0000950170-22-013434 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
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		25,395,697

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 29,795	$ 62,563
Marketable securities	49,231	37,628
Prepaid expenses and other current assets	3,176	9,911
Total current assets	82,202	110,102
Marketable securities, non-current	6,888	9,048
Operating lease right-of-use asset	554	834
Equipment, net	205	203
Other assets, non-current	3,009	2,028
Total assets	92,858	122,215
Current liabilities
Accounts payable	2,815	1,531
Accrued expenses and other current liabilities	4,673	3,013
Total current liabilities	7,488	4,544
Operating lease liabilities, non-current	305	448
Total liabilities	7,793	4,992
Commitments and contingencies (Note 9)
Stockholders’ equity
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued or outstanding as of June 30, 2022 and December 31, 2021
Common stock, par value of $0.00001 per share; 300,000,000 shares authorized at June 30, 2022 and December 31, 2021; 25,342,9138 and 25,261,832 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital	276,501	273,655
Accumulated deficit	(189,937)	(156,112)
Accumulated other comprehensive loss	(1,499)	(320)
Total stockholders’ equity	85,065	117,223
Total liabilities and stockholders' equity	$ 92,858	$ 122,215

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	25,342,138	25,261,832
Common stock, outstanding	25,342,138	25,261,832

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Research and development	$ 13,707	$ 8,635	$ 26,942	$ 18,625
General and administrative	3,414	3,633	7,118	7,195
Total operating expenses	17,121	12,268	34,060	25,820
Loss from operations	(17,121)	(12,268)	(34,060)	(25,820)
Other income (expense), net
Interest income, net	156	52	217	91
Loss on sale of marketable securities	(70)		(70)
Foreign exchange transaction gain (loss), net	148	(86)	88	82
Total other income, net	234	(34)	235	173
Net loss	$ (16,887)	$ (12,302)	$ (33,825)	$ (25,647)
Net loss per common share, basic and diluted	$ (0.67)	$ (0.49)	$ (1.34)	$ (1.02)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	25,270,314	25,261,832	25,266,096	25,261,832
Other comprehensive loss, net of tax
Currency translation gain (loss)	$ (719)	$ 153	$ (889)	$ (371)
Unrealized gain (loss) on marketable securities	(155)	23	(360)	(57)
Reclassification adjustment for loss included in net income	70		70
Other comprehensive loss, net of tax	(804)	176	(1,179)	(428)
Total comprehensive loss	$ (17,691)	$ (12,126)	$ (35,004)	$ (26,075)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
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 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 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
Beginning balance at Dec. 31, 2021	117,223		273,655	(156,112)	(320)
Beginning balance (in shares) at Dec. 31, 2021		25,261,832
Stock-based compensation expense	2,823		2,823
Issuance of common stock; net of issuance costs of $0.1 million	23		23
Issuance of common stock; net of issuance costs of $0.1 million (in shares)		80,306
Currency translation gain (loss)	(889)				(889)
Net unrealized loss on marketable securities	(360)				(360)
Reclassification adjustment for loss included in net income	70				70
Net loss	(33,825)			(33,825)
Ending balance at Jun. 30, 2022	85,065		276,501	(189,937)	(1,499)
Ending balance (in shares) at Jun. 30, 2022		25,342,138
Beginning balance at Mar. 31, 2022	101,314		275,059	(173,050)	(695)
Beginning balance (in shares) at Mar. 31, 2022		25,261,832
Stock-based compensation expense	1,419		1,419
Issuance of common stock; net of issuance costs of $0.1 million	23		23
Issuance of common stock; net of issuance costs of $0.1 million (in shares)		80,306
Currency translation gain (loss)	(719)				(719)
Net unrealized loss on marketable securities	(155)				(155)
Reclassification adjustment for loss included in net income	70				70
Net loss	(16,887)			(16,887)
Ending balance at Jun. 30, 2022	$ 85,065		$ 276,501	$ (189,937)	$ (1,499)
Ending balance (in shares) at Jun. 30, 2022		25,342,138

- Definition

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

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- 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.

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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Common stock issuance costs, net	$ 0.1	$ 0.1

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (33,825,000)	$ (25,647,000)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation of equipment	15,000	5,000
Stock-based compensation	2,823,000	2,018,000
Amortization of premiums and discounts on marketable securities	438,000	234,000
Net loss on sale of marketable securities	70,000
Amortization of right of use lease asset	207,000	207,000
Accretion of lease liability	28,000	37,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	6,740,000	(182,000)
Other assets, non-current	(981,000)	(841,000)
Accounts payable	1,284,000	(1,266,000)
Accrued expenses and other current liabilities	1,790,000	376,000
Operating lease liabilities	(226,000)	(261,000)
Net cash used in operating activities	(21,637,000)	(25,320,000)
Cash flows from investing activities:
Purchases of marketable securities	(40,656,000)	(81,051,000)
Proceeds from sale of marketable securities	30,415,000	11,724,000
Purchases of property and equipment	(17,000)	(180,000)
Net cash used in investing activities	(10,258,000)	(69,507,000)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	18,000
Net cash provided by financing activities	18,000
Net decrease in cash, cash equivalents and restricted cash	(31,877,000)	(94,827,000)
Effect of exchange rate changes on cash and cash equivalents	(891,000)	(371,000)
Cash and cash equivalents, beginning of period	62,563,000	163,836,000
Cash and cash equivalents, end of period	$ 29,795,000	68,638,000
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

Description of Business, Organization and Liquidity

6 Months Ended

Jun. 30, 2022

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 (the “Company” or “Galecto”), is a clinical-stage biotechnology company developing novel therapeutics that are designed to target the biological processes that lie at the heart of fibrotic diseases and cancer. The Company’s initial focus is on the development of small molecule inhibitors of galectin-3 and lysyl oxidase-like 2 ("LOXL2”), which play key roles in regulating fibrosis and cancer.

As of June 30, 2022, 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 the Company’s initial public offering (“IPO”).

As of June 30, 2022, the Company had an accumulated deficit of $189.9 million, from recurring losses since inception in 2011. The Company has incurred recurring losses and has no sales as none of its product candidates have obtained the necessary regulatory approval for commercialization and to be marketed as approved 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, 2022 and 2021 of $21.6 million and $25.3 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, 2022 were $16.9 million and $33.8 million, respectively. Net losses incurred for the three and six months ended June 30, 2021 were $12.3 million and $25.6 million, respectively.

At June 30, 2022, the Company’s cash, cash equivalents and marketable securities amounted to $85.9 million and current assets amounted to $82.2 million and current liabilities amounted to $7.5 million. At December 31, 2021, the Company’s cash, cash equivalents and marketable securities amounted to $109.2 million, current assets amounted to $110.1 million and current liabilities amounted to $4.5 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. Volatility in equity capital markets may adversely affect the market price of the Company’s shares of common stock, which may materially and adversely affect the Company’s ability to fund its business through public or private sales of equity securities. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates, key development and regulatory events and its decisions in the future.

Coronavirus pandemic

The outbreak of the novel coronavirus (“COVID-19”) and its variants, and ensuing pandemic, has spread worldwide, causing many governments to implement measures to slow the spread of the outbreak. COVID-19 and its variants have 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 has fallen. The Company continues to monitor the impact of COVID-19 and its subvariants and assess its strategy accordingly. However, there can be no assurance that the Company will not experience additional negative impacts associated with the COVID-19 pandemic, which could decrease or delay enrollment of patients in the Company’s clinical trials or otherwise cause interruptions or delays in the Company’s clinical trials, programs and services, and negatively impact the Company’s business, financial condition and results of operations.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

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, 2022 and for the three and six months ended June 30, 2022 and 2021, 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, 2022, results of operations, statement of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. 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, 2021, as filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022 ("2021 Consolidated Financial Statements"). The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results expected for the full fiscal year or any interim period.

For the six months ended June 30, 2022, 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, 2021.

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 (“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 SEC, 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.

Investments

6 Months Ended

Jun. 30, 2022

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.

A summary of the Company’s available-for-sale investments as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	At June 30, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	49,542	$	—	$	(311	)	$	49,231
Total	$	49,542	$	—	$	(311	)	$	49,231
Marketable securities, non-current:
Corporate bonds	$	6,944	$	—	$	(56	)	$	6,888
Total	$	6,944	$	—	$	(56	)	$	6,888

	At December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	37,671	$	—	$	(43	)	$	37,628
Total	$	37,671	$	—	$	(43	)	$	37,628
Marketable securities, non-current:
Corporate bonds	$	9,082	$	—	$	(34	)	$	9,048
Total	$	9,082	$	—	$	(34	)	$	9,048

The Company incurred a realized loss on an available-for sale investment during the three and six months ending June 30, 2022 of $0.1 million, which is included in interest income, net in the consolidated statements of operations and comprehensive loss.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment as of June 30, 2022 consisted of the following (in thousands):


	June 30,			December 31,
	2022			2021
Equipment	$	240		$	223
Less: accumulated depreciation		(35	)		(20	)
Equipment, net	$	205		$	203

Depreciation expense for the three and six months ended June 30, 2022 was $7,000 and $15,000, respectively. Depreciation expense for the three and six months ended June 30, 2021 was $2,000 and $5,000, respectively.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 is as follows (in thousands):


	Fair Value Measurement at June 30, 2022
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)	$	21,537	$	21,537	$	—	$	—
Debt securities		56,119		—		56,119		—
Total	$	77,656	$	21,537	$	56,119	$	—

	Fair Value Measurement at December 31, 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)	$	49,626		49,626		—		—
Debt securities		46,676		—		46,676		—
Total	$	96,302	$	49,626	$	46,676	$	—

(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, 2022

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,
	2022		2021
Contract research and development costs	$	1,068	$	5,569
Research and development tax credit receivable		774		1,682
Prepaid insurance costs		705		1,728
Value-added tax refund receivable		372		598
Other		257		334
Total prepaid expenses and other current assets	$	3,176	$	9,911

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

7. LEASES

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	January 2025	None
London, United Kingdom	Office space	February 2024	None
Gothenburg, Sweden	Office space	May 2023	None
Stevenage, United Kingdom	Laboratory space	January 2024	None

The Company has no finance leases and has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three and six months ended June 30, 2022 was $0.1 million and $0.2 million, respectively. Rent expense for the three and six months ended June 30, 2021 was $0.1 million and $0.2 million, respectively.

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2022 and 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2022		2021		2022		2021
Operating lease cost (in thousands)	$	117	$	125	$	243	$	244
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	120	$	142	$	234	$	261
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	409	$	—	$	409

As of June 30, 2022 and December 31, 2021, the weighted average remaining lease term for operating leases was 2.2 years and 2.4 years, respectively.

As of June 30, 2022 and December 31, 2021, the weighted average discount rate for operating leases was 8% for both periods.

Operating lease liabilities at June 30, 2022 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2022 (excluding the period ended June 30, 2022)	$	287
2023		513
2024		229
2025		16
2026		—
Total lease payments		1,045
Less: imputed interest		(76	)
Total lease liabilities	$	969

In May 2022, the Company entered into an operating lease agreement to continue and expand the lease in London, United Kingdom, for office space. The lease agreement has an eighteen month term, which commences in September 2022 and expires in February 2024. The total lease payments due during the term of the lease are $418,000 and are included in the future lease payments above.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2022

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,
	2022		2021
Contract research and development costs	$	2,282	$	1,575
Employee compensation costs		1,738		601
Operating lease liabilities, current		269		399
Other liabilities		384		438
Total accrued expenses and other current liabilities	$	4,673	$	3,013

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

There have been no material changes to the Company’s commitments and contingencies since the 2021 Consolidated Financial Statements. The Company’s commitments and contingencies are disclosed in Note 9 of the 2021 Consolidated Financial Statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 7 to the Company’s unaudited interim condensed consolidated financial statements.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10. STOCK-BASED COMPENSATION

Employee equity plan

In March 2020, the Company's Board of Directors and stockholders approved the 2020 Stock Option and Grant Plan (“2020 Plan”). Holders of stock options under the 2020 Plan shall be 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.

In October 2020, the Company's Board of Directors and stockholders approved the 2020 Equity Incentive Plan (“2020 Equity Plan”). Following the adoption of the 2020 Equity Plan, no further options are available to be issued under the 2020 Plan. Stock options granted under the 2020 Equity Plan generally vest over a four-year period and expire ten years from the grant date. 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, 2022, the Company had 903,307 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 six months ended June 30, 2022:


	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2021		3,998,728		$	6.51		8.3	$	1,357,655
Granted		1,774,750			3.01		—		110,313
Cancelled		(13,334	)		4.10		—		—
Outstanding at June 30, 2022		5,760,144		$	5.44		8.4	$	—
Vested and expected to vest at June 30, 2022		5,456,002		$	5.44		8.7	$	—
Vested and exercisable at June 30, 2022		2,166,299		$	5.49		7.3	$	—

The weighted-average grant date fair value of all stock options granted for the six months ended June 30, 2022 was $2.24. The intrinsic value at June 30, 2022 was based on the closing price of the Company’s common stock on that date of $1.73 per share.

Stock-based compensation

The grant date fair value of stock options vested during the six months ended June 30, 2022 and 2021 was $4.4 million and $0.5 million, respectively. Total unrecognized compensation expense related to unvested options granted under the Company’s stock-based compensation plan was $13.6 million at June 30, 2022, which is expected to be recognized over a weighted average period of 2.7 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,
	2022		2021		2022		2021
Research and development	$	670	$	449	$	1,323	$	856
General and administrative		749		538		1,500		1,162
Total stock-based compensation	$	1,419	$	987	$	2,823	$	2,018

The Company uses a Black-Scholes option pricing model to determine fair value of its stock options. The Black-Scholes option pricing model includes various assumptions, including the fair value of common shares, expected life of stock options, the expected volatility based on the historical volatility of a publicly traded set of peer companies and the expected risk-free interest rate based on the implied yield on a U.S. Treasury security.

The fair values of the options granted were estimated using the following assumptions:


	Six Months Ended
	June 30,
	2022			2021
Risk-free interest rate		1.7	%		0.7	%
Expected term (in years)		6.0			6.0
Expected volatility		90.0	%		90.5	%
Expected dividend yield		—			—

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Net loss	$	(16,887	)	$	(12,302	)	$	(33,825	)	$	(25,647	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		25,270,314			25,261,832			25,266,096			25,261,832
Net loss per common share, basic and diluted	$	(0.67	)	$	(0.49	)	$	(1.34	)	$	(1.02	)

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,
	2022		2021
Stock options to purchase common stock		5,760,144		3,769,728

Subsequent Events

6 Months Ended

Jun. 30, 2022

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, 2022

Accounting Policies [Abstract]

Recently issued accounting standards

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

Summary of Available-for-Sale Investments

A summary of the Company’s available-for-sale investments as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	At June 30, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	49,542	$	—	$	(311	)	$	49,231
Total	$	49,542	$	—	$	(311	)	$	49,231
Marketable securities, non-current:
Corporate bonds	$	6,944	$	—	$	(56	)	$	6,888
Total	$	6,944	$	—	$	(56	)	$	6,888

	At December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
Marketable securities:	Cost		Gains		Losses			Value
Corporate bonds	$	37,671	$	—	$	(43	)	$	37,628
Total	$	37,671	$	—	$	(43	)	$	37,628
Marketable securities, non-current:
Corporate bonds	$	9,082	$	—	$	(34	)	$	9,048
Total	$	9,082	$	—	$	(34	)	$	9,048

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property Plant And Equipment [Abstract]

Summary of Property and Equipment

Property and equipment as of June 30, 2022 consisted of the following (in thousands):


	June 30,			December 31,
	2022			2021
Equipment	$	240		$	223
Less: accumulated depreciation		(35	)		(20	)
Equipment, net	$	205		$	203

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 is as follows (in thousands):


	Fair Value Measurement at June 30, 2022
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)	$	21,537	$	21,537	$	—	$	—
Debt securities		56,119		—		56,119		—
Total	$	77,656	$	21,537	$	56,119	$	—

	Fair Value Measurement at December 31, 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)	$	49,626		49,626		—		—
Debt securities		46,676		—		46,676		—
Total	$	96,302	$	49,626	$	46,676	$	—

(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, 2022

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,
	2022		2021
Contract research and development costs	$	1,068	$	5,569
Research and development tax credit receivable		774		1,682
Prepaid insurance costs		705		1,728
Value-added tax refund receivable		372		598
Other		257		334
Total prepaid expenses and other current assets	$	3,176	$	9,911

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Operating Leases

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	January 2025	None
London, United Kingdom	Office space	February 2024	None
Gothenburg, Sweden	Office space	May 2023	None
Stevenage, United Kingdom	Laboratory space	January 2024	None

Quantitative Information Regarding Leases

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2022 and 2021 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2022		2021		2022		2021
Operating lease cost (in thousands)	$	117	$	125	$	243	$	244
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	120	$	142	$	234	$	261
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	409	$	—	$	409

Summary of Operating Lease Liabilities

Operating lease liabilities at June 30, 2022 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2022 (excluding the period ended June 30, 2022)	$	287
2023		513
2024		229
2025		16
2026		—
Total lease payments		1,045
Less: imputed interest		(76	)
Total lease liabilities	$	969

Accrued Expenses And Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021
Contract research and development costs	$	2,282	$	1,575
Employee compensation costs		1,738		601
Operating lease liabilities, current		269		399
Other liabilities		384		438
Total accrued expenses and other current liabilities	$	4,673	$	3,013

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022:


	Number of Options			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2021		3,998,728		$	6.51		8.3	$	1,357,655
Granted		1,774,750			3.01		—		110,313
Cancelled		(13,334	)		4.10		—		—
Outstanding at June 30, 2022		5,760,144		$	5.44		8.4	$	—
Vested and expected to vest at June 30, 2022		5,456,002		$	5.44		8.7	$	—
Vested and exercisable at June 30, 2022		2,166,299		$	5.49		7.3	$	—

Summary of Stock-based Compensation Expense

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,
	2022		2021		2022		2021
Research and development	$	670	$	449	$	1,323	$	856
General and administrative		749		538		1,500		1,162
Total stock-based compensation	$	1,419	$	987	$	2,823	$	2,018

Summary of Fair Value Assumptions of Options Granted

The fair values of the options granted were estimated using the following assumptions:


	Six Months Ended
	June 30,
	2022			2021
Risk-free interest rate		1.7	%		0.7	%
Expected term (in years)		6.0			6.0
Expected volatility		90.0	%		90.5	%
Expected dividend yield		—			—

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Net loss	$	(16,887	)	$	(12,302	)	$	(33,825	)	$	(25,647	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		25,270,314			25,261,832			25,266,096			25,261,832
Net loss per common share, basic and diluted	$	(0.67	)	$	(0.49	)	$	(1.34	)	$	(1.02	)

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,
	2022		2021
Stock options to purchase common stock		5,760,144		3,769,728

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Description Of Business Organization And Liquidity [Line Items]
Accumulated deficit	$ 189,937		$ 189,937		$ 156,112
Net loss	(16,900)	$ (12,300)	(33,825)	$ (25,647)
Cash, cash equivalents and marketable securities	85,900		85,900		109,200
Current assets	82,202		82,202		110,102
Current liabilities	$ 7,488		7,488		$ 4,544
Clinical Development and Corporate General and Administrative Activities
Description Of Business Organization And Liquidity [Line Items]
Net loss			$ (21,600)	$ (25,300)

- 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.

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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.

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

- Definition

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

+ References + Details

Investments - Summary of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available for Sale Securities [Line Items]
Debt Securities, Available-for-sale, Type [Extensible List]	us-gaap:CorporateDebtSecuritiesMember	us-gaap:CorporateDebtSecuritiesMember
Investments - Current
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	$ 49,542	$ 37,671
Gross Unrealized Losses	(311)	(43)
Fair Value	49,231	37,628
Investments - Noncurrent
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	6,944	9,082
Gross Unrealized Losses	(56)	(34)
Fair Value	$ 6,888	$ 9,048

Investments (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Interest Income, Net
Schedule Of Available For Sale Securities [Line Items]
Realized loss on an available-for sale investment	$ 0.1	$ 0.1

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 240	$ 223
Less: accumulated depreciation	(35)	(20)
Equipment, net	$ 205	$ 203

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 7,000	$ 2,000	$ 15,000	$ 5,000

Fair Value Measurements - Summary of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 77,656	$ 96,302
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	21,537	49,626
Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	56,119	46,676
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	21,537	49,626
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	21,537	49,626
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	56,119	46,676
Level 2 \| Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 56,119	$ 46,676

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Abstract]
Contract research and development costs	$ 1,068	$ 5,569
Research and development tax credit receivable	774	1,682
Prepaid insurance costs	705	1,728
Value-added tax refund receivable	372	598
Other	257	334
Total prepaid expenses and other current assets	$ 3,176	$ 9,911

Leases - Summary of Operating Leases (Details)	6 Months Ended
Leases - Summary of Operating Leases (Details)	Jun. 30, 2022
Copenhagen, Denmark
Operating Leased Assets [Line Items]
Operating lease, expiration date	Jan. 31, 2025
Operating lease,renewal option	None
London,United Kingdom
Operating Leased Assets [Line Items]
Operating lease, expiration date	Feb. 29, 2024
Operating lease,renewal option	None
Gothenburg, Sweden
Operating Leased Assets [Line Items]
Operating lease, expiration date	May 31, 2023
Operating lease,renewal option	None
Stevenage, United Kingdom
Operating Leased Assets [Line Items]
Operating lease, expiration date	Jan. 31, 2024
Operating lease,renewal option	None

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Leases [Line Items]
Rent expense	$ 100,000	$ 100,000	$ 200,000	$ 200,000
Weighted average remaining lease term for operating leases	2 years 2 months 12 days		2 years 2 months 12 days		2 years 4 months 24 days
Weighted average discount rate for operating leases	8.00%		8.00%		8.00%
Total lease payment due	$ 1,045,000		$ 1,045,000
London,United Kingdom
Leases [Line Items]
Operating lease, expiration date			Feb. 29, 2024
Lease term	18 months		18 months
Total lease payment due	$ 418,000		$ 418,000

Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease Cost
Operating lease cost (in thousands)	$ 117	$ 125	$ 243	$ 244
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$ 120	142	$ 234	261
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)		$ 409		$ 409

Leases - Summary of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Future Lease Payments
2022 (excluding the period ended June 30, 2022)	$ 287
2023	513
2024	229
2025	16
Total lease payments	1,045
Less: imputed interest	(76)
Total lease liabilities	$ 969

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Contract research and development costs	$ 2,282	$ 1,575
Employee compensation costs	1,738	601
Operating lease liabilities, current	$ 269	$ 399
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities And Other Liabilities	Accrued Liabilities And Other Liabilities
Other liabilities	$ 384	$ 438
Total accrued expenses and other current liabilities	$ 4,673	$ 3,013

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2020	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance and sale of common stock		$ 23	$ 23
Net proceeds from issuance of common stock in connection with at-the-market offering			$ 18
Number of options, granted			1,774,750
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted			$ 2.24
Intrinsic value per share of stock options			$ 1.73
Fair value of stock options vested			$ 4,400	$ 500
2020 Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 13,600	$ 13,600
2020 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options available for future grant	0
2020 Equity Incentive Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense that is expected to be recognized over a weighted-average period			2 years 8 months 12 days
2020 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period	4 years
Stock options, expiration period	10 years
Percentage increase of number of shares of common stock issued and outstanding	5.00%
Stock options available for future grant		903,307	903,307
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of aggregate shares of common stock sold		80,306	80,306

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding	3,998,728
Number of Options, Granted	1,774,750
Number of Options, Cancelled	(13,334)
Number of Options, Outstanding	5,760,144	3,998,728
Number of Options, Vested and expected to vest	5,456,002
Number of Options, Vested and exercisable	2,166,299
Weighted average exercise price per share, Outstanding	$ 6.51
Weighted average exercise price per share, Granted	3.01
Weighted average exercise price per share, Cancelled	4.10
Weighted average exercise price per share, Outstanding	5.44	$ 6.51
Weighted average exercise price per share, Vested and expected	5.44
Weighted average exercise price per share, Vested and exercisable	$ 5.49
Weighted average remaining contractual term (in years), Outstanding	8 years 4 months 24 days	8 years 3 months 18 days
Weighted average remaining contractual term (in years), Vested and expected to vest	8 years 8 months 12 days
Weighted average remaining contractual term (in years), Vested and exercisable	7 years 3 months 18 days
Aggregate intrinsic value, Outstanding	$ 1,357,655
Aggregate intrinsic value, Granted	$ 110,313
Aggregate intrinsic value, Outstanding		$ 1,357,655

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 1,419	$ 987	$ 2,823	$ 2,018
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	670	449	1,323	856
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 749	$ 538	$ 1,500	$ 1,162

Stock-Based Compensation - Summary of Fair Value Assumptions of Options Granted (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.70%	0.70%
Expected term (in years)	6 years	6 years
Expected volatility	90.00%	90.50%
Expected dividend yield	0.00%	0.00%

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (16,887)	$ (12,302)	$ (33,825)	$ (25,647)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	25,270,314	25,261,832	25,266,096	25,261,832
Net loss per common share, basic and diluted	$ (0.67)	$ (0.49)	$ (1.34)	$ (1.02)

- 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	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	5,760,144	3,769,728	5,760,144	3,769,728