0000950170-23-005345 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	1 Research Way
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08536
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
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	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		45,773,361
Entity Public Float			$ 543,361,107
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001699382
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive Proxy Statement relating to the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022.

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,297	$ 172,467
Restricted cash	822	822
Marketable securities, current	132,757	124,696
Prepaid expenses and other current assets	5,130	3,301
Total current assets	247,006	301,286
Property and equipment, net	10,955	3,090
Marketable securities, noncurrent	2,495	16,911
Right-of-use assets	9,539	10,060
Other assets	313	221
Total assets	270,308	331,568
Current liabilities:
Accounts payable	2,996	3,189
Accrued expenses	7,308	8,627
Operating lease liability, current	528	403
Total current liabilities	10,832	12,219
Operating lease liabilities, noncurrent	13,448	10,790
Total liabilities	24,280	23,009
Stockholders' equity:
Additional paid-in capital	487,516	476,363
Accumulated deficit	(241,043)	(167,726)
Accumulated other comprehensive loss	(445)	(78)
Total stockholders' equity	246,028	308,559
Total liabilities and stockholders’ equity	$ 270,308	$ 331,568

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
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	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	45,771,332	45,433,684
Common stock, shares outstanding	45,771,332	45,433,684

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 51,988	$ 36,493	$ 23,933
General and administrative	25,052	21,800	11,009
Total operating expenses	77,040	58,293	34,942
Loss from operations	(77,040)	(58,293)	(34,942)
Other income (expense):
Interest income, net	3,627	449	651
Other income (expense), net	87	21	(143)
Total other income (expense)	3,714	470	508
Loss before (benefit) provision for income taxes	(73,326)	(57,823)	(34,434)
(Benefit) provision for income taxes	(9)	23	6
Net loss	(73,317)	(57,846)	(34,440)
Unrealized (loss) gain on available for sale investments, net of tax	(367)	(78)	3
Comprehensive loss	$ (73,684)	$ (57,924)	$ (34,437)
Net loss per share - basic	$ (1.61)	$ (1.28)	$ (2.40)
Net loss per share - diluted	$ (1.61)	$ (1.28)	$ (2.40)
Weighted-average common shares outstanding - basic	45,594,824	45,137,656	14,364,475
Weighted-average common shares outstanding - diluted	45,594,824	45,137,656	14,364,475

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Series D Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Accumulated Deficit
Balance at Dec. 31, 2019	$ (70,474)				$ 4,969	$ (3)	$ (75,440)
Balance, Shares at Dec. 31, 2019		22,866,246
Balance at Dec. 31, 2019		$ 168,933
Balance, Shares at Dec. 31, 2019				3,046,200
Issuance of convertible preferred stock			$ 69,790
Issuance of convertible preferred stock, Shares			5,321,864
Conversion of convertible preferred stock to common stock	$ (238,723)
Conversion of convertible preferred stock to common stock, Shares	(28,188,110)
Conversion of convertible preferred stock to common stock	$ 238,723				238,723
Conversion of convertible preferred stock to common stock, Shares				28,188,110
Exercise of warrants	194				194
Exercise of warrants, Shares				9,688
Issuance of common stock, net of issuance costs	223,176				223,176
Issuance of common stock, net of issuance costs, Shares				13,529,750
Exercise of stock options	6				6
Exercise of stock options, Shares				4,070
Stock-based compensation expense	1,933				1,933
Net loss	(34,440)						(34,440)
Unrealized gain (loss) on available for sale marketable securities	3					3
Balance at Dec. 31, 2020	359,121				469,001		(109,880)
Balance, Shares at Dec. 31, 2020				44,777,818
Exercise of stock options and common stock issued under the 2020 ESPP	2,022				2,022
Exercise of stock options and common stock issued under the 2020 ESPP, Shares				655,866
Stock-based compensation expense	5,340				5,340
Net loss	(57,846)						(57,846)
Unrealized gain (loss) on available for sale marketable securities	(78)					(78)
Balance at Dec. 31, 2021	$ 308,559				476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021				45,433,684
Exercise of stock options, Shares	288,809
Exercise of stock options and common stock issued under the 2020 ESPP	$ 958				958
Exercise of stock options and common stock issued under the 2020 ESPP, Shares				337,648
Stock-based compensation expense	10,195				10,195
Net loss	(73,317)						(73,317)
Unrealized gain (loss) on available for sale marketable securities	(367)					(367)
Balance at Dec. 31, 2022	$ 246,028				$ 487,516	$ (445)	$ (241,043)
Balance, Shares at Dec. 31, 2022				45,771,332

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2020 USD ($)
Issuance costs	$ 20,359
Series D Convertible Preferred Stock
Issuance costs	$ 208

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (73,317)	$ (57,846)	$ (34,440)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	10,195	5,340	1,933
Depreciation	315	307	318
Amortization (accretion) of premiums on marketable securities	(628)	550	152
Non-cash lease expense	335	974
Other, net	(92)	(19)	143
Change in operating assets and liabilities:
Prepaid expenses and other assets	(1,829)	38	(2,732)
Operating lease liabilities	2,969
Accounts payable	(389)	191	(1,230)
Accrued expenses	(1,319)	3,894	3,117
Net cash used in operating activities	(63,760)	(46,571)	(32,739)
Cash flows from investing activities:
Purchases of property and equipment	(7,984)	(1,349)	(148)
Purchases of marketable securities	(229,199)	(256,845)	(14,512)
Maturities of marketable securities	235,815	114,610	42,571
Net cash (used in) provided by in investing activities	(1,368)	(143,584)	27,911
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net issuance costs			69,790
Proceeds from the issuance of common stock, net			223,176
Proceeds from the exercise of stock options and common stock issued under the 2020 ESPP	958	2,022	6
Net cash provided by financing activities	958	2,022	292,972
Net decrease in cash, cash equivalents, and restricted cash	(64,170)	(188,133)	288,144
Cash, cash equivalents, and restricted cash - beginning of period	173,289	361,422	73,278
Cash, cash equivalents, and restricted cash - end of period	109,119	173,289	361,422
Supplemental disclosures of noncash investing activities
Lease incentives used for leasehold improvements		(88)
Accrued purchases of property and equipment	$ 196	1,391
Conversion of convertible preferred stock to common stock			238,723
Conversion of warrant liability to common stock			194
Supplemental disclosures of cash flow information
Cash paid for income tax		$ 23	$ 6

Formation and Business of the Company

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

Organization

PMV Pharmaceuticals, Inc. (the “Company”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. The Company is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 1 Research Way, Princeton, New Jersey.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

On September 25, 2020, the Company completed an initial public offering (the “IPO”) of 13,529,750 shares of common stock, at a public offering price of $18.00 per share including the exercise in full by the underwriters of their option to purchase up to 1,764,750 additional shares of commons stock, for aggregate gross proceeds of $243,536 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “PMVP.” The Company received $223,176 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock automatically converted into 28,188,110 shares of common stock.

The Company has incurred net losses and negative cash flows from operations since its inception. During the year ended December 31, 2022, the Company incurred a net loss of $73,317 and used $63,760 of cash for operations. As of December 31, 2022, the Company had an accumulated deficit of $241,043. Cash, cash equivalents, and marketable securities were $243,549 as of December 31, 2022. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry. Use of Estimates The preparation of financial statements in conformity with GAAP 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 reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates. Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 24, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. Fair Value of Financial Instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. • Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the years ended December 31, 2022, 2021, and 2020, the Company recorded $628 of accretion, $550 of amortization and $152 of amortization, respectively. Restricted cash as of December 31, 2022 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets. Comprehensive Loss The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the shorter of the useful life of the asset or the remaining term of the lease. Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred. Impairment of Long-Lived Assets Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets. Research and Development Expenses All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that the Company prepays fees, the Company records the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses. Stock‑Based Compensation The Company’s share-based compensation program allows for grants of stock options and restricted stock units. Grants are awarded to employees and non-employees, including directors. The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option pricing or equity valuation model that is applied in a manner consistent with the fair value measurement objectives of ASC 718, is based on established principles of financial theory and reflects all of the substantive terms and conditions of the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to value stock option grants to employees, non-employees and directors. The fair value of the Company’s common stock is used to determine the fair value of restricted stock units and stock options. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock until September 2020 and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur. Prior to the Company’s IPO, due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the exercise prices for options granted, the Company considered the estimated fair value of the common stock as of the measurement date. Prior to the Initial Public Offering, the estimated fair value of the common stock was determined at each grant date based upon a variety of factors, including the illiquid nature of the common stock, arm’s-length sales of the Company’s capital stock (including convertible preferred stock), the effect of the rights and preferences of the preferred shareholders, and the prospects of a liquidity event. Other factors considered were the Company’s financial position and historical financial performance, the status of technological developments within the Company’s research, the composition and ability of the current research and management team, an evaluation or benchmark of the Company’s competition, and the current business climate in the marketplace. The Company’s stock-based compensation awards are subject to service-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is typically the vesting term. Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker to make decisions with respect to resource allocation and assessment of performance. To date, the Company has viewed its operations and manages its business as one operating and reporting segment. Net Loss per Common Share Basic net loss per share is computed using the “two-class” method which includes the weighted average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). The Company’s convertible preferred stock are participating securities as defined by ASC 260-10, Earnings per Share. During the periods where the Company incurs net losses, the Company allocates no loss to participating securities because these securities have no contractual obligation to share in the losses of the Company. Under the two-class method, basic net loss per share applicable to common stockholders is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional shares for the potential dilutive effects of a warrant, convertible preferred stock and stock options outstanding during the period calculated in accordance with the treasury stock method, or the two-class method, whichever is more dilutive. The Company allocates net earnings on a pari passu (equal) basis to both common and preferred stockholders. Net losses are not allocated to preferred stockholders as they do not have an obligation to share in the Company’s net losses. For all periods presented, basic and diluted net loss per share are the same, as any additional share equivalents would be anti-dilutive. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and law that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2022 and 2021, the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax. Recent Accounting Pronouncements 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 as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains its cash, cash equivalents and marketable securities in accounts at high quality financial institutions. The Company has not experienced any credit losses and does not believe it is exposed to any significant credit risk on these funds. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

3. Financial Instruments and Fair Value Measurements

The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2022 and 2021:


	As of December 31, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	106,861	$	—	$	—		$	106,861	$	106,861	$	—	$	—
Corporate securities		103,755		21		(185	)		103,591		—		103,591		—
Government securities		31,942		—		(281	)		31,661		20,981		10,680		—
Total financial assets	$	242,558	$	21	$	(466	)	$	242,113	$	127,842	$	114,271	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Cash and Cash Equivalents – As of December 31, 2022, the Company had cash of $1,436 and cash equivalents, consisting of money market funds, of $106,861. As of December 31, 2021, the Company had cash of $3,507 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.

Marketable Securities – Marketable securities of $135,252 as of December 31, 2022, consisted of corporate debt securities of $103,591 and government debt securities of $31,661. There were $132,757 current marketable securities and $2,495 noncurrent marketable securities as of December 31, 2022. Marketable securities of $141,607 as of December 31, 2021, consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021.

As of December 31, 2022 and 2021, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

- 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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net


	December 31,
	2022			2021
Machinery & equipment	$	2,448		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		10,200			2,519
Total property and equipment		13,139			4,958
Less: Accumulated depreciation		(2,184	)		(1,868	)
Property and equipment, net	$	10,955		$	3,090

Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $315, $307, and $318, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consists of the following:


	December 31,
	2022		2021
Accrued compensation	$	2,897	$	3,797
Accrued research and development costs		4,259		4,734
Other accrued liabilities		152		96
Total	$	7,308	$	8,627

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters.

In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases expired June 2022. In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises.

In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expired in July 2022. In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year extension. The initial annual base rent is $28.50 per square foot and will increase $1.00 per square foot at the end of each rent year.

In 2018, the Company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of December 31, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $25.

In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at 1 Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022 and 2023. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. As of December 31, 2022, $2,969 of reimbursements were received.

The components of lease cost for the year ended December 31, 2022, and 2021, are as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Operating lease cost	$	2,215	$	1,691
Variable lease cost		991		704
Total lease cost	$	3,206	$	2,395

Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2022, and 2021, were as follows, in thousands:


	Year Ended December 31,
Operating Leases:	2022			2021
Right-of-use assets, operating leases	$	9,539		$	10,060

Operating lease liabilities, current	$	528		$	403
Operating lease liabilities, non-current		13,448			10,790
Total operating lease liabilities	$	13,976		$	11,193

Weighted-average remaining lease term (years)		9.08			10.02
Weighted-average discount rate		5.75	%		5.75	%

Other information related to leases for the year ended December 31, 2022, and 2021, are as follows, in thousands:


	Year Ended December 31,
	2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	(1,089	)	$	717
Leased assets obtained in exchange for new or modified operating lease liabilities		987			10,318

Future minimum lease payments, net of reimbursements, remaining as of December 31, 2022 under operating leases by fiscal year were as follows, in thousands:


Fiscal year
2023	$	1,219
2024		1,814
2025		1,869
2026		1,925
2027		1,983
Thereafter		9,494
Total minimum lease payments	$	18,304
Less: Amounts representing imputed interest		(4,328	)
Present value of lease liabilities	$	13,976

Rent expense recorded for the years ended December 31, 2022 and 2021 was $2,215 and $1,691, respectively.

The Company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023. In April 2021, the Company entered into a sublease agreement with the previous tenants of the office space at 1 Research Way in Princeton, NJ, from April 2021 to July 2021. For the year ended December 31, 2022 and 2021, sublease income for the Company was $107 and $116, respectively

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

7. Convertible Preferred Stock

In July 2020, the Company issued 5,321,864 shares of Series D Preferred Stock at a price of $13.1533 per share, resulting in gross proceeds of $70,000. In connection with the IPO on September 25, 2020, all of the Company’s convertible preferred stock, including Series D Preferred Stock, outstanding at the time of the IPO automatically converted into an aggregate of 28,188,110 shares of common stock.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

8. Stockholders' Equity

The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share, and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. As of December 31, 2022 and 2021, there were 45,771,332 and 45,433,684 shares of common stock issued and outstanding, respectively.

Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of December 31, 2022, no dividends on common stock had been declared by the Company.

As of December 31, 2022 and 2021, the Company had reserved shares of common stock for issuance as follows:


	December 31,
	2022		2021
Options issued and outstanding		5,278,771		4,246,007
Shares available for future stock option and RSU grants		4,618,292		4,951,680
Shares available for employee stock purchase plan		705,559		801,464
Total		10,602,622		9,999,151

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Stock Plan

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Plan

9. Stock Plan

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan was 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent (5%) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board’s compensation committee, as the 2020 Plan administrator, exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. For 2023, the board’s compensation committee, as the 2020 Plan administrator, exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,830,853 shares, effective as of January 1, 2023. As of December 31, 2022, there were 4,618,292 shares available for issuance under the 2020 Plan.

On September 9, 2022, the Company granted 374,899 Restricted Stock Units (RSUs) to employees pursuant to an employee retention program approved by the Board's compensation committee. The RSU’s have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan.

The table below summarizes the annual grant activity under the 2020 Plan as of December 31, 2022:


	Shares Available for Grant
Balances, December 31, 2021		4,951,680
Shares reserved for issuance		1,363,084
Options granted		(1,419,197	)
RSU’s granted		(374,899	)
Options forfeited / cancelled		97,624
Balances December 31, 2022		4,618,292

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,752 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the annual increase to the shares reserved under the 2020 ESPP. For 2023, the 2020 ESPP reserved shares were increased under clause (iii) by 457,713 shares, effective as of January 1, 2023. On May 20, 2022, employees exercised their right to purchase 18,454 shares under the 2020 ESPP. On November 21, 2022, employees exercised their right to purchase 30,385 shares under the 2020 ESPP. As of December 31, 2022, 95,905 shares are issued or outstanding, and there were 705,559 shares available for issuance, under the 2020 ESPP.

2013 Equity Incentive Plan

In 2013, the Company adopted the 2013 Stock Plan (the “2013 Plan”). On September 24, 2020, this plan was replaced by the 2020 Plan, and future issuances of incentive instruments will be governed by that plan. Subject to the provisions of the 2020 Plan, the Company had the option to either forfeit or repurchase remaining shares under the 2013 Equity Incentive Plan on or after the registration date. The Company chose to forfeit the remaining shares.

Restricted Stock Units

The following table presents RSU activity under the 2020 Plan as of December 31, 2022:


	Number of Stock Units		Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021		—	$	—
Granted		374,899		13.6
Unvested shares at December 31, 2022		374,899	$	13.6

As of December 31, 2022, there was $4,317 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 1.7 years.

Stock Options

The following table summarizes option activity for the year ended December 31, 2022:


	Options Outstanding
						Weighted- Average
				Weighted		Remaining		Aggregate
	Number			Average		Contractual		Intrinsic
	of			Exercise		Life		Value
	Options			Price		(in years)		(in 000s)
Balances, December 31, 2021		4,246,007		$	8.22		6.86	$	68,506
Options granted		1,419,197		$	15.83
Options forfeited / cancelled		(97,624	)	$	20.04
Options exercised		(288,809	)	$	1.67
Balances December 31, 2022		5,278,771		$	10.40		6.82	$	17,244
At December 31, 2022
Vested and expected to vest		5,278,771		$	10.40		6.82	$	17,244
Exercisable		3,281,213		$	6.91		5.76	$	15,520

The weighted average grant date fair value of stock options granted during the year ended December 31, 2022 and 2021 was $10.92 and $20.03, respectively.

The aggregate intrinsic value of options vested and exercisable as of December 31, 2022 and 2021 is calculated based on the difference between the exercise price and the fair value of our common stock. The intrinsic value of options exercised in 2022 and 2021 was $3,764 and $18,534, respectively.

As of December 31, 2022, the total compensation cost related to nonvested service-based awards not yet recognized is $21,005. The weighted-average period over which the nonvested awards is expected to be recognized is 2.8 years.

The Company estimated the fair value of stock options using the Black-Scholes options valuation model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following assumptions:


	Year Ended December 31,
	2022	2021	2020
Risk-free interest rate	1.48% - 4.34%	0.35% - 1.30%	0.31% - 1.51%
Expected life (in years)	5.50 - 6.44	5.50 - 6.44	4.92 - 6.40
Dividend yield	0%	0%	0%
Expected volatility	76.33% - 81.00%	76.50% - 79.90%	70.70% - 77.60%

The weighted average assumptions used to estimate the fair value of stock purchase rights under the 2020 ESPP are as follows:


	Year Ended December 31,
	2022	2021
Risk-free interest rate	3.44%	0.0004
Expected life (in years)	0.49	0.5
Dividend yield	0%	0%
Expected volatility	77.00%	77.83%

Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options.

Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term.

Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model.

Stock-based compensation expense recorded under ASC 718 was allocated to research and development and general and administrative expense as follows:


	For the Years Ended December 31,
	2022		2021		2020
Research and development	$	3,466	$	1,440	$	836
General and administrative		6,729		3,900		1,097
Total stock-based compensation	$	10,195	$	5,340	$	1,933

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	For the Years Ended December 31,
	2022		2021		2020
Stock options	$	9,174	$	4,938	$	1,933
Restricted stock units		790		—		—
Employee stock purchase plan		231		402		—
Total stock-based compensation	$	10,195	$	5,340	$	1,933

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The income tax (benefit) provision for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):


	For the Years Ended December 31,
	2022			2021		2020
Current:
Federal	$	-		$	-	$	-
State		(9	)		23		6
Total current		(9	)		23		6
Deferred:
Federal	$	-		$	-	$	-
State		-			-		-
Total deferred		-			-		-
Total (benefit) provision	$	(9	)	$	23	$	6

A reconciliation of income tax computed at the statutory federal income tax rate to the (benefit) provision for income taxes included in the accompanying statements of operations for the Company is as follows:


	For the Years Ended
	December 31, 2022			December 31, 2021			December 31, 2020
Income tax provision at statutory rate		21	%		21	%		21	%
State income taxes, net of federal benefit		7	%		9	%		8	%
Tax credits		3	%		3	%		2	%
Stock compensation		0	%		5	%		(1	)%
Executive compensation limitation		(1	)%		0	%		0	%
Other		0	%		(1	)%		0	%
Change in valuation allowance		(30	)%		(37	)%		(30	)%
Effective income tax rate		0	%		0	%		0	%

For the years ended December 31, 2022, 2021, and 2020, the Company’s effective tax rate is below the federal statutory income tax rate of 21% primarily due to state income taxes, net of federal benefit and the Company’s position to establish a full valuation allowance on its deferred tax assets.

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	As of December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	49,451		$	45,231
Stock compensation		2,905			1,587
Capitalized research expenditures		13,563			-
Research and development credits		6,856			4,593
Accruals and other		911			1,033
Operating lease liabilities		3,969			3,175
Total deferred tax assets		77,655			55,619
Valuation allowance		(74,917	)		(52,728	)
Deferred tax assets recognized		2,738			2,891
Deferred tax liabilities:
Right-of-use assets		(2,709	)		(2,854	)
Fixed assets and depreciation		(29	)		(37	)
Total deferred tax liabilities		(2,738	)		(2,891	)
Net deferred tax assets	$	-		$	-

The Company has recorded a valuation allowance for its deferred tax assets that it does not believe will be realizable at a more likely than not level based on analysis of all available sources of taxable income.

As of December 31, 2022 and 2021, the Company had federal net operating loss carryforwards of $174,736 and $159,886, respectively. As of December 31, 2022, the Company had state net operating loss carryforwards for New Jersey, California, Massachusetts, and Arizona of approximately $169,847, $4,912, $5,277, and $46, respectively. At December 31, 2021, the Company had state net operating loss carryforwards for New Jersey, California and Massachusetts of approximately $154,972, $4,912, and $4,640 respectively. Federal net operating loss carryforwards of $27,500 expire beginning in the year 2033. State net operating loss carryforwards begin to expire in the year 2033. Net operating loss carryforwards related to tax years after 2017 of $147,236 do not expire. The Company also has federal and state research and development credit carryforward of approximately $9,749 and $6,588 as of December 31, 2022 and 2021, respectively. The federal credits will begin to expire in 2034 if not utilized. The California state credits carryforward indefinitely and the New Jersey state credits expire starting in 2030. The above net operating losses and research and development credits are subject to Sections 382 and 383 of the Internal Revenue Code. In the event of a change in ownership as defined by these code sections, the usage of the net operating losses and research and development credits may be limited.

The Company accrues interest and penalties related to unrecognized tax benefits in the (benefit) provision for income taxes line item in the statements of operations and comprehensive loss. As of December 31, 2022 and 2021, the Company had not accrued any interest or penalties related to uncertain tax positions.

If the ending balance of $2,437 and $1,654 of unrecognized tax benefits as of December 31, 2022 and 2021, respectively, were recognized, none of the recognition would affect the income tax rate. The following table summarized the activity related to the Company’s unrecognized tax benefits:


	For the Years Ended
	December 31, 2022		December 31, 2021
Unrecognized tax benefits, beginning of year	$	1,654	$	877
Increases related to prior year tax positions		-		43
Increases related to current year tax positions		783		734
Unrecognized tax benefits, end of year	$	2,437	$	1,654

The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may change during the next year for items that arise in the ordinary course of business.

The Company files U.S. federal and state income tax returns with varying statutes of limitations. The Company’s tax years 2013 to 2021 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating losses and research and development credits.

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

11. Net Loss per Share

The Company excluded all outstanding stock options and restricted stock units at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	As of December 31,
	2022		2021
Options to purchase common stock		5,278,771		4,246,007
Unvested restricted common stock units		374,899		—
Unvested employee stock purchase plan shares		95,905		47,066
Total		5,749,575		4,293,073

Related Parties

12 Months Ended

Dec. 31, 2022

Related Parties

12. Related Parties

The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. Total consulting fees paid in in the year ended December 31, 2022, were $111. There were no amounts owed under the consulting agreements as of December 31, 2022.

Total consulting fees paid as of the year ended December 31, 2021, were $110. In May of 2021, two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of December 31, 2021.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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 reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates.
Reverse Stock Split	Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 24, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. • Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the years ended December 31, 2022, 2021, and 2020, the Company recorded $628 of accretion, $550 of amortization and $152 of amortization, respectively. Restricted cash as of December 31, 2022 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss	Comprehensive Loss The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the shorter of the useful life of the asset or the remaining term of the lease. Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets.
Research and Development Expenses	Research and Development Expenses All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that the Company prepays fees, the Company records the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses.
Stock Based Compensation	Stock‑Based Compensation The Company’s share-based compensation program allows for grants of stock options and restricted stock units. Grants are awarded to employees and non-employees, including directors. The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option pricing or equity valuation model that is applied in a manner consistent with the fair value measurement objectives of ASC 718, is based on established principles of financial theory and reflects all of the substantive terms and conditions of the award. The Company uses the Black-Scholes option-pricing model (“Black-Scholes”) to value stock option grants to employees, non-employees and directors. The fair value of the Company’s common stock is used to determine the fair value of restricted stock units and stock options. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock until September 2020 and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur. Prior to the Company’s IPO, due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the exercise prices for options granted, the Company considered the estimated fair value of the common stock as of the measurement date. Prior to the Initial Public Offering, the estimated fair value of the common stock was determined at each grant date based upon a variety of factors, including the illiquid nature of the common stock, arm’s-length sales of the Company’s capital stock (including convertible preferred stock), the effect of the rights and preferences of the preferred shareholders, and the prospects of a liquidity event. Other factors considered were the Company’s financial position and historical financial performance, the status of technological developments within the Company’s research, the composition and ability of the current research and management team, an evaluation or benchmark of the Company’s competition, and the current business climate in the marketplace. The Company’s stock-based compensation awards are subject to service-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is typically the vesting term.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker to make decisions with respect to resource allocation and assessment of performance. To date, the Company has viewed its operations and manages its business as one operating and reporting segment.
Net Loss per Common Share	Net Loss per Common Share Basic net loss per share is computed using the “two-class” method which includes the weighted average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating security). The Company’s convertible preferred stock are participating securities as defined by ASC 260-10, Earnings per Share. During the periods where the Company incurs net losses, the Company allocates no loss to participating securities because these securities have no contractual obligation to share in the losses of the Company. Under the two-class method, basic net loss per share applicable to common stockholders is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional shares for the potential dilutive effects of a warrant, convertible preferred stock and stock options outstanding during the period calculated in accordance with the treasury stock method, or the two-class method, whichever is more dilutive. The Company allocates net earnings on a pari passu (equal) basis to both common and preferred stockholders. Net losses are not allocated to preferred stockholders as they do not have an obligation to share in the Company’s net losses. For all periods presented, basic and diluted net loss per share are the same, as any additional share equivalents would be anti-dilutive.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. Under ASC 740, the liability method is used in accounting for income taxes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and law that will be in effect when the differences are expected to reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 2022 and 2021, the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains its cash, cash equivalents and marketable securities in accounts at high quality financial institutions. The Company has not experienced any credit losses and does not believe it is exposed to any significant credit risk on these funds. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values

The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2022 and 2021:


	As of December 31, 2022
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted priced in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets
Money market funds	$	106,861	$	—	$	—		$	106,861	$	106,861	$	—	$	—
Corporate securities		103,755		21		(185	)		103,591		—		103,591		—
Government securities		31,942		—		(281	)		31,661		20,981		10,680		—
Total financial assets	$	242,558	$	21	$	(466	)	$	242,113	$	127,842	$	114,271	$	—

	As of December 31, 2021
	Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Quoted Priced in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Money market funds	$	40,960	$	—	$	—		$	40,960	$	40,960	$	—	$	—
Corporate securities		227,378		3		(19	)		227,362		—		227,362		—
Government securities		42,307		—		(62	)		42,245		—		42,245		—
Total financial assets	$	310,645	$	3	$	(81	)	$	310,567	$	40,960	$	269,607	$	—

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net


	December 31,
	2022			2021
Machinery & equipment	$	2,448		$	2,261
Computers		13			8
Furniture & fixtures		69			9
Leasehold improvements		409			161
Assets not placed in service		10,200			2,519
Total property and equipment		13,139			4,958
Less: Accumulated depreciation		(2,184	)		(1,868	)
Property and equipment, net	$	10,955		$	3,090

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consists of the following:


	December 31,
	2022		2021
Accrued compensation	$	2,897	$	3,797
Accrued research and development costs		4,259		4,734
Other accrued liabilities		152		96
Total	$	7,308	$	8,627

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Components of Lease Cost

The components of lease cost for the year ended December 31, 2022, and 2021, are as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Operating lease cost	$	2,215	$	1,691
Variable lease cost		991		704
Total lease cost	$	3,206	$	2,395

Schedule of Amounts Reported in Consolidated Balance Sheets for Leases

Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2022, and 2021, were as follows, in thousands:


	Year Ended December 31,
Operating Leases:	2022			2021
Right-of-use assets, operating leases	$	9,539		$	10,060

Operating lease liabilities, current	$	528		$	403
Operating lease liabilities, non-current		13,448			10,790
Total operating lease liabilities	$	13,976		$	11,193

Weighted-average remaining lease term (years)		9.08			10.02
Weighted-average discount rate		5.75	%		5.75	%

Summary of Other Information Related to Leases

Other information related to leases for the year ended December 31, 2022, and 2021, are as follows, in thousands:


	Year Ended December 31,
	2022			2021
Net cash paid (received) for amounts included in the measurement of lease liabilities	$	(1,089	)	$	717
Leased assets obtained in exchange for new or modified operating lease liabilities		987			10,318

Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases

Future minimum lease payments, net of reimbursements, remaining as of December 31, 2022 under operating leases by fiscal year were as follows, in thousands:


Fiscal year
2023	$	1,219
2024		1,814
2025		1,869
2026		1,925
2027		1,983
Thereafter		9,494
Total minimum lease payments	$	18,304
Less: Amounts representing imputed interest		(4,328	)
Present value of lease liabilities	$	13,976

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

As of December 31, 2022 and 2021, the Company had reserved shares of common stock for issuance as follows:


	December 31,
	2022		2021
Options issued and outstanding		5,278,771		4,246,007
Shares available for future stock option and RSU grants		4,618,292		4,951,680
Shares available for employee stock purchase plan		705,559		801,464
Total		10,602,622		9,999,151

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Stock Plan (Tables)

12 Months Ended

Dec. 31, 2022

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock Options Activity

The table below summarizes the annual grant activity under the 2020 Plan as of December 31, 2022:


	Shares Available for Grant
Balances, December 31, 2021		4,951,680
Shares reserved for issuance		1,363,084
Options granted		(1,419,197	)
RSU’s granted		(374,899	)
Options forfeited / cancelled		97,624
Balances December 31, 2022		4,618,292

The following table summarizes option activity for the year ended December 31, 2022:


	Options Outstanding
						Weighted- Average
				Weighted		Remaining		Aggregate
	Number			Average		Contractual		Intrinsic
	of			Exercise		Life		Value
	Options			Price		(in years)		(in 000s)
Balances, December 31, 2021		4,246,007		$	8.22		6.86	$	68,506
Options granted		1,419,197		$	15.83
Options forfeited / cancelled		(97,624	)	$	20.04
Options exercised		(288,809	)	$	1.67
Balances December 31, 2022		5,278,771		$	10.40		6.82	$	17,244
At December 31, 2022
Vested and expected to vest		5,278,771		$	10.40		6.82	$	17,244
Exercisable		3,281,213		$	6.91		5.76	$	15,520

Schedule of RSU Activity Under the 2020 Plan

The following table presents RSU activity under the 2020 Plan as of December 31, 2022:


	Number of Stock Units		Weighted-Average Grant Date Fair Value
Unvested shares at December 31, 2021		—	$	—
Granted		374,899		13.6
Unvested shares at December 31, 2022		374,899	$	13.6

Schedule of Estimated Fair Value of Stock Options


	Year Ended December 31,
	2022	2021	2020
Risk-free interest rate	1.48% - 4.34%	0.35% - 1.30%	0.31% - 1.51%
Expected life (in years)	5.50 - 6.44	5.50 - 6.44	4.92 - 6.40
Dividend yield	0%	0%	0%
Expected volatility	76.33% - 81.00%	76.50% - 79.90%	70.70% - 77.60%

Stock-based Compensation Expense Recorded and Allocated

Stock-based compensation expense recorded under ASC 718 was allocated to research and development and general and administrative expense as follows:


	For the Years Ended December 31,
	2022		2021		2020
Research and development	$	3,466	$	1,440	$	836
General and administrative		6,729		3,900		1,097
Total stock-based compensation	$	10,195	$	5,340	$	1,933

Schedule of Stock-based Compensation Expense by Award Type

Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows:


	For the Years Ended December 31,
	2022		2021		2020
Stock options	$	9,174	$	4,938	$	1,933
Restricted stock units		790		—		—
Employee stock purchase plan		231		402		—
Total stock-based compensation	$	10,195	$	5,340	$	1,933

ESPP

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Estimated Fair Value of Stock Options

The weighted average assumptions used to estimate the fair value of stock purchase rights under the 2020 ESPP are as follows:


	Year Ended December 31,
	2022	2021
Risk-free interest rate	3.44%	0.0004
Expected life (in years)	0.49	0.5
Dividend yield	0%	0%
Expected volatility	77.00%	77.83%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax (Benefit) Provision

The income tax (benefit) provision for the years ended December 31, 2022, 2021, and 2020 are as follows (in thousands):


	For the Years Ended December 31,
	2022			2021		2020
Current:
Federal	$	-		$	-	$	-
State		(9	)		23		6
Total current		(9	)		23		6
Deferred:
Federal	$	-		$	-	$	-
State		-			-		-
Total deferred		-			-		-
Total (benefit) provision	$	(9	)	$	23	$	6

Summary of Provision for Income Taxes


	For the Years Ended
	December 31, 2022			December 31, 2021			December 31, 2020
Income tax provision at statutory rate		21	%		21	%		21	%
State income taxes, net of federal benefit		7	%		9	%		8	%
Tax credits		3	%		3	%		2	%
Stock compensation		0	%		5	%		(1	)%
Executive compensation limitation		(1	)%		0	%		0	%
Other		0	%		(1	)%		0	%
Change in valuation allowance		(30	)%		(37	)%		(30	)%
Effective income tax rate		0	%		0	%		0	%

Summary of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:


	As of December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	49,451		$	45,231
Stock compensation		2,905			1,587
Capitalized research expenditures		13,563			-
Research and development credits		6,856			4,593
Accruals and other		911			1,033
Operating lease liabilities		3,969			3,175
Total deferred tax assets		77,655			55,619
Valuation allowance		(74,917	)		(52,728	)
Deferred tax assets recognized		2,738			2,891
Deferred tax liabilities:
Right-of-use assets		(2,709	)		(2,854	)
Fixed assets and depreciation		(29	)		(37	)
Total deferred tax liabilities		(2,738	)		(2,891	)
Net deferred tax assets	$	-		$	-

Summary of Activity Related to Unrecognized Tax Benefits

The following table summarized the activity related to the Company’s unrecognized tax benefits:


	For the Years Ended
	December 31, 2022		December 31, 2021
Unrecognized tax benefits, beginning of year	$	1,654	$	877
Increases related to prior year tax positions		-		43
Increases related to current year tax positions		783		734
Unrecognized tax benefits, end of year	$	2,437	$	1,654

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share:


	As of December 31,
	2022		2021
Options to purchase common stock		5,278,771		4,246,007
Unvested restricted common stock units		374,899		—
Unvested employee stock purchase plan shares		95,905		47,066
Total		5,749,575		4,293,073

Formation and Business of the Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 25, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation [Line Items]
Proceeds from issuance of common stock, gross	$ 243,536
Proceeds from issuance of common stock, net	$ 223,176			$ 223,176
Net loss		$ 73,317	$ 57,846	34,440
Cash used in operating activities		63,760	46,571	$ 32,739
Accumulated deficit		241,043	$ 167,726
Cash, cash equivalents, and marketable securities		$ 243,549
Common Stock
Organization Consolidation And Presentation [Line Items]
Number of shares sold				13,529,750
Conversion of convertible preferred stock to common stock, Shares				28,188,110
IPO \| Common Stock
Organization Consolidation And Presentation [Line Items]
Number of shares sold	13,529,750
Public offering price per share	$ 18.00
IPO \| Convertible Preferred Stock \| Common Stock
Organization Consolidation And Presentation [Line Items]
Conversion of convertible preferred stock to common stock, Shares	28,188,110
Underwriters \| Common Stock
Organization Consolidation And Presentation [Line Items]
Option to purchase common stock	1,764,750

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		12 Months Ended
	Sep. 24, 2020	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split description		5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock
Reverse stock split conversion ratio	5.2651
Accretion (amortization) of available-for-sale debt securities \| $		$ 628	$ (550)	$ (152)
Restricted cash \| $		$ 822
Property and equipment, Estimated useful lives		five years
Expected dividend yield		0.00%	0.00%	0.00%
Number of operating segments \| Segment		1
Number of reportable segments \| Segment		1
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2019-12 [Member]
Adoption of accounting standards update [true false]		true
Accounting standards update, adoption date		Jan. 01, 2021
Accounting standards update, immaterial effect [true false]		true

Financial Instruments and Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 242,558	$ 310,645
Gross Unrealized Gains	21	3
Gross Unrealized Losses	(466)	(81)
Fair Value	242,113	310,567
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	127,842	40,960
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	114,271	269,607
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	106,861	40,960
Fair Value	106,861	40,960
Money Market Funds \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	106,861	40,960
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	103,755	227,378
Gross Unrealized Gains	21	3
Gross Unrealized Losses	(185)	(19)
Fair Value	103,591	227,362
Corporate Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	103,591	227,362
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	31,942	42,307
Gross Unrealized Losses	(281)	(62)
Fair Value	31,661	42,245
Government Securities \| Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	20,981
Government Securities \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 10,680	$ 42,245

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 1,436,000	$ 3,507,000
Cash equivalents	106,861,000	168,960,000
Marketable Securities	135,252,000	141,607,000
Marketable securities, noncurrent	2,495,000	16,911,000
Marketable securities, current	132,757,000	124,696,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	103,591,000	99,362,000
Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		128,000,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	$ 31,661,000	42,245,000
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		$ 40,960,000

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 13,139	$ 4,958
Less: Accumulated depreciation	(2,184)	(1,868)
Property and equipment, net	10,955	3,090
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,448	2,261
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	8
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	9
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	409	161
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 10,200	$ 2,519

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 315	$ 307	$ 318

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 2,897	$ 3,797
Accrued research and development costs	4,259	4,734
Other accrued liabilities	152	96
Total	$ 7,308	$ 8,627

Commitments and Contingencies - Additional Information (Details)	1 Months Ended				12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease $ / ft²	Dec. 31, 2022 USD ($) $ / ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2017 ft² $ / ft²	Jun. 30, 2015 ft² $ / ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases \| Lease				2
Rent expense					$ 2,215,000	$ 1,691,000
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²								6,000	13,000
Initial base rent per square foot \| $ / ft²								22.00	20.00
Operating lease expiration period					2022-06
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Operating lease maintenance expense per square foot \| $ / ft²					3.00
Operating lease, description					Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.
Management fee of base rent percentage					3.00%
Operating lease renewal month and year	2023-06
Cranbury, New Jersey \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
South Brunswick, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property \| ft²				6,000
Initial base rent per square foot \| $ / ft²				15.50
Operating lease expiration period				2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Management fee of base rent percentage				3.00%
Operating lease renewal month and year	2023-07
South Brunswick, New Jersey \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Initial base rent per square foot \| $ / ft²				28.50
Operating lease expiration period				2023-08
Operating lease, renewal term				3 years
Initial base rent increased per square foot \| $ / ft²				1.00
Allowance on behalf of lessor for construction of office space.							$ 165,000
Remaining rent incentives					$ 25,000
Sublease expiration period					2023-08
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description					That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters.
Lease area of square feet \| ft²			50,581
Operating Leases, extended year			2032
Operating leases, extension period			5 years
Operating lease, payments			$ 19,889,000
Operating leases extended month and year			2032-05
Tenant improvement allowance			$ 4,046,000
Reimbursements received					$ 2,969,000
Sublease with tenant office space starting period		2021-04
Sublease with tenant office space ending period		2021-07
Sublease income					$ 107,000	$ 116,000

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,215	$ 1,691
Variable lease cost	991	704
Total lease cost	$ 3,206	$ 2,395

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases:
Right-of-use assets	$ 9,539	$ 10,060
Operating lease liability, current	528	403
Operating lease liability, noncurrent	13,448	10,790
Total operating lease liabilities	$ 13,976	$ 11,193
Weighted-average remaining lease term (years)	9 years 29 days	10 years 7 days
Weighted-average discount rate	5.75%	5.75%

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Net cash paid (received) for amounts included in the measurement of lease liabilities	$ (1,089)	$ 717
Leased assets obtained in exchange for new or modified operating lease liabilities	$ 987	$ 10,318

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,219
2024	1,814
2025	1,869
2026	1,925
2027	1,983
Thereafter	9,494
Total minimum lease payments	18,304
Less: Amounts representing imputed interest	(4,328)
Present value of lease liabilities	$ 13,976	$ 11,193

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 25, 2020	Jul. 31, 2020	Dec. 31, 2020
Temporary Equity [Line Items]
Proceeds from issuance of convertible preferred stock			$ 69,790
Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock to common stock, Shares			28,188,110
Series D Convertible Preferred Stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock, Shares		5,321,864
Shares issued price per share		$ 13.1533
Proceeds from issuance of convertible preferred stock		$ 70,000
Convertible Preferred Stock \| Common Stock \| Initial Offering Price to the Public
Temporary Equity [Line Items]
Conversion of convertible preferred stock to common stock, Shares	28,188,110

Stockholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	45,771,332	45,433,684
Common stock, shares outstanding	45,771,332	45,433,684
Dividends, common stock declared	$ 0

Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	10,602,622	9,999,151
Shares available for future stock option and RSU grants	4,618,292	4,951,680
Shares available for employee stock purchase plan	705,559	801,464
Options Issued and Outstanding
Class Of Stock [Line Items]
Reserved shares of common stock for issuance	5,278,771	4,246,007

Stock Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Sep. 09, 2022	May 20, 2022	Nov. 19, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2023	Jan. 01, 2022	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				10,602,622	9,999,151
Total compensation cost related to nonvested awards not yet recognized				$ 21,005
Unrecognized compensation cost, weighted average period of recognition				2 years 9 months 18 days
Dividend yield				0.00%	0.00%	0.00%
Restricted stock units granted to employees				374,899
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, weighted average period of recognition				1 year 8 months 12 days
Restricted stock units granted to employees	374,899
Unrecognized compensation cost				$ 4,317
Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance							457,713
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance									4,406,374
Number of additional shares reserved for issuance, minimum									4,406,374
Percentage of number of shares of common stock outstanding increase									5.00%
Number of additional shares reserved for issuance, maximum								1,363,084
Shares issued				4,618,292
2020 Plan \| Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis	2 years
2020 Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares reserved for issuance, maximum							1,830,853
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				705,559					400,752
Percentage of number of shares of common stock outstanding increase									1.00%
Number of additional shares reserved for issuance, maximum									801,504
Shares issued				95,905
Employees exercised their right to purchase shares		18,454	30,385
Shares outstanding				95,905
2013 Stock Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised				$ 3,764	$ 18,534
Stock options granted at grant-date fair value				$ 10.92	$ 20.03

Stock Plan - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares Available For Grant
Shares Available for Grant, Balance	4,951,680
Shares Available for Grant, Shares reserved for issuance	1,363,084
Shares Available for Grant, Options granted	(1,419,197)
Shares Available for Grant, RSU's granted	(374,899)
Shares Available for Grant, Options forfeited / cancelled	97,624
Shares Available for Grant, Balance	4,618,292	4,951,680
Number of Options
Options Outstanding, Number of Options	4,246,007
Options granted, Number of Options	1,419,197
Options forfeited / cancelled, Number of Options	(97,624)
Options exercised, Number of Options	(288,809)
Options Outstanding, Number of Options	5,278,771	4,246,007
Vested and expected to vest, Number of Options	5,278,771
Exercisable, Number of Options	3,281,213
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price	$ 8.22
Options granted, Weighted Average Exercise Price	15.83
Options forfeited / cancelled, Weighted Average Exercise Price	20.04
Options exercised, Weighted Average Exercise Price	1.67
Options Outstanding, Weighted Average Exercise Price	10.40	$ 8.22
Vested and expected to vest, Weighted Average Exercise Price	10.40
Exercisable, Weighted Average Exercise Price	$ 6.91
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 9 months 25 days	6 years 10 months 9 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	6 years 9 months 25 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 9 months 3 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 17,244	$ 68,506
Vested and expected to vest, Aggregate Intrinsic Value	17,244
Exercisable, Aggregate Intrinsic Value	$ 15,520

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Granted \| shares	374,899
Number of Stock Units, Ending balance \| shares	374,899
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 13.6

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	1.48%	0.35%	0.31%
Risk-free interest rate, maximum	4.34%	1.30%	1.51%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months	4 years 11 months 1 day
Expected volatility	76.33%	76.50%	70.70%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days	6 years 5 months 8 days	6 years 4 months 24 days
Expected volatility	81.00%	79.90%	77.60%

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Purchase Rights Under ESPP (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	3.44%	0.0004%
Expected life (in years)	5 months 26 days	6 months
Dividend yield	0.00%	0.00%
Expected volatility	77.00%	77.83%

Stock Plan - Stock-based Compensation Expense Related to Recorded and Allocated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 10,195	$ 5,340	$ 1,933
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,466	1,440	836
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,729	$ 3,900	$ 1,097

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 10,195	$ 5,340	$ 1,933
Stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	9,174	4,938	$ 1,933
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	790
Employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 231	$ 402

Income Taxes - Summary of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
State	$ (9)	$ 23	$ 6
Total current	(9)	23	6
Deferred:
Total (benefit) provision	$ (9)	$ 23	$ 6

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Provision for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	7.00%	9.00%	8.00%
Tax credits	3.00%	3.00%	2.00%
Stock compensation	0.00%	5.00%	(1.00%)
Executive compensation limitation	(1.00%)	0.00%	0.00%
Other	0.00%	(1.00%)	0.00%
Change in valuation allowance	(30.00%)	(37.00%)	(30.00%)
Effective income tax rate	0.00%	0.00%	0.00%

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Federal statutory income tax rate	21.00%	21.00%	21.00%
Net operating loss carryforwards begin to expire in 2033	$ 27,500,000
Net operating loss carryforwards, do not expire amount	$ 147,236,000
Net operating loss carryforward, description	Net operating loss carryforwards related to tax years after 2017 of $147,236 do not expire.
Interest or penalties accrued	$ 0	$ 0
Unrecognized tax benefits	$ 2,437,000	1,654,000	$ 877,000
Open tax year	2013 2014 2015 2016 2017 2018 2019 2020 2021
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 174,736,000	159,886,000
Operating loss carryforwards expiration year	2033
Tax credit carryforward, expiration	2034
Income tax examination period	3 years
Federal \| Research and Development Tax Credits
Income Tax Contingency [Line Items]
Credit carryforward, amount	$ 9,749,000	6,588,000
State
Income Tax Contingency [Line Items]
Operating loss carryforwards expiration year	2033
Income tax examination period	4 years
State \| New Jersey
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 169,847,000	154,972,000
Tax credit carryforward, expiration	2030
State \| California
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 4,912,000	4,912,000
Tax credit carryforward, expiration	2030
State \| Lexington, Massachusetts
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 5,277,000	$ 4,640,000
State \| Arizona
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 46,000

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 49,451	$ 45,231
Stock compensation	2,905	1,587
Capitalized research expenditures	13,563
Research and development credits	6,856	4,593
Accruals and reserves	911	1,033
Operating lease liabilities	3,969	3,175
Total deferred tax assets	77,655	55,619
Valuation allowance	(74,917)	(52,728)
Deferred tax assets recognized	2,738	2,891
Deferred tax liabilities:
Right-of-use assets	(2,709)	(2,854)
Fixed assets and depreciation	(29)	(37)
Total deferred tax liabilities	$ (2,738)	$ (2,891)

Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, beginning of year	$ 1,654	$ 877
Increases related to prior year tax positions		43
Increases related to current year tax positions	783	734
Unrecognized tax benefits, end of year	$ 2,437	$ 1,654

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,749,575	4,293,073
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,278,771	4,246,007
Unvested restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	374,899
Unvested employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	95,905	47,066

Related Parties - Additional Information (Details)	1 Months Ended	12 Months Ended
Related Parties - Additional Information (Details)	May 31, 2021 Member shares	Dec. 31, 2022 USD ($) Member shares	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Options awarded \| shares		1,419,197
Board of Directors
Related Party Transaction [Line Items]
Number of consulting agreement members \| Member	2	2
Consulting fees \| $		$ 111,000	$ 110,000
Amount owed to related party \| $		$ 0	$ 0
Options awarded \| shares	5,781

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
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-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details