0000950170-22-016486 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 08, 2022
Cover [Abstract]
Entity Registrant Name	Spruce Biosciences, Inc.
Entity Central Index Key	0001683553
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Trading Symbol	SPRB
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		23,560,250
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity File Number	001-39594
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2154263
Entity Address, Address Line One	2001 Junipero Serra Boulevard
Entity Address, Address Line Two	Suite 640
Entity Address, City or Town	Daly City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94014
City Area Code	415
Local Phone Number	655-4168
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 47,210	$ 42,748
Short-term investments	46,085	46,221
Prepaid expenses	2,821	2,530
Other current assets	390	396
Total current assets	96,506	91,895
Restricted cash	216	216
Right-of-use assets, net	1,314	1,479
Long-term investments	5,805	32,459
Other assets	674	437
Total assets	104,515	126,486
Current liabilities:
Accounts payable	1,445	2,823
Term loan, current portion	811	0
Accrued expenses and other current liabilities	6,953	4,613
Accrued compensation and benefits	893	1,435
Total current liabilities	10,102	8,871
Term loan, net of current portion	4,077	4,878
Lease liability, net of current portion	1,098	1,293
Other liabilities	117	73
Total liabilities	15,394	15,115
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized, 23,560,250 and 23,491,881 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	216,731	214,685
Accumulated other comprehensive loss	(845)	(184)
Accumulated deficit	(126,768)	(103,133)
Total stockholders equity	89,121	111,371
Total liabilities and stockholders’ equity	$ 104,515	$ 126,486

CONDENSED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	23,560,250	23,491,881
Common stock, shares outstanding	23,560,250	23,491,881

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 9,060	$ 9,119	$ 17,568	$ 15,833
General and administrative	2,822	2,595	6,048	5,698
Total operating expenses	11,882	11,714	23,616	21,531
Loss from operations	(11,882)	(11,714)	(23,616)	(21,531)
Interest expense	(94)	(80)	(181)	(169)
Other income, net	104	20	162	39
Net loss	(11,872)	(11,774)	(23,635)	(21,661)
Unrealized loss on available for sale securities	(152)	(29)	(661)	(29)
Comprehensive loss	$ (12,024)	$ (11,803)	$ (24,296)	$ (21,690)
Net loss per share, basic and diluted	$ (0.51)	$ (0.50)	$ (1.01)	$ (0.93)
Weighted-average shares of common stock outstanding, basic and diluted	23,493,613	23,329,756	23,492,960	23,306,708

CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ 149,427	$ 2	$ 210,266	$ 0	$ (60,841)
Balance, Shares at Dec. 31, 2020		23,260,399
Exercise of stock options	143	$ 1	142
Exercise of stock options, Shares		99,544
Issuance of common stock related to employee stock purchase plan	96		96
Issuance of common stock related to employee stock purchase plan, Shares		10,127
Stock-based compensation	2,130		2,130
Unrealized loss on available for sale securities	(29)			(29)
Net loss	(21,661)				(21,661)
Balance at Jun. 30, 2021	130,106	$ 3	212,634	(29)	(82,502)
Balance, Shares at Jun. 30, 2021		23,370,070
Balance at Mar. 31, 2021	140,723	$ 2	211,449	0	(70,728)
Balance, Shares at Mar. 31, 2021		23,301,872
Exercise of stock options	80	$ 1	79
Exercise of stock options, Shares		58,071
Issuance of common stock related to employee stock purchase plan	96		96
Issuance of common stock related to employee stock purchase plan, Shares		10,127
Stock-based compensation	1,010		1,010
Unrealized loss on available for sale securities	(29)			(29)
Net loss	(11,774)				(11,774)
Balance at Jun. 30, 2021	130,106	$ 3	212,634	(29)	(82,502)
Balance, Shares at Jun. 30, 2021		23,370,070
Balance at Dec. 31, 2021	$ 111,371	$ 3	214,685	(184)	(103,133)
Balance, Shares at Dec. 31, 2021	23,491,881	23,491,881
Exercise of stock options	$ 2		2
Exercise of stock options, Shares		992
Issuance of common stock related to employee stock purchase plan	38		38
Issuance of common stock related to employee stock purchase plan, Shares		25,545
Issuance of common stock related to vesting of restricted stock units, net of tax withholdings	(40)		(40)
Issuance of common stock related to vesting of restricted stock units, net of tax withholdings, shares		41,832
Stock-based compensation	2,046		2,046
Unrealized loss on available for sale securities	(661)			(661)
Net loss	(23,635)				(23,635)
Balance at Jun. 30, 2022	$ 89,121	$ 3	216,731	(845)	(126,768)
Balance, Shares at Jun. 30, 2022	23,560,250	23,560,250
Balance at Mar. 31, 2022	$ 100,243	$ 3	215,828	(693)	(114,895)
Balance, Shares at Mar. 31, 2022		23,492,873
Issuance of common stock related to employee stock purchase plan	38		38
Issuance of common stock related to employee stock purchase plan, Shares		25,545
Issuance of common stock related to vesting of restricted stock units, net of tax withholdings	(40)		(40)
Issuance of common stock related to vesting of restricted stock units, net of tax withholdings, shares		41,832
Stock-based compensation	905		905
Unrealized loss on available for sale securities	(152)			(152)
Net loss	(11,872)				(11,872)
Balance at Jun. 30, 2022	$ 89,121	$ 3	$ 216,731	$ (845)	$ (126,768)
Balance, Shares at Jun. 30, 2022	23,560,250	23,560,250

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (23,635)	$ (21,661)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,046	2,130
Depreciation and amortization	27	30
Amortization of discount on investments	108	3
Non-cash lease expense	166	155
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(285)	1,186
Accounts payable and accrued expenses	892	(209)
Accrued compensation and benefits	(582)	(112)
Other assets	27	31
Other liabilities	(131)	(34)
Net cash used in operating activities	(21,367)	(18,481)
Cash flows from investing activities
Purchases of property and equipment	(6)	(22)
Purchase of investments	(12,978)	(60,828)
Proceeds from maturities of investments	39,000	0
Net cash provided by (used in) investing activities	26,016	(60,850)
Cash flows from financing activities
Payment of deferred offering costs	(227)	0
Proceeds from exercise of stock options	2	143
Proceeds from issuance of common stock related to employee stock purchase plan	38	96
Proceeds from issuance of long-term debt, net of issuance costs of $10		4,990
Repayment of term loan		(4,770)
Net cash (used in) provided by financing activities	(187)	459
Net increase (decrease) in cash, cash equivalents and restricted cash	4,462	(78,872)
Cash, cash equivalents, and restricted cash at beginning of period	42,964	157,366
Cash, cash equivalents, and restricted cash at end of period	47,426	78,494
Supplemental cash flow data:
Cash paid for interest	110	97
Supplemental disclosure of non-cash investing and financing activities:
Tax withholding payments on restricted stock units	(40)	0
Deferred offering costs included in accounts payable and accrued expenses	$ 50	$ 0

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement Of Cash Flows [Abstract]
Proceeds from issuance of long-term debt, issuance costs	$ 10

Organization and Principal Activities

6 Months Ended

Jun. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Principal Activities

1. Organization and Principal Activities

Description of Business

Spruce Biosciences, Inc. (the Company) is a late-stage biopharmaceutical company focused on developing and commercializing novel therapies for rare endocrine disorders with significant unmet medical need. The Company is initially developing its wholly-owned product candidate, tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH). The Company is also developing tildacerfont for females suffering from polycystic ovary syndrome (PCOS) with adrenal dysfunction. The Company is located in Daly City, California and was incorporated in the state of Delaware in April 2016.

Liquidity and Capital Resources

As of June 30, 2022, the Company had cash, cash equivalents and investments of $99.1 million, which management believes is sufficient to fund its planned operations for a period of at least twelve months following the issuance of the accompanying condensed financial statements.

The Company has incurred significant losses and negative cash flows from operations. During the six months ended June 30, 2022, the Company incurred a net loss of $23.6 million and used $21.4 million of cash in operations. As of June 30, 2022, the Company had an accumulated deficit of $126.8 million and does not expect positive cash flows from operations in the foreseeable future. The Company has funded its operations primarily through the issuance and sale of equity securities and debt.

The Company anticipates that it will need to raise substantial additional financing in the future to fund its operations. In order to meet these additional cash requirements, the Company may seek to sell additional equity or issue debt, convertible debt or other securities that may result in dilution to its stockholders. If the Company raises additional funds through the issuance of debt or convertible debt securities, these securities could have rights senior to those of its shares of common stock and could contain covenants that restrict its operations. There can be no assurance that the Company will be able to obtain additional equity or debt financing on terms acceptable to it, if at all. Additional debt financing, if available, would result in increased fixed payment obligations and may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions such as incurring debt, making capital expenditures or declaring dividends. The Company’s failure to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on its business, results of operations, and financial condition.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Interim Condensed Financial Statements

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The condensed balance sheet as of June 30, 2022, the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed statement of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements. The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period.

These interim condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022 (Annual Report).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses as well as related disclosure of contingent assets and liabilities. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, accrued research and development expenses, stock-based compensation and uncertain tax positions. The Company bases its estimates on its historical experience and on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.

Risks and Uncertainties

Any product candidates developed by the Company will require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current and future product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If approval is denied or delayed, it may have a material adverse impact on the Company’s business and its financial statements.

The Company is subject to a number of risks similar to other late-stage biopharmaceutical companies including, but not limited to, dependency on the clinical success of the Company’s product candidate, tildacerfont, ability to obtain regulatory approval of tildacerfont, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, significant competition, untested manufacturing capabilities, and dependence on key individuals and sole source suppliers.

The Company’s business has been and could continue to be adversely affected by the evolving COVID-19 pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s clinical trials for numerous reasons including additional delays or difficulties in enrolling patients, diversion of healthcare resources away from the conduct of clinical trials, interruption or delays in the operations of the FDA or other regulatory authorities, and delays in clinical sites receiving the supplies and materials to conduct our clinical trials. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain. While vaccines have become widely available in certain countries, and businesses and economies have reopened, the status of global economic recovery remains uncertain and unpredictable and will continue to be impacted by developments in the pandemic including any subsequent waves of outbreak or new variant strains of the COVID-19 virus which may require re-closures or other preventative measures. The Company will continue to evaluate the impact that these events could have on its future operations, financial position, results of operations and cash flows.

Further, following the recent invasion of Ukraine by Russia, the U.S. and global financial markets experienced volatility, which has led to additional disruptions to trade, commerce, pricing stability, credit availability and supply chain continuity globally. It is uncertain what the long-term impact of the ongoing military conflict between Ukraine and Russia and related sanctions may have on the Company’s business.

Significant Accounting Policies

There have been no significant changes to the accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in the Annual Report.

Restricted Cash

The Company has cash in a collateral account related to a letter of credit issued on behalf of the Company for the security deposit on the non-cancelable operating lease for an office facility. The collateralized cash in connection with the letter of credit was classified as restricted cash on the balance sheet as of June 30, 2022 and December 31, 2021 based on the terms of the lease agreement, which expires in 2025, unless extended.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands):


	June 30,
	2022		2021
Cash and cash equivalents	$	47,210	$	78,278
Restricted cash		216		216
Total cash, cash equivalents and restricted cash	$	47,426	$	78,494

Emerging Growth Company Status

The Company is an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards.

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable

and supportable information to inform credit loss estimates. ASU 2016-13 is effective for non-EGC’s electing to use the extended transition period for complying with new or revised accounting standards for fiscal years beginning after December 15, 2019, and for EGC’s for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company expects to adopt this ASU on January 1, 2023. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does not expect the adoption of this guidance to have a material impact on its financial statements.

Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

Cash Equivalents and Investments

3. Cash Equivalents and Investments

The Company considers all highly liquid investments with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds and are stated at fair value.

Investments are comprised of U.S. treasury securities, commercial paper, and corporate bonds.

The following table is a summary of amortized cost, gross unrealized gains and losses, and fair value (in thousands):


		June 30, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Money market funds		$	44,320	$	—	$	—			$	44,320
	Total cash equivalents		44,320		—		—				44,320
Corporate bonds			14,662		—		(191	)			14,471
U.S. treasury securities			32,080		—		(466	)			31,614
	Total short-term investments		46,742		—		(657	)			46,085
U.S. treasury securities			5,994		—		(189	)			5,805
	Total long-term investments		5,994		—		(189	)			5,805
Total cash equivalents and investments		$	97,056	$	—	$	(845	)	*	$	96,210

*Total Gross Unrealized Losses in the table above does not recalculate due to rounding.

As of June 30, 2022, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.


		December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds		$	38,067	$	—	$	—		$	38,067
	Total cash equivalents		38,067		—		—			38,067
Commercial paper			33,973		—		—			33,973
Corporate bonds			6,285		—		(23	)		6,262
U.S. treasury securities			5,999		—		(13	)		5,986
	Total short-term investments		46,257		—		(36	)		46,221
Corporate bonds			8,470		—		(34	)		8,436
U.S. treasury securities			24,137		—		(114	)		24,023
	Total long-term investments		32,607		—		(148	)		32,459
Total cash equivalents and investments		$	116,931	$	—	$	(184	)	$	116,747

As of December 31, 2021, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.

As of June 30, 2022, the weighted-average remaining contractual maturities of investments was approximately eight months.

There have been no realized gains or losses on available for sale securities for the periods presented. No available for sale securities held as of June 30, 2022 have been in a continuous unrealized loss position for more than 12 months, and unrealized gains and losses are included in “accumulated other comprehensive loss” within stockholders' equity on the condensed balance sheets. As of June 30, 2022, unrealized losses on available for sale securities are not attributed to credit risk and are considered temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related

to other-than-temporary declines in fair value. The Company’s short-term investments are securities with contractual maturities of less than one year.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company measures and reports certain financial instruments as assets at fair value.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Quoted prices in active markets for identical assets and liabilities;

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

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying value of cash and cash equivalents, prepaid expenses, accounts payable, and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

The following table summarizes the Company's financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		June 30, 2022
		Total		Level 1		Level 2		Level 3
Money market funds		$	44,320	$	44,320	$	—	$	—
	Total cash equivalents		44,320		44,320		—		—
Corporate bonds			14,471		14,471		—		—
U.S. treasury securities			31,614		31,614		—		—
	Total short-term investments		46,085		46,085		—		—
U.S. treasury securities			5,805		5,805		—		—
	Total long-term investments		5,805		5,805		—		—
Total cash equivalents and investments		$	96,210	$	96,210	$	—	$	—

As of June 30, 2022, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.


		December 31, 2021
		Total		Level 1		Level 2		Level 3
Money market funds		$	38,067	$	38,067	$	—	$	—
	Total cash equivalents		38,067		38,067		—		—
Commercial paper			33,973		—		33,973		—
Corporate bonds			6,262		6,262				—
U.S. treasury securities			5,986		5,986		—		—
	Total short-term investments		46,221		12,248		33,973		—
Corporate bonds			8,436		8,436		—		—
U.S. treasury securities			24,023		24,023		—		—
	Total long-term investments		32,459		32,459		—		—
Total cash equivalents and investments		$	116,747	$	82,774	$	33,973	$	-

As of December 31, 2021, $135 thousand of accrued interest on investments was recorded to other assets on the condensed balance sheets.

The Company's assets and liabilities that are recorded at fair value on a recurring or non-recurring basis as of June 30, 2022 are described below.

For Level 1 investments, the Company uses quoted prices in active markets for identical assets to determine the fair value. For Level 2 investments, the Company uses quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades of or quotes on the same or similar securities. The Company does not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services.

The estimated fair value of the term loan was $4.7 million as of June 30, 2022 and was based on estimated interest rates currently available to the Company for debt with similar terms, a Level 3 input.

- 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

Balance Sheet Components

6 Months Ended

Jun. 30, 2022

Text Block [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Property and equipment, net

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


	June 30,			December 31,
	2022			2021
Computer and office equipment	$	20		$	15
Computer software		27			27
Manufacturing machinery and equipment		58			58
Leasehold improvements		7			7
Furniture and fixtures		64			64
Less: accumulated depreciation		(49	)		(31	)
Property and equipment, net	$	127		$	140

Property and equipment, net is included in other assets on the condensed balance sheets. Depreciation expense was $9 thousand and $18 thousand for the three and six months ended June 30, 2022, respectively. Depreciation expense was $5 thousand and $9 thousand for the three and six months ended June 30, 2021, respectively.

Accrued Expenses and Other Current Liabilities

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


	June 30, 2022		December 31, 2021
Accrued research and development expenses	$	6,226	$	3,837
Accrued general and administrative expenses		347		416
Lease liability, current portion		380		360
Total accrued expenses and other current liabilities	$	6,953	$	4,613

Accrued research and development expenses were primarily related to clinical trials and manufacturing of clinical drug supply.

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

6. Leases

The Company leases space under non-cancelable operating lease, which requires the Company to pay base rent, real estate taxes, insurance, general repairs, and maintenance. The Company does not have financing leases.

In February 2020, the Company entered into a non-cancelable operating lease for office space with a commencement date of September 2020. The monthly payments escalate over the 63-month term with total gross commitments of $2.3 million. The lease includes an option to renew the lease term for an additional period of 60 months. The renewal option is not included in the lease term as the Company is not reasonably certain to exercise the option. Lease incentives, which relate to rent abatement, were considered in the calculation of the lease liability and right-of-use asset. Lease expense for the three and six months ended June 30, 2022 was $0.1 million and $0.2 million, respectively. Lease expense for the three and six months ended June 30, 2021 was $0.1 million and $0.2 million, respectively.

Lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of the remaining minimum lease payments over the lease term, with certain adjustments. As the leases do not provide an implicit rate, the Company uses a collateralized incremental borrowing rate based on the information available at the commencement date to determine the lease liability. As of June 30, 2022, the weighted-average remaining lease term for operating leases was 3.4 years and the weighted-average discount rate was 7.0%. Cash paid for amounts included in the measurement of lease liabilities was $0.1 million and $0.2 million for

the three and six months ended June 30, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities was $0.1 million and $0.1 million for the three and six months ended June 30, 2021, respectively.

The Company recognizes monthly operating lease expense on a straight-line basis over the term of the lease. Variable lease expense relates primarily to office lease common area maintenance, insurance, and property taxes, is expensed as incurred, and is excluded from the calculation of the lease liability and right-of-use-asset.

Term Loan

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Term Loan

7. Term Loan

In September 2019, the Company entered into a Loan and Security Agreement (the Loan Agreement) with Silicon Valley Bank (SVB) providing for a term loan (the Term Loan). In April 2020, the Company and SVB entered into an agreement (the Deferral Agreement) whereby the parties agreed to extend the interest-only period and repayment dates of all monthly payments of principal due and the maturity date with respect to the Term Loan by six months. All other terms under the Loan Agreement remained unchanged at that time. The Deferral Agreement was determined to be a debt modification, resulting in a prospective yield adjustment based on the revised terms.

In connection with the Loan Agreement, the Company issued a warrant to purchase up to an aggregate of 49,609 shares of common stock at $1.44 per share. The Company determined the initial fair value of the warrant to be $0.1 million using the Black-Scholes option-pricing model. The fair value of the warrant was recorded to equity and as a debt discount, which was being amortized to interest expense using the effective interest method over the term of the Term Loan. In November 2020, the warrant was net-exercised for 46,358 shares of common stock.

In March 2021, the Company entered into a First Amendment to Loan and Security Agreement (the First Amendment), pursuant to which the Company and SVB amended the Loan Agreement. The First Amendment increased the aggregate principal amount of the Term Loan commitment by SVB to up to $30.0 million. Up to $20.0 million was available under the first tranche of the Term Loan (First Tranche), $5.0 million of which was advanced immediately to repay the outstanding obligations under the Term Loan prior to the First Amendment with the remainder of the First Tranche commitment available through December 31, 2021, and up to $10.0 million is available under the second tranche (Second Tranche), subject to the completion of certain clinical or financial milestones, which Second Tranche commitment is available through December 31, 2022. Pursuant to the First Amendment, the Term Loan will mature on January 1, 2026. The First Amendment was determined to be a debt modification.

Pursuant to the First Amendment, the Company is required to make monthly payments of interest only commencing on the first day of the month following the funding date of each respective tranche and continuing thereafter through December 31, 2022 to the extent that the Company does not borrow any part of the Second Tranche or December 31, 2023 if the Company has borrowed some or all of the Second Tranche. Outstanding principal balances under the Term Loan, as amended by the First Amendment, bear interest at a floating per annum rate equal to (A) if the Company does not borrow under the Second Tranche, the greater of (x) 1% above the prime rate or (y) 4.25%; or (B) if the Company does borrow under the Second Tranche, the greater of (x) 3% above the prime rate or (y) 6.25%.

In May 2022, the Company entered into a Second Amendment to Loan and Security Agreement (the Second Amendment), which amended the milestones upon which the Second Tranche commitment of $10.0 million would become available. The Second Amendment was determined to be a debt modification.

The Second Amendment reduced the interest rate on the outstanding First Tranche Term Loan of $5.0 million and any advances that occur under the Second Tranche to a floating per annum rate equal to the greater of (A) one-half of one percent (0.50%) above the Prime Rate (as defined in the Loan Agreement) or (B) three and three-quarters of one percent (3.75%), and, in the event that the Supplemental Term Loans (as defined in the Loan Agreement) under the Second Tranche become available and the Company obtains an advance thereunder, the interest only period for all Term Loans (as defined in the Loan Agreement) will be extended from December 31, 2022, to June 30, 2023.

Further, in the event that the Supplemental Term Loans under the Second Tranche become available and the Company obtains an advance thereunder, the Company will be required to comply with a new liquidity covenant of at least $50.0 million at all times. If the Company does not comply with the foregoing liquidity covenant, a springing cash pledge will occur, pursuant to which the Company must maintain a cash secured blocked account with SVB with a cash balance in an amount equal to the outstanding SVB obligations at such time (excluding Bank Services (as defined in the Loan Agreement)). The foregoing cash collateral requirement will terminate upon a certain additional equity raise, which must occur on or before September 30, 2024.

The Loan Agreement, as amended by the Deferral Agreement, the First Amendment, and the Second Amendment, provides for monthly cash interest-only payments following the funding date of each respective tranche and continuing thereafter through December 31, 2022 to the extent that the Company does not borrow any part of the Second Tranche or June 30, 2023 if the Company has borrowed some or all of the Second Tranche.

Following the interest-only period, the outstanding Term Loan balance will be payable in (i) 37 consecutive monthly payments (or 31 if the Company borrows under the Second Tranche) after the end of the interest-only period and continuing on the same day of each month thereafter, in amounts that would fully amortize such Term Loan balance, as of the first business day of the first month following the amended interest-only period, over the repayment period, plus (ii) monthly payments of accrued but unpaid interest. The Second Amendment amended the Second Tranche Final Payment due on the maturity date, which payments shall include all outstanding principal and all accrued unpaid interest and an end of term payment totaling (x) 6.0% of the original funded principal amount of the First Tranche, and (y) 4.0% of the total original funded principal amount under the Second Tranche if the Company does borrow under the Second Tranche (the Supplemental Final Payment). The Second Amendment also amended the prepayment amounts, so that the Company may prepay amounts outstanding under the Term Loan at any time provided certain notification conditions are met, in which case, all outstanding principal plus accrued and unpaid interest, the Supplemental Final Payment, a prepayment fee of 1% or 2% of the principal amount of the first and second tranches, and any bank expenses become due and payable.

The Company incurred $10.0 thousand of debt issuance costs in connection with the First Amendment and $15.6 thousand of debt issuance costs in connection with the Second Amendment. The Company recorded these costs, including the unaccreted portion of the final payment obligation under the Loan Agreement as a discount from the carrying value of the Term Loan, which are being amortized using the effective interest method over the life of the First Amendment. The unamortized debt issuance costs and debt discount balance was $0.1 million as of June 30, 2022.

The Term Loan and unamortized discount and debt issuance costs balances as of June 30, 2022 are shown below (in thousands):


	June 30, 2022
Total Term Loan debt	$	5,000
Less: unamortized discount and debt issuance costs		(112	)
Total Term Loan, net		4,888
Less: Term Loan, current portion		(811	)
Term loan, net of current portion	$	4,077

The Company is subject to customary affirmative and restrictive covenants under the Loan Agreement, as amended. The Company’s obligations under the Loan Agreement, as amended, are secured by a first priority security interest in substantially all of its current and future assets, other than intellectual property. The Company also agreed not to encumber its intellectual property assets, except as permitted by the Loan Agreement, as amended.

The Loan Agreement, as amended, also contains customary indemnification obligations and customary events of default, including, among other things, the Company’s failure to fulfill certain obligations under the Loan Agreement, as amended, and the occurrence of a material adverse change in its business, operations, or condition (financial or otherwise), a material impairment of the prospect of repayment of any portion of the loan, or a material impairment in the perfection or priority of lender’s lien in the collateral or in the value of such collateral. In the event of default by the Company under the Loan Agreement, as amended, the lender would be entitled to exercise their remedies thereunder, including the right to accelerate the debt, upon which the Company may be required to repay all amounts then outstanding under the Loan Agreement, as amended. As of June 30, 2022, management believes that the Company was in compliance with all financial covenants under the Loan Agreement, as amended, and there had been no material adverse change.

The Company made interest payments on the Term Loan of $57 thousand and $110 thousand during the three and six months ended June 30, 2022, respectively. The Company made interest payments on the Term Loan of $43 thousand and $97 thousand during the three and six months ended June 30, 2021, respectively.

- Definition

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

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency on an undiscounted basis when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective and based on the status of such legal proceedings, the merits of the Company’s defenses, and consultation with legal counsel. Actual outcomes of these legal proceedings may differ materially from the Company’s estimates.

License Agreement

In May 2016, the Company entered into a license agreement (the License Agreement), with Eli Lilly and Company (Lilly). Pursuant to the terms of the License Agreement, Lilly granted the Company an exclusive, worldwide, royalty bearing, sublicensable license under certain technology, patent rights, know-how and proprietary materials related to certain compounds, to research, develop, and commercialize such compounds for all pharmaceutical uses. The Company is also required to pay Lilly up to an aggregate of $23.0 million upon the achievement, during the time the License Agreement remains in effect, of certain milestones relating to the clinical development and commercial sales of products licensed under the License Agreement. Such payments are for predetermined fixed amounts, are paid only upon the first occurrence of each event and are due shortly after achieving the applicable milestone. In addition, the Company is required to pay Lilly tiered royalties on annual worldwide net sales with rates ranging from mid-single digits to sub-teens. No additional amounts were paid by the Company to Lilly during any of the periods presented, nor were due as of such dates pursuant to the License Agreement.

Legal Matters

The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company was not subject to any material legal proceedings during the six months ended June 30, 2022.

Capital Structure

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Capital Structure

9. Capital Structure

Common Stock

As of June 30, 2022 and December 31, 2021, the Company was authorized to issue 200,000,000 shares of common stock $0.0001 par value per share. Holders of the Company’s common stock are entitled to dividends if and when declared by the Board of Directors of the Company (Board of Directors). The holder of each share of common stock is entitled to one vote. As of June 30, 2022, no dividends were declared.

Shares reserved for future issuance

Common stock reserved for future issuance, on an as converted basis, consisted of the following:


	June 30, 2022		December 31, 2021
Stock options, issued and outstanding		3,954,980		2,215,942
Restricted and performance stock units, issued and outstanding		425,853		460,000
Shares available for future issuance under 2020 Equity Incentive Plan		2,815,275		2,636,506
Employee stock purchase plan, available for future issuance		642,573		433,200
Total shares reserved		7,838,681		5,745,648

In February 2022, the SEC declared effective a registration statement on Form S-3 (Shelf Registration) covering the sale of up to $200.0 million of the Company's securities. Also, in February 2022, the Company entered into an Open Market Sales AgreementSM (Sales Agreement), with Jefferies LLC (Jefferies), pursuant to which the Company may elect to issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $21.0 million under the Shelf Registration through Jefferies acting as the sales agent and/or principal. As of June 30, 2022, the Company has issued no shares of common stock pursuant to the Sales

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Equity Incentive Plans and Stock-Based Compensation Expense

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans and Stock-Based Compensation Expense

10. Equity Incentive Plans and Stock-Based Compensation Expense

Equity Incentive Plans

The Company adopted the 2020 Equity Incentive Plan (the 2020 Plan) in October 2020. The 2020 Plan is a successor to and continuation of the Amended and Restated 2016 Equity Incentive Plan (the 2016 Plan) and provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants. A total of 2,647,684 shares of common stock were approved to be initially reserved for issuance under the 2020 Plan, inclusive of the shares that remained available for issuance under the 2016 Plan at the time the 2020 Plan became effective. In addition, the number of shares of common stock available for issuance under the 2020 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2020 Plan, beginning with January 1,

2021 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s Board of Directors. No further grants will be made under the 2016 Plan; however, shares subject to awards granted under the 2016 Plan will continue to be governed by the 2016 Plan.

Under the 2020 Plan and the 2016 Plan, individuals can be granted the ability to early exercise their options. There were no shares, related to the early exercise of options, subject to repurchase by the Company as of June 30, 2022. As of June 30, 2022, a total of 4,985,297 shares were authorized for issuance under the 2020 Plan and 2,815,275 shares remained available for issuance, and a total of 1,275,158 shares were authorized for issuance under the 2016 Plan and no shares remained available for issuance.

A summary of the Company’s stock option activity and related information is as follows (in thousands, except share and per share amounts):


	Outstanding Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of December 31, 2021		2,215,942		$	4.72		6.9	$	3,959
Granted		2,143,125			3.23		—		—
Exercised		(992	)		1.39		—		—
Forfeited		(403,095	)		7.47		—		—
Balance as of June 30, 2022		3,954,980		$	3.63		8.1	$	410
Vested and expected to vest as of June 30, 2022		3,814,980		$	3.59		8.0	$	410
Vested and exercisable as of June 30, 2022		1,461,195		$	3.57		5.4	$	292

Stock options vested and expected to vest differs from total stock options outstanding as it excludes performance-based stock options for which the performance criteria have not been achieved and achievement is not expected as of June 30, 2022.

The aggregate intrinsic values of options outstanding and exercisable were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock as of the respective balance sheet date. The total intrinsic value of options exercised was $1 thousand for the six months ended June 30, 2022. There were no options exercised during the three months ended June 30, 2022.

For the three and six months ended June 30, 2022, the weighted-average fair value of options granted was $1.47 per share and $2.56 per share, respectively.

Restricted Stock Units (RSUs)

A summary of the Company’s RSU activity and related information is as follows:


	RSUs
	Shares			Weight-Average Grant Date Fair Value Per Share
Unvested balance as of December 31, 2021		460,000		$	2.48
Granted		92,200			2.58
Vested		(64,347	)		2.49
Forfeited		(62,000	)		2.55
Unvested balance as of June 30, 2022		425,853		$	2.49

During the six months ended June 30, 2022, the Company granted 92,200 RSUs, including 68,775 RSUs subject to time-based vesting in installments through June 30, 2023, and 23,425 RSUs subject to performance-based vesting conditions related to the satisfaction of certain clinical development milestones.

Employee Stock Purchase Plan

The Board of Directors adopted and the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the ESPP) in October 2020. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. At the end of each purchase period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock as of the offering date or the applicable purchase date. A total of 220,640 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2021 and ending with January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year, (ii) 441,280 shares of common stock or (iii) such lesser amount as determined by the Board of Directors.

During the six months ended June 30, 2022, 25,545 shares were issued under the ESPP. As of June 30, 2022, 642,573 shares of common stock remained available for issuance under the ESPP.

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	245	$	346	$	545	$	610
General and administrative		660		664		1,501		1,520
Total stock-based compensation expense	$	905	$	1,010	$	2,046	$	2,130

As of June 30, 2022, there was approximately $7.4 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average vesting term of 2.9 years.

As of June 30, 2022, there was approximately $0.6 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over an estimated weighted-average vesting term of 1.3 years.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company accounts for income taxes under ASC Topic 740, Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations. No provision for income taxes has been recorded due to losses incurred to date. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a full valuation allowance for deferred tax assets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 2
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(11,872	)	$	(11,774	)	$	(23,635	)	$	(21,661	)
Denominator:
Weighted-average shares of common stock outstanding		23,493,613			23,329,756			23,492,960			23,306,708
Net loss per share, basic and diluted	$	(0.51	)	$	(0.50	)	$	(1.01	)	$	(0.93	)

Basic net loss per share was the same as diluted net loss per share for all periods as the inclusion of potentially dilutive securities would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations were as follows:


	June 30,
	2022		2021
Shares subject to outstanding common stock options		3,954,980		2,612,963
Shares subject to outstanding RSUs		425,853		—
Estimated shares issuable under the ESPP		138,365		32,255
Total		4,519,198		2,645,218

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Interim Condensed Financial Statements

Use of Estimates

Risks and Uncertainties

Significant Accounting Policies

There have been no significant changes to the accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies described in the Annual Report.

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands):


	June 30,
	2022		2021
Cash and cash equivalents	$	47,210	$	78,278
Restricted cash		216		216
Total cash, cash equivalents and restricted cash	$	47,426	$	78,494

Emerging Growth Company Status

Recent Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands):


	June 30,
	2022		2021
Cash and cash equivalents	$	47,210	$	78,278
Restricted cash		216		216
Total cash, cash equivalents and restricted cash	$	47,426	$	78,494

Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost, Unrealized Gains, and Losses, and Fair Value

The following table is a summary of amortized cost, gross unrealized gains and losses, and fair value (in thousands):


		June 30, 2022
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Money market funds		$	44,320	$	—	$	—			$	44,320
	Total cash equivalents		44,320		—		—				44,320
Corporate bonds			14,662		—		(191	)			14,471
U.S. treasury securities			32,080		—		(466	)			31,614
	Total short-term investments		46,742		—		(657	)			46,085
U.S. treasury securities			5,994		—		(189	)			5,805
	Total long-term investments		5,994		—		(189	)			5,805
Total cash equivalents and investments		$	97,056	$	—	$	(845	)	*	$	96,210

*Total Gross Unrealized Losses in the table above does not recalculate due to rounding.


		December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Money market funds		$	38,067	$	—	$	—		$	38,067
	Total cash equivalents		38,067		—		—			38,067
Commercial paper			33,973		—		—			33,973
Corporate bonds			6,285		—		(23	)		6,262
U.S. treasury securities			5,999		—		(13	)		5,986
	Total short-term investments		46,257		—		(36	)		46,221
Corporate bonds			8,470		—		(34	)		8,436
U.S. treasury securities			24,137		—		(114	)		24,023
	Total long-term investments		32,607		—		(148	)		32,459
Total cash equivalents and investments		$	116,931	$	—	$	(184	)	$	116,747

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company's financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		June 30, 2022
		Total		Level 1		Level 2		Level 3
Money market funds		$	44,320	$	44,320	$	—	$	—
	Total cash equivalents		44,320		44,320		—		—
Corporate bonds			14,471		14,471		—		—
U.S. treasury securities			31,614		31,614		—		—
	Total short-term investments		46,085		46,085		—		—
U.S. treasury securities			5,805		5,805		—		—
	Total long-term investments		5,805		5,805		—		—
Total cash equivalents and investments		$	96,210	$	96,210	$	—	$	—


		December 31, 2021
		Total		Level 1		Level 2		Level 3
Money market funds		$	38,067	$	38,067	$	—	$	—
	Total cash equivalents		38,067		38,067		—		—
Commercial paper			33,973		—		33,973		—
Corporate bonds			6,262		6,262				—
U.S. treasury securities			5,986		5,986		—		—
	Total short-term investments		46,221		12,248		33,973		—
Corporate bonds			8,436		8,436		—		—
U.S. treasury securities			24,023		24,023		—		—
	Total long-term investments		32,459		32,459		—		—
Total cash equivalents and investments		$	116,747	$	82,774	$	33,973	$	-

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Components Disclosure [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30, 2022		December 31, 2021
Accrued research and development expenses	$	6,226	$	3,837
Accrued general and administrative expenses		347		416
Lease liability, current portion		380		360
Total accrued expenses and other current liabilities	$	6,953	$	4,613

Schedule of Property and equipment

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


	June 30,			December 31,
	2022			2021
Computer and office equipment	$	20		$	15
Computer software		27			27
Manufacturing machinery and equipment		58			58
Leasehold improvements		7			7
Furniture and fixtures		64			64
Less: accumulated depreciation		(49	)		(31	)
Property and equipment, net	$	127		$	140

Term Loan (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Term Loan

The Term Loan and unamortized discount and debt issuance costs balances as of June 30, 2022 are shown below (in thousands):


	June 30, 2022
Total Term Loan debt	$	5,000
Less: unamortized discount and debt issuance costs		(112	)
Total Term Loan, net		4,888
Less: Term Loan, current portion		(811	)
Term loan, net of current portion	$	4,077

Capital Structure (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance, on an as converted basis, consisted of the following:


	June 30, 2022		December 31, 2021
Stock options, issued and outstanding		3,954,980		2,215,942
Restricted and performance stock units, issued and outstanding		425,853		460,000
Shares available for future issuance under 2020 Equity Incentive Plan		2,815,275		2,636,506
Employee stock purchase plan, available for future issuance		642,573		433,200
Total shares reserved		7,838,681		5,745,648

Equity Incentive Plans and Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows (in thousands, except share and per share amounts):


	Outstanding Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of December 31, 2021		2,215,942		$	4.72		6.9	$	3,959
Granted		2,143,125			3.23		—		—
Exercised		(992	)		1.39		—		—
Forfeited		(403,095	)		7.47		—		—
Balance as of June 30, 2022		3,954,980		$	3.63		8.1	$	410
Vested and expected to vest as of June 30, 2022		3,814,980		$	3.59		8.0	$	410
Vested and exercisable as of June 30, 2022		1,461,195		$	3.57		5.4	$	292

Summary of RSU Activity

A summary of the Company’s RSU activity and related information is as follows:


	RSUs
	Shares			Weight-Average Grant Date Fair Value Per Share
Unvested balance as of December 31, 2021		460,000		$	2.48
Granted		92,200			2.58
Vested		(64,347	)		2.49
Forfeited		(62,000	)		2.55
Unvested balance as of June 30, 2022		425,853		$	2.49

Summary of Stock-Based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	245	$	346	$	545	$	610
General and administrative		660		664		1,501		1,520
Total stock-based compensation expense	$	905	$	1,010	$	2,046	$	2,130

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(11,872	)	$	(11,774	)	$	(23,635	)	$	(21,661	)
Denominator:
Weighted-average shares of common stock outstanding		23,493,613			23,329,756			23,492,960			23,306,708
Net loss per share, basic and diluted	$	(0.51	)	$	(0.50	)	$	(1.01	)	$	(0.93	)

Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Share


	June 30,
	2022		2021
Shares subject to outstanding common stock options		3,954,980		2,612,963
Shares subject to outstanding RSUs		425,853		—
Estimated shares issuable under the ESPP		138,365		32,255
Total		4,519,198		2,645,218

Organization and Principal Activities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Organization And Principal Activities [Line Items]
Cash, cash equivalents and investments	$ 99,100		$ 99,100
Net loss	(11,872)	$ (11,774)	(23,635)	$ (21,661)
Cash in operations			21,400
Accumulated deficit	$ (126,768)		$ (126,768)		$ (103,133)

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 47,210	$ 42,748	$ 78,278
Restricted cash	216		216
Total cash, cash equivalents and restricted cash	$ 47,426		$ 78,494

Cash Equivalents and Investments - Summary of Amortized Cost, Unrealized Gains, and Losses, and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Cash and cash equivalents and available for sale securities, amortized cost	$ 97,056	$ 116,931
Cash and cash equivalents and available for sale securities, gross unrealized losses	(845)	(184)
Cash and cash equivalents and available for sale securities, fair value	96,210	116,747
Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost	46,742	46,257
Available for sale, gross unrealized losses	(657)	(36)
Available for sale, fair value	46,085	46,221
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost	5,994	32,607
Available for sale, gross unrealized losses	(189)	(148)
Available for sale, fair value	5,805	32,459
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Cash and cash equivalents, amortized cost	44,320	38,067
Cash and cash equivalents, fair value	44,320	38,067
Cash And Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Cash and cash equivalents, amortized cost	44,320	38,067
Cash and cash equivalents, fair value	44,320	38,067
Commercial Paper \| Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost		33,973
Available for sale, fair value		33,973
Corporate Bond \| Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost	14,662	6,285
Available for sale, gross unrealized losses	(191)	(23)
Available for sale, fair value	14,471	6,262
Corporate Bond \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost		8,470
Available for sale, gross unrealized losses		(34)
Available for sale, fair value		8,436
US Treasury Securities \| Short Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost	32,080	5,999
Available for sale, gross unrealized losses	(466)	(13)
Available for sale, fair value	31,614	5,986
US Treasury Securities \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Available for sale, amortized cost	5,994	24,137
Available for sale, gross unrealized losses	(189)	(114)
Available for sale, fair value	$ 5,805	$ 24,023

Cash Equivalents and Investments - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accrued interest on investments	$ 135,000	$ 135,000
Weighted-average remaining contractual term maturities available for sale	8 months
Debt securities, available-for-sale, realized gain (loss)	$ 0
Debt securities, available-for-sale, Continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, realized gain (loss), excluding other-than-temporary impairment	$ 0
Cash equivalents and short term investments due term	1 year

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Accrued interest on investments	$ 135	$ 135
Estimated fair value of term loan	$ 4,700

Balance Sheet Components Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance Sheet Components Disclosure [Abstract]
Depreciation	$ 9	$ 5	$ 18	$ 9

Balance Sheet Components - Schedule of Property and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (49)	$ (31)
Property and equipment, net	127	140
Computer And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20	15
Software Development [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27	27
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	58	58
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7	7
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 64	$ 64

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Components Disclosure [Abstract]
Accrued research and development expenses	$ 6,226	$ 3,837
Accrued general and administrative expenses	347	416
Lease liability, current portion	380	360
Total accrued expenses and other current liabilities	$ 6,953	$ 4,613

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease commencement date	2020-09
Operating lease term	63 months
Operating leases, gross commitment	$ 2.3
Operating Leases, option to renew lease term description				The lease includes an option to renew the lease term for an additional period of 60 months. The renewal option is not included in the lease term as the Company is not reasonably certain to exercise the option.
Operating leases, renew lease term	60 months
Operating leases, lease expense		$ 0.1	$ 0.1	$ 0.2	$ 0.2
Weighted-average remaining lease term for operating leases		3 years 4 months 24 days		3 years 4 months 24 days
weighted-average discount rate		7.00%		7.00%
Cash paid for amounts included in measurement of lease liabilities		$ 0.1	$ 0.1	$ 0.2	$ 0.1

Term Loan - Additional Information (Details)	1 Months Ended			3 Months Ended		6 Months Ended
Term Loan - Additional Information (Details)	Nov. 30, 2020 shares	Apr. 30, 2020	Sep. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) Installment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Installment	Jun. 30, 2021 USD ($)	May 31, 2022 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount				$ 4,888,000		$ 4,888,000
Silicon Valley Bank
Debt Instrument [Line Items]
Debt liquidity covenant						If the Company does not comply with the foregoing liquidity covenant, a springing cash pledge will occur, pursuant to which the Company must maintain a cash secured blocked account with SVB with a cash balance in an amount equal to the outstanding SVB obligations at such time (excluding Bank Services (as defined in the Loan Agreement)). The foregoing cash collateral requirement will terminate upon a certain additional equity raise, which must occur on or before September 30, 2024.
Liquidity covenant amount						Further, in the event that the Supplemental Term Loans under the Second Tranche become available and the Company obtains an advance thereunder, the Company will be required to comply with a new liquidity covenant of at least $50.0 million at all times.
Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt instrument, extended term		6 months
Aggregate principal amount				$ 30,000,000.0		$ 30,000,000.0
Debt instrument, maturity date						Jan. 01, 2026
Debt Instrument Frequency Of Periodic Payment						monthly
Number of Monthly Installments \| Installment				37		37
End of term payment, percentage						4.00%
Debt issuance costs				$ 10,000.0		$ 10,000.0
Unamortized debt issuance costs and debt discount				100,000		100,000
Interest payments on debt				57,000	$ 43,000	110,000	$ 97,000
Term Loan \| Silicon Valley Bank \| The Second Amendment
Debt Instrument [Line Items]
Debt issuance costs				15,600		$ 15,600
Term Loan \| Silicon Valley Bank \| Maximum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage						2.00%
Term Loan \| Silicon Valley Bank \| Minimum
Debt Instrument [Line Items]
Debt instrument prepayment fee percentage						1.00%
Term Loan \| Silicon Valley Bank \| Warrant
Debt Instrument [Line Items]
Number of shares issuable upon the exercise of warrant \| shares			49,609
Warrants exercise price \| $ / shares			$ 1.44
Estimated fair value of the warrant			$ 100,000
Term Loan \| Silicon Valley Bank \| Common Stock \| Warrant
Debt Instrument [Line Items]
Net exercised of common stock \| shares	46,358
First Tranche Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Aggregate principal amount				20,000,000.0		$ 20,000,000.0
Repayment of outstanding obligations						$ 5,000,000.0
Debt instrument, maturity date						Dec. 31, 2021
End of term payment, percentage						6.00%
Outstanding interest rate						$ 5,000,000.0
Second Tranche Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Aggregate principal amount				$ 10,000,000.0		$ 10,000,000.0		$ 10,000,000.0
Debt instrument, maturity date						Dec. 31, 2022
Floating interest rate scenario one						4.25%
Debt instrument basis spread variable rate scenario two						6.25%
Number of Monthly Installments \| Installment				31		31
Second Tranche Term Loan \| Silicon Valley Bank \| Prime Rate
Debt Instrument [Line Items]
Floating interest scenario two						3.75%
Second Tranche Term Loan \| Silicon Valley Bank \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument basis spread variable rate scenario one						1.00%
Debt instrument basis spread variable rate scenario two						3.00%
Floating interest scenario one						0.50%

Term Loan - Schedule of Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total Term Loan debt	$ 5,000
Less: unamortized discount and debt issuance costs	(112)
Total Term Loan, net	4,888
Less: Term Loan, current portion	(811)	$ 0
Term loan, net of current portion	$ 4,077	$ 4,878

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Aggregate license agreement amount	$ 23,000,000.0
Additional aggregate license agreement amount	0
Legal fees	$ 0

Capital Structure - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Feb. 28, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock shares authorized	200,000,000		200,000,000
Common stock par value per share	$ 0.0001		$ 0.0001
Common stockholders voting rights	one vote
Common stock dividends declared	$ 0
Common stock, shares issued	23,560,250		23,491,881
Shelf Registration And Sales Agreement
Class Of Stock [Line Items]
Maximum amount of sale covered in shelf registration statement		$ 200,000,000.0
Shelf Registration And Sales Agreement \| Jefferies LLC
Class Of Stock [Line Items]
Maximum amount of offering issuance and sale covered in sales agreement		$ 21,000,000.0
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock, shares issued	0

Capital Structure - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Shares reserved for future issuance	7,838,681	5,745,648
Employee Stock Purchase Plan, Available for Future Issuance
Class Of Stock [Line Items]
Shares reserved for future issuance	642,573	433,200
Stock Options, Issued and Outstanding
Class Of Stock [Line Items]
Shares reserved for future issuance	3,954,980	2,215,942
Restricted and Performance Stock Units, Issued and Outstanding [Member]
Class Of Stock [Line Items]
Shares reserved for future issuance	425,853	460,000
Shares available for future issuance under 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved for future issuance	2,815,275	2,636,506

Equity Incentive Plans and Stock-Based Compensation Expense - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2020	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance		7,838,681	7,838,681	5,745,648
Equity incentive plan, terms			No further grants will be made under the 2016 Plan; however, shares subject to awards granted under the 2016 Plan will continue to be governed by the 2016 Plan.
Number of shares early exercised under any plan		0	0
Aggregate intrinsic value of options exercised		$ 0	$ 1,000
Weighted-average fair value of options granted		$ 1.47	$ 2.56
Unrecognized stock-based compensation expense		$ 7,400,000	$ 7,400,000
Unrecognized stock-based compensation expense expected to be recognized over weighted-average vesting term			2 years 10 months 24 days
RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Granted			92,200
Unrecognized stock-based compensation expense		$ 600,000	$ 600,000
Unrecognized stock-based compensation expense expected to be recognized over weighted-average vesting term			1 year 3 months 18 days
RSU \| Share Based Compensation Award Tranche Three Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Granted			68,775
RSU \| Share Based Compensation Award Tranche Four Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Granted			23,425
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	2,647,684
Equity incentive plan, terms	In addition, the number of shares of common stock available for issuance under the 2020 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2020 Plan, beginning with January 1, 2021 and ending with January 1, 2030, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s Board of Directors.
Shares authorized for issuance		4,985,297	4,985,297
Shares remained available for issuance		2,815,275	2,815,275
Term of automatically increase in common stock available for issuance	10 years
Percentage of outstanding shares subject to automatic increase in common stock	5.00%
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		1,275,158	1,275,158
Shares remained available for issuance		0	0
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance	220,640
Equity incentive plan, terms			In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2021 and ending with January 1, 2030, by an amount equal to the lesser of (i) 1% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year, (ii) 441,280 shares of common stock or (iii) such lesser amount as determined by the Board of Directors.
Shares remained available for issuance	441,280	642,573	642,573
ESPP issued			25,545
Maximum percentage of compensation that an employee is allowed to purchase shares	15.00%
Purchase price of common stock expressed as a percentage of fair market value	85.00%
Term of automatically increase in common stock available for issuance	10 years
Percentage of outstanding shares subject to automatic increase in common stock	1.00%

Equity Incentive Plans and Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) - 2020 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Outstanding Stock Options	2,215,942
Granted, Outstanding Stock Options	2,143,125
Exercised, Outstanding Stock Options	(992)
Forfeited, Outstanding Stock Options	(403,095)
Ending Balance, Outstanding Stock Options	3,954,980	2,215,942
Vested and expected to vest, Outstanding Stock Options	3,814,980
Vested and exercisable, Outstanding Stock Options	1,461,195
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 4.72
Granted, Weighted-Average Exercise Price	3.23
Exercised, Weighted-Average Exercise Price	1.39
Forfeited, Weighted-Average Exercise Price	7.47
Ending Balance, Weighted-Average Exercise Price	3.63	$ 4.72
Vested and expected to vest, Weighted-Average Exercise Price	3.59
Vested and exercisable, Weighted-Average Exercise Price	$ 3.57
Weighted-Average Remaining Contractual Life (Years)	8 years 1 month 6 days	6 years 10 months 24 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life (Years)	8 years
Vested and exercisable, Weighted-Average Remaining Contractual Life (Years)	5 years 4 months 24 days
Aggregate Intrinsic Value	$ 410	$ 3,959
Vested and expected to vest, Aggregate Intrinsic Value	410
Vested and exercisable, Aggregate Intrinsic Value	$ 292

Equity Incentive Plans and Stock-Based Compensation Expense - Summary of RSU Activity (Details) - RSU	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Unvested, Beginning Balance \| shares	460,000
Shares, Granted \| shares	92,200
Shares, Vested \| shares	(64,347)
Shares, Forfeited \| shares	(62,000)
Shares, Unvested, Ending Balance \| shares	425,853
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 2.48
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	2.58
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	2.49
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	2.55
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 2.49

Equity Incentive Plans and Stock-Based Compensation Expense - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 905	$ 1,010	$ 2,046	$ 2,130
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	245	346	545	610
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 660	$ 664	$ 1,501	$ 1,520

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (11,872)	$ (11,774)	$ (23,635)	$ (21,661)
Denominator:
Weighted-average shares of common stock outstanding	23,493,613	23,329,756	23,492,960	23,306,708
Net loss per share, basic and diluted	$ (0.51)	$ (0.50)	$ (1.01)	$ (0.93)

- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share	4,519,198	2,645,218
Shares Subject to Outstanding Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share	3,954,980	2,612,963
Shares Subject To Outstanding Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share	425,853	0
Estimated Shares Issuable Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share	138,365	32,255

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and investments	$ 96,210	$ 116,747
Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	46,085	46,221
Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	5,805	32,459
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	44,320	38,067
Commercial Paper \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		33,973
Corporate Bond \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	14,471	6,262
Corporate Bond \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		8,436
US Treasury Securities \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	31,614	5,986
US Treasury Securities \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	5,805	24,023
Fair Value Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	44,320	38,067
Total cash equivalents and investments	96,210	116,747
Fair Value Recurring \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	46,085	46,221
Fair Value Recurring \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	5,805	32,459
Fair Value Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	44,320	38,067
Total cash equivalents and investments	96,210	82,774
Fair Value Recurring \| Level 1 \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	46,085	12,248
Fair Value Recurring \| Level 1 \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	5,805	32,459
Fair Value Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents and investments		33,973
Fair Value Recurring \| Level 2 \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		33,973
Fair Value Recurring \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	44,320	38,067
Fair Value Recurring \| Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents, fair value	44,320	38,067
Fair Value Recurring \| Commercial Paper \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		33,973
Fair Value Recurring \| Commercial Paper \| Level 2 \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		33,973
Fair Value Recurring \| Corporate Bond \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	14,471	6,262
Fair Value Recurring \| Corporate Bond \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		8,436
Fair Value Recurring \| Corporate Bond \| Level 1 \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	14,471	6,262
Fair Value Recurring \| Corporate Bond \| Level 1 \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value		8,436
Fair Value Recurring \| US Treasury Securities \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	31,614	5,986
Fair Value Recurring \| US Treasury Securities \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	5,805	24,023
Fair Value Recurring \| US Treasury Securities \| Level 1 \| Short Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	31,614	5,986
Fair Value Recurring \| US Treasury Securities \| Level 1 \| Long Term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale, fair value	$ 5,805	$ 24,023