0000950170-23-009053 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Mar. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	INOZYME PHARMA, INC.
Entity Central Index Key	0001693011
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39397
Entity Tax Identification Number	38-4024528
Entity Address, Address Line One	321 Summer Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	330-4340
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	INZY
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,720,007
Entity Public Float			$ 127,814,797
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2022. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	42
Auditor Location	Boston, Massachusetts
Auditor Name	Ernst & Young LLP

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 32,915	$ 23,316
Short-term investments	94,951	88,485
Prepaid expenses and other current assets	3,527	3,541
Total current assets	131,393	115,342
Property and equipment, net	2,018	2,383
Right-of-use assets	1,620	2,053
Other assets	354	354
Long-term investments	0
Prepaid expenses, net of current portion	3,810	3,409
Total assets	139,195	123,541
Current liabilities:
Accounts payable	2,544	2,394
Accrued expenses	11,355	8,508
Operating lease liabilities	816	731
Total current liabilities	14,715	11,633
Operating lease liabilities, net of current portion	1,823	2,640
Long term debt, net	4,139	0
Other long term liabilities	124	0
Total liabilities	20,801	14,273
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred Stock, $0.0001 par value - 5,000,000 shares authorized at December 31, 2022 and December 31, 2021; No shares issued and outstanding at December 31, 2022 or December 31, 2021	0	0
Common Stock, $0.0001 par value - 200,000,000 shares authorized at December 31, 2022 and December 31, 2021; 40,394,363 shares issued and outstanding at December 31, 2022 and 23,668,747 shares issued and outstanding at December 31, 2021	4	2
Additional paid in-capital	333,356	256,948
Accumulated other comprehensive (loss) income	(205)	18
Accumulated deficit	(214,761)	(147,700)
Total stockholders' equity	118,394	109,268
Total liabilities and stockholders' equity	$ 139,195	$ 123,541

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 47,849	$ 37,720
General and administrative	20,826	18,926
Total operating expenses	68,675	56,646
Loss from operations	(68,675)	(56,646)
Other income (expense):
Interest income, net	1,933	211
Other expense, net	(319)	(189)
Other income, net	1,614	22
Net loss	(67,061)	(56,624)
Other comprehensive income (loss) income :
Unrealized (losses) on available-for-sale securities	(198)	(4)
Foreign currency translation adjustment	(25)	20
Total other comprehensive income (loss) income	(223)	16
Comprehensive loss	(67,284)	(56,608)
Net loss attributable to common stockholders—basic and diluted	$ (67,061)	$ (56,624)
Net loss per share attributable to common stockholder - basic	$ (1.78)	$ (2.40)
Net loss per share attributable to common stockholders- diluted	$ (1.78)	$ (2.40)
Weighted-average common shares outstanding - basic	37,763,168	23,558,306
Weighted-average common shares outstanding - diluted	37,763,168	23,558,306

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2020	$ 158,103	$ 2	$ 249,175	$ 2	$ (91,076)
Balance, shares at Dec. 31, 2020		23,384,969
Stock-based compensation	7,164		7,164
Exercise of stock options	609		609
Exercise of stock options, shares		283,778
Comprehensive income:
Unrealized loss on investments	(4)			(4)
Foreign currency translation adjustment	20			20
Net loss	(56,624)				(56,624)
Balance at Dec. 31, 2021	109,268	$ 2	256,948	18	(147,700)
Balance, shares at Dec. 31, 2021		23,668,747
Initial public offering, net of issuance costs, shares		16,276,987
Stock-based compensation	7,672		7,672
Exercise of stock options	$ 359		359
Exercise of stock options, shares	210,977	210,977
Issuance of common stock, net of issuance costs	$ 56,137	$ 2	56,135
Issuance of common stock, net of issuance costs, Share		16,276,987
Issuance of pre-funded warrants, net of issuance costs	12,150		12,150
Exercise of pre-funded warrants, shares		197,240
Stock Issued During Period, Shares, Employee Stock Purchase Plans		40,412
Shares purchased in Employee Stock Purchase Plan	92		92
Comprehensive income:
Unrealized loss on investments	(198)			(198)
Foreign currency translation adjustment	(25)			(25)
Net loss	(67,061)				(67,061)
Balance at Dec. 31, 2022	$ 118,394	$ 4	$ 333,356	$ (205)	$ (214,761)
Balance, shares at Dec. 31, 2022		40,394,363

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (67,061)	$ (56,624)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	744	674
Loss on disposal of fixed assets	17	0
Stock-based compensation expense	7,672	7,164
Amortization of premiums and discounts on marketable securities	(1,671)	170
Reduction in the carrying value of right-of-use assets	433	378
Non-cash interest expense and amortization of debt issuance costs	93	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	14	(259)
Accounts payable	150	(675)
Accrued expenses	2,857	1,871
Operating lease liabilities	(732)	(626)
Prepaid expenses - noncurrent	(401)	(226)
Other Long term liabilities	124	0
Net cash used in operating activities	(57,761)	(48,153)
Investing activities
Purchases of marketable securities	(151,993)	(121,967)
Maturities of marketable securities	147,000	165,160
Purchases of property and equipment	(410)	(397)
Net cash (used in) provided by investing activities	(5,403)	42,796
Financing activities
Net proceeds from issuance of common stock	56,137	0
Net proceeds from issuance of pre-funded warrants	12,150	0
Net proceeds from issuance of long-term debt	4,050	0
Proceeds from exercise of stock options	359	609
Proceeds from issuance of common stock for cash under employee stock purchase plan	92	0
Net cash provided by financing activities	72,788	609
Net increase (decrease) in cash, cash equivalents and restricted cash	9,624	(4,748)
Effect of foreign currency exchange rate in cash	(25)	24
Cash, cash equivalents and restricted cash at beginning of period	23,670	28,394
Cash, cash equivalents and restricted cash at end of period	33,269	23,670
Supplemental cash flow information:
Cash and cash equivalents	32,915	23,316
Restricted cash	354	354
Cash, cash equivalents and restricted cash at end of period	33,269	23,670
Property and equipment unpaid at end of period	14	12
Right-of-use asset at adoption of Topic 842	0	2,431
Operating lease liabilities at adoption of Topic 842	0	3,997
Cash paid for interest	$ (170)	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Inozyme Securities Corp., which is a Massachusetts subsidiary created to buy, sell, and hold securities, Inozyme Ireland Limited, and Inozyme Pharma Switzerland GmbH. All intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including, in certain circumstances, future projections that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses. The Company evaluates its estimates and assumptions on an ongoing basis. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Concentration of Credit Risk, Significant Suppliers, and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments and, from time to time, long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to credit risk by placing its cash with high credit quality financial institutions. The Company’s investments are comprised of U.S. Treasury and U.S. government agency debt securities and commercial paper of corporations. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type.

The Company is dependent on third-party manufacturers and contract research organizations, or CROs, to supply product candidates and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. The Company also relies on CROs to conduct its clinical trials. The Company’s programs could be adversely affected if a third-party manufacturer or a CRO is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer or a CRO needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and the Company may incur additional expenses as a result, which could be significant.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market accounts and certain marketable securities. Cash is carried at cost, which approximates its fair value. Cash equivalents are carried at fair market value.

Restricted Cash

Restricted cash is composed of amounts held to collateralize the letter of credit related to the Company’s lease arrangements. Restricted cash is classified as either current or non-current based on the terms of the underlying lease arrangement.

Short-Term and Long-Term Investments

The Company classifies its investments as available-for-sale and records such assets at estimated fair value on the balance sheet, with unrealized gains and losses on marketable securities, if any, reported as a component of accumulated other comprehensive (loss) income. Realized gains and losses are calculated based on the specific-identification method and are recorded as a component of interest income. There have been no realized gains and losses for the years ended December 31, 2022 and 2021. The Company periodically reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Marketable securities with a maturity date of one year or less from the balance sheet date are classified by the Company as short-term investments. Marketable securities with a maturity date of greater than one year from the balance sheet date are classified as long-term investments and are available to fund operations as needed. As of December 31, 2022, the Company did not have any long-term investments. In accordance with the

Company’s investment policy, at the time of purchase, the final maturity of each security within the portfolio shall not exceed 18 months and the weighted average maturity of the portfolio will be no greater than 12 months.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. The estimated useful lives of the Company’s property and equipment are as follows:


	Estimated Useful Life (In Years)
Laboratory equipment and manufacturing equipment		5
Furniture and fixtures		5
Computer equipment and software		3
Leasehold improvements	Lesser of asset life or lease term

Impairment of Long-lived Assets

As required under the applicable accounting guidance, the Company periodically reevaluates the original assumptions and rationale used in the establishment of the carrying value and estimated lives of all of its long-lived assets, including property and equipment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the total of estimated future undiscounted cash flows, expected to result from the use of the asset and its eventual disposition, are less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. There were no impairments for the years ended December 31, 2022 and 2021.

Accrued Research and Development Costs

The Company records accrued liabilities for estimated costs of research and development activities conducted by service providers for sponsored research, preclinical studies, clinical operations, and contract manufacturing activities.

The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses in the accompanying consolidated balance sheets and within research and development expense in the accompanying consolidated statements of operations and comprehensive loss.

The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs consist of direct and indirect internal costs related to specific projects as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf.

Patent Costs

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

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee and non-employee stock option grants recognized over the requisite service period of the awards on a straight-line basis. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense on a straight-line basis. The Company has elected to recognize forfeitures as they occur.

Income Taxes

Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for income taxes in accordance with authoritative accounting guidance which states the impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. There are no unrecognized tax benefits included in the Company’s consolidated balance sheets at December 31, 2022 or 2021. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company has not recognized any interest or penalties in its consolidated statements of operations and comprehensive loss since inception.

Leases

The Company adopted ASU 2016-02, Leases (“Topic 842”) on January 1, 2021. Topic 842 allows the Company to elect a package of practical expedients, which provide that an entity need not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) the lease classification for any expired or existing leases; and (iii) any initial direct costs for any existing leases. Another practical expedient allows the Company to use hindsight in determining the lease term when considering lessee options to extend or terminate the lease and to purchase the underlying asset. The Company has elected to utilize this package of practical expedients and has not elected the hindsight methodology in its implementation of Topic 842.

The Company elected to adopt this standard using the optional modified retrospective approach and recognized a cumulative-effect adjustment to the consolidated balance sheet on the date of adoption. Comparative periods have not been restated. With the adoption of Topic 842, the Company’s consolidated balance sheet now contains the following line items: Right-of-use assets, Operating lease liabilities and Operating lease liabilities, net of current portion.

As all the existing leases subject to Topic 842 were previously classified as operating leases by the Company, they were similarly classified as operating leases under Topic 840, Leases, prior to adoption of Topic 842.

The Company determines at the inception of an arrangement whether the arrangement contains a lease. If a lease is identified in an arrangement, the Company recognizes a right-of-use asset and liability on its balance sheet and determines whether the lease should be classified as a finance or operating lease. The Company does not recognize assets or liabilities for leases with original lease terms of less than 12 months. Additionally, the Company does not separate lease and non-lease components for all leases.

A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases.

Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease. The Company did not have any finance leases recorded on its consolidated balance sheet as of December 31, 2022 and 2021.

Deferred Issuance Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred issuance costs until such financings are consummated. After consummation of such an equity financing, these costs are recorded as a reduction of the proceeds generated as a result of the offering. Should a planned equity financing be abandoned, the deferred issuance costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. The Company did not have any deferred issuance costs recorded at December 31, 2022 or December 31, 2021.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and pre-funded warrants and potentially dilutive securities outstanding during the period determined using the treasury-stock and if-converted methods. The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States.

Comprehensive Loss

The Company is required to report all components of comprehensive loss, including net loss, in the financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of the Company’s net loss, unrealized gains and losses on the Company’s investments and foreign currency translation adjustment and is presented within the consolidated statements of operations and comprehensive loss.

Foreign Currency Transactions

The Company maintains foreign bank accounts denominated in euros and Swiss francs and enters into transactions which are denominated in various currencies. Foreign currency transactions are initially recorded by the Company using the exchange rates prevailing at the date of the transaction. At the balance sheet date, recorded monetary balances denominated in foreign currencies are adjusted to US dollars using the period-end rates of exchange. Exchange gains and losses arising from the translation of foreign currency items are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company recognized a net foreign exchange gain of $18 thousand and a net foreign exchange loss of $26 thousand for the years ended December 31, 2022 and 2021, respectively.

Fair Value Measurements

The Company categorizes its assets and liabilities measured at fair value in accordance with the authoritative accounting guidance that establishes a consistent framework for measuring fair value, and expands disclosures for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined 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 such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•

Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•

Level 2- Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or

•

Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Emerging Growth Company Status

The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and the Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. As an EGC, the Company can elect to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and as a result of this election, the Company’s consolidated financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company will remain an EGC until December 31, 2025, although if the market value of the Company’s common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time or if the Company has annual gross revenues of $1.235 billion or more in any fiscal year, the Company would cease to be an EGC as of December 31 of the applicable year. The Company would also cease to be an EGC if it issued more than $1 billion of non-convertible debt over a three-year period.

Debt and Debt Issuance Costs

Debt issuance costs are presented on the consolidated balance sheet as a direct deduction from the related debt liability. Debt issuance costs represent legal and other direct costs incurred in connection with the Company’s term loan under the Loan Agreement. These costs are amortized as a non-cash component of interest expense using the effective interest method over the term of the loan. Any final payments are included in the cash flows to determine the effective interest rate and are recognized using the effective interest method over the term of the loan.

Warrants

The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity, and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares.

If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable US GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Recently Issued and Adopted Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard effective January 1, 2022. There was no material impact to the Company's financial statements upon adoption.

In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force). ASU 2020-01 clarifies the application of the

measurement alternative to transactions that require an entity to apply or discontinue the equity method, and whether certain forward contracts and purchased options on equity securities are in the scope of ASC 321. The Company adopted this standard effective January 1, 2022. There was no material impact to the Company's financial statements upon adoption.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). In addition, it allows entities to make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The Company adopted this standard effective January 1, 2022. There was no material impact to the Company's financial statements upon adoption.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Company elected to early adopt this standard effective January 1, 2022. There was no material impact to the Company's financial statements upon adoption.

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). ASU 2021-04 addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity-classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue equity, to issue or modify debt or for other reasons. The Company adopted this standard effective January 1, 2022. There was no material impact to the Company's financial statements upon adoption.

Recently Issued Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 and its subsequent related updates establish a new forward-looking “expected loss model” that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The new standard and its subsequent related updates are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact that adopting this standard will have on its consolidated financial statements but does not expect it to be material.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

4. Balance Sheet Details

Short-term investments consisted of the following (dollar amounts in thousands):


	December 31, 2022
Description	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	1 year or less	$	78,451	$	4	$	(119	)	$	78,336
U.S. Treasury securities	1 year or less		16,698		—		(83	)		16,615
		$	95,149	$	4	$	(202	)	$	94,951


	December 31, 2021
Description	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	1 year or less	$	78,456	$	5	$	(3	)	$	78,458
U.S. Treasury securities	1 year or less		5,025		—		—			5,025
U.S. government agency debt securities	1 year or less		5,002		—		—			5,002
		$	88,483	$	5	$	(3	)	$	88,485

The Company concluded that the declines in market value of available-for-sale securities were temporary in nature and did not consider any of the investments to be other-than-temporarily impaired. In accordance with its investment policy, the Company invests in investment grade securities with high credit quality issuers, and generally limits the amount of credit exposure to any one issuer. The Company evaluates securities for other-than-temporary impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. Furthermore, the aggregate of individual unrealized losses that had been outstanding for 12 months or less was not significant as of December 31, 2022 and December 31, 2021. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before a recovery of their amortized cost bases, which may be maturity. The Company also believes that it will be able to collect both principal and interest amounts due at maturity.

Prepaid expenses and other current assets consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Interest receivable	$	115	$	62
Prepaid insurance		1,293		1,728
Prepaid research studies		1,397		1,190
Prepaid other		722		561
Total	$	3,527	$	3,541

Noncurrent prepaid expenses consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Prepaid clinical trial and other	$	3,810	$	3,409
	$	3,810	$	3,409

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


	At December 31, 2022			At December 31, 2021
Laboratory equipment and manufacturing equipment	$	805		$	591
Furniture and fixtures		258			258
Computer equipment and software		558			440
Leasehold improvements		2,129			2,095
		3,750			3,384
Less accumulated depreciation		(1,732	)		(1,001	)
Total	$	2,018		$	2,383

Depreciation expense for the years ended December 31, 2022 and 2021 totaled $744 thousand and $674 thousand, respectively.

Accrued expenses consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Payroll and related liabilities	$	2,799	$	2,379
Professional fees		746		727
Research and development costs		7,066		5,066
Other		744		336
Total	$	11,355	$	8,508

The Company had $0.4 million of restricted cash at December 31, 2022 and December 31, 2021. This amount is included in the "other assets" line item on the balance sheets.

Fair Value Measurement

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

The following tables represent the Company’s financial assets measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values (in thousands):


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (included in cash and cash equivalents)	$	26,587	$	26,587	$	—	$	—
Commercial paper		78,336		—		78,336		—
U.S. Treasury securities		16,615		16,615		—		—
Total assets	$	121,538	$	43,202	$	78,336	$	—


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (included in cash and cash equivalents)	$	14,302	$	14,302	$	—	$	—
Commercial paper		78,457		—		78,457		—
U.S. Treasury securities		5,026		5,026		—		—
U.S. government agency debt securities		5,002		—		5,002		—
Total assets	$	102,787	$	19,328	$	83,459	$	—

There have been no transfers between fair value levels during the years ended December 31, 2022 and December 31, 2021.

- 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 Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8. Convertible Debt

Loan Agreement with K2 HealthVentures LLC

On July 25, 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”, together with any other lender from time to time, the “Lenders”), K2HV, as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $70.0 million principal in term loans, subject to certain customary conditions. The Company received $5.0 million from the first tranche commitment upon closing and borrowed the remaining $20.0 million available under the first tranche commitment in February 2023. Two subsequent tranche commitments totaling $20.0 million in the aggregate are available to be drawn at the Company’s option during certain availability periods, subject to the achievement of certain clinical and regulatory milestones relating to INZ-701. A fourth tranche commitment of $25.0 million may be made available to be drawn down at the Company’s option through August 31, 2025, subject to use of proceeds limitations and Lender's consent in its discretion. The fourth tranche commitment is subject to an additional 0.75% facility fee. As security for its obligations under the Loan Agreement, the Company granted the Lenders a first priority security interest on substantially all of the Company’s assets (other than intellectual property), subject to certain exceptions.

The term loan matures on August 1, 2026. The Company is obligated to make interest only payments for the first 36 months and then interest and equal principal payments through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 7.85%, and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 3.85%; provided that the interest rate cannot exceed 9.60%. The interest rate as of December 31, 2022, was 9.60% based upon an increase in the prime rate in December 2022. The Company has the option to prepay all, but not less than, the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being repaid of the term loans, subject to a prepayment premium to which the Lenders are entitled. The prepayment fee is 3% prior to the second anniversary of the July 25, 2022 funding date, 2% after the second anniversary but prior the third anniversary of the funding date, and 1% thereafter if prior to the maturity date. Upon final payment or prepayment of the loans, the Company must pay a final payment equal to 6.25% of the amounts borrowed ("Final Fee"), which is being accrued as interest expense over the term of the loan using the effective interest method.

The Lenders may elect, prior to the full repayment of the term loans, to convert up to $5.0 million of outstanding principal of the term loans into shares of the Company’s common stock, at a conversion price of $6.21 per share, subject to customary adjustments and 9.99% and 19.99% beneficial ownership limitations. The Company determined that the embedded conversion option was not required to be separated from the term loan. The embedded conversion option met the derivative accounting scope exception since the embedded conversion option is indexed to the Company’s own common stock and qualifies for classification within stockholders’ equity.

The Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, dispose of assets, make changes to the Company’s business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, incur additional liens, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. Upon the occurrence of an event of default, a default interest rate of an additional

5.00% per annum may be applied to the outstanding loan balances, and the Lender may declare all outstanding obligations immediately due and payable and exercise all of its rights and remedies as set forth in the Loan Agreement and under applicable law. As of December 31, 2022, the Company was in compliance with all covenants under the Loan Agreement.

Subject to certain conditions, the Company granted the Lenders the right, prior to repayment of the term loans, to invest up to $5.0 million in the aggregate in future offerings of common stock, convertible preferred stock or other equity securities of the Company that are broadly marketed and offered to multiple investors, on the same terms, conditions and pricing afforded to others participating in any such financing.

The Company incurred debt issuance costs of $0.5 million in connection with the term loan. In addition, at the time of closing the Company paid to the Lenders a facility fee of $0.4 million, as well as $0.1 million of other expenses incurred by the Lenders and reimbursed by the Company ("Lender Expenses"). At December 31, 2022, the carrying value of the Loan Agreement approximates the fair value of the term loan, considering that it bears interest that is similar to prevailing market rates.

The following table summarizes the impact of the term loan on the Company’s consolidated balance sheet at December 31, 2022:


	December 31, 2022
	(in thousands)
Gross proceeds	$	5,000
Unamortized debt issuance costs		(861	)
Carrying value	$	4,139

Future principal payments, which include the Final Fee, in connection with the Loan Agreement as of December 31, 2022 are as follows (dollar amounts in thousands):


Fiscal Year
2023	$	—
2024		—
2025		1,617
2026		3,695
Total	$	5,312

The future principal payments by fiscal year above do not reflect the additional borrowing of $20 million under the first tranche commitment in February 2023. Principal payments related to this additional borrowing are $6.4 million in 2025 and $14.8 million in 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

April 2022 Underwritten Offering

On August 11, 2021, the Company filed a universal shelf registration statement on Form S-3, which was declared effective on August 23, 2021, (the "Registration Statement"). Under the Registration Statement, the Company may offer and sell up to $200.0 million of a variety of securities, including common stock, preferred stock, depositary shares, debt securities, warrants, subscription rights or units from time to time pursuant to one or more offerings at prices and terms to be determined at the time of the sale. On April 14, 2022, the Company entered into an underwriting agreement with Jefferies LLC and Cowen and Company, LLC, relating to an underwritten offering under the Registration Statement of 16,276,987 shares of the Company’s common stock (the "Shares") and, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,523,013 shares of common stock. The closing of the offering took place on April 19, 2022. The offering price of the Shares was $3.69 per share and the offering price of the pre-funded warrants was $3.6899 per share underlying each pre-funded warrant. Warrants must be exercised by means of a cashless exercise. Net proceeds from the offering were approximately $68.3 million, after deducting underwriting discounts and commissions and offering expenses.

On June 10, 2022, the Company and each holder of the pre-funded warrants entered into amended and restated pre-funded warrants solely to eliminate the seven-year expiration date of the pre-funded warrants. Each amended and restated pre-funded warrant is now exercisable for $0.0001 per share of common stock from the original date of issuance until the date the pre-funded warrant is exercised in full. All other terms of the pre-funded warrants remain unchanged. The pre-funded warrants contain standard adjustment provisions if certain corporate events were to happen.

The pre-funded warrants are classified as a component of permanent equity and were recorded at the issuance date using a relative fair value allocation method. The pre-funded warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, such pre-funded warrants do not provide any guarantee of value or return. As of December 31, 2022, 197,251 pre-funded warrants have been exercised by means of cashless exercise in exchange for the issuance of 197,240 shares of the Company's common stock. In February 2023, the remaining 3,325,762 pre-funded warrants were exercised by means of cashless exercise in exchange for the issuance of 3,325,644 shares of the Company's common stock.

Open Market Sale Agreement

In connection with the filing of the Registration Statement on August 11, 2021, the Company entered into an Open Market Sale Agreement with Jefferies LLC, as sales agent, pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $50.0 million under an “at-the-market” offering program. During the years ended December 31, 2022 and 2021, the Company did not sell any securities under the Open Market Sale Agreement.

Equity Incentive Plans

In January 2017, the Company’s board of directors and stockholders adopted the 2017 Equity Incentive Plan, which was amended and restated in July 2017, (as so amended and restated, the “2017 Plan”), which provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. The maximum number of shares of common stock that were authorized for issuance under the 2017 Plan was 2,730,496.

On July 17, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”), which became effective on July 23, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares of the Company’s common stock reserved for issuance under the 2020 Plan was 1,588,315 shares, plus the 426,065 shares of common stock remaining available for issuance under the 2017 Plan as of July 23, 2020. The number of shares reserved under the 2020 Plan will be annually increased on each January 1 through January 1, 2030 by the lower of (i) 4% of the number of shares of common stock outstanding on the first day of such fiscal year and (ii) an amount determined by the Company’s board of directors.

As of the effective date of the 2020 Plan, no further awards will be made under the 2017 Plan. Any options or awards outstanding under the 2017 Plan are governed by their existing terms. The shares of the Company’s common stock subject to outstanding awards under the 2017 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2020 Plan. No more than 1,588,315 shares of the Company’s common stock may be granted subject to incentive stock options under the 2020 Plan. As of December 31, 2022, 412,252 shares of common stock remain available for future issuance under the 2020 Plan. On January 1, 2023 and 2022, the number of shares of common stock reserved under the 2020 Plan was increased by 1,615,774 shares and 946,749 shares, respectively.

The following table summarizes stock option activity under the Company’s equity incentive plans since December 31, 2021:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (1)
						(in years)		(in thousands)
Outstanding at December 31, 2021		3,582,613		$	10.63		8.32	$	7,428
Granted		1,872,569			4.68
Exercised		(210,977	)		1.70
Forfeited		(556,394	)		11.68
Outstanding at December 31, 2022		4,687,811		$	8.53		8.06	$	18
Exercisable at December 31, 2022		2,231,996		$	9.26		7.28	$	18
Vested and expected to vest at December 31, 2022		4,687,811		$	8.53		8.06	$	18

(1) The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

The weighted average grant date fair value of stock options granted in the years ended December 31, 2022 and 2021 was $3.45 per share and $12.86 per share, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022 and 2021 was $0.5 million and $3.0 million, respectively.

For purposes of calculating stock-based compensation expense, the Company estimates the fair value of stock options using the Black-Scholes option-pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:


	Years Ended December 31,
	2022	2021
Risk-free interest rate range	1.59% to 4.30%	0.48% to 1.37%
Dividend yield	0%	0%
Expected term of options (years)	5.08 to 6.48	5.37 to 6.48
Volatility rate range	84.50% to 87.15%	88.41% to 91.19%

Expected Term—The expected term of stock options represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to participants.

Expected Volatility—Due to the Company’s limited operating history and lack of company-specific historical or implied volatility, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available. The Company expects to continue using this approach until such time as it has adequate historical data regarding the volatility of its own traded stock price.

Risk-Free Interest Rate—The risk-free rate assumption is based on U.S. Treasury instruments, the terms of which were consistent with the expected term of the Company’s stock options.

Expected Dividend—The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid any dividends to date and does not intend to pay dividends.

Fair Value of Common Stock —Following the Company's initial public offering, the fair value of the Company’s common stock has been determined based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the grant date, with consideration of whether there is material nonpublic information that could impact that estimated fair value when it is released.

For the years ended December 31, 2022 and 2021, the Company recognized stock-based compensation expense of $7.7 million and $7.2 million, respectively.

The fair value of shares vested for the years ended December 31, 2022 and 2021 was $9.0 million and $6.5 million, respectively.

The total unrecognized compensation cost related to outstanding employee option awards as of December 31, 2022 was $11.8 million and is expected to be recognized over a weighted average period of 2.5 years.

Employee Stock Purchase Plan

On July 17, 2020, the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “ESPP”), which became effective on July 23, 2020. The ESPP initially provided participating employees with the opportunity to purchase up to an aggregate of 198,539 shares of the Company’s common stock. The number of shares of common stock reserved for issuance under the ESPP will increase each January 1 through January 1, 2031, in an amount equal to the lowest of (1) 397,079 shares of the Company’s common stock, (2) 1% of the number of shares of the Company’s common stock outstanding on the first day of such fiscal year and (3) an amount determined by the Company’s board of directors. On January 1, 2023 and 2022, the number of shares of common stock reserved under the ESPP was increased by 397,079 shares and 236,687 shares, respectively. The Company activated its first six month offering period under the ESPP on April 1, 2022. A second six month offering period began on October 1, 2022. As of December 31, 2022, 40,412 shares have been purchased by employees under the ESPP.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax

. Income Taxes

During the years ended December 31, 2022 and 2021, the Company recorded pre-tax net losses of $67.1 million and $56.6 million, respectively. Since it maintains a full valuation allowance on its deferred tax assets, the Company did not record an income tax provision for the years ended December 31, 2022 and 2021.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022				2021
Federal income tax at statutory rate		21.0		%		21.0		%
Permanent differences		(1.6	)			(1.6	)
State income tax, net of federal benefit		5.4				5.4
Federal and state research and development tax credits		5.5				6.8
Valuation allowance		(30.3	)			(31.6	)
Effective income tax rate		—		%		—		%

Deferred taxes are recognized for temporary differences between the bases of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets as of December 31, 2022 and 2021 are comprised of the following (dollar amounts in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	36,144		$	31,110
Research and development credits		9,220			5,268
Stock options		1,604			833
Accrued expenses		758			490
Amortization		3,899			4,194
Lease liability		688			875
Capitalized R&E expenditures		10,467			—
Other		297			96
Gross deferred tax assets		63,077			42,866
Less: Valuation allowance		(62,468	)		(42,056	)
Net deferred tax assets		609			810
Deferred tax liabilities:
Depreciation of fixed assets		(184	)		(277	)
Right of use assets		(422	)		(533	)
Other		(3	)		—
Gross deferred tax liabilities		(609	)		(810	)
Non-current net deferred tax assets (liabilities)		—			—

As of December 31, 2022, the Company had gross federal operating loss carryforwards of $139.8 million, which may be available to offset future taxable income. Of the federal operating loss carryforwards, $5.6 million begin to expire in 2037 and $134.2 million do not expire. As of December 31, 2022, the Company had gross state operating loss carryforwards of $108.8 million, which may be available to offset future taxable income and which begin to expire in 2037.

As required by FASB ASC Topic 740, Income Taxes, management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance of $62.5 million and $42.1 million has been established at December 31, 2022 and December 31, 2021, respectively. The increase in the valuation allowance of $20.4 million during 2022 was primarily due to the increase in net operating loss generated by the Company.

The Company also has federal and state research and development credit carryforwards totaling $9.4 million as of December 31, 2022. The federal research and development credit carryforwards will begin to expire in 2037, unless previously utilized. The state research and development credit carryforwards will begin to expire in 2042, unless previously utilized. The Company has generated research credits, but has not conducted a study to document the qualified activity. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the

Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance.

Effective January 1, 2022, a provision of the Tax Cuts and Jobs Act ("TCJA") changed the treatment of research and experimental ("R&E") expenditures under Section 174 of the United States Internal Revenue Code (the "Internal Revenue Code"). Prior to the TCJA being effective, businesses have had the option of deducting Section 174 expenses in the year incurred or capitalizing and amortizing the costs over five years. The new TCJA provision, however, eliminates this option and requires Section 174 expenses associated with research conducted in the United States to be capitalized and amortized over a five-year period. For expenses associated with research outside of the United States, Section 174 expenses will be capitalized and amortized over a 15-year period.

The Company’s ability to use its net operating loss carryforwards (“NOLs”) and tax credit carryforwards to offset taxable income is subject to restrictions under Sections 382 and 383 of the Internal Revenue Code. Under the Internal Revenue Code provisions, certain substantial changes in the Company’s ownership, including the sale of the Company or significant changes in ownership due to sales of equity, have limited and may limit in the future, the amount of NOLs which could be used annually to offset future taxable income. The Company has not yet conducted an analysis of ownership changes. The Company may also experience ownership changes in the future as a result of subsequent shifts in its stock ownership, some of which may be outside the Company’s control. As a result, the Company’s ability to use its pre-change NOLs to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to the Company. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. Under the TCJA, the use of federal NOLs arising in taxable years beginning after December 31, 2017 is limited to 80% of current year taxable income and NOLs arising in taxable years ending after December 31, 2017 may not be carried back (though any such NOLs may be carried forward indefinitely).

The Company establishes reserves for uncertain tax positions based on management’s assessment of exposures associated with tax positions taken on tax return filings. The tax reserves are analyzed periodically and adjustments are made as events occur to warrant adjustment to the reserve. The Company does not have any reserves for uncertain tax positions as of December 31, 2022 and any change in position would result in a change in the valuation allowance maintained against its net deferred tax assets.

Interest and penalty charges, if any, related to unrecognized tax benefits would be classified as income tax expense in the accompanying consolidated statements of operations and comprehensive loss. As of December 31, 2022, the Company had no accrued interest related to uncertain tax positions. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Principles of Consolidation

Use of Estimates

Concentration of Credit Risk, Sigificant Suppliers, and Off-Balance Sheet Risk

Concentration of Credit Risk, Significant Suppliers, and Off-Balance Sheet Risk

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.

Cash and Cash Equivalents

Restricted Cash

Short-Term and Long-Term Investments

Property and Equipment


	Estimated Useful Life (In Years)
Laboratory equipment and manufacturing equipment		5
Furniture and fixtures		5
Computer equipment and software		3
Leasehold improvements	Lesser of asset life or lease term

Impairment of Long-lived Assets

Accrued Research and Development Costs

Research and Development Costs

Patent Costs

Stock-Based Compensation

IncomeTaxes

Income Taxes

Leases

Deferred Issuance Costs

Net Loss Per Share

Segments

Comprehensive Loss

Foreign Currency Transactions

Fair Value Measurements

•

Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;

•

Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Emerging Growth Company Status

Debt and Debt Issuance Costs

Warrants

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Short-Term Investments

Short-term investments consisted of the following (dollar amounts in thousands):


	December 31, 2022
Description	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	1 year or less	$	78,451	$	4	$	(119	)	$	78,336
U.S. Treasury securities	1 year or less		16,698		—		(83	)		16,615
		$	95,149	$	4	$	(202	)	$	94,951


	December 31, 2021
Description	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	1 year or less	$	78,456	$	5	$	(3	)	$	78,458
U.S. Treasury securities	1 year or less		5,025		—		—			5,025
U.S. government agency debt securities	1 year or less		5,002		—		—			5,002
		$	88,483	$	5	$	(3	)	$	88,485

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Interest receivable	$	115	$	62
Prepaid insurance		1,293		1,728
Prepaid research studies		1,397		1,190
Prepaid other		722		561
Total	$	3,527	$	3,541

Schedule of Noncurrent Prepaid Expenses

Noncurrent prepaid expenses consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Prepaid clinical trial and other	$	3,810	$	3,409
	$	3,810	$	3,409

Schedule of Property and Equipment

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


	At December 31, 2022			At December 31, 2021
Laboratory equipment and manufacturing equipment	$	805		$	591
Furniture and fixtures		258			258
Computer equipment and software		558			440
Leasehold improvements		2,129			2,095
		3,750			3,384
Less accumulated depreciation		(1,732	)		(1,001	)
Total	$	2,018		$	2,383

Schedule of Accrued Expenses

Accrued expenses consisted of the following (dollar amounts in thousands):


	At December 31, 2022		At December 31, 2021
Payroll and related liabilities	$	2,799	$	2,379
Professional fees		746		727
Research and development costs		7,066		5,066
Other		744		336
Total	$	11,355	$	8,508

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (included in cash and cash equivalents)	$	26,587	$	26,587	$	—	$	—
Commercial paper		78,336		—		78,336		—
U.S. Treasury securities		16,615		16,615		—		—
Total assets	$	121,538	$	43,202	$	78,336	$	—


			Fair Value Measurements at Reporting Date Using
Description	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (included in cash and cash equivalents)	$	14,302	$	14,302	$	—	$	—
Commercial paper		78,457		—		78,457		—
U.S. Treasury securities		5,026		5,026		—		—
U.S. government agency debt securities		5,002		—		5,002		—
Total assets	$	102,787	$	19,328	$	83,459	$	—

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Summary of Stock Option Activity Under Equity Incentive Plans

The following table summarizes stock option activity under the Company’s equity incentive plans since December 31, 2021:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (1)
						(in years)		(in thousands)
Outstanding at December 31, 2021		3,582,613		$	10.63		8.32	$	7,428
Granted		1,872,569			4.68
Exercised		(210,977	)		1.70
Forfeited		(556,394	)		11.68
Outstanding at December 31, 2022		4,687,811		$	8.53		8.06	$	18
Exercisable at December 31, 2022		2,231,996		$	9.26		7.28	$	18
Vested and expected to vest at December 31, 2022		4,687,811		$	8.53		8.06	$	18

Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing

The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:


	Years Ended December 31,
	2022	2021
Risk-free interest rate range	1.59% to 4.30%	0.48% to 1.37%
Dividend yield	0%	0%
Expected term of options (years)	5.08 to 6.48	5.37 to 6.48
Volatility rate range	84.50% to 87.15%	88.41% to 91.19%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022				2021
Federal income tax at statutory rate		21.0		%		21.0		%
Permanent differences		(1.6	)			(1.6	)
State income tax, net of federal benefit		5.4				5.4
Federal and state research and development tax credits		5.5				6.8
Valuation allowance		(30.3	)			(31.6	)
Effective income tax rate		—		%		—		%

Significant Components of Deferred Tax Assets

The significant components of the Company’s deferred tax assets as of December 31, 2022 and 2021 are comprised of the following (dollar amounts in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	36,144		$	31,110
Research and development credits		9,220			5,268
Stock options		1,604			833
Accrued expenses		758			490
Amortization		3,899			4,194
Lease liability		688			875
Capitalized R&E expenditures		10,467			—
Other		297			96
Gross deferred tax assets		63,077			42,866
Less: Valuation allowance		(62,468	)		(42,056	)
Net deferred tax assets		609			810
Deferred tax liabilities:
Depreciation of fixed assets		(184	)		(277	)
Right of use assets		(422	)		(533	)
Other		(3	)		—
Gross deferred tax liabilities		(609	)		(810	)
Non-current net deferred tax assets (liabilities)		—			—

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 17, 2020	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Reverse stock split of common stock	0.1338
Net proceeds issuance of common stock, deducting underwriting discounts and commissions			$ 56,137	$ 0
Net loss			67,061	56,624
Accumulated deficit			214,761	$ 147,700
Cash and cash equivalents and short term investments			$ 127,900
Subsequent Event [Member] \| Loan Agreement Member
Subsidiary, Sale of Stock [Line Items]
Proceeds from Loans		$ 20,000

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Off-balance sheet concentrations of credit risk description	The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Off-balance sheet concentrations of credit risk	$ 0	$ 0
Realized gain and losses on investments as available-for-sale	0	0
Impairments of long-lived assets	0	0
Unrecognized tax benefits	$ 0	0
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Net foreign exchange gain (loss)	$ 18	26
Issuance period of non-convertible debt cease to be EGC	3 years
Long-term investments	$ 0
Debt securities held-to-maturity	12 months
Income tax penalties and interest expense	$ 0
Finance lease	0	0
Deferred issuance costs	0	$ 0
Minimum
Market value of common stock held by non-affiliates cease to be EGC			$ 700,000
Annual gross revenues cease to be EGC	1,235,000
Issuance of non-convertible debt cease to be EGC	$ 1,000,000
Maximum
Debt securities held-to-maturity	18 months

Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jan. 01, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Right-of-use assets	$ 2,053	$ 1,620
Accumulated deficit	$ (147,700)	$ (214,761)
Change in accounting principle, accounting standards update, immaterial effect		true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201912Member
ASU 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted			true

- Definition

Indicates amendment to accounting standards.

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+ Details

Commitments and Contingencies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Jan. 01, 2022
Lessee Lease Description [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Weighted average incremental borrowing rate for operating leases	8.00%	8.00%
Weighted average remaining lease term for operating leases	5 years	2 years 10 months 24 days
Right-of-use assets		$ 1,620,000	$ 2,053,000
Cash paid for amounts included for measurement of lease liabilities		900,000	900,000
Operating lease expense		700,000	700,000
Costs related to legal proceedings		0	$ 0
Restricted Cash \| Letters of Credit
Lessee Lease Description [Line Items]
Security deposits		$ 400,000
Office Space \| Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased space \| ft²		8,499
Lessee operating lease expiration year		2025
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Lessee operating lease option to extend description		option to extend the term for five years
Operating lease renewal term		5 years
Laboratory Space \| Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased space \| ft²		6,244
Lessee operating lease expiration year		2025
ASU 2016-02
Lessee Lease Description [Line Items]
Change in accounting principle, accounting standards update, adopted				true

Convertible Debt (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 25, 2022	Feb. 28, 2023	Dec. 31, 2022	Feb. 28, 2026	Feb. 28, 2025	Dec. 31, 2021
Debt Instrument [Line Items]
Long term debt, net			$ 4,139			$ 0
Additional facility fee			5.00%
Payment description for debt	The Company is obligated to make interest only payments for the first 36 months and then interest and equal principal payments through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 7.85%, and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 3.85%; provided that the interest rate cannot exceed 9.60%.
Annual rate of interest for the debt	7.85
Additional Interest rate for debt instrument	3.85%
Prepayment of loans	6.25%
Term Loan
Debt Instrument [Line Items]
Debt issuance cost	$ 500
Lenders facility fee	400
Lenders reimbursed amount	100
Tranche One \| Subsequent Event
Debt Instrument [Line Items]
Additional loan amount		$ 20,000		$ 14,800	$ 6,400
K2HV
Debt Instrument [Line Items]
Long term debt, net	$ 70,000
Loan maturity date	Aug. 01, 2026
Debt instrument conversion price	$ 6.21
Customary percentage	9.99%
Beneficial ownership limitation percentage	19.99%
K2HV \| Maximum
Debt Instrument [Line Items]
Annual rate of interest for the debt	9.60
Debt instrument, amount converted to common stock upon lender's choice	$ 5,000
Future offerings of common stock	5,000
K2HV \| Tranche One
Debt Instrument [Line Items]
Long term debt, net	$ 5,000
Prepayment fee percentage	3.00%
K2HV \| Tranche One \| Subsequent Event
Debt Instrument [Line Items]
Proceeds from loan		$ 20,000
K2HV \| Tranche Two
Debt Instrument [Line Items]
Long term debt, net	$ 20,000
Prepayment fee percentage	2.00%
K2HV \| Tranche Four
Debt Instrument [Line Items]
Long term debt, net	$ 25,000
Additional facility fee	0.75%
Prepayment fee percentage	1.00%

Stockholders' Equity - Additional Information (Details) - USD ($)				12 Months Ended
	Apr. 14, 2022	May 17, 2021	Jul. 23, 2020	Dec. 31, 2022	Dec. 31, 2021	Feb. 22, 2023	Jan. 01, 2023	Jun. 10, 2022	Jan. 01, 2022	Aug. 11, 2021	Jul. 31, 2020	Jul. 17, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-funded warrant exercisable price								$ 0.0001
Common stock, shares issued				40,394,363	23,668,747
Preferred stock, shares outstanding				0	0
Common stock, shares authorized				200,000,000	200,000,000
Preferred stock, shares authorized				5,000,000	5,000,000
Plan description				On July 17, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”), which became effective on July 23, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares of the Company’s common stock reserved for issuance under the 2020 Plan
Granted options		15,000		1,872,569
Weighted-average exercise price of options granted		$ 15.90		$ 4.68
Weighted-average grant date fair value of options granted				$ 3.45	$ 12.86
Aggregate intrinsic value of stock options exercised				$ 500,000	$ 3,000,000.0
Total unrecognized compensation cost related to outstanding employee awards				$ 11,800,000
Total unrecognized compensation cost related to outstanding employee awards, expected to be recognized over a weighted-average period				2 years 6 months
Share based compensation options to purchase number of common stock				4,687,811	3,582,613
Fair value of shares vested				$ 9,000,000.0	$ 6,500,000
Stock-based compensation expense				$ 7,700,000	7,200,000
2020 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			1,588,315	412,252					946,749
Number of common stock reserved for issuance increase percentage on stock outstanding			4.00%
2020 Stock Incentive Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance							1,615,774
2017 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance			426,065
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance											2,730,496
Number of awards available for issuance												0
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance				40,412			397,079		236,687
Number of common stock reserved for issuance increase percentage on stock outstanding			1.00%
Plan description			The number of shares of common stock reserved for issuance under the ESPP will increase each January 1 through January 1, 2031, in an amount equal to the lowest of (1) 397,079 shares of the Company’s common stock, (2) 1% of the number of shares of the Company’s common stock outstanding on the first day of such fiscal year and (3) an amount determined by the Company’s board of directors.
Share based compensation options to purchase number of common stock			198,539
Increase in additional number of shares to be issued			397,079
Pre-funded Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Class of warrant purchases				197,251
Number of shares authorized for issuance				197,240
Pre-funded Warrants \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-funded warrant exercisable price						$ 3,325,762
Number of shares authorized for issuance						3,325,644
Jefferies LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Underwritten offering	16,276,987
Offering price	$ 3.69
Net proceeds from the offering	$ 68,300
Offer and sell				$ 0	$ 0
Jefferies LLC \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Offer and sell										$ 200,000,000.0
Aggregate offering price										$ 50,000,000.0
Jefferies LLC \| Pre-funded Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Class of warrant purchases	3,523,013
Offering price	$ 3.6899

Stockholders' Equity - Summary of Stock Option Activity Under Equity Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

May 17, 2021

Dec. 31, 2022

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Options Outstanding, Beginning Balance

3,582,613

Options Outstanding, Granted

15,000

1,872,569

Options Outstanding, Exercised

(210,977)

Options Outstanding, Forfeited

(556,394)

Options Outstanding, Ending Balance

4,687,811

3,582,613

Options Outstanding, Exercisable

2,231,996

Options Outstanding, Vested and expected to vest

4,687,811

Weighted Average Exercise Price, Outstanding, Beginning Balance

$ 10.63

Weighted Average Exercise Price, Granted

$ 15.90

4.68

Weighted Average Exercise Price, Exercised

1.70

Weighted Average Exercise Price, Forfeited

11.68

Weighted Average Exercise Price, Outstanding, Ending Balance

8.53

$ 10.63

Weighted Average Exercise Price, Exercisable

9.26

Weighted Average Exercise Price, Vested and expected to vest

$ 8.53

Weighted Average Remaining Contractual Term (in years), Outstanding

8 years 21 days

8 years 3 months 25 days

Weighted Average Remaining Contractual Term (in years), Exercisable

7 years 3 months 10 days

Weighted Average Remaining Contractual Term (in years), Vested and expected to vest

8 years 21 days

Aggregate Intrinsic Value, Outstanding

^[1]

$ 18

$ 7,428

Aggregate Intrinsic Value, Exercisable

^[1]

Aggregate Intrinsic Value, Vested and expected to vest

^[1]

$ 18

[1]	The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 27, 2020
Operating Loss Carryforwards [Line Items]
Net loss	$ 67,061	$ 56,624
Income tax benefit	0	0
Deferred tax assets, valuation allowance	62,468	$ 42,056
Deferred tax assets, increase in valuation allowance	20,400
Tax cuts and jobs act federal net operating loss			80.00%
Federal
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	139,800
Operating loss carryforwards with expiration period	5,600
Operating loss carryforwards with no expiration period	$ 134,200
Operating loss carryforwards expiration year	2037
Federal \| Research and Development
Operating Loss Carryforwards [Line Items]
Credit carryforward, expiration year	2037
State
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	$ 108,800
Operating loss carryforwards expiration year	2037
State \| Research and Development
Operating Loss Carryforwards [Line Items]
Credit carryforward, expiration year	2042
Federal and State \| Research and Development
Operating Loss Carryforwards [Line Items]
Credit carryforwards	$ 9,400

Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 36,144	$ 31,110
Research and development credits	9,220	5,268
Stock options	1,604	833
Accrued expenses	758	490
Amortization	3,899	4,194
Lease liability	688	875
Capitalized R&E expenditures	10,467	0
Other	297	96
Gross deferred tax assets	63,077	42,866
Less: Valuation allowance	(62,468)	(42,056)
Net deferred tax assets	609	810
Deferred tax liabilities:
Depreciation of fixed assets	(184)	(277)
Right of use assets	(422)	(533)
Others	(3)	0
Gross deferred tax liabilities	(609)	(810)
Non-current net deferred tax assets (liabilities)	$ 0	$ 0

Net Loss per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders—basic and diluted	$ (67,061)	$ (56,624)
Net loss per share attributable to common stockholders- basic	$ (1.78)	$ (2.40)
Net loss per share attributable to common stockholders- diluted	$ (1.78)	$ (2.40)
Weighted-average common shares and pre-funded warrants outstanding - basic	37,763,168	23,558,306
Weighted-average common shares and pre-funded warrants outstanding - diluted	37,763,168	23,558,306

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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+ Details

Balance Sheet Details - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,750	$ 3,384
Less accumulated depreciation	(1,732)	(1,001)
Total	2,018	2,383
Laboratory Equipment and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	805	591
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	258	258
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	558	440
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,129	$ 2,095

Fair Value Measurement - Summary of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 121,538	$ 102,787
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	26,587	14,302
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	78,336	78,457
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	43,202	19,328
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	26,587	14,302
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	78,336	83,459
Significant Other Observable Inputs (Level 2) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Significant Other Observable Inputs (Level 2) \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	78,336	78,457
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Significant Unobservable Inputs (Level 3) \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	0	0
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	16,615	5,026
U.S. Treasury Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	16,615	5,026
U.S. Treasury Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	0	0
U.S. Treasury Securities \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 0	0
U.S. Government Agency Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure		5,002
U.S. Government Agency Debt Securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure		0
U.S. Government Agency Debt Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure		5,002
U.S. Government Agency Debt Securities \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure		$ 0

License and Sponsored Research Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2019	Dec. 31, 2022	Dec. 31, 2021	May 31, 2022	Mar. 31, 2022	Nov. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research support funding expiration year	2021-12
Research and development expenses		$ 47,849	$ 37,720
Yale
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Partial upfront consideration payment under license agreement		100
Milestone payment upon achievement of certain milestones		3,000			$ 300	$ 300
Yale \| Sponsored Research Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research support funding amount	$ 2,400			$ 100
Research support funding period	5 years
Research and development expenses		100	500
Yale \| License
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maintenance fees		$ 100	$ 100

Commitments and Contingencies - Schedule of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 992
2024	1,016
2025	944
Thereafter	0
Operating lease liability	$ 2,952

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage of match	50.00%
Employer contribution amount		$ 0.3	$ 0.2
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage of employees base salary and bonus paid	6.00%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	40,394,363	23,668,747
Common stock, shares outstanding	40,394,363	23,668,747

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Laboratory Equipment and Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (In Years)	5 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (In Years)	5 years
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life (In Years)	3 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (In Years)	Lesser of asset life or lease term

Balance Sheet Details - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Costs	$ 95,149	$ 88,483
Gross Unrealized Gains	4	5
Gross Unrealized Losses	(202)	(3)
Estimated Fair Value	$ 94,951	$ 88,485
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year or less	1 year or less
Amortized Costs	$ 78,451	$ 78,456
Gross Unrealized Gains	4	5
Gross Unrealized Losses	(119)	(3)
Estimated Fair Value	$ 78,336	$ 78,458
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year or less	1 year or less
Amortized Costs	$ 16,698	$ 5,025
Gross Unrealized Gains		0
Gross Unrealized Losses	(83)	0
Estimated Fair Value	$ 16,615	$ 5,025
U.S. Government Agency Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Maturity		1 year or less
Amortized Costs		$ 5,002
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		$ 5,002

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest receivable	$ 115	$ 62
Prepaid insurance	1,293	1,728
Prepaid research studies	1,397	1,190
Prepaid other	722	561
Total	$ 3,527	$ 3,541

Balance Sheet Details - Schedule of Noncurrent Prepaid Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Prepaid clinical trial and other	$ 3,810	$ 3,409
Prepaid expenses - noncurrent	$ 3,810	$ 3,409

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and related liabilities	$ 2,799	$ 2,379
Professional fees	746	727
Research and development costs	7,066	5,066
Other	744	336
Total	$ 11,355	$ 8,508

Net Loss per Share - Schedule of Potential Dilutive Securities from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share	4,687,811	3,582,613
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share	4,687,811	3,582,613

Related Party Transactions (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	May 17, 2021	May 06, 2021	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Management Fee Expense		$ 0.4		$ 0.4
Options Outstanding, Granted	15,000		1,872,569
Weighted Average Exercise Price, Granted	$ 15.90		$ 4.68
30 Days prior written notice
Related Party Transaction [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period		30 days
60 Days prior written notice
Related Party Transaction [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period		60 days