0000950170-21-002837 | 10-Q | XBRL Viewer

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Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	TYRA BIOSCIENCES, INC.
Entity Central Index Key	0001863127
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40800
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476348
Entity Address, Address Line One	2656 State Street
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	619
Local Phone Number	728-4760
Entity Common Stock, Shares Outstanding		41,265,756
Entity Listing, Par Value Per Share	$ 0.0001
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Transition Report	false
Document Quarterly Report	true

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 312,823	$ 15,224
Prepaid and other current assets	678	57
Total current assets	313,501	15,281
Restricted cash	243	243
Property and equipment, net	779	297
Right-of-use asset	1,129	169
Other long-term assets	318	21
Total assets	315,970	16,011
Current liabilities:
Accounts payable (including related party amounts of $68 and $0, respectively)	2,068	664
Lease Liability Current	135	142
Accrued and other current liabilities	2,565	1,052
Total current liabilities	4,768	1,858
Lease liabilities, noncurrent	1,037
Other long-term liabilities	434	140
Total liabilities	6,239	1,998
Commitments and contingencies (Note 2)
Convertible preferred stock, $0.0001 par value; no shares and 6,223,046 shares authorized at September 30, 2021 and December 31, 2020, respectively; no shares and 3,374,560 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	0	27,651
Stockholders' equity (deficit):
Preferred stock: $0.0001 par value; 50,000,000 shares and no shares authorized at September 30, 2021 and December 31, 2020, respectively; no shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 and 50,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; 42,535,661 and 3,050,781 shares issued at September 30, 2021 and December 31, 2020, respectively, and 41,207,660 and 1,829,377 shares outstanding at September 30, 2021 and December 31, 2020, respectively	4	0
Additional paid-in capital	340,168	439
Accumulated deficit	(30,441)	(14,077)
Total stockholders' equity (deficit)	309,731	(13,638)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 315,970	$ 16,011

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts payable, related parties	$ 68	$ 0
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	50,000,000
Common stock, shares issued	42,535,661	3,050,781
Common stock, shares outstanding	41,207,660	1,829,377
Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	6,223,046
Preferred stock, shares issued	0	3,374,560
Preferred stock, shares outstanding	0	3,374,560

Statement of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 5,484	$ 1,862	$ 13,386	$ 4,275
General and administrative (including related party amounts of $0, $0, $0 and $0, respectively)	1,154	470	2,970	1,345
Total operating expenses	6,638	2,332	16,356	5,620
Loss from operations	(6,638)	(2,332)	(16,356)	(5,620)
Other (expense) income:
Interest income	2	0	8	1
Change in fair value of simple agreement for future equity	0	0	0	(15)
Other expense	(7)	(7)	(16)	(17)
Total other expense	(5)	(7)	(8)	(31)
Net loss and comprehensive loss	$ (6,643)	$ (2,339)	$ (16,364)	$ (5,651)
Net loss per share, basic and diluted	$ (0.72)	$ (1.47)	$ (3.63)	$ (3.83)
Weighted average shares used to compute net loss per common share, basic and diluted	9,164,003	1,594,873	4,504,997	1,475,266

Statement of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Related party transaction, selling, general and administrative expenses	$ 142	$ 0	$ 260	$ 0

Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]
Beginning balance at Dec. 31, 2019	$ (4,741)	$ 0	$ 0	$ (4,741)
Beginning balance (in shares) at Dec. 31, 2019		2,705,779
Beginning balance at Dec. 31, 2019					$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2019					0	0
Issuance of Series A convertible preferred stock upon conversion of simple agreement for future equity					$ 4,340
Issuance of Series A convertible preferred stock upon conversion of simple agreement for future equity, Share					526,074
Issuance of convertible preferred stock, net of issuance costs					$ 23,311
Issuance of convertible preferred stock, net of issuance costs, Share					2,848,486
Incremental vesting conditions placed on previously issued common shares, Share		(1,461,816)
Vesting of shares of common stock subject to repurchase, Share		147,172
Stock-based compensation	108		108
Net loss	(1,474)			(1,474)
Ending balance at Mar. 31, 2020	(6,107)		108	(6,215)
Ending balance (in shares) at Mar. 31, 2020		1,391,135
Ending balance at Mar. 31, 2020					$ 27,651	$ 0
Ending balance (in shares) at Mar. 31, 2020					3,374,560	0
Beginning balance at Dec. 31, 2019	(4,741)	$ 0	0	(4,741)
Beginning balance (in shares) at Dec. 31, 2019		2,705,779
Beginning balance at Dec. 31, 2019					$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2019					0	0
Net loss	(5,651)
Ending balance at Sep. 30, 2020	(10,080)	$ 0	312	(10,392)
Ending balance (in shares) at Sep. 30, 2020		1,685,480
Ending balance at Sep. 30, 2020					$ 27,651	$ 0
Ending balance (in shares) at Sep. 30, 2020					3,374,560	0
Beginning balance at Mar. 31, 2020	(6,107)		108	(6,215)
Beginning balance (in shares) at Mar. 31, 2020		1,391,135
Beginning balance at Mar. 31, 2020					$ 27,651	$ 0
Beginning balance (in shares) at Mar. 31, 2020					3,374,560	0
Vesting of shares of common stock subject to repurchase, Share		147,172
Stock-based compensation	98		98
Net loss	(1,838)			(1,838)
Ending balance at Jun. 30, 2020	(7,847)		206	(8,053)
Ending balance (in shares) at Jun. 30, 2020		1,538,307
Ending balance at Jun. 30, 2020					$ 27,651	$ 0
Ending balance (in shares) at Jun. 30, 2020					3,374,560	0
Vesting of shares of common stock subject to repurchase, Share		147,173
Stock-based compensation	106		106
Net loss	(2,339)			(2,339)
Ending balance at Sep. 30, 2020	(10,080)	$ 0	312	(10,392)
Ending balance (in shares) at Sep. 30, 2020		1,685,480
Ending balance at Sep. 30, 2020					$ 27,651	$ 0
Ending balance (in shares) at Sep. 30, 2020					3,374,560	0
Vesting of shares of common stock subject to repurchase, Share		143,897
Stock-based compensation	127		127
Net loss	(3,685)			(3,685)
Ending balance at Dec. 31, 2020	(13,638)	$ 0	439	(14,077)
Ending balance (in shares) at Dec. 31, 2020		1,829,377
Ending balance at Dec. 31, 2020	27,651				$ 27,651	$ 0
Ending balance (in shares) at Dec. 31, 2020					3,374,560	0
Issuance of convertible preferred stock, net of issuance costs					$ 23,495	$ 106,128
Issuance of convertible preferred stock, net of issuance costs, Share					2,848,486	3,874,793
Issuance of common stock for stock option exercises	86		86
Issuance of common stock for stock option exercises, Share		139,212
Vesting of shares of common stock subject to repurchase	65		65
Vesting of shares of common stock subject to repurchase, Share		234,239
Stock-based compensation	174		174
Net loss	(4,209)			(4,209)
Ending balance at Mar. 31, 2021	(17,522)	$ 0	764	(18,286)
Ending balance (in shares) at Mar. 31, 2021		2,202,828
Ending balance at Mar. 31, 2021					$ 51,146	$ 106,128
Ending balance (in shares) at Mar. 31, 2021					6,223,046	3,874,793
Beginning balance at Dec. 31, 2020	(13,638)	$ 0	439	(14,077)
Beginning balance (in shares) at Dec. 31, 2020		1,829,377
Beginning balance at Dec. 31, 2020	$ 27,651				$ 27,651	$ 0
Beginning balance (in shares) at Dec. 31, 2020					3,374,560	0
Issuance of common stock for stock option exercises, Share	877,333
Net loss	$ (16,364)
Ending balance at Sep. 30, 2021	309,731	$ 4	340,168	(30,441)
Ending balance (in shares) at Sep. 30, 2021		41,207,660
Ending balance at Sep. 30, 2021	0				$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2021					0	0
Beginning balance at Mar. 31, 2021	(17,522)	$ 0	764	(18,286)
Beginning balance (in shares) at Mar. 31, 2021		2,202,828
Beginning balance at Mar. 31, 2021					$ 51,146	$ 106,128
Beginning balance (in shares) at Mar. 31, 2021					6,223,046	3,874,793
Issuance of common stock for stock option exercises	1		1
Issuance of common stock for stock option exercises, Share		1,511
Vesting of shares of common stock subject to repurchase	28		28
Vesting of shares of common stock subject to repurchase, Share		170,012
Stock-based compensation	338		338
Net loss	(5,512)			(5,512)
Ending balance at Jun. 30, 2021	(22,667)	$ 0	1,131	(23,798)
Ending balance (in shares) at Jun. 30, 2021		2,374,351
Ending balance at Jun. 30, 2021					$ 51,146	$ 106,128
Ending balance (in shares) at Jun. 30, 2021					6,223,046	3,874,793
Preferred stock converted into shares of common stock	157,274	$ 3	157,271		$ (51,146)	$ (106,128)
Preferred stock converted into shares of common stock, Share		26,228,089			(6,223,046)	(3,874,793)
Initial public offering of common shares, net of issuance costs	181,220	$ 1	181,219
Initial public offering of common shares, net of issuance costs, Share		12,420,000
Issuance of common stock for stock option exercises	1		1
Issuance of common stock for stock option exercises, Share		522
Vesting of shares of common stock subject to repurchase	39		39
Vesting of shares of common stock subject to repurchase, Share		184,698
Stock-based compensation	507		507
Net loss	(6,643)			(6,643)
Ending balance at Sep. 30, 2021	309,731	$ 4	$ 340,168	$ (30,441)
Ending balance (in shares) at Sep. 30, 2021		41,207,660
Ending balance at Sep. 30, 2021	$ 0				$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2021					0	0

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (16,364)	$ (5,651)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	90	28
Stock-based compensation	1,019	312
Change in fair value of SAFE commitments	0	15
Loss on disposal of property and equipment	3
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(917)	18
Accounts payable, accrued expenses and other liabilities	1,396	59
Right-of-use assets and lease liabilities, net	56	(14)
Net cash used in operating activities	(14,717)	(5,233)
Cash flows from investing activities:
Purchases of property and equipment	(556)	(245)
Proceeds from sale of property and equipment	16
Net cash used in investing activities	(540)	(245)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs	182,729
Proceeds from exercise of stock options	88
Proceeds from early exercise of stock options	450	140
Repayment of early exercise liability	(25)
Payments for financing lease	(9)	(13)
Net cash provided by financing activities	312,856	23,438
Net cash increase for the period	297,599	17,960
Cash, cash equivalents and restricted cash at beginning of the period	15,467	108
Cash, cash equivalents and restricted cash at end of the period	313,066	18,068
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	312,823	18,068
Restricted cash	243
Total cash, cash equivalents and restricted cash	313,066	18,068
Non-cash investing and financing activities:
Purchases of equipment included in accounts payable	17	44
Deferred issuance costs included in accounts payable and accrued expenses	1,509
Right-of-use asset obtained in exchange for lease liability	1,238
Series A Convertible Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs	23,495	23,311
Series B Convertible Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 106,128

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Organization

Tyra Biosciences, Inc. (the “Company”) was incorporated in the state of Delaware on August 2, 2018. The Company is a precision oncology company designing and developing purpose-built therapies specifically designed to overcome therapy resistance and improve the lives of cancer patients whose tumors have acquired resistance over the course of therapy to currently available treatments.

On September 17, 2021, the Company completed its initial public offering (the “IPO”) and issued 12,420,000 shares of common stock for net proceeds of approximately $181.2 million. See Note 7 to these financial statements for additional details.

Stock Split

On September 7, 2021, the Company effected a 2.5974-for-1 forward stock split of its common stock (the “Forward Stock Split”). The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split. In conjunction with the Company’s IPO, the authorized shares of common stock were increased to 500,000,000. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented, unless otherwise indicated.

Basis of Presentation

The accompanying unaudited financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at September 30, 2021 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019, included in the Prospectus dated September 14, 2021 filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the SEC on September 15, 2021 (the “Prospectus”).

Liquidity and Capital Resources

From inception to September 30, 2021, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP discovery engine, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates. From inception through September 30, 2021, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity (“SAFEs”).

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2).

Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the years ended December 31, 2020 and 2019, included in the Prospectus. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2021 and December 31, 2020.

Related Parties

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. Financial Accounting Standards Board (“FASB”) ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:



Affiliates of the entity;



Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;



Trusts for the benefit of employees;



Principal owners of the entity and members of their immediate families;



Management of the entity and members of their immediate families;



Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (“van den Boom & Associates”), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. During the date of her employment agreement to September 30, 2021, van den Boom & Associates rendered contracted services totaling approximately $0.4 million.

Recently Issued Accounting Pronouncements

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2020 and 2019 to the recently issued accounting standards for the three and nine months ended September 30, 2021. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

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

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

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020 are money market funds with a carrying value and fair value of $302.3 million and $4.7 million, respectively, based upon a Level 1 fair value assessment.

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

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


	September 30, 2021			December 31, 2020
Equipment	$	628		$	293
Computers and software		72			33
Leasehold improvements		122			—
Furniture and fixtures		76			14
		898			340
Less: accumulated depreciation		(119	)		(43	)
Total property and equipment, net	$	779		$	297

Depreciation expense for the three and nine months ended September 30, 2021 was $41,000 and $90,000, respectively. Depreciation expense for the three and nine months ended September 30, 2020 was $16,000 and $28,000, respectively.

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

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


	September 30, 2021		December 31, 2020
Accrued payroll and other employee benefits	$	634	$	774
Accrued research and development		392		163
Accrued legal and professional fees		1,356		67
Accrued other general and administrative fees		183		48
Total accrued and other current liabilities	$	2,565	$	1,052

Simple Agreements for Future Equity

9 Months Ended

Sep. 30, 2021

Simple Agreements For Future Equity [Abstract]

Simple Agreements for Future Equity

6. Simple Agreements for Future Equity

During 2018 and 2019, the Company entered into SAFEs with investors. The SAFEs granted investors with rights to participate in a future equity financing. The SAFEs contained a number of conversion and redemption provisions, including conversion upon an equity event, and settlement upon liquidity or dissolution events. The Company elected the fair value option of accounting for the SAFEs. The issuance costs related to the SAFEs were recorded as a general and administrative expense in the Statements of Operations and Comprehensive Loss. On January 6, 2020, the Company entered into a Series A Preferred Stock Purchase agreement which provided for the conversion of the outstanding SAFEs into 526,074 shares of Series A convertible preferred stock at a conversion price of $6.11 per share.

Convertible Preferred Stock and Stockholders' Deficit

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Convertible Preferred Stock and Stockholders' Deficit

7. Convertible Preferred Stock and Stockholders’ Deficit

Stockholders’ Deficit

Under the Amended and Restated Certificate of Incorporation dated September 17, 2021, the Company had a total of 550,000,000 shares of capital stock authorized for issuance, consisting of 500,000,000 shares of common stock, par value of $0.0001 per share, and 50,000,000 shares of preferred stock, par value of $0.0001 per share.

Convertible Preferred Stock

The Company entered into the Series A Preferred Stock Purchase Agreement dated January 6, 2020 (“Stock Purchase Agreement”) whereby the Company agreed to issue and sell, and certain investors agreed to purchase up to an aggregate of 5,696,972 shares of Series A convertible preferred stock, at a price of $8.25 per share, in two closings. In January 2020, the Company completed its first closing and issued 2,848,486 shares at a price of $8.25 per share resulting in gross proceeds of $23.5 million and incurred issuance costs of $0.2 million. The Stock Purchase Agreement granted investors the rights and obligations to purchase an additional 2,848,486 shares of Series A convertible preferred stock (“Future Tranche Right”) at a price of $8.25 per share during a second closing which would occur upon triggering of future milestone events, provided that they occur before January 6, 2022. In February 2021, the Company completed its second closing and issued 2,848,486 shares of Series A convertible preferred stock at a price of $8.25 per share for gross proceeds of $23.5 million and incurred issuance costs of $5,000.

The Company determined that the Future Tranche Right did not meet the definition of a freestanding financial instrument as it was not legally detachable. The Future Tranche Right was also evaluated as an embedded derivative and the Company determined it did not meet the definition of a derivative instrument for which bifurcation would be required.

In March 2021, the Company entered into the Series B Preferred Stock Purchase Agreement under which it issued 3,874,793 shares of Series B convertible preferred stock, at a price of $27.4337 per share, resulting in net proceeds of $106.1 million excluding issuance costs of $0.2 million.

On September 17, 2021, upon completion of the IPO, the Company sold 12,420,000 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,620,000 additional shares at a public offering price of $16.00 per share and all of the Company’s shares of convertible preferred stock converted into 26,228,089 shares of common stock.

Common Stock

As of September 30, 2021 and December 31, 2020, of the 500,000,000 and 50,000,000 authorized shares of common stock, respectively, 42,535,661 and 3,050,781 shares were issued, respectively, and 41,207,660 and 1,829,377 shares were outstanding, respectively.

The voting, dividend, and liquidation rights of the holders of the common stock are subject to, and qualified by, the rights, preferences and privileges of the holders of the Series A convertible preferred stock outstanding at December 31, 2020. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

Common stock reserved for future issuance consisted of the following:


	September 30, 2021		December 31, 2020
Convertible preferred stock		—		8,765,053
Common stock options granted and outstanding		2,586,313		1,374,714
Shares available for future issuance under the 2020 equity incentive plan		—		28,595
Shares available for future issuance under the 2021 equity incentive plan		10,570,000		—
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,200,000		—
Total common stock reserved for future issuance		14,356,313		10,168,362

Restricted Stock

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $0.0001 per share to certain founders of the Company (“Founders Stock”). The Company maintains a repurchase right whereby the Founders Stock are released from such repurchase right over a period of time of continued service by the recipient. Any shares subject to repurchase by the Company are not deemed, for accounting purposes, to be outstanding until those shares vest. Unvested outstanding Founders Stock as of September 30, 2021 and December 31, 2020 were 619,069 and 991,178 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of September 30, 2021 and December 31, 2020.

In January 2020, in connection with the issuance of the Series A convertible preferred stock, the Company’s founders agreed to modify their outstanding Founders Stock to include vesting provisions that require continued service to the Company in order to vest in those shares. As such, the 1,461,816 modified shares of common stock became compensatory upon such modification. The total compensation cost resulting from the modification was $0.9 million, which will be recognized over the vesting term of three years had a measurement date fair value of $0.61 per share. For the nine months ended September 30, 2021 and 2020, 365,445 shares vested in each period and the Company recognized $0.2 million of stock-based compensation expense for each period related to the awards. As of September 30, 2021, the total unrecognized compensation expense related to unvested Founders Stock was $0.4 million expected to be recognized over a weighted-average period of approximately 1.3 years.

Stock Options

In January 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards. The 2020 Plan was amended in March 2021 to increase the total number of shares reserved under the Plan to 4,685,475.

In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under its 2020 Plan.

The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. The number of shares reserved under the 2021 Plan also included 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan as of immediately prior to the effectiveness of the 2021 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lessor of (1) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.

Options granted under the 2020 Plan and the 2021 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The exercise price of each option shall be determined by the Company’s Board of Directors based on the fair market value of the Company’s stock on the date of the option grant. The exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted. Most option grants generally vest 25% on the first anniversary of the original vesting commencement date, with the balance vesting monthly over the remaining three years and early exercise is permitted. The vesting period generally occurs over four years unless there is a specific performance vesting trigger at which time those shares will vest when the performance trigger is probable to occur.

A summary of the Company’s stock option activity for the nine months ended September 30, 2021 is as follows (in thousands, except share amounts):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		1,374,714		$	0.61		9.4	$	—
Granted		2,088,932		$	3.42
Exercised		(877,333	)	$	0.61			$	292
Outstanding at September 30, 2021		2,586,313		$	2.88		9.3	$	38,044
Exercisable at September 30, 2021		742,432		$	1.25		8.9	$	12,128
Vested and expected to vest as of September 30, 2021		2,573,687		$	2.89		9.3	$	37,841

For the nine months ended September 30, 2021 and 2020, the total grant date fair value of vested options was $0.6 million and $17,000, respectively.

The weighted-average grant date fair value of employee option grants for the nine months ended September 30, 2021 and 2020 was $2.70 and $0.47 per share, respectively.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants issued during the nine months ended September 30, 2021 and 2020 were as follows:


	Nine Months Ended September 30,
	2021	2020
Stock Options:
Stock price	$0.99 - 16.00	$0.61
Risk-free rate of interest	0.8 - 1.1%	0.3 - 1.5%
Expected term (years)	5.0 - 6.1	5.7 - 6.1
Expected stock price volatility	98.9 - 99.9%	92.9 - 97.5%
Dividend yield	—	—

As of September 30, 2021, the unrecognized compensation cost related to outstanding employee and nonemployee options was $5.4 million, and is expected to be recognized as expense over a weighted-average period of approximately 3.8 years.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of September 30, 2021 and December 31, 2020, 749,476 and 230,222 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of September 30, 2021 and December 31, 2020, the Company recorded $0.4 million and $0.1 million, respectively, associated with shares issued with repurchase rights in other long-term liabilities.

Employee Stock Purchase Plan

In September 2021, the Company's Board of Directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation, not to exceed $25,000 or 100,000 shares in a calendar year. A total of 380,000 shares of common stock was initially reserved for issuance under the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lessor of (1) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. There were no shares issued under the ESPP during the three and nine months ended September 30, 2021.

Stock-Based Compensation Expense

The Company recognized stock-based compensation expense of $0.2 million and $0.4 million in research and development expense during the three and nine months ended September 30, 2021 and $0.3 million and $0.6 million in general and administrative expense during the three and nine months ended September 30, 2021, respectively. The Company recognized stock-based compensation expense of $0 million and $0.1 million in research and development expense during the three and nine months ended September 30, 2020 and $0.1 million and $0.2 million in general and administrative expense during the three and nine months ended September 30, 2020, respectively.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
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+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(6,643	)	$	(2,339	)	$	(16,364	)	$	(5,651	)
Denominator:
Weighted average common shares outstanding		10,621,868			3,052,395			5,984,285			2,927,056
Less: weighted average unvested founder shares of common stock		(673,607	)		(1,227,301	)		(785,036	)		(1,345,303	)
Less: weighted average unvested common stock issued upon early exercise of common stock options		(784,258	)		(230,221	)		(694,252	)		(106,487	)
Weighted average shares used to compute net loss per common share, basic and diluted		9,164,003			1,594,873			4,504,997			1,475,266
Net loss per share, basic and diluted	$	(0.72	)	$	(1.47	)	$	(3.63	)	$	(3.83	)

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


	As of September 30,
	2021		2020
Convertible preferred stock		—		2,848,486
Unvested restricted common stock subject to repurchase		619,069		1,135,078
Unvested common stock upon early exercise of stock options		749,476		230,222
Options to purchase common stock		2,586,313		930,926
		3,954,858		5,144,712

License Agreement

9 Months Ended

Sep. 30, 2021

License Agreement [Abstract]

License Agreement

9. License Agreement

In May 2019, the Company entered into a license agreement (the “License Agreement”) with Emory University (“Emory”) to obtain rights to certain know-how, patents, and patent applications to pursue the development and commercialization of certain inventions and technology for the treatment of disease. In February 2021, the Company provided 90-day notice to Emory of their decision to voluntarily terminate the License Agreement. There were no milestones payments met or paid in the nine months ended September 30, 2021.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

10. Leases

In August 2020, the Company entered into an operating lease for office and lab space in Carlsbad, California (the “Carlsbad Lease”). The Carlsbad Lease has a lease term of 60 months from the contractual lease commencement date. The Company has the option to renew the lease for two additional thirty-six-month periods. As of September 30, 2021, the underlying asset was made available for use by the Company and therefore, the Carlsbad Lease is considered to have commenced. The Company recognized an initial right-of-use asset and lease liability of $1.2 million, respectively, for the lease. The initial right-of-use asset was calculated based on the initial lease term of 60 months, as the renewal options were not reasonably certain of being exercised. As the Carlsbad Lease did not provide an implicit rate, the Company used an estimated incremental borrowing rate of 7.5%, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment.

In conjunction with the Carlsbad Lease, the Company paid a cash security deposit of $21,000, of which all is refundable at the end of the lease term and is included in long-term assets in the Company’s balance sheet as of September 30, 2021. Additionally, as part of the terms of the lease agreement, the Company was required to maintain a letter of credit of $0.2 million which must remain in place until 2023 at the earliest and was considered a non-current asset as of September 30, 2021.

The following table presents the balances for operating and finance leases ROU assets and lease liabilities (in thousands):


	September 30,		December 31,
	2021		2020
Assets
Operating lease assets	$	1,129	$	148
Finance lease assets		—		21
Total lease assets	$	1,129	$	169

Liabilities
Operating lease liabilities, current	$	135	$	133
Operating lease liabilities, noncurrent		1,037		—
Finance lease liabilities, current		—		9
Total lease liabilities	$	1,172	$	142

The components of lease expense include operating and finance lease costs. Amortization is recorded in research and development expenses and interest expense is recorded in other expenses in the Statements of Operations and Comprehensive Loss. Components of lease cost for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	124	$	27	$	251	$	76
Finance lease cost
Amortization of ROU assets		1		2		5		6
Interest on lease liabilities		—		—		—		1

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of September 30,
Year ending December 31,
2021 (remaining three months)	$	20
2022		277
2023		299
2024		308
2025		318
Thereafter		188
Total minimum lease payments		1,410
Less: amount representing interest		(238	)
Present value of lease liabilities		1,172
Less: current portion of lease liabilities		(135	)
Lease liabilities, noncurrent	$	1,037


	September 30,			December 31,
	2021			2020
Weighted-average remaining lease term (years) - operating leases		4.8			0.8
Weighted-average remaining lease term (years) - finance leases		0.0			0.6
Weighted-average incremental borrowing rate - operating leases		7.50	%		7.50	%
Weighted-average incremental borrowing rate - finance leases		7.50	%		7.50	%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Organization	Organization Tyra Biosciences, Inc. (the “Company”) was incorporated in the state of Delaware on August 2, 2018. The Company is a precision oncology company designing and developing purpose-built therapies specifically designed to overcome therapy resistance and improve the lives of cancer patients whose tumors have acquired resistance over the course of therapy to currently available treatments. On September 17, 2021, the Company completed its initial public offering (the “IPO”) and issued 12,420,000 shares of common stock for net proceeds of approximately $181.2 million. See Note 7 to these financial statements for additional details.
Liquidity	Liquidity and Capital Resources From inception to September 30, 2021, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP discovery engine, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates. From inception through September 30, 2021, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity (“SAFEs”). The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at September 30, 2021 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019, included in the Prospectus dated September 14, 2021 filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the SEC on September 15, 2021 (the “Prospectus”).
Stock Split	Stock Split On September 7, 2021, the Company effected a 2.5974-for-1 forward stock split of its common stock (the “Forward Stock Split”). The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split. In conjunction with the Company’s IPO, the authorized shares of common stock were increased to 500,000,000. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented, unless otherwise indicated.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of September 30, 2021 and December 31, 2020.
Related Parties	Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. Financial Accounting Standards Board (“FASB”) ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships:  Affiliates of the entity;  Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity;  Trusts for the benefit of employees;  Principal owners of the entity and members of their immediate families;  Management of the entity and members of their immediate families;  Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (“van den Boom & Associates”), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. During the date of her employment agreement to September 30, 2021, van den Boom & Associates rendered contracted services totaling approximately $0.4 million.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2020 and 2019 to the recently issued accounting standards for the three and nine months ended September 30, 2021. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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


	September 30, 2021			December 31, 2020
Equipment	$	628		$	293
Computers and software		72			33
Leasehold improvements		122			—
Furniture and fixtures		76			14
		898			340
Less: accumulated depreciation		(119	)		(43	)
Total property and equipment, net	$	779		$	297

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	September 30, 2021		December 31, 2020
Accrued payroll and other employee benefits	$	634	$	774
Accrued research and development		392		163
Accrued legal and professional fees		1,356		67
Accrued other general and administrative fees		183		48
Total accrued and other current liabilities	$	2,565	$	1,052

Convertible Preferred Stock and Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Summary of Reserved Shares of Common Stock

Common stock reserved for future issuance consisted of the following:


	September 30, 2021		December 31, 2020
Convertible preferred stock		—		8,765,053
Common stock options granted and outstanding		2,586,313		1,374,714
Shares available for future issuance under the 2020 equity incentive plan		—		28,595
Shares available for future issuance under the 2021 equity incentive plan		10,570,000		—
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,200,000		—
Total common stock reserved for future issuance		14,356,313		10,168,362

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the nine months ended September 30, 2021 is as follows (in thousands, except share amounts):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		1,374,714		$	0.61		9.4	$	—
Granted		2,088,932		$	3.42
Exercised		(877,333	)	$	0.61			$	292
Outstanding at September 30, 2021		2,586,313		$	2.88		9.3	$	38,044
Exercisable at September 30, 2021		742,432		$	1.25		8.9	$	12,128
Vested and expected to vest as of September 30, 2021		2,573,687		$	2.89		9.3	$	37,841

Summary of Fair Value of Stock Option Grants


	Nine Months Ended September 30,
	2021	2020
Stock Options:
Stock price	$0.99 - 16.00	$0.61
Risk-free rate of interest	0.8 - 1.1%	0.3 - 1.5%
Expected term (years)	5.0 - 6.1	5.7 - 6.1
Expected stock price volatility	98.9 - 99.9%	92.9 - 97.5%
Dividend yield	—	—

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(6,643	)	$	(2,339	)	$	(16,364	)	$	(5,651	)
Denominator:
Weighted average common shares outstanding		10,621,868			3,052,395			5,984,285			2,927,056
Less: weighted average unvested founder shares of common stock		(673,607	)		(1,227,301	)		(785,036	)		(1,345,303	)
Less: weighted average unvested common stock issued upon early exercise of common stock options		(784,258	)		(230,221	)		(694,252	)		(106,487	)
Weighted average shares used to compute net loss per common share, basic and diluted		9,164,003			1,594,873			4,504,997			1,475,266
Net loss per share, basic and diluted	$	(0.72	)	$	(1.47	)	$	(3.63	)	$	(3.83	)

Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding

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


	As of September 30,
	2021		2020
Convertible preferred stock		—		2,848,486
Unvested restricted common stock subject to repurchase		619,069		1,135,078
Unvested common stock upon early exercise of stock options		749,476		230,222
Options to purchase common stock		2,586,313		930,926
		3,954,858		5,144,712

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Right-of-Use Lease Assets and Lease Liabilities

The following table presents the balances for operating and finance leases ROU assets and lease liabilities (in thousands):


	September 30,		December 31,
	2021		2020
Assets
Operating lease assets	$	1,129	$	148
Finance lease assets		—		21
Total lease assets	$	1,129	$	169

Liabilities
Operating lease liabilities, current	$	135	$	133
Operating lease liabilities, noncurrent		1,037		—
Finance lease liabilities, current		—		9
Total lease liabilities	$	1,172	$	142

Summary of Components of Lease Cost

Components of lease cost for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	124	$	27	$	251	$	76
Finance lease cost
Amortization of ROU assets		1		2		5		6
Interest on lease liabilities		—		—		—		1

Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of September 30,
Year ending December 31,
2021 (remaining three months)	$	20
2022		277
2023		299
2024		308
2025		318
Thereafter		188
Total minimum lease payments		1,410
Less: amount representing interest		(238	)
Present value of lease liabilities		1,172
Less: current portion of lease liabilities		(135	)
Lease liabilities, noncurrent	$	1,037


	September 30,			December 31,
	2021			2020
Weighted-average remaining lease term (years) - operating leases		4.8			0.8
Weighted-average remaining lease term (years) - finance leases		0.0			0.6
Weighted-average incremental borrowing rate - operating leases		7.50	%		7.50	%
Weighted-average incremental borrowing rate - finance leases		7.50	%		7.50	%

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended			9 Months Ended
	Sep. 17, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Jan. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 shares
Common stock, shares issued					42,535,661		3,050,781
Stock option exercised					877,333
Forward stock split conversion	0.025974
Increase in authorized share due to forward stock split	50,000,000
Proceeds from initial public offering, net of issuance costs \| $					$ 182,729
Series A Preferred Stock [Member]
Gross proceeds \| $			$ 23,500	$ 23,500
Series B Preferred Stock [Member]
Gross proceeds \| $		$ 106,100
IPO [Member]
Common stock, shares issued	12,420,000
Increase in authorized shares	500,000,000
Share price, par value \| $ / shares	$ 16.00
Proceeds from initial public offering, net of issuance costs \| $	$ 181,200

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 17, 2021 shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Significant Accounting Policies [Line Items]
Forward stock split conversion	0.025974
Common stock, shares authorized \| shares	500,000,000	500,000,000	50,000,000
Loss contingency accrual		$ 0	$ 0
Van Den Boom & Associates, LLC
Significant Accounting Policies [Line Items]
Due to other related parties		$ 400,000

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 312,823	$ 15,224	$ 18,068
Money Market Funds \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	302,300	4,700
Cash and cash equivalents, fair value	$ 302,300	$ 4,700

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 898	$ 340
Less: accumulated depreciation	(119)	(43)
Total property and equipment, net	779	297
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	628	293
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	72	33
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	122	0
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 76	$ 14

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 41,000	$ 16,000	$ 90,000	$ 28,000

Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued payroll and other employee benefits	$ 634	$ 774
Accrued research and development	392	163
Accrued legal and professional fees	1,356	67
Accrued other general and administrative fees	183	48
Total accrued and other current liabilities	$ 2,565	$ 1,052

Simple Agreements for Future Equity - Additional Information (Details) - Series A Convertible Preferred Stock [Member] - $ / shares		3 Months Ended
	Jan. 06, 2020	Mar. 31, 2020
Convertible preferred stock upon conversion of simple agreement for future equity, shares	526,074	526,074
Preferred Stock, Convertible, Conversion Price, Increase	$ 6.11

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Details) - USD ($)			1 Months Ended			3 Months Ended		9 Months Ended
	Mar. 31, 2021	Jan. 06, 2020	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 17, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Capital shares authorized										550,000,000
Common stock, shares authorized						500,000,000		500,000,000		500,000,000	50,000,000
Common stock, par value						$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized						50,000,000		50,000,000		50,000,000	0
Preferred stock, par value						$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued						42,535,661		42,535,661			3,050,781
Common stock, shares outstanding						41,207,660		41,207,660			1,829,377
Total common stock reserved for future issuance						14,356,313		14,356,313			10,168,362
Fair value of vested stock options								$ 600,000	$ 17,000
Weighted average grant fair value								$ 2.70	$ 0.47
Liability of early exercise options, shares						749,476		749,476			230,222
Liability of early exercise options						$ 400,000		$ 400,000			$ 100,000
Unrecognized compensation cost related to options						5,400,000		$ 5,400,000
Term of recognized expense								3 years 9 months 18 days
Research and Development Expense [Member]
Class Of Stock [Line Items]
Stock-based compensation expense						200,000	$ 0	$ 400,000	$ 100,000
General And Administrative Expense [Member]
Class Of Stock [Line Items]
Stock-based compensation expense						$ 300,000	$ 100,000	$ 600,000	$ 200,000
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance						5,570,000		5,570,000
Increase in common stock								5.00%
2020 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	4,685,475		4,685,475			0		0			28,595
Total common stock available for future issuance						1,032,150		1,032,150
IPO [Member]
Class Of Stock [Line Items]
Share price, par value										$ 16.00
Preferred Stock Additional Shares Issued										1,620,000
Common stock, shares issued										12,420,000
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance						380,000		380,000
Common stock outstanding percentage								1.00%
Shares issued under employee stock purchase plan						0		0
Purchase of common stock through payroll deduction								15.00%
Employee Stock Purchase Plan [Member] \| Minimum
Class Of Stock [Line Items]
Purchase of common stock								$ 25,000
Employee Stock Purchase Plan [Member] \| Maximum
Class Of Stock [Line Items]
Purchase of common stock								$ 100,000
Restricted Stock [Member]
Class Of Stock [Line Items]
Common stock, par value						$ 0.0001		$ 0.0001			$ 0.0001
Common stock, shares issued						2,820,560		2,820,560			2,820,560
Unvested founders stock outstanding						619,069		619,069			991,178
Common stock share modified					1,461,816
Compensation cost					$ 900,000
Vesting period	3 years
Fair value measurement, per share					$ 0.61
Shares vested								365,445	365,445
Stock-based compensation expense								$ 200,000	$ 200,000
Unrecognized compensation expense						$ 400,000		$ 400,000
Term of recognized expense								1 year 3 months 18 days
Stock Options [Member]
Class Of Stock [Line Items]
Vesting percentage								25.00%
Vesting period								4 years
Stock Options [Member] \| 2021 Plan
Class Of Stock [Line Items]
Expiration period								10 years
Stock Options [Member] \| 2020 Plan
Class Of Stock [Line Items]
Expiration period								10 years
Common Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares										26,228,089
Common Stock \| IPO [Member]
Class Of Stock [Line Items]
Common stock, shares issued										12,420,000
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Sale of stock				2,848,486	2,848,486
Stock price		$ 8.25		$ 8.25	$ 8.25
Net proceeds from exchange of stocks				$ 23,500,000	$ 23,500,000
Stock issuance costs				$ 5,000	$ 200,000
Series A Preferred Stock [Member] \| Maximum
Class Of Stock [Line Items]
Sale of stock		5,696,972
Series A Preferred Stock [Member] \| Future Tranche Right [Member]
Class Of Stock [Line Items]
Sale of stock					2,848,486
Stock price					$ 8.25
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Sale of stock			3,874,793
Stock price	$ 27.4337		$ 27.4337
Net proceeds from exchange of stocks			$ 106,100,000
Stock issuance costs			$ 200,000

Convertible Preferred Stock and Stockholders' Deficit - Summary of Reserved Shares of Common Stock (Details) - shares	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Convertible preferred stock	0		8,765,053
Common stock options granted and outstanding	2,586,313		1,374,714
Total common stock reserved for future issuance	14,356,313		10,168,362
2020 Equity Incentive Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance	0	4,685,475	28,595
2021 Equity Incentive Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance	10,570,000		0
2021 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	1,200,000		0

Convertible Preferred Stock and Stockholders' Deficit - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Equity [Abstract]
Number of Outstanding Options, Beginning balance \| shares	1,374,714
Number of Outstanding Options, Granted \| shares	2,088,932
Stock option exercised \| shares	877,333
Number of Outstanding Options, Ending balance \| shares	2,586,313	1,374,714
Number of Outstanding Options, Exercisable \| shares	742,432
Number of Outstanding Options, Vested and expected to vest \| shares	2,573,687
Weighted- Average Exercise Price, Beginning balance \| $ / shares	$ 0.61
Weighted- Average Exercise Price, Granted \| $ / shares	3.42
Weighted- Average Exercise Price, Exercised \| $ / shares	0.61
Weighted- Average Exercise Price, Ending balance \| $ / shares	2.88	$ 0.61
Weighted- Average Exercise Price, Exercisable \| $ / shares	1.25
Weighted- Average Exercise Price, Vested and expected to vest \| $ / shares	$ 2.89
Weighted- Average Remaining Contractual Term	9 years 3 months 18 days	9 years 4 months 24 days
Weighted- Average Remaining Contractual Term, Exercisable	8 years 10 months 24 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	9 years 3 months 18 days
Aggregate Intrinsic Value, Beginning balance \| $	$ 0
Aggregate Intrinsic Value, Exercised \| $	292
Aggregate Intrinsic Value, Ending balance \| $	38,044	$ 0
Aggregate Intrinsic Value, Exercisable \| $	12,128
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 37,841

Convertible Preferred Stock and Stockholders' Deficit - Summary of Fair Value of Stock Option Grants (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Class Of Stock [Line Items]
Stock price		$ 0.61
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Stock price	$ 0.99
Risk-free rate of interest	0.80%	0.30%
Expected term (years)	5 years	5 years 8 months 12 days
Expected stock price volatility	98.90%	92.90%
Maximum
Class Of Stock [Line Items]
Stock price	$ 16.00
Risk-free rate of interest	1.10%	1.50%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	99.90%	97.50%

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (6,643)	$ (5,512)	$ (4,209)	$ (3,685)	$ (2,339)	$ (1,838)	$ (1,474)	$ (16,364)	$ (5,651)
Denominator:
Weighted average common shares outstanding	10,621,868				3,052,395			5,984,285	2,927,056
Weighted average unvested founder shares of common stock	(673,607)				(1,227,301)			(785,036)	(1,345,303)
Weighted average unvested common stock issued upon exercise of common stock options	(784,258)				(230,221)			(694,252)	(106,487)
Weighted average shares used to compute net loss per common share, basic and diluted	9,164,003				1,594,873			4,504,997	1,475,266
Net loss per share, basic and diluted	$ (0.72)				$ (1.47)			$ (3.63)	$ (3.83)

- 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 - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,954,858	5,144,712
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	2,848,486
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	619,069	1,135,078
Unvested Common Stock Exercise Of Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	749,476	230,222
Stock Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,586,313	930,926

License Agreement (Additional Information) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
License Agreement [Abstract]
Milestones payments	$ 0

Leases - Additional Information (Details)	1 Months Ended
Leases - Additional Information (Details)	Aug. 31, 2020 Renewal	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee Lease Description [Line Items]
Operating lease right of use asset		$ 1,129,000	$ 148,000
Operating lease liability		$ 1,172,000
Weighted-average incremental borrowing rate - operating leases		7.50%	7.50%
Carlsbad Lease [Member]
Lessee Lease Description [Line Items]
Operating lease term of contract	60 months
Operating lease option to extend	The Company has the option to renew the lease for two additional thirty-six-month periods
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months
Operating lease right of use asset		$ 1,200,000
Operating lease liability		$ 1,200,000
Weighted-average incremental borrowing rate - operating leases		7.50%
Security deposit		$ 21,000
Long-term line of credit		$ 200,000

Leases - Schedule of Balances for Operating and Finance Leases ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Operating lease right of use asset	$ 1,129	$ 148
Finance lease assets	0	21
Total lease assets	1,129	169
Liabilities
Operating lease liabilities, current	135	133
Operating lease liabilities, noncurrent	1,037
Finance lease liabilities, current	0	9
Total lease liabilities	$ 1,172	$ 142

Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 124	$ 27	$ 251	$ 76
Amortization of ROU assets	1	2	5	6
Interest on lease liabilities	$ 0	$ 0	$ 0	$ 1

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (remaining three months)	$ 20
2022	277
2023	299
2024	308
2025	318
Thereafter	188
Total minimum lease payments	1,410
Less: amount representing interest	(238)
Operating lease liability	1,172
Operating lease liabilities, current	(135)	$ (133)
Operating lease liabilities, noncurrent	$ 1,037
Weighted-average remaining lease term (years) - operating leases	4 years 9 months 18 days	9 months 18 days
Weighted-average remaining lease term (years) - finance leases	0 years	7 months 6 days
Weighted-average incremental borrowing rate - operating leases	7.50%	7.50%
Weighted-average incremental borrowing rate - finance leases	7.50%	7.50%