0001564590-21-041147 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39655
Entity Registrant Name	GALECTO, INC.
Entity Central Index Key	0001800315
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1957007
Entity Address, Address Line One	75 State Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	+45
Local Phone Number	70 70 52 10
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	GLTO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,261,832

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 68,638	$ 163,582
Marketable securities	33,176
Prepaid expenses and other current assets	5,895	5,713
Total current assets	107,709	169,295
Marketable securities, long-term	35,860
Operating lease right-of-use asset	1,075	885
Tax credit receivable, noncurrent	876
Property and equipment, net	176
Restricted cash		254
Other assets, noncurrent	1,126	1,162
Total assets	146,822	171,596
Current liabilities
Accounts payable	1,585	2,851
Accrued expenses and other current liabilities	3,170	2,715
Total current liabilities	4,755	5,566
Operating lease liabilities, noncurrent	635	541
Total liabilities	5,390	6,107
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued or outstanding as of June 30, 2021 and December 31, 2020
Additional paid-in capital	271,193	269,175
Accumulated deficit	(130,007)	(104,360)
Accumulated other comprehensive income	246	674
Total stockholders’ equity	141,432	165,489
Total liabilities and stockholders' equity	$ 146,822	$ 171,596

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	25,261,832	25,261,832
Common stock, outstanding	25,261,832	25,261,832

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses
Research and development	$ 8,635	$ 4,515	$ 18,625	$ 9,222
General and administrative	3,633	1,823	7,195	2,946
Total operating expenses	12,268	6,338	25,820	12,168
Loss from operations	(12,268)	(6,338)	(25,820)	(12,168)
Other income (expense), net
Interest income, net	52		91
Foreign exchange transaction gain (loss), net	(86)	403	82	559
Total other income (expense), net	(34)	403	173	559
Net loss	$ (12,302)	$ (5,935)	$ (25,647)	$ (11,609)
Net loss per common share, basic and diluted	$ (0.49)	$ (22.83)	$ (1.02)	$ (44.66)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	25,261,832	259,966	25,261,832	259,966
Other comprehensive loss, net of tax
Currency translation gain (loss)	$ 153	$ 15	$ (371)	$ (195)
Unrealized gain (loss) on marketable securities	23		(57)
Other comprehensive gain (loss), net of tax	176	15	(428)	(195)
Total comprehensive loss	$ (12,126)	$ (5,920)	$ (26,075)	$ (11,804)

Condensed Consolidated Statements of Convertible Preferred Stock and Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ (71,148)				$ 826	$ (69,523)	$ (2,451)
Beginning balance (in shares) at Dec. 31, 2019		648,068	4,125,056
Beginning balance at Dec. 31, 2019		$ 13,414	$ 106,205
Beginning balance (in shares) at Dec. 31, 2019				259,966
Stock-based compensation expense	401				401
Currency translation gain (loss)	(195)						(195)
Net loss	(11,609)					(11,609)
Ending balance at Jun. 30, 2020	(82,551)				1,227	(81,132)	(2,646)
Ending balance (in shares) at Jun. 30, 2020		648,068	4,125,056
Ending balance at Jun. 30, 2020		$ 13,414	$ 106,205
Ending balance (in shares) at Jun. 30, 2020				259,966
Beginning balance at Mar. 31, 2020	(77,032)				826	(75,197)	(2,661)
Beginning balance (in shares) at Mar. 31, 2020		648,068	4,125,056
Beginning balance at Mar. 31, 2020		$ 13,414	$ 106,205
Beginning balance (in shares) at Mar. 31, 2020				259,966
Stock-based compensation expense	401				401
Currency translation gain (loss)	15						15
Net loss	(5,935)					(5,935)
Ending balance at Jun. 30, 2020	(82,551)				1,227	(81,132)	(2,646)
Ending balance (in shares) at Jun. 30, 2020		648,068	4,125,056
Ending balance at Jun. 30, 2020		$ 13,414	$ 106,205
Ending balance (in shares) at Jun. 30, 2020				259,966
Beginning balance at Dec. 31, 2020	165,489				269,175	(104,360)	674
Beginning balance (in shares) at Dec. 31, 2020				25,261,832
Stock-based compensation expense	2,018				2,018
Currency translation gain (loss)	(371)						(371)
Net unrealized gain (loss) on marketable securities	(57)						(57)
Net loss	(25,647)					(25,647)
Ending balance at Jun. 30, 2021	141,432				271,193	(130,007)	246
Ending balance (in shares) at Jun. 30, 2021				25,261,832
Beginning balance at Mar. 31, 2021	152,571				270,206	(117,705)	70
Beginning balance (in shares) at Mar. 31, 2021				25,261,832
Stock-based compensation expense	987				987
Currency translation gain (loss)	153						153
Net unrealized gain (loss) on marketable securities	23						23
Net loss	(12,302)					(12,302)
Ending balance at Jun. 30, 2021	$ 141,432				$ 271,193	$ (130,007)	$ 246
Ending balance (in shares) at Jun. 30, 2021				25,261,832

- 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

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (12,300,000)	$ (5,900,000)	$ (25,647,000)	$ (11,609,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	2,000		5,000
Stock-based compensation			2,018,000	374,000
Amortization of premiums and discounts on marketable securities			234,000
Amortization of right of use lease asset			207,000	54,000
Accretion of lease liability			37,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(182,000)	1,555,000
Tax credit receivable, noncurrent				(829,000)
Other assets, noncurrent			(841,000)
Accounts payable			(1,266,000)	(1,581,000)
Accrued expenses and other current liabilities			376,000	(3,019,000)
Operating lease liabilities			(261,000)	(54,000)
Net cash used in operating activities			(25,320,000)	(15,109,000)
Cash flows from investing activities:
Purchases of marketable securities			(81,051,000)
Proceeds from sale of marketable securities			11,724,000
Purchases of property and equipment			(180,000)
Net cash used in investing activities			(69,507,000)
Cash flows from financing activities:
Proceeds from issuance of Series C preferred stock, net				39,669,000
Net cash provided by financing activities				39,669,000
Net increase (decrease) in cash, cash equivalents and restricted cash			(94,827,000)	24,560,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(371,000)	(11,000)
Cash, cash equivalents and restricted cash, beginning of period			163,836,000	11,525,000
Cash, cash equivalents and restricted cash, end of period	68,638,000	36,074,000	68,638,000	36,074,000
Components of cash, cash equivalents and restricted cash
Cash and cash equivalents	68,638,000	35,843,000	68,638,000	35,843,000
Restricted cash		231,000		231,000
Cash, cash equivalents and restricted cash, end of period	68,638,000	36,074,000	68,638,000	36,074,000
Supplemental disclosures of cash flow information:
Cash paid for taxes			42,000
Supplemental disclosures of noncash activities:
Operating lease liabilities arising from obtaining right-of-use assets	$ 409,000	$ 252,000	$ 409,000	$ 252,000

Description of Business, Organization and Liquidity

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

Business and Organization

Galecto, Inc., together with its consolidated subsidiaries, or the Company or Galecto, is a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer. The Company’s initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2, which play key roles in regulating fibrosis and cancer.

As of June 30, 2021, the Company’s wholly owned subsidiaries were PharmAkea, Inc. or PharmAkea, Galecto Securities Corporation and Galecto Biotech AB, a Swedish company. Galecto Biotech ApS, a Danish operating company, is a wholly-owned subsidiary of Galecto Biotech AB.

Risks and uncertainties

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities.

The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

Liquidity and management plans

Since inception, the Company has devoted substantially all its efforts to business planning, research and development,

recruiting management and technical staff and raising capital, and has financed its operations primarily through the issuance of redeemable convertible preferred shares, debt financings and, most recently, the Company’s initial public offering, or IPO.

As of June 30, 2021, the Company had an accumulated deficit of $130.0 million, from recurring losses since inception in 2011. The Company has incurred recurring losses and has no sales as no products have obtained the necessary regulatory approval in order to market products. The Company expects to continue to incur losses as a result of costs and expenses related to the Company’s clinical development and corporate general and administrative activities. The Company had negative cash flows from operating activities during the six months ended June 30, 2021 and 2020 of $25.3 million and $15.1 million, respectively, and current projections indicate that the Company will have continued negative cash flows for the foreseeable future as it continues to develop its product candidates. Net losses incurred for the three and six months ended June 30, 2021 were $12.3 million and $25.6 million, respectively. Net losses incurred for the three and six months ended June 30, 2020 were $5.9 million and $11.6 million, respectively.

At June 30, 2021, the Company’s cash, cash equivalents and marketable securities amounted to $137.7 million and current assets amounted to $107.7 million and current liabilities amounted to $4.8 million. At December 31, 2020, the Company’s cash and cash equivalents amounted to $163.6 million, current assets amounted to $169.3 million and current liabilities amounted to $5.6 million.

In the future, the Company will consider the following ways to fund its operations including: (1) raising additional capital through equity and/ or debt financings; (2) new commercial relationships to help fund future clinical trial costs (i.e. licensing and partnerships); (3) reducing spending on one or more research and development programs by discontinuing development; and/or (4) restructuring operations to change its overhead structure. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.

Coronavirus pandemic

The coronavirus disease 2019 pandemic, or COVID-19, which has spread worldwide, has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny and other measures. The outbreak and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The future progression of the outbreak and its effects on the Company’s business and operations are uncertain.

In response to the impact of COVID-19, the Company has implemented certain measures intended to help the Company manage its impact and position the Company to resume operations quickly and efficiently once these restrictions are lifted, such as executing a work-from-home strategy for administrative functions and operations. The Company continues to monitor the impact of COVID-19 and assess its strategy accordingly.

Despite the Company’s implementation of such measures, the actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations by decreasing or delaying the enrollment of patients in the Company’s clinical trials or otherwise causing interruptions or delays in the Company’s programs and services.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. The CARES Act provides sweeping tax changes in response to the COVID-19 pandemic, some of the more significant provisions include removing certain limitations on the utilization of net operating losses, increasing the loss carryback period for certain losses to five years, increasing the ability to deduct interest expense, and deferring social security payments, as well as amending certain provisions of the previously enacted Tax Cuts and Jobs Act of 2017. The Company does not believe the CARES Act will have a material impact on its financial position and results of operations.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

The accompanying interim condensed consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020, and related interim information contained within the notes to the interim condensed consolidated financial statements, are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and include all adjustments (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of June 30, 2021, results of operations, statement of convertible preferred stock and stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. All intercompany balances and transactions have been eliminated. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on March 29, 2021. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full fiscal year or any interim period.

Other than noted below, for the six months ended June 30, 2021, there have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the year ended December 31, 2020.

Investments in Marketable Securities

The Company invests excess cash balances in short-term and long-term marketable debt securities. The Company classifies investments in marketable debt securities as either held-to-maturity or available-for-sale based on the facts and circumstances present at the time of purchase and re-evaluates classification at each balance sheet date. All investments in marketable debt securities at each balance sheet date presented, are generally considered as available-for-sale. Marketable debt securities with maturities of twelve months or less are classified as short-term investments and marketable debt securities with maturities greater than twelve months are classified based on their availability for use in current operations. The Company reports available-for-sale debt securities at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value), net of applicable taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined

using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s condensed consolidated statements of operations and comprehensive loss.

Property and Equipment, Net

Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives:


Asset Category		Useful Life
Equipment		5-7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of 10 years or the remaining term of the respective lease

Recently issued accounting standards

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The ASU 2016-13 guidance became effective as of January 1, 2020, and must be adopted using a modified retrospective approach, with certain exceptions. This guidance is effective for public business entities that meet the definition of a Securities and Exchange Commission filer, excluding eligible smaller reporting companies for fiscal years beginning after December 15, 2019. For all other entities, including emerging growth companies, it is effective for fiscal years beginning after December 15, 2022. The Company has not yet adopted ASU 2016-13 and is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and financial statement disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, including emerging growth companies, it is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the impact that the new accounting standard will have on the financial statements and disclosures.

Investments

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Investments

3. INVESTMENTS

Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The following table summarizes the Company’s interest-bearing investments, by category, as of June 30, 2021 (in thousands):

	June 30,
Investments - Current:	2021
Debt securities - available-for-sale	$	33,176
Total	$	33,176
Investments - Noncurrent:
Debt securities - available-for-sale	$	35,860
Total	$	35,860

A summary of the Company’s available-for-sale investments as of June 30, 2021 consisted of the following (in thousands):

	At June 30, 2021
	Cost		Gross Unrealized		Gross Unrealized			Fair
Investments - Current:	Basis		Gains		Losses			Value
Corporate bonds	$	33,188	$	—	$	(12	)	$	33,176
Total	$	33,188	$	—	$	(12	)	$	33,176
Investments - Noncurrent:
Corporate bonds	$	35,905	$	—	$	(45	)	$	35,860
Total	$	35,905	$	—	$	(45	)	$	35,860

The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of June 30, 2021 consisted of the following (in thousands):

	Amortized		Fair
	Cost		Value
Due in one year or less	$	33,188	$	33,176
Due after one year through five years		35,905		35,860
Total	$	69,093	$	69,036

The Company had no marketable securities as of December 31, 2020.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment as of June 30, 2021 consisted of the following (in thousands):

	June 30,
	2021
Equipment	$	181
Total property and equipment		181
Less: accumulated depreciation		(5	)
Property and equipment, net	$	176

Depreciation expense for the three and six months ended June 30, 2021 was $2,000 and $5,000, respectively. The Company had no property and equipment as of December 31, 2020.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs.

The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its debt securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs.

A summary of the assets that are measured at fair value as of June 30, 2021 and December 31, 2020 is as follows (in thousands):

	Fair Value Measurement at June 30, 2021
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds⁽¹⁾	$	57,952	$	57,952	$	—	$	—
Debt securities		69,036		—		69,036		—
Total	$	126,988	$	57,952	$	69,036	$	—

	Fair Value Measurement at December 31, 2020
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds⁽¹⁾	$	142,904		142,904		—		—
Total	$	142,904	$	142,904	$	—	$	—

(1)

Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value.

- Definition

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

+ References + Details

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2021

Prepaid Expense And Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

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

	June 30,		December 31,
	2021		2020
Contract research and development costs	$	3,489	$	1,620
Research and development tax credit receivable		876		1,808
Prepaid insurance costs		665		1,642
Value-added tax refund receivable		619		401
Other		246		242
Total prepaid expenses and other current assets	$	5,895	$	5,713

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

7. LEASES

In May 2021, the Company entered into an operating lease for its corporate headquarters in Copenhagen, Denmark for office space that expires in January 2025, which supersedes the previous corporate headquarters office space in Copenhagen, Denmark. The Company also has a lease agreement for office space in London, United Kingdom, that expires August 2022 and has a renewal option and a lease agreement for office space in Gothenburg, Sweden, that expires in September 2022. In January 2021, the Company entered into an operating lease agreement in Stevenage, United Kingdom, for laboratory space.

The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less.

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2021 and 2020 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2021		2020		2021		2020
Operating lease cost (in thousands)	$	125	$	40	$	244	$	71
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	142	$	38	$	261	$	69
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	409	$	252	$	409	$	252

As of June 30, 2021 and December 31, 2020, the weighted average remaining lease term for operating leases was 2.8 years for both periods.

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. As of June 30, 2021 and December 31, 2020, the weighted average discount rate for operating leases was 8% for both periods.

Operating lease liabilities are as follows at June 30, 2021 (in thousands):

	Operating
Future Lease Payments	Leases
2021 (excluding the period ended June 30, 2021)	$	267
2022		448
2023		273
2024		213
2025		18
Total lease payments		1,219
Less: imputed interest		(131	)
Total lease liabilities	$	1,088

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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

	June 30,		December 31,
	2021		2020
Employee compensation costs	$	1,636	$	1,031
Contract research and development costs		749		967
Lease liabilities		453		374
Other liabilities		332		343
Total accrued expenses and other current liabilities	$	3,170	$	2,715

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

The Company’s commitments and contingencies are disclosed in Note 8 of the audited consolidated financial statements as of and for the year ended December 31, 2020, filed with the SEC on March 29, 2021. There have been no material changes to the Company’s commitments and contingencies since the date of such financial statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 7 to our unaudited interim condensed consolidated financial statements.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10. STOCK-BASED COMPENSATION

Employee equity plan

In March 2020, the Company replaced its 2013 Option Program (“2013 Plan”) with its 2020 Stock Option and Grant Plan (“2020 Plan”). The 2020 Plan initially allowed the Company to award up to 1,740,325 options and the 304,142 outstanding options granted under the 2013 Plan were transferred to the 2020 Plan. Each vested option entitles the option holder to purchase a single common share in the Company. Holders of stock options are entitled to exercise the vested portion of the stock option during the term of the grant. If a qualified exit, as defined in the 2020 Plan, occurs then all of the holders’ unvested options shall vest immediately. Options that are not exercised during the exercise period will automatically be forfeited. Stock options generally vest over a three-year or four-year period and expire ten years from the grant date. In September 2020, the Company approved an additional 839,494 options to be awarded under the 2020 Plan.

In October 2020, the Board of Directors and stockholders of the Company approved the 2020 Equity Incentive Plan (“2020 Equity Plan”). The 2020 Equity Plan allows the Company to award up to 1,625,858 options, as well as the 2,512,427 outstanding options granted under the 2020 Plan to the extent such outstanding options are forfeited or cancelled. No further options were available to be issued under the 2020 Plan. The 2020 Equity Plan will cumulatively increase by 5 percent of the number of shares of common stock issued and outstanding on January 1st each year. At June 30, 2021, the Company had 1,630,632 options available for future grant under the 2020 Equity Plan.

The following table sets forth the activity for the Company’s stock options during the periods presented:

	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2019		304,142		$	5.58		—		—
Granted		2,235,285			4.67		—		—
Exercised		(1,016	)		1.95		—		—
Outstanding at December 31, 2020		2,538,411		$	4.67		8.8	$	20,009,769
Granted		1,402,000			10.40		—		3,360
Cancelled		(170,683	)		7.63		—		—
Outstanding at June 30, 2021		3,769,728		$	6.67		8.7	$	3,999,689
Vested and expected to vest at June 30, 2021		3,465,586		$	6.78		9.2	$	3,942,504
Exercisable at June 30, 2021		962,641		$	3.25		6.9	$	2,044,475

The weighted-average grant date fair value of all stock options granted for the six months ended June 30, 2021 was $7.68. The intrinsic value at June 30, 2021 and December 31, 2020 was based on the closing price of the Company’s common stock on that date of $5.06 per share and $12.51 per share, respectively.

Stock-based compensation

The grant date fair value of stock options vested during the six months ended June 30, 2021 was $0.5 million. Total unrecognized compensation expense related to unvested options granted under the Company’s stock-based compensation plan was $14.3 million at June 30, 2021, which is expected to be recognized over a weighted average period of 3.3 years. The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	449	$	210	$	856	$	210
General and administrative		538		164		1,162		164
Total stock-based compensation	$	987	$	374	$	2,018	$	374

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

	Six Months Ended
	June 30,
	2021			2020
Risk-free interest rate		0.7	%		0.4	%
Expected term (in years)		6.0			6.0
Expected volatility		90.5	%		89.0	%
Expected dividend yield		—			—

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

11. NET LOSS PER SHARE

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss	$	(12,302	)	$	(5,935	)	$	(25,647	)	$	(11,609	)
Net loss per common share, basic and diluted	$	(0.49	)	$	(22.83	)	$	(1.02	)	$	(44.66	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		25,261,832			259,966			25,261,832			259,966

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

Three and Six Months Ended

June 30,

2021

2020

Stock options to purchase common stock

3,769,728

1,562,246

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

12. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date on which the unaudited interim condensed consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure to the unaudited interim condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Investments in Marketable Securities

Property and Equipment, Net


Asset Category		Useful Life
Equipment		5-7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of 10 years or the remaining term of the respective lease

Recently issued accounting standards

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Estimated Useful Life of Asset


Asset Category		Useful Life
Equipment		5-7 years
Furniture and fixtures		5 years
Leasehold improvements		Lesser of 10 years or the remaining term of the respective lease

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Investments by Category

The following table summarizes the Company’s interest-bearing investments, by category, as of June 30, 2021 (in thousands):

	June 30,
Investments - Current:	2021
Debt securities - available-for-sale	$	33,176
Total	$	33,176
Investments - Noncurrent:
Debt securities - available-for-sale	$	35,860
Total	$	35,860

Summary of Available-for-Sale Investments

A summary of the Company’s available-for-sale investments as of June 30, 2021 consisted of the following (in thousands):

	At June 30, 2021
	Cost		Gross Unrealized		Gross Unrealized			Fair
Investments - Current:	Basis		Gains		Losses			Value
Corporate bonds	$	33,188	$	—	$	(12	)	$	33,176
Total	$	33,188	$	—	$	(12	)	$	33,176
Investments - Noncurrent:
Corporate bonds	$	35,905	$	—	$	(45	)	$	35,860
Total	$	35,905	$	—	$	(45	)	$	35,860

Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity

The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of June 30, 2021 consisted of the following (in thousands):

	Amortized		Fair
	Cost		Value
Due in one year or less	$	33,188	$	33,176
Due after one year through five years		35,905		35,860
Total	$	69,093	$	69,036

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Summary of Property and Equipment

Property and equipment as of June 30, 2021 consisted of the following (in thousands):

	June 30,
	2021
Equipment	$	181
Total property and equipment		181
Less: accumulated depreciation		(5	)
Property and equipment, net	$	176

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value

A summary of the assets that are measured at fair value as of June 30, 2021 and December 31, 2020 is as follows (in thousands):

	Fair Value Measurement at June 30, 2021
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds⁽¹⁾	$	57,952	$	57,952	$	—	$	—
Debt securities		69,036		—		69,036		—
Total	$	126,988	$	57,952	$	69,036	$	—

	Fair Value Measurement at December 31, 2020
Assets:	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds⁽¹⁾	$	142,904		142,904		—		—
Total	$	142,904	$	142,904	$	—	$	—

(1)

- Definition

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

+ References + Details

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2021

Prepaid Expense And Other Assets Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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

	June 30,		December 31,
	2021		2020
Contract research and development costs	$	3,489	$	1,620
Research and development tax credit receivable		876		1,808
Prepaid insurance costs		665		1,642
Value-added tax refund receivable		619		401
Other		246		242
Total prepaid expenses and other current assets	$	5,895	$	5,713

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Quantitative Information Regarding Leases

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2021 and 2020 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2021		2020		2021		2020
Operating lease cost (in thousands)	$	125	$	40	$	244	$	71
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	142	$	38	$	261	$	69
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	409	$	252	$	409	$	252

Summary of Operating Lease Liabilities

Operating lease liabilities are as follows at June 30, 2021 (in thousands):

	Operating
Future Lease Payments	Leases
2021 (excluding the period ended June 30, 2021)	$	267
2022		448
2023		273
2024		213
2025		18
Total lease payments		1,219
Less: imputed interest		(131	)
Total lease liabilities	$	1,088

Accrued Expenses And Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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

	June 30,		December 31,
	2021		2020
Employee compensation costs	$	1,636	$	1,031
Contract research and development costs		749		967
Lease liabilities		453		374
Other liabilities		332		343
Total accrued expenses and other current liabilities	$	3,170	$	2,715

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Options Activity

The following table sets forth the activity for the Company’s stock options during the periods presented:

	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2019		304,142		$	5.58		—		—
Granted		2,235,285			4.67		—		—
Exercised		(1,016	)		1.95		—		—
Outstanding at December 31, 2020		2,538,411		$	4.67		8.8	$	20,009,769
Granted		1,402,000			10.40		—		3,360
Cancelled		(170,683	)		7.63		—		—
Outstanding at June 30, 2021		3,769,728		$	6.67		8.7	$	3,999,689
Vested and expected to vest at June 30, 2021		3,465,586		$	6.78		9.2	$	3,942,504
Exercisable at June 30, 2021		962,641		$	3.25		6.9	$	2,044,475

Summary of Stock-based Compensation Expenses Related to Issuance of Stock

The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	449	$	210	$	856	$	210
General and administrative		538		164		1,162		164
Total stock-based compensation	$	987	$	374	$	2,018	$	374

Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

	Six Months Ended
	June 30,
	2021			2020
Risk-free interest rate		0.7	%		0.4	%
Expected term (in years)		6.0			6.0
Expected volatility		90.5	%		89.0	%
Expected dividend yield		—			—

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss	$	(12,302	)	$	(5,935	)	$	(25,647	)	$	(11,609	)
Net loss per common share, basic and diluted	$	(0.49	)	$	(22.83	)	$	(1.02	)	$	(44.66	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		25,261,832			259,966			25,261,832			259,966

Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

Three and Six Months Ended

June 30,

2021

2020

Stock options to purchase common stock

3,769,728

1,562,246

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Description Of Business Organization And Liquidity [Line Items]
Accumulated deficit	$ 130,007		$ 130,007		$ 104,360
Net loss	(12,300)	$ (5,900)	(25,647)	$ (11,609)
Cash, cash equivalents and marketable securities	137,700		137,700
Cash and cash equivalents	68,638	$ 35,843	68,638	35,843	163,582
Current assets	107,709		107,709		169,295
Current liabilities	$ 4,755		4,755		$ 5,566
Clinical Development and Corporate General and Administrative Activities
Description Of Business Organization And Liquidity [Line Items]
Net loss			$ (25,300)	$ (15,100)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References + Details

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: 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(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

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+ Details

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Asset (Detail)	6 Months Ended
	Jun. 30, 2021
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	5 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	7 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life of asset	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful life of asset	Lesser of 10 years or the remaining term of the respective lease

Investments - Summary of Investments by Category (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Investments - Current:
Debt securities - available-for-sale	$ 33,176
Total	33,176
Investments - Noncurrent:
Debt securities - available-for-sale	35,860
Total	$ 35,860

Investments - Summary of Available-for-Sale Investments (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available for Sale Securities [Line Items]
Cost Basis	$ 69,093,000
Fair Value	$ 69,036,000	$ 0
Debt Securities, Available-for-sale, Type [Extensible List]	us-gaap:CorporateDebtSecuritiesMember
Investments - Current
Schedule of Available for Sale Securities [Line Items]
Cost Basis	$ 33,188,000
Gross Unrealized Losses	(12,000)
Fair Value	33,176,000
Investments - Noncurrent
Schedule of Available for Sale Securities [Line Items]
Cost Basis	35,905,000
Gross Unrealized Losses	(45,000)
Fair Value	$ 35,860,000

Investments - Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 33,188,000
Amortized Cost, Due after one year through five years	35,905,000
Cost Basis	69,093,000
Fair Value, Due in one year or less	33,176,000
Fair Value, Due after one year through five years	35,860,000
Fair Value, Total	$ 69,036,000	$ 0
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]	us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember

Investments - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Marketable securities	$ 69,036,000	$ 0

Property and Equipment, Net - Summary of Property and Equipment (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Property Plant And Equipment [Line Items]
Total property and equipment	$ 181
Less: accumulated depreciation	(5)
Property and equipment, net	176
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 181

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2,000	$ 5,000
Property and equipment			$ 0

Fair Value Measurements - Summary of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 126,988	$ 142,904
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	57,952	142,904
Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	69,036
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	57,952	142,904
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	57,952	$ 142,904
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	69,036
Level 2 \| Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 69,036

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Contract research and development costs	$ 3,489	$ 1,620
Research and development tax credit receivable	876	1,808
Prepaid insurance costs	665	1,642
Value-added tax refund receivable	619	401
Other	246	242
Total prepaid expenses and other current assets	$ 5,895	$ 5,713

Leases - Additional Information (Details)	1 Months Ended	6 Months Ended
Leases - Additional Information (Details)	May 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Leases [Line Items]
Weighted average remaining lease term for operating leases		2 years 9 months 18 days	2 years 9 months 18 days
Weighted average discount rate for operating leases		8.00%	8.00%
Denmark
Leases [Line Items]
Operating lease, expiration date	Jan. 31, 2025
United Kingdom
Leases [Line Items]
Operating lease, expiration date		Aug. 31, 2022
Operating lease, option to extend		true
Sweden
Leases [Line Items]
Operating lease, expiration date		Sep. 30, 2022

Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease Cost
Operating lease cost (in thousands)	$ 125	$ 40	$ 244	$ 71
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	142	38	261	69
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$ 409	$ 252	$ 409	$ 252

Leases - Summary of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Future Lease Payments
2021 (excluding the period ended June 30, 2021)	$ 267
2022	448
2023	273
2024	213
2025	18
Total lease payments	1,219
Less: imputed interest	(131)
Total lease liabilities	$ 1,088

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee compensation costs	$ 1,636	$ 1,031
Contract research and development costs	749	967
Lease liabilities	$ 453	$ 374
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	glto:LeaseLiabilitiesMember	glto:LeaseLiabilitiesMember
Other liabilities	$ 332	$ 343
Total accrued expenses and other current liabilities	$ 3,170	$ 2,715

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended	12 Months Ended
	Oct. 31, 2020	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted			1,402,000	2,235,285
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted			$ 7.68
Intrinsic value per share of stock options			$ 5.06	$ 12.51
Fair value of stock options vested			$ 0.5
2020 Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 14.3
Unrecognized compensation expense that is expected to be recognized over a weighted-average period			3 years 3 months 18 days
2020 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options allowed to award					839,494
Number of options, granted		304,142
Stock options, expiration period		10 years
2020 Plan \| Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options allowed to award		1,740,325
Stock options, vesting period		4 years
2020 Plan \| Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period		3 years
2020 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted	2,512,427
Percentage increase of number of shares of common stock issued and outstanding	5.00%
Stock options available for future grant			1,630,632
2020 Equity Incentive Plan \| Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options allowed to award	1,625,858

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding	2,538,411	304,142
Number of Options, Granted	1,402,000	2,235,285
Number of Options, Exercised		(1,016)
Number of Options, Cancelled	(170,683)
Number of Options, Outstanding	3,769,728	2,538,411
Number of Options, Vested and expected to vest	3,465,586
Number of Options, Exercisable	962,641
Weighted average exercise price per share, Outstanding	$ 4.67	$ 5.58
Weighted average exercise price per share, Granted	10.40	4.67
Weighted average exercise price per share, Exercised		1.95
Weighted average exercise price per share, Cancelled	7.63
Weighted average exercise price per share, Outstanding	6.67	$ 4.67
Weighted average exercise price per share, Vested and expected to vest	6.78
Weighted average exercise price per share, Exercisable	$ 3.25
Weighted average remaining contractual term (in years), Outstanding	8 years 8 months 12 days	8 years 9 months 18 days
Weighted average remaining contractual term (in years), Vested and expected to vest	9 years 2 months 12 days
Weighted average remaining contractual term (in years), Exercisable	6 years 10 months 24 days
Aggregate intrinsic value, Outstanding	$ 20,009,769
Aggregate intrinsic value, Granted	3,360
Aggregate intrinsic value, Outstanding	3,999,689	$ 20,009,769
Aggregate intrinsic value, Vested and expected to vest	3,942,504
Aggregate intrinsic value, Exercisable	$ 2,044,475

Stock-Based Compensation - Summary of Stock-based Compensation Expenses Related to Issuance of Stock (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 987	$ 374	$ 2,018	$ 374
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	449	210	856	210
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 538	$ 164	$ 1,162	$ 164

Stock-Based Compensation - Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.70%	0.40%
Expected term (in years)	6 years	6 years
Expected volatility	90.50%	89.00%

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (12,302)	$ (5,935)	$ (25,647)	$ (11,609)
Net loss per common share, basic and diluted	$ (0.49)	$ (22.83)	$ (1.02)	$ (44.66)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	25,261,832	259,966	25,261,832	259,966

- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
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	3,769,728	1,562,246