at fair market value to be exercised	100.00%
Expiration period (in years)	10 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,842,180	717,360
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares authorized		2,152,080
Period of increase in common stock reserved for issuance		10 years
Percentage of increase in common stock reserved for issuance		5.00%
2020 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		6,494,510
Shares available from prior equity incentive plan		4,342,430
2020 Plan \| Options to purchase common stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	19,483,530

Stock-Based Compensation - Stock Option Valuation (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Risk-free interest rate	0.95%	0.51%
Expected term (in years)	5 years 11 months 19 days	6 years
Expected volatility	77.55%	76.69%
Expected dividend yield	0.00%
Stock options granted	1,299,433

Stock-Based Compensation - Stock Option Activity (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Outstanding as at beginning of period (in shares)		4,776,908
Granted (in shares)		1,299,433
Exercised (in shares)	(135,525)	(206,545)
Forfeited (in shares)		(101,768)
Outstanding as at end of period (in shares)		5,768,028	4,776,908
Options vested and exercisable as at end of period (in shares)		1,715,441
Options expected to vest as at end of period (in shares)		4,052,587
Weighted Average Exercise Price
Outstanding as at beginning of period (in dollars per share)		$ 10.83
Granted (in dollars per share)		33.82
Exercised (in dollars per share)		5.04
Forfeited (in dollars per share)		23.22
Outstanding at end of period (in dollars per share)		15.99	$ 10.83
Options vested and exercisable as at end of period (in dollars per share)		11.33
Options expected to vest as at end of period (in dollars per share)		$ 17.97
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life of outstanding options (in years)		8 years 9 months 25 days	9 years 8 months 1 day
Weighted Average Remaining Contractual Life of granted options (in years)		9 years 1 month 9 days
Weighted Average Remaining Contractual Life of vested and exercisable options (in years)		8 years 6 months 14 days
Weighted Average Remaining Contractual Life of expected to vest options (in years)		8 years 11 months 12 days
Intrinsic Value of outstanding options		$ 11,365,000	$ 177,962,000
Intrinsic Value of vested and exercisable options		5,257,000
Intrinsic Value of expected to vest options		$ 7,078,000
Unvested early exercised stock options		46,598
Weighted-average grant date fair value of options granted (in dollars per share)		$ 21.87	$ 7.26	$ 0
Number of shares vested		1,286,729	426,739	2,941
Weighted-average grant date fair value of options vested (in dollars per share)		$ 7.48
Fair value of options vested		$ 10,900,000	$ 1,700,000	$ 1,000
Aggregate intrinsic value of options exercised		730,000	$ 100,000	$ 0
Unrecognized stock-based compensation cost		$ 43,800,000
Period over which cost is expected to be recognized (in years)		2 years 9 months 18 days

Stock-Based Compensation - Early Exercise of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation
Proceeds from exercise of stock options	$ 600	$ 670	$ 641
Exercise of stock options (in shares)	135,525	206,545
Exercise price (in dollars per share)	$ 4.406
Exercise price (in dollars per share)	$ 4.824
Number of shares vested		1,286,729	426,739	2,941
Current liability from early exercises of stock options		$ 200
Shares vested		88,927

Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021
Number of Shares
Unvested restricted stock as at beginning of period (in shares)		735,294
Vested (in shares)		(242,109)
Unvested restricted stock as at end of period (in shares)		493,185
Grant Date Fair Value
Unvested restricted stock as at beginning of period (in dollars per share)		$ 2.40
Vested (in dollars per share)		2.40
Unvested restricted stock as at ending of period (in dollars per share)		$ 2.40
Weighted average recognition period of RSA		2 years 9 months 18 days
Unvested restricted common stock
Grant Date Fair Value
Grant date fair value of the RSAs vested		$ 0.6
Unrecognized compensation expense related to unvested RSA		$ 1.2
Weighted average recognition period of RSA		2 years 6 months
Unvested restricted common stock \| 2014 Plan. \| Share-based Payment Arrangement, Employee
Stock-Based Compensation
Value of restricted common stock granted	$ 1.9
Number of Shares
Granted (in shares)	789,095
Grant Date Fair Value
Granted (in dollars per share)	$ 2.40

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation expense
Total stock-based compensation expense	$ 15,913	$ 3,078
Research and development
Stock-based compensation expense
Total stock-based compensation expense	9,346	1,970
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 6,567	$ 1,108

Stock-Based Compensation - 2020 Employee Stock Purchase Plan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) period shares
Stock-Based Compensation
Percent of common stock at fair market value to be exercised	100.00%
Common stock reserved for issuance \| shares	7,870,965	5,949,807
Stock-based compensation expense	$ 15,913	$ 3,078
Employee stock purchase plan contingently issuable
Stock-Based Compensation
Percentage of eligible earnings withheld		15.00%
Percent of common stock at fair market value to be exercised		85.00%
Number of months for each purchase period		6 months
Number of purchase periods \| period		2
Common stock reserved for issuance \| shares		430,416
Stock-based compensation expense	$ 200
Employee stock purchase plan contingently issuable \| Maximum
Stock-Based Compensation
Offering period		27 months
Employee stock purchase plan contingently issuable \| Minimum
Stock-Based Compensation
Stock-based compensation expense		$ 100

Income Taxes - Schedule of reconciliation of federal statutory income tax provision to effective income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the Federal statutory income tax provision
Federal statutory income tax	$ 14,930	$ 4,760
State income taxes, net of federal tax benefit	25	(1)
Permanent differences in non-tax-deductible executive compensation	(1,092)
Other permanent items	(105)	(135)
Other deferred items	158	13
Valuation allowance	$ (13,916)	$ (4,637)

Income Taxes - Schedule of deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 17,889	$ 6,168
Equity compensation	2,530	500
Other	959	578
Total deferred tax assets	21,378	7,246
Deferred tax liabilities:
Fixed assets	(310)	(15)
Total deferred tax liabilities	(310)	(15)
Valuation allowance	$ (21,068)	$ (7,231)	$ (2,708)

Income Taxes - Net operating losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 21,068	$ 7,231	$ 2,708
Change in valuation allowance	13,837	4,523
Unrecognized tax benefit affecting effective tax rate	$ 0
Tax carry forward term	20 years
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 81,800	26,100
Net operating loss carryforwards subject to expiration	3,300
Net operating loss carryforwards not subject to expiration	$ 78,400
Percentage of federal net operating loss	80.00%
State
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 10,400	$ 9,800
Net operating loss carryforwards subject to expiration	$ 10,400

Income Taxes - Schedule of valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Valuation allowance at beginning of year	$ 7,231	$ 2,708
Increase recorded to provision for income taxes	13,837	4,523
Valuation allowance at end of year	$ 21,068	$ 7,231

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (71,096)	$ (22,121)	$ (4,316)
Repurchase and retirement of Series A and Series A-1 convertible preferred stock		(1,869)
Net loss attributable to common stockholders	$ (71,096)	$ (23,990)	$ (4,316)
Denominator:
Weighted average shares used to compute net loss per share, basic	39,524,272	7,021,468	2,593,316
Weighted average shares used to compute net loss per share, diluted	39,524,272	7,021,468	2,593,316
Net loss per share, basic	$ (1.80)	$ (3.42)	$ (1.66)
Net loss per share, diluted	$ (1.80)	$ (3.42)	$ (1.66)

- 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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- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Net Loss Per Common Share - Anti-dilutive Effect (Details) - shares	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		6,278,323	5,517,804	4,951,026
Exercise of stock options (in shares)	135,525	206,545
Unvested early exercised stock options		46,598
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		493,185	735,294
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		5,768,028	4,776,908	322,811
Exercise of stock options (in shares)		211,621	211,621
Employee stock purchase plan contingently issuable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		17,110	5,602
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities				4,628,215

Leases (Details) Including Prior To Adoption Of Topic 842 $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 15, 2020 USD ($) ft²	Nov. 03, 2020 ft²	Aug. 27, 2020 USD ($) ft²	Jun. 01, 2013 ft²
Lease
Rent expense \| $	$ 0.2	$ 0.1
MandalMed Services Agreement Area
Lease
Area of property						5,762
Mandalmed Services Agreement Additional Area
Lease
Area of property				2,130
Term of contract				3 years
Office Space
Lease
Area of property					3,500
Term of contract					2 years
Security Deposit \| $					$ 0.1
Laboratory Lease Agreement
Lease
Area of property			9,800
Term of contract			5 years
Security Deposit \| $			$ 0.4

Lease - Lease Expense (Details) $ in Thousands	12 Months Ended
Lease - Lease Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Lease expense
Straight-line operating lease expense	$ 1,224
Variable lease expense	64
Short-term lease expense	112
Total lease expense	$ 1,400

Lease - Cash Flow Information (Details) $ in Thousands	12 Months Ended
Lease - Cash Flow Information (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Lease
Operating cash flows from operating leases	$ 988
ROU asset obtained in exchange for a new operating lease liability	$ 3,152

Lease - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Future minimum lease payments
2022	$ 1,168
2023	973
2024	799
2025	822
2026	69
Total future minimum lease payments	3,831
Less: Interest	(542)
Total lease liabilities at present value	3,289
Lease liabilities, current	931
Lease liabilities, non-current	$ 2,358

Lease - Lease Term and Discount Rate (Details)	Dec. 31, 2021
Lease
Weighted-average remaining lease term (years)	3 years 7 months 17 days
Weighted-average discount rate	8.65%