0000950170-22-004850 | 10-K | XBRL Viewer

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 274,735	$ 8,080
Restricted cash	1,472
Prepaid expenses and other current assets	2,466	23
Total current assets	278,673	8,103
Property and equipment, net	1,007	1,103
Operating lease right-of-use assets	232	836
Other assets, noncurrent	109	109
Total assets	280,021	10,151
Current liabilities:
Accounts payable	11,951	1,077
Accrued expenses and other current liabilities	6,592	1,997
Operating lease liabilities, current portion	165	615
Total current liabilities	18,708	3,689
Operating lease liabilities, net of current portion		165
Total liabilities	18,708	3,854
Commitments and contingencies (Note 16)
Stockholders' equity (deficit):
Preferred stock, par value $0.001 per share, 10,000,000 and zero shares authorized as of December 31, 2021 and 2020, respectively, zero shares issued and outstanding at December 31, 2021 and 2020
Common stock, $0.001 par value per share; 190,000,000 and 40,300,000 shares authorized as of December 31, 2021 and 2020, respectively; 32,792,867 and 2,177,956 shares issued as of December 31, 2021 and 2020, respectively and 32,222,881 and 1,289,342 shares outstanding at December 31, 2021 and 2020, respectively	32	1
Additional paid-in capital	352,999	97
Accumulated deficit	(91,718)	(15,743)
Total stockholders' equity (deficit)	261,313	(15,645)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 280,021	10,151
Series A Convertible Preferred Stock
Current liabilities:
Convertible Preferred Stock		$ 21,942

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	40,300,000
Common stock, shares issued	32,792,867	2,177,956
Common stock, shares outstanding	32,222,881	1,289,342
Series A Convertible Preferred Stock
Convertible preferred stock, par value per share	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	22,724,926
Convertible preferred stock, shares issued	0	22,724,925
Convertible preferred stock, shares outstanding	0	22,724,925
Convertible preferred stock, liquidation value		$ 22,000
Series B Convertible Preferred Stock
Convertible preferred stock, par value per share	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	0
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development expense	$ 51,054	$ 9,048
General and administrative	18,663	3,846
Total operating expenses	69,717	12,894
Loss from operations	(69,717)	(12,894)
Other (expense) income:
Interest income	23	66
Service fee income from related party	181
Change in fair value of derivative liability	(6,231)
Total other (expense) income	(6,027)	66
Loss from equity method investment in joint venture	(231)
Net loss and comprehensive loss	$ (75,975)	$ (12,828)
Net loss per common share - basic and diluted	$ (8.95)	$ (12.45)
Weighted average shares of common stock outstanding - basic and diluted	8,493,273	1,030,556

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Convertible Preferred Stock Pfizer License Agreement	Initial Public Offering	Common Stock	Common Stock Initial Public Offering	Additional paid-in capital	Additional paid-in capital Initial Public Offering	Accumulated deficit
Beginning balance at Dec. 31, 2019		$ 21,942
Beginning Balance, Shares at Dec. 31, 2019		22,724,925
Beginning balance at Dec. 31, 2019	$ (2,874)				$ 1		$ 40		$ (2,915)
Beginning Balance, Shares at Dec. 31, 2019					828,356
Issuance of common stock	3						3
Issuance of common stock (Shares)					49,061
Vesting of restricted common stock	10						10
Vesting of restricted common stock (Shares)					411,925
Stock-based compensation	44						44
Net loss	(12,828)								(12,828)
Ending balance at Dec. 31, 2020		$ 21,942
Ending balance (in shares) at Dec. 31, 2020		22,724,925
Ending balance at Dec. 31, 2020	(15,645)				$ 1		97		(15,743)
Ending balance (in shares) at Dec. 31, 2020					1,289,342
Issuance of Series B convertible preferred stock		$ 152,081	$ 20,000
Issuance of Series B convertible preferred stock, Shares		92,660,103	12,152,145
Issuance of common stock				$ 152,296		$ 11		$ 152,285
Issuance of common stock (Shares)						10,500,000
Temporary equity, Conversion of Series A and Series B convertible preferred stock into shares of common stock		$ (194,023)
Temporary equity, Conversion of Series A and Series B convertible preferred stock into shares of common stock (Shares)		(127,537,173)
Conversion of Series A and Series B convertible preferred stock into shares of common stock	194,023				$ 20		194,003
Conversion of Series A and Series B convertible preferred stock into shares of common stock (Shares)					20,056,145
Stock options exercised	$ 170						170
Stock options exercised (Shares)	70,396				70,396
Vesting of restricted common stock	$ 3						3
Vesting of restricted common stock (Shares)					306,998
Stock-based compensation	6,441						6,441
Net loss	(75,975)								(75,975)
Ending balance (in shares) at Dec. 31, 2021		0
Ending balance at Dec. 31, 2021	$ 261,313				$ 32		$ 352,999		$ (91,718)
Ending balance (in shares) at Dec. 31, 2021					32,222,881

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Series B Convertible Preferred Stock
Issuance costs	$ 419
Initial Public Offering
Underwriting commission and issuance costs	$ 15,704

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (75,975)	$ (12,828)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	647	469
Stock-based compensation	6,441	44
Non-cash research and development expenses	20,000
Non-cash lease expense	604	365
Non-cash loss from equity method investment in joint venture	50
Changes in fair value of derivative liability	6,231
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,444)	(13)
Accounts payable	4,643	558
Accrued expenses and other current liabilities	5,092	1,742
Operating lease liabilities	(615)	(421)
Net cash used in operating activities	(35,326)	(10,084)
Investing activities
Purchase of property and equipment	(540)	(1,483)
Investment in joint venture	(50)
Net cash used in investing activities	(590)	(1,483)
Financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs	151,581
Proceeds from issuance of common stock in initial public offering, net of issuance costs	152,296
Proceeds From Issuance Of Common Stock		3
Proceeds from the exercise of stock options	167	32
Net cash provided by financing activities	304,044	35
Net increase (decrease) in cash, cash equivalents, and restricted cash	268,128	(11,532)
Cash, cash equivalents and restricted cash at beginning of year	8,188	19,720
Cash, cash equivalents and restricted cash at end of year	276,316	8,188
Supplemental schedule of noncash operating and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	11	28
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities		1,186
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	274,735	8,080
Restricted cash	1,581	108
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 276,316	$ 8,188

Organization and Nature of Business	12 Months Ended
Organization and Nature of Business	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a preclinical oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients. The Company develops its product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Since the Company’s launch in 2019, the Company has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates and monoclonal antibody, or mAb, preclinical discovery programs that the Company is developing as monotherapies and in combination with other therapies. The Company has determined that it has one operating and reporting segment. Reverse Stock Split On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split of its issued and outstanding common stock and stock option awards. The par value of the common stock and preferred stock was not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the convertible preferred stock conversion price to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The shares of common stock underlying outstanding stock options and restricted stock units were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. All issued and outstanding shares of common stock, restricted stock units, stock option awards and per share data have been adjusted on a retrospective basis in these consolidated financial statements, to reflect the reverse stock split for all periods presented. Initial Public Offering On October 8, 2021, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 10,500,000 shares of its common stock at a public offering price of $16.00 per share, for aggregate gross proceeds of $168.0 million. The Company raised approximately $152.3 million in net proceeds after deducting underwriting discounts and commissions of $11.8 million and offering expenses of $3.9 million. Upon closing of the IPO, all of the outstanding shares of Series A Convertible Preferred stock (“Series A Preferred Stock”), and Series B Convertible Preferred Stock (“Series B Preferred Stock”) automatically converted into 20,056,145 shares of common stock of the Company. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. In connection with the closing of the IPO, the Company filed an amended and restated certificate of incorporation (“Amended Certificate of Incorporation”) to change the authorized capital stock to 200,000,000 shares of which 190,000,000 are designated as voting common stock and 10,000,000 are designated as undesignated preferred stock, all with a par value of $0.001 per share. Liquidity As of December 31, 2021, the Company had an accumulated deficit of $91.7 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $76.0 million and $12.8 million for the years ended December 31, 2021 and 2020, respectively. To date, the Company has primarily financed its operations through the sale of convertible preferred stocks and the proceeds from IPO. The Company has not generated any revenues to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs, business development activities and develop its product candidates. The Company currently expects that its existing cash and cash equivalents of $274.7 million as of December 31, 2021 will be sufficient to fund its operating expenses and capital requirements at least twelve months from the date these consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through issuance of equity securities, convertible or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Company’s fiscal year ends on December 31 and its first three quarters end on March 31, June 30 and September 30. The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.

The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably elected not to avail itself of this extended transition period, and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, derivative liability, research and development accruals, operating leases, assessment of the useful lives of property and equipment, valuation of deferred tax assets and liabilities, impairment of investment in joint venture, and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Additionally, the management considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s consolidated financial statements as of and for the year ended December 31, 2021. However, the extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change.

Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.

Risks and Uncertainties

The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.

Concentration of Credit Risks

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents are held at an accredited financial institution and the Company has not experienced any losses in such accounts. The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits. The Company’s cash equivalents consist primarily of short-term money market funds held in accredited financial institutions. The Company believes it is not exposed to any significant risk in cash and cash equivalents.

Cash and Cash Equivalents

The Company considers all short term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consist primarily of money market funds as of December 31, 2021 and 2020.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, the first two are considered observable and the last is considered unobservable:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3.

Property and Equipment, net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of the related assets as follows:


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life

Depreciation and amortization expense is included in research and development and general and administrative expenses. Major additions and upgrades are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred. Upon retirement or sale, the cost of assets disposed of, and the related accumulated depreciation and amortization are removed from the respective accounts and any resulting gain or loss is included in income (loss) from operations.

Impairment of Long-Lived Assets

The Company evaluates the long-lived assets, which consist of property and equipment and operating lease right-of-use assets, for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. Management then determines whether the remaining useful life continues to be appropriate, or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ recovery. Recoverability of these assets is measured by comparison of the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. The Company recognized no impairment losses for the years ended December 31, 2021 and 2020.

Leases

Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized and measured based on the present value of the future fixed lease payments over the expected lease term at the commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. Operating lease ROU assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases. The Company had no finance leases as of December 31, 2021 and 2020.

Investment in Joint Venture

Investment in the Company’s joint venture is accounted for using the equity method of accounting. The Company apply the equity method of accounting to investments when the Company has significant influence, but not controlling interest in the investee. Judgment regarding the level of influence over equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Under the equity method, investments are initially recorded at cost and are adjusted for dividends, distributed and undistributed earnings and losses, and additional investments. In the event the Company’s share of a joint venture’s cumulative losses exceeds the Company’s investment balance, the balance is reported at zero value until proportionate income exceeds the losses. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable.

Contingencies

The Company, from time to time, may be a party to various disputes and claims arising from normal business activities. The Company continually assesses disputes and claims including resulting litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingencies, including an estimable range, if possible.

Research and Development Expenses

The Company expenses research and development costs as incurred. The Company’s research and development expenses consist primarily of license fees to acquire intellectual property which does not meet the definition of intangible assets and costs incurred in performing research and development activities, including personnel-related expenses such as salaries, stock-based compensation and benefits, facilities costs, depreciation as well as external costs for outside vendors engaged to conduct preclinical development activities and license fees. The Company accrues expenses related to development activities performed by third parties based on an evaluation of services received and efforts expended pursuant to the terms of the contractual arrangements. Payments under some of these contracts depend on preclinical trial milestones. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of expenses. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or prepaid expense accordingly.

Stock-Based Compensation

The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The Company accounts for all stock-based awards granted to employees and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The grant date fair value of the stock-based awards with graded vesting is recognized on a straight-line basis over the requisite service period. The Company recognizes forfeitures related to stock-based compensation awards as they occur and reverses any previously recognized compensation cost associated with forfeited awards in the period the forfeiture occurs. The Company classifies stock-based compensation expense in the statement of operations in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified.

The Company values its stock options with service conditions using the Black-Scholes option pricing model. The Company use certain assumptions to determine fair value of the stock options pursuant to the Black-Scholes option pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate, expected dividend yield and the fair value of the Company’s common stock. Since the Company has no option exercise history, the Company uses the simplified method described in the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment (“SAB 107”), to determine the expected life of the option grants. The Company lacks sufficient company-specific historical and implied volatility information. Therefore, the Company estimates the expected stock volatility based on the historical volatility of a publicly traded set of peer companies. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. As the Company has never paid and does not anticipate paying cash dividends on its common stock, the expected dividend yield is considered as zero.

Prior to the completion of the Company’s IPO, the fair value of the Company's common stock which is one of the key input in Black-Scholes option pricing model, was determined by the board of directors with input from management and based on certain assumptions including probability weighting of events, business and market conditions, volatility, time to liquidation, a risk-free interest rate and an assumption for a discount for lack of marketability. The Company used 409A valuations to determine the fair value of the shares of common stock. The 409A valuations were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. After completion of the IPO, on October 8, 2021, the Company uses the fair value of its publicly traded common stock to determine grant date fair value.

For restricted stock awards issued pursuant to standalone restricted stock purchase agreements, the fair value of each award was estimated based on the estimated fair value of the Company’s common stock, less the amount paid by the grantee. The Company recognized deposit liability for restricted stock awards issued pursuant to standalone restricted stock purchase agreements. As the awards of restricted stock vest, the Company reclassifies the deposit liability to additional paid-in capital.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes (“ASC 740”), which requires the use of the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between amounts in the consolidated financial statements and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax (benefit) expense in the consolidated statements of operations and comprehensive loss in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.

Classification and Accretion of Convertible Preferred Stock

Classification of the Company’s convertible preferred stock was treated as mezzanine financing and not as part of stockholders’ equity (deficit) because the holders of such shares had liquidation rights in the event of a deemed liquidation that, in certain situations, were not solely within the control of the Company and would require the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock was not redeemable, except in the event of certain deemed liquidation events enumerated in the Company’s certificate of incorporation. Because the occurrence of a deemed liquidation event was not probable, the carrying values of the convertible preferred stock were not accreted to their redemption values. Subsequent adjustments to the carrying values of the convertible preferred stock would be made only when a deemed liquidation event becomes probable. Shares of preferred stock were automatically convertible into shares of common stock at the earlier of (i) the closing of a firm-commitment underwritten public offering resulting in at least $50.0 million of gross proceeds in the aggregate to the Company, prior to deductions for underwriting discounts, commission and expenses or (ii) the date and time, or occurrence of an event, specified by a vote of the Series A and Series B Stockholders. Upon closing of the IPO, all of the outstanding Series A and Series B convertible preferred stock automatically converted into common stock, resulting in no outstanding convertible preferred stock as of December 31, 2021.

Net Loss per Share

The Company follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to share in the earnings as if all income (loss) for the period had been distributed.

Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the diluted weighted average number of common shares outstanding for the period, including potential dilutive common shares.

The Company’s participating securities contractually entitle the holders of such shares to participate in dividends but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In January 2020, the FASB issued ASU 2020-01, Investments — Equity Securities (Topic 321), Investments — Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this ASU from January 1, 2021 and the adoption did not have any impact on the Company’s consolidated financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. As an emerging growth company, ASU 2016-13 will become effective for the Company for fiscal years beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the new standard and expects it to have no material impact on the Company’s consolidated financial statements and related disclosures.

Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited consolidated financial statements and related disclosures.

Licensing Agreements

12 Months Ended

Dec. 31, 2021

License Agreements [Abstract]

Licensing Agreements

3. Licensing Agreements

The University of Chicago Agreement

In April 2020, the Company entered into a license agreement (the “University License Agreement”), as well as a sponsored research agreement, with the University of Chicago (the “University”) to obtain an exclusive license under certain patents resulting from research performed, in-part, by the Company’s scientific founder, as well as a non-exclusive license to certain know-how and materials relating thereto. Under the terms of the license, the Company has the global right to develop and commercialize products that are covered by a valid claim of a licensed patent, incorporate or use the licensed know-how and materials or are known to assess, modulate or utilize the activity of certain specified biological targets.

In partial consideration for the license from the University, the Company issued to the University 48,919 shares of its common stock in 2020. The Company recorded the value of the shares issued of $3 thousand as research and development expenses during the year ended December 31, 2020. The Company has not incurred any expenses relating to the University License Agreement during the year ended December 31, 2021. Pursuant to the University License Agreement, the Company is obligated to pay to the University an annual maintenance fee of $10,000 commencing on the third anniversary of the effective date, potential development and commercial milestones of up to $7.7 million as well as running royalties on net sales of licensed products at varying rates ranging from less than a percent to the low single digits, subject to a minimum annual royalty of up to $3.0 million during certain years following the effective date. The Company’s royalty obligations apply on a licensed product-by-licensed product and country-by-country basis until: (1) for licensed products covered by a valid claim of a licensed patent in a given country, the expiration of such valid claims; and (2) for all other licensed products, ten (10) years from the first commercial sale of a licensed product in a given country. The Company is also obligated to pay the University a percentage of certain sublicensing revenue ranging from low- to mid-teens based on the date of entering into the applicable sublicense.

The Company assessed the milestone and royalty events under University License Agreement as of December 31, 2021 and 2020, and determined that no such amounts were required.

Pfizer, Inc. Agreement

In December 2020, the Company entered into a license agreement, as amended (the “Pfizer License Agreement”) with Pfizer, Inc. (“Pfizer”) for worldwide development and commercialization rights to antibody drug conjugate ("ADC") product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. The Pfizer License Agreement became effective for the Company in March 2021. The Company’s rights are exclusive with respect to certain patents owned or controlled by Pfizer covering the licensed ADCs. Pfizer has also granted the Company a non-exclusive license to use Pfizer’s ADC technology platform to develop and commercialize the licensed ADCs and licensed products. The initial licensed targets include CD123 and extra domain B (EBD of fibronectin) and the Company has the option to expand the scope of its license to add additional licensed targets that have not been licensed to a third party or are not the subject of a Pfizer ADC development program. In March 2021, the Company entered into an amendment to the Pfizer License Agreement to include additional know-how within the scope of its license. The Company determined that substantially all of the fair value of the Pfizer License Agreement was attributable to in-process research and development and no substantive processes were acquired that would constitute a business. The Company concluded that it did not have any alternative future use for the acquired in-process research and development associated with the agreements. Thus, the Company recorded payments made under the License Agreement as research and development expenses in the consolidated statements of operations and comprehensive loss.

Pursuant to the Pfizer License Agreement, the Company paid a combined $25.0 million for license fee, which was recorded in research and development expense in the consolidated statement of operations and consists of an upfront fee equal to a cash payment of $5.0 million and the issuance of 12,152,145 shares of Series B convertible preferred stock with a value of $20.0 million in 2021 to Pfizer, and is obligated to pay future contingent payments and royalties, including up to an aggregate of $660 million in milestones for the first four licensed ADCs. Additional ADC targets may be licensed for a nominal upfront and milestones. Additionally, if products are launched, the Company will pay Pfizer tiered royalties on net sales of licensed products in varying royalty rates ranging from low single digits to mid-teens. The Company’s royalty obligations apply on a licensed product-by-licensed product and country-by-country basis from first commercial sale until the latest to occur of: (1) 12 years from first commercial sale; (2) the expiration of all regulatory or data exclusivity; and (3) the expiration of the last valid claim of a licensed patent covering the licensed product in a country. The Company is also obligated to pay Pfizer a percentage of certain sublicensing revenue ranging from thirty percent to low-double digits based on the stage of development of the licensed product at the time of entering into the applicable sublicense. If the Company effected a change of control transaction or sold all or substantially all of its assets relating to the Pfizer License Agreement within 12 months from the effective date or closing of the IPO, the Company would have been required to make a one-time payment to Pfizer of up to $20.0 million. No such event took place during the year and the one-time payment was not required.

The Company assessed the milestone, royalty and other events under Pfizer License Agreement as of December 31, 2021, and determined that no such amounts were required.

LegoChem Biosciences, Inc. Agreements

In December 2020, the Company entered into a license agreement (the “LegoChem License Agreement”) with LegoChem Biosciences, Inc. (“LegoChem”) pursuant to which the Company licensed worldwide (other than Korea) development and commercialization rights for LCB67, an ADC product candidate targeting DLK-1, and products containing the licensed compound. The Company has the right to request that LegoChem use commercially reasonable efforts at the Company’s cost to modify the licensed compound if there are certain technical failures of the licensed compound that the Company believes are attributable to the linker or the payload used in the licensed compound, and the modified compound will replace the unmodified version as the licensed compound. In February 2021, the Company entered into an amendment to the LegoChem License Agreement to include additional patents within the scope of its license. The Company determined that substantially all of the fair value of the LegoChem License Agreement was attributable to in-process research and development and no substantive processes were acquired that would constitute a business. The Company concluded that it did not have any alternative future use for the acquired in-process research and development associated with the agreements. Thus, the Company recorded payments made under the LegoChem License Agreement as research and development expenses in the consolidated statements of operations and comprehensive loss.

Pursuant to the LegoChem License Agreement, the Company paid $0.5 million in 2020 and $9.0 million in 2021 and is required to purchase certain initial quantities of licensed product from LegoChem for an estimated cost of $7.0 million. The Company recorded upfront payment of $0.5 million in 2020 and $9.0 million in 2021 as research and development expenses. No expenses incurred related to the manufacturing of the initial quantities of licensed product for the year ended December 31, 2021. The Company is also obligated to pay up to $284.5 million to LegoChem if certain development, regulatory and sales milestones are achieved, as well as tiered royalties on net sales of licensed products ranging from mid-single digit to high-single digit royalty rates. The Company’s royalty obligations apply on a licensed product-by-licensed product and country-by-country basis until the latest to occur of: (1) the date of expiration of the last valid claim of a licensed patent covering the licensed product; (2) 10 years from first commercial sale; and (3) the expiration of regulatory or data exclusivity. The Company assessed the milestones and royalties under the LegoChem License Agreement as of December 31, 2021 and 2020 and determined that no such amounts were required.

In December 2020, the Company also entered into an opt-in, investment and additional consideration agreement with LegoChem (the “Opt-In Agreement”). Pursuant to the Opt-in Agreement, the Company settled $0.5 million of upfront payment for license fee through the issuance of 303,804 shares of Series B convertible preferred stock in March 2021. The Company is also obligated to pay LegoChem a percentage of certain sublicensing revenue ranging from thirty percent to low-double digits based on the stage of development of the licensed product at the time of entering into the applicable sublicense, which percentage may be increased to up to fifty percent for any upfront payment from a sublicensee under certain circumstances. LegoChem exercised its option in December 2020 under the Opt-In Agreement and paid $8.0 million to the Company in April 2021, in exchange for the right to receive a milestone payment (the “Extra Milestone Payment”) of $9.6 million upon the earliest to occur of certain events, including the date of pricing or offer of the first public offering of the Company's common stock or if the Company is the subject of a change in control transaction. The Company determined that the Extra Milestone Payment meets the definition and recognition condition of derivative under ASC 815, “Derivatives and Hedging” for which there was a binding contract and firm commitment as of January 2021. An initial derivative liability was recognized for $3.4 million with an offset to research and development expenses in January 2021. The derivative liability was re-measured at each reporting date, with changes recorded in “Other (expense) income” in the consolidated statements of operations and comprehensive loss. Upon the Company’s IPO in October 2021, the Extra Milestone Payment event triggered resulting in realization of derivative liability, for which the Company recognized $9.6 million within accounts payable as of December 31, 2021 and subsequently paid in January 2022. The Company assessed the remaining milestones and royalties under the Opt-In Agreement as of December 31, 2021 and determined that no such amounts were required.

Joint Venture

12 Months Ended

Dec. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

Joint Venture

4. Joint Venture

In March 2021, the Company entered into definitive transaction agreements with Alloy Therapeutics, Inc. (“Alloy”) and Voxall Therapeutics, LLC (“Voxall”), to finance and operate Voxall, a joint venture company formed in collaboration with Alloy to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. Voxall granted to the Company and Alloy, 50% of the voting membership units of Voxall in exchange for certain initial contributions. The Company’s initial contribution included $50 thousand and a non-exclusive fully paid-up license to certain intellectual property owned or controlled by the Company and the execution of the services agreement to enable the collaboration with Voxall. Alloy’s initial contribution included $50 thousand and the execution of the Alloy license agreement and the Alloy services agreement to enable the collaboration with Voxall. Voxall is governed by a board of directors consisting of an equal number of the Company’s representatives and Alloy’s representatives. The protective provisions under Voxall’s operating agreement require the approval of both the Company and Alloy before Voxall may take certain actions.

The Company accounted for investment in Voxall under the equity method of accounting. The initial contribution was recorded as “Investment in equity method investment in joint venture”. Additionally, the Company has recognized $0.2 million in service fee income from a related party within other income for services provided to Voxall during the year ended December 31, 2021, for which Voxall issued a promissory note to the Company.

Voxall has incurred losses since inception and the Company’s share in the losses of Voxall aggregated to $1.2 million for the year ended December 31, 2021. The Company recognized its share of losses of Voxall only to the extent of the carrying value of its investment in Voxall and the promissory note issued by Voxall, which aggregated to $0.2 million for the year ended December 31, 2021. The remaining unabsorbed loss will be offset against future income, if any. As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2021 and 2020, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):


	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	272,210	$	—	$	—	$	272,210

	Fair Value Measurements at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	6,996	$	—	$	—	$	6,996

The Company’s cash equivalents represent deposits in a short-term United States Treasury money market fund quoted in an active market and classified as a Level 1 asset. There were no assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2021 and 2020. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2021 and 2020.

The fair value of the derivative liability was initially determined using a probability-weighted income approach and is revalued at each reporting date or more frequently if circumstances dictate. Changes in the fair value of the derivative liability are recorded as expense within other (expense) income in the consolidated statements of operations and comprehensive loss. The significant unobservable inputs used in the fair value measurement of the derivative liability include probability of payment factors and the discount rate. Refer to Note 3, Licensing Agreements, for additional information on the derivative liability.

The following tables provide a summary of changes in Level 3 fair value measurements for the year ended December 31, 2021:


	Year Ended
	December 31, 2021
($ in thousands)
Derivative liability balance as of January 1, 2021	$	—
Initial recognition of derivative liability		3,369
Change in fair value recorded in earnings		6,231
Transfer to accounts payable		(9,600	)
Balance as of December 31, 2021	$	—

The Company paid the $9.6 million of Extra Milestone Payment, for which it previously recognized a derivative liability, in January 2022.

- 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

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

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


	December 31,
	2021		2020
Insurance	$	1,763	$	8
Research and development		619		—
Other		84		15
Total prepaid expenses and other current assets	$	2,466	$	23

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and Equipment, Net

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


	December 31,
	2021			2020
Laboratory equipment	$	1,804		$	1,264
Leasehold improvements		225			213
Furniture and office equipment		94			95
		2,123			1,572
Less: accumulated depreciation and amortization		(1,116	)		(469	)
Total property and equipment, net	$	1,007		$	1,103

Depreciation and amortization expense for the years ended December 31, 2021 and 2020 was $0.6 million and $0.5 million, respectively.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

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


	December 31,
	2021		2020
Employee compensation and benefits	$	2,963	$	1,002
External research and development expenses		2,381		712
Professional fees		982		167
Other		266		116
Total accrued expenses and other current liabilities	$	6,592	$	1,997

Operating Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Leases

9. Operating Leases

As of December 31, 2021 and 2020, the Company had one and two operating leases, respectively, where the Company is the lessee or sublessee, for office and laboratory space. Lease terms are through 2022. The Company had no finance leases as of December 31, 2021 and 2020.

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2021			2020
Lease cost
Operating lease cost	$	650		$	497
Short-term lease cost		5			146
Variable lease cost (1)		75			70
Total lease cost	$	730		$	713
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	—		$	1,186
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	663		$	484
Weighted-average remaining lease term (in years)	0.25				1.25
Weighted-average discount rate		10.00	%		9.98	%

(1)

Variable lease cost includes common area maintenance charges

Maturities of lease liabilities as of December 31, 2021, were as follows (in thousands):


Year Ending December 31,	Operating lease
2022	$	168
Total lease payments		168
Less: amount representing imputed interest		(3	)
Total future minimum lease obligations	$	165

In addition to above, on September 29, 2021, the Company entered into a lease agreement for an office and laboratory space in Boston, Massachusetts. The lease will expire on December 31, 2032, and has scheduled rent increases each year of 3%. There is an additional five-year option to extend the lease beyond December 31, 2032. The future undiscounted operating lease payments (base rent) under the lease agreement is $33.8 million over an initial lease period of approximately ten years. The Company will record the right-of-use asset and operating lease liability upon obtaining the possession of the property, which it expects to occur in the second quarter of 2022.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

10. Convertible Preferred Stock

Series A Convertible Preferred Stock

In June 2019, the Company entered into a securities purchase agreement (as amended, “Series A Agreement”) with certain investors to sell shares of Series A convertible preferred stock (“Series A”) at $0.9681 per share. In June and July 2019, the Company issued 22,724,925 shares of Series A to institutional investors at $0.9681 per share for gross cash proceeds of $22.0 million, less issuance costs of $0.1 million, resulting in net proceeds of $21.9 million. On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split. Upon completion of the initial public offering, 22,724,925 shares of Series A were converted to 3,573,659 shares of common stock.

Series B Convertible Preferred Stock

On March 5, 2021, the Company entered into a securities purchase agreement (as amended, “Series B Agreement”) with certain investors to sell shares of Series B convertible preferred stock (“Series B”) at $1.6458 per share. In March 2021, the Company issued 92,356,299 shares of Series B to institutional investors at $1.6458 per share for gross cash proceeds of $152.0 million, less issuance costs of $0.4 million, resulting in net proceeds of $151.6 million. In addition, the Company granted 12,455,949 shares, or $20.5 million, of Series B convertible preferred stock through separate agreements with Pfizer, Inc. and LegoChem Biosciences Inc. On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split. Upon completion of the initial public offering, the entire outstanding shares of 104,812,248 of Series B were converted to 16,482,486 shares of common stock.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Preferred Stock

In connection with the closing of the IPO, the Company filed an Amended Certificate of Incorporation and authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. The board of directors has the authority, without further action by the stockholders to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, and to fix the dividend, dividend rights, conversion rights, voting, redemption terms, liquidation preference and other rights, preferences and privileges of the shares. There were no issued and outstanding shares of preferred stock as of December 31, 2021.

Common Stock

The Company was authorized to issue up to 190,000,000 and 40,300,000 shares of common stock as of December 31, 2021 and 2020, respectively, of which 32,792,867 and 2,177,956 shares were issued as of December 31, 2021 and 2020, respectively, 32,222,881 and 1,289,342 shares were outstanding at December 31, 2021 and 2020, respectively.

Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock.

Voting—Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share.

Reserved Shares— The Company reserved the following shares of common stock for issuance:


	December 31,
	2021		2020
Series A convertible preferred stock		—		3,573,659
Unvested restricted stock options		618,494		888,612
Stock options available for issuance		1,289,259		35,585
Stock options outstanding		5,926,969		220,383
Employee stock purchase plan		424,595		—
Total		8,259,317		4,718,239

- Definition

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

+ References

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

2021 Equity Incentive Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 Plan replaced the 2019 Plan as the Company’s board of directors has determined not to make additional awards under the 2019 Plan following the closing of the Company’s initial public offering. However, the 2019 Plan will continue to govern outstanding equity awards granted under the plan. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 3,852,807 shares of its common stock for the issuance of awards under the 2021 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan will automatically increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022, and continuing until (and including) the fiscal year ending December 31, 2031 by lesser of 5% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year or number of shares as may be determined by the board of directors. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2021 Plan is 7,705,614. As of December 31, 2021, options to purchase 2,515,040 shares of common stock and 48,508 restricted stock units were outstanding under the 2021 plan and 1,289,259 shares remained available for future issuance under the 2021 plan.

2019 Equity Incentive Plan

In 2019, the Company established the 2019 Plan, under which the Company grant options and restricted stock to its employees and certain non-employees. The maximum number of shares of common stock reserved for issuance under the 2019 Plan was 4,042,408 shares.

Options granted under the 2019 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors. The 2019 Plan also permits the Company to issue restricted stock awards.

The exercise prices, vesting and other restrictions of the awards to be granted under the 2019 Plan are determined by the board of directors, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2019 Plan are exercisable in whole or in part at any time subsequent to vesting. All the shares of common stock were issued under the 2019 Plan. As of December 31, 2021, options to purchase 3,411,929 shares of common stock were outstanding under the 2019 plan.

Stock Options

The following table summarizes stock option activity for the year ended December 31, 2021 (in thousands, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Outstanding at December 31, 2020		220,383		$	0.64		9.4	$	348
Granted		6,351,820			10.12		9.6
Exercised		(70,396	)		2.29
Forfeited		(574,838	)		8.41
Outstanding at December 31, 2021		5,926,969		$	10.03		9.5	$	16,414
Options exercisable at December 31, 2021		1,033,510		$	5.04		9.2	$	6,125

The weighted-average grant-date fair value of options granted during the years ended December 31, 2021 and 2020, was $7.57 and $0.62 per share, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock as of December 31, 2021. The intrinsic value of stock options exercised for the year ended December 31, 2021 was $0.6 million.

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:


	Year Ended December 31,
	2021	2020
Expected volatility	72.88% - 103.41%	79.40% – 87.40%
Risk-free interest rate	0.81% - 1.36%	0.38% – 0.56%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	5.25 – 7.00	6.02 – 6.08

Stock-based compensation expense related to stock options recorded in the statements of operations is as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	2,396	$	10
General and administrative		3,976		8
Total	$	6,372	$	18

The Company has an aggregate $38.1 million of gross unrecognized stock-based compensation expense as of December 31, 2021, remaining to be amortized over a weighted average period of 2.9 years. The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Restricted Stock Awards

In 2019, the Company issued 994,650 shares of restricted common stock to the employee co-founders and certain non-employee consultants. The shares of restricted common stock were issued pursuant to standalone restricted stock purchase agreements that are independent of the 2019 Plan. The shares of restricted common stock carried a purchase price equivalent of $0.01 per share. The compensation cost was measured based on the fair value of the underlying common stock less the purchase price of the restricted common stock and the Company recognizes compensation costs over the requisite service period.

Under the terms of the restricted stock purchase agreements, the Company has a repurchase option whereby it has the right to repurchase any unvested shares upon termination at a price per share equal to the lesser of: (i) the fair market value of the Company’s common stock on the date of repurchase and (ii) the original purchase price. The shares of restricted common stock issued to the Company’s co-founders and non-employee consultants vest based on a predefined number of shares.

The Company recognized an associated deposit liability for restricted stock awards issued pursuant to standalone restricted stock purchase agreements upon issuance based on the purchase price of the awards as the unvested shares are subject to repurchase upon termination. As the awards of restricted stock vest, the Company reclassifies the deposit liability to additional paid-in capital.

In 2021, the Company issued 48,508 shares of restricted common stock to employees and certain non-employee consultants under 2021 Plan. Compensation cost related to these awards were recorded based on the Company's stock price on the date of issuance.

The following table summarizes restricted stock activity for the year ended December 31, 2021:


	Restricted Stock
	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020		888,612		$	0.01
Issued		48,508			15.58
Vested		(306,998	)		0.01
Cancelled		(11,628	)		—
Non-vested at December 31, 2021		618,494		$	3.04

The aggregate fair value of restricted stock vested during the years ended December 31, 2021 and 2020, was $5 thousand and $4 thousand, respectively. The Company has recorded stock-based compensation expense related to the restricted stock of $0.1 million and $26 thousand for the years ended December 31, 2021 and 2020, respectively. The Company has an aggregate $0.7 million of gross unrecognized restricted stock-based compensation expense as of December 31, 2021, remaining to be amortized over a weighted average period of 1.5 years.

2021 Employee Stock Purchase Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 ESPP reserved and authorized the issuance of up to a total of 424,595 shares of common stock to participating employees. No shares are issued under 2021 ESPP plan as of the date of issuance of these consolidated financial statements.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

During the years ended December 31, 2021 and 2020, the Company recorded no current or deferred income tax expenses or benefits as the Company has incurred losses since inception and has provided a full valuation allowance against its deferred tax assets.

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021			2020
Income tax computed at federal statutory rate %		21.00	%		21.00	%
State taxes, net of federal benefit		5.70			5.60
Change in valuation allowance		(27.70	)		(27.90	)
Research and development credit carryovers		1.90			1.50
Permanent differences		(0.90	)		(0.20	)
Effective income tax rate %		0.00	%		0.00	%

The Company's effective tax rate was 0% for the years ended December 31, 2021 and 2020, as a result of the valuation allowance that eliminates the company's net deferred tax assets.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets as of December 31, 2021 and 2020 are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Deferred tax assets:
Net operating losses	$	12,918		$	3,515
Intangibles		75			47
Tax credit carryforwards		1,648			187
Derivative		1,577			—
Stock based compensation		1,003			—
Reserves and accruals		804			257
License fees		7,716			252
Other		70			299
Total deferred tax assets before valuation allowance		25,811			4,557
Less: valuation allowance		(25,748	)		(4,343	)
Total deferred tax assets	$	63		$	214
Deferred tax liabilities:
Operating lease right-of-use assets		(63	)		(214	)
Net deferred tax asset	$	—		$	—

As of December 31, 2021, the Company's federal and state net operating losses in the United States were $10.1 million ($48.0 million before tax) and $2.8 million ($45.9 million before tax) respectively. The federal net operating loss carryforwards in the United States can be carried forward indefinitely but may be subject to annual usage limitations to the extent certain substantial changes in the entity's ownership occur. The state net operating loss carryforwards begin expiring in 2039. In addition, as of December 31, 2021, the Company had $1.0 million and $0.6 million of federal and state credit carryovers which begin to expire in 2039. These loss and credit carryforwards are subject to review and possible adjustment by the appropriate taxing authorities.

The Company assesses the realizability of the deferred tax assets at each balance sheet based on the available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary. Due to the Company's cumulative loss position which provides significant negative evidence, which is difficult to overcome, the Company has recorded a valuation allowance of $25.7 million as of December 31, 2021, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the years ended December 31, 2021 and 2020, the valuation allowance for deferred tax assets increased by $21.4 million and $3.6 million, respectively. The amount of the deferred tax asset considered realizable, could be adjusted for future factors that would impact the assessment of the objective and subjective evidence. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the proper amount, if any, required for a valuation allowance.

The U.S. tax attributes may be subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986 (the “Code”), and similar state provisions if the Company experiences one or more ownership changes, which would limit the amount of the tax attributes that can be utilized to offset future taxable income. In general, an ownership change as defined by Section 382, results from the transactions increasing ownership of certain stockholders or public groups in the stock of the corporation of more than fifty percentage points over a three-year period. If a change in ownership occurs in the future, the research and development credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate.

The Company is subject to tax and will continue to file federal income tax returns in the United States as well as in certain state and local jurisdictions. The Company is subject to tax examinations for tax years ended December 31, 2019 and forward in all applicable income tax jurisdictions. Tax audits and examinations can involve complex issues, interpretations and judgements. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes that it has appropriately recorded its tax position using reasonable estimates and assumptions, however the potential tax benefits may impact the results of operations or cashflows in the period of resolution, settlement, or when the statutes of limitations expire. The Company does not currently have any reserves related to unrecognized tax benefits.

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-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
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-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
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

14. Net Loss per Share

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


	Year Ended December 31,
	2021			2020
Numerator:
Net loss	$	(75,975	)	$	(12,828	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		8,493,273			1,030,556
Net loss per share, basic and diluted	$	(8.95	)	$	(12.45	)

The Company’s potentially dilutive securities, which include convertible preferred stock, restricted stock, and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	Year Ended December 31,
	2021		2020
Convertible Preferred Stock		—		3,573,659
Unvested Restricted Stock		618,494		888,612
Stock options outstanding		5,926,969		220,383
Total		6,545,463		4,682,654

Related Parties

12 Months Ended

Dec. 31, 2021

Related Parties

15. Related Parties

In 2020, the Company entered into agreements with several Scientific Advisory Board (“SAB”) members whose members are comprised of the Company's board members. The Company paid monthly amounts, ranging from $3 thousand to $5 thousand per month. No board member was paid more than $0.1 million individually for the years ended December 31, 2021 and 2020, in the aggregate, all board members were paid less than $0.1 million for both periods combined.

The Company was founded out of Dr. Thomas Gajewski’s laboratory at the University of Chicago. In 2020, the Company entered into the License Agreement with the University of Chicago, as well as a sponsored research agreement, which had previously purchased 309,885 shares of the Company’s Series A preferred stock as part of the Company’s 2019 Series A financing. In partial consideration for the license from the University, the Company issued to the University 48,919 shares of its common stock in 2020. The Company recorded the value of the shares issued of $3 thousand as research and development expenses in the year ended December 31, 2020. There have been no further expenses incurred for the year ended December 31, 2021 with regards to the University License Agreement. Refer to Note 3 for additional discussion.

Prior to IPO, Pfizer along-with its affiliated entity and Bayer HealthCare LLC ("Bayer"), were principal owners of the Company. Subsequent to IPO, Pfizer and Bayer are no longer principal owners and, as a result, neither Pfizer nor Bayer are related parties of the Company. In 2020, the Company entered into the Pfizer License Agreement. The Pfizer License Agreement became effective in March 2021. During the year ended December 31, 2021, the Company incurred a combined $25.0 million (which was recorded as research and development expenses), consisting of an upfront fee equal to a cash payment of $5.0 million and the issuance of 12,152,145 shares of Series B convertible preferred stock with a value of $20.0 million in 2021 to Pfizer. Refer to Note 3 for additional discussion.

The Company and Alloy formed a joint venture company, Voxall Therapeutics, LLC (“Voxall”) to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. The Company and Alloy contributed $50 thousand each to Voxall along with certain license. During the year, the Company provided services to Voxall for which it recognized service fee other income of $181 thousand. Refer to Note 4 for additional discussion.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Legal Proceedings

From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of business. The Company is not currently a party to any material legal proceedings, and is not aware of any pending or threatened legal proceeding against it that the Company believes could have an adverse effect on its business, operating results or financial condition.

Commitments

In the normal course of business, the Company enters into agreements for research programs with vendors for nonclinical studies, manufacturing and other services and products agreements, which are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant.

Contingencies

In March 2020, COVID-19 disease was declared a pandemic by the World Health Organization. The COVID-19 pandemic is disrupting supply chains and affecting production and sales across a range of industries. Currently, the Company has not suffered significant adverse consequences as a result of the COVID-19 pandemic. The extent of the impact of COVID-19 on the Company’s future operational and financial performance will depend on certain developments, including the duration and spread of the pandemic, including its variants, impact on employees and vendors all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact the Company’s future financial condition or results of operations is uncertain.

Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

17. Subsequent Event

License Agreement with Biosion USA, Inc.

On March 28, 2022, the Company entered into a license agreement, or the “Biosion License Agreement,” with Biosion USA, Inc., or Biosion, pursuant to which the Company obtained exclusive, worldwide (other than Greater China (mainland China, Hong Kong, Macau and Taiwan)), licenses for development, manufacture and commercialization rights for BSI-060T, a potentially best-in-class Siglec-15 targeting antibody, an IO product candidate (now referred to as PYX-106), and products containing the licensed compound.

Pursuant to the Biosion License Agreement, the Company agreed to pay an upfront fee of $10 million and are obligated to pay future contingent payments including development, regulatory and commercial milestone up to an aggregate of $217.5 million in case of normal approval and $222.5 million in case of accelerated approval. Additionally, if products are launched, the Company will pay Biosion tiered royalties on net sales of licensed products in varying royalty rates ranging from low single digits to low teens. The Company’s royalty obligations apply on a licensed product-by-licensed product and country-by-country basis from first commercial sale until the latest to occur of: (1) 12 years from first commercial sale; (2) the expiration of all regulatory or data exclusivity; and (3) the expiration of the last valid claim of a licensed patent covering the licensed product in a country.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Nature of Business

Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is a preclinical oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients. The Company develops its product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Since the Company’s launch in 2019, the Company has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates and monoclonal antibody, or mAb, preclinical discovery programs that the Company is developing as monotherapies and in combination with other therapies.

The Company has determined that it has one operating and reporting segment.

Reverse Stock Split

On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split of its issued and outstanding common stock and stock option awards. The par value of the common stock and preferred stock was not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the convertible preferred stock conversion price to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The shares of common stock underlying outstanding stock options and restricted stock units were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities.

All issued and outstanding shares of common stock, restricted stock units, stock option awards and per share data have been adjusted on a retrospective basis in these consolidated financial statements, to reflect the reverse stock split for all periods presented.

Initial Public Offering

On October 8, 2021, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 10,500,000 shares of its common stock at a public offering price of $16.00 per share, for aggregate gross proceeds of $168.0 million. The Company raised approximately $152.3 million in net proceeds after deducting underwriting discounts and commissions of $11.8 million and offering expenses of $3.9 million.

Upon closing of the IPO, all of the outstanding shares of Series A Convertible Preferred stock (“Series A Preferred Stock”), and Series B Convertible Preferred Stock (“Series B Preferred Stock”) automatically converted into 20,056,145 shares of common stock of the Company. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding.

In connection with the closing of the IPO, the Company filed an amended and restated certificate of incorporation (“Amended Certificate of Incorporation”) to change the authorized capital stock to 200,000,000 shares of which 190,000,000 are designated as voting common stock and 10,000,000 are designated as undesignated preferred stock, all with a par value of $0.001 per share.

Liquidity

As of December 31, 2021, the Company had an accumulated deficit of $91.7 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $76.0 million and $12.8 million for the years ended December 31, 2021 and 2020, respectively.

To date, the Company has primarily financed its operations through the sale of convertible preferred stocks and the proceeds from IPO. The Company has not generated any revenues to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs, business development activities and develop its product candidates.

The Company currently expects that its existing cash and cash equivalents of $274.7 million as of December 31, 2021 will be sufficient to fund its operating expenses and capital requirements at least twelve months from the date these consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities.

The Company plans to continue to fund its losses from operations and capital funding needs through issuance of equity securities, convertible or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Basis of Presentation

Use of Estimates

Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.

Risks and Uncertainties

Concentration of Credit Risk

Concentration of Credit Risks

Cash and Cash Equivalents

Fair Value of Financial Instruments

Fair Value Measurements

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Property and Equipment, net


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life

Impairment of Long-Lived Assets

Leases

Investment in Joint Venture

Contingencies

Research and Development Expenses

Stock-Based Compensation

Income Taxes

Classification and Accretion of Convertible Preferred Stock

Net Loss per Share

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis


	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	272,210	$	—	$	—	$	272,210

	Fair Value Measurements at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	6,996	$	—	$	—	$	6,996

Summary of Changes in Level 3 Fair Value Measurements

The following tables provide a summary of changes in Level 3 fair value measurements for the year ended December 31, 2021:


	Year Ended
	December 31, 2021
($ in thousands)
Derivative liability balance as of January 1, 2021	$	—
Initial recognition of derivative liability		3,369
Change in fair value recorded in earnings		6,231
Transfer to accounts payable		(9,600	)
Balance as of December 31, 2021	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	December 31,
	2021		2020
Insurance	$	1,763	$	8
Research and development		619		—
Other		84		15
Total prepaid expenses and other current assets	$	2,466	$	23

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2021			2020
Laboratory equipment	$	1,804		$	1,264
Leasehold improvements		225			213
Furniture and office equipment		94			95
		2,123			1,572
Less: accumulated depreciation and amortization		(1,116	)		(469	)
Total property and equipment, net	$	1,007		$	1,103

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	December 31,
	2021		2020
Employee compensation and benefits	$	2,963	$	1,002
External research and development expenses		2,381		712
Professional fees		982		167
Other		266		116
Total accrued expenses and other current liabilities	$	6,592	$	1,997

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2021			2020
Lease cost
Operating lease cost	$	650		$	497
Short-term lease cost		5			146
Variable lease cost (1)		75			70
Total lease cost	$	730		$	713
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	—		$	1,186
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	663		$	484
Weighted-average remaining lease term (in years)	0.25				1.25
Weighted-average discount rate		10.00	%		9.98	%

(1)

Variable lease cost includes common area maintenance charges

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2021, were as follows (in thousands):


Year Ending December 31,	Operating lease
2022	$	168
Total lease payments		168
Less: amount representing imputed interest		(3	)
Total future minimum lease obligations	$	165

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock Reserved for Issuance

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


	December 31,
	2021		2020
Series A convertible preferred stock		—		3,573,659
Unvested restricted stock options		618,494		888,612
Stock options available for issuance		1,289,259		35,585
Stock options outstanding		5,926,969		220,383
Employee stock purchase plan		424,595		—
Total		8,259,317		4,718,239

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2021 (in thousands, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(Years)
Outstanding at December 31, 2020		220,383		$	0.64		9.4	$	348
Granted		6,351,820			10.12		9.6
Exercised		(70,396	)		2.29
Forfeited		(574,838	)		8.41
Outstanding at December 31, 2021		5,926,969		$	10.03		9.5	$	16,414
Options exercisable at December 31, 2021		1,033,510		$	5.04		9.2	$	6,125

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:


	Year Ended December 31,
	2021	2020
Expected volatility	72.88% - 103.41%	79.40% – 87.40%
Risk-free interest rate	0.81% - 1.36%	0.38% – 0.56%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	5.25 – 7.00	6.02 – 6.08

Summary of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options recorded in the statements of operations is as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	2,396	$	10
General and administrative		3,976		8
Total	$	6,372	$	18

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity for the year ended December 31, 2021:


	Restricted Stock
	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020		888,612		$	0.01
Issued		48,508			15.58
Vested		(306,998	)		0.01
Cancelled		(11,628	)		—
Non-vested at December 31, 2021		618,494		$	3.04

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate


	Year Ended December 31,
	2021			2020
Income tax computed at federal statutory rate %		21.00	%		21.00	%
State taxes, net of federal benefit		5.70			5.60
Change in valuation allowance		(27.70	)		(27.90	)
Research and development credit carryovers		1.90			1.50
Permanent differences		(0.90	)		(0.20	)
Effective income tax rate %		0.00	%		0.00	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2021 and 2020 are as follows (in thousands):


	Year Ended December 31,
	2021			2020
Deferred tax assets:
Net operating losses	$	12,918		$	3,515
Intangibles		75			47
Tax credit carryforwards		1,648			187
Derivative		1,577			—
Stock based compensation		1,003			—
Reserves and accruals		804			257
License fees		7,716			252
Other		70			299
Total deferred tax assets before valuation allowance		25,811			4,557
Less: valuation allowance		(25,748	)		(4,343	)
Total deferred tax assets	$	63		$	214
Deferred tax liabilities:
Operating lease right-of-use assets		(63	)		(214	)
Net deferred tax asset	$	—		$	—

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

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


	Year Ended December 31,
	2021			2020
Numerator:
Net loss	$	(75,975	)	$	(12,828	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		8,493,273			1,030,556
Net loss per share, basic and diluted	$	(8.95	)	$	(12.45	)

Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	Year Ended December 31,
	2021		2020
Convertible Preferred Stock		—		3,573,659
Unvested Restricted Stock		618,494		888,612
Stock options outstanding		5,926,969		220,383
Total		6,545,463		4,682,654

Organization and Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 08, 2021 USD ($) $ / shares shares	Oct. 01, 2021	Dec. 31, 2021 USD ($) Segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 shares
Subsidiary, Sale of Stock [Line Items]
Number of operating segment \| Segment			1
Number of reportable segment \| Segment			1
Reverse stock split, conversion ratio		0.15725743
Net proceeds from issuance initial public offering			$ 152,296
Capital stock authorized \| shares	200,000,000
Common stock, shares authorized \| shares	190,000,000		190,000,000	40,300,000
Preferred stock, shares authorized \| shares	10,000,000		10,000,000	0
Common stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Preferred stock, par value per share \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Accumulated deficit			$ (91,718)	$ (15,743)
Net loss			(75,975)	(12,828)
Cash and cash equivalents			$ 274,735	$ 8,080
Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Number of common shares issued upon conversion of preferred stock \| shares	20,056,145
Convertible preferred stock, shares outstanding \| shares			0	22,724,925	22,724,925
Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued \| shares				49,061
Gross proceeds from issuance of initial public offering	$ 168,000
Net proceeds from issuance initial public offering	$ 152,300
Initial Public Offering \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued \| shares	10,500,000		10,500,000
Common stock public offering price per share \| $ / shares	$ 16.00
Underwriting discounts and commissions	$ 11,800
Stock issuance expenses	$ 3,900

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Lease shares	Dec. 31, 2020 USD ($) Lease shares	Dec. 31, 2019 shares
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Impairment losses		$ 0	$ 0
Number of finance lease \| Lease		0	0
Net proceeds from issuance of convertible preferred stock	$ 50,000,000.0	$ 151,581,000
ASU 2020-01
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]		true
Convertible Preferred Stock
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Convertible preferred stock, shares outstanding \| shares		0	22,724,925	22,724,925

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Details)	12 Months Ended
	Dec. 31, 2021
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets	3 years
Furniture and Office Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets	3 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets, description	Shorter of remaining lifeof lease or useful life

License Agreements - Additional Information (Details) - USD ($)	1 Months Ended				12 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2021
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expense					$ 51,054,000	$ 9,048,000
Proceeds from stock options exercised					167,000	32,000
Accounts payable			$ 1,077,000		11,951,000	$ 1,077,000
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expense					25,000,000.0
Royalty obligation period for licensed products upon first commercial sale			12 years
Milestone and royalties required					0
Upfront payments					5,000,000.0
Sublicensing revenue percentage			30.00%			30.00%
One-time payment					0
Pfizer License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee					$ 25,000,000.0
Pfizer License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Aggregate milestone payments for first four licensed products			$ 660,000,000
One-time payment			$ 20,000,000.0			$ 20,000,000.0
Pfizer License Agreement \| Series B Convertible Preferred Stock
Research And Development Arrangement Contract To Perform For Others [Line Items]
Issuance of convertible preferred stock shares					12,152,145
Issuance of convertible preferred stock value					$ 20,000,000.0
LegoChem License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expense					0
Royalty obligation period for licensed products upon first commercial sale			10 years
Milestone and royalties required			$ 0		0	0
Upfront payments		$ 500,000				5,000,000.0
Payments to purchase licensed products			500,000		9,000,000.0
Licensed product estimated cost			7,000,000.0			7,000,000.0
Proceeds from stock options exercised	$ 8,000,000.0
Extra Milestone Payment				$ 9,600,000
Accounts payable					9,600,000
Derivative liability							$ 3,400,000
LegoChem License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payments					9,000,000.0	500,000
LegoChem License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments payable upon certain achievements			284,500,000
LegoChem License Agreement \| Series B Convertible Preferred Stock
Research And Development Arrangement Contract To Perform For Others [Line Items]
Issuance of convertible preferred stock shares		303,804
University License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Stock issued				48,919
Research and development expense					0	3,000
Annual maintenance fee				$ 10,000
Royalty obligation period for licensed products upon first commercial sale				10 years
Milestone and royalties required			$ 0		$ 0	$ 0
University License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Potential development and commercial milestones				$ 7,700,000
Minimum annual royalty fees				$ 3,000,000.0

Joint Venture - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Service fee income from related party	$ 181
Voxall
Schedule Of Equity Method Investments [Line Items]
Percentage of voting membership units		50.00%
Initial contribution		$ 50
Service fee income from related party	200
Losses incurred	1,200
Promissory note issued	$ 200
Equity method investment, description	As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 272,210	$ 6,996
Level 1
Assets
Cash equivalents	$ 272,210	$ 6,996

Fair Value Measurements - Additional Information (Details) - USD ($)	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Assets measured at fair value		$ 0	$ 0
Liabilities measured at fair value		$ 0	$ 0
Subsequent Event
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Extra milestone payment for which derivative liability recognized	$ 9,600,000

Fair Value Measurements - Summary of Changes in Level 3 Fair Value Measurements (Details) - Derivative Liability - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Initial recognition of derivative liability	$ 3,369
Change in fair value recorded in earnings	6,231
Transfer to accounts payable	$ (9,600)

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Insurance	$ 1,763	$ 8
Research and development	619
Other	84	15
Total Prepaid expenses and other current assets	$ 2,466	$ 23

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 2,123	$ 1,572
Less: accumulated depreciation and amortization	(1,116)	(469)
Total Property and equipment, net	1,007	1,103
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,804	1,264
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	225	213
Furniture and Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 94	$ 95

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 647	$ 469

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 2,963	$ 1,002
External research and development expenses	2,381	712
Professional fees	982	167
Other	266	116
Total Accrued expenses and other current liabilities	$ 6,592	$ 1,997

Operating Leases - Additional Information (Details) $ in Thousands		12 Months Ended
	Sep. 29, 2021 USD ($)	Dec. 31, 2021 USD ($) Lease	Dec. 31, 2020 Lease
Leases [Abstract]
Number of operating lease		1	2
Operating lease terms expiration year		2022
Number of finance lease		0	0
Lease expiration date	Dec. 31, 2032
Rent Increase Percentage	3.00%
Operating lease, option to extend		There is an additional five-year option to extend the lease beyond December 31, 2032.
Operating lease, renewal term	5 years
Future minimum lease obligations \| $	$ 33,800	$ 168
Operating lease, term of contract	10 years

Operating Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Leases [Abstract]

Operating lease cost

$ 650

$ 497

Short-term lease cost

146

Variable Lease, Cost

^[1]

Total lease cost

730

713

Operating lease right-of-use asset obtained in exchange for new operating lease liabilities

1,186

Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows

$ 663

$ 484

Weighted-average remaining lease term

3 months

1 year 3 months

Weighted-average discount rate

10.00%

9.98%

[1]	Variable lease cost includes common area maintenance charges

Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 29, 2021
Leases [Abstract]
2022	$ 168
Total lease payments	168	$ 33,800
Less: amount representing imputed interest	(3)
Total future minimum lease obligations	$ 165

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		2 Months Ended	12 Months Ended
	Oct. 01, 2021 shares	Oct. 31, 2021 USD ($)	Mar. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Oct. 08, 2021 $ / shares	Mar. 05, 2021 $ / shares	Dec. 31, 2020 shares	Jun. 30, 2019 $ / shares shares
Temporary Equity [Line Items]
Net proceeds from issuance of convertible preferred stock \| $		$ 50,000			$ 151,581
Reverse stock split, conversion ratio	0.15725743
Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares						$ 16.00
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued					0			22,724,925
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued					0			0
Securities Purchase Agreement \| Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares				$ 0.9681					$ 0.9681
Shares issued				22,724,925					22,724,925
Gross cash proceeds from issuance of convertible preferred stock \| $				$ 22,000
Issuance costs \| $				100
Net proceeds from issuance of convertible preferred stock \| $				$ 21,900
Reverse stock split description	1-for-6.359 reverse stock split
Reverse stock split, conversion ratio	0.15725743
Securities Purchase Agreement \| Series A Convertible Preferred Stock \| Initial Public Offering
Temporary Equity [Line Items]
Number of preferred shares conversion	22,724,925
Securities Purchase Agreement \| Series A Convertible Preferred Stock \| Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion	3,573,659
Securities Purchase Agreement \| Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares			$ 1.6458				$ 1.6458
Shares issued			92,356,299
Gross cash proceeds from issuance of convertible preferred stock \| $			$ 152,000
Issuance costs \| $			400
Net proceeds from issuance of convertible preferred stock \| $			$ 151,600
Reverse stock split description	1-for-6.359 reverse stock split
Reverse stock split, conversion ratio	0.15725743
Securities Purchase Agreement \| Series B Convertible Preferred Stock \| Common Stock
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion	16,482,486
Securities Purchase Agreement \| Series B Convertible Preferred Stock \| Initial Public Offering
Temporary Equity [Line Items]
Number of preferred shares conversion	104,812,248
Agreements with Pfizer, Inc. and LegoChem Biosciences Inc. \| Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued			12,455,949
Net proceeds from issuance of convertible preferred stock \| $			$ 20,500

Stockholders' Equity - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Oct. 08, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000	0
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, shares authorized	190,000,000	190,000,000	40,300,000
Common stock, shares issued	32,792,867		2,177,956
Common stock, shares outstanding	32,222,881		1,289,342
Common stock voting rights	one

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	8,259,317	4,718,239
Series A Convertible Preferred Stock
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance		3,573,659
Unvested Restricted Stock Options
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	618,494	888,612
Stock Options Available for Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,289,259	35,585
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,926,969	220,383
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	424,595

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 27, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	8,259,317	4,718,239
Weighted-average fair value of options granted	$ 7.57	$ 0.62
Intrinsic value of options exercised	$ 600
Gross unrecognized stock-based compensation expense	$ 38,100
Unrecognized stock-based compensation expense weighted average amortized period	2 years 10 months 24 days
Number of restricted common stock shares issued			994,650
Stock-based compensation expense	$ 6,372	$ 18
Fair value of restricted stock vested	$ 5	$ 4
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	618,494	888,612
Number of shares authorized to be repurchased under a stock repurchase plan	48,508
Unrecognized stock-based compensation expense weighted average amortized period	1 year 6 months
Common stock public offering price per share			$ 0.01
Stock-based compensation expense	$ 100	$ 26
Gross unrecognized stock-based compensation expense	$ 700
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	1,289,259			3,852,807
Number of shares authorized to be repurchased under a stock repurchase plan	2,515,040
Number of shares of common stock outstanding percentage	5.00%
Maximum number of common shares issuable under exercise of options	7,705,614
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to be repurchased under a stock repurchase plan	3,411,929
2019 Equity Incentive Plan \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	4,042,408
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted common stock shares issued	48,508
Number of common shares authorized for issuance	424,595
Number of shares issued	0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding at December 31, 2020	220,383
Number of Shares, Granted	6,351,820
Number of Shares, Exercised	(70,396)
Number of Shares, Forfeited	(574,838)
Number of Shares, Outstanding at December 31, 2021	5,926,969	220,383
Number of Shares, Exercisable at December 31, 2021	1,033,510
Weighted Average Exercise Price, Outstanding at December 31, 2020	$ 0.64
Weighted Average Exercise Price, Granted	10.12
Weighted Average Exercise Price, Exercised	2.29
Weighted Average Exercise Price, Forfeited	8.41
Weighted Average Exercise Price, Outstanding at December 31, 2021	10.03	$ 0.64
Weighted Average Exercise Price, Exercisable at December 31, 2021	$ 5.04
Weighted Average Remaining Contractual Term, Outstanding	9 years 6 months	9 years 4 months 24 days
Weighted Average Remaining Contractual Term, Granted	9 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2021	9 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 16,414	$ 348
Aggregate Intrinsic Value, Exercisable at December 31, 2021	$ 6,125

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	72.88%	79.40%
Expected volatility, maximum	103.41%	87.40%
Risk-free interest rate, minimum	0.81%	0.38%
Risk-free interest rate, maximum	1.36%	0.56%
Expected dividend yield	0.00%	0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	7 years	6 years 29 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months	6 years 7 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,372	$ 18
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,396	10
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,976	$ 8

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, at December 31, 2020	888,612
Number of Shares, Issued	48,508
Number of Shares, Vested	(306,998)
Number of Shares, Cancelled	(11,628)
Number of Shares, Outstanding, at December 31, 2021	618,494
Weighted Average Grant ate fair value, Outstanding, at December 31, 2020 \| $ / shares	$ 0.01
Weighted Average Grant Date Fair Value, Outstanding, Issued \| $ / shares	15.58
Weighted Average Grant Date Fair Value, Outstanding, Vested \| $ / shares	0.01
Weighted Average Grant Date Fair Value, Outstanding, at December 31, 2021 \| $ / shares	$ 3.04

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Effective tax rate	0.00%	0.00%
Increase in deferred tax assets valuation allowance	$ 21,400,000	$ 3,600,000
Valuation allowance	25,748,000	4,343,000
Federal
Income Tax Contingency [Line Items]
Current income tax expenses (benefit)	0	0
Deferred Income Tax Expense (Benefit)	0	$ 0
Operating loss carryforward	10,100,000
Operating loss carryforwards before tax	48,000,000.0
Credit carryovers	$ 1,000,000.0
Credit carryovers expiration year	2039
State
Income Tax Contingency [Line Items]
Operating loss carryforward	$ 2,800,000
Operating loss carryforwards before tax	$ 45,900,000
Operating loss carryforwards expiration year	2039
Credit carryovers	$ 600,000
Credit carryovers expiration year	2039

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory rate%	21.00%	21.00%
State taxes, net of federal benefit	5.70%	5.60%
Change in valuation allowance	(27.70%)	(27.90%)
Research and development credit carryovers	1.90%	1.50%
Permanent differences	(0.90%)	(0.20%)
Effective income tax rate%	0.00%	0.00%

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 12,918	$ 3,515
Intangibles	75	47
Tax credit carryforwards	1,648	187
Derivative	1,577
Stock based compensation	1,003
Reserves and accruals	804	257
License fees	7,716	252
Other	70	299
Total deferred tax assets before valuation allowance	25,811	4,557
Less: valuation allowance	(25,748)	(4,343)
Total deferred tax assets	63	214
Deferred tax liabilities:
Operating lease right-of-use assets	$ (63)	$ (214)

Net Loss per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (75,975)	$ (12,828)
Denominator:
Weighted-average common shares outstanding, basic and diluted	8,493,273	1,030,556
Net loss per common share - basic and diluted	$ (8.95)	$ (12.45)

- 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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+ Details

Net Loss per Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	6,545,463	4,682,654
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders		3,573,659
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	618,494	888,612
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	5,926,969	220,383

Related Parties - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Mar. 31, 2021	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development expense			$ 51,054,000	$ 9,048,000
Pfizer License Agreement
Related Party Transaction [Line Items]
Research and development expense			25,000,000.0
Upfront payments			5,000,000.0
LegoChem License Agreement
Related Party Transaction [Line Items]
Research and development expense			$ 0
Upfront payments	$ 500,000			$ 5,000,000.0
Common Stock
Related Party Transaction [Line Items]
Stock issued				49,061
Series B Convertible Preferred Stock \| Pfizer License Agreement
Related Party Transaction [Line Items]
Issuance of convertible preferred stock shares			12,152,145
Issuance of convertible preferred stock value			$ 20,000,000.0
Series B Convertible Preferred Stock \| LegoChem License Agreement
Related Party Transaction [Line Items]
Issuance of convertible preferred stock shares	303,804
University License Agreement
Related Party Transaction [Line Items]
Stock issued		48,919
Research and development expense			0	$ 3,000
University License Agreement \| Common Stock
Related Party Transaction [Line Items]
Stock issued		48,919
University License Agreement \| Series A Preferred Stock
Related Party Transaction [Line Items]
Stock issued				309,885
Scientific Advisory Board
Related Party Transaction [Line Items]
Maximum amount paid to board members			100,000	$ 100,000
Aggregate maximum amount paid to related parties			100,000	100,000
Voxall
Related Party Transaction [Line Items]
Contributed amount to joint venture by each member			50,000
Recognized service fee as other income			$ 181,000
Minimum \| Scientific Advisory Board
Related Party Transaction [Line Items]
Payments to board members per month				3,000
Maximum \| Scientific Advisory Board
Related Party Transaction [Line Items]
Payments to board members per month				$ 5,000

Subsequent Event (Additional Information) (Details) - Subsequent Event - Biosion License Agreement	Mar. 28, 2022 USD ($)
Subsequent Event [Line Items]
Upfront fee	$ 10,000,000
Aggregate maximum obligation to pay future contingent milestone payments for normal approval	217,500,000
Aggregate maximum obligation to pay future contingent milestone payments for accelerated approval	$ 222,500,000
Royalty obligation period for licensed products upon first commercial sale	12 years