0001689548-22-000014 | 10-K | XBRL Viewer | Praxis Precision Medicines INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 138,704	$ 296,608
Marketable securities	137,207	0
Prepaid expenses and other current assets	11,498	5,718
Total current assets	287,409	302,326
Property and equipment, net	1,213	82
Operating lease right-of-use assets	3,653	754
Other non-current assets	472	15
Total assets	292,747	303,177
Current liabilities:
Accounts payable	10,780	4,088
Accrued expenses	26,844	10,869
Current operating lease liabilities	810	763
Total current liabilities	38,434	15,720
Long-term liabilities:
Non-current portion of operating lease liabilities	3,501	0
Total liabilities	41,935	15,720
Commitments and contingencies (Note 8)
Statement of Stockholders' Equity [Abstract]
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of December 31, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized; 45,300,514 shares issued and outstanding as of December 31, 2021, and 38,268,543 shares issued and outstanding as of December 31, 2020	5	4
Additional paid-in capital	567,598	437,007
Accumulated other comprehensive loss	(176)	0
Accumulated deficit	(316,615)	(149,554)
Total stockholders’ equity	250,812	287,457
Total liabilities and stockholders’ equity	$ 292,747	$ 303,177

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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)	150,000,000	150,000,000
Common stock, outstanding (in shares)	45,300,514	38,268,543
Common stock, issued (in shares)	45,300,514	38,268,543

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 120,257	$ 44,976
General and administrative	47,075	16,992
Total operating expenses	167,332	61,968
Loss from operations	(167,332)	(61,968)
Other income:
Other income, net	271	140
Total other income	271	140
Loss before income taxes	(167,061)	(61,828)
Benefit from income taxes	0	8
Net loss	(167,061)	(61,820)
Accretion and cumulative dividends on redeemable convertible preferred stock	0	(8,996)
Gain on repurchase of redeemable convertible preferred stock	0	493
Net loss attributable to common stockholders	$ (167,061)	$ (70,323)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (3.94)	$ (7.86)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (3.94)	$ (7.86)
Weighted average common shares outstanding, basic (in shares)	42,454,055	8,950,152
Weighted average common shares outstanding, diluted (in shares)	42,454,055	8,950,152

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (167,061)	$ (61,820)
Net unrealized losses on marketable securities, net of tax	(176)	0
Comprehensive loss	$ (167,237)	$ (61,820)

- 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 Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Series B-1 Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock Accumulated Deficit	Series C-1 Redeemable Convertible Preferred Stock
Beginning balance (in shares) at Dec. 31, 2019						8,075,799	14,913,704	2,666,666	9,805,827		0
Beginning balance at Dec. 31, 2019						$ 9,932	$ 49,969	$ 10,431	$ 50,789		$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity Shares Acquired									(5,825,243)
Repurchase of Series C redeemable convertible preferred stock									$ (30,493)
Series C redeemable convertible preferred stock issuance costs	$ (37)
Accretion of redeemable convertible preferred stock to redemption value						$ 160	$ 890	$ 199	$ 815
Ending balance (in shares) at Mar. 31, 2020						8,075,799	14,913,704	2,666,666	3,980,584		0
Ending balance at Mar. 31, 2020						$ 10,092	$ 50,859	$ 10,630	$ 21,074		$ 0
Beginning balance (in shares) at Dec. 31, 2019		1,621,880
Beginning balance at Dec. 31, 2019	(81,008)	$ 1	$ 0	$ (81,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Series C redeemable convertible preferred stock									$ 493	$ 493
Accretion of redeemable convertible preferred stock to redemption value	(2,064)		(147)	(1,917)
Vesting of restricted common stock awards (in shares)		13,143
Stock-based compensation expense	147		147
Net loss	(8,330)			(8,330)
Ending balance (in shares) at Mar. 31, 2020		1,635,023
Ending balance at Mar. 31, 2020	(90,762)	$ 1	0	(90,763)
Beginning balance (in shares) at Dec. 31, 2019						8,075,799	14,913,704	2,666,666	9,805,827		0
Beginning balance at Dec. 31, 2019						$ 9,932	$ 49,969	$ 10,431	$ 50,789		$ 0
Ending balance (in shares) at Dec. 31, 2020						0	0	0	0		0
Ending balance at Dec. 31, 2020						$ 0	$ 0	$ 0	$ 0		$ 0
Beginning balance (in shares) at Dec. 31, 2019		1,621,880
Beginning balance at Dec. 31, 2019	(81,008)	$ 1	0	(81,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (61,820)
Ending balance (in shares) at Dec. 31, 2020	38,268,543	38,268,543
Ending balance at Dec. 31, 2020	$ 287,457	$ 4	437,007	(149,554)	$ 0
Beginning balance (in shares) at Mar. 31, 2020						8,075,799	14,913,704	2,666,666	3,980,584		0
Beginning balance at Mar. 31, 2020						$ 10,092	$ 50,859	$ 10,630	$ 21,074		$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity stock issued during period shares new issues									4,563,108
Accretion of redeemable convertible preferred stock to redemption value						$ 162	$ 890	$ 198	$ 789
Issuance costs									$ 23,496
Ending balance (in shares) at Jun. 30, 2020						8,075,799	14,913,704	2,666,666	8,543,692		0
Ending balance at Jun. 30, 2020						$ 10,254	$ 51,749	$ 10,828	$ 45,359		$ 0
Beginning balance (in shares) at Mar. 31, 2020		1,635,023
Beginning balance at Mar. 31, 2020	(90,762)	$ 1	0	(90,763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value	(2,039)		(285)	(1,754)
Vesting of restricted common stock awards (in shares)		13,142
Stock-based compensation expense	285		285
Net loss	(11,568)			(11,568)
Ending balance (in shares) at Jun. 30, 2020		1,648,165
Ending balance at Jun. 30, 2020	(104,084)	$ 1	0	(104,085)
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity stock issued during period shares new issues											19,444,453
Accretion of redeemable convertible preferred stock to redemption value						$ 162	$ 899	$ 201	$ 885		$ 1,796
Issuance costs											$ 110,096
Ending balance (in shares) at Sep. 30, 2020						8,075,799	14,913,704	2,666,666	8,543,692		19,444,453
Ending balance at Sep. 30, 2020						$ 10,416	$ 52,648	$ 11,029	$ 46,244		$ 111,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs (in shares)		11,628
Accretion of redeemable convertible preferred stock to redemption value	(3,943)		(980)	(2,963)
Vesting of restricted common stock awards (in shares)		13,142
Issuance of common stock upon exercise of stock options	27		27
Stock-based compensation expense	953		953
Net loss	(16,216)			(16,216)
Ending balance (in shares) at Sep. 30, 2020		1,672,935
Ending balance at Sep. 30, 2020	(123,263)	$ 1	0	(123,264)
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value						$ 35	$ 196	$ 44	$ 193		$ 482
Conversion of redeemable convertible preferred stock to common stock (in shares)		25,067,977				8,075,799	14,913,704	(2,666,666)	8,543,692		19,444,453
Conversion of redeemable convertible preferred stock to common stock	$ 233,178	$ 2	233,176			$ (10,451)	$ (52,844)	$ (11,073)	$ (46,437)		$ (112,374)
Ending balance (in shares) at Dec. 31, 2020						0	0	0	0		0
Ending balance at Dec. 31, 2020						$ 0	$ 0	$ 0	$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new shares		$ 1	200,310
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs (in shares)	200,311,000	11,500,000
Accretion of redeemable convertible preferred stock to redemption value	$ (950)		(366)	(584)
Conversion of redeemable convertible preferred stock to common stock (in shares)		25,067,977				8,075,799	14,913,704	(2,666,666)	8,543,692		19,444,453
Conversion of redeemable convertible preferred stock to common stock	233,178	$ 2	233,176			$ (10,451)	$ (52,844)	$ (11,073)	$ (46,437)		$ (112,374)
Vesting of restricted common stock awards (in shares)		8,763
Exercise of stock options (in shares)		18,868
Issuance of common stock upon exercise of stock options	61		61
Stock-based compensation expense	3,826		3,826
Net loss	$ (25,706)			(25,706)
Ending balance (in shares) at Dec. 31, 2020	38,268,543	38,268,543
Ending balance at Dec. 31, 2020	$ 287,457	$ 4	437,007	(149,554)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		352,506
Issuance of common stock upon exercise of stock options	851		851
Stock-based compensation expense	4,666		4,666
Change in unrealized loss on marketable securities, net of tax	(86)				(86)
Net loss	(27,373)			(27,373)
Ending balance (in shares) at Mar. 31, 2021		38,621,049
Ending balance at Mar. 31, 2021	$ 265,515	$ 4	442,524	(176,927)	(86)
Beginning balance (in shares) at Dec. 31, 2020						0	0	0	0		0
Beginning balance at Dec. 31, 2020						$ 0	$ 0	$ 0	$ 0		$ 0
Beginning balance (in shares) at Dec. 31, 2020	38,268,543	38,268,543
Beginning balance at Dec. 31, 2020	$ 287,457	$ 4	437,007	(149,554)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	889,974
Net loss	$ (167,061)
Ending balance (in shares) at Dec. 31, 2021	45,300,514	45,300,514
Ending balance at Dec. 31, 2021	$ 250,812	$ 5	567,598	(316,615)	(176)
Beginning balance (in shares) at Mar. 31, 2021		38,621,049
Beginning balance at Mar. 31, 2021	$ 265,515	$ 4	$ 442,524	(176,927)	(86)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new shares		$ 1
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs (in shares)	98,413,000	5,750,000	98,412,000
Exercise of stock options (in shares)		322,113
Issuance of common stock upon exercise of stock options	$ 809		$ 809
Stock-based compensation expense	5,400		5,400
Change in unrealized loss on marketable securities, net of tax	36				36
Net loss	(36,401)			(36,401)
Ending balance (in shares) at Jun. 30, 2021		44,693,162
Ending balance at Jun. 30, 2021	333,772	$ 5	547,145	(213,328)	(50)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		90,909
Issuance of common stock upon exercise of stock options	309		309
Stock-based compensation expense	6,521		6,521
Change in unrealized loss on marketable securities, net of tax	25				25
Net loss	(44,705)			(44,705)
Ending balance (in shares) at Sep. 30, 2021		44,784,071
Ending balance at Sep. 30, 2021	295,922	$ 5	$ 553,975	(258,033)	(25)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs (in shares)		391,997	7,039,000
Exercise of stock options (in shares)		124,446
Issuance of common stock upon exercise of stock options	478		$ 478
Stock-based compensation expense	6,106		6,106
Change in unrealized loss on marketable securities, net of tax	(151)				(151)
Net loss	$ (58,582)			(58,582)
Ending balance (in shares) at Dec. 31, 2021	45,300,514	45,300,514
Ending balance at Dec. 31, 2021	$ 250,812	$ 5	$ 567,598	$ (316,615)	$ (176)

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Payments of stock issuance costs	$ 598	$ 229	$ 2,864	$ 154	$ 4

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (167,061)	$ (61,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	182	50
Stock-based compensation expense	22,693	5,211
Non-cash operating lease expense	1,412	696
Amortization of premiums and discounts on marketable securities, net	2,087	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(5,780)	(4,437)
Accounts payable	7,267	960
Accrued expenses	15,450	7,408
Operating lease liabilities	(763)	(696)
Other	(41)	5
Net cash used in operating activities	(124,554)	(52,623)
Cash flows from investing activities:
Purchases of property and equipment	(1,050)	0
Purchases of marketable securities	(164,170)	0
Maturities of marketable securities	24,700	0
Net cash used in investing activities	(140,520)	0
Cash flows from financing activities:
Proceeds from at-the-market offerings, net of issuance costs	7,301	0
Proceeds from follow-on public offering, net of issuance costs	98,413	0
Proceeds from initial public offering of common stock, net of issuance costs	0	200,886
Payment of issuance costs for initial public offering	(575)	0
Proceeds from exercise of options to purchase common stock	2,447	88
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	133,442
Repurchase of Series C redeemable convertible preferred stock	0	(30,000)
Net cash provided by financing activities	107,586	304,416
Increase (decrease) in cash, cash equivalents and restricted cash	(157,488)	251,793
Cash, cash equivalents and restricted cash, beginning of period	297,208	45,415
Cash, cash equivalents and restricted cash, end of period	139,720	297,208
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	138,704	296,608
Restricted cash	1,016	600
Supplemental disclosures of non-cash activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	4,086	0
Offering costs included in accounts payable and accrued expenses	262	575
Purchases of property and equipment included in accounts payable and accrued expenses	267	4
Accretion of redeemable convertible preferred stock to redemption value	$ 0	$ 8,996

Nature of the Business	12 Months Ended
Nature of the Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of the Business Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system, or CNS, disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and disease. The Company is applying insights from genetic epilepsies to both rare and more prevalent neurological and psychiatric disorders, using its understanding of shared biological targets and circuits in the brain. The Company applies a deliberate and pragmatic precision approach, leveraging a suite of translational tools including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, the Company has established a broad CNS portfolio with multiple programs, including product candidates across psychiatric disorders, movement disorders, epilepsy and other exploratory CNS indications, with three clinical-stage product candidates. Each of the Company's clinical-stage product candidates is advancing in more than one indication and the Company anticipates expansion into additional indications. The Company expects multiple topline readouts from its clinical-stage programs and anticipates the launch of a fourth clinical development program in 2022. In addition, the Company has established a robust pipeline of preclinical stage programs through internal research and in-licensing. The Company's broad portfolio of CNS programs is currently structured by therapeutic focus in three primary franchises – Psychiatry, Movement Disorders and Epilepsy. In addition, the Company is pursuing development in other exploratory CNS indications such as rare adult cephalgias. Within the Psychiatry franchise, the Company's most advanced clinical candidate, PRAX-114, is being developed for the treatment of a broad range of patients suffering from major depressive disorder and post-traumatic stress disorder, or PTSD. In addition, the Company has initiated a Phase 2, placebo-controlled study evaluating PRAX-114 for the treatment of PTSD. Within the Movement Disorders franchise, the Company's second clinical candidate, PRAX-944, is being developed for the treatment of Essential Tremor, or ET, and Parkinson's Disease, or PD. The Company has initiated a Phase 2b placebo-controlled dose-range finding trial, the Essential1 Study, to evaluate the tolerability, safety and efficacy of PRAX-944 in adults with ET. The Company also expects to initiate a Phase 2, placebo-controlled, crossover study to evaluate the safety, pharmacokinetics, or PK, and efficacy of daytime dosing of PRAX-114 for the treatment of ET in the first quarter of 2022. The Company expects to initiate a Phase 2, placebo-controlled trial to evaluate the safety, PK and efficacy of PRAX-944 as a non-dopaminergic treatment for the motor symptoms of PD in the second quarter of 2022. Within the Epilepsy franchise, the Company expects to initiate a Phase 2 study with its third clinical-stage candidate, PRAX-562, in the second quarter of 2022 in patients with rare pediatric Developmental and Epileptic Encephalopathies. The Company's most advanced preclinical stage product candidate within its Epilepsy franchise, PRAX-222, is an antisense oligonucleotide, or ASO, designed to decrease the expression levels of the protein encoded by the gene SCN2A in patients with gain-of-function SCN2A mutations. The Company expects to initiate a seamless study of PRAX-222 in the second quarter of 2022, which would be its fourth program to reach clinical stage. The Company also expects to initiate a Phase 2 proof-of-concept clinical trial evaluating PRAX-562 in patients with rare adult cephalgias in the first quarter of 2022. In addition, the Company's preclinical pipeline consists of a discovery program in development for KCNT1 related epilepsy, PRAX-628, a product candidate nominated in the fourth quarter of 2021 for focal epilepsy, three ASOs targeting SCN2A in patients with loss-of-function mutations, PCDH19 and SYNGAP1, respectively, and three additional discovery programs for undisclosed targets in psychiatry, movement disorders and epilepsy. Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock, and from the sale of common stock through an initial public offering ("IPO"), a follow-on public offering and at-the-market offerings under its shelf registration statement. From inception through December 31, 2021, the Company raised $516.4 million in aggregate cash proceeds from these transactions, net of issuance costs. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Liquidity In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has incurred recurring losses since its inception, including a net loss of $167.1 million for the year ended December 31, 2021. In addition, as of December 31, 2021, the Company had an accumulated deficit of $316.6 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities as of December 31, 2021 of $275.9 million will be sufficient to fund the operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company's inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Praxis Security Corporation and Praxis Precision Medicines Australia Pty Ltd. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued and prepaid research and development expenses, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.

Segments

The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. The majority of the Company’s long-lived assets are held in the United States.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value.

Restricted cash comprises letters of credit for the benefit of the landlord in connection with the Company’s lease facilities. Restricted cash is classified as either current or non-current based on the terms of the underlying lease arrangement.

The following table presents cash and cash equivalents and restricted cash as reported on the consolidated balance sheets that equal the total amounts on the consolidated statements of cash flows (in thousands):


	December 31,
	2021		2020
Cash and cash equivalents	$	138,704	$	296,608
Restricted cash	1,016		600
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$	139,720	$	297,208

Marketable Securities

The Company invests its excess cash in money market funds and debt instruments of the U.S. Treasury, financial institutions, corporations and U.S. government agencies with strong credit ratings and an investment grade rating at or above A-1 or P-1 by two of the three nationally recognized statistical rating organizations. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its marketable securities. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity, and periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The Company classifies its investments in debt instruments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are included in the Company's consolidated statements of operations. All of the Company's available-for-sale securities are available for use in its current operations. As a result, the Company has categorized all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.

The Company evaluates securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the Company, and the Company's intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is recognized in other comprehensive loss, net of applicable taxes unless deemed other than temporary.

Concentrations of Credit Risk and Significant Suppliers and License Agreements

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. The Company's investment portfolio comprises money market funds, marketable debt securities, including debt securities issued by U.S. government agencies and

corporations, and commercial paper. The Company investments are limited to investment-grade securities with strong credit ratings with the objective of maintaining safety and liquidity. The Company also maintains deposits in accredited financial institutions in excess of federally insured limits. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. As of December 31, 2021 and 2020, the Company’s primary operating accounts significantly exceeded the FDIC limits. The Company deposits its cash in financial institutions that it believes have high credit quality, and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company is dependent on third-party manufacturers to supply materials for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relies, and expects to continue to rely, on a small number of third-party manufacturers to produce and process its current and potential product candidates and to manufacture supply of its current and potential product candidates for preclinical and clinical activities. These programs could be adversely affected by a significant interruption in the supply of the necessary materials. The Company is also dependent on third parties who provide license rights used in the development of certain programs. The Company could experience delays in the development of its programs if any of these license agreements are terminated, if the Company fails to meet the obligations required under its arrangements, or if the Company is unable to successfully secure new strategic alliances or licensing agreements.

Off-Balance Sheet Risk

As of December 31, 2021 and 2020, the Company had no off-balance sheet risk such as foreign exchange contracts, option contracts or other hedging arrangements.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. The fair values of the Company’s financial assets and liabilities reflects the Company’s estimate of 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•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.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in earnings.

Items measured at fair value on a recurring basis include cash equivalents and marketable securities (Note 4 and Note 5). The carrying amounts reflected in the consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


			Estimated Useful Life
Office furniture and equipment			5 years
Laboratory equipment			3 years
Computer equipment			3 years

Upon disposal, retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Expenditures for repairs and maintenance that do not improve or extend the lives of the respective assets are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets in either year ended December 31, 2021 or December 31, 2020.

Leases

The Company accounts for leases in accordance with ASC 842. The Company determines if an arrangement is a lease at contract inception. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. Operating right-of-use assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised.

The Company uses the implicit rate when readily determinable and uses its incremental borrowing rate when the implicit rate is not readily determinable, based upon the information available at the commencement date in determining the present value of the lease payments. The incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease.

The lease payments used to determine operating lease right-of-use assets may include lease incentives and stated rent increases. The Company’s lease agreements may include both lease and non-lease components, which the Company accounts for as a single lease component when the payments are fixed, for all classes of underlying assets. Variable payments included in the lease agreement are expensed as incurred.

The Company’s operating leases are reflected in operating lease right-of-use assets and in current operating lease liabilities and long-term operating lease liabilities in its consolidated balance sheets. The Company’s operating lease right-of-use asset as of December 31, 2021 and 2020 did not include any lease incentives. Lease expense for future lease payments is recognized on a straight-line basis over the lease term.

Redeemable Convertible Preferred Stock

Prior to the automatic conversion of all outstanding shares of the Redeemable Convertible Preferred Stock upon the closing of the IPO, the Company recorded all Redeemable Convertible Preferred Stock upon issuance at its respective fair value or original issuance price, less issuance costs and any associated discounts. The Company classified its Redeemable Convertible Preferred Stock outside of stockholders’ (deficit) equity as the redemption of such shares was outside the Company’s control. The Company adjusted the carrying values of the Redeemable Convertible Preferred Stock to redemption value when the redemption value exceeded the carrying value. Upon the closing of the IPO, all of the outstanding shares of Redeemable Convertible Preferred Stock automatically converted into 25,067,977 shares of common stock.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as to manufacture research and development materials. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the goods are delivered or the related services are performed or until it is no longer expected that the goods will be delivered or the services rendered. Costs incurred to obtain licenses are recognized as research and development expense as incurred if the technology licensed has no alternative future uses.

The Company has entered into various research and development related contracts with parties both inside and outside of the United States. These agreements are cancellable, and related fees are recorded as research and development expenses as incurred. The Company records accrued liabilities and prepaid expenses for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities and prepaid expenses, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued and prepaid balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical estimates have not been materially different from the actual costs.

Patent-Related Costs

Patent-related costs incurred in connection with 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 in the accompanying consolidated statement of operations.

Stock-Based Compensation

The Company accounts for all stock-based awards granted to employees and non-employees as stock-based compensation expense at fair value in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). For stock-based awards issued to employees, non-employees and members of the Company’s board of directors (the “Board”) for their services on the Board, the Company measures the estimated fair value of the stock-based award on the date of the grant. The Company recognizes compensation expense for those awards granted to employees and members of the Board over the requisite service period, which is generally the vesting period of the respective award. For non-employee awards, compensation expense is recognized as the services are provided, which is generally ratably over the vesting period. The Company determines the fair value of restricted stock awards in reference to the fair value of its common stock less any applicable purchase price. The Company issues stock-based awards with service-based vesting conditions and records the expense for these awards on a straight-line basis over the vesting period. To date, the Company has not issued any stock-based awards with performance or market-based vesting conditions. The Company accounts for forfeitures as they occur.

The Company classifies stock-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s salary or service payments are classified.

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs of subjective assumptions, including: (i) the expected volatility of the

Company’s stock; (ii) the expected term of the award; (iii) the risk-free interest rate; (iv) expected dividends; and (v) the fair value of common stock. Due to the lack of Company-specific historical and implied volatility data, the Company determines the volatility for awards granted based on an analysis of reported data for a group of guideline publicly-traded companies that issued options with substantially similar terms. For this analysis, the Company selects companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the stock-based awards. The Company determines expected volatility using a weighted average of the historical volatilities of the guideline group of companies. The Company expects to continue to apply this process until such time as it has adequate historical data regarding the volatility of its own traded stock price. As permitted under ASC 718, the Company has elected to use the contractual term as the expected term for certain non-employee awards, on an award-by-award basis. For all other awards, the expected term of the Company’s stock options has been determined utilizing the “simplified” method whereby the expected term equals the average of the vesting term and the original contractual term of the option, on a weighted basis based on the vesting of each tranche. The Company utilizes this method as it has insufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. 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 instruments with a term commensurate with the expected term assumption. The expected dividend yield is assumed to be zero as the Company has never paid dividends, and does not have current plans to pay any dividends on its common stock. Subsequent to the IPO, the fair value of the common stock underlying the Company's stock-based awards is the closing price of the Company's common stock on the date of grant. Historically, for periods prior to the IPO, the fair value of the shares of common stock underlying the Company's stock-based compensation awards was determined on each grant date by its Board based on valuation estimates from management considering its most recently available independent third-party valuation of the Company's common stock. The Board also assessed and considered, with input from management, additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the grant date.

The grant date fair value of RSUs is estimated based on the fair value of the Company's underlying common stock on the date of grant.

Foreign Currency

The functional currency of the Company’s wholly owned foreign subsidiary in Australia is the U.S. dollar. Monetary assets and liabilities resulting from transactions denominated in currencies other than the functional currency are remeasured into the functional currency at exchange rates prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are measured using historical exchange rates prevailing at the date of the transaction and are not subsequently remeasured. Exchange gains or losses arising from foreign currency transactions are included in the determination of net loss. There were no material foreign currency gains or losses for the years ended December 31, 2021 and 2020.

Income Taxes

Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent that it believes based upon the weight of available evidence it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established.

The Company accounts for uncertain tax positions recognized in the consolidated financial statements by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Comprehensive Loss

Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss. For the year ended December 31, 2021, comprehensive loss consists of net loss and changes in

unrealized gains and losses on marketable securities. Comprehensive loss was equal to net loss for the year ended December 31, 2020.

Net Loss per Share

The Company follows the two-class method to compute net loss per share attributable to common stockholders as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (losses) for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (losses) for the period had been distributed. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund the losses of the Company.

Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for: (i) cumulative dividends accrued for redeemable convertible preferred stock, whether or not declared, (ii) increases in carrying value recorded for redeemable convertible preferred stock, including accretion of redeemable convertible preferred stock to redemption value for amounts other than cumulative dividends and (iii) gains on the redemptions of redeemable convertible preferred stock.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, which excludes shares of restricted common stock that are not vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and shares of redeemable convertible preferred stock are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes, related to the approach for allocating income tax expense or benefit for the year to continuing operations, discontinued operations, other comprehensive income, and other charges or credits recorded directly to shareholders’ equity; the methodology for calculating income taxes in an interim period; and the recognition of deferred tax liabilities for outside basis differences. On January 1, 2021, the Company early adopted ASU 2019-12 on a prospective basis, with no material impact on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-03 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. On October 1, 2021, the Company early adopted ASU 2016-13 and its related amendments using a modified retrospective approach. Given the composition of the Company's investment portfolio, there was no material impact on the Company's consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

None.

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashAs of December 31, 2021 and 2020 the Company had restricted cash of $1.0 million and $0.6 million, respectively, held as letters of credit for the benefit of its current and former landlords. The Company's Boston, Massachusetts sublease expires on January 31, 2026, and the related letter of credit of $0.4 million was classified within other non-current assets on the consolidated balance sheet as of December 31, 2021. The Company's Cambridge, Massachusetts sublease expired on December 30, 2021,and the related letter of credit of $0.6 million was classified within prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2021 and 2020.

Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following is a summary of the Company's investment portfolio at December 31, 2021 (in thousands). The Company did not have any marketable securities as of December 31, 2020.


			Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Available-for-sale securities:
Corporate debt securities	$	52,214	$	—		$	(31)	$	52,183
Commercial paper	34,993		—			—		34,993
Debt securities issued by U.S. government agencies	12,111		—			(8)		12,103
Other debt securities	6,398		1			—		6,399
Total securities with a maturity of one year or less	$	105,716	$	1		$	(39)	$	105,678

Corporate debt securities	31,667		—			(138)		31,529
Total securities with a maturity of one to two years	$	31,667	$	—		$	(138)	$	31,529
Total available-for-sale securities	$	137,383	$	1		$	(177)	$	137,207

As of December 31, 2021, the Company had 14 securities with a total fair market value of $95.8 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and is primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance for credit losses was not recognized.

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the year ended December 31, 2021.

Fair Value of Financial Assets

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	131,372	$	—	$	—	$	131,372
Marketable securities:
Corporate debt securities	—		83,712		—		83,712
Commercial paper	—		34,993		—		34,993
Debt securities issued by U.S. government agencies	12,103		—		—		12,103
Other debt securities	—		6,399		—		6,399
	$	143,475	$	125,104	$	—	$	268,579


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	290,931	$	—	$	—	$	290,931
	$	290,931	$	—	$	—	$	290,931

The Company estimates the fair value of its marketable securities classified as Level 2 by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances.

- 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, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	December 31,
	2021		2020
Computer equipment	$	579	$	9
Office furniture and equipment	545		113
Laboratory equipment	242		48
Total property and equipment	1,366		170
Less: Accumulated depreciation	(153)		(88)
Property and equipment, net	$	1,213	$	82

Depreciation expense was not significant for the years ended December 31, 2021 and 2020.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued external research and development expenses	$	17,763	$	4,206
Accrued personnel-related expenses	7,180		5,516
Accrued professional services	1,539		133
Accrued other	362		1,014
Total accrued expenses	$	26,844	$	10,869

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

In May 2021, the Company entered into a sublease agreement for office space located in Boston, Massachusetts, which became the Company's corporate headquarters beginning on October 1, 2021. The sublease expires on January 31, 2026, with no option to renew or terminate early. The base rent increases by approximately 2% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash (Note 3). This lease qualifies as an operating lease. At inception, the Company recorded an operating lease right-of-use asset and operating lease liability of $4.1 million.

In October 2018, the Company entered into a sublease agreement for office space located in Cambridge, Massachusetts which expired on December 30, 2021, with no option to renew or terminate early. The base rent increased by approximately 1% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash (Note 3). This lease qualified as an operating lease.

The following table summarizes the presentation of the operating lease in the Company’s consolidated balance sheets (in thousands):


	As of December 31,
	2021		2020
Assets:
Operating lease right-of-use assets	$	3,653	$	754
Liabilities:
Current operating lease liabilities	$	810	$	763
Non-current portion of operating lease liabilities	3,501		—
Total lease liabilities	$	4,311	$	763

The following table summarizes total lease costs recognized in the Company’s consolidated statements of operations (in thousands):


	For the year ended
	2021		2020
Operating lease cost	$	1,412	$	782
Variable lease costs	34		14
Total lease costs	$	1,446	$	796

Variable lease costs were primarily related to operating expenses, taxes and insurance associated with the operating leases, which were assessed based on the Company’s proportionate share of such costs for the leased premises. As these costs are generally variable in nature, they were not included in the measurement of the

operating lease right-of-use asset and related lease liability. Total lease costs are included as operating expenses in the Company’s consolidated statements of operations and comprehensive loss.

Future lease payments under non-cancelable lease agreements as of December 31, 2021 were as follows (in thousands):


Year Ended December 31,	Future Lease Payments
2022	$	1,160
2023	1,270
2024	1,296
2025	1,321
2026	110
Total future lease payments	$	5,157
Less: interest	(846)
Present value of operating lease liabilities	$	4,311

The weighted average remaining lease term and weighted average incremental borrowing rate of the Company’s operating lease were as follows:


	As of December 31,
	2021		2020
Weighted average remaining lease term (in years)	4.1		1.0
Weighted average incremental borrowing rate	9.0	%	8.0	%

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any legal proceedings during the years ended December 31, 2021 and 2020, and no material legal proceedings are currently pending or threatened.

Purchase Orders

The Company has agreements with third parties for various services, including services related to research, preclinical and clinical operations and support, for which the Company is not contractually able to terminate for convenience to avoid future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, the Company is contractually obligated to make certain payments to vendors, primarily to reimburse them for their unrecoverable outlays incurred prior to cancellation. The actual amounts the Company could pay in the future to the vendors under such agreements may differ from the purchase order amounts due to cancellation provisions.

Indemnification Agreements

The Company enters into indemnification agreements and agreements containing indemnification provisions in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless, and to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification agreements is generally perpetual upon execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

Agreements

The Company has entered into multiple agreements with third parties under which it may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of

specified product candidates. Payments under these agreements generally become due and payable upon achievement of such milestones and sales. When the achievement of these milestones or sales have not occurred, such contingencies are not recorded in the Company's financial statements.

Redeemable Convertible Preferred Stock	12 Months Ended
Redeemable Convertible Preferred Stock	Dec. 31, 2021
Temporary Equity [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock On October, 20 2020, upon the closing of the IPO, all 53,644,314 outstanding shares of the Redeemable Convertible Preferred Stock were converted into 25,067,977 shares of common stock. Pursuant to the terms of the Company's Amended and Restated Certificate of Incorporation, all series of the Redeemable Convertible Preferred Stock outstanding automatically converted into shares of common stock based on each series' respective then-current conversion ratio. As of December 31, 2021 and 2020, the Company did not have any shares of redeemable convertible preferred stock authorized, issued or outstanding. On January 20, 2020, the Company granted two investors holding 5,825,243 shares of Series C Preferred Stock that were purchased in December 2019 the option to put their shares back to the Company at the original issuance price. On February 19, 2020 and March 3, 2020, the investors exercised their put option in full via the execution of Stock Redemption and Release Agreements in order to effect the repurchase. Pursuant to the Stock Redemption and Release Agreements, the Company agreed to repurchase a total of 5,825,243 shares of Series C Preferred Stock at the original issuance price of $5.15 per share, for an aggregate cash repurchase price of 30.0 million. Under the terms of the Stock Redemption and Release Agreements, the investors waived their right to cumulative dividends that had accumulated from the original issuance date through the date of repurchase. The 5,825,243 shares of Series C Preferred Stock were retired upon repurchase, and subsequently authorized for reissuance pursuant to a waiver to the Company’s Amended and Restated Certificate of Incorporation entered into by the Company and the holders of the Redeemable Convertible Preferred Stock. The Company determined that the additional put right that was granted to the investors represented a modification of the affected shares of Series C Preferred Stock, but that it did not result in incremental value to the shareholders. As there was no incremental value associated with the modification, there was no impact to the accounting for the Series C Preferred Stock. The Company also determined that the put right did not require bifurcation, as it does not contain the characteristics of a derivative instrument. Further, the Company determined that the shares of Series C Preferred Stock that were subject to repurchase did not become mandatorily redeemable until the execution of the Stock Redemption and Release Agreements because the parties did not have an unconditional legal obligation to complete the redemptions until the associated agreements were finalized. Such determination was made in consultation with legal counsel. Accordingly, the Company recorded each of the redemptions on the respective date of repurchase and recognized a gain on repurchase equal to the difference between the repurchase price and the carrying value of the Series C Preferred Stock on the respective date of repurchase. The aggregate gain of $0.5 million was recorded upon repurchase as an adjustment to accumulated deficit in the statement of redeemable convertible preferred stock and stockholders’ deficit. The gain relates exclusively to the dividends accrued on the repurchased shares, which were waived by the investors as part of the Stock Redemption and Release Agreements. On April 15, 2020 and May 8, 2020, the Company completed additional closings for the sale and issuance of its Series C Preferred Stock for a total of 4,563,108 shares at $5.15 per share for aggregate cash proceeds of $23.5 million, less an immaterial amount of issuance costs. On July 24, 2020, the Company entered into the Series C-1 Preferred Stock Purchase Agreement, which authorized the sale and issuance of up to 19,444,453 shares of its Series C-1 Preferred Stock at a purchase price of $5.67 per share. During the year ended December 31, 2020, the Company issued all 19,444,453 shares of Series C-1 Preferred Stock for gross cash proceeds of $110.3 million, and incurred issuance costs of approximately $0.2 million. Although there were multiple closings of the Series C-1 Preferred Stock, there was no obligation under the initial closing for investors to purchase, or for the Company to sell to such investors, additional shares of Series C-1 Preferred Stock. The issuance of the Series C-1 Preferred Stock resulted in changes to certain rights, preferences and privileges of the Series A Preferred Stock, the Series B Preferred Stock, the Series B-1 Preferred Stock and the Series C Preferred Stock. The Company concluded that such changes were not significant and resulted in a modification, rather than an extinguishment, of the previously outstanding Redeemable Convertible Preferred Stock. The changes to the terms of the Series A Preferred Stock, the Series B Preferred Stock, the Series B-1 Preferred Stock and the Series C Preferred Stock did not result in incremental value to the shareholders, and therefore there was no impact to the accounting for the previously outstanding Redeemable Convertible Preferred Stock. Rights, Preferences and Privileges Prior to the conversion of the Redeemable Convertible Preferred Stock into shares of common stock upon the completion of the IPO on October 20, 2020, the holders of the Redeemable Convertible Preferred Stock had the following rights, preferences and privileges: Voting Rights The holders of outstanding shares of the Redeemable Convertible Preferred Stock were entitled to vote, together with the holders of common stock, on all matters submitted to the stockholders for a vote, and were entitled to the number of votes equal to the number of whole shares of common stock into which such holders of the Redeemable Convertible Preferred Stock could convert on the record date for determining stockholders entitled to vote. Except for the actions requiring the approval or consent of the majority of the holders of the Redeemable Convertible Preferred Stock, the holders of the Redeemable Convertible Preferred Stock would vote together with the holders of common stock and vote as a single class. The holders of the Series A Preferred Stock, exclusively and as a separate class, were entitled to elect two directors of the Company. The holders of the Series B Preferred Stock and Series B-1 Preferred Stock, exclusively and together as a separate class, were entitled to elect two directors of the Company. The holders of common stock and of any other class or series of voting stock (including the Redeemable Convertible Preferred Stock), exclusively and voting as a single class, were entitled to elect the balance of total number of directors of the Company. Dividends The holders of the Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock, Series C Preferred Stock and Series C-1 Preferred Stock were entitled to accrue cumulative dividends at an annual rate of $0.08, $0.24, $0.30, $0.412 and $0.4536 per share, respectively, subject to adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Redeemable Convertible Preferred Stock. Dividends accrued from day to day whether or not declared by the Board, and were payable only when, as, and if declared by the Board. No dividends were declared or paid by the Company on the Redeemable Convertible Preferred Stock. No dividends could be declared, paid or set aside to any other class or series of capital stock (other than dividends on shares of common stock payable in common stock) unless, in addition to obtaining any consents otherwise required in the Company’s Amended and Restated Certificate of Incorporation, the holders of the Redeemable Convertible Preferred Stock first received a dividend on each outstanding share in an amount at least equal to the greater of: (i) all accrued and unpaid dividends and (ii) in the case of a dividend being distributed to common stock or any class or series of capital stock that is convertible into common stock, the equivalent dividend on an as-converted basis or (iii) in the case of a dividend being distributed on a series or class not convertible into common stock, an additional dividend equal to a dividend rate calculated based on the respective original issue price of the Preferred Stock. The original issue price per share was equal to $1.00 for the Series A Preferred Stock, $3.00 for the Series B Preferred Stock, $3.75 for the Series B-1 Preferred Stock and $5.15 for the Series C Preferred Stock. The holders of the Series C Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock were entitled to receive dividends prior to any dividends on the Series A Preferred Stock. Liquidation Rights In the event of any voluntary or involuntary liquidation event, dissolution, winding up of the Company or upon the occurrence of certain events designated by a majority of the holders of the Redeemable Convertible Preferred Stock, and at least two out of three specific holders, to be a deemed liquidation event, each holder of the then outstanding Series C-1 Preferred Stock, Series C Preferred Stock, Series B-1 Preferred Stock and Series B Preferred Stock was entitled to receive, prior and in preference to any distributions to the holders of Series A Preferred Stock and common stock, an amount equal to the greater of (i) original issuance price (adjusted in the event of any stock dividend, stock split, combination or other similar activity) plus any cumulative accrued dividends, whether or not declared, with any other dividends declared but unpaid thereon, or (ii) the amount such holder would have received if such holder had converted its shares into common stock immediately prior to such liquidation event. After the payment of all preferential amounts to the holders of the Series C-1 Preferred Stock, Series C Preferred Stock, Series B-1 Preferred Stock and Series B Preferred Stock, each holder of the then outstanding Series A Preferred Stock was entitled to receive, prior and in preference to any distributions to the holders of common stock, an amount equal to the greater of (i) original issuance price (adjusted in the event of any stock dividend, stock split, combination or other similar activity) plus any cumulative accrued dividends, whether or not declared, with any other dividends declared but unpaid thereon, or (ii) the amount such holder would have received if such holder had converted its shares into common stock immediately prior to such liquidation event. After payments have been made in full to the holders of the Redeemable Convertible Preferred Stock, then, to the extent available, the remaining amounts would be distributed among the holders of the shares of common stock, pro rata based on the number of shares held by each holder. Conversion Each share of the Redeemable Convertible Preferred Stock was convertible, at any time, at the option of the holder, and without the payment of additional consideration, into such shares of non-assessable shares of common stock as is determined by dividing the original issue price by the applicable conversion price in effect at the time of conversion. The applicable conversion price for the Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock, Series C Preferred Stock and Series C-1 Preferred Stock was initially equal to $2.14, $6.42, $8.03, $11.02 and $12.13, respectively, as adjusted for the Company's reverse stock split. Each share of the Redeemable Convertible Preferred Stock would automatically convert into common stock at the applicable conversion ratio then in effect for each series of the Redeemable Convertible Preferred Stock upon either (i) the closing of the sale of shares of common stock at a price of at least $10.30 per share in a firm-commitment underwritten public offering pursuant to an effective registration statement resulting in at least $75.0 million of gross proceeds and the listing of the Company’s common stock on the New York Stock Exchange, The Nasdaq Global Select Market, or The Nasdaq Global Market or (ii) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of a majority of the outstanding Redeemable Convertible Preferred Stock, voting together as a single class and at least two of three specific holders. Upon conversion pursuant to the completion of the IPO, the applicable conversion price for the Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock, Series C Preferred Stock and Series C-1 Preferred Stock was equal to $2.14, $6.42, $8.03, $11.02 and $12.13, respectively, as adjusted for the Company’s reverse stock split. Accordingly, each share of the Redeemable Convertible Preferred Stock converted into approximately 0.4673 shares of common stock. Redemption Each series of the Redeemable Convertible Preferred Stock was redeemable at a price equal to the applicable original issuance price per share (adjusted in the event of any stock dividend, stock split, combination or other similar activity), plus any cumulative accrued dividends, whether or not declared together with any other dividends declared but unpaid, in three annual installments commencing not more than 60 days on or after July 24, 2025 at the written election of at least a majority of the holders of the Redeemable Convertible Preferred Stock voting together as a single class and at least two out of three specific parties.

Common Stock and Preferred Stock

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Common Stock and Preferred Stock

Common Stock

On October 8, 2020, the Board and the Company’s stockholders approved a one-for-2.14 reverse stock split of its issued and outstanding shares of common stock. Accordingly, all shares of common stock, per share amounts, aggregate par value and additional paid-in capital amounts for all periods presented in the accompanying consolidated financial statements and related notes have been retroactively adjusted, where applicable, to reflect the reverse stock split.

On October 20, 2020, the Company completed its IPO in which the Company issued and sold 11,500,000 shares of its common stock at a public offering price of $19.00 per share, including 1,500,000 shares of common stock issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The Company raised approximately $200.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all 53,644,314 outstanding shares of the Company’s Redeemable Convertible Preferred Stock automatically converted into 25,067,977 shares of common stock pursuant to the terms of the Company's Amended and Restated Certificate of Incorporation filed on October 20, 2020 at the then-current conversion ratio for each series, as adjusted for the Company's reverse stock split.

On May 18, 2021, the Company completed a follow-on public offering in which the Company issued and sold 5,750,000 shares of its common stock at a public offering price of $18.25 per share, including 750,000 shares of common stock issued and sold pursuant to the underwriters' exercise, in full, of their option to purchase additional shares of common stock, for aggregate gross proceeds of $104.9 million. The Company received approximately $98.4 million in net proceeds after deducting discounts, commissions and offering expenses payable by the Company.

On November 3, 2021, the Company filed an automatic shelf registration with the Securities and Exchange Commission , which was automatically declared effective on November 3, 2021 in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into an Open Market Sales Agreement ("the sales agreement"), with Jefferies LLC ("Jefferies"), to provide for the offering, issuance and sale of up to an aggregate amount of $125.0 million of common stock from time to time in at-the-market offerings under the shelf registration and subject to the limitations thereof. Jefferies is entitled to compensation at a commission rate of 3% of the gross sales price of common stock sold under the sales agreement. As of December 31, 2021, the Company had issued 391,997 shares under the sales agreement for aggregate gross proceeds of $7.6 million. The Company received approximately $7.0 million of net proceeds after deducting discounts, commissions and offering expenses payable by the Company.

As of December 31, 2021 and 2020, the authorized capital stock of the Company included 150,000,000 shares of common stock, $0.0001 par value, pursuant to the Amended and Restated Certificate of Incorporation effective upon the completion of the IPO. Holders of such shares of common stock have the exclusive right to vote for the election of the Company's directors and are entitled to one vote per share. In the event of the voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to a pro rata distribution of the Company's net assets. Dividends may be declared and paid to such holders only when, as, and if declared by the Board or an authorized committee thereof.

As of December 31, 2021, the Company did not hold any treasury shares.

Shares Reserved for Future Issuance

The Company had reserved the following shares of common stock for future issuance:


	December 31,
	2021	2020
Shares reserved for exercise of outstanding stock options	6,468,501	5,944,546
Shares reserved for future awards under the 2020 Stock Option and Incentive Plan	2,667,780	3,036,776
Shares reserved for future awards under the 2020 Employee Stock Purchase Plan	654,204	327,102
Shares reserved for vesting of restricted stock units	440,079	—
Total shares of authorized common stock reserved for future issuance	10,230,564	9,308,424

Preferred Stock

As of December 31, 2021 and 2020, the Company was authorized to issue 10,000,000 shares of undesignated preferred stock, $0.0001 par value, in one or more series, and is authorized to fix the powers, designations, preferences and relative participating option or other rights thereof, including dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences and the number of shares constituting any series, without any further vote or action by the Company's shareholders. As of December 31, 2021 and 2020, the Company had no shares of undesignated preferred stock issued or outstanding.

- 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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-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

On September 9, 2020, the Board approved the 2020 Stock Option and Incentive Plan (the "2020 Plan"), which was subsequently approved by its stockholders and became effective upon the Company's IPO on October 15, 2020. The 2020 Plan replaced the 2017 Stock Incentive Plan (the "2017 Plan") and no additional awards will be granted under the 2017 Plan following the closing of the IPO. The 2017 Plan will continue to govern outstanding equity awards granted thereunder.

The 2020 Plan allows the Company to grant stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors and consultants. The total number of shares of common stock authorized for issuance under the 2020 Plan as of December 31, 2021 and 2020 was 5,184,455 shares and 3,271,028 shares, respectively.

Stock options issued under the 2020 Plan and 2017 Plan expire ten years from the date of grant. Shares that expire, are terminated, surrendered or canceled under the 2020 Plan and 2017 Plan without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for future awards. Upon stock option exercise, the Company issues new shares and delivers them to the participant.

2020 Employee Stock Purchase Plan

On September 9, 2020, the Board approved the 2020 Employee Stock Purchase Plan (the "2020 ESPP"), which was subsequently approved by its stockholders and became effective on October 15, 2020. The first offering under the 2020 ESPP opened on November 15, 2021. During the years ended December 31, 2021 and 2020, there were no shares issued under the 2020 ESPP. The total shares authorized for issuance under the 2020 ESPP as of December 31, 2021 and 2020 was 654,204 shares and 327,102 shares, respectively.

Restricted Common Stock

Prior to the adoption of the 2017 Plan, the Company granted restricted common stock in 2016 with time-based vesting conditions to certain employees and non-employee founders of the Company pursuant to individual award agreements. All granted restricted common stock had vested as of December 31, 2020. The total fair value of restricted common stock that vested during the year ended December 31, 2020 was $0.5 million. The Company did not grant any restricted common stock during the years ended December 31, 2021 and 2020.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity:


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020	—	$	—
Issued	496,113	41.57
Vested	—	—
Forfeited	(56,034)	39.25
Unvested as of December 31, 2021	440,079	$	41.86

As of December 31, 2021, total unrecognized compensation cost related to unvested restricted stock units was $14.5 million, which is expected to be recognized over a weighted-average period of 3.23 years.

Stock Options

The following table summarizes the Company’s stock option activity:


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding as of December 31, 2020	5,944,546	$	7.47
Granted	2,018,903	38.60
Exercised	(889,974)	2.75			$	19,735
Cancelled or Forfeited	(604,974)	17.27
Outstanding as of December 31, 2021	6,468,501	$	16.92	8.62	$	57,146
Exercisable as of December 31, 2021	2,001,767	$	8.77	8.08	$	24,971
Vested and expected to vest as of December 31, 2021	6,468,501	$	16.92	8.62	$	57,146

The aggregate intrinsic value of stock options exercised for the year ended December 31, 2020 was $0.7 million. The aggregate intrinsic value of stock options outstanding, exercisable, and vested and expected to vest is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock at December 31, 2021. The aggregate intrinsic value of stock options exercised is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock on the date of exercise for those stock options that had exercise prices lower than the fair value of the Company’s common stock on the exercise date.

Valuation of Stock Options

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees, members of the Board and non-employees and share purchases under the ESPP on the date of grant were as follows:


	Year Ended December 31,
	2021			2020
Options:
Risk-free interest rate	0.86		%	0.47		%
Expected term (in years)	6.08			6.20
Expected volatility	85.52		%	85.94		%
Expected dividend yield	—		%	—		%
Weighted average grant-date fair value per share	$	27.58		$	6.51

As of December 31, 2021, total unrecognized compensation cost related to unvested stock options was $57.0 million, which is expected to be recognized over a weighted-average period of 2.72 years.

In December 2020, the Company recognized approximately $2.1 million of stock-based compensation expense, recorded within general and administrative expense, related to the modification of option awards granted to former employee in conjunction with their termination of employment.

Stock-Based Compensation

Stock--based compensation expense was allocated as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	9,350	$	1,357
General and administrative	13,343		3,854
Total stock-based compensation expense	$	22,693	$	5,211

Significant Agreements	12 Months Ended
Significant Agreements	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Significant Agreements	Significant Agreements Purdue License Agreement On December 31, 2017, the Company entered into a License Agreement with Purdue (the “Purdue License Agreement”), pursuant to which Purdue granted the Company exclusive rights under certain Purdue know-how to research, develop and commercialize pharmaceutical products concerning a GABAA positive allosteric modulator. The Company is obligated to make future milestone payments based on the achievement of specified development and sales milestones up to $33.0 million. Furthermore, the Company is required to pay Purdue royalties of a low-single-digit percentage of annual net sales of licensed products. The Purdue License Agreement will remain in effect until the expiration of the Company’s royalty obligation for all licensed products. Either the Company or Purdue may terminate the agreement in the event of a material breach by the other party and fails to cure such breach within a certain period of time. Either party may voluntarily terminate the agreement with prior notice. If the agreement is voluntarily terminated by Purdue, the Company’s license rights will survive such termination and such rights will become fully paid, perpetual and irrevocable. As of December 31, 2021, none of the developmental or sales milestones under the Purdue License Agreement were achieved. RogCon and Ionis Agreements During 2018, the Company began negotiating a license agreement with RogCon Inc. (“RogCon”) for intellectual property related to treating SCN2A mutations in epilepsy, which is recognized as the second most common genetic cause of epilepsy. RogCon had an existing collaboration with Ionis Pharmaceuticals, Inc. (“Ionis”) and as a result the Company needed to negotiate an agreement with Ionis in order to complete the license agreement with RogCon. On December 21, 2018, the Company entered into an agreement with RogCon to advance RogCon a deposit of up to $1.0 million on the pending license agreement while the agreement with Ionis was being negotiated. The deposit was fully refundable to the Company. On September 11, 2019, the Company entered into both a Cooperation and License Agreement (the “License Agreement”) with RogCon, and a Research, Collaboration, Option and License Agreement (the “Collaboration Agreement”) with Ionis. The agreements were entered into contemporaneously to enable the parties to advance their collective efforts related to SCN2A. Upon execution of the License Agreement, the $1.0 million outstanding balance of the deposit was applied toward the purchase price of the License Agreement. RogCon Agreement Under the License Agreement, RogCon granted to the Company an exclusive, worldwide license under RogCon’s intellectual property to research, develop and commercialize products for the treatment of all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any mutation of the SCN2A gene. Under the License Agreement, the Company will conduct, at its own cost and expense, the research and development activities assigned to it under the research plan. In addition, the Company is responsible for reimbursing RogCon for any costs associated with research and development activities RogCon performs at the request of the Company. As part of the agreement, the Company agreed to provide up-front consideration of $2.1 million, consisting of the $1.0 million deposit, $0.7 million in cash reimbursements for certain historical costs previously incurred by RogCon, and $0.4 million for the retirement of existing loan balances as of September 11, 2019. The Company concluded that the License Agreement represented the acquisition of in-process research and development assets with no alternative future use. Therefore, the aggregate acquisition cost of $2.2 million, consisting of the $2.1 million of up-front consideration and $0.1 million of acquisition costs, was expensed as research and development on September 11, 2019. Subsequent to September 11, 2019, the Company will reimburse RogCon for its out-of-pocket costs incurred for activities performed under the License Agreement. The Company expenses these costs as incurred as research and development. The Company expensed $0.1 million and $0.2 million for the reimbursement of RogCon’s out-of-pocket costs in the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company had accrued expenses of $0.3 million due to RogCon under the License Agreement. Additionally, the Company may pay RogCon a milestone payment of $3.0 million and profit share payments. The $3.0 million milestone payment will become due when the first profit share payment has become due and certain contingent payments have become payable to Ionis under the Collaboration Agreement, which are subject to the Company exercising its option to obtain license rights to a development candidate, as well as other contingent events. The profit share payments will be based on a low-double-digit percentage of net profits, depending on sales volume. The License Agreement, unless earlier terminated, will continue until the latest of: (i) expiration of all patent rights within RogCon patents, (ii) the Company and its affiliates certify they have abandoned the research, development and commercialization of product with no intention to re-establish such activities, and (iii) no third party is obligated to pay the Company or its affiliates any amounts that comprise net sublicense revenue. Either party may terminate the License Agreement for material breach or insolvency of the other party. Additionally, the Company may terminate for convenience with prior written notice to RogCon. Upon termination by either party, all rights and licenses granted by RogCon to the Company will revert back to RogCon. Ionis Collaboration Agreement Under the Collaboration Agreement, both parties will participate in research activities related to the downregulation of SCN2A gene products associated with the treatment of any and all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any mutation of the SCN2A gene, other than one severe type of epilepsy. Ionis will also be responsible for identifying a development candidate and conducting an IND-enabling toxicology study. The Company will reimburse Ionis for any out-of-pocket costs incurred related to the research activities, identification of a development candidate and conducting an IND-enabling toxicology study. Additionally, the Company agreed to reimburse $0.3 million of costs incurred by Ionis for the performance of research activities prior to the execution of the Collaboration Agreement, which the Company recognized as research and development expense. The reimbursement of out-of-pocket costs is recognized as research and development expense as incurred. The Company expensed a total of $1.9 million and $1.7 million, as research and development expense under the Collaboration Agreement for the years ended December 31, 2021 and 2020, respectively. Ionis granted the Company an exclusive option to obtain the rights and license to further develop and commercialize a development candidate in the field of epilepsy and neurodevelopmental disorders, other than Dravet Syndrome, following the results of the IND-enabling toxicology study. The Company exercised this exclusive option in January 2022 and paid a $2.0 million license fee.The Company concluded that there was no accounting recognition for the exclusive option until such option was exercised because it was a unilateral right of the Company that was priced at an amount that approximated fair value. The Company recognized the license fee in January 2022. After option exercise, the Company is responsible for clinical development and commercialization of the development candidate. Ionis may be entitled to development milestone payments, additional milestone payments, and sales royalties or sublicense fees. The Collaboration Agreement will continue until the expiration of all payment obligations to Ionis, unless earlier terminated. Either party may terminate the Collaboration Agreement upon material breach or insolvency of the other party. Ionis may terminate if the Company fails to achieve a performance milestone. The Company may terminate for convenience with prior written notice to Ionis. Upon termination by the Company for convenience, the Company will stop selling all products, subject to certain wind-down provisions, and all products will revert back to Ionis.

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

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


	Years Ended December 31,
	2021		2020
Numerator:
Net loss	$	(167,061)	$	(61,820)
Accretion and cumulative dividends on redeemable convertible preferred stock	—		(8,996)
Gain on repurchase of redeemable convertible preferred stock	—		493
Net loss attributable to common stockholders	$	(167,061)	$	(70,323)
Denominator:
Weighted average common shares outstanding, basic and diluted	42,454,055		8,950,152
Net loss per share attributable to common stockholders, basic and diluted	$	(3.94)	$	(7.86)

The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive:


	Year Ended December 31,
	2021	2020
Outstanding stock options	6,468,501	5,944,546
Unvested restricted stock units	440,079	—
Potential shares issuable under the ESPP	33,425	—
	6,942,005	5,944,546

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The Company maintains a full valuation allowance on its U.S. net deferred tax assets due to the uncertainty of future taxable income. The Company did not recognize an income tax benefit in the years ended December 31, 2021 or 2020 related to its U.S. operations due to the uncertainty regarding future taxable income. In the years ended December 31, 2021 and 2020, the difference between the statutory tax rate in the U.S. and the Company’s effective tax rate was due primarily to the valuation allowance recorded to offset any potential tax benefit. The income tax benefit (provision) recognized for the years ended December 31, 2021 and 2020 was not material.

The reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2021		2020
Federal statutory income tax rate	21.0	%	21.0	%
State taxes, net of federal benefit	4.8	%	5.6	%
Federal and state research and development credits	3.8	%	2.9	%
Non-deductible items	(0.5)	%	(1.8)	%
Change in valuation allowance	(29.4)	%	(27.9)	%
Other	0.3	%	0.2	%
Effective income tax rate	—	%	—	%

Net deferred tax assets consisted of the following (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	56,482	$	26,441
Amortization	14,295		5,774
Research and development credits	9,296		3,053
Stock-based compensation	3,759		170
Accrued expenses	1,952		1,433
Leases	1,132		207
Total gross deferred tax assets	$	86,916	$	37,078
Less: Valuation allowance	(85,957)		(36,873)
Net deferred tax assets	$	959	$	205
Deferred tax liabilities:
Operating lease right-of-use asset	(959)		(205)
Total gross deferred tax liabilities	(959)		(205)
Net deferred tax assets	$	—	$	—

As of December 31, 2021 and 2020, the Company had U.S. federal net operating loss carryforwards which may be able to offset future income tax liabilities of approximately $212.3 million and $97.1 million, respectively. Federal net operating loss carryforwards of $7.7 million will expire at various dates from 2035 through 2037 and approximately $204.6 million may be carried forward indefinitely. As of December 31, 2021 and 2020, the Company also had state net operating loss carryforwards of approximately $187.6 million and $94.5 million, respectively, which may be available to offset future income tax liabilities and expire at various dates from 2036 through 2041.

As of December 31, 2021 and 2020, the Company had federal research and development tax credit carryforwards of approximately $7.3 million and $2.4 million, respectively, available to reduce future tax liabilities which expire at various dates from 2039 through 2041. As of December 31, 2021 and 2020, the Company had state research and development tax credit carryforwards of approximately $2.5 million and $0.9 million, respectively, available to reduce future tax liabilities which expire at various dates from 2031 through 2036. The Company has generated research credits but has not conducted a study to document the qualified activity. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed, and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance.

Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional

adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all of the evidence, both positive and negative, the Company has recorded a valuation allowance against its deferred tax assets at December 31, 2021 and 2020 because management has determined that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets, primarily due to its history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception. As a result, a valuation allowance of $86.0 million and $36.9 million has been established at December 31, 2021 and 2020, respectively. Management reevaluates the positive and negative evidence at each reporting period. The valuation allowance increased by approximately $49.1 million and $17.3 million during the years ended December 31, 2021 and 2020, respectively, due primarily to the generation of net operating losses.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2021 and 2020. The Company’s policy is to record interest and penalties related to uncertain tax positions as part of its income tax provision. As of December 31, 2021 and 2020, the Company had no accrued interest or penalties related to uncertain tax positions and no such amounts have been recognized in the Company’s consolidated statement of operations for either year ended December 31, 2021 or 2020. The statute of limitations for federal and state tax authorities is open for tax years ended December 31, 2018 through December 31, 2021. Since the Company is in a net loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions One of the founders of RogCon became the Company's General Counsel in June 2020. During the years ended December 31, 2021 and 2020, the Company reimbursed RogCon for its out-of-pocket costs incurred for activities performed under the License Agreement (Note 12). A former member of the Board was affiliated with Purdue through September 2020. During the years ended December 31, 2021 and 2020, the Company performed certain research and development activities pursuant to the Purdue License Agreement (Note 12). During the year ended December 31, 2020, related parties participated in each of the Company’s offerings of the Redeemable Convertible Preferred Stock (Note 9).

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code for eligible employees. The plan covers substantially all employees who meet a minimum age requirement and allows participants to defer a portion of their annual compensation on a pre-tax basis. Under the plan, the Company is not obligated to match any participant contributions. The Company made contributions of $1.0 million and $0.5 million during the years ended December 31, 2021

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company has completed an evaluation of subsequent events after the consolidated balance sheet date of December 31, 2021 through the date these consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Praxis Security Corporation and Praxis Precision Medicines Australia Pty Ltd. All intercompany transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued and prepaid research and development expenses, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.
Segments	Segments The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources. The majority of the Company’s long-lived assets are held in the United States.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value. Restricted cash comprises letters of credit for the benefit of the landlord in connection with the Company’s lease facilities. Restricted cash is classified as either current or non-current based on the terms of the underlying lease arrangement.
Marketable Securities, Policy	Marketable Securities The Company invests its excess cash in money market funds and debt instruments of the U.S. Treasury, financial institutions, corporations and U.S. government agencies with strong credit ratings and an investment grade rating at or above A-1 or P-1 by two of the three nationally recognized statistical rating organizations. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its marketable securities. The Company has established guidelines relative to diversification and maturities that maintain safety and liquidity, and periodically reviews and modifies these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. The Company classifies its investments in debt instruments as available-for-sale. Available-for-sale investments are reported at fair value at each balance sheet date, and include any unrealized holding gains and losses in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are included in the Company's consolidated statements of operations. All of the Company's available-for-sale securities are available for use in its current operations. As a result, the Company has categorized all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The Company evaluates securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the Company, and the Company's intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is recognized in other comprehensive loss, net of applicable taxes unless deemed other than temporary.
Concentrations of Credit Risk and Significant Suppliers and License Agreements	Concentrations of Credit Risk and Significant Suppliers and License Agreements Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and marketable securities. The Company's investment portfolio comprises money market funds, marketable debt securities, including debt securities issued by U.S. government agencies and corporations, and commercial paper. The Company investments are limited to investment-grade securities with strong credit ratings with the objective of maintaining safety and liquidity. The Company also maintains deposits in accredited financial institutions in excess of federally insured limits. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. As of December 31, 2021 and 2020, the Company’s primary operating accounts significantly exceeded the FDIC limits. The Company deposits its cash in financial institutions that it believes have high credit quality, and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply materials for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relies, and expects to continue to rely, on a small number of third-party manufacturers to produce and process its current and potential product candidates and to manufacture supply of its current and potential product candidates for preclinical and clinical activities. These programs could be adversely affected by a significant interruption in the supply of the necessary materials. The Company is also dependent on third parties who provide license rights used in the development of certain programs. The Company could experience delays in the development of its programs if any of these license agreements are terminated, if the Company fails to meet the obligations required under its arrangements, or if the Company is unable to successfully secure new strategic alliances or licensing agreements.
Off-Balance-Sheet Risk	Off-Balance Sheet Risk As of December 31, 2021 and 2020, the Company had no off-balance sheet risk such as foreign exchange contracts, option contracts or other hedging arrangements.
Fair Value Measurement	Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. The fair values of the Company’s financial assets and liabilities reflects the Company’s estimate of 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •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. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in earnings. Items measured at fair value on a recurring basis include cash equivalents and marketable securities (Note 4 and Note 5). The carrying amounts reflected in the consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsLong-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows.
Leases	LeasesThe Company determines if an arrangement is a lease at contract inception. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. Operating right-of-use assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company uses the implicit rate when readily determinable and uses its incremental borrowing rate when the implicit rate is not readily determinable, based upon the information available at the commencement date in determining the present value of the lease payments. The incremental borrowing rate is determined using a secured borrowing rate for the same currency and term as the associated lease. The lease payments used to determine operating lease right-of-use assets may include lease incentives and stated rent increases. The Company’s lease agreements may include both lease and non-lease components, which the Company accounts for as a single lease component when the payments are fixed, for all classes of underlying assets. Variable payments included in the lease agreement are expensed as incurred. The Company’s operating leases are reflected in operating lease right-of-use assets and in current operating lease liabilities and long-term operating lease liabilities in its consolidated balance sheets. The Company’s operating lease right-of-use asset as of December 31, 2021 and 2020 did not include any lease incentives. Lease expense for future lease payments is recognized on a straight-line basis over the lease term.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Prior to the automatic conversion of all outstanding shares of the Redeemable Convertible Preferred Stock upon the closing of the IPO, the Company recorded all Redeemable Convertible Preferred Stock upon issuance at its respective fair value or original issuance price, less issuance costs and any associated discounts. The Company classified its Redeemable Convertible Preferred Stock outside of stockholders’ (deficit) equity as the redemption of such shares was outside the Company’s control. The Company adjusted the carrying values of the Redeemable Convertible Preferred Stock to redemption value when the redemption value exceeded the carrying value. Upon the closing of the IPO, all of the outstanding shares of Redeemable Convertible Preferred Stock automatically converted into 25,067,977 shares of common stock.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as to manufacture research and development materials. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the goods are delivered or the related services are performed or until it is no longer expected that the goods will be delivered or the services rendered. Costs incurred to obtain licenses are recognized as research and development expense as incurred if the technology licensed has no alternative future uses. The Company has entered into various research and development related contracts with parties both inside and outside of the United States. These agreements are cancellable, and related fees are recorded as research and development expenses as incurred. The Company records accrued liabilities and prepaid expenses for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities and prepaid expenses, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued and prepaid balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical estimates have not been materially different from the actual costs. Patent-Related Costs Patent-related costs incurred in connection with 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 in the accompanying consolidated statement of operations.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for all stock-based awards granted to employees and non-employees as stock-based compensation expense at fair value in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). For stock-based awards issued to employees, non-employees and members of the Company’s board of directors (the “Board”) for their services on the Board, the Company measures the estimated fair value of the stock-based award on the date of the grant. The Company recognizes compensation expense for those awards granted to employees and members of the Board over the requisite service period, which is generally the vesting period of the respective award. For non-employee awards, compensation expense is recognized as the services are provided, which is generally ratably over the vesting period. The Company determines the fair value of restricted stock awards in reference to the fair value of its common stock less any applicable purchase price. The Company issues stock-based awards with service-based vesting conditions and records the expense for these awards on a straight-line basis over the vesting period. To date, the Company has not issued any stock-based awards with performance or market-based vesting conditions. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statement of operations in the same manner in which the award recipient’s salary or service payments are classified. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs of subjective assumptions, including: (i) the expected volatility of the Company’s stock; (ii) the expected term of the award; (iii) the risk-free interest rate; (iv) expected dividends; and (v) the fair value of common stock. Due to the lack of Company-specific historical and implied volatility data, the Company determines the volatility for awards granted based on an analysis of reported data for a group of guideline publicly-traded companies that issued options with substantially similar terms. For this analysis, the Company selects companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the stock-based awards. The Company determines expected volatility using a weighted average of the historical volatilities of the guideline group of companies. The Company expects to continue to apply this process until such time as it has adequate historical data regarding the volatility of its own traded stock price. As permitted under ASC 718, the Company has elected to use the contractual term as the expected term for certain non-employee awards, on an award-by-award basis. For all other awards, the expected term of the Company’s stock options has been determined utilizing the “simplified” method whereby the expected term equals the average of the vesting term and the original contractual term of the option, on a weighted basis based on the vesting of each tranche. The Company utilizes this method as it has insufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. 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 instruments with a term commensurate with the expected term assumption. The expected dividend yield is assumed to be zero as the Company has never paid dividends, and does not have current plans to pay any dividends on its common stock. Subsequent to the IPO, the fair value of the common stock underlying the Company's stock-based awards is the closing price of the Company's common stock on the date of grant. Historically, for periods prior to the IPO, the fair value of the shares of common stock underlying the Company's stock-based compensation awards was determined on each grant date by its Board based on valuation estimates from management considering its most recently available independent third-party valuation of the Company's common stock. The Board also assessed and considered, with input from management, additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the grant date. The grant date fair value of RSUs is estimated based on the fair value of the Company's underlying common stock on the date of grant.
Foreign Currency	Foreign CurrencyThe functional currency of the Company’s wholly owned foreign subsidiary in Australia is the U.S. dollar. Monetary assets and liabilities resulting from transactions denominated in currencies other than the functional currency are remeasured into the functional currency at exchange rates prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are measured using historical exchange rates prevailing at the date of the transaction and are not subsequently remeasured. Exchange gains or losses arising from foreign currency transactions are included in the determination of net loss.
Income Tax	Income Taxes Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent that it believes based upon the weight of available evidence it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established. The Company accounts for uncertain tax positions recognized in the consolidated financial statements by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss. For the year ended December 31, 2021, comprehensive loss consists of net loss and changes in unrealized gains and losses on marketable securities. Comprehensive loss was equal to net loss for the year ended December 31, 2020.
Net Loss per Share	Net Loss per Share The Company follows the two-class method to compute net loss per share attributable to common stockholders as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (losses) for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all income (losses) for the period had been distributed. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund the losses of the Company. Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for: (i) cumulative dividends accrued for redeemable convertible preferred stock, whether or not declared, (ii) increases in carrying value recorded for redeemable convertible preferred stock, including accretion of redeemable convertible preferred stock to redemption value for amounts other than cumulative dividends and (iii) gains on the redemptions of redeemable convertible preferred stock. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, which excludes shares of restricted common stock that are not vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and shares of redeemable convertible preferred stock are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.
New Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The ASU simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes, related to the approach for allocating income tax expense or benefit for the year to continuing operations, discontinued operations, other comprehensive income, and other charges or credits recorded directly to shareholders’ equity; the methodology for calculating income taxes in an interim period; and the recognition of deferred tax liabilities for outside basis differences. On January 1, 2021, the Company early adopted ASU 2019-12 on a prospective basis, with no material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-03 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. On October 1, 2021, the Company early adopted ASU 2016-13 and its related amendments using a modified retrospective approach. Given the composition of the Company's investment portfolio, there was no material impact on the Company's consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements None.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash


	December 31,
	2021		2020
Cash and cash equivalents	$	138,704	$	296,608
Restricted cash	1,016		600
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$	139,720	$	297,208

Schedule of Restricted Cash and Cash Equivalents


	December 31,
	2021		2020
Cash and cash equivalents	$	138,704	$	296,608
Restricted cash	1,016		600
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$	139,720	$	297,208

Property, Plant and Equipment

Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


			Estimated Useful Life
Office furniture and equipment			5 years
Laboratory equipment			3 years
Computer equipment			3 years

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


	December 31,
	2021		2020
Computer equipment	$	579	$	9
Office furniture and equipment	545		113
Laboratory equipment	242		48
Total property and equipment	1,366		170
Less: Accumulated depreciation	(153)		(88)
Property and equipment, net	$	1,213	$	82

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following is a summary of the Company's investment portfolio at December 31, 2021 (in thousands). The Company did not have any marketable securities as of December 31, 2020.


			Gross Unrealized					Estimated
	Amortized Cost		Gains		Losses			Fair Value
Available-for-sale securities:
Corporate debt securities	$	52,214	$	—		$	(31)	$	52,183
Commercial paper	34,993		—			—		34,993
Debt securities issued by U.S. government agencies	12,111		—			(8)		12,103
Other debt securities	6,398		1			—		6,399
Total securities with a maturity of one year or less	$	105,716	$	1		$	(39)	$	105,678

Corporate debt securities	31,667		—			(138)		31,529
Total securities with a maturity of one to two years	$	31,667	$	—		$	(138)	$	31,529
Total available-for-sale securities	$	137,383	$	1		$	(177)	$	137,207

Fair Value of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	131,372	$	—	$	—	$	131,372
Marketable securities:
Corporate debt securities	—		83,712		—		83,712
Commercial paper	—		34,993		—		34,993
Debt securities issued by U.S. government agencies	12,103		—		—		12,103
Other debt securities	—		6,399		—		6,399
	$	143,475	$	125,104	$	—	$	268,579


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	290,931	$	—	$	—	$	290,931
	$	290,931	$	—	$	—	$	290,931

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


			Estimated Useful Life
Office furniture and equipment			5 years
Laboratory equipment			3 years
Computer equipment			3 years

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


	December 31,
	2021		2020
Computer equipment	$	579	$	9
Office furniture and equipment	545		113
Laboratory equipment	242		48
Total property and equipment	1,366		170
Less: Accumulated depreciation	(153)		(88)
Property and equipment, net	$	1,213	$	82

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued external research and development expenses	$	17,763	$	4,206
Accrued personnel-related expenses	7,180		5,516
Accrued professional services	1,539		133
Accrued other	362		1,014
Total accrued expenses	$	26,844	$	10,869

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Operating Lease, Consolidated Balance Sheets

The following table summarizes the presentation of the operating lease in the Company’s consolidated balance sheets (in thousands):


	As of December 31,
	2021		2020
Assets:
Operating lease right-of-use assets	$	3,653	$	754
Liabilities:
Current operating lease liabilities	$	810	$	763
Non-current portion of operating lease liabilities	3,501		—
Total lease liabilities	$	4,311	$	763

Lease cost

The following table summarizes total lease costs recognized in the Company’s consolidated statements of operations (in thousands):


	For the year ended
	2021		2020
Operating lease cost	$	1,412	$	782
Variable lease costs	34		14
Total lease costs	$	1,446	$	796

The weighted average remaining lease term and weighted average incremental borrowing rate of the Company’s operating lease were as follows:


	As of December 31,
	2021		2020
Weighted average remaining lease term (in years)	4.1		1.0
Weighted average incremental borrowing rate	9.0	%	8.0	%

Lessee, Operating Lease, Liability, Maturity

Future lease payments under non-cancelable lease agreements as of December 31, 2021 were as follows (in thousands):


Year Ended December 31,	Future Lease Payments
2022	$	1,160
2023	1,270
2024	1,296
2025	1,321
2026	110
Total future lease payments	$	5,157
Less: interest	(846)
Present value of operating lease liabilities	$	4,311

Common Stock and Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Summary of common stock reserved for future issuance

The Company had reserved the following shares of common stock for future issuance:


	December 31,
	2021	2020
Shares reserved for exercise of outstanding stock options	6,468,501	5,944,546
Shares reserved for future awards under the 2020 Stock Option and Incentive Plan	2,667,780	3,036,776
Shares reserved for future awards under the 2020 Employee Stock Purchase Plan	654,204	327,102
Shares reserved for vesting of restricted stock units	440,079	—
Total shares of authorized common stock reserved for future issuance	10,230,564	9,308,424

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of restricted stock activity

The following table summarizes the Company’s restricted stock unit activity:


	Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020	—	$	—
Issued	496,113	41.57
Vested	—	—
Forfeited	(56,034)	39.25
Unvested as of December 31, 2021	440,079	$	41.86

Summary of stock option activity


	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In thousands)
Outstanding as of December 31, 2020	5,944,546	$	7.47
Granted	2,018,903	38.60
Exercised	(889,974)	2.75			$	19,735
Cancelled or Forfeited	(604,974)	17.27
Outstanding as of December 31, 2021	6,468,501	$	16.92	8.62	$	57,146
Exercisable as of December 31, 2021	2,001,767	$	8.77	8.08	$	24,971
Vested and expected to vest as of December 31, 2021	6,468,501	$	16.92	8.62	$	57,146

Schedule of fair value of stock option awards on the grant date using the Black-Scholes option valuation model


	Year Ended December 31,
	2021			2020
Options:
Risk-free interest rate	0.86		%	0.47		%
Expected term (in years)	6.08			6.20
Expected volatility	85.52		%	85.94		%
Expected dividend yield	—		%	—		%
Weighted average grant-date fair value per share	$	27.58		$	6.51

Summary of stock-based compensation expense

Stock--based compensation expense was allocated as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	9,350	$	1,357
General and administrative	13,343		3,854
Total stock-based compensation expense	$	22,693	$	5,211

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of basic and diluted net loss per share attributable to common stockholders

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


	Years Ended December 31,
	2021		2020
Numerator:
Net loss	$	(167,061)	$	(61,820)
Accretion and cumulative dividends on redeemable convertible preferred stock	—		(8,996)
Gain on repurchase of redeemable convertible preferred stock	—		493
Net loss attributable to common stockholders	$	(167,061)	$	(70,323)
Denominator:
Weighted average common shares outstanding, basic and diluted	42,454,055		8,950,152
Net loss per share attributable to common stockholders, basic and diluted	$	(3.94)	$	(7.86)

Summary of antidilutive securities excluded from computation of earnings per share


	Year Ended December 31,
	2021	2020
Outstanding stock options	6,468,501	5,944,546
Unvested restricted stock units	440,079	—
Potential shares issuable under the ESPP	33,425	—
	6,942,005	5,944,546

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2021		2020
Federal statutory income tax rate	21.0	%	21.0	%
State taxes, net of federal benefit	4.8	%	5.6	%
Federal and state research and development credits	3.8	%	2.9	%
Non-deductible items	(0.5)	%	(1.8)	%
Change in valuation allowance	(29.4)	%	(27.9)	%
Other	0.3	%	0.2	%
Effective income tax rate	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets consisted of the following (in thousands):


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	56,482	$	26,441
Amortization	14,295		5,774
Research and development credits	9,296		3,053
Stock-based compensation	3,759		170
Accrued expenses	1,952		1,433
Leases	1,132		207
Total gross deferred tax assets	$	86,916	$	37,078
Less: Valuation allowance	(85,957)		(36,873)
Net deferred tax assets	$	959	$	205
Deferred tax liabilities:
Operating lease right-of-use asset	(959)		(205)
Total gross deferred tax liabilities	(959)		(205)
Net deferred tax assets	$	—	$	—

Organization, Consolidation and Presentation of Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from issuance of equity									$ 516,400
Net loss	$ 58,582	$ 44,705	$ 36,401	$ 27,373	$ 25,706	$ 16,216	$ 11,568	$ 8,330	167,061	$ 61,820
Accumulated deficit	316,615				$ 149,554				316,615	$ 149,554
Cash, cash equivalents, and short-term investments	$ 275,900								$ 275,900

- Definition

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

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Oct. 01, 2021 USD ($)	Oct. 20, 2020 shares
Number of operating segments \| segment	1
Operating lease right-of-use assets	$ 3,653,000	$ 754,000	$ 4,100,000
Additional paid-in capital	567,598,000	437,007,000
Common shares issued upon conversion of convertible preferred stock (in shares) \| shares				25,067,977
Foreign currency gain (loss)	$ 0	$ 0

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 138,704	$ 296,608
Restricted cash	1,016	600
Total cash, cash equivalents and restricted cash as shown on the consolidated statements of cash flows	$ 139,720	$ 297,208	$ 45,415

Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2021
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 600	$ 600

Marketable Securities - Investment Profile (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, amortized cost, current	$ 105,716
Available-for-sale, amortized cost, noncurrent	31,667
Total available-for-sale securities, amortized cost	137,383
Available-for-sale, accumulated gross unrealized gain, current, before tax	1
Available-for-sale, accumulated gross unrealized gain, noncurrent, before tax	0
Total available-for-sale securities, gross unrealized gains	1
Available-for-sale, accumulated gross unrealized loss, current, before tax	(39)
Available-for-sale, accumulated gross unrealized loss, noncurrent, before tax	(138)
Total available-for-sale securities, gross unrealized losses	(177)
Estimated Fair Value, Available-for-sale, current	105,678
Estimated Fair Value, Available-for-sale, noncurrent	31,529
Total available-for-sale securities, estimated fair value	137,207	$ 0
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, amortized cost, current	52,214
Available-for-sale, amortized cost, noncurrent	31,667
Available-for-sale, accumulated gross unrealized gain, current, before tax	0
Available-for-sale, accumulated gross unrealized gain, noncurrent, before tax	0
Available-for-sale, accumulated gross unrealized loss, current, before tax	(31)
Available-for-sale, accumulated gross unrealized loss, noncurrent, before tax	(138)
Estimated Fair Value, Available-for-sale, current	52,183
Estimated Fair Value, Available-for-sale, noncurrent	31,529
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, amortized cost, current	34,993
Available-for-sale, accumulated gross unrealized gain, current, before tax	0
Available-for-sale, accumulated gross unrealized loss, current, before tax	0
Estimated Fair Value, Available-for-sale, current	34,993
Debt securities issued by U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, amortized cost, current	12,111
Available-for-sale, accumulated gross unrealized gain, current, before tax	0
Available-for-sale, accumulated gross unrealized loss, current, before tax	(8)
Estimated Fair Value, Available-for-sale, current	12,103
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, amortized cost, current	6,398
Available-for-sale, accumulated gross unrealized gain, current, before tax	1
Available-for-sale, accumulated gross unrealized loss, current, before tax	0
Estimated Fair Value, Available-for-sale, current	$ 6,399

Marketable Securities - Additional Information (Details) $ in Thousands	Dec. 31, 2021 USD ($) program
Investments, Debt and Equity Securities [Abstract]
Number of securities \| program	14
Securities, unrealized loss position, fair value \| $	$ 95,800

Fair Value of Financial Assets - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 268,579
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	143,475	$ 290,931
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	125,104	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	131,372	290,931
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	131,372	290,931
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	$ 0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	83,712
Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	83,712
Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	34,993
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	34,993
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Debt securities issued by U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	12,103
Debt securities issued by U.S. government agencies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	12,103
Debt securities issued by U.S. government agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Debt securities issued by U.S. government agencies \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	6,399
Other debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	0
Other debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	6,399
Other debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities	$ 0

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,366	$ 170
Less: Accumulated depreciation	(153)	(88)
Property and equipment, net	1,213	82
Depreciation	182	50
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	579	9
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	545	113
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 242	$ 48

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued external research and development expenses	$ 17,763	$ 4,206
Accrued personnel-related expenses	7,180	5,516
Accrued professional services	1,539	133
Accrued other	362	1,014
Total accrued expenses	$ 26,844	$ 10,869

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020	Oct. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Percentage increase in annual base rent		2.00%		1.00%
Operating lease right-of-use assets	$ 3,653	$ 4,100	$ 754
Operating lease, liability	$ 4,311	$ 4,100	$ 763

Commitments and Contingencies - Operating Lease, Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 3,653	$ 4,100	$ 754
Current operating lease liabilities	810		763
Non-current portion of operating lease liabilities	3,501		0
Total lease liabilities	$ 4,311	$ 4,100	$ 763

Commitments and Contingencies - Total Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,412	$ 782
Variable lease costs	34	14
Total lease costs	$ 1,446	$ 796

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Oct. 01, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,160
2023	1,270
2024	1,296
2025	1,321
2026	110
Total future lease payments	5,157
Less: interest	(846)
Present value of operating lease liabilities	$ 4,311	$ 4,100	$ 763

Commitments and Contingencies - Weighted Average Remaining Lease Term and Weighted Average Incremental Borrowing Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	4 years 1 month 6 days	1 year
Weighted average incremental borrowing rate	9.00%	8.00%

Redeemable Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands					2 Months Ended	3 Months Ended					12 Months Ended
	Jul. 24, 2020 USD ($) $ / shares shares	May 08, 2020 USD ($) $ / shares shares	Mar. 03, 2020 USD ($) $ / shares shares	Jan. 20, 2020 shares	Dec. 31, 2021 USD ($) program $ / shares shares	Dec. 31, 2021 USD ($) program $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($) program $ / shares shares	Oct. 20, 2020 shares
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized \| shares												53,644,314
Common stock issuable upon conversion (in shares) \| shares												25,067,977
Sale of stock (in shares) \| shares					391,997
Sale of stock, net of discounts, commissions and offering expenses \| $					$ 7,000
Payments of stock issuance costs \| $						$ 598	$ 229	$ 2,864	$ 154	$ 4
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Stock repurchased during period, shares \| shares			5,825,243	5,825,243
Sale of stock (in shares) \| shares		4,563,108
Cumulative dividends, annual rate (in dollars per share)											$ 0.412
Sale of stock, price (in dollars per share)		$ 5.15	$ 5.15		$ 5.15	$ 5.15					$ 5.15
Sale of stock, net of discounts, commissions and offering expenses \| $		$ 23,500	$ 30,000
Stock repurchased and retired during period, shares \| shares											5,825,243
Gain (loss) on repurchase of redeemable convertible preferred stock \| $											$ 500
Temporary equity, conversion rate (in dollars per share)											$ 11.02
Series C-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Sale of stock (in shares) \| shares	19,444,453										19,444,453
Cumulative dividends, annual rate (in dollars per share)											$ 0.4536
Sale of stock, price (in dollars per share)	$ 5.67
Sale of stock, net of discounts, commissions and offering expenses \| $											$ 110,300
Payments of stock issuance costs \| $	$ 200
Temporary equity, conversion rate (in dollars per share)											$ 12.13
Series A Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Cumulative dividends, annual rate (in dollars per share)											0.08
Sale of stock, price (in dollars per share)					1.00	1.00					1.00
Temporary equity, conversion rate (in dollars per share)											2.14
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Cumulative dividends, annual rate (in dollars per share)											0.24
Sale of stock, price (in dollars per share)					3.00	3.00					3.00
Temporary equity, conversion rate (in dollars per share)											6.42
Series B-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Cumulative dividends, annual rate (in dollars per share)											0.30
Sale of stock, price (in dollars per share)					3.75	3.75					3.75
Temporary equity, conversion rate (in dollars per share)											8.03
Redeemable convertible preferred stock (in shares)
Class of Stock [Line Items]
Temporary equity, automatic conversion, sale of common stock, price per share					$ 10.30	$ 10.30					$ 10.30
Temporary equity, automatic conversion, sale of common stock, gross proceeds \| $											$ 75,000
Conversion rate (in shares) \| shares											0.4673
Number of installments \| program					3	3					3
Installment term											60 days

Common Stock and Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands					2 Months Ended
	Nov. 03, 2021 USD ($)	May 18, 2021 USD ($) $ / shares shares	Oct. 20, 2020 USD ($) $ / shares shares	Oct. 08, 2020	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Shares sold in IPO (in shares)					391,997
Sale of stock, net of discounts, commissions and offering expenses \| $					$ 7,000
Redeemable convertible preferred stock, shares authorized			53,644,314
Common stock issuable upon conversion (in shares)			25,067,977
Sale of stock, consideration received, gross amount \| $					$ 7,600
Purchase price of common stock, percentage	3.00%
Common stock, issued (in shares)					45,300,514	38,268,543
Common stock, authorized (in shares)					150,000,000	150,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Common stock reserved for future issuance (in shares)					10,230,564	9,308,424
Preferred stock, authorized (in shares)					10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001
2021 Stock Incentive Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Treasury shares					0
Common Stock
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Stock split, conversion ratio				0.4673
Sale of stock, net of discounts, commissions and offering expenses \| $			$ 200,300
Common Stock \| IPO
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Shares sold in IPO (in shares)			11,500,000
Sale of stock, price (in dollars per share) \| $ / shares			$ 19.00
Common Stock \| Over-Allotment Option
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Shares sold in IPO (in shares)		750,000	1,500,000
Common Stock \| Follow on public offering
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Shares sold in IPO (in shares)		5,750,000
Sale of stock, price (in dollars per share) \| $ / shares		$ 18.25
Sale of stock, net of discounts, commissions and offering expenses \| $	$ 125,000	$ 98,400
Sale of stock, consideration received, gross amount \| $		$ 104,900

Common Stock and Preferred Stock - Summary of Common Stock Reserved For Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance (in shares)	10,230,564	9,308,424
Stock Options
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance (in shares)	6,468,501	5,944,546
Future Share-based Awards \| 2020 Employee Stock Incentive Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance (in shares)	2,667,780	3,036,776
Future Share-based Awards \| 2020 Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance (in shares)	654,204	327,102
Restricted Stock
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance (in shares)	440,079	0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	0	0				0		0	0
Aggregate intrinsic value exercised								$ 19,735	$ 700
Issuance of common stock upon exercise of stock options		$ 478	$ 309	$ 809	$ 851	$ 61	$ 27
Share-based payment arrangement, former employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,100
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted common stock that vested								500
Unvested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 14,500						$ 14,500
Unrecognized compensation expense expected to be recognised								3 years 2 months 23 days
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	3,271,028	5,184,455				3,271,028		5,184,455	3,271,028
Award expiration period								10 years
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	327,102	654,204				327,102		654,204	327,102

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares
Shares beginning balance \| shares	0
Issued Shares \| shares	496,113
Vested Shares \| shares	0
Forfeited Shares \| shares	(56,034)
Shares ending balance \| shares	440,079
Weighted Average Grant Date Fair Value
Weighted average grant date fair value beginning balance (in usd per share) \| $ / shares	$ 0
Issued (in usd per share) \| $ / shares	41.57
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	39.25
Weighted average grant date fair value ending balance (in usd per share) \| $ / shares	$ 41.86

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Number of shares outstanding beginning balance \| shares	5,944,546
Number of shares granted \| shares	2,018,903
Number of shares exercised \| shares	(889,974)
Number of shares canceled or forfeited \| shares	(604,974)
Number of shares outstanding ending balance \| shares	6,468,501	5,944,546
Number of shares exercisable \| shares	2,001,767
Number of shares vested and expected to vest \| shares	6,468,501
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price beginning balance \| $ / shares	$ 7.47
Weighted average exercise price granted \| $ / shares	38.60
Weighted average exercise price exercised \| $ / shares	2.75
Weighted average exercise price cancelled or forfeited \| $ / shares	17.27
Weighted average exercise price ending balance \| $ / shares	16.92	$ 7.47
Weighted average exercise price exercisable \| $ / shares	8.77
Weighted average exercise price vested and expected to vest \| $ / shares	$ 16.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term outstanding	8 years 7 months 13 days
Weighted average remaining contractual term exercisable	8 years 29 days
Weighted average remaining contractual term vested and expected to vest	8 years 7 months 13 days
Aggregate intrinsic value exercised \| $	$ 19,735	$ 700
Aggregate intrinsic value outstanding \| $	57,146
Aggregate intrinsic value exercisable \| $	24,971
Aggregate intrinsic value vested and expected to vest \| $	$ 57,146

Stock-Based Compensation - Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.86%	0.47%
Expected term (in years)	6 years 29 days	6 years 2 months 12 days
Expected volatility	85.52%	85.94%
Expected dividend yield	0.00%	0.00%
Weighted average grant-date fair value per share	$ 27.58	$ 6.51
Unrecognized compensation expense related to unvested stock based awards	$ 57.0
Unrecognized compensation expense expected to be recognised	2 years 8 months 19 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 22,693	$ 5,211
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,350	1,357
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 13,343	$ 3,854

Significant Agreements (Details) - USD ($) $ in Thousands			12 Months Ended
Significant Agreements (Details) - USD ($) $ in Thousands	Sep. 11, 2019	Sep. 10, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2018
Other Commitments [Line Items]
Research and development expense			$ 120,257	$ 44,976
Ionis
Other Commitments [Line Items]
Research and development expense	$ 300		1,900	1,700
License agreement \| Purdue
Other Commitments [Line Items]
Commitment			33,000
License agreement \| RogCon
Other Commitments [Line Items]
Commitment		$ 2,100
Deposit		1,000			$ 1,000
Research and development expense	$ 2,200		100	200
Other research and development expense		100
Accrued expenses			300	$ 300
License agreement \| Ionis
Other Commitments [Line Items]
Commitment			2,000
License agreement, cash reimbursements \| RogCon
Other Commitments [Line Items]
Commitment		700
License agreement, loan retirements \| RogCon
Other Commitments [Line Items]
Commitment		$ 400
License agreement, profit share payments \| RogCon
Other Commitments [Line Items]
Commitment			$ 3,000

Net Loss per Share - Summary of basic and diluted net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (58,582)	$ (44,705)	$ (36,401)	$ (27,373)	$ (25,706)	$ (16,216)	$ (11,568)	$ (8,330)	$ (167,061)	$ (61,820)
Accretion and cumulative dividends on redeemable convertible preferred stock									0	(8,996)
Gain on repurchase of redeemable convertible preferred stock									0	493
Net loss attributable to common stockholders									$ (167,061)	$ (70,323)
Denominator:
Weighted average common shares outstanding, diluted (in shares)									42,454,055	8,950,152
Weighted average common shares outstanding, basic (in shares)									42,454,055	8,950,152
Net loss per share attributable to common stockholders, basic (in usd per share)									$ (3.94)	$ (7.86)
Net loss per share attributable to common stockholders, diluted (in usd per share)									$ (3.94)	$ (7.86)

Net Loss per Share - Summary of antidilutive securities excluded from computation of earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,942,005	5,944,546
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,468,501	5,944,546
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	440,079	0
Potential shares issuable under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	33,425	0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	4.80%	5.60%
Federal and state research and development credits	3.80%	2.90%
Non-deductible items	(0.50%)	(1.80%)
Change in valuation allowance	(29.40%)	(27.90%)
Other	0.30%	0.20%
Effective income tax rate	0.00%	0.00%

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 56,482	$ 26,441
Amortization	14,295	5,774
Research and development credits	9,296	3,053
Stock-based compensation	3,759	170
Accrued expenses	1,952	1,433
Leases	1,132	207
Total gross deferred tax assets	86,916	37,078
Less: Valuation allowance	(85,957)	(36,873)
Net deferred tax assets	959	205
Operating lease right-of-use asset	(959)	(205)
Total gross deferred tax liabilities	(959)	(205)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, domestic	$ 212,300	$ 97,100
Operating loss carryforwards, subject to expiration	7,700
Operating loss carryforwards, not subject to expiration	204,600
Operating loss carryforwards, state and local	187,600	94,500
Research and development credits	9,296	3,053
Valuation allowance	85,957	36,873
Valuation allowance, increase (decrease), amount	49,100	17,300
Federal
Operating Loss Carryforwards [Line Items]
Research and development credits	7,300	2,400
State
Operating Loss Carryforwards [Line Items]
Research and development credits	$ 2,500	$ 900

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 1,000,000	$ 500,000