0000950170-22-008500 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	DSGN
Entity Registrant Name	Design Therapeutics, Inc.
Entity Central Index Key	0001807120
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		55,782,448
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity File Number	001-40288
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3929248
Entity Address, Address Line One	6005 Hidden Valley Road
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92011
City Area Code	858
Local Phone Number	293-4900
Document Transition Report	false
Document Quarterly Report	true

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 287,312	$ 298,569
Investment securities	83,908	85,495
Prepaid expense and other current assets	2,651	1,371
Total current assets	373,871	385,435
Property and equipment, net	1,448	1,508
Right-of-use asset, related party	3,482	3,614
Total assets	378,801	390,557
Current liabilities:
Accounts payable	1,901	1,620
Accrued expenses and other current liabilities (including related party amounts of $503 and $504 respectively)	3,579	3,663
Total current liabilities	5,480	5,283
Operating lease liability, net, related party	3,012	3,144
Total liabilities	8,492	8,427
Commitments and contingencies (See Note 8)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 and 60,000,000 shares authorized, 55,781,681 and 55,681,752 shares issued, 55,618,326 and 15,441,926 shares outstanding at March 31, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	432,346	429,824
Accumulated deficit	(60,721)	(47,456)
Accumulated other comprehensive loss	(1,322)	(244)
Total stockholders' equity	370,309	382,130
Total liabilities and stockholders' equity	$ 378,801	$ 390,557

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accrued expenses and other current liabilities, related party amounts	$ 503	$ 504
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,781,681	55,681,752
Common stock, shares outstanding	55,618,326	55,441,926

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development (including related party amounts of $216 and $45, respectively)	$ 8,759	$ 3,875
General and administrative (including related party amounts of $125 and $60, respectively)	4,611	1,805
Total operating expenses	13,370	5,680
Loss from operations	(13,370)	(5,680)
Other income, net	105	166
Net loss	$ (13,265)	$ (5,514)
Net loss per share, basic and diluted	$ (0.24)	$ (0.31)
Weighted-average shares of common stock outstanding, basic and diluted	55,507,338	17,630,178

- 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

Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Research and development expenses related party amount	$ 216	$ 45
General and administrative expenses related party amount	$ 125	$ 60

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,265)	$ (5,514)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(1,078)	(154)
Comprehensive loss	$ (14,343)	$ (5,668)

- Definition

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

+ References

+ Details

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ (11,315)		$ 1	$ 451	$ 156	$ (11,923)
Beginning Balance, Shares at Dec. 31, 2020		22,012,499
Beginning Balance at Dec. 31, 2020		$ 45,356
Beginning Balance, Shares at Dec. 31, 2020			15,957,821
Issuance of Series A and Series B convertible preferred stock, net of issuance costs		$ 124,712
Issuance of Series A and Series B convertible preferred stock, net of issuance costs, Shares		19,083,979
Preferred stock converted into shares of common stock	170,068		$ 4	170,064
Preferred stock converted into shares of common stock, Shares		(41,096,478)
Preferred stock converted into shares of common stock		$ (170,068)
Preferred stock converted into shares of common stock, Shares			25,212,548
Initial public offering of common shares, net of $21,728 of issuance costs	254,271		$ 1	254,270
Initial public offering of common shares, net of $21,728 of issuance costs, Shares			13,800,000
Exercises of stock options and vesting of restricted stock	3			3
Exercises of stock options and vesting of restricted stock, Shares			72,181
Stock-based compensation	647			647
Unrealized loss on investments	(154)				(154)
Net loss	(5,514)					(5,514)
Ending Balance at Mar. 31, 2021	408,006		$ 6	425,435	2	(17,437)
Ending Balance, Shares at Mar. 31, 2021			55,042,550
Beginning Balance at Dec. 31, 2021	382,130		$ 6	429,824	(244)	(47,456)
Beginning Balance, Shares at Dec. 31, 2021			55,441,926
Exercises of stock options and vesting of restricted stock	162			162
Exercises of stock options and vesting of restricted stock, Shares			176,400
Stock-based compensation	2,360			2,360
Unrealized loss on investments	(1,078)				(1,078)
Net loss	(13,265)					(13,265)
Ending Balance at Mar. 31, 2022	$ 370,309		$ 6	$ 432,346	$ (1,322)	$ (60,721)
Ending Balance, Shares at Mar. 31, 2022			55,618,326

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Series B Convertible Preferred Stock
Preferred stock issuance costs	$ 288
Initial Public Offering
Stock issuance costs	$ 21,728

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (13,265)	$ (5,514)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	82	4
Stock-based compensation	2,360	647
Amortization of premiums on investment securities, net	19	(150)
Non-cash lease expense	14
Change in operating assets and liabilities:
Prepaid expense and other assets	(1,237)
Prepaid expense and other assets—related party		(60)
Accounts payable and other liabilities	215	1,376
Accounts payable and other liabilities related-party	(15)
Net cash used in operating activities	(11,827)	(3,697)
Cash flows from investing activities
Purchases of investment securities		(5,111)
Proceeds from maturities of investment securities	490	28,172
Purchases of property and equipment	(76)	(33)
Net cash provided by investing activities	414	23,028
Cash flows from financing activities
Proceeds from initial public offering, net of issuance costs		254,271
Proceeds from issuance of convertible preferred stock, net of issuance costs		124,712
Proceeds from the exercise of stock options	156
Net cash provided by financing activities	156	378,983
Net (decrease) increase in cash and cash equivalents	(11,257)	398,314
Cash and cash equivalents at beginning of period	298,569	2,379
Cash and cash equivalents at end of period	287,312	$ 400,693
Supplemental disclosures
Purchases of property and equipment included in accounts payable and accrued expenses	$ 19

Organization

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Organization

1. Organization

Design Therapeutics, Inc. (the “Company”) was incorporated in Delaware in December 2017 and is based in Carlsbad, California. The Company is a biopharmaceutical company pioneering the research and development of GeneTACTM molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. The Company’s lead product candidate is in Friedreich ataxia (“FA”), its second GeneTAC™ program is in myotonic dystrophy type-1 (“DM1”), and it is also advancing its GeneTACTM portfolio to address other serious nucleotide repeat-driven monogenic diseases.

Stock Splits

In March 2021, the Company effected a 1-for-1.63 reverse stock split of its issued and outstanding common stock. The par value and the authorized shares of the common stock were not adjusted as a result of these stock splits. The reverse stock split in March 2021 resulted in an adjustment to the convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying financial statements and notes to the financial statements give retroactive effect to the stock splits for all periods presented.

Initial Public Offering

In March 2021, the Company completed its initial public offering (“IPO”) selling 13,800,000 shares of its common stock at $20.00 per share. Proceeds from the Company's IPO, net of underwriting discounts and commissions and other offering costs, were $254.3 million. In connection with the IPO, all 41,096,478 shares of convertible preferred stock outstanding at the time of the IPO converted into 25,212,548 shares of the Company's common stock.

Liquidity and Capital Resources

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net operating losses since inception and had an accumulated deficit of $60.7 million as of March 31, 2022. The Company had cash, cash equivalents and investment securities of $371.2 million as of March 31, 2022, and has not generated positive cash flow from operations.

Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the preclinical manufacturing, and clinical development activities as well as the commercialization of the Company's products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. The Company's currently available cash and cash equivalents as of March 31, 2022 are sufficient to meet its anticipated cash requirements for more than 12 months following the date the financial statements are issued.

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying interim condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and following the requirements of the United States Securities and Exchange Commission ("SEC") for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations for the periods presented. The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. The full extent to which the novel coronavirus-2019 (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the COVID-19 pandemic and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgments or revise the carrying value of its assets or liabilities. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

3. Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, restricted common stock subject to repurchase, stock options outstanding under the Company’s equity incentive plans, employee stock purchase rights under the Company’s 2021 Employee Stock Purchase Plan (the "ESPP"), and shares of common stock that are issuable under convertible debt, as applicable. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company's net loss position.

The following table sets forth the outstanding, potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	March 31, 2022		March 31, 2021
Stock options		5,061,629		1,982,960
Shares subject to repurchase		163,355		574,772
Employee stock purchase plan		22,950		46,257
Total	$	5,247,934	$	2,603,989

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying value of the Company’s cash, accounts payable and accrued liabilities are considered to be representative of their respective fair values due to the short-term nature of those instruments. The Company’s investment securities, which may include

money market accounts, money market funds, certificates of deposits, U.S. Treasury securities, and high quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis and no transfers between levels have occurred during the periods presented.

The following table summarize the Company’s financial instruments measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 (in thousands):


	Fair Value Measurement at End of Period Using:
			Quoted Prices
			In Active
			Markets		Significant
			For		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of March 31, 2022:
Assets:
Money market funds(1)	$	284,736	$	284,736	$	—	$	—
Certificates of deposit		5,243		5,243		—		—
U.S. Treasury securities		78,665		78,665		—		—
Total	$	368,644	$	368,644	$	—	$	—
As of December 31, 2021:
Assets:
Money market funds(1)	$	298,114	$	298,114	$	—	$	—
Certificates of deposit		5,771		5,771		—		—
U.S. Treasury securities		79,724		79,724		—		—
Total	$	383,609	$	383,609	$	—	$	—

(1)

Included in cash and cash equivalents on the accompanying balance sheets.

Interest bearing money market accounts and certificates of deposit are valued at amortized cost, which approximates fair value.

- 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

Investment Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investment Securities

5. Investment Securities

The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in marketable securities. The cost, gross unrealized holding gains, gross unrealized holding

losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at March 31, 2022 and December 31, 2021 consisted of the following (in thousands):


		As of March 31, 2022
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	3,098	$	—	$	(9	)	$	—	$	3,089
U.S. Treasury securities	Within 1 year		30,083		—		(254	)		—		29,829
Certificates of deposits	1 year to 2 years		2,188		—		(33	)		—		2,155
U.S. Treasury securities	1 year to 2 years		49,861		—		(1,026	)		—		48,835
Total		$	85,230	$	—	$	(1,322	)	$	—	$	83,908

		As of December 31, 2021
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	2,896	$	—	$	(3	)	$	—	$	2,893
U.S. Treasury securities	Within 1 year	$	15,045		—		(23	)			$	15,022
Certificates of deposits	1 year to 2 years	$	2,887		—		(9	)			$	2,878
U.S. Treasury securities	1 year to 2 years		64,911		—		(209	)		—		64,702
Total		$	85,739	$	—	$	(244	)	$	—	$	85,495

The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

At March 31, 2022 there were 36 securities in an unrealized loss position. The Company evaluated the securities individually for other-than-temporary impairment and considered the decline in market value to be primarily attributable to changes in interest rates. Each security remained at a high credit quality rating and the unrealized losses of each security was immaterial. Further, there had been no adverse conditions noted for any of the issuers and Company does not intend to sell any of the securities prior to maturity. As such, the Company has classified the losses as temporary in nature and the Company did not record a reserve for credit losses. At December 31, 2021, there were 38 securities in an unrealized loss position.

As of March 31, 2022, the Company held 22 domestic certificates of deposit with amortized costs below the Federal Deposit Insurance Corporation (“FDIC”) insured limit. Accrued interest receivable on available-for-sale investment securities, included in prepaids and other current assets on the Company’s balance sheets, was $0.1 million at March 31, 2022 and December 31, 2021.

Balance Sheet Details

3 Months Ended

Mar. 31, 2022

Balance Sheet Component [Abstract]

Balance Sheet Details

6. Balance Sheet Details

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


	March 31, 2022		December 31, 2021
Prepaid expenses	$	2,439	$	1,254
Interest receivable		100		110
Other		112		7
Total	$	2,651	$	1,371

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


	March 31, 2022			December 31, 2021
Laboratory equipment	$	1,155		$	1,148
Computer equipment and software		86			96
Furniture and fixtures		292			292
Leasehold improvements		95			95
Construction in progress		17			11
		1,645			1,642
Less accumulated depreciation		(197	)		(134	)
Total	$	1,448		$	1,508

Accrued liabilities consisted of the following (in thousands):


	March 31, 2022		December 31, 2021
Accrued personnel costs	$	1,443	$	2,152
Accrued research and development costs		1,135		516
Current portion of operating lease liability		503		489
Accrued other		498		506
Total	$	3,579	$	3,663

Lease

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease

7. Lease

In May 2019, the Company entered into an agreement, as subsequently amended, to lease laboratory space pursuant to a three-month, automatically renewing lease. Due to the short-term nature of the lease, it was not included as an operating lease right of use asset nor as an operating lease liability on the Company’s balance sheets. The Company terminated the agreement in September 2021.

In February 2021, the Company entered into a lease agreement with Crossing Holdings, LLC to rent approximately 12,370 square feet of laboratory and office space (the “Lease”). The Company’s Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. The lease commenced in September 2021 with a term of 72 months and an option to extend the lease term for a period of three years; however, it is not reasonably certain the Company will exercise the option to renew when the lease term ends in 2027, and thus, the incremental term was excluded from the calculation of the right-of-use asset or lease liability. Lease payments are subject to annual increases of 3% and the Company is responsible for its share of operating expenses and taxes, which are expensed as incurred. As of March 31, 2022, the remaining lease term for the lease was 5.4 years and the discount rate used to determine the right-of-use asset and corresponding operating lease liability was 7.15%.

In March 2022, the Company entered into an amendment (the "Lease Amendment") to its Lease with Crossing Holdings, LLC to rent approximately 4,900 square feet of additional office space in the same building. The anticipated delivery date of the additional space is in the third quarter of 2022 and the lease is expected to commence at that time. The term of the additional premises under the Lease Amendment will coincide with the term of the Lease and end in 2027.

Maturities of operating lease liabilities as of March 31, 2022 are as follows (in thousands):


2022 (remaining nine months)	$	552
2023		755
2024		778
2025		801
2026		825
Thereafter		561
Total future minimum lease payments		4,272
Less: Present value adjustment		(757	)
Operating lease liabilities	$	3,515

Rent expense for the three months ended March 31, 2022 and 2021 was $0.2 million and $0.1 million, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Contingencies

From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that the future expenditures will be made and such expenditures can be reasonably estimated. The Company had no such contingent liabilities as of March 31, 2022 or December 31, 2021.

License Agreement

3 Months Ended

Mar. 31, 2022

License Agreement [Abstract]

License Agreement

9. License Agreement

In February 2019, the Company entered into a Human Therapeutics Exclusive License Agreement (the “License Agreement”) with the Wisconsin Alumni Research Foundation (“WARF”). Under the License Agreement, the Company licensed the exclusive, worldwide, royalty-bearing, sublicensable rights to certain WARF patents and the nonexclusive worldwide rights to certain know-how to develop and commercialize products for the prevention, diagnosis and treatment of disease. As consideration for the license, the Company agreed to pay an upfront fee of $0.3 million, which the Company immediately expensed as research and development expense in its statements of operations as there was no alternative future use for the license.

For the three months ended March 31, 2022, pursuant to the License Agreement, the Company paid $0.1 million upon the acceptance of an investigation new drug (“IND”) application in the U.S. The Company will be required to make further aggregate milestone payments of up to $17.5 million upon achievement of certain other regulatory and commercial milestones. The Company may also be required to pay royalties based on annual net product sales in the low single digits on its or its sublicensees’ net product sales on a country-by-country and product-by-product basis, and is subject to a minimum royalty of $0.1 million per calendar year upon first commercial product sale. Further, the Company may be required to pay sublicense fees in the mid-single digits percentage for fees, royalties or other payments earned from the granting of sublicenses to the WARF patents and know-how.

The Company is responsible for reimbursing WARF for costs incurred in connection with prosecuting and maintaining patent rights that are specific to the License Agreement. Expenses recognized in connection with legal patent fees under this License Agreement were immaterial for the three months ended March 31, 2022 and 2021, respectively.

The Company may terminate the License Agreement with 90 days written notice or for certain breaches of the agreement. WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.

Convertible Preferred Stock and Stockholders' Deficit

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Convertible Preferred Stock and Stockholders' Deficit

10. Convertible Preferred Stock and Stockholders’ Deficit

Authorized Shares

In connection with the completion of the Company’s IPO in March 2021, the Company amended its Certificate of Incorporation to authorize 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, respectively.

Convertible Preferred Stock

In February and March 2020, the Company issued 21,710,814 shares of Series A convertible preferred stock at $2.0727 per share for net cash proceeds of $ 44.7 million (the “Series A Financing”). In connection with the Series A Financing, the Company issued an additional 301,685 shares of its Series A convertible preferred stock at $1.65816 per share in February 2020.

In January 2021, the Company issued 19,083,979 shares of Series B convertible preferred stock at $6.55 per share for net cash proceeds of approximately $124.7 million.

All shares of convertible preferred stock outstanding at the Company’s IPO were converted into shares of the Company’s common stock.

Shares subject to Repurchase

Pursuant to the 2018 Equity Incentive Plan (the “2018 Plan”), the Company has issued shares of restricted common stock to employees, consultants and members of its board of directors. Additionally, certain stock options granted pursuant to the 2018 Plan provide for the right to elect to exercise unvested options early in exchange for restricted shares of common stock. These restricted shares of common stock generally vest over a four-year period and are subject to repurchase by the Company at the original purchase price or, in certain instances the fair market value if such fair market value is lower than the purchase price, in the event the recipient’s service is terminated either voluntarily or involuntarily prior to vesting.

A summary of the Company’s restricted shares of common stock and unvested stock liability, which is included in accrued expenses and other current liabilities on the Company’s balance sheets, is as follows (in thousands, except share data):


	Shares			Liability
Balance at December 31, 2021		239,826		$	23
Vested shares		(76,471	)		(7	)
Balance at March 31, 2022		163,355		$	16

- 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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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Equity Incentive Award Plans

In March 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. Upon adoption of the 2021 Plan, the Company restricted future grants from its 2018 Plan.

Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock awards, performance cash awards and other forms of stock awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates. The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. As of March 31, 2022, the total number of shares available for future issuance was 6,376,288.

The following table summarizes stock option activity for the three months ended March 31, 2022:


	Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2021		2,673,775		$	8.49
Granted		2,497,783		$	12.93
Exercised		(99,929	)	$	1.56
Forfeited		(10,000	)	$	20.89
Balance at March 31, 2022		5,061,629		$	10.79

Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	1,036	$	164
General and administrative		1,324		483
Total	$	2,360	$	647

2021 Employee Stock Purchase Plan

In March 2021, the Company’s board of directors and stockholders adopted the ESPP, which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. A total of 600,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). As of March 31, 2022, the Company had issued 11,456 shares of the Company's common stock under the ESPP and had 1,145,361 shares available for future issuance.

Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

12. Related Party Transactions

Lease Agreement

In February 2021, the Company entered into the Lease with Crossing Holdings, LLC to rent laboratory and office space. The Company's Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC.

Expenses recognized by the Company under the Lease during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	171	$	—
General and administrative		65		—
Total expenses	$	236	$	—

Consulting Agreements

In January 2019, the Company entered into an agreement with the Marlinspike Group, LLC (“Marlinspike Group”) for research support, management, and business consulting services (the “2019 Consulting Agreement”). Further, Marlinspike Group provides the use of approximately 2,120 square feet of its office space in Carlsbad, California to the Company on an as-available basis from time to time pursuant to the agreement. The Company’s Executive Chairperson, co-founder and member of its board of directors is an executive officer of Marlinspike Group.

The term of the 2019 Consulting Agreement was for a one-year period, subject to automatic one-month renewals unless terminated upon 14 days’ written notice. In March 2020, the Consulting Agreement was terminated and replaced with an amended consulting agreement (the “2020 Consulting Agreement”), which provides for the similar services and use of office space for a monthly fee of $20,000. Pursuant to the terms of the 2020 Consulting Agreement, it shall remain in effect until otherwise terminated. Termination may occur at any time upon mutual agreement or unilaterally upon 30 days’ written notice. If the Company unilaterally terminates the 2020 Consulting Agreement for any reason other than cause, it would be subject to a $240,000 termination fee. The Company cannot determine when, or if, such a termination will occur and hence has not recorded a liability for the fee.

Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
General and administrative		60		60
Total expenses	$	60	$	60

In December 2017, the Company entered into a consulting agreement with Aseem Z. Ansari, Ph.D. Dr. Ansari, a co-founder, provides consulting services and advises on certain research and development activities (the “Research Consulting Agreement”). Pursuant to the Research Consulting Agreement, as amended, Dr. Ansari performs these services for a monthly fee of $15,000.

Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	45	$	45
Total expenses	$	45	$	45

As of March 31, 2022 and December 31, 2021, the Company had zero and $15,000, respectively, of accrued expenses and other current liabilities, pursuant to its related party consulting agreements.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying interim condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and following the requirements of the United States Securities and Exchange Commission ("SEC") for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations for the periods presented. The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. The full extent to which the novel coronavirus-2019 (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the COVID-19 pandemic and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgments or revise the carrying value of its assets or liabilities.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share


	March 31, 2022		March 31, 2021
Stock options		5,061,629		1,982,960
Shares subject to repurchase		163,355		574,772
Employee stock purchase plan		22,950		46,257
Total	$	5,247,934	$	2,603,989

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Company's Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarize the Company’s financial instruments measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 (in thousands):


	Fair Value Measurement at End of Period Using:
			Quoted Prices
			In Active
			Markets		Significant
			For		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of March 31, 2022:
Assets:
Money market funds(1)	$	284,736	$	284,736	$	—	$	—
Certificates of deposit		5,243		5,243		—		—
U.S. Treasury securities		78,665		78,665		—		—
Total	$	368,644	$	368,644	$	—	$	—
As of December 31, 2021:
Assets:
Money market funds(1)	$	298,114	$	298,114	$	—	$	—
Certificates of deposit		5,771		5,771		—		—
U.S. Treasury securities		79,724		79,724		—		—
Total	$	383,609	$	383,609	$	—	$	—

(1)

Included in cash and cash equivalents on the accompanying balance sheets.

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Disclosure - Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Detail)

The cost, gross unrealized holding gains, gross unrealized holding


		As of March 31, 2022
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	3,098	$	—	$	(9	)	$	—	$	3,089
U.S. Treasury securities	Within 1 year		30,083		—		(254	)		—		29,829
Certificates of deposits	1 year to 2 years		2,188		—		(33	)		—		2,155
U.S. Treasury securities	1 year to 2 years		49,861		—		(1,026	)		—		48,835
Total		$	85,230	$	—	$	(1,322	)	$	—	$	83,908

		As of December 31, 2021
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
Certificates of deposits	Within 1 year	$	2,896	$	—	$	(3	)	$	—	$	2,893
U.S. Treasury securities	Within 1 year	$	15,045		—		(23	)			$	15,022
Certificates of deposits	1 year to 2 years	$	2,887		—		(9	)			$	2,878
U.S. Treasury securities	1 year to 2 years		64,911		—		(209	)		—		64,702
Total		$	85,739	$	—	$	(244	)	$	—	$	85,495

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Prepaid Expenses and Other Current Assets

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


	March 31, 2022		December 31, 2021
Prepaid expenses	$	2,439	$	1,254
Interest receivable		100		110
Other		112		7
Total	$	2,651	$	1,371

Summary of Property and Equipment

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


	March 31, 2022			December 31, 2021
Laboratory equipment	$	1,155		$	1,148
Computer equipment and software		86			96
Furniture and fixtures		292			292
Leasehold improvements		95			95
Construction in progress		17			11
		1,645			1,642
Less accumulated depreciation		(197	)		(134	)
Total	$	1,448		$	1,508

Summary of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31, 2022		December 31, 2021
Accrued personnel costs	$	1,443	$	2,152
Accrued research and development costs		1,135		516
Current portion of operating lease liability		503		489
Accrued other		498		506
Total	$	3,579	$	3,663

Lease (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of March 31, 2022 are as follows (in thousands):


2022 (remaining nine months)	$	552
2023		755
2024		778
2025		801
2026		825
Thereafter		561
Total future minimum lease payments		4,272
Less: Present value adjustment		(757	)
Operating lease liabilities	$	3,515

Convertible Preferred Stock and Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Restricted Shares of Common Stock and Unvested Stock Liability


	Shares			Liability
Balance at December 31, 2021		239,826		$	23
Vested shares		(76,471	)		(7	)
Balance at March 31, 2022		163,355		$	16

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2022:


	Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2021		2,673,775		$	8.49
Granted		2,497,783		$	12.93
Exercised		(99,929	)	$	1.56
Forfeited		(10,000	)	$	20.89
Balance at March 31, 2022		5,061,629		$	10.79

Stock-Based Compensation Expense Reported in Condensed Statements of Operations

Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	1,036	$	164
General and administrative		1,324		483
Total	$	2,360	$	647

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Consulting Agreements

Summary of Expenses Recognized under Various Agreements

Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
General and administrative		60		60
Total expenses	$	60	$	60

Research Consulting Agreements

Summary of Expenses Recognized under Various Agreements

Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	45	$	45
Total expenses	$	45	$	45

Lease Agreement

Summary of Expenses Recognized under Various Agreements

Expenses recognized by the Company under the Lease during the periods presented were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	171	$	—
General and administrative		65		—
Total expenses	$	236	$	—

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Reverse stock split of issued and outstanding common stock		1-for-1.63
Accumulated deficit		$ (60,721)	$ (47,456)
Cash, cash equivalents and investment securities		$ 371,200
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Initial public offering of common shares	13,800,000
Share price	$ 20.00
Proceeds from sale of common stock	$ 254,300
Preferred stock converted into shares of common stock	41,096,478
Preferred stock converted into shares of common stock, Shares	25,212,548

Net Loss Per Share - Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,247,934	2,603,989
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,061,629	1,982,960
Shares Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	163,355	574,772
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	22,950	46,257

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 368,644	$ 383,609
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	284,736	298,114
Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	5,243	5,771
U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	78,665	79,724
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	368,644	383,609
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	284,736	298,114
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	5,243	5,771
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 78,665	$ 79,724

Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Amortized Cost	$ 85,230	$ 85,739
Debt securities, Unrealized Losses	(1,322)	(244)
Debt securities, Estimated Fair Value	$ 83,908	$ 85,495
Certificates of Deposit \| Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 3,098	$ 2,896
Debt securities, Unrealized Losses	(9)	(3)
Debt securities, Estimated Fair Value	$ 3,089	$ 2,893
Certificates of Deposit \| 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 2,188	$ 2,887
Debt securities, Unrealized Losses	(33)	(9)
Debt securities, Estimated Fair Value	$ 2,155	$ 2,878
U.S. Treasury Securities \| Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 30,083	$ 15,045
Debt securities, Unrealized Losses	(254)	(23)
Debt securities, Estimated Fair Value	$ 29,829	$ 15,022
U.S. Treasury Securities \| 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 49,861	$ 64,911
Debt securities, Unrealized Losses	(1,026)	(209)
Debt securities, Estimated Fair Value	$ 48,835	$ 64,702

Investment Securities - Additional Information (Details)	Mar. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale investment securities in continuous unrealized loss position	36	38
Number of domestic certificates of deposit held	22
Accrued interest receivable on available-for-sale investment securities \| $	$ 100,000	$ 100,000

Balance Sheet Details - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,439	$ 1,254
Interest receivable	100	110
Other	112	7
Total	$ 2,651	$ 1,371

Balance Sheet Details - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,645	$ 1,642
Less accumulated depreciation	(197)	(134)
Total	1,448	1,508
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	1,155	1,148
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment	86	96
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	292	292
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	95	95
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment	$ 17	$ 11

Balance Sheet Details - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued personnel costs	$ 1,443	$ 2,152
Accrued research and development costs	1,135	516
Current portion of operating lease liability	503	489
Accrued other	498	506
Total	$ 3,579	$ 3,663

Lease - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
Lease - Additional Information (Details) $ in Millions	Feb. 28, 2021 ft²	Mar. 31, 2022 USD ($) ft²	Mar. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease agreement termination date		2021-09
Rent expense \| $		$ 0.2	$ 0.1
Crossing Holdings, LLC
Lessee, Lease, Description [Line Items]
Area of lease space \| ft²	12,370	4,900
Lease commencement date	2021-09
Lease term	72 months
Option to renew lease term ends, year	2027	2027
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lease term, option to extend period	three years
Percentage of annual increase in lease payments	3.00%
Operating lease remaining lease term		5 years 4 months 24 days
Operating lease right-of-use asset discount rate		7.15%

Lease - Summary of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (remaining nine months)	$ 552
2023	755
2024	778
2025	801
2026	825
Thereafter	561
Total future minimum lease payments	4,272
Less: Present value adjustment	(757)
Operating lease liabilities	$ 3,515

License Agreement - Additional Information (Details) - License Agreement	3 Months Ended
	Mar. 31, 2022 USD ($)
Schedule Of License Agreement [Line Items]
Upfront payment upon execution of agreement	$ 100,000
Written notice period for termination of agreement	90 days
Termination period Description	WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.
Investigation New Drug (IND) \| Maximum
Schedule Of License Agreement [Line Items]
Expected milestone payment on achieving certain regulatory and commercial milestones	$ 17,500,000
Investigation New Drug (IND) \| Minimum [Member]
Schedule Of License Agreement [Line Items]
Expected royalty payments upon first commercial product sale	100,000
Research and Development
Schedule Of License Agreement [Line Items]
Payment for upfront fee	$ 300,000

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Jan. 31, 2021	Mar. 31, 2020	Feb. 29, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized				200,000,000		200,000,000
Common stock, par value				$ 0.0001		$ 0.0001
Proceeds from issuance of convertible preferred stock, net of issuance costs					$ 124,712
Series A Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Share price			$ 1.65816
Convertible preferred stock, issued		21,710,814	21,710,814
Convertible preferred stock, par value		$ 2.0727	$ 2.0727
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 44,700	$ 44,700
Converted shares			301,685
Series B Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Convertible preferred stock, issued	19,083,979
Convertible preferred stock, par value	$ 6.55
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 124,700
Common Stock \| 2018 Equity Incentive Plan \| Restricted Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Vesting period				4 years
Initial Public Offering
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized					200,000,000
Common stock, par value					$ 0.0001
Preferred stock, authorized					10,000,000
Preferred stock, par value					$ 0.0001
Share price					$ 20.00

Convertible Preferred Stock and Stockholders' Deficit - Summary of Restricted Shares of Common Stock and Unvested Stock Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance, Unvested stock liability \| $	$ 23
Vested shares, Unvested stock liability \| $	(7)
Ending Balance, Unvested stock liability \| $	$ 16
Restricted Shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance \| shares	239,826
Vested shares \| shares	(76,471)
Ending Balance \| shares	163,355

Stock-Based Compensation - Additional Information (Details) - shares		3 Months Ended
	Mar. 25, 2021	Mar. 31, 2022
2021 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuance, description and terms		The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors
Common stock reserved for issuance		6,376,288
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuance, description and terms		the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii)
Common stock reserved for issuance	600,000	1,145,361
Maximum percentage of eligible earnings withheld to participate in offering	15.00%
Price of common stock purchased	85.00%
Common stock remained available for issuance	1,200,000
Issuance of common stock under employee stock purchase plan, Shares		11,456

Stock-Based Compensation - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance \| shares	2,673,775
Options, Granted \| shares	2,497,783
Options, Exercised \| shares	(99,929)
Options, Forfeited \| shares	(10,000)
Options Outstanding, Ending Balance \| shares	5,061,629
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 8.49
Weighted Average Exercise Price, Granted \| $ / shares	12.93
Weighted Average Exercise Price, Exercised \| $ / shares	1.56
Weighted Average Exercise Price, Forfeited \| $ / shares	20.89
Weighted Average Exercise Price, Ending Balance \| $ / shares	$ 10.79

Stock-Based Compensation - Stock-Based Compensation Expense Reported in Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,360	$ 647
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,036	164
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,324	$ 483

Related Party Transactions - Additional Information (Details)	1 Months Ended
	Mar. 31, 2020 USD ($)	Jan. 31, 2019 ft²	Dec. 31, 2017 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities, related party amounts				$ 503,000	$ 504,000
Consulting Agreements
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities, related party amounts				$ 0	$ 15,000
Marlinspike Group, LLC \| 2020 Consulting Agreement
Related Party Transaction [Line Items]
Monthly fee for consultancy services	$ 20,000
Termination fee	$ 240,000
Marlinspike Group, LLC \| Carlsbad, California \| 2019 Consulting Agreement
Related Party Transaction [Line Items]
Area of office space \| ft²		2,120
Aseem Z. Ansari, Ph.D. \| Consulting Agreements
Related Party Transaction [Line Items]
Monthly fee for services			$ 15,000

Related Party Transactions - Summary of Expenses Recognized under Consulting Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Research and development	$ 8,759	$ 3,875
General and administrative	4,611	1,805
Lease Agreement
Related Party Transaction [Line Items]
Research and development	171
General and administrative	65
Total expenses	236
Research Consulting Agreements
Related Party Transaction [Line Items]
Research and development	45	45
Total expenses	45	45
Marlinspike Group, LLC \| Consulting Agreements
Related Party Transaction [Line Items]
Research and development	60	60
Total expenses	$ 60	$ 60