0000950170-23-060276 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies	9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies During the three and nine months ended September 30, 2023, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both September 30, 2023 and December 31, 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets. 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. Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. 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; or • 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. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements. There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three and nine months ended September 30, 2023. Although there were 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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the three and nine months ended September 30, 2023, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Restricted Cash

Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both September 30, 2023 and December 31, 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets.

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.

Related Parties

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. 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; or

•

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. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements.

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three and nine months ended September 30, 2023. Although there were 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.

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class Of Stock [Line Items]
Dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free rate of interest	3.50%	1.60%
Expected term (years)	5 years 2 months 12 days	5 years 1 month 6 days
Expected stock price volatility	87.00%	82.30%
Maximum
Class Of Stock [Line Items]
Risk-free rate of interest	4.30%	3.60%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	92.30%	90.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

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


	September 30, 2023			December 31, 2022
Equipment	$	1,244		$	1,119
Computers and software		196			181
Leasehold improvements		310			156
Furniture and fixtures		103			82
		1,853			1,538
Less: accumulated depreciation		(706	)		(461	)
Total property and equipment, net	$	1,147		$	1,077

The Company recognized $0.1 million and $0.3 million in depreciation expense for the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.2 million in depreciation expense for the three and nine months ended September 30, 2022, respectively.

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2023
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 clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. 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). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at September 30, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Equity Incentive Plans and Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Options:
Dividend yield	0.00%	0.00%
Minimum
Stock Options:
Risk-free rate of interest	3.50%	1.60%
Expected term (years)	5 years 2 months 12 days	5 years 1 month 6 days
Expected stock price volatility	87.00%	82.30%
Maximum
Stock Options:
Risk-free rate of interest	4.30%	3.60%
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected stock price volatility	92.30%	90.40%

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2021	$ 301,737	$ 4	$ 342,104	$ (40,371)
Beginning balance (in shares) at Dec. 31, 2021		41,441,135
Issuance of common stock under benefit plans	238		238
Issuance of common stock under benefit plans, Shares		28,951
Vesting of shares of common stock subject to repurchase	63		63
Vesting of shares of common stock subject to repurchase, Share		226,478
Stock-based compensation	3,972		3,972
Net loss	(14,826)			(14,826)
Ending balance at Mar. 31, 2022	291,184	$ 4	346,377	(55,197)
Ending balance (in shares) at Mar. 31, 2022		41,696,564
Beginning balance at Dec. 31, 2021	301,737	$ 4	342,104	(40,371)
Beginning balance (in shares) at Dec. 31, 2021		41,441,135
Net loss	(42,430)
Ending balance at Sep. 30, 2022	267,756	$ 4	350,553	(82,801)
Ending balance (in shares) at Sep. 30, 2022		42,136,971
Beginning balance at Mar. 31, 2022	291,184	$ 4	346,377	(55,197)
Beginning balance (in shares) at Mar. 31, 2022		41,696,564
Issuance of common stock under benefit plans	34		34
Issuance of common stock under benefit plans, Shares		15,247
Vesting of shares of common stock subject to repurchase	42		42
Vesting of shares of common stock subject to repurchase, Share		191,299
Stock-based compensation	2,688		2,688
Net loss	(15,095)			(15,095)
Ending balance at Jun. 30, 2022	278,853	$ 4	349,141	(70,292)
Ending balance (in shares) at Jun. 30, 2022		41,903,110
Issuance of common stock under benefit plans	356		356
Issuance of common stock under benefit plans, Shares		52,477
Vesting of shares of common stock subject to repurchase	37		37
Vesting of shares of common stock subject to repurchase, Share		181,384
Stock-based compensation	1,019		1,019
Net loss	(12,509)			(12,509)
Ending balance at Sep. 30, 2022	267,756	$ 4	350,553	(82,801)
Ending balance (in shares) at Sep. 30, 2022		42,136,971
Beginning balance at Dec. 31, 2022	257,829	$ 4	353,521	(95,696)
Beginning balance (in shares) at Dec. 31, 2022		42,353,550
Issuance of common stock under benefit plans	376		376
Issuance of common stock under benefit plans, Shares		129,669
Vesting of shares of common stock subject to repurchase	32		32
Vesting of shares of common stock subject to repurchase, Share		52,155
Stock-based compensation	2,433		2,433
Net loss	(11,880)			(11,880)
Ending balance at Mar. 31, 2023	248,790	$ 4	356,362	(107,576)
Ending balance (in shares) at Mar. 31, 2023		42,535,374
Beginning balance at Dec. 31, 2022	257,829	$ 4	353,521	(95,696)
Beginning balance (in shares) at Dec. 31, 2022		42,353,550
Net loss	(46,304)
Ending balance at Sep. 30, 2023	222,170	$ 4	364,166	(142,000)
Ending balance (in shares) at Sep. 30, 2023		42,928,884
Beginning balance at Mar. 31, 2023	248,790	$ 4	356,362	(107,576)
Beginning balance (in shares) at Mar. 31, 2023		42,535,374
Issuance of common stock under benefit plans	494		494
Issuance of common stock under benefit plans, Shares		230,502
Vesting of shares of common stock subject to repurchase	31		31
Vesting of shares of common stock subject to repurchase, Share		51,357
Stock-based compensation	2,529		2,529
Net loss	(13,272)			(13,272)
Ending balance at Jun. 30, 2023	238,572	$ 4	359,416	(120,848)
Ending balance (in shares) at Jun. 30, 2023		42,817,233
Issuance of common stock under benefit plans	343		343
Issuance of common stock under benefit plans, Shares		60,763
Vesting of shares of common stock subject to repurchase	30		30
Vesting of shares of common stock subject to repurchase, Share		50,888
Stock-based compensation	4,377		4,377
Net loss	(21,152)			(21,152)
Ending balance at Sep. 30, 2023	$ 222,170	$ 4	$ 364,166	$ (142,000)
Ending balance (in shares) at Sep. 30, 2023		42,928,884

- Definition

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

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

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; and

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, restricted cash, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities.

Assets measured at fair value on a recurring basis are as follows (in millions):


			Fair Value Measurements Using
	As of September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	215.7	$	215.7	$	—	$	—
Restricted Cash		1.0		1.0		—		—
Total assets	$	216.7	$	216.7	$	—	$	—

			Fair Value Measurements Using
	As of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	251.2	$	251.2	$	—	$	—
Restricted Cash		1.0		1.0		—		—
Total assets	$	252.2	$	252.2	$	—	$	—

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.

- 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

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Accrued and Other Current Liabilities

5. Accrued and Other Current Liabilities

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


	September 30, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	2,403	$	2,854
Accrued research and development		4,753		1,028
Accrued legal and professional fees		255		94
Accrued other general and administrative fees		280		440
Total accrued and other current liabilities	$	7,691	$	4,416

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued and other related parties	$ 0	$ 59
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	43,055,393	42,634,459
Common stock, shares outstanding	42,928,884	42,353,550

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 1,853	$ 1,538
Less: accumulated depreciation	(706)	(461)
Total property and equipment, net	1,147	1,077
Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,244	1,119
Computers and Software
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	196	181
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	310	156
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 103	$ 82

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 03, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001		$ 0.0001
Common stock, shares issued		43,055,393		43,055,393		42,634,459
Stock based compensation expense		$ 100	$ 100	$ 400	$ 400
ATM Sales Agreement [Member]
Class Of Stock [Line Items]
Aggregate Common Stock Offering Price	$ 150,000
Commission For Agent on Sales	3.00%
Common stock, shares issued		0		0
Restricted Stock [Member]
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001
Common stock, shares issued		2,820,560		2,820,560
Unvested founders stock outstanding		1,865		1,865		3,828
Shares vested				1,962	367,410
Stock based compensation expense				$ 5	$ 200

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (21,152)	$ (12,509)	$ (46,304)	$ (42,430)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			251	214
Stock-based compensation			9,339	7,679
Loss on disposal of property and equipment			4	3
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(3,910)	(5,945)
Accounts payable, accrued expenses and other liabilities (including related party amounts of $0 and $15, respectively)			4,293	2,150
Right-of-use assets and lease liabilities, net			(280)	24
Net cash used in operating activities			(36,607)	(38,305)
Cash flows from investing activities:
Purchases of property and equipment			(167)	(538)
Net cash used in investing activities			(167)	(538)
Cash flows from financing activities:
Proceeds from issuances of common stock under benefit plans			1,213	629
Net cash provided by financing activities			1,213	629
Net cash decrease for the period			(35,561)	(38,214)
Cash, cash equivalents and restricted cash at beginning of the period			252,213	302,425
Cash, cash equivalents and restricted cash at end of the period	216,652	264,211	216,652	264,211
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet
Cash and cash equivalents	215,652	263,211	215,652	263,211
Restricted cash	1,000	1,000	1,000	1,000
Total cash, cash equivalents and restricted cash	$ 216,652	$ 264,211	216,652	264,211
Supplemental disclosure of cash flow information:
Right-of-use asset obtained in exchange for lease liability			4,004	1,556
Non-cash investing and financing activities:
Purchases of equipment included in accounts payable and accrued expenses			146	9
Vesting of options early exercised subject to repurchase			$ 93	$ 142

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(21,152	)	$	(12,509	)	$	(46,304	)	$	(42,430	)
Denominator:
Weighted-average common shares outstanding		43,020,965			42,646,810			42,822,677			42,614,902
Less: weighted-average unvested restricted common stock subject to repurchase		(2,107	)		(209,421	)		(2,762	)		(330,928	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(150,518	)		(440,194	)		(200,840	)		(506,922	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,868,340			41,997,195			42,619,075			41,777,052
Net loss per share, basic and diluted	$	(0.49	)	$	(0.30	)	$	(1.09	)	$	(1.02	)

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


	As of September 30,
	2023		2022
Unvested restricted common stock subject to repurchase		1,865		127,760
Unvested common stock upon early exercise of stock options		124,644		368,127
Options to purchase common stock		8,110,570		5,948,170
		8,237,079		6,444,057

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.1	$ 0.1	$ 0.3	$ 0.2

Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock Options Granted And Outstanding	8,110,570	5,890,869
Total common stock reserved for future issuance	13,126,816	10,989,684
2021 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Total common stock reserved for future issuance	3,886,847	4,339,373
2021 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares Available For Future Issuance	1,129,399	759,442

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	TYRA BIOSCIENCES, INC.
Entity Central Index Key	0001863127
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40800
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1476348
Entity Address, Address Line One	2656 State Street
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	619
Local Phone Number	728-4760
Entity Common Stock, Shares Outstanding		43,058,747
Entity Listing, Par Value Per Share	$ 0.0001
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TYRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Transition Report	false
Document Quarterly Report	true

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	September 30, 2023		December 31, 2022
Common stock options granted and outstanding		8,110,570		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		3,886,847		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,129,399		759,442
Total common stock reserved for future issuance		13,126,816		10,989,684

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,377	$ 1,019	$ 9,339	$ 7,679
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,811	651	5,749	3,732
General And Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,566	$ 368	$ 3,590	$ 3,947

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

9. Leases

The Company has operating leases for its office and laboratory space, including its corporate headquarters.

In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, and had an original term of 60 months, with an option to extend for two additional 36 month periods.

In March 2022, the Company entered into a lease agreement for approximately 7,377 square feet of additional office and laboratory space at 2676 State Street in Carlsbad, California (the Expansion Lease). The Expansion Lease commenced for accounting purposes when the Company gained access to the premises in May 2023. The Company's obligation for payment of base rent begins on the date the landlord delivers possession of the Expansion Lease premises, estimated to occur in November 2023. The landlord is completing improvements on the Expansion Lease premises, and the Company paid $0.5 million of these costs prior to the Expansion Lease commencement. The Company has concluded that the landlord is the accounting owner of these improvements, and therefore this payment has been included in the calculation of the right-of-use asset and lease liability. The Company is entitled to certain rent abatement for delays related to the landlord's delivery of the Expansion Lease premises to the Company. The Expansion Lease has a lease term of 120 months, starting on the day the landlord delivers possession of the Expansion Lease premises. The Company has an option to renew the Expansion Lease for two additional 36 month periods. The Original Lease was also amended to have the same lease expiration as the Expansion Lease.

The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options.

In connection with the Company's lease agreements, the Company paid security deposits of $0.1 million and is required to maintain a letter of credit of $1.0 million until 2027 at which time it can be reduced to $0.5 million throughout the end of the lease term.

Cash paid for amounts included in the measurement of lease liabilities was $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.8 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively.

The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the condensed statements of operations and comprehensive loss. Components of lease cost for the three and nine months ended September 30, 2023 and 2022, respectively, were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	227	$	83	$	473	$	239
Short-term lease cost		19		21		39		60
Variable lease cost		19		16		53		46
Total lease cost	$	265	$	120	$	565	$	345

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


	As of September 30,
Year ending December 31,
2023 (remaining three months)	$	76
2024		717
2025		827
2026		852
2027		877
Thereafter		5,667
Total minimum lease payments		9,016
Less: amount representing interest		(2,904	)
Present value of lease liabilities		6,112
Less: current portion of lease liabilities		(148	)
Lease liabilities, noncurrent	$	5,964


	September 30,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		10.1			10.5
Weighted-average incremental borrowing rate - operating leases		8.03	%		6.50	%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
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 clinical-stage biotechnology company focused on developing next-generation precision medicines that target large opportunities in Fibroblast Growth Factor Receptor (FGFR) biology. The Company’s in-house precision medicine platform, SNÅP, enables rapid and precise drug design through iterative molecular SNÅPshots that help predict genetic alterations most likely to cause acquired resistance to existing therapies. The Company’s initial focus is on applying accelerated small molecule drug discovery engine to develop therapies in targeted oncology and genetically defined conditions.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and pursuant to the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. 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). The unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed balance sheet at September 30, 2023 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of both September 30, 2023 and December 31, 2022 was $1.0 million, which consisted of collateral for letters of credit related to the Company’s operating leases which are considered a non-current asset on the condensed balance sheets.
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.
Related Parties	Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. 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; or • 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. On October 28, 2022, Ms. van den Boom informed the Company of her intent to resign as the Chief Financial Officer, effective December 31, 2022. Effective January 1, 2023, van den Boom & Associates is no longer considered a related party.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Under the new guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The new guidance also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. In November 2019, the FASB issued ASU No. 2019-10, which changed the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods. This update was effective for the Company beginning January 1, 2023. The adoption of this new standard did not have a material impact on the Company's financial statements. There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2022 and 2021 to the recently issued accounting standards for the three and nine months ended September 30, 2023. Although there were 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.

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued payroll and other employee benefits	$ 2,403	$ 2,854
Accrued research and development	4,753	1,028
Accrued legal and professional fees	255	94
Accrued other general and administrative fees	280	440
Total accrued and other current liabilities	$ 7,691	$ 4,416

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(21,152	)	$	(12,509	)	$	(46,304	)	$	(42,430	)
Denominator:
Weighted-average common shares outstanding		43,020,965			42,646,810			42,822,677			42,614,902
Less: weighted-average unvested restricted common stock subject to repurchase		(2,107	)		(209,421	)		(2,762	)		(330,928	)
Less: weighted-average unvested common stock issued upon early exercise of common stock options		(150,518	)		(440,194	)		(200,840	)		(506,922	)
Weighted-average shares used to compute net loss per common share, basic and diluted		42,868,340			41,997,195			42,619,075			41,777,052
Net loss per share, basic and diluted	$	(0.49	)	$	(0.30	)	$	(1.09	)	$	(1.02	)

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


	As of September 30,
	2023		2022
Unvested restricted common stock subject to repurchase		1,865		127,760
Unvested common stock upon early exercise of stock options		124,644		368,127
Options to purchase common stock		8,110,570		5,948,170
		8,237,079		6,444,057

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Components of Lease Cost


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	227	$	83	$	473	$	239
Short-term lease cost		19		21		39		60
Variable lease cost		19		16		53		46
Total lease cost	$	265	$	120	$	565	$	345

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

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


	As of September 30,
Year ending December 31,
2023 (remaining three months)	$	76
2024		717
2025		827
2026		852
2027		877
Thereafter		5,667
Total minimum lease payments		9,016
Less: amount representing interest		(2,904	)
Present value of lease liabilities		6,112
Less: current portion of lease liabilities		(148	)
Lease liabilities, noncurrent	$	5,964


	September 30,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		10.1			10.5
Weighted-average incremental borrowing rate - operating leases		8.03	%		6.50	%

Equity Incentive Plans and Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

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, consisting of 4,537,850 shares reserved under the 2021 Plan and 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 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 automatically increases on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser 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. As of September 30, 2023, 3,886,847 shares were available for future grant under the 2021 Plan.

A summary of the Company’s stock option activity for the period ended September 30, 2023 is as follows (in thousands, expect share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		2,883,689		$	13.32
Exercised		(364,547	)	$	2.25
Cancelled		(299,441	)	$	10.29
Outstanding at September 30, 2023		8,110,570		$	10.00		8.5	$	39,978
Exercisable at September 30, 2023		2,721,726		$	8.07		7.6	$	19,786
Vested and expected to vest as of September 30, 2023		8,110,570		$	10.00		8.5	$	39,978

As of September 30, 2023, 67,074 performance-based stock options were both outstanding and unvested. During the three and nine months ended September 30, 2023, the Company recognized $0.7 million and $0.8 million, respectively, in expenses related to these options as the achievement of certain performance conditions was deemed probable to occur. As of September 30, 2023, the unrecognized stock-based compensation expense related to the performance-based options was $0.5 million.

Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for 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 (excluding option modifications):


	Nine Months Ended September 30,
	2023	2022
Risk-free rate of interest	3.5 - 4.3%	1.6 - 3.6%
Expected term (years)	5.2 - 6.1	5.1 - 6.1
Expected stock price volatility	87.0 - 92.3%	82.3 - 90.4 %
Dividend yield	—	—

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development expense	$	2,811	$	651	$	5,749	$	3,732
General and administrative expense		1,566		368		3,590		3,947
Total	$	4,377	$	1,019	$	9,339	$	7,679

The weighted-average grant date fair value of options granted for the nine months ended September 30, 2023 and 2022 was $10.01 and $5.59 per share, respectively.

For nine months ended September 30, 2023, forfeitures resulted in the reversal of compensation expense totaling $0.1 million. For nine months ended September 30, 2022, forfeitures resulted in the reversal of compensation expense totaling $1.1 million, of which $1.0 million related to compensation expense for performance-based options, previously recorded in 2022.

As of September 30, 2023, the unrecognized compensation cost related to outstanding employee and nonemployee options was $42.3 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.6 years.

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors and stockholders approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the ESPP was increased to 805,361 shares and on January 1, 2023, the number of shares reserved for issuance under the ESPP was increased to 1,231,705 shares.

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 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year. During the nine months ended September 30, 2023 and 2022, the Company issued 56,387 and 45,919 shares, respectively, of common stock in connection with the ESPP. As of September 30, 2023, there were 1,129,399 shares available for future purchase under the ESPP.

The Company recognized compensation expense of $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.4 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively, related to the ESPP. As of September 30, 2023, the remaining unrecognized compensation expense related to the ESPP was $0.3 million, and is expected to be recognized as expense over a weighted-average period of approximately 1.2 years.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options prior to the IPO. 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 condensed balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of September 30, 2023 and December 31, 2022, 124,644 and 277,081 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of September 30, 2023 and December 31, 2022, the Company recorded $0.1 million and $0.2 million, respectively, associated with early exercised stock options in other long-term liabilities.

Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Accounts Payable Accrued Expenses And Other Liabilities Related Parties Transaction	$ 0	$ 17

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 227	$ 83	$ 473	$ 239
Short-term lease cost	19	21	39	60
Variable lease cost	19	16	53	46
Total lease cost	$ 265	$ 120	$ 565	$ 345

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (21,152)	$ (13,272)	$ (11,880)	$ (12,509)	$ (15,095)	$ (14,826)	$ (46,304)	$ (42,430)
Denominator:
Weighted average common shares outstanding	43,020,965			42,646,810			42,822,677	42,614,902
Less: weighted-average unvested restricted common stock subject to repurchase	(2,107)			(209,421)			(2,762)	(330,928)
Less: weighted average unvested common stock issued upon early exercise of common stock options	(150,518)			(440,194)			(200,840)	(506,922)
Weighted - average shares used to compute net loss per common share - basic	42,868,340			41,997,195			42,619,075	41,777,052
Weighted - average shares used to compute net loss per common share - diluted	42,868,340			41,997,195			42,619,075	41,777,052
Net loss per share, basic	$ (0.49)			$ (0.3)			$ (1.09)	$ (1.02)
Net loss per share, diluted	$ (0.49)			$ (0.3)			$ (1.09)	$ (1.02)

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and Cash Equivalents	$ 215,652	$ 251,213
Prepaid and other current assets	8,978	6,075
Total current assets	224,630	257,288
Restricted cash	1,000	1,000
Property and equipment, net	1,147	1,077
Right-of-use assets	6,236	2,466
Other long-term assets	5,345	4,350
Total assets	238,358	266,181
Current liabilities:
Accounts payable	2,308	1,145
Lease liabilities, current	148	140
Accrued and other current liabilities (including related party amounts of $0 and $59, respectively)	7,691	4,416
Total current liabilities	10,147	5,701
Lease liabilities, noncurrent	5,964	2,482
Other long-term liabilities	77	169
Total liabilities	16,188	8,352
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022.	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at September 30, 2023 and December 31, 2022; 43,055,393 and 42,634,459 shares issued at September 30, 2023 and December 31, 2022, respectively, and 42,928,884 and 42,353,550 shares outstanding at September 30, 2023 and December 31, 2022, respectively.	4	4
Additional paid-in capital	364,166	353,521
Accumulated deficit	(142,000)	(95,696)
Total stockholders' equity	222,170	257,829
Total liabilities and stockholders' equity	$ 238,358	$ 266,181

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	May 31, 2021 Renewal	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 ft²	Aug. 31, 2020 ft²
Lessee Lease Description [Line Items]
Operating lease cost		$ 227	$ 83	$ 473	$ 239
Lease liability paid		100	$ 100	800	$ 200
First Amendment [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Area of Lease \| ft²						7,377	4,734
First Amendment [Member] \| Office Building [Member] \| Lease Agreements Member
Lessee Lease Description [Line Items]
Operating lease term of contract	60 months
Number of lease term renewal option \| Renewal	2
Operating lease renewal term	36 months					36 months
Expansion Lease Agreement [Member]
Lessee Lease Description [Line Items]
Operating lease term of contract						120 months
Operating lease cost				500
Security deposit		100		100
Long-term line of credit		1,000		1,000
Expansion Lease Agreement [Member] \| Minimum
Lessee Lease Description [Line Items]
Long-term line of credit		$ 500		$ 500

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	September 30, 2023			December 31, 2022
Equipment	$	1,244		$	1,119
Computers and software		196			181
Leasehold improvements		310			156
Furniture and fixtures		103			82
		1,853			1,538
Less: accumulated depreciation		(706	)		(461	)
Total property and equipment, net	$	1,147		$	1,077

Condensed Statement of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Related party transaction, selling, general and administrative expenses	$ 0	$ 173	$ 0	$ 570

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value of assets measured

Assets measured at fair value on a recurring basis are as follows (in millions):


			Fair Value Measurements Using
	As of September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	215.7	$	215.7	$	—	$	—
Restricted Cash		1.0		1.0		—		—
Total assets	$	216.7	$	216.7	$	—	$	—

			Fair Value Measurements Using
	As of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	251.2	$	251.2	$	—	$	—
Restricted Cash		1.0		1.0		—		—
Total assets	$	252.2	$	252.2	$	—	$	—

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	September 30, 2023		December 31, 2022
Accrued payroll and other employee benefits	$	2,403	$	2,854
Accrued research and development		4,753		1,028
Accrued legal and professional fees		255		94
Accrued other general and administrative fees		280		440
Total accrued and other current liabilities	$	7,691	$	4,416

Fair Value Measurements - Summary of assets measured at fair value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	$ 215,652	$ 251,213	$ 263,211
Restricted Cash	1,000	1,000
Fair Value Measurements Recurring
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	215,700	251,200
Restricted Cash	1,000	1,000
Total assets	216,700	252,200
Fair Value Measurements Recurring \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	215,700	251,200
Restricted Cash	1,000	1,000
Total assets	216,700	252,200
Fair Value Measurements Recurring \| Level 2
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	0	0
Restricted Cash	0	0
Total assets	0	0
Fair Value Measurements Recurring \| Level 3
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and Cash Equivalents	0	0
Restricted Cash	0	0
Total assets	$ 0	$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Other Funding Commitments

As of September 30, 2023, the Company had ongoing clinical and pre-clinical studies for its various pipeline programs. The Company enters into contracts in the normal course of business with contract research organizations in preparation for clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of September 30, 2023, and no material legal proceedings are currently pending or threatened. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss.

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Entity Incorporation, Date of Incorporation	Aug. 02, 2018

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Restricted Cash	$ 1.0	$ 1.0

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Number of Outstanding Options, Beginning balance	5,890,869
Number of Outstanding Options, Granted	2,883,689
Number of Outstanding Options, Exercised	(364,547)
Cancelled	(299,441)
Number of Outstanding Options, Ending balance	8,110,570	5,890,869
Number of Outstanding Options, Exercisable	2,721,726
Number of Outstanding Options, Vested and expected to vest	8,110,570
Weighted- Average Exercise Price, Beginning balance	$ 7.91
Weighted- Average Exercise Price, Granted	13.32
Weighted- Average Exercise Price, Exercised	2.25
Weighted- Average Exercise Price, Cancelled	10.29
Weighted- Average Exercise Price, Ending balance	10	$ 7.91
Weighted- Average Exercise Price, Exercisable	8.07
Weighted- Average Exercise Price, Vested and expected to vest	$ 10
Weighted- Average Remaining Contractual Term	8 years 6 months	8 years 9 months 18 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 7 months 6 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 6 months
Aggregate Intrinsic Value, Beginning balance	$ 13,492
Aggregate Intrinsic Value, Exercised	19,786
Aggregate Intrinsic Value, Ending balance	39,978	$ 13,492
Aggregate Intrinsic Value, Vested and expected to vest	$ 39,978

Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining three months)	$ 76
2024	717
2025	827
2026	852
2027	877
Thereafter	5,667
Total minimum lease payments	9,016
Less: amount representing interest	(2,904)
Present value of lease liabilities	6,112
Less: current portion of lease liabilities	(148)	$ (140)
Lease liabilities, noncurrent	$ 5,964	$ 2,482
Weighted-average remaining lease term (years) - operating leases	10 years 1 month 6 days	10 years 6 months
Weighted-average incremental borrowing rate - operating leases	8.03%	6.50%

Equity Incentive Plans and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the period ended September 30, 2023 is as follows (in thousands, expect share and per share data and years):


	Options			Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2022		5,890,869		$	7.91		8.8	$	13,492
Granted		2,883,689		$	13.32
Exercised		(364,547	)	$	2.25
Cancelled		(299,441	)	$	10.29
Outstanding at September 30, 2023		8,110,570		$	10.00		8.5	$	39,978
Exercisable at September 30, 2023		2,721,726		$	8.07		7.6	$	19,786
Vested and expected to vest as of September 30, 2023		8,110,570		$	10.00		8.5	$	39,978

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

The fair value of stock options was estimated using the following assumptions (excluding option modifications):


	Nine Months Ended September 30,
	2023	2022
Risk-free rate of interest	3.5 - 4.3%	1.6 - 3.6%
Expected term (years)	5.2 - 6.1	5.1 - 6.1
Expected stock price volatility	87.0 - 92.3%	82.3 - 90.4 %
Dividend yield	—	—

Schedule of Stock-based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development expense	$	2,811	$	651	$	5,749	$	3,732
General and administrative expense		1,566		368		3,590		3,947
Total	$	4,377	$	1,019	$	9,339	$	7,679

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	September 30, 2023		December 31, 2022
Common stock options granted and outstanding		8,110,570		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		3,886,847		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,129,399		759,442
Total common stock reserved for future issuance		13,126,816		10,989,684

Condensed Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 19,271	$ 10,915	$ 41,841	$ 32,608
General and administrative (including related party amounts of $0, $173, $0 and $570, respectively)	4,692	2,730	12,470	11,301
Total operating expenses	23,963	13,645	54,311	43,909
Loss from operations	(23,963)	(13,645)	(54,311)	(43,909)
Other income (expense):
Interest income	2,816	1,131	8,035	1,496
Other income (expense)	(5)	5	(28)	(17)
Total other income (expense), net	2,811	1,136	8,007	1,479
Net loss and comprehensive loss	$ (21,152)	$ (12,509)	$ (46,304)	$ (42,430)
Net loss per share, basic	$ (0.49)	$ (0.3)	$ (1.09)	$ (1.02)
Net loss per share, diluted	$ (0.49)	$ (0.3)	$ (1.09)	$ (1.02)
Weighted - average shares used to compute net loss per common share - basic	42,868,340	41,997,195	42,619,075	41,777,052
Weighted - average shares used to compute net loss per common share - diluted	42,868,340	41,997,195	42,619,075	41,777,052

Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	8,237,079	6,444,057
Unvested restricted common stock subject to repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	1,865	127,760
Unvested common stock upon early exercise of stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	124,644	368,127
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	8,110,570	5,948,170

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

6. Stockholders' Equity

Common Stock

Common stock reserved for future issuance consisted of the following:


	September 30, 2023		December 31, 2022
Common stock options granted and outstanding		8,110,570		5,890,869
Shares available for future issuance under the 2021 Incentive Award Plan		3,886,847		4,339,373
Shares available for future issuance under the 2021 Employee Stock Purchase Plan		1,129,399		759,442
Total common stock reserved for future issuance		13,126,816		10,989,684

On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. As of September 30, 2023, no shares of common stock were issued and sold pursuant to the Sales Agreement.

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 shares of 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 to be outstanding, for accounting purposes, until those shares vest. Unvested outstanding Founders Stock as of September 30, 2023 and December 31, 2022 were 1,865 and 3,828 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of September 30, 2023 and December 31, 2022.

For the nine months ended September 30, 2023 and 2022, 1,962 and 367,410 shares vested in each period and the Company recognized $5 thousand and $0.2 million of stock-based compensation expense for each period related to the Founders Stock, respectively. As of September 30, 2023, the total unrecognized compensation expense related to unvested Founders Stock was immaterial.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Total common stock reserved for future issuance			13,126,816		13,126,816		10,989,684
Performance-based stock options, outstanding			8,110,570		8,110,570		5,890,869
Unrecognized compensation cost related to options			$ 42.3		$ 42.3
Term of recognized expense					2 years 7 months 6 days
Common stock, shares issued			43,055,393		43,055,393		42,634,459
Liability of early exercise options, shares			124,644		124,644		277,081
Liability of early exercise options			$ 0.1		$ 0.1		$ 0.2
Stock based compensation expense			$ 0.1	$ 0.1	0.4	$ 0.4
Forfeitures					$ 0.1	$ 1.1
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance			380,000		380,000
Increase in common stock					1.00%
Term of recognized expense					1 year 2 months 12 days
Common stock, shares issued			56,387	45,919	56,387	45,919
Increased decrease in stock reserve for future issuance	1,231,705	805,361
Unrecognized compensation expense			$ 0.3		$ 0.3
Stock Options [Member]
Class Of Stock [Line Items]
Weighted average grant fair value					$ 10.01	$ 5.59
Performance Shares [Member]
Class Of Stock [Line Items]
Performance-based stock options, unvested			67,074		67,074
Performance-based stock options, outstanding			67,074		67,074
Performance-based stock options, Expense recognized			$ 0.7		$ 0.8
Unrecognized compensation cost related to options			$ 0.5		$ 0.5
Forfeitures						$ 1.0
2021 Plan
Class Of Stock [Line Items]
Total common stock reserved for future issuance			5,570,000		5,570,000
Increase in common stock					5.00%
Total common stock available for future issuance			1,032,150		1,032,150
Common stock reserve for future issuance			4,537,850		4,537,850
Shares reserved for future issuance					3,886,847
Common Stock [Member] \| Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total common stock reserved for future issuance			1,129,399		1,129,399
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 24 months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year.
Fair market value of the common stock, percentage					85.00%
Purchase of common stock through payroll deduction					15.00%