0000950170-22-002814 | 10-K | XBRL Viewer

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Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 302,182	$ 15,224
Prepaid and other current assets	1,875	57
Total current assets	304,057	15,281
Restricted cash	243	243
Property and equipment, net	1,027	297
Right-of-use asset	1,062	169
Other long-term assets	312	21
Total assets	306,701	16,011
Current liabilities:
Accounts payable (including related party amounts of $47 and $0, respectively)	599	664
Lease liabilities, current	202	142
Accrued and other current liabilities	2,815	1,052
Total current liabilities	3,616	1,858
Lease liabilities, noncurrent	981	0
Other long-term liabilities	367	140
Total liabilities	4,964	1,998
Commitments and contingencies (Note 2)
Convertible preferred stock, $0.0001 par value; no shares and 6,223,046 shares authorized at December 31, 2021 and December 31, 2020, respectively; no shares and 3,374,560 shares issued and outstanding at December 31, 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 December 31, 2021 and December 31, 2020, respectively; no shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 and 50,000,000 shares authorized at December 31, 2021 and 2020, respectively; 42,536,183 and 3,050,781 shares issued at December 31, 2021 and December 31, 2020, respectively, and 41,441,135 and 1,829,377 shares outstanding at December 31, 2021 and December 31, 2020, respectively	4	0
Additional paid-in capital	342,104	439
Accumulated deficit	(40,371)	(14,077)
Total stockholders’ equity (deficit)	301,737	(13,638)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 306,701	$ 16,011

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts payable, related parties	$ 47	$ 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	42,536,183	3,050,781
Common stock, shares outstanding	41,441,135	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

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 20,636	$ 7,203
General and administrative (including related party amounts of $435 and $0, respectively)	5,652	2,094
Total operating expenses	26,288	9,297
Loss from operations	(26,288)	(9,297)
Other (expense) income:
Interest income	13	(1)
Change in fair value of simple agreement for future equity	0	(15)
Other expense	(19)	(23)
Total other expense	(6)	(39)
Net loss and comprehensive loss	$ (26,294)	$ (9,336)
Net loss per share, basic and diluted	$ (1.91)	$ (6.05)
Weighted-average shares used to compute net loss per share, basic and diluted	13,780,546	1,542,174

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Related party transaction, selling, general and administrative expenses	$ 435	$ 0

Statements of Convertible Preferred Stock and Stockholders' Equity (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)			$ (4,741)
Beginning balance (in shares) at Dec. 31, 2019		2,705,779
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, Shares					526,074
Issuance of convertible preferred stock, net of issuance costs					$ 23,311
Issuance of convertible preferred stock, net of issuance costs, Shares					2,848,486
Incremental vesting conditions placed on previously issued common shares		(1,461,816)
Vesting of shares of common stock subject to repurchase, Shares		585,414
Stock-based compensation	439		$ 439
Net loss	(9,336)			(9,336)
Convertible Preferred Stock, Ending balance at Dec. 31, 2020	27,651				$ 27,651
Convertible Preferred Stock, Ending balance (in shares) at Dec. 31, 2020					3,374,560
Ending balance at Dec. 31, 2020	(13,638)		439	(14,077)
Ending balance (in shares) at Dec. 31, 2020		1,829,377
Issuance of convertible preferred stock, net of issuance costs					$ 23,495	$ 106,128
Issuance of convertible preferred stock, net of issuance costs, Shares					2,848,486	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, Shares		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, Shares		12,420,000
Issuance of common stock for stock option exercises	$ 89		89
Issuance of common stock for stock option exercises, Shares	877,855	141,767
Vesting of shares of common stock subject to repurchase	$ 199		199
Vesting of shares of common stock subject to repurchase, Shares		821,902
Stock-based compensation	2,887		2,887
Net loss	(26,294)			(26,294)
Convertible Preferred Stock, Ending balance at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 301,737	$ 4	$ 342,104	$ (40,371)
Ending balance (in shares) at Dec. 31, 2021		41,441,135

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (26,294)	$ (9,336)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	140	47
Stock-based compensation	2,887	439
Change in fair value of SAFE commitments	0	15
Loss on disposal of property and equipment	3	2
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,108)	65
Accounts payable, accrued expenses and other liabilities	1,492	1,019
Right-of-use assets and lease liabilities, net	135	(14)
Net cash used in operating activities	(23,745)	(7,763)
Cash flows from investing activities:
Purchases of property and equipment	(661)	(312)
Proceeds from sale of property and equipment	16	0
Net cash used in investing activities	(645)	(312)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs	181,220	0
Proceeds from exercise of stock options	89	0
Proceeds from early exercise of stock options	450	140
Repayment of early exercise liability	(25)	0
Payments for financing lease	(9)	(17)
Net cash provided by financing activities	311,348	23,434
Net cash increase for the period	286,958	15,359
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	302,425	15,467
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	302,182	15,224
Restricted cash	243	243
Total cash, cash equivalents and restricted cash	302,425	15,467
Supplemental disclosure of cash flow information:
Interest Paid	0	1
Right-of-use asset obtained in exchange for lease liability	1,238	101
Non-cash investing and financing activities:
Conversion of convertible preferred stock in connection with initial public offering	157,274	0
Purchases of equipment included in accounts payable	209	4
Issuance of convertible preferred stock in exchange for simple agreement for future equity	0	4,340
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	$ 0

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 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.

Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $40.4 million and cash and cash equivalents of $302.2 million as of December 31, 2021. From its inception through December 31, 2021, the Company has financed its operations primarily through the sale of common stock and private placements of its convertible preferred stock.

As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements.

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 6 to these financial statements for additional details.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

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.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; fair value of simple agreements for future equity (SAFE), common stock (prior to the Company's IPO), convertible preferred stock (prior to the Company's IPO) and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Segment Reporting

The Company operates and manages its business as one operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States.

Fair Value of Financial Instruments

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.

The carrying amounts of all cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued and other current liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2021, the Company had cash and cash equivalents balances deposited at major financial institutions.

Restricted Cash

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of December 31, 2021 and 2020 was $0.2 million, and consists of collateral for letters of credit related to the Company’s operating leases and are considered a non-current asset on the balance sheets.

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).

Impairment of Long-Lived Assets

The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years December 31, 2021 and 2020.

Accrued Research and Development Expense

The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the preclinical study, as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through review of the underlying contracts along with preparation of financial models taking into account discussions with research and other key personnel as to the progress of studies, or other services being conducted. To date, the Company has had no material differences between its estimates of such expenses and the amounts actually incurred. During the course of a study, the Company adjusts its rate of expense recognition if actual results differ from its estimate. Nonrefundable advance payments for goods and services, including fees for process development, are deferred and recognized as expense in the period that the related goods are consumed, or services are performed.

Research and Development

Research and development expenses consist primarily of external and internal costs related to the development of the Company’s SNÅP discovery engine and its product candidates and development programs, including employee related salaries, benefits and stock-based compensation charges for those individuals involved in research and development efforts, costs to third-party contractors to perform research and development activities, and associated overhead expenses. Research and development costs are expensed as incurred.

Patent Costs

The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.

Leases

The Company has operating and finance leases for office and lab space and equipment. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset (ROU) upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating

lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROUs are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the ROU may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, 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. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company.

Operating and finance ROU assets are reflected in ROU assets. Operating lease liabilities and finance lease liabilities are reflected in leases liabilities, current and noncurrent in the accompanying balance sheets.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee stock option grants, estimated in accordance with the applicable accounting guidance, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes forfeitures as they occur.

The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.

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 December 31, 2021 and 2020.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management 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 management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

As of December 31, 2021 and 2020, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate.

The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2021, the Company had no accrued interest or penalties.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities include convertible preferred stock, unvested common stock issued to founders, unvested common stock upon early exercise of stock options and outstanding stock options under the Company’s equity incentive plan and have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

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. From the date of her employment agreement to December 31, 2021, van den Boom & Associates rendered contracted services totaling approximately $0.5 million.

Recently Adopted Accounting Principles

In December 2019, the FASB issued ASU Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. The Board issued this Update as part of its Simplification Initiative to improve areas of GAAP and reduce cost and complexity while maintaining usefulness. The main provisions remove certain exceptions including the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. In addition, the amendments simplify income tax accounting in the areas such as income based franchise taxes, eliminating the requirements to allocate consolidated current and deferred tax expense in certain instances and a requirement that an entity reflects the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. For public companies, the standard is effective for fiscal years beginning after December 15, 2019 and interim periods therein. The Company adopted this ASU on the effective date of January 1, 2020, which did not have a material impact on the results of operations, cash flows, financial condition or related disclosures.

Recently Issued Accounting Principles

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020. 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

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 are money market funds with a carrying value and fair value of $291.7 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

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

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


	December 31,
	2021			2020
Equipment	$	870		$	293
Computers and software		109			33
Leasehold improvements		141			—
Furniture and fixtures		76			14
		1,196			340
Less: accumulated depreciation		(169	)		(43	)
Total property and equipment, net	$	1,027		$	297

The Company recognized $140,000 and $47,000 in depreciation expense for the years ended December 31, 2021 and 2020, respectively.

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

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


	December 31,
	2021		2020
Accrued payroll and other employee benefits	$	1,278	$	774
Accrued research and development		1,257		163
Accrued legal and professional fees		61		67
Accrued other general and administrative fees		219		48
Total accrued and other current liabilities	$	2,815	$	1,052

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

6. Convertible Preferred Stock

In January 2020 and February 2021, the Company issued, at each date, 2,848,486 shares of Series A convertible preferred stock at a price of $8.25 per share resulting in gross proceeds of $23.5 million and incurred issuance costs of $0.2 million and $5,000, respectively.

In March 2021, the Company 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.

In September 2021, upon completion of the IPO, all of the Company’s shares of convertible preferred stock converted into 26,228,089 shares of common stock.

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

7. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

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 the 2020 Equity Incentive Plan (the 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.

The 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 year ended December 31, 2021 is as follows:


	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		3,287,241		$	10.45
Exercised		(877,855	)	$	0.62			$	285
Forfeited		(12,584	)	$	1.50			$	158
Outstanding at December 31, 2021		3,771,516		$	9.18		9.3	$	28,901
Exercisable at December 31, 2021		561,556		$	1.60		8.4	$	7,184
Vested and expected to vest as of December 31, 2021		3,771,516		$	9.18		9.3	$	28,901

As of December 31, 2021, 184,875 performance-based stock options were both outstanding and unvested, with total unrecognized stock-based compensation expense of $2.4 million. The achievement of the performance conditions for these options was deemed probable to occur as of December 31, 2021, therefore the Company recognized $0.6 million in expense over the requisite service period related to these awards for the year ended December 31, 2021.

Stock-Based Compensation

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions:


	Year Ended December 31,
	2021	2020
Stock Options:
Stock price	$0.99 - 24.15	$0.61
Risk-free rate of interest	0.8 - 1.4%	0.3 - 1.5%
Expected term (years)	5.0 - 6.1	5.6 - 6.1
Expected stock price volatility	88.2 - 99.9%	92.9 - 97.7%
Dividend yield	—	—

Stock-based compensation expense recognized for all equity awards, including Founder's Stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development expense	$	1,341	$	167
General and administrative expense		1,546		272
Total	$	2,887	$	439

The weighted-average grant date fair value of employee option grants for the years ended December 31, 2021 and 2020 was $7.74 and $0.48 per share, respectively.

As of December 31, 2021, the unrecognized compensation cost related to outstanding employee and nonemployee options was $20.2 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.9 years.

Employee Stock Purchase Plan

In September 2021, the Company’s board of directors approved and adopted the 2021 Employee Stock Purchase Plan (the ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. A total of 380,000 shares of common stock were initially reserved.

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 December 31, 2021 and 2020 were 495,170 and 991,178 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of December 31, 2021 and 2020.

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 December 31, 2021 and 2020, 599,878 and 230,222 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of December 31, 2021 and 2020, the Company recorded $0.4 million and $0.1 million, respectively, associated with shares issued with repurchase rights in other long-term liabilities.

Common stock reserved for future issuance consisted of the following:


	December 31,
	2021
Common stock options granted and outstanding		3,771,516
Shares available for future issuance under the 2021 Incentive Award Plan		4,384,274
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		380,000
Total common stock reserved for future issuance		8,535,790

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

. 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):


	Year Ended December 31,
	2021			2020
Numerator:
Net loss	$	(26,294	)	$	(9,336	)
Denominator:
Weighted average shares used to compute net loss per common share, basic and diluted		13,780,546			1,542,174
Net loss per share, basic and diluted	$	(1.91	)	$	(6.05	)

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 December 31,
	2021
Unvested restricted common stock subject to repurchase		495,170
Unvested common stock upon early exercise of stock options		599,878
Options to purchase common stock		3,771,516
		4,866,564

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

The following is a reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate for the years ended December 31, 2021 and 2020 is as follows (in thousands):


	Year Ended December 31,
	2021			2020
Expected tax benefit at statutory rate	$	(5,392	)	$	(1,960	)
State income tax, net of federal benefit		(1,661	)		(12	)
Permanent items and other		114			102
Research credits		(680	)		(70	)
Change in valuation allowance		7,620			1,941
	$	1		$	1

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	9,297		$	2,711
Tax credits		874			144
Other, net		709			186
Total deferred tax assets		10,880			3,041
Valuation allowance		(10,618	)		(2,998	)
Deferred tax assets, net of valuation allowance		262			43
Deferred tax liabilities:
Depreciation		(37	)		(7	)
Right of use assets		(225	)		(36	)
Total deferred tax liabilities		(262	)		(43	)
Net deferred tax assets / (liabilities)	$	—		$	—

The Company has established a valuation allowance against its net deferred tax assets due to the uncertainty surrounding the realization of such assets. The Company periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced. The Company has recorded a full valuation allowance of $10.6 million as of December 31, 2021 as management cannot conclude that it is more likely than not that certain deferred tax assets will be realized primarily due to the history of losses from inception. The Company increased its valuation allowance by approximately $7.6 million during the year ended December 31, 2021.

At December 31, 2021, the Company had federal and state tax loss carry forwards of approximately $35.3 million and $35.3 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017, for U.S. income tax purposes, net operating losses generated after December 31, 2017 can be carried forward indefinitely, but are limited to 80% utilization against future taxable income after January 1, 2021. Of the amount of federal net operating loss carryforwards, $35.3 million can be carried forward indefinitely. Unless previously utilized, the state net operating losses will begin to expire in 2038.

At December 31, 2021, the Company has federal and California research and development tax credits of $0.8 million and $0.6 million, respectively. The federal research and development tax credits begin to expire in 2038 unless previously utilized. The California research and development tax credits carry forward indefinitely.

Pursuant to the Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s NOL and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes have occurred or occurs in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgement based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities.

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2021 and 2020, respectively (in thousands):


	Year Ended December 31,
	2021		2020
Beginning balance at January 1	$	91	$	—
Additions related to current year positions		312		91
Additions related to prior year positions		739		—
Ending balance at December 31	$	1,142	$	91

Due to the existence of the valuation allowance, future recognition of previously unrecognized tax benefits will not impact the Company’s effective tax rate. The Company is subject to taxation in the United States and various state jurisdictions. All of the Company’s tax years from inception are subject to examination by federal and state tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense.

The Company had no accrued interest or penalties related to income tax matters in the Company’s balance sheet as of December 31, 2021 and has not recognized interest or penalties in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020. Further, the Company is not currently under examination by any federal, state or local tax authority.

The CARES Act provides sweeping tax changes in response to the COVID-19 pandemic. Some of the more significant provisions are removal of certain limitations on utilization of net operating losses, increasing the loss carryback period for certain losses to five years, and increasing the ability to deduct interest expense, as well as amending certain provisions of the previously enacted Tax Cuts and Jobs Act. As of December 31, 2021, the Company has not recorded any material adjustments to its income tax provision related to the provisions within the CARES Act. The Company will continue to analyze the impact that the CARES Act will have, if any, on its financial position, results of operations or cash flows.

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Operating Leases

The Company leases its office and laboratory facilities under an operating lease with a term that expires in 2026 (the Original Lease). We have two options to extend the term of the operating lease for a period of three years each. However, as we were not reasonably certain to exercise either of those options at lease commencement, neither option was recognized as part of the associated operating lease ROU, asset or liability. 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 December 31, 2021.

On March 2, 2022, the Company entered into the First Amendment to the Original Lease under which it leases approximately 4,734 square feet of laboratory and office space for the Company's corporate headquarters. Pursuant to the First Lease Amendment, the expiration date of the Original Lease was extended to 120 months after the commencement date of the Expansion Lease (as defined below). In no event will the term of the Original Lease end sooner than 60 months from its original commencement date, which would be approximately July 2026. The Company has two options to extend the term of the operating lease for a period of three years each. The Original Lease will be coterminous with the Expansion Lease.

On March 2, 2022, the Company entered into an agreement (the Expansion Lease), for an additional approximate 7,377 square feet of space. The expected lease commencement date is April 2023 and will terminate in March 2033, with the option to extend for two additional 36 month periods.

The Company's operating lease cost was $0.3 million for 2021 and $0.2 million for 2020. Cash paid for amounts included in the measurement of lease liabilities was $0.2 million for 2021 and 2020.

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 years ended December 31, 2021 and 2020 were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease cost	$	331	$	158
Finance lease cost
Amortization of ROU assets		5		9
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 December 31,
Year ending December 31,
2022	$	288
2023		299
2024		308
2025		318
Thereafter		188
Total minimum lease payments		1,401
Less: amount representing interest		(218	)
Present value of lease liabilities		1,183
Less: current portion of lease liabilities		(202	)
Lease liabilities, noncurrent	$	981


	December 31,
	2021			2020
Weighted-average remaining lease term (years) - operating leases		4.6			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	%

Employee Benefits

12 Months Ended

Dec. 31, 2021

Employee Benefits

11. Employee Benefits

The Company offers a 401(k) plan (401(k) Plan) for all employees who have met certain eligibility requirements. Under the 401(k) Plan, employees may elect to contribute a portion of their eligible compensation, subject to certain limitations. The Company did not make any matching employer contributions to the 401(k) Plan for the years ended December 31, 2021 and 2020.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Except as described in Note 10, the Company has concluded that no subsequent event has occurred that requires disclosure.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 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. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $40.4 million and cash and cash equivalents of $302.2 million as of December 31, 2021. From its inception through December 31, 2021, the Company has financed its operations primarily through the sale of common stock and private placements of its convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of issuance of these financial statements. 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 6 to these financial statements for additional details.
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).
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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; fair value of simple agreements for future equity (SAFE), common stock (prior to the Company's IPO), convertible preferred stock (prior to the Company's IPO) and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Segment Reporting	Segment Reporting The Company operates and manages its business as one operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in the United States.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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. The carrying amounts of all cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued and other current liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2021, the Company had cash and cash equivalents balances deposited at major financial institutions.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of December 31, 2021 and 2020 was $0.2 million, and consists of collateral for letters of credit related to the Company’s operating leases and are considered a non-current asset on the balance sheets.
Property and Equipment	Property and Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to seven years, or the remaining term of the lease).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years December 31, 2021 and 2020.
Accrued Research and Development Expense	Accrued Research and Development Expense The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of the preclinical study, as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through review of the underlying contracts along with preparation of financial models taking into account discussions with research and other key personnel as to the progress of studies, or other services being conducted. To date, the Company has had no material differences between its estimates of such expenses and the amounts actually incurred. During the course of a study, the Company adjusts its rate of expense recognition if actual results differ from its estimate. Nonrefundable advance payments for goods and services, including fees for process development, are deferred and recognized as expense in the period that the related goods are consumed, or services are performed.
Research and Development	Research and Development Research and development expenses consist primarily of external and internal costs related to the development of the Company’s SNÅP discovery engine and its product candidates and development programs, including employee related salaries, benefits and stock-based compensation charges for those individuals involved in research and development efforts, costs to third-party contractors to perform research and development activities, and associated overhead expenses. Research and development costs are expensed as incurred.
Patent Costs	Patent Costs The Company expenses all costs as incurred in connection with patent applications (including direct application fees, and the legal and consulting expenses related to making such applications) and such costs are included in general and administrative expenses in the statements of operations and comprehensive loss.
Leases	Leases The Company has operating and finance leases for office and lab space and equipment. At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset (ROU) upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding ROUs are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the ROU may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, 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. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. Operating and finance ROU assets are reflected in ROU assets. Operating lease liabilities and finance lease liabilities are reflected in leases liabilities, current and noncurrent in the accompanying balance sheets.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee stock option grants, estimated in accordance with the applicable accounting guidance, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.
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 December 31, 2021 and 2020.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management 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 management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2021 and 2020, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes may result in a change in the estimated annual effective tax rate. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. As of December 31, 2021, the Company had no accrued interest or penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities include convertible preferred stock, unvested common stock issued to founders, unvested common stock upon early exercise of stock options and outstanding stock options under the Company’s equity incentive plan and have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
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. From the date of her employment agreement to December 31, 2021, van den Boom & Associates rendered contracted services totaling approximately $0.5 million.
Recently Adopted and Issued Accounting Principles	Recently Adopted Accounting Principles In December 2019, the FASB issued ASU Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. The Board issued this Update as part of its Simplification Initiative to improve areas of GAAP and reduce cost and complexity while maintaining usefulness. The main provisions remove certain exceptions including the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. In addition, the amendments simplify income tax accounting in the areas such as income based franchise taxes, eliminating the requirements to allocate consolidated current and deferred tax expense in certain instances and a requirement that an entity reflects the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. For public companies, the standard is effective for fiscal years beginning after December 15, 2019 and interim periods therein. The Company adopted this ASU on the effective date of January 1, 2020, which did not have a material impact on the results of operations, cash flows, financial condition or related disclosures. Recently Issued Accounting Principles There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020. 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)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,
	2021			2020
Equipment	$	870		$	293
Computers and software		109			33
Leasehold improvements		141			—
Furniture and fixtures		76			14
		1,196			340
Less: accumulated depreciation		(169	)		(43	)
Total property and equipment, net	$	1,027		$	297

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	December 31,
	2021		2020
Accrued payroll and other employee benefits	$	1,278	$	774
Accrued research and development		1,257		163
Accrued legal and professional fees		61		67
Accrued other general and administrative fees		219		48
Total accrued and other current liabilities	$	2,815	$	1,052

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock Options Abstract

Schedule of Stock Options Activity

A summary of the Company’s stock option activity for the year ended December 31, 2021 is as follows:


	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		3,287,241		$	10.45
Exercised		(877,855	)	$	0.62			$	285
Forfeited		(12,584	)	$	1.50			$	158
Outstanding at December 31, 2021		3,771,516		$	9.18		9.3	$	28,901
Exercisable at December 31, 2021		561,556		$	1.60		8.4	$	7,184
Vested and expected to vest as of December 31, 2021		3,771,516		$	9.18		9.3	$	28,901

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options was estimated using the following assumptions:


	Year Ended December 31,
	2021	2020
Stock Options:
Stock price	$0.99 - 24.15	$0.61
Risk-free rate of interest	0.8 - 1.4%	0.3 - 1.5%
Expected term (years)	5.0 - 6.1	5.6 - 6.1
Expected stock price volatility	88.2 - 99.9%	92.9 - 97.7%
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including Founder's Stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development expense	$	1,341	$	167
General and administrative expense		1,546		272
Total	$	2,887	$	439

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	December 31,
	2021
Common stock options granted and outstanding		3,771,516
Shares available for future issuance under the 2021 Incentive Award Plan		4,384,274
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		380,000
Total common stock reserved for future issuance		8,535,790

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2021			2020
Numerator:
Net loss	$	(26,294	)	$	(9,336	)
Denominator:
Weighted average shares used to compute net loss per common share, basic and diluted		13,780,546			1,542,174
Net loss per share, basic and diluted	$	(1.91	)	$	(6.05	)

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 December 31,
	2021
Unvested restricted common stock subject to repurchase		495,170
Unvested common stock upon early exercise of stock options		599,878
Options to purchase common stock		3,771,516
		4,866,564

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2021			2020
Expected tax benefit at statutory rate	$	(5,392	)	$	(1,960	)
State income tax, net of federal benefit		(1,661	)		(12	)
Permanent items and other		114			102
Research credits		(680	)		(70	)
Change in valuation allowance		7,620			1,941
	$	1		$	1

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	9,297		$	2,711
Tax credits		874			144
Other, net		709			186
Total deferred tax assets		10,880			3,041
Valuation allowance		(10,618	)		(2,998	)
Deferred tax assets, net of valuation allowance		262			43
Deferred tax liabilities:
Depreciation		(37	)		(7	)
Right of use assets		(225	)		(36	)
Total deferred tax liabilities		(262	)		(43	)
Net deferred tax assets / (liabilities)	$	—		$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2021 and 2020, respectively (in thousands):


	Year Ended December 31,
	2021		2020
Beginning balance at January 1	$	91	$	—
Additions related to current year positions		312		91
Additions related to prior year positions		739		—
Ending balance at December 31	$	1,142	$	91

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

Components of lease cost for the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease cost	$	331	$	158
Finance lease cost
Amortization of ROU assets		5		9
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 December 31,
Year ending December 31,
2022	$	288
2023		299
2024		308
2025		318
Thereafter		188
Total minimum lease payments		1,401
Less: amount representing interest		(218	)
Present value of lease liabilities		1,183
Less: current portion of lease liabilities		(202	)
Lease liabilities, noncurrent	$	981


	December 31,
	2021			2020
Weighted-average remaining lease term (years) - operating leases		4.6			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) $ in Thousands			12 Months Ended
	Sep. 17, 2021 USD ($) shares	Sep. 07, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Common stock, shares issued \| shares			42,536,183	3,050,781
Proceeds from initial public offering, net of issuance costs \| $			$ 181,220	$ 0
Forward stock split conversion		0.025974
Increase in authorized share due to forward stock split \| shares		50,000,000
Accumulated deficit \| $			(40,371)	(14,077)
Cash and cash equivalents \| $			$ 302,182	$ 15,224
IPO [Member]
Common stock, shares issued \| shares	12,420,000
Proceeds from initial public offering, net of issuance costs \| $	$ 181,200
Increase in authorized shares \| shares	500,000,000

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Property Plant And Equipment [Line Items]
Number of Operating Segments \| Segment	1
Dividend Yield	$ 0
Dividend Payment Description	The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.
Restricted Cash	$ 200,000	$ 200,000
Loss Contingency Accrual	0	0
Penalties and Interest Accrued	0
Van Den Boom & Associates, LLC
Property Plant And Equipment [Line Items]
Contracted services incurred	500,000
Property, Plant and Equipment, Other Types
Property Plant And Equipment [Line Items]
Impairement loss	$ 0	$ 0
Minimum
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum
Property Plant And Equipment [Line Items]
Options Granted Contractual Term	10 years
Property, Plant and Equipment, Useful Life	7 years

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 302,182	$ 15,224
Money Market Funds \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	291,700	4,700
Cash and cash equivalents, fair value	$ 291,700	$ 4,700

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 1,196	$ 340
Less: accumulated depreciation	(169)	(43)
Total property and equipment, net	1,027	297
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	870	293
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	109	33
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	141	0
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 76	$ 14

Property and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 140,000	$ 47,000

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued payroll and other employee benefits	$ 1,278	$ 774
Accrued research and development	1,257	163
Accrued legal and professional fees	61	67
Accrued other general and administrative fees	219	48
Total accrued and other current liabilities	$ 2,815	$ 1,052

Convertible Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 17, 2021
IPO [Member]
Temporary Equity [Line Items]
Convertible preferred stock, shares						26,228,089
Series A Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred stock, shares issued		2,848,486	2,848,486
Preferred stock, price per share		$ 8.25	$ 8.25
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 23,500,000	$ 23,500,000	$ 23,495,000	$ 23,311,000
Stock issuance, cost incurred		$ 5,000	$ 200,000
Series B Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred stock, shares issued	3,874,793
Preferred stock, price per share	$ 27.4337
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 106,100,000			$ 106,128,000	$ 0
Stock issuance, cost incurred	$ 200,000

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 17, 2021
Class Of Stock [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	42,536,183	3,050,781
Unrecognized stock based compensation expense	$ 2.4
Unrecognized compensation cost related to options	20.2
Recognized share based compensation expense	$ 0.6
Term of recognized expense	2 years 10 months 24 days
Total common stock reserved for future issuance	8,535,790
Liability of early exercise options, shares	599,878	230,222
Liability of early exercise options	$ 0.4	$ 0.1
2020 Plan
Class Of Stock [Line Items]
Total common stock available for future issuance	1,032,150
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance	5,570,000
Increase in common stock	5.00%
Restricted Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.0001
Common stock, shares issued	2,820,560
Unvested Founders Stock Outstanding	495,170	991,178
Stock Options [Member]
Class Of Stock [Line Items]
Weighted average grant fair value	$ 7.74	$ 0.48
Stock Options [Member] \| 2021 Plan
Class Of Stock [Line Items]
Vesting period	4 years
Expiration period	10 years
Vesting percentage	25.00%
Performance Shares [Member]
Class Of Stock [Line Items]
Stock based options outstanding and unvested	184,875
IPO [Member]
Class Of Stock [Line Items]
Common stock, shares issued			12,420,000
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserve for future issuance	380,000
Employee Stock Purchase Plan Description	The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year.
Common Stock \| Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Purchase of common stock through payroll deduction	15.00%
Fair market value of the common stock, percentage	85.00%

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of Outstanding Options, Beginning balance	1,374,714
Number of Outstanding Options, Granted	3,287,241
Number of Outstanding Options, Exercised	(877,855)
Number of Outstanding Options, Forfeited	(12,584)
Number of Outstanding Options, Ending balance	3,771,516	1,374,714
Number of Outstanding Options, Exercisable	561,556
Number of Outstanding Options, Vested and expected to vest	3,771,516
Weighted- Average Exercise Price, Beginning balance	$ 0.61
Weighted- Average Exercise Price, Granted	10.45
Weighted- Average Exercise Price, Exercised	0.62
Weighted- Average Exercise Price, Forfeited	1.50
Weighted- Average Exercise Price, Ending balance	9.18	$ 0.61
Weighted- Average Exercise Price, Exercisable	1.60
Weighted- Average Exercise Price, Vested and expected to vest	$ 9.18
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 4 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	285
Aggregate Intrinsic Value, Forfeited	158
Aggregate Intrinsic Value, Ending balance	28,901	$ 0
Aggregate Intrinsic Value, Exercisable	7,184
Aggregate Intrinsic Value, Vested and expected to vest	$ 28,901

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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 7 months 6 days
Expected stock price volatility	88.20%	92.90%
Maximum
Class Of Stock [Line Items]
Stock price	$ 24.15
Risk-free rate of interest	1.40%	1.50%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	99.90%	97.70%

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,887	$ 439
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,341	167
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,546	$ 272

Equity Incentive Plans and Stock-Based Compensation - Summary of Reserved Shares of Common Stock (Details)	Dec. 31, 2021 shares
Class Of Stock [Line Items]
Common stock options granted and outstanding	3,771,516
Total common stock reserved for future issuance	8,535,790
2021 Equity Incentive Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance	4,384,274
2021 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance	380,000

Net Loss Per Share - 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	$ (26,294)	$ (9,336)
Denominator:
Weighted average shares used to compute net loss per common share, basic and diluted	13,780,546	1,542,174
Net loss per share, basic and diluted	$ (1.91)	$ (6.05)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
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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)	12 Months Ended
	Dec. 31, 2021 shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,866,564
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	495,170
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	599,878
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	3,771,516

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Expected tax benefit at statutory rate	$ (5,392)	$ (1,960)
State income tax, net of federal benefit	(1,661)	(12)
Permanent items and other	114	102
Research credits	(680)	(70)
Change in valuation allowance	7,620	1,941
Income tax expense (benefit)	$ 1	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 9,297	$ 2,711
Tax credits	874	144
Other, net	709	186
Total deferred tax assets	10,880	3,041
Valuation allowance	(10,618)	(2,998)
Deferred tax assets, net of valuation allowance	262	43
Deferred tax liabilities:
Depreciation	(37)	(7)
Right of use assets	(225)	(36)
Total deferred tax liabilities	(262)	(43)
Net deferred tax assets / (liabilities)	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax assets, valuation allowance	$ 10,618,000	$ 2,998,000
Change in valuation allowance	$ 7,600,000
Percentage of federal net operating losses used to offset of future taxable income	80.00%
Net operating loss carryforwards	$ 35,300,000
Penalties and Interest Accrued	0
Federal [Member]
Income Tax Contingency [Line Items]
Tax credit carryforward	800,000
California Research and Development [Member]
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 600,000
Research and development credit carryforwards under internal revenue code description	The federal research and development tax credits begin to expire in 2038 unless previously utilized. The California research and development tax credits carry forward indefinitely.Pursuant to the Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s NOL and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382.
Federal [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	$ 35,300,000
State [Member]
Income Tax Contingency [Line Items]
Tax loss carryforwards	$ 35,300,000
Net operating loss carryforwards, expire date	Unless previously utilized, the state net operating losses will begin to expire in 2038.

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Beginning balance	$ 91	$ 0
Additions related to current year positions	312	91
Additions related to prior year positions	739	0
Ending balance	$ 1,142	$ 91

Commitments and Contingencies - Additional Information (Details) $ in Thousands		12 Months Ended
	Mar. 02, 2022 ft² Renewal	Dec. 31, 2021 USD ($) Renewal	Dec. 31, 2020 USD ($)
Lessee Lease Description [Line Items]
Lease Expiration Year		2026
Number of lease term renewal option \| Renewal		2
Operating lease renewal term		3 years
Operating lease cost \| $		$ 331	$ 158
Lease liability paid \| $		200	$ 200
Long-term line of credit \| $		$ 200
First Amendment [Member] \| Office and Laboratory Facilities [Member] \| Subsequent Event [Member]
Lessee Lease Description [Line Items]
Area of Lease \| ft²	4,734
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	3 years
Lessee, operating lease, term of contract	120 months
Minimum lease term since date of original lease	60 months
Minimum lease termination date	Jul. 31, 2026
Expansion Lease Agreement [Member] \| Subsequent Event [Member]
Lessee Lease Description [Line Items]
Area of Lease \| ft²	7,377
Operating lease option to extend	The expected lease commencement date is April 2023 and will terminate in March 2033, with the option to extend for two additional 36 month periods.
Number of lease term renewal option \| Renewal	2
Lessee, operating lease, term of contract	36 months
Lease commencement date	2023-04
Lessee operating lease termination date	2033-03

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 331	$ 158
Finance lease cost
Amortization of ROU assets	5	9
Interest on lease liabilities	$ 0	$ 1

Commitments and Contingencies - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 288
2023	299
2024	308
2025	318
Thereafter	188
Total minimum lease payments	1,401
Less: amount representing interest	(218)
Present value of lease liabilities	1,183
Less: current portion of lease liabilities	(202)	$ (142)
Operating lease liabilities, noncurrent	$ 981	$ 0
Weighted-average remaining lease term (years) - operating leases	4 years 7 months 6 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%

Employee Benefits - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer contributions	$ 0	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details