0001558370-21-007568 | 10-Q | XBRL Viewer | Reneo Pharmaceuticals INC

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 14, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-40315
Entity Registrant Name	Reneo Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2309515
Entity Address, Address Line One	12230 El Camino Real, Suite 230
Entity Address, City or Town	San Diego
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	283-0280
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RPHM
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		24,286,253
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 91,221	$ 53,613
Prepaid expenses and other current assets	2,339	1,412
Total current assets	93,560	55,025
Property and equipment, net	81	69
Other non-current assets	1,680	127
Total assets	95,321	55,221
Current liabilities:
Accounts payable	556	908
Accrued expenses	3,374	3,672
Total current liabilities	3,930	4,580
Deferred rent	32	36
Total liabilities	3,962	4,616
Commitments and contingencies (Note 9)
Stockholders' deficit:
Additional paid-in capital	3,453	2,843
Accumulated deficit	(52,170)	(44,958)
Total stockholders' deficit	(48,717)	(42,115)
Total liabilities, convertible preferred stock and stockholders' deficit	95,321	55,221
Series B convertible preferred stock
Current assets:
Cash and cash equivalents		91,200
Current liabilities:
Convertible preferred stock	94,424	47,068
Series A convertible preferred stock
Current liabilities:
Convertible preferred stock	$ 45,652	$ 45,652

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	105,000,000	105,000,000
Common stock, issued	2,148,193	2,053,070
Common stock, outstanding	2,123,733	2,053,070
Series A convertible preferred stock
Temporary equity, Par value	$ 0.0001	$ 0.0001
Temporary equity, authorized	24,302,472	24,302,472
Temporary equity, issued	24,302,472	24,302,472
Convertible preferred stock outstanding	24,302,472	24,302,472
Temporary equity, Liquidation Preference	$ 49,127	$ 49,127
Series B convertible preferred stock
Temporary equity, Par value	$ 0.0001	$ 0.0001
Temporary equity, authorized	46,881,028	46,881,028
Temporary equity, issued	46,881,028	23,440,514
Convertible preferred stock outstanding	46,881,028	23,440,514
Temporary equity, Liquidation Preference	$ 94,770	$ 47,385

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 5,472	$ 3,578
General and administrative	1,742	924
Total operating expenses	7,214	4,502
Loss from operations	(7,214)	(4,502)
Other income:
Other income	2	71
Net loss	(7,212)	(4,431)
Unrealized gain on short-term investments		6
Comprehensive loss	$ (7,212)	$ (4,425)
Net loss per share attributable to common stockholders, basic and diluted	$ (3.48)	$ (2.20)
Weighted-average shares used in computing net loss per share, basic and diluted	2,070,935	2,015,029

Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Series A convertible preferred stock	Series B convertible preferred stock	Common Stock	Additional Paid-in Capital	Accumulated comprehensive income	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2019	$ 45,652
Beginning Balance (in shares) at Dec. 31, 2019	24,302,472
Ending Balance at Mar. 31, 2020	$ 45,652
Ending Balance (in shares) at Mar. 31, 2020	24,302,472
Beginning Balance at Dec. 31, 2019				$ 2,363	$ 3	$ (25,493)	$ (23,127)
Beginning Balance (in shares) at Dec. 31, 2019			2,008,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation				92			92
Stock option exercise				26			26
Stock option exercise (in shares)			13,269
Change in unrealized holding gains and losses on short-term investments					6		6
Net loss						(4,431)	(4,431)
Ending Balance at Mar. 31, 2020				2,481	$ 9	(29,924)	(27,434)
Ending Balance (in shares) at Mar. 31, 2020			2,022,174
Beginning Balance at Dec. 31, 2020	$ 45,652	$ 47,068
Beginning Balance (in shares) at Dec. 31, 2020	24,302,472	23,440,514
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock net of issuance cost		$ 47,356
Issuance of convertible preferred stock net of issuance cost (in shares)		23,440,514
Ending Balance at Mar. 31, 2021	$ 45,652	$ 94,424
Ending Balance (in shares) at Mar. 31, 2021	24,302,472	46,881,028
Beginning Balance at Dec. 31, 2020				2,843		(44,958)	(42,115)
Beginning Balance (in shares) at Dec. 31, 2020			2,053,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation				471			471
Stock option exercise				139			$ 139
Stock option exercise (in shares)			70,663				95,123
Net loss						(7,212)	$ (7,212)
Ending Balance at Mar. 31, 2021				$ 3,453		$ (52,170)	$ (48,717)
Ending Balance (in shares) at Mar. 31, 2021			2,123,733

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (7,212,000)	$ (4,431,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	10,000	9,000
Amortization/accretion on short-term investments		(15,000)
Stock-based compensation	471,000	92,000
Changes in operating assets and liabilities:
Accounts payable, accrued expenses and other	(927,000)	36,000
Prepaid expenses and other assets	(929,000)	(137,000)
Deferred rent	(2,000)	(1,000)
Net cash used in operating activities	(8,589,000)	(4,447,000)
Cash flows from investing activities
Purchase of property and equipment	(25,000)	(1,000)
Proceeds from maturities of available-for-sale short-term investments		5,200,000
Net cash (used in) provided by investing activities	(25,000)	5,199,000
Cash flows from financing activities
Proceeds from exercise of stock options	187,000	26,000
Costs paid in connection with initial public offering	(1,223,000)
Net cash provided by financing activities	46,222,000	26,000
Net increase in cash and cash equivalents	37,608,000	778,000
Cash and cash equivalents, beginning of period	53,613,000	17,501,000
Cash and cash equivalents, end of period	91,221,000	$ 18,279,000
Supplemental cash flow information:
Property and equipment in accounts payable	2,000
Unpaid Series B convertible preferred stock issuance costs	19,000
Costs incurred in connection with initial public offering included in accrued expenses	361,000
Series B convertible preferred stock
Cash flows from financing activities
Proceeds from temporary equity	$ 47,258,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at December 31, 2020, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2020, which are included in the Company’s prospectus, dated April 8, 2021, that forms a part of the Company’s Registration Statement on Form S-1 (File. No. 333-254534) as filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the Securities Act), on April 9, 2021.

The condensed consolidated financial statements include the accounts of Reneo Pharmaceuticals, Inc. and its wholly owned subsidiary, Reneo Pharma Ltd located in the United Kingdom (UK). All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure in the Company’s condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

Risks and Uncertainties

Any product candidates developed by the Company will require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If approval is denied or delayed, it may have a material adverse impact on the Company’s business and its financial statements.

The Company is subject to a number of risks similar to other clinical-stage pharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of the Company’s product candidate, REN001, ability to obtain regulatory approval of REN001, the need for substantial additional financing to achieve its goals, uncertainty of

broad adoption of its approved products, if any, by physicians, consumers and third-party payors, significant competition and untested manufacturing capabilities, and dependence on key individuals and sole source suppliers.

The Company’s business has been and could continue to be adversely affected by the evolving COVID-19 pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s clinical trials for numerous reasons, including additional delays or difficulties in enrolling patients, diversion of healthcare resources away from the conduct of clinical trials, interruption or delays in the operations of the FDA or other regulatory authorities, and delays in clinical sites receiving the supplies and materials to conduct the Company’s clinical trials. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted.

Segment Reporting

The Company operates and manages its business as one operating segment, which is the business of developing novel therapies for rare genetic mitochondrial diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. As of March 31, 2021 and December 31, 2020, the Company had cash balances deposited at a major financial institution. Cash balances are subject to minimal credit risk as the balances are with high credit quality financial institutions. Cash and cash equivalents include cash in readily available checking and money market accounts.

Short-term Investments

The Company accounts for short-term investments in accordance with ASC Topic 320, Investments – Debt and Equity Securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each balance sheet date.

The Company’s investments are classified as available-for-sale securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income in stockholders’ deficit. Realized gains and losses on sales of investments are included in interest income and are derived using the specific identification method for determining the cost of securities.

The Company recognizes an impairment charge when a decline in the fair value of its investments in debt securities below the amortized cost basis of such securities is judged to be other-than-temporarily impaired. Factors considered in making such a determination include the duration and severity of the impairment, the reason for the decline in value, the potential recovery period and if the entity has the intent to sell the security, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. The Company did not recognize any other-than-temporary impairment charges on its short-term investments during the three months ended March 31, 2021 and 2020.

Money market account balances are included as cash and cash equivalents on the condensed consolidated balance sheets, which are also disclosed in Note 3, Fair Value Measurements.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment. Long-lived assets are tested for impairment when events and circumstances indicate the assets might be impaired by first comparing the estimated future undiscounted cash flows of the asset or asset group to the carrying value. If the carrying value exceeds the estimated future undiscounted cash flows, an impairment loss is recognized based on the amount that the carrying value exceeds the fair value of the asset or asset group. The Company did not recognize impairment losses during the three months ended March 31, 2021 and 2020.

Convertible Preferred Stock

The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Prior to the IPO, upon the occurrence of certain potential events that would have been outside the Company’s control, including a “deemed liquidation event” such as a merger, acquisition and sale of all or substantially all of the Company’s assets, holders of the convertible preferred stock could cause redemption for cash. Therefore, convertible preferred stock was classified as temporary equity (mezzanine) on the condensed consolidated balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock will be adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.

Research and Development Costs and Accruals

All research and development costs are expensed as incurred. Research and development costs consist primarily of costs associated with manufacturing drug substance and drug product, costs associated with preclinical studies and clinical trials (including amounts paid to clinical research organizations and other professional services), license fees, salaries and employee benefits.

The Company records accruals for estimated research and development costs, comprising payments for work performed by third party contractors, laboratories, participating clinical trial sites and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. Payments made in advance of or after the performance are reflected in the condensed consolidated balance sheets as prepaid expenses or accrued liabilities, respectively. Up-front costs, such as costs associated with setting up clinical trial sites for participation in the trials, are expensed immediately once the set-up has occurred as research and development expenses. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses.

License Fees

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain, and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidate would be reached when the requisite regulatory approvals are obtained to make the product available for sale. Contingent milestone payments are recognized when the related contingency is resolved, and the amounts are paid or become payable. These amounts are expensed to research and development if there is no alternative future use associated with the license or capitalized as an intangible asset if alternative future use of the license exists.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred, as the recoverability of such expenditures is uncertain. These costs are included in general and administrative expenses.

Stock-Based Compensation

Compensation expense related to stock options granted to employees and non-employees is measured at the grant date based on the estimated fair value of the award and is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model.

Foreign Currency Transactions

The functional currency of Reneo Pharma Ltd is the U.S. dollar. All foreign exchange transactional and remeasurement gains and losses are recognized in the condensed consolidated statement of operations and comprehensive loss. For the three months ended March 31, 2021 and 2020, total foreign currency gains and losses were not material.

Comprehensive Income or Loss

Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources.

Net Loss Per Share

The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options and convertible preferred stock, which are convertible into shares of the Company’s common stock. No shares related to the convertible preferred stock were included in the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of all outstanding stock options were also excluded from the diluted net loss per share calculation for the three months ended March 31, 2021 and 2020 because such shares are anti-dilutive.

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	March 31, 2021	March 31, 2020
Convertible preferred stock (as converted)	15,907,629	5,430,957
Common stock options	3,113,640	976,130
Total	19,021,269	6,407,087

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes. The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new guidance will be effective for the Company as of January 1, 2022. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance is effective for the Company as of January 1, 2023. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its condensed consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires a lessee to recognize a liability for lease payments (the lease liability) and a right-of-use asset (representing its right to use the underlying asset for the lease term) on the balance sheet. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities an optional transition method to apply the new guidance as of the adoption date, rather than as of the earliest period presented. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the effective date, unless the lease was modified, to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which effectively allows entities to carryforward accounting conclusions under previous U.S. GAAP. This ASU is effective for annual reporting periods beginning January 1, 2022 with early adoption permitted. The Company plans to adopt the ASU on January 1, 2022 and is currently in the process of evaluating the impact of the application of this accounting standard update on its condensed consolidated financial statements and related disclosures.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Measurements [Abstract]

Fair Value Measurements

3. Fair Value Measurements

ASC Topic 820, Fair Value Measurement, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis.

The Company classifies its money market funds as Level 1 using the quoted prices in active markets. No assets or liabilities were transferred into or out of their classifications during the three months ended March 31, 2021 and 2020.

The recurring fair value measurement of the Company’s assets measured at fair value at March 31, 2021 consisted of the following (in thousands):


	Quoted Prices in				Significant
	Active Markets		Significant Other		Unobservable
	For Identical Items		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents
Money market investments	$	89,563	$	—	$	—	$	89,563
Total	$	89,563	$	—	$	—	$	89,563

The recurring fair value measurement of the Company’s assets measured at fair value at December 31, 2020 consisted of the following (in thousands):


	Quoted Prices in				Significant
	Active Markets		Significant Other		Unobservable
	For Identical Items		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents
Money market investments	$	49,632	$	—	$	—	$	49,632
Total	$	49,632	$	—	$	—	$	49,632

- 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

Convertible Preferred Stock and Stockholders' Deficit

3 Months Ended

Mar. 31, 2021

Convertible Preferred Stock and Stockholders' Deficit

Convertible Preferred Stock and Stockholders' Deficit

6. Convertible Preferred Stock and Stockholders’ Deficit

Series A Convertible Preferred Stock

In December 2017, January 2018, and May 2019, the Company issued a total of 24,302,472 shares of Series A convertible preferred stock to certain investors at $2.16 per share.

In connection with the IPO (Note 1) in April 2021, all outstanding shares of Series A convertible preferred stock were converted into 5,430,957 shares of common stock.

Series B Convertible Preferred Stock

In December 2020, the Company and certain investors entered into a Series B preferred stock purchase agreement, whereby the Company issued 23,440,514 shares of Series B convertible preferred stock at $2.0215 per share for total gross proceeds of approximately $47.4 million before deducting offering costs of $0.3 million, which constituted the closing of the first tranche of the Series B convertible preferred stock. In connection with the closing of the first tranche of Series B convertible preferred stock in December 2020, the Company issued rights to the purchasers for the purchase

of an additional 23,440,514 shares of Series B convertible preferred stock under the same terms and conditions upon the board of directors’ determination of either (i) that the cash balance of the Company is below $10 million, or (ii) approving the Company’s initial public offering of shares of its common stock pursuant to a registration statement under the Securities Act (Series B Tranche Right).

The Company evaluated the Series B Tranche Right and concluded that it was not a free-standing instrument that met the definition of a derivative that required separate accounting.

In March 2021, the Company completed the Series B Tranche Right at $2.0215 per share. A total of 23,440,514 shares of Series B convertible preferred stock were issued for aggregate net proceeds of approximately $47.4 million.

In connection with the IPO in April 2021, all outstanding shares of Series B convertible preferred stock were converted into 10,476,672 shares of common stock.

The following are key features of the convertible preferred stock:

Voting Rights

Each holder of shares of the Series A and Series B convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which such shares of Series A and Series B convertible preferred stock could then be converted.

Dividends

The holders of Series A and Series B convertible preferred stock are entitled to a non-cumulative dividend of 8% of the original issue price when, as and if declared by the board of directors, only out of funds that are legally available.

Liquidation Preferences

Holders of the Series A and Series B convertible preferred stock are entitled to receive liquidation preferences equal to the greater of (a) original issue price plus all declared and unpaid dividends or (b) such amount per share as would have been payable had all shares of such series of preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed liquidation event. Only after payment of the full liquidation preference of Series A and Series B convertible preferred stock, the remaining assets of the Company legally available for distribution shall be distributed ratably to the holders of the common stock.

Conversion Rights

At the option of the holder, shares of Series A and Series B convertible preferred shares can be converted into fully paid and non-assessable shares of the Company’s common stock. The initial conversion ratio is one-for-one, subject to customary anti-dilution provisions.

Upon either (a) the closing of the sale of shares of common stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act resulting in at least $75,000,000 of gross proceeds to the Company (Qualified Initial Public Offering) or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of a majority of the outstanding shares of Series A and Series B convertible preferred stock at the time of such vote or consent, voting together as a single class on an as-converted basis, all outstanding shares of Series A and Series B convertible preferred stock shall automatically be converted into shares of common stock, at the applicable ratio at the time of conversion.

Redemption

The Series A and Series B convertible preferred stock are not redeemable. However, the Series A and Series B convertible preferred stock include terms such that there are deemed liquidation events that can trigger redemption of the

convertible preferred stock that are outside the control of the Company. Accordingly, the Series A and Series B convertible preferred stock are classified outside of permanent equity on the condensed consolidated balance sheets.

Shares Reserved for Future Issuance

As of March 31, 2021, the Company had reserved shares of its common stock for future issuance as follows:


		Shares
		Reserved
Series A convertible preferred stock outstanding		5,430,957
Series B convertible preferred stock outstanding		10,476,672
Common stock options outstanding		3,113,640
Available for future grants under the 2014 Equity Incentive Plan		117,602
Total shares of common stock reserved		19,138,871

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

7. Stock-Based Compensation

In 2014, the Company adopted the 2014 Equity Incentive Plan (the 2014 Plan). The 2014 Plan provides for the issuance of incentive stock options to employees of the Company and non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and other stock awards to directors, employees and consultants of the Company. In March 2021, the Company’s board of directors increased the option pool by 234,158 shares of common stock. As of March 31, 2021, As of March 31, 2021, the 2014 Plan has a total reserve of 3,231,242 shares. As of March 31, 2021, there were 117,602 shares available for future grant under the 2014 Plan.

The options granted under the 2014 Plan will expire no more than ten years from the date of grant. The exercise price of each option is determined by the Company’s board of directors, although generally options have an exercise price equal to the estimated fair market value of the Company’s stock on the date of the option grant. In the case of incentive stock options, the exercise price is required to be no less than 100% of the estimated fair market value of the Company’s common stock at the time the option is granted. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair market value of the Company’s common stock at the date of grant and for a term not to exceed five years. Most option grants generally vest 25% on the first anniversary of the original vesting commencement date, with the balance vesting monthly over the remaining three years.

Under the 2014 Plan, certain employees may be granted the ability to early exercise their options. The shares of common stock issued pursuant to the early exercise of unvested stock options are restricted and continue to vest over the requisite service period after issuance. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. As of March 31, 2021, stock options to purchase 24,460 shares of common stock have been early exercised and were subject to vesting. Cash received in exchange for early exercises of stock options has been recorded as a liability for the early exercise of stock options and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2021, such liability for early exercises of stock options was immaterial.

In March 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (the 2021 Plan) and the Company’s stockholders approved the 2021 Plan in April 2021. The 2021 Plan became effective immediately prior to the execution of the underwriting agreement in connection with the IPO. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other awards to individuals who are then employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s affiliates. A total of 2,187,524 new shares of common stock were approved to be initially reserved for issuance under the 2021 Plan. In addition, the number of shares of common stock reserved for issuance under the 2021 Plan includes the shares reserved and available for issuance pursuant to the grant of new awards under the 2014 Plan as of the effectiveness of the 2021 Plan and will include any shares subject to stock awards granted under the 2014 Plan that, after the date the 2021 Plan became effective, are forfeited or otherwise become available under the 2014 Plan. The

number of shares of common stock reserved for issuance under the 2021 Plan will also automatically increase on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year; provided, however, that the Company’s board of directors may act prior to January 1^st of a given year to provide that the increase for such year will be a lesser number of shares of common stock.

In March 2021, the Company’s board of directors adopted the Company’s 2021 Employee Stock Purchase Plan (ESPP) and the Company’s stockholders approved the ESPP in April 2021. The ESPP became effective immediately prior to the execution of the underwriting agreement in connection with our IPO. A total of 243,058 shares of common stock were approved to be initially reserved for issuance under the ESPP.

A summary of the Company’s stock option activity and related information during the three months ended March 31, 2021 is as follows:


			Weighted-	Weighted- Average
	Options		Average Exercise	Remaining		Aggregate
	Outstanding	Price		Contractual Term		Intrinsic Value
Outstanding at December 31, 2020	935,478	$	2.56	7.7
Granted	2,273,285	$	5.06
Exercised	(95,123)	$	1.97		$	418,000
Forfeited/cancelled	—	$	—
Outstanding at March 31, 2021	3,113,640	$	4.41	9.2	$	6,086,000
Vested at March 31, 2021	615,517	$	2.49	7.4	$	2,384,000
Exercisable at March 31, 2021	2,772,210	$	4.40	9.2	$	5,441,000

Intrinsic value as of March 31, 2021 was based on the estimated common stock fair value of $6.36 per share.

Options exercisable at March 31, 2021 include vested options and options eligible for early exercise. All outstanding options as of March 31, 2021 are expected to vest.

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows:


	Three Months Ended
	March 31,
	2021		2020
Risk-free interest rate	0.66	%	1.44	%
Expected volatility	71.2	%	71.6	%
Expected term (in years)	5.9		6.0
Expected dividend yield	—	%	—	%

The weighted average grant date fair value of options granted during the three months ended March 2021 and 2020 was $3.15 and $2.40, respectively.

Fair value of common stock. For periods prior to the IPO, the fair value of the shares of common stock underlying the stock options has been determined by the Company’s board of directors, with input from management. Historically, since there has been no public market for the Company’s common stock, the Company’s board of directors determined the fair value of the Company’s common stock on each grant date by considering a number of objective and subjective factors, including the most recent independent third-party valuations of the Company’s common stock, sales of the Company’s convertible preferred stock to unrelated third-parties, operating and financial performance of the Company, the lack of liquidity of capital stock and general and industry-specific economic outlook, and the Company’s board of directors’ assessment of additional objective and subjective factors that it believed were relevant.

Risk-free interest rate. The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued.

Expected volatility. The expected volatility assumption is based on the volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry.

Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period.

Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.

Unrecognized compensation expense at March 31, 2021 for both employee and non-employee stock-based compensation expense was $7.2 million, which is expected to be recognized over a weighted-average vesting term of 3.3 years.

Non-cash stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended
	March 31,
	2021		2020
General and administrative	$	364	$	48
Research and development		107		44
Total	$	471	$	92

In November 2020, the Company hired a new chief executive officer under which the chief executive officer is entitled to receive a special performance bonus in the amount of $7.5 million, payable in cash, common stock or a combination of cash and common stock, in the event that (i) the Company’s market value exceeds $750 million utilizing the volume-weighted average of the closing sale price of its common stock on the Nasdaq Stock Market or other principal exchange for each of the 30 trading days immediately prior to the measurement date, or (ii) the fair market value of the net proceeds available for distribution to the Company’s stockholders in connection with a change in control as defined in the Company’s severance benefit plan, as determined in good faith by its board of directors, exceeds $750 million. The Company has determined that the bonus award is subject to ASC Topic 718, Compensation – Stock Compensation and includes both market and performance conditions. Because the performance conditions are not considered to be probable until the completion of the Company’s IPO or change in control, no expense was recorded on the award for the three months ended March 31, 2021. In April 2021, the performance condition was achieved in connection with the IPO. Accordingly, the Company expects to start recognizing compensation expense related to the award granted to the chief executive officer beginning in April 2021.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Use of Estimates

Risks and Uncertainties

Segment Reporting

Cash and Cash Equivalents

Short-term Investments

Money market account balances are included as cash and cash equivalents on the condensed consolidated balance sheets, which are also disclosed in Note 3, Fair Value Measurements.

Impairment of Long-Lived Assets

Convertible Preferred Stock

Research and Development Costs and Accruals

License Fees

Patent Costs

Stock-Based Compensation

Foreign Currency Transactions

Comprehensive Income or Loss

Comprehensive income or loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources.

Net Loss Per Share

Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	March 31, 2021	March 31, 2020
Convertible preferred stock (as converted)	15,907,629	5,430,957
Common stock options	3,113,640	976,130
Total	19,021,269	6,407,087

New Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements [Abstract]

Schedule of recurring fair value measurement of the Company's assets and liabilities

The recurring fair value measurement of the Company’s assets measured at fair value at March 31, 2021 consisted of the following (in thousands):


	Quoted Prices in				Significant
	Active Markets		Significant Other		Unobservable
	For Identical Items		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents
Money market investments	$	89,563	$	—	$	—	$	89,563
Total	$	89,563	$	—	$	—	$	89,563

The recurring fair value measurement of the Company’s assets measured at fair value at December 31, 2020 consisted of the following (in thousands):


	Quoted Prices in				Significant
	Active Markets		Significant Other		Unobservable
	For Identical Items		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents
Money market investments	$	49,632	$	—	$	—	$	49,632
Total	$	49,632	$	—	$	—	$	49,632

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Stock-Based Compensation

Summary of the Company's stock option activity


			Weighted-	Weighted- Average
	Options		Average Exercise	Remaining		Aggregate
	Outstanding	Price		Contractual Term		Intrinsic Value
Outstanding at December 31, 2020	935,478	$	2.56	7.7
Granted	2,273,285	$	5.06
Exercised	(95,123)	$	1.97		$	418,000
Forfeited/cancelled	—	$	—
Outstanding at March 31, 2021	3,113,640	$	4.41	9.2	$	6,086,000
Vested at March 31, 2021	615,517	$	2.49	7.4	$	2,384,000
Exercisable at March 31, 2021	2,772,210	$	4.40	9.2	$	5,441,000

Summary of weighted-average assumptions to determine the fair value of the employee stock option


	Three Months Ended
	March 31,
	2021		2020
Risk-free interest rate	0.66	%	1.44	%
Expected volatility	71.2	%	71.6	%
Expected term (in years)	5.9		6.0
Expected dividend yield	—	%	—	%

Summary of Non-cash stock-based compensation expense recorded


	Three Months Ended
	March 31,
	2021		2020
General and administrative	$	364	$	48
Research and development		107		44
Total	$	471	$	92

Organization and Business (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Apr. 13, 2021 USD ($) $ / shares shares	Apr. 05, 2021	Apr. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Apr. 14, 2021 shares	Dec. 31, 2020 USD ($)
Stock split reverse description		On April 5, 2021, the Company effected a 1-for-4.4748 reverse stock split of its common stock. The par value and the authorized number of shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the Series A and Series B convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.
Stock split reverse conversion ratio		0.2235
Share price \| $ / shares				$ 6.36
Proceeds from private financings				$ 146,700
Cash and cash equivalents				91,221			$ 53,613
Accumulated deficit				52,170			$ 44,958
Net loss				7,212	$ 4,431
Cash used for operating activities				$ 8,589	$ 4,447
Proceeds for initial public offering net			$ 84,800
IPO [Member]
Common stock issued, Shares \| shares	6,250,000
Share price \| $ / shares	$ 15.00
Proceeds from issuance initial public offering	$ 93,800
Initial public offering underwriting discounts and commissions	6,600
Initial public offering offering expenses	$ 2,400
Shares issued from conversion of convertible stock \| shares	15,907,629
Convertible preferred stock [Member]
Preferred stock, shares outstanding \| shares	71,183,500					0

Convertible Preferred Stock and Stockholders' Deficit (Narrative) (Details) - USD ($)	1 Months Ended						3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2019	Jan. 31, 2018	Dec. 31, 2017	Mar. 31, 2021
Temporary Equity [Line Items]
Dividend rate							8.00%
Number of convertible shares converted into common stock							1
Minimum specified amount of proceeds from public offering							$ 75,000,000
Series A convertible preferred stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)				24,302,472	24,302,472	24,302,472
Temporary equity, share price				$ 2.16	$ 2.16	$ 2.16
Shares issued from conversion of convertible stock	5,430,957
Series B convertible preferred stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)		23,440,514	23,440,514				23,440,514
Temporary equity, share price		$ 2.0215	$ 2.0215				$ 2.0215
Shares issued from conversion of convertible stock	10,476,672
Proceeds from temporary equity			$ 47,400,000				$ 47,258,000
Equity issuance costs incurred			$ 300,000
Net Proceeds from temporary equity		$ 47,400,000
Series B convertible preferred stock \| Scenario, Plan [Member]
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)			23,440,514
Cash balance			$ 10,000,000

Stock-Based Compensation - 2014 Equity Incentive Plan (Details) - Equity Incentive Plan 2014	1 Months Ended	3 Months Ended
	Mar. 31, 2021 shares	Mar. 31, 2021 shares
Stock-Based Compensation
Addition shares	234,158
Options authorized	3,231,242	3,231,242
Options available for grant	117,602	117,602
Exercise price percentage		100.00%
Percentage of shareholders of total combined voting power		10.00%
Stock options exercised but not yet vested	24,460	24,460
First Anniversary
Stock-Based Compensation
Vesting right percentage		25.00%
Vesting period		3 years
Shareholders of more than 10% voting power
Stock-Based Compensation
Expiration period		5 years
Exercise price percentage		110.00%
Maximum
Stock-Based Compensation
Expiration period		10 years

Stock-Based Compensation - Stock option activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Options Outstanding
Outstanding at beginning of period (in shares)	935,478
Granted (in shares)	2,273,285
Exercised (in shares)	(95,123)
Outstanding at end of period (in shares)	3,113,640	935,478
Vested (in shares)	615,517
Exercisable (in shares)	2,772,210
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 2.56
Granted (in dollars per share)	5.06
Exercised (in dollars per share)	1.97
Outstanding at end of period (in dollars per share)	4.41	$ 2.56
Vested (in dollars per share)	2.49
Exercisable (in dollars per share)	$ 4.40
Weighted-Average Remaining Contractual Term / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term, Options Outstanding	9 years 2 months 12 days	7 years 8 months 12 days
Weighted Average Remaining Contractual Term, Vested	7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable	9 years 2 months 12 days
Aggregate Intrinsic Value, Exercised	$ 418,000
Aggregate Intrinsic Value, Outstanding	6,086,000
Aggregate Intrinsic Value, Vested	2,384,000
Aggregate Intrinsic Value, Exercisable	$ 5,441,000
Share price	$ 6.36

License Agreement (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
License Agreement (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		$ 5,472,000	$ 3,578,000
vTv Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued, Shares	309,576			266,867	266,867
Milestone payments payable on achievement of development and regulatory milestones		64,500,000
Milestone payments payable on achievement of sales thresholds of the licensed product		30,000,000.0
Research and development		$ 0	$ 0
vTv Therapeutics \| Research and development
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee payment	$ 3,000,000.0
Common stock issued, Value	$ 700,000

Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Condensed Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit
Stock Issuance costs	$ 29

Property and Equipment, Net (Details) - USD ($)	3 Months Ended
Property and Equipment, Net (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 174,000		$ 152,000
Less: accumulated depreciation and amortization	(93,000)		(83,000)
Total property and equipment, net	81,000		69,000
Depreciation and amortization expense	10,000	$ 9,000
Computer, software and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	144,000		122,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 30,000		$ 30,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Expenses
Accrued development expenses	$ 1,159	$ 1,443
Accrued clinical expenses	997	1,019
Accrued compensation	514	888
Other accrued expenses	704	322
Total other accrued expenses	$ 3,374	$ 3,672

Stock-Based Compensation - Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted-average assumptions
Risk-free interest rate	0.66%	1.44%
Expected volatility	71.20%	71.60%
Expected term (in years)	5 years 10 months 24 days	6 years
Expected dividend yield	0.00%	0.00%
Weighted average grant date fair value of options granted	$ 3.15	$ 2.40
Unrecognized compensation expense	$ 7.2
Weighted-average vesting term	3 years 3 months 18 days

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2020 USD ($) D	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Stock-Based Compensation
Stock-based compensation expense		$ 471	$ 92
Chief executive officer
Stock-Based Compensation
Special performance bonus payable	$ 7,500
Threshold market value	$ 750,000
Number of trading days \| D	30
Threshold fair market value of the net proceeds	$ 750,000
Stock-based compensation expense		$ 0

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended		15 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)
Summary of Significant Accounting Policies
Number of operating segments \| segment	1
Impairment charges on investments	$ 0	$ 0
Impairment of Long-Lived Assets			$ 0

Summary of Significant Accounting Policies - Anti-dilutive securities not included in diluted net loss per share calculation (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	19,021,269	6,407,087
Convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	15,907,629	5,430,957
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,113,640	976,130

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Measurements [Abstract]
Assets transferred into L3	$ 0
Assets transferred out of L3	0
Liabilities transferred into L3	0
Liabilities transferred out of L3	$ 0

Fair Value Measurements - Recurring fair value measurement of the Company's assets and liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 89,563	$ 49,632
Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	89,563	49,632
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	89,563	49,632
Money market investments \| Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 89,563	$ 49,632

Convertible Preferred Stock and Stockholders' Deficit - Shares Reserved for Future Issuance (Details)	Mar. 31, 2021 shares
Class of Stock [Line Items]
Total shares of common stock reserved	19,138,871
Equity Incentive Plan 2014
Class of Stock [Line Items]
Total shares of common stock reserved	117,602
Common Stock
Class of Stock [Line Items]
Total shares of common stock reserved	3,113,640
Series A convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved	5,430,957
Series B convertible preferred stock
Class of Stock [Line Items]
Total shares of common stock reserved	10,476,672

Stock-Based Compensation - 2021 Equity Incentive Plan (Details)	Mar. 31, 2021 shares
Equity Incentive Plan 2021
Stock-Based Compensation
Options authorized	2,187,524
Percentage increase in common stock authorized and reserved	5.00%
Employee Stock Purchase Plan (ESPP) 2021
Stock-Based Compensation
Options authorized	243,058

Commitments and contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years
Lessee, operating lease, existence of option to extend [true false]	true
Operating Lease, Expense	$ 46,000	$ 46,000
UK
Lessee, Lease, Description [Line Items]
Operating Lease, Expense	$ 7,000	$ 7,000