0001564590-22-010216 | 10-K | XBRL Viewer

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 48,309	$ 47,698
Short-term investments	41,969	40,524
Prepaid expenses and other current assets	2,418	2,183
Total current assets	92,696	90,405
Property and equipment, net	250	349
Right of use assets - operating leases	525
Other assets	175	88
Total assets	93,646	90,842
Current liabilities:
Accounts payable	2,360	1,971
Accrued expenses and other current liabilities	4,604	4,276
Operating lease liability, current	246
Total current liabilities	7,210	6,247
Deferred rent		160
Operating lease liability, non-current	406
Total liabilities	7,616	6,407
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued or outstanding as of December 31, 2021 and December 31, 2020
Common stock, par value of $0.001 per share; 200,000,000 shares authorized; 26,287,264 and 17,548,263 shares issued and outstanding as of December 31, 2021 and 2020, respectively	27	18
Additional paid-in capital	233,516	180,526
Accumulated other comprehensive (loss) income	(16)	4
Accumulated deficit	(147,497)	(96,113)
Total stockholders' equity	86,030	84,435
Total liabilities and stockholders’ equity	$ 93,646	$ 90,842

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	26,287,264	17,548,263
Common stock, shares outstanding	26,287,264	17,548,263

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 38,442	$ 32,154
General and administrative	13,000	9,544
Total operating expenses	51,442	41,698
Loss from operations	(51,442)	(41,698)
Total other income, (net):
Interest income	233	483
Other expense	(175)	(145)
Total other income, (net)	58	338
Net loss	(51,384)	(41,360)
Accretion of Series B convertible preferred stock	(7,900)	(7,858)
Net loss attributable to common stockholders—basic and diluted	$ (51,384)	$ (49,218)
Net loss per share applicable to common stockholders—basic and diluted	$ (2.37)	$ (3.53)
Weighted-average common shares outstanding—basic and diluted	21,661,450	13,924,730
Comprehensive loss:
Net loss	$ (51,384)	$ (41,360)
Other comprehensive loss:
Unrealized loss on investments	(20)	(28)
Comprehensive loss	$ (51,404)	$ (41,388)

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	July 2021 Offering	CONVERTIBLE PREFERRED STOCK SERIES SEED	CONVERTIBLE PREFERRED STOCK SERIES A	CONVERTIBLE PREFERRED STOCK SERIES B	COMMON STOCK	COMMON STOCK July 2021 Offering	ADDITIONAL PAID-IN CAPITAL	ADDITIONAL PAID-IN CAPITAL July 2021 Offering	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED DEFICIT
Beginning balance at Dec. 31, 2019	$ (48,848)					$ 1		$ 5,872		$ 32	$ (54,753)
Beginning balance, shares at Dec. 31, 2019						702,510
Beginning balance, convertible preferred stock at Dec. 31, 2019			$ 1,460	$ 30,729	$ 45,575
Beginning balance, convertible preferred stock, shares at Dec. 31, 2019			2,712,960	31,499,040	26,321,313
Issuance of Series B convertible preferred stock, net of issuance costs and beneficial conversion charge	7,858				$ 9,271			7,858
Issuance of Series B convertible preferred stock, net of issuance costs and beneficial conversion charge, shares					9,845,348
Accretion of Series B converted preferred stock	(7,858)							(7,858)
Accretion of Series B converted preferred stock					$ 7,858
Conversion of convertible preferred stock into common stock	94,893		$ (1,460)	$ (30,729)	$ (62,704)	$ 11		94,882
Conversion of convertible preferred stock into common stock, shares			(2,712,960)	(31,499,040)	(36,166,661)	11,172,955
Initial public offering, net of underwriting discounts, commissions and offering costs	76,526					$ 6		76,520
Initial public offering, net of underwriting discounts, commissions and offering costs, shares						5,405,000
Exercise of stock options and issuance of stock under the Employee Stock Purchase Plan	1,021							1,021
Exercise of stock options and issuance of stock under the Employee Stock Purchase Plan, shares						267,798
Stock-based compensation expense	2,231							2,231
Unrealized loss on investments	(28)									(28)
Net loss	(41,360)										(41,360)
Ending balance at Dec. 31, 2020	84,435					$ 18		180,526		4	(96,113)
Ending balance, shares at Dec. 31, 2020						17,548,263
Issuance of common stock under ATM offering, net of issuance costs		$ 48,240					$ 9		$ 48,231
Issuance of common stock under ATM offering, net of issuance costs, shares							8,564,624
Exercise of stock options and issuance of stock under the Employee Stock Purchase Plan	914							914
Exercise of stock options and issuance of stock under the Employee Stock Purchase Plan, shares						174,377
Stock-based compensation expense	3,845							3,845
Unrealized loss on investments	(20)									(20)
Net loss	(51,384)										(51,384)
Ending balance at Dec. 31, 2021	$ 86,030					$ 27		$ 233,516		$ (16)	$ (147,497)
Ending balance, shares at Dec. 31, 2021						26,287,264

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Initial Public Offering
Underwriting discounts, commissions and offering costs	$ 3,902
CONVERTIBLE PREFERRED STOCK SERIES B
Stock issuance costs	$ 20

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (51,384)	$ (41,360)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,845	2,231
Depreciation expense	99	97
Amortization and accretion on investments	155	122
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(235)	(465)
Other assets		(60)
Accounts payable	389	313
Accrued expenses and other current liabilities	393	1,748
Operating lease assets and liabilities, net	(33)
Deferred rent		(24)
Net cash used in operating activities	(46,771)	(37,398)
Cash flows from investing activities:
Proceeds from maturities and sales of short-term investments	45,937	47,500
Purchases of short-term investments	(47,557)	(64,203)
Purchases of property and equipment	(12)	(18)
Net cash used in investing activities	(1,632)	(16,721)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs		80,427
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		17,150
Proceeds from July 2021 Offering, net of underwriting discounts and commissions	47,000
Proceeds from ATM offering, net of underwriting discounts and commissions	1,819
Proceeds from exercise of options	860	1,022
Payment of issuance costs	(578)	(1,718)
Net cash provided by financing activities	49,101	96,881
Net increase in cash, cash equivalents and restricted cash	698	42,762
Cash, cash equivalents and restricted cash, beginning of period	47,786	5,024
Cash, cash equivalents and restricted cash, end of period	48,484	47,786
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock into common stock		94,893
Accretion of redeemable convertible preferred stock to redemption value		(7,858)
Reclassification of deferred offering costs from other assets to additional paid-in capital		(2,144)
Offering costs included in accounts payable and accrued expenses	1
Property and equipment purchases included in accrued expenses		12
Unrealized loss on investments	$ (20)	$ (28)

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 48,309	$ 47,698
Restricted cash (included in other assets)	175	88
Total cash, cash equivalents and restricted cash	$ 48,484	$ 47,786	$ 5,024

Nature of the Business

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the Business

1. Nature of the Business

IMARA Inc. (“IMARA” or the “Company”) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin, known as hemoglobinopathies, and other serious diseases. The Company was incorporated in January 2016 under the laws of the State of Delaware, and its principal offices are in Boston, Massachusetts.

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. The Company’s lead product candidate currently under development, tovinontrine (IMR-687), as well as any other product candidates the Company may develop, 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.

In February 2020, the Company effected a 1-for-6.299 reverse stock split of the Company’s issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each of the Company’s outstanding series of preferred stock. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the change in par value of common stock to additional paid-in capital.

On February 25, 2020, the Company issued and sold 1,562,994‬ shares of Series B convertible preferred stock (“Series B Preferred Stock”) at a price of $10.9722 per share, upon a waiver of specified milestone conditions from the holders of a majority of the shares then held by holders of Series B Preferred Stock, and raised approximately $17.1 million in net proceeds after deducting less than $0.1 million of issuance costs.

On March 16, 2020, the Company completed an initial public offering (“IPO”) of its common stock and issued and sold 4,700,000 shares of common stock at a public offering price of $16.00 per share, resulting in gross proceeds of $75.2 million. On April 13, 2020, the Company issued and sold an additional 705,000 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares for aggregate gross proceeds of $11.3 million. Inclusive of the exercise by the underwriters of their option to purchase additional shares, the Company received approximately $76.5 million in net proceeds from the IPO after deducting $10.0 million of underwriting discounts and commissions and offering expenses.

Upon the closing of the IPO, all 70,378,661 shares of outstanding preferred stock automatically converted into 11,172,955 shares of common stock. Upon conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock and additional paid-in capital.

On April 1, 2021, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the SEC in relation to the registration and potential future issuance of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof in the aggregate amount of up to $200.0 million. The Shelf was declared effective on April 8, 2021. The Company also simultaneously entered into a sales agreement with Cantor Fitzgerald & Co, LLC, as sales agent, providing for the offering, issuance and sale by the Company of up to an aggregate $75.0 million of its common stock from time to time in “at-the-market” offerings under the Shelf. As of December 31, 2021, the Company had issued and sold 231,291 shares of common stock under the sales agreement, resulting in net proceeds of $1.4 million after deducting commissions and offering expenses.

The extent to which the Company utilizes the sales agreement as a source of funding will depend on a number of factors, including the prevailing market price of the Company’s common stock, general market conditions, the extent to which the Company is able to secure funds from other sources, and restrictions on the Company’s ability to sell common stock pursuant to the sales agreement to the extent the Company is then subject to restrictions on its ability to utilize the Shelf

to sell more than one-third of the market value of the Company’s public float, meaning the aggregate market value of voting and non-voting common stock held by non-affiliates, in any trailing 12-month period. The Company’s public float did not exceed $75 million at any point during the 60 days prior to filing of this Annual Report on Form 10-K. As a result, until such time as its public float exceeds $75 million, the Company will be subject to the restrictions on its ability to utilize the Shelf as described in the prior sentence.

On July 16, 2021, the Company completed a public offering of shares of its common stock. In connection with the offering, the Company issued and sold 8,333,333 shares of common stock at a public offering price of $6.00 per share, resulting in net proceeds of $46.8 million after deducting underwriting discounts and commissions and offering expenses.

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 negative cash flows since inception and has funded its operations primarily from the sale of convertible preferred stock and proceeds from the IPO and subsequent common stock offerings. As of December 31, 2021, the Company had cash, cash equivalents, and investments of $90.3 million and an accumulated deficit of $147.5 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to expand its research and development efforts.

As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents, and investments of $90.3 million as of December 31, 2021 will not be sufficient to fund the operating expenses and capital expenditure requirements necessary to advance its research efforts and clinical trials for the next twelve months, and the Company will need to obtain additional funding. The Company expects to finance its operations through potential public or private equity financings, debt financings, collaboration agreements or other capital sources. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects.

Based on the Company’s recurring losses and negative cash flows from operations since inception, expectation of continuing operating losses and negative cash flows from operations for the foreseeable future, and the need to raise additional capital to finance its future operations, the Company’s management concluded that there is substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from the date of filing this Annual Report on Form 10-K.

The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted 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 as amended by Accounting Standards Updates of the FASB.

Principles of Consolidation

The accompanying consolidated financial statements of the Company include the accounts of its then-existing wholly owned subsidiaries, IMARA Security Corporation and IMARA E.U. Limited. All intercompany transactions and balances have been eliminated in consolidation. IMARA E.U. Limited was dissolved in July 2021 and the dissolution of the subsidiary

did not have any material accounting implications on the Company’s consolidated financial statements as of and for the year ended December 31, 2021.

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 research and development expenses, stock-based compensation expense, the fair value of the common stock and the intrinsic value of the beneficial conversation feature present in the second tranche of the Series B Preferred Stock issued in February of 2020 and income taxes. Actual results could differ materially from those estimates.

Segments

Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. 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 purpose of allocating resources. All of the Company’s long-lived assets are held in the United States.

Cash and Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in money market funds. Cash equivalents are stated at cost, which approximates market value.

Restricted Cash

Restricted cash of $0.2 million and $0.1 million as of December 31, 2021 and December 31, 2020, respectively, represents a letter of credit held as collateral in support of the Company’s operating lease at 116 Huntington Avenue in Boston, Massachusetts. Restricted cash is included as a component of other assets on the Company’s consolidated balance sheets.

Investments

The Company’s investments are maintained by investment managers and consist of corporate debt securities and commercial paper with original maturities of over 90 days, all of which are considered available-for-sale securities. The Company classifies its available-for-sale securities as short-term investments on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views those securities as available for use in current operations, if needed.

Available-for-sale securities are carried at fair value with their unrealized gains and losses included in accumulated other comprehensive income within stockholders’ equity (deficit), until such gains and losses are realized in other income (expense) within the consolidated statements of operations and comprehensive loss or until an unrealized loss is considered other-than-temporary.

The Company evaluates its investments with unrealized losses for other-than-temporary impairment. When assessing investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions. If the Company determines from this analysis that it does not expect to receive cash flows sufficient to recover the entire amortized cost of the security, a credit loss exists, the impairment is considered other-than-temporary and is recognized in the consolidated statements of operations and comprehensive loss.

Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. There were no deferred offering costs as of December 31, 2021 or December 31, 2020.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and have 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. Such deposits have and will continue to exceed federally insured limits. The Company has not experienced any losses on its cash deposits. The Company’s available-for-sale investments primarily consist of high-grade corporate debt and commercial paper, and potentially subject the Company to concentrations of credit risk. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be highly rated, thereby reducing credit risk exposure.

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.

Comprehensive Loss

Comprehensive loss includes net loss and certain changes in stockholders’ equity (deficit) that are excluded from net loss. For the years ended December 31, 2021 and 2020, as a result of the Company’s investments in available-for-sale securities, the Company’s comprehensive loss includes unrealized losses on those available-for-sale securities.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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 that 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.

The carrying amounts reflected in the consolidated balance sheets for prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to their short-term nature of these assets and liabilities.

Property and Equipment, Net

Property and equipment is stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which are as follows:

		Estimated Useful Life
Computer equipment and software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of useful life or remaining lease term

Purchased assets that are not yet in service are recorded to construction-in-process and no depreciation expense is recorded. Once they are placed in service they are reclassified to the appropriate asset class. Upon the retirement or sale of an asset, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is recorded to other income (expense), net. Expenditures for maintenance and repairs are expensed as incurred.

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). This standard established a right-of-use model that requires all lessees to recognize on their balance sheets right-of-use assets and lease liabilities that arise from leases as well as provide disclosures with respect to certain qualitative and quantitative information related to a company’s leasing arrangements to meet the objective of allowing users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The FASB subsequently issued the following amendments to ASU 2016-02 that have the same effective date and transition date: ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, ASU No. 2018-10, Codification Improvements to Topic 842, Leases, ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, ASU No. 2018-20, Narrow-Scope Improvement for Lessors, and ASU No. 2019-01, Leases (Topic 842): Codification Improvements. The Company early adopted these amendments with ASU 2016-02 (collectively, the “new leasing standards”), effective January 1, 2021.

The Company adopted the new leasing standards using the modified retrospective transition approach, with no restatement of prior periods and there was no cumulative adjustment to retained earnings. Upon adoption, the Company elected the package of transition practical expedients, which allowed the Company to not reassess the following: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) the treatment of initial direct costs for existing leases. The Company made an accounting policy election to not recognize short-term leases with an initial term of twelve months or less within its consolidated balance sheets and to recognize those lease payments on a straight-line basis in its consolidated statements of operations over the lease term. Upon adopting the new leasing standards, the Company recognized an operating lease right-of-use asset of $0.7 million and a corresponding current and non-current operating lease liability of $0.3 million and $0.6 million, respectively, which are included in its consolidated balance sheets. The adoption of the new leasing standards did not have a material impact on the Company’s consolidated statements of operations.

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 did not include any material lease incentives. Lease expense for future lease payments is recognized on a straight-line basis over the lease term.

Prior to the adoption of the new leasing standards, the Company recognized lease costs on a straight-line basis once it gained control of the space, without regard to deferred payment terms, such as rent holidays, that would defer the commencement date of required payments or escalating payment amounts. Any lease incentives received were treated as a reduction of costs over the term of the lease agreement, as they were considered an inseparable part of the lease agreement. The difference between required lease payments and rent expense was recorded as deferred rent, which was reflected as deferred rent in the December 31, 2020 consolidated balance sheet.

Research and Development Expenses

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 expensed 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 in obtaining technology licenses are recognized as research and development expense as incurred if the technology licensed has not reached technological feasibility and has no alternative future uses.

Accrued Research and Development Expenses

The Company has entered into various research and development related contracts with parties both inside and outside of the United States, including contracts with third-party contract research organizations and contract manufacturing organizations. These agreements are cancelable, and related payments are recognized as research and development expenses as incurred. The Company records accrued liabilities for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes the 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 balances at the end of any reporting period. Actual results could differ from the Company’s estimates. To date, the Company’s historical accrual estimates have not been materially different from the actual costs.

Patent Costs

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

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. For stock-based awards issued to employees and members of the Company’s board of directors (the “Board”) for their services as a member of the Board, the Company measures the estimated fair value of the stock-based award on the date of grant.

Since the Company’s initial public offering in March 2020, the fair value of the common stock has been determined based on the closing price of the Company’s stock on the Nasdaq Global Select Market on the date of grant. Prior to the Company’s initial public offering, the Company determined the fair value of the underlying common stock based on input from management and approved by the Board, which utilized the valuation of the Company’s enterprise value determined utilizing various methods including the back-solve method, the option-pricing method (“OPM”) or a hybrid of the probability-weighted expected return method (“PWERM”) and the OPM. The total enterprise value was then allocated to the various outstanding equity instruments, including the underlying common stock, utilizing the OPM.

For employee and non-employee awards, the Company recognizes compensation expense over the requisite service period, which is generally the vesting period of the respective award based on the grant date fair value of the award. For

awards that include performance-based vesting conditions expense is recognized using the accelerated attribution method when the performance condition is deemed to be probable. The Company accounts for forfeitures as they occur. 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 fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option and the Company’s expected dividend yield. The fair value of each restricted stock award is determined on the date of grant based on the fair value of the Company’s common stock on that same date. Given the Company’s limited trading history as a public company, the Company determines the volatility for awards granted based on an analysis of reported data for a group of guideline companies that issued options with substantially similar terms. The expected volatility has been determined using a weighted-average of the historical volatility measures of this group of guideline companies. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options granted to employees has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Under the simplified method, the expected term is presumed to be the midpoint between the vesting date and the end of the contractual term. The Company utilizes this method due to lack of historical exercise data and the plain nature of its stock-based awards. Prior to the Company’s IPO, the expected term of stock options granted to non-employees also used the “simplified” method. Following the Company’s IPO, the expected term of options granted to non-employees is determined by contractual 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 time periods approximately equal to the expected term of the award. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s cash compensation costs are classified.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or the Company’s tax returns. Under this method, deferred tax assets and liabilities are determined based on 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 it believes, based upon the weight of available evidence, that 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.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, the weighted-average number of potential shares of common stock. Net loss per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net loss per share for the holders of the Company’s common shares and participating securities. The Company’s Preferred Stock contained participation rights in any dividend paid by the Company and is deemed to be a participating security. Net loss attributable to common stockholders and participating preferred shares are allocated to each share on an as-converted basis as if all of the earnings for the period had been distributed. The participating securities do not include a contractual obligation to share in losses of the Company and are not included in the calculation of net loss per share in the periods in which a net loss is recorded.

Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. The Company allocates earnings first to preferred stockholders based on dividend rights and then to

common and preferred stockholders based on ownership interests. The weighted-average number of common shares included in the computation of diluted net loss effect to all potentially dilutive common equivalent shares, including outstanding stock options and Preferred Stock. Common stock equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is generally the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-02 supersedes the previous leases standard, ASC 840, Leases. For additional information on the adoption of the new leasing standards, please read the Company’s policy above entitled Leases, and Note 8, Commitments and Contingencies, to these consolidated financial statements.

In March 2020, the FASB issued “ASU 2020-03”, Codification Improvements to Financial Instruments, (“ASU 2020-03”) which addressed, among other topics, Amendments related to ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13”). The amendments align the contractual term under Topic 326 and Topic 842 (Leases) to be consistent, and also clarifies when an entity should record an allowance for credit losses in accordance with Topic 326. For public business entities that meet the definition of a SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, the standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on the Company’s consolidated financial statements and related disclosures but does not expect the adoption of ASU 2020-03 or ASU 2016-13 to be material.

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities 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):

	December 31, 2021
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	24,798	$	24,798	$	—	$	—
Marketable securities:
Commercial paper	$	26,131		—		26,131		—
Corporate debt securities		15,838		—		15,838		—
Total financial assets	$	66,767	$	24,798	$	41,969	$	—

	December 31, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	41,208	$	41,208	$	—	$	—
Marketable securities:
Corporate debt securities		14,807		—		14,807		—
Commercial paper		25,717		—		25,717		—
Total financial assets	$	81,732	$	41,208	$	40,524	$	—

As of December 31, 2021 and 2020, the Company’s cash equivalents consisted of money market funds, classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets without any valuation adjustment. The financial assets valued based on Level 2 inputs consist of corporate debt securities and commercial paper, which consist of investments in highly-rated investment-grade securities. The Company estimates the fair values of these marketable securities 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.

During the years ended December 31, 2021 and 2020, there were no transfers between fair value measurement levels.

- 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

Investments

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Investments

4. Investments

As of December 31, 2021, the Company had short-term investments consisting of corporate debt securities and commercial paper, which are considered to be available-for-sale investments. These are included in short-term investments on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views those securities as available for use in current operations, if needed. The following table summarizes the Company’s investments as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
Current:
Commercial paper	$	26,131	$	—	$	—		$	26,131
Corporate debt securities		15,854		—		(16	)		15,838
Total	$	41,985	$	—	$	(16	)	$	41,969

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Current:
Commercial paper	$	25,716	$	1	$	—	$	25,717
Corporate debt securities		14,804		3		—		14,807
Total	$	40,520	$	4	$	—	$	40,524

As of December 31, 2021, the Company held seven available-for-sale securities with an aggregate value of approximately $15.8 million in an unrealized loss position for less than twelve months. As of December 31, 2020, the Company had no available-for-sale securities in unrealized loss positions. The Company has the intent and ability to hold such securities until recovery. The Company determined that there was no material change in the credit risk of its investments. As a result, the Company determined it did not hold any investments with an other-than-temporary impairment as of December 31, 2021 and 2020.

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, net

5. Property and Equipment, net

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

	December 31, 2021			December 31, 2020
Property and equipment:
Leasehold improvements	$	336		$	336
Furniture and fixtures	143				143
Property and equipment	$	479		$	479
Less: accumulated depreciation		(229	)		(130	)
Property and equipment, net	$	250		$	349

Depreciation expense was $0.1 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31, 2021		December 31, 2020
Accrued research and development expenses	$	2,288	$	2,732
Accrued compensation and benefits		2,024		1,090
Accrued professional services	249			355
Accrued other	43			99
Total accrued expenses	$	4,604	$	4,276

License and Purchase Agreements

12 Months Ended

Dec. 31, 2021

License And Purchase Agreements [Abstract]

License and Purchase Agreements

7. License and Purchase Agreements

Tovinontrine (IMR-687) – Exclusive License Agreement with Lundbeck

In April 2016, the Company entered into a license agreement with Lundbeck (the “Lundbeck Agreement”) pursuant to which Lundbeck granted the Company the following licenses within the field of prevention, treatment or diagnosis of hemoglobinopathy disorders and/or other diseases or disorders, including those directly or indirectly related to hemoglobinopathies: (1) an exclusive, royalty-bearing license to certain patent rights and certain know-how owned or otherwise controlled by Lundbeck (“Licensed Technology”) to research, develop, make, use, sell, and commercialize products (“Licensed Products”) from PDE9 inhibitors, which included tovinontrine (“Licensed Compounds”); (2) a non-exclusive license to the Licensed Technology to make, research, develop, and use such Licensed Technology to enable research and development, with certain restrictions; and (3) a sublicensing right that allows the Company to grant sublicenses to third parties to use the Licensed Technology subject to the certain terms detailed in the Lundbeck Agreement. Under the Lundbeck Agreement, the Company is subject to certain achievement dates for development milestones as defined in the agreement. The regulatory milestones due under the Lundbeck Agreement depend on the products being developed. Development milestones due under the Lundbeck Agreement with respect to the Licensed Compounds total up to $23.5 million, and, for any products that contain PDE9 inhibitors other than Licensed Compounds, total up to $11.8 million. The Company also agreed to pay tiered royalties based on net sales of all products licensed under the agreement in the low single-digit percentages.

To date, pursuant to the license agreement, the Company has made cash payments to Lundbeck of $1.8 million consisting of an upfront payment and ongoing milestone payments, which are recorded as research and development expense. No payments were made during the years ended December 31, 2021 or December 31, 2020. As partial consideration for the license, the Company issued 167,523 shares of common stock to Lundbeck in 2016, which represented 8.0% of the Company’s then outstanding equity pursuant to a restricted stock agreement. The shares were fully vested on the date of issuance.

The Lundbeck Agreement can be terminated by the Company at any time with 180 days’ written notice. The Company or Lundbeck may terminate the agreement by written notice within a specified period of time in the event of a material breach.

IMR-261 – Asset Purchase Agreement with Complexa (assignment for the benefit of creditors), LLC and related license agreements

In October 2020, the Company entered into an asset purchase agreement (“Complexa APA”) with Complexa (assignment for the benefit of creditors), LLC (“Complexa ABC”), pursuant to which the Company acquired all of Complexa ABC’s right, title and interest in and to the assets comprising the Nrf2 program, including CXA-10 (subsequently renamed IMR-261). As consideration for the assets acquired under the Complexa APA, the Company made a one-time payment of approximately $0.1 million which was expensed to research and development expense and agreed to pay up to an additional approximately $3.8 million in milestone payments based on the achievement of specified clinical and commercial sale milestones as set for the in the Complexa APA. As of December 31, 2021, no Milestone payments have been triggered under this agreement.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Lease Agreements

In May 2019, the Company entered into a new operating lease agreement for office space totaling 4,210 square feet, located in Boston, Massachusetts with a 62-month term (the “May 2019 Lease Agreement). The lease includes a rent escalation clause which results in cash rental payments of approximately $0.3 million annually. Rent expense is being recognized on a straight-line basis over the lease term. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, in accordance with the terms of the Lease Agreement. The Company provided a security deposit of approximately $0.1 million during the year ended December 31, 2019, which is included as a component of other assets on the Company’s consolidated balance sheets. The Company occupied the space in August 2019 and commenced recognition of rent expense. The Company recorded rent expense of $0.3 million and $0.2 million during the years ended December 31, 2021 and 2020, respectively

In June 2021, the Company entered into an amendment to the May 2019 Lease Agreement (the “June 2021 Amended Lease Agreement”). Under the terms of the June 2021 Amended Lease Agreement, the Company will expand its current premises in Boston, Massachusetts by an additional 5,026 square feet, bringing the total office space to 9,236 square feet. The term of the June 2021 Amended Lease Agreement will commence upon completion of the buildout of the additional space, which is expected to occur by the end of March 2022, and expires on March 31, 2027. As of the date of this Annual Report on Form 10-K, the Company has not taken possession of the expanded space and as such has not recognized a lease liability or a right of use asset related to this space. The Company has the option to extend the term for one additional five-year period upon the Company’s written notice to the landlord at least 12 months and no more than 15 months in advance of the extension period. Upon commencement of the term of the June 2021 Amended Lease Agreement, the annual base rent obligation is approximately $0.6 million, with a total cash obligation for base rent over the initial five-year term of the lease of approximately $3.2 million. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes. Upon execution of the June 2021 Amended Lease Agreement, the Company provided an additional security deposit in the amount of $0.1 million, with security deposits under the May 2019 Lease Agreement and June 2021 Amended Lease Agreement totaling $0.2 million.

The following table summarizes the future lease payments due under the May 2019 Lease Agreement only, as the term of the June 2021 Amended Lease Agreement has not yet commenced (in thousands):

	December 31, 2021
2022	$	278
2023	284
2024	229
Total Lease Payments	$	791
Less Imputed Interest		(139	)
Present Value of operating lease liabilities	$	652

Operating cash flows used for operating leases	$	249
Weighted-average remaining lease term (years)	2.83
Weighted-average discount rate		8	%

Under the prior lease accounting guidance, minimum rental commitments under non-cancelable leases as of December 31, 2020 were as follows (in thousands):

	Minimum Lease Payments
2021	$ 273
2022	278
2023	284
2024	229
	$	1,064

Legal Proceedings

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

Indemnification Agreements

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to the indemnification 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 any time after 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.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

9. Convertible Preferred Stock

Prior to the sale of common stock in connection with its IPO, the Company had funded its operations primarily with proceeds from the sale of preferred stock.

On February 25, 2020, the Company raised $17.1 million in net proceeds from the sale of 1,562,994‬ shares of Series B Preferred Stock, at a price of $10.9722 per share, upon a waiver of specified milestone conditions from the holders of a majority of the shares then held by the holders of Series B Preferred Stock. Upon issuance, each share of Series B Preferred Stock included an embedded beneficial conversion feature as the estimated fair value of the Company’s common stock on the date of issuance of the Series B Preferred Stock was higher than the effective conversion price of the Series B Preferred Stock of $10.9722 per share. Given the proximity of the issuance to the Company’s public offering, the Company utilized the $16.00 public offing price of its common stock to determine the intrinsic value of the beneficial conversion feature. As a result, the Company recorded the intrinsic value of the beneficial conversion feature of $7.9 million as a discount on the

Series B Preferred Stock at issuance. Because the Series B Preferred Stock was immediately convertible upon issuance and did not include mandatory redemption provisions, the discount on the Series B Preferred Stock was immediately accreted.

Upon the completion of the IPO on March 16, 2020, all 70,378,661 shares of outstanding preferred stock of the Company automatically converted into 11,172,955 shares of common stock. No dividends have been declared by the Company’s board of directors since inception.

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

10. Stockholders’ Equity (Deficit)

On August 13, 2019, the Company’s board of directors, and on February 26, 2020, the Company’s stockholders, approved the Company’s restated certificate of incorporation, which became effective upon closing of the IPO on March 16, 2020, to authorize 10,000,000 shares of undesignated preferred stock, $0.001 per share par value, and to increase the number of authorized shares of common stock from 100,000,000 to 200,000,000 shares, $0.001 per share par value.

Common stockholders are entitled to receive dividends, as may be declared by the Board, if any, subject to the preferential dividend rights of any preferred stock then outstanding. Through December 31, 2021, no cash dividends have been declared or paid.

As of December 31, 2021, 10,000,000 shares of preferred stock were authorized and no shares of preferred stock were issued or outstanding.

As of December 31, 2021 and December 31, 2020, the Company has reserved for future issuance the following shares of common stock:

	December 31, 2021		December 31, 2020
Shares reserved for future issuance under the 2020 Equity Incentive Plan		1,216,532		1,110,675
Shares reserved for future issuance under the 2020 Employee Stock Purchase Plan		175,667		191,363
		1,392,199		1,302,038

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

11. Stock-Based Compensation

2016 Stock Incentive Plan

The Company’s 2016 Stock Incentive Plan, (the “2016 Plan”) provided for the grant of restricted stock, restricted stock units, stock appreciation rights, incentive stock options, non-statutory stock options and other stock-based awards to employees, officers, members of the Board, consultants and advisors of the Company.

As of the effective date of the 2020 Equity Incentive Plan, no shares remained available for future issuance under the 2016 Plan. Any options or awards outstanding under the 2016 Plan remained outstanding and effective.

2020 Equity Incentive Plan

On October 1, 2019, the Company’s board of directors adopted, and on February 26, 2020 the Company’s stockholders approved, the 2020 Equity Incentive Plan (the “2020 Plan”), which became effective on March 11, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares reserved for issuance under the 2020 Plan is the sum of: (1) 1,220,283 shares of the Company’s common stock; plus (2) the number of shares (up to a maximum of 2,091,969 shares) equal to the sum of (x) 228,852 shares, which represents the Company’s common stock reserved for issuance under the 2016 Plan that remained available for grant under the 2016 Plan as of March 11, 2020 and (y) the number of shares of the Company’s common stock subject to outstanding awards granted under the 2016 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right. The number of shares reserved shall be annually increased on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2021 and continuing until, and including, the fiscal year ending December 31, 2030, equal to the lesser of (i) 4% of the number of shares of the Company’s common stock outstanding on the first day of such fiscal year and (ii) an amount determined by the Company’s board of directors. On January 1, 2021, 701,930 additional shares were reserved for issuance under the 2020 Plan pursuant to this provision. On January 1, 2022, a further

1,051,490 shares were reserved for future under the 2020 Plan pursuant to this provision. No more than 8,541,982 shares of common stock may be issued as incentive stock options under the 2020 Plan. The shares of common stock underlying any awards that expire, terminate, or are otherwise surrendered, cancelled, forfeited or repurchased by the Company under the 2016 Plan or the 2020 Plan will be added back to the shares of common stock available for issuance under the 2020 Plan.

As of December 31, 2021, there were 1,216,532 shares available for future issuance under the 2020 Plan.

For financial reporting purposes, prior to the IPO the Company performed common stock valuations with the assistance of a third-party specialist to determine stock-based compensation expense for stock options. Upon completion of the IPO, the fair value of the common stock on the grant date was based on the closing price of the stock on the Nasdaq Global Select Market on the date of grant.

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

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020		1,935,632		$	9.85		8.14
Granted		952,953			10.19
Exercised		(158,681	)		4.34
Forfeited		(356,880	)		14.69
Outstanding as of December 31, 2021		2,373,024		$	9.63	8.19		$	—
Options vested and exercisable as of December 31, 2021		880,958		$	7.07	7.33		$	—

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period.

The weighted-average grant date fair value of the Company’s stock options granted during the years ended December 31, 2021 and 2020 was $7.00 and $12.95, respectively.

The assumptions that the Company used to determine the grant date fair value of stock options granted to employees, non-employees and members of the Board during the years ended December 31, 2021 and 2020 were as follows, presented on a weighted-average basis:

	Year Ended December 31,
	2021			2020
Expected term (in years)		6.20			6.17
Expected volatility		81.0	%		74.7	%
Expected dividend yield		0.00	%		0.00	%
Risk-free interest rate		0.81	%		0.52	%

Performance-based awards

The Company granted stock options to purchase an aggregate of 220,928 shares of common stock to certain employees, officers and consultants and advisors of the Company on May 16, 2019, June 5, 2019 and June 21, 2019, which contain performance-based vesting criteria. Vesting of these options was contingent on the closing of the second tranche of Series B Preferred Stock financing. Stock-based compensation expense associated with performance-based stock options is recognized if the performance conditions are considered probable of being achieved, using management’s best estimates. As a result of the performance condition being met on February 25, 2020, these options vested as to 25% of the shares underlying each option on February 25, 2021 and vest as to the remainder of the shares in equal quarterly installments for three years thereafter. The Company recognized stock-based compensation expense of $0.2 million and $0.3 million for these options during the years ended December 31, 2021 and December 31, 2020, respectively.

Stock-Based Compensation

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year Ended December 31,
	2021		2020
General and administrative	$	2,441	$	1,490
Research and development		1,404		741
Total stock-based compensation expense	$	3,845	$	2,231

As of December 31, 2021, total unrecognized compensation cost related to the unvested stock-based awards was $9.4 million, to be recognized over a weighted-average period of 2.65 years.

2020 Employee Stock Purchase Plan

On October 1, 2019, the Company’s board of directors adopted, and on February 26, 2020, the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective on March 11, 2020. The 2020 ESPP permits eligible employees who elect to participate, in six-month offering periods, to purchase shares of common stock through payroll deductions at a price equal to 85% of the fair market value of the common stock on the first or last business day of each applicable six-month offering period, whichever is lower. Purchase dates under the ESPP occur on or about June 14 and December 14 each year.

The 2020 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 193,216 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2020 ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing until, and including, the fiscal year commencing on January 1, 2031, in an amount equal to the lowest of (i) 386,432 shares of the Company’s common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the first day of such fiscal year and (iii) an amount determined by the Company’s board of directors. The Company’s board of directors decided not to increase the number of shares of the Company’s common stock reserved for issuance under the 2020 ESPP for the 2021 fiscal year. On January 1, 2022, 262,872 additional shares were reserved for issuance under the 2020 ESPP pursuant to this provision.

During the year ended December 31, 2021, less than $0.1 million was withheld from employees, on an after-tax basis, in order to purchase 15,696 shares of the Company’s common stock. The Company recorded stock-based compensation expense related to the 2020 ESPP of less than $0.1 million. As of December 31, 2021, 175,667 shares of the Company’s common stock remained available for issuance under the 2020 ESPP.

As of December 31, 2021, there was less than $0.1 million of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of 5.5 months.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

For the years ended December 31, 2021 and 2020, the Company did not record a current or deferred income tax expense or benefit due to current and historical losses incurred by the Company. The Company’s losses before income taxes consist solely of losses from domestic operations.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also established a Paycheck Protection Program whereby certain small businesses are eligible for a loan to fund payroll expenses, rent, and related costs.

The CARES Act provided for an Employee Retention Credit (“ERC”), which is a refundable payroll tax credit that encouraged businesses to keep employees on the payroll during the COVID-19 pandemic. Eligible employers are entitled to a refundable tax credit equal to 50% of qualified wages paid to employees between March 13, 2020, and December 31, 2020,

up to a maximum of $5,000 credit per employee. In late December 2020 Congress expanded and amended the CARES Act by enacting Public Law 116-260. Per the amendment to the CARES Act, eligible employers are entitled to a refundable tax credit equal to 70% of the qualified wages paid to employees between January 1, 2021, and June 30, 2021, up to a maximum of$10,000 of wages per employee per quarter, with a maximum of $7,000 per employee per calendar quarter. Congress further extended the credit with the American Rescue Plan signed into law on March 11, 2021; the American Rescue Plan extended the credit for the period July 1, 2021 to December 31, 2021 with the same limitations as the prior amendment (i.e., tax credit equal to 70% of qualified wages up to a maximum of $10,000 of wages per employee per quarter). However, on November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act which redacted the credit for calendar quarter 4 of 2021. Qualified Wages must be paid on or after March 13, 2020 and before October 1, 2021, and may include wages paid to employees, as well as so much of the employer’s qualified health plan expenses as are properly allocable to such wages, not to exceed $10,000 per employee for calendar year 2020 or $10,000 per employee per calendar quarter in quarter 1, 2, or 3 of 2021 (“2021 Eligible Quarter”). The Retention Credit may be claimed for up to $5,000 per employee for calendar year 2020 (i.e., 50% of the $10,000 maximum in Qualified Wages for calendar year 2020) or $7,000 per employee per 2021 Eligible Quarter (i.e., 70% of the $10,000 maximum in Qualified Wages per 2021 Eligible Quarter). Therefore, the maximum Retention Credit per employee in 2020 is $5,000 and in 2021 is $21,000.

Based on the Company’s evaluation of this provision and pandemic-related impact on its operations in 2020 and 2021, it was determined that the Company qualified to claim ERC in the second, third and fourth calendar quarters of 2020, as well as in both the first, second, and third calendar quarters of 2021. The Company recognized an ERC of approximately $1.0 million as an offset to payroll tax expenses for the year ended December 31, 2021, respectively, in its consolidated statements of operations.

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows:

	2021			2020
Income taxes at U.S. statutory rate		21	%		21	%
State income taxes	6				6
Tax Credit	5				7
Other		0			2
Change in valuation allowance		(32	)		(36	)
Total provision for income taxes		0	%		0	%

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 are comprised of the following (in thousands):

	Year Ended December 31,
	2021			2020
Deferred tax assets
Net operating loss carryforwards	$	37,411		$	24,657
Tax credits carryforwards		6,968			3,948
Stock-based compensation		1,268			686
Amortization		493			545
Accruals		545			272
Lease incentive liability		—			17
Lease liability		175			—
Unrealized gains/losses on investments		4			—
Other	31			42
Total deferred tax assets		46,895			30,167
Valuation allowance		(46,742	)		(30,149	)
Net deferred tax assets		153			18
Deferred tax liabilities
Tenant improvement allowance		(12	)		(17	)
Unrealized gains/losses on investments		—			(1	)
Right of Use Asset		(141	)		—
Total deferred tax liabilities		(153	)		(18	)
Net deferred taxes	$	—		$	—

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its deferred tax assets, which are comprised primarily of net operating loss carryforwards and tax credits. Management has considered the Company’s history of cumulative net losses in the United States, estimated future taxable income and prudent and feasible tax planning strategies and has concluded that it is more likely than not that the Company will not realize the benefits of its U.S. federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against these net deferred tax assets as of December 31, 2021 and 2020, respectively. The Company reevaluates the positive and negative evidence at each reporting period. The Company’s valuation allowance increased during 2021 by approximately $16.6 million primarily due to the generation of net operating loss and tax credit carryforwards.

As of December 31, 2021 and 2020, the Company had U.S. federal net operating loss carryforwards of $139.2 million and $91.7 million, respectively, which may be available to offset future income tax liabilities. The 2017 Tax Cuts and Jobs Act (“TCJA”) will generally allow losses incurred after 2017 to be carried over indefinitely but will generally limit the net operating loss deduction to the lesser of the net operating loss carryover or 80% of a corporation’s taxable income (subject to Section 382 of the Internal Revenue Code of 1986, as amended). Also, there will be no carryback for losses incurred after 2017. Losses incurred prior to 2018 will generally be deductible to the extent of the lesser of a corporation’s net operating loss carryover or 100% of a corporation’s taxable income and be available for twenty years from the period the loss was generated. The Company has federal net operating losses generated following 2017 of $74.5 million, which do not expire. The federal net operating losses generated prior to 2018 of $17.2 million will expire at various dates through 2037. The CARES Act temporarily allows the Company to carryback net operating losses arising in 2018, 2019 and 2020 to the five prior tax years. In addition, net operating losses generated in these years could fully offset prior year taxable income without the 80% taxable income limitation under the TCJA. The Company has been generating losses since its inception. As such, the net operating loss carryback provision under the CARES Act is not applicable to the Company.

As of December 31, 2021 and 2020, the Company also had U.S. state net operating loss carryforwards of $129.4 million and $85.5 million, respectively, which may be available to offset future income tax liabilities and expire at various dates through 2040.

As of December 31, 2021 and 2020, the Company had federal tax credit carryforwards of approximately $6.5 million and $3.6 million, respectively, available to reduce future tax liabilities which expire at various dates through 2040. As of December 31, 2021 and 2020, the Company had state research and development tax credit carryforwards of approximately $0.6 million and $0.4 million, respectively, available to reduce future tax liabilities which expire at various dates through 2035.

Utilization of the U.S. federal and state net operating loss and research and development and orphan drug credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax liabilities, respectively. The Company has not completed a study to assess whether a change of ownership has occurred, or whether there have been multiple ownership changes since its formation, due to the significant cost and complexity associated with such a study. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development and orphan drug 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.

The Company has not, as of yet, conducted a study of research and development and orphan drug credit carryforwards. Such a study, once undertaken by the Company, may result in an adjustment to the Company’s research and development and orphan drug 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 and orphan drug credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment is required.

The Company files tax returns in the United States and Massachusetts. The Company is subject to U.S. federal and state tax examinations by tax authorities for years 2017 through present. As of December 31, 2021 and 2020, the Company has recorded no liability for unrecognized tax benefits, interest, or penalties related to federal and state income tax matters and there currently no pending tax examinations. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense.

- Definition

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

+ References

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+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the years ended December 31, 2021 and 2020 (in thousands, except share and per share amounts):

	Year Ended December 31,
	2021			2020
Numerator:
Net loss attributable to common stockholders—basic and diluted	$	(51,384	)	$	(49,218	)
Denominator:
Weighted-average number of common shares used in net loss per share—basic and diluted		21,661,450			13,924,730
Net loss per share—basic and diluted	$	(2.37	)	$	(3.53	)

In 2020, the net loss applicable to common stockholders did not equal net loss due to the accretion of the beneficial conversion feature of Series B Preferred Stock in the amount of $7.9 million. The beneficial conversion feature was initially recorded as a discount on the Series B Preferred Stock with a corresponding amount recorded to Additional Paid-in Capital. The discount on the Series B Preferred Stock was then immediately written off as a deemed dividend as the Series B Preferred Stock does not have a stated redemption date and is immediately convertible at the option of the holder. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including convertible preferred stock and options to purchase common stock during the period determined using the if-converted method, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same.

The Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2021 and 2020 because including them would have had an anti-dilutive effect:

	Year Ended December 31,
	2021		2020
Options to purchase common stock		2,373,024		1,935,632
Shares reserved for future issuance under the ESPP		175,667		191,363

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

14. Related Party Transactions

Lundbeck

Lundbeckfond Invest A/S is one of the Company’s stockholders and participated in all tranches of the Series A convertible preferred stock (“Series A Preferred Stock”) financing and both tranches of the Series B Preferred Stock financing. Prior to the conversion of the Company’s preferred stock, Lundbeckfond Invest A/S owned 5,470,492 shares of Series A Preferred Stock as of December 31, 2019, and 478,749 shares of Series Seed convertible preferred stock as of December 31, 2019. Lundbeckfond Invest A/S owned 1,326,111 shares of Series B Preferred Stock as of December 31, 2019. All shares of preferred stock converted into shares of common stock upon closing of the IPO. Lundbeckfond Invest A/S also purchased 187,500 shares of common stock in the IPO. This reflects a 5.0% and a 7.4% ownership interest on a fully diluted basis as of December 31, 2021 and 2020, respectively. Mette Kirstine Agger, who was a member of the Company’s board of directors until June 29, 2021, is a Managing Partner at Lundbeckfonden Ventures, which is an affiliate of Lundbeckfond Invest A/S.

Lundbeck, an affiliate of Lundbeckfond Invest A/S, is also one of the Company’s stockholders and participated in the fourth tranche of the Company’s Series A Preferred Stock financing. Prior to the conversion of the Company’s preferred stock, Lundbeck owned 499,069 shares of Series A Preferred Stock as of December 31, 2019, as well as 443,271 shares of common stock issued in conjunction with the Lundbeck Agreement (See Note 7). All shares of preferred stock converted into shares of common stock upon closing of the IPO. This reflects a 1.8% and a 2.7% ownership interest on a fully diluted basis as of December 31, 2021 and 2020, respectively. Lundbeck did not participate in the Series B Preferred Stock financing.

To date, pursuant to the Lundbeck Agreement, the Company has made cash payments to Lundbeck of $1.8 million consisting of an upfront payment and ongoing milestone payments which are recorded as research and development expense.

Benefit Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

15. Benefit Plans

The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code effective as of January 2019. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Board. The Company contributed a match of $0.2 million and $0.1 million to the plan during the years ended December 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

Principles of Consolidation

did not have any material accounting implications on the Company’s consolidated financial statements as of and for the year ended December 31, 2021.

Use of Estimates

Segments

Cash and Cash Equivalents

Restricted Cash

Investments

Offering Costs

Concentrations of Credit Risk and 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.

Comprehensive Loss

Fair Value Measurements

•

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

•

Property and Equipment, Net

		Estimated Useful Life
Computer equipment and software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of useful life or remaining lease term

Leases

Research and Development Expense

Research and Development Expenses

Accrued Research and Development Expenses

Patents Costs

Patent Costs

Stock-Based Compensation

Income Taxes

Net Loss per Share

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

		Estimated Useful Life
Computer equipment and software		3 years
Furniture and fixtures		5 years
Laboratory equipment		5 years
Leasehold improvements		Shorter of useful life or remaining lease term

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

	December 31, 2021
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	24,798	$	24,798	$	—	$	—
Marketable securities:
Commercial paper	$	26,131		—		26,131		—
Corporate debt securities		15,838		—		15,838		—
Total financial assets	$	66,767	$	24,798	$	41,969	$	—

	December 31, 2020
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Observable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds, included in cash and cash equivalents	$	41,208	$	41,208	$	—	$	—
Marketable securities:
Corporate debt securities		14,807		—		14,807		—
Commercial paper		25,717		—		25,717		—
Total financial assets	$	81,732	$	41,208	$	40,524	$	—

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Investments

The following table summarizes the Company’s investments as of December 31, 2021 and 2020 (in thousands):

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
Current:
Commercial paper	$	26,131	$	—	$	—		$	26,131
Corporate debt securities		15,854		—		(16	)		15,838
Total	$	41,985	$	—	$	(16	)	$	41,969

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Current:
Commercial paper	$	25,716	$	1	$	—	$	25,717
Corporate debt securities		14,804		3		—		14,807
Total	$	40,520	$	4	$	—	$	40,524

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Summary of Property and Equipment, net

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

	December 31, 2021			December 31, 2020
Property and equipment:
Leasehold improvements	$	336		$	336
Furniture and fixtures	143				143
Property and equipment	$	479		$	479
Less: accumulated depreciation		(229	)		(130	)
Property and equipment, net	$	250		$	349

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		December 31, 2020
Accrued research and development expenses	$	2,288	$	2,732
Accrued compensation and benefits		2,024		1,090
Accrued professional services	249			355
Accrued other	43			99
Total accrued expenses	$	4,604	$	4,276

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments

The following table summarizes the future lease payments due under the May 2019 Lease Agreement only, as the term of the June 2021 Amended Lease Agreement has not yet commenced (in thousands):

	December 31, 2021
2022	$	278
2023	284
2024	229
Total Lease Payments	$	791
Less Imputed Interest		(139	)
Present Value of operating lease liabilities	$	652

Operating cash flows used for operating leases	$	249
Weighted-average remaining lease term (years)	2.83
Weighted-average discount rate		8	%

Summary of Minimum Rental Payments Under Non-Cancelable Leases

Under the prior lease accounting guidance, minimum rental commitments under non-cancelable leases as of December 31, 2020 were as follows (in thousands):

	Minimum Lease Payments
2021	$ 273
2022	278
2023	284
2024	229
	$	1,064

Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

As of December 31, 2021 and December 31, 2020, the Company has reserved for future issuance the following shares of common stock:

	December 31, 2021		December 31, 2020
Shares reserved for future issuance under the 2020 Equity Incentive Plan		1,216,532		1,110,675
Shares reserved for future issuance under the 2020 Employee Stock Purchase Plan		175,667		191,363
		1,392,199		1,302,038

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Stock Option Activity

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

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020		1,935,632		$	9.85		8.14
Granted		952,953			10.19
Exercised		(158,681	)		4.34
Forfeited		(356,880	)		14.69
Outstanding as of December 31, 2021		2,373,024		$	9.63	8.19		$	—
Options vested and exercisable as of December 31, 2021		880,958		$	7.07	7.33		$	—

Summary of Stock-Based Compensation Fair Value Assumptions

	Year Ended December 31,
	2021			2020
Expected term (in years)		6.20			6.17
Expected volatility		81.0	%		74.7	%
Expected dividend yield		0.00	%		0.00	%
Risk-free interest rate		0.81	%		0.52	%

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss is as follows (in thousands):

	Year Ended December 31,
	2021		2020
General and administrative	$	2,441	$	1,490
Research and development		1,404		741
Total stock-based compensation expense	$	3,845	$	2,231

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows:

	2021			2020
Income taxes at U.S. statutory rate		21	%		21	%
State income taxes	6				6
Tax Credit	5				7
Other		0			2
Change in valuation allowance		(32	)		(36	)
Total provision for income taxes		0	%		0	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 are comprised of the following (in thousands):

	Year Ended December 31,
	2021			2020
Deferred tax assets
Net operating loss carryforwards	$	37,411		$	24,657
Tax credits carryforwards		6,968			3,948
Stock-based compensation		1,268			686
Amortization		493			545
Accruals		545			272
Lease incentive liability		—			17
Lease liability		175			—
Unrealized gains/losses on investments		4			—
Other	31			42
Total deferred tax assets		46,895			30,167
Valuation allowance		(46,742	)		(30,149	)
Net deferred tax assets		153			18
Deferred tax liabilities
Tenant improvement allowance		(12	)		(17	)
Unrealized gains/losses on investments		—			(1	)
Right of Use Asset		(141	)		—
Total deferred tax liabilities		(153	)		(18	)
Net deferred taxes	$	—		$	—

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

	Year Ended December 31,
	2021			2020
Numerator:
Net loss attributable to common stockholders—basic and diluted	$	(51,384	)	$	(49,218	)
Denominator:
Weighted-average number of common shares used in net loss per share—basic and diluted		21,661,450			13,924,730
Net loss per share—basic and diluted	$	(2.37	)	$	(3.53	)

Anti Dilutive Potential Common Shares Excluded From Computation of Diluted Net Loss Per Share

	Year Ended December 31,
	2021		2020
Options to purchase common stock		2,373,024		1,935,632
Shares reserved for future issuance under the ESPP		175,667		191,363

Nature of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands						1 Months Ended	12 Months Ended
	Jul. 16, 2021 USD ($) $ / shares shares	Apr. 01, 2021 USD ($) shares	Apr. 13, 2020 USD ($) shares	Mar. 16, 2020 USD ($) $ / shares shares	Feb. 25, 2020 USD ($) $ / shares shares	Feb. 29, 2020	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Nature Of Business [Line Items]
Reverse stock split							1-for-6.299
Reverse stock splits, conversion ratio						0.159
Preferred stock, per share \| $ / shares	$ 6.00
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs								$ 17,150
ATM offering stock issuance costs							$ 579
Common stock issued and sold \| shares	8,333,333
Gross proceeds from initial public offering				$ 75,200				$ 80,427
Aggregate gross proceeds of common stock issued and sold			$ 11,300
Underwriting discounts and commissions and offering expenses							$ 10,000
Conversion of outstanding preferred stock \| shares				70,378,661
Common stock issued upon conversion \| shares				11,172,955
Common stock, shares issued \| shares							26,287,264	17,548,263
Net proceeds from issuance of common stock	$ 46,800
Cash, cash equivalents, and investments							$ 90,300
Accumulated deficit							147,497	$ 96,113
IPO
Nature Of Business [Line Items]
Preferred stock, per share \| $ / shares				$ 16.00
Common stock issued and sold \| shares			705,000	4,700,000
Net proceeds after deducting underwriting discounts and commissions and offering expenses							$ 76,500
Conversion of outstanding preferred stock \| shares				70,378,661
At The Market Offering
Nature Of Business [Line Items]
Common stock, shares issued \| shares							231,291
Net proceeds from issuance of common stock							$ 1,400
Maximum
Nature Of Business [Line Items]
Common stock issued and sold \| shares		200,000,000.0
Aggregate gross proceeds of common stock issued and sold		$ 75,000
Series B Preferred Stock \| Second Tranche
Nature Of Business [Line Items]
Preferred shares, issued \| shares					1,562,994
Preferred stock, per share \| $ / shares					$ 10.9722
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs					$ 17,100
Series B Preferred Stock \| Second Tranche \| Maximum
Nature Of Business [Line Items]
ATM offering stock issuance costs					$ 100

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Restricted cash	$ 175,000	$ 88,000
Deferred offering costs	0	0
Off-balance sheet risk	0	0
Depreciation expense	99,000	97,000
Right of use assets - operating leases	525,000
Operating lease liability, current	246,000
Operating lease liability, non-current	406,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Right of use assets - operating leases	700,000
Operating lease liability, current	300,000
Operating lease liability, non-current	600,000
Construction-in-process
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense	0
Maximum
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 200,000	$ 100,000

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Laboratory Equipment
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated Useful Life	Shorter of useful life or remaining lease term

Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Marketable securities	$ 41,969	$ 40,524
Fair Value Measurements Recurring
Assets:
Total financial assets	66,767	81,732
Fair Value Measurements Recurring \| Money Market Funds
Assets:
Cash and cash equivalents	24,798	41,208
Fair Value Measurements Recurring \| Commercial Paper
Assets:
Marketable securities	26,131	25,717
Fair Value Measurements Recurring \| Corporate Debt Securities
Assets:
Marketable securities	15,838	14,807
Fair Value Measurements Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total financial assets	24,798	41,208
Fair Value Measurements Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money Market Funds
Assets:
Cash and cash equivalents	24,798	41,208
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Total financial assets	41,969	40,524
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial Paper
Assets:
Marketable securities	26,131	25,717
Fair Value Measurements Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate Debt Securities
Assets:
Marketable securities	$ 15,838	$ 14,807

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value, assets, Level 1 to Level 2 transfers, amount	$ 0	$ 0
Fair value, assets, Level 2 to Level 1 transfers, amount	0	0
Fair value, asset transfers Into Level 3	0	0
Fair value, asset, transfers out of Level 3	$ 0	$ 0

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 41,985	$ 40,520
Gross Unrealized Gains		4
Gross Unrealized Loss	(16)
Fair Value	41,969	40,524
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,131	25,716
Gross Unrealized Gains		1
Fair Value	26,131	25,717
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,854	14,804
Gross Unrealized Gains		3
Gross Unrealized Loss	(16)
Fair Value	$ 15,838	$ 14,807

Investments - Additional Information (Details)	Dec. 31, 2021 USD ($) Position	Dec. 31, 2020 USD ($)
Investments Debt And Equity Securities [Abstract]
Number of available-for-sale securities in unrealized loss positions for less than twelve months \| Position	7
Available-for-sale securities in unrealized loss positions for less than twelve months	$ 15,800,000
Available-for-sale securities in unrealized loss positions		$ 0

Property and Equipment, net - Summary of Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment	$ 479	$ 479
Less: accumulated depreciation	(229)	(130)
Property and equipment, net	250	349
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	336	336
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	$ 143	$ 143

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 99	$ 97

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued research and development expenses	$ 2,288	$ 2,732
Accrued compensation and benefits	2,024	1,090
Accrued professional services	249	355
Accrued other	43	99
Total accrued expenses	$ 4,604	$ 4,276

License and Purchase Agreements - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended		69 Months Ended
	Oct. 31, 2020	Apr. 30, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
License And Purchase Agreements [Line Items]
Common stock, shares issued			26,287,264	17,548,263	26,287,264
Lundbeck \| Lundbeck Agreement
License And Purchase Agreements [Line Items]
Maximum development milestones payments due		$ 23,500,000
Maximum development milestones payments due for other than licensed product		$ 11,800,000
Upfront and ongoing milestone payments			$ 0	$ 0
Common stock, shares issued		167,523				443,271
Outstanding equity percentage pursuant to restricted stock agreement		8.00%
Notice period for agreement termination			180 days
Lundbeck \| Lundbeck Agreement \| Research and Development Expense
License And Purchase Agreements [Line Items]
Upfront and ongoing milestone payments					$ 1,800,000
Complexa ABC \| Complexa APA
License And Purchase Agreements [Line Items]
Milestone payment triggered under agreement.			$ 0		$ 0
Complexa ABC \| Complexa APA \| Maximum
License And Purchase Agreements [Line Items]
Milestones payments payable based on achievement of specified clinical and commercial sale milestones	$ 3,800,000
Complexa ABC \| Complexa APA \| Research and Development Expense
License And Purchase Agreements [Line Items]
One-time payment to acquire right, title and interest in and to certain assets	$ 100,000

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2021	May 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies [Line Items]
Operating lease description			In June 2021, the Company entered into an amendment to the May 2019 Lease Agreement (the “June 2021 Amended Lease Agreement”). Under the terms of the June 2021 Amended Lease Agreement, the Company will expand its current premises in Boston, Massachusetts by an additional 5,026 square feet, bringing the total office space to 9,236 square feet.
Operating lease, payments			$ 249
Operating lease, payments			$ 791
May 2019 Lease Agreement
Commitments and Contingencies [Line Items]
Operating lease description			In May 2019, the Company entered into a new operating lease agreement for office space totaling 4,210 square feet, located in Boston, Massachusetts with a 62-month term (the “May 2019 Lease Agreement).
Operating lease term of contract		62 months
Operating lease, payments		$ 300
Security deposit					$ 100
Rent expense			$ 300	$ 200
Additional security deposit	$ 100
June 2021 Amended Lease Agreement
Commitments and Contingencies [Line Items]
Operating lease term of contract	12 months
Security deposit	$ 200
Rent expense	$ 600
Lease expiration date	Mar. 31, 2027
Operating lease renewal term	5 years
Operating lease option to extend	The Company has the option to extend the term for one additional five-year period upon the Company’s written notice to the landlord at least 12 months and no more than 15 months in advance of the extension period.
Operating lease, payments	$ 3,200

Commitments and Contingencies - Summary of Future Lease Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Lessee Disclosure [Abstract]
2022	$ 278
2023	284
2024	229
Total Lease Payments	791
Less Imputed Interest	(139)
Present Value of operating lease liabilities	652
Operating cash flows used for operating leases	$ 249
Weighted-average remaining lease term (years)	2 years 9 months 29 days
Weighted-average discount rate	8.00%

Commitments and Contingencies - Summary of Minimum Rental Payments Under Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Lessee Disclosure [Abstract]
2021	$ 273
2022	278
2023	284
2024	229
Total Minimum Lease Payments	$ 1,064

Convertible Preferred Stock - Additional Information (Details) - USD ($)			12 Months Ended
	Mar. 16, 2020	Feb. 25, 2020	Dec. 31, 2021	Dec. 31, 2020	Jul. 16, 2021
Temporary Equity [Line Items]
Net proceeds from sale				$ 17,150,000
Stock value, per share					$ 6.00
Conversion of outstanding preferred stock	70,378,661
Common stock issued upon conversion	11,172,955
Dividends			$ 0
Series B Preferred Stock \| Second Tranche
Temporary Equity [Line Items]
Net proceeds from sale		$ 17,100,000
Preferred shares, issued		1,562,994
Stock value, per share		$ 10.9722
Intrinsic value of beneficial conversion discount		$ 7,900,000
IPO
Temporary Equity [Line Items]
Stock value, per share	$ 16.00
Conversion of outstanding preferred stock	70,378,661
IPO \| Common Stock
Temporary Equity [Line Items]
Stock value, per share	$ 16.00
Common stock issued upon conversion	11,172,955

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 16, 2020	Dec. 31, 2019
Equity [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000	200,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Cash dividends	$ 0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Stockholders' Equity (Deficit) - Schedule of Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares reserved for future issuance	1,392,199		1,302,038
2020 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved for future issuance	1,216,532	701,930	1,110,675
2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved for future issuance	175,667		191,363

Stock-Based Compensation - Additional Information (Details) - USD ($)					12 Months Ended
	Mar. 11, 2020	Jun. 21, 2019	Jun. 05, 2019	May 16, 2019	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022	Jan. 01, 2021	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance					1,392,199	1,302,038
Share-based compensation award, weighted-average fair value					$ 7.00	$ 12.95
Share-based compensation award, granted					952,953
Stock-based compensation expense					$ 3,845,000	$ 2,231,000
Unrecognized stock-based compensation expense					$ 9,400,000
Expected weighted average period to recognize expense					2 years 7 months 24 days
Performance Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award, granted		220,928	220,928	220,928
Stock-based compensation expense					$ 200,000	$ 300,000
Performance Based Awards \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option vest percentage					25.00%
2016 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance	228,852								0
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance					1,216,532	1,110,675		701,930
Number of shares of common stock that may be issued accordance with plan	1,220,283
Description of changes in the number of shares reserved for issuance					The number of shares reserved shall be annually increased on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2021 and continuing until, and including, the fiscal year ending December 31, 2030, equal to the lesser of (i) 4% of the number of shares of the Company’s common stock outstanding on the first day of such fiscal year and (ii) an amount determined by the Company’s board of directors.
Common stock outstanding percent	4.00%
2020 Equity Incentive Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance							1,051,490
2020 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized	2,091,969
Number of shares of common stock that may be issued accordance with plan	8,541,982
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance					175,667	191,363
Number of shares authorized	193,216
Number of shares of common stock that may be issued accordance with plan	386,432
Common stock outstanding percent	1.00%
Expected weighted average period to recognize expense					5 months 15 days
Offering price percentage	85.00%
Shares purchased under the ESPP					15,696
2020 ESPP \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future issuance							262,872
2020 ESPP \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 100,000
Unrecognized stock-based compensation expense					100,000
Earnings withheld from employees to purchase shares of common stock under purchase plan					$ 100,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation Related Costs [Abstract]
Number of Shares, Beginning Balance	1,935,632
Number of Shares, Granted	952,953
Number of Shares, Exercised	(158,681)
Number of Shares, Forfeited	(356,880)
Number of Shares, Ending Balance	2,373,024	1,935,632
Number of Shares, Options vested and exercisable	880,958
Weighted-Average Exercise Price, Beginning Balance	$ 9.85
Weighted-Average Exercise Price, Granted	10.19
Weighted-Average Exercise Price, Exercised	4.34
Weighted-Average Exercise Price, Forfeited	14.69
Weighted-Average Exercise Price, Ending Balance	9.63	$ 9.85
Weighted-Average Exercise Price, Options vested and exercisable	$ 7.07
Weighted-Average Remaining Contractual Term, Outstanding	8 years 2 months 8 days	8 years 1 month 20 days
Weighted-Average Remaining Contractual Term, Options vested and exercisable	7 years 3 months 29 days

Stock-Based Compensation - Summary of Stock-Based Compensation Fair Value Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 2 months 12 days	6 years 2 months 1 day
Expected volatility	81.00%	74.70%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.81%	0.52%

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,845	$ 2,231
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,404	741
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,441	$ 1,490

Income Taxes - Additional Information (Details)	3 Months Ended			6 Months Ended	10 Months Ended	12 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 USD ($)
Income Taxes [Line Items]
Maximum refundable tax credit allowed per employee					$ 5,000
Percentage of qualified wages	70	70	70	70	50		50
Maximum qualified wages entitled per employee	$ 10,000	$ 10,000	$ 10,000				$ 10,000
Maximum employee retention credit available per employee	$ 7,000	$ 7,000	$ 7,000			$ 21,000	5,000
Qualified wages, description						In late December 2020 Congress expanded and amended the CARES Act by enacting Public Law 116-260. Per the amendment to the CARES Act, eligible employers are entitled to a refundable tax credit equal to 70% of the qualified wages paid to employees between January 1, 2021, and June 30, 2021, up to a maximum of$10,000 of wages per employee per quarter, with a maximum of $7,000 per employee per calendar quarter. Congress further extended the credit with the American Rescue Plan signed into law on March 11, 2021; the American Rescue Plan extended the credit for the period July 1, 2021 to December 31, 2021 with the same limitations as the prior amendment (i.e., tax credit equal to 70% of qualified wages up to a maximum of $10,000 of wages per employee per quarter). However, on November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act which redacted the credit for calendar quarter 4 of 2021. Qualified Wages must be paid on or after March 13, 2020 and before October 1, 2021, and may include wages paid to employees, as well as so much of the employer’s qualified health plan expenses as are properly allocable to such wages, not to exceed $10,000 per employee for calendar year 2020 or $10,000 per employee per calendar quarter in quarter 1, 2, or 3 of 2021 (“2021 Eligible Quarter”).
Employee retention credit as offset to payroll tax expense						$ 1,000,000.0
Valuation allowance increased						16,600,000
Uncertain tax position						0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards					$ 91,700,000	$ 139,200,000	91,700,000
Net operating loss carryforwards, limitations on use						The 2017 Tax Cuts and Jobs Act (“TCJA”) will generally allow losses incurred after 2017 to be carried over indefinitely but will generally limit the net operating loss deduction to the lesser of the net operating loss carryover or 80% of a corporation’s taxable income (subject to Section 382 of the Internal Revenue Code of 1986, as amended). Also, there will be no carryback for losses incurred after 2017. Losses incurred prior to 2018 will generally be deductible to the extent of the lesser of a corporation’s net operating loss carryover or 100% of a corporation’s taxable income and be available for twenty years from the period the loss was generated.
Net operating loss carryforwards expiration period						20 years
Net operating loss carryforwards not subject to expiration						$ 74,500,000
Net operating loss carryforwards subject to expiration								$ 17,200,000
Net operating loss carryforwards expiration year								2037
Net operating loss carryforwards expiration period CARES ACT						5 years
Net operating loss taxable income carryover percentage without limitation						80.00%
Tax credit carryforwards					3,600,000	$ 6,500,000	3,600,000
Tax credit carryforwards expiration year						2040
Unrecognized tax benefits					0	$ 0	0
Unrecognized tax benefits interest or penalties						0	0
State
Income Taxes [Line Items]
Net operating loss carryforwards					85,500,000	$ 129,400,000	85,500,000
Net operating loss carryforwards expiration year						2040
Unrecognized tax benefits					0	$ 0	0
Unrecognized tax benefits interest or penalties						0	0
State \| Research and Development
Income Taxes [Line Items]
Tax credit carryforwards					$ 400,000	$ 600,000	$ 400,000
Tax credit carryforwards expiration year						2035

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes at U.S. statutory rate	21.00%	21.00%
State income taxes	6.00%	6.00%
Tax Credit	5.00%	7.00%
Other	0.00%	2.00%
Change in valuation allowance	(32.00%)	(36.00%)
Total provision for income taxes	0.00%	0.00%

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforwards	$ 37,411	$ 24,657
Tax credits carryforwards	6,968	3,948
Stock-based compensation	1,268	686
Amortization	493	545
Accruals	545	272
Lease incentive liability		17
Lease liability	175
Unrealized gains/losses on investments	4
Other	31	42
Total deferred tax assets	46,895	30,167
Valuation allowance	(46,742)	(30,149)
Net deferred tax assets	153	18
Deferred tax liabilities
Tenant improvement allowance	(12)	(17)
Unrealized gains/losses on investments		(1)
Right of Use Asset	(141)
Total deferred tax liabilities	$ (153)	$ (18)

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss attributable to common stockholders—basic and diluted	$ (51,384)	$ (49,218)
Denominator:
Weighted-average common shares outstanding—basic and diluted	21,661,450	13,924,730
Net loss per share applicable to common stockholders—basic and diluted	$ (2.37)	$ (3.53)

Net Loss Per Share - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Accretion of Series B convertible preferred stock	$ 7,900	$ 7,858

Net Loss Per Share - Anti Dilutive Potential Common Shares Excluded From Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per common share	2,373,024	1,935,632
Shares reserved for future issuance under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per common share	175,667	191,363

Related Party Transactions - Additional Information (Details) - USD ($)				12 Months Ended		69 Months Ended
	Jul. 16, 2021	Apr. 13, 2020	Mar. 16, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019	Apr. 30, 2016
Related Party Transaction [Line Items]
Number of common stock purchased	8,333,333
Common stock, shares issued				26,287,264	17,548,263	26,287,264
Common Stock
Related Party Transaction [Line Items]
Number of common stock purchased					5,405,000
IPO
Related Party Transaction [Line Items]
Number of common stock purchased		705,000	4,700,000
Lundbeckfond Invest A/S
Related Party Transaction [Line Items]
Ownership interest percentage				5.00%	7.40%	5.00%
Lundbeckfond Invest A/S \| IPO \| Common Stock
Related Party Transaction [Line Items]
Number of common stock purchased			187,500
Lundbeck \| Lundbeck Agreement
Related Party Transaction [Line Items]
Ownership interest percentage				1.80%	2.70%	1.80%
Common stock, shares issued							443,271	167,523
Upfront and ongoing milestone payments				$ 0	$ 0
Lundbeck \| Lundbeck Agreement \| Research and Development Expense
Related Party Transaction [Line Items]
Upfront and ongoing milestone payments						$ 1,800,000
Series A Preferred Stock \| Lundbeckfond Invest A/S
Related Party Transaction [Line Items]
Shares owned							5,470,492
Series A Preferred Stock \| Lundbeck \| Lundbeck Agreement
Related Party Transaction [Line Items]
Shares owned							499,069
Series Seed Convertible Preferred Stock \| Lundbeckfond Invest A/S
Related Party Transaction [Line Items]
Shares owned							478,749
Series B Preferred Stock \| Lundbeckfond Invest A/S
Related Party Transaction [Line Items]
Shares owned							1,326,111

Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Contribution to defined contribution savings plan	$ 0.2	$ 0.1