0000950170-22-002571 | 10-K | XBRL Viewer

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2021 and 2020 are presented in the following tables (in thousands):


	Fair Value Measurements at December 31, 2021
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,954	$	15,954	$	—	$	—
Certificates of Deposit		11,503		—		11,503		—
Repurchase Agreements		13,500		—		13,500		—
Corporate notes		38,397		—		38,397		—
Government and agency notes		5,178		—		5,178		—
Municipal notes		1,933		—		1,933		—
Total	$	86,465	$	15,954	$	70,511	$	—


	Fair Value Measurements at December 31, 2020
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,661	$	15,661	$	—	$	—
Certificates of Deposit		30,765		—		30,765		—
Repurchase Agreements		15,000		—		15,000		—
Corporate notes		75,426		—		75,426		—
Government notes		8,296		—		8,296		—
Commercial Paper		3,446		—		3,446		—
Total	$	148,594	$	15,661	$	132,933	$	—

Cash, Cash Equivalents and Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Weighted average remaining contractual maturities of available-for-sale securities	9 months
Realized gains or losses on the sale or maturity of available-for-sale securities	$ 0	$ 0	$ 0
Amounts reclassify out of accumulated other comprehensive income	$ 0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value assets level 1 to level 2	$ 0	$ 0
Fair value assets level 2 to level 1	0	0
Fair value assets transfers into level 3	0	0
Fair value assets transfers out of level 3	$ 0	$ 0

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Note 3. Fair Value Measurements

The fair value of our financial instruments reflects the amounts that we estimate we would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. 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 we have the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 - Inputs 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 financial instruments are carried in the accompanying consolidated balance sheets at amounts that approximate fair value.

Our assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the years ended December 31, 2021 and 2020.


	Fair Value Measurements at December 31, 2021
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,954	$	15,954	$	—	$	—
Certificates of Deposit		11,503		—		11,503		—
Repurchase Agreements		13,500		—		13,500		—
Corporate notes		38,397		—		38,397		—
Government and agency notes		5,178		—		5,178		—
Municipal notes		1,933		—		1,933		—
Total	$	86,465	$	15,954	$	70,511	$	—


	Fair Value Measurements at December 31, 2020
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,661	$	15,661	$	—	$	—
Certificates of Deposit		30,765		—		30,765		—
Repurchase Agreements		15,000		—		15,000		—
Corporate notes		75,426		—		75,426		—
Government notes		8,296		—		8,296		—
Commercial Paper		3,446		—		3,446		—
Total	$	148,594	$	15,661	$	132,933	$	—

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

Common Stock and Common Stock Warrant - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 23, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2014
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		100,000,000	100,000,000
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares issued		30,074,412	29,543,222
Common stock, shares outstanding		30,074,412	29,543,222
Common stock, voting rights		Each share of common stock is entitled to one vote
Warrants to purchase common stock				27,941
Warrants to purchase common stock, per share				$ 0.03
Warrant expiration date		2024-06
Warrant exercised month and year		2019-05
Open Market Sales Agreement \| Jefferies LLC
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock	$ 150.0
Issuance of stock (in shares)		0

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Common Stock	Common Stock Private Placement	Additional Paid in Capital	Additional Paid in Capital Private Placement	Other Comprehensive Income / (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ (32,626)			$ 3		$ 245		$ (49)	$ (32,825)
Beginning balance, shares at Dec. 31, 2018		9,008,919	9,152,108
Beginning balance at Dec. 31, 2018		$ 17,178	$ 86,868
Beginning balance, shares at Dec. 31, 2018				3,412,366
Conversion of redeemable convertible preferred stock to common stock	104,994			$ 18		104,976
Conversion of redeemable convertible preferred stock to common stock, shares		(9,008,919)	(9,152,108)
Conversion of redeemable convertible preferred stock to common stock		$ (17,178)	$ (87,816)
Conversion of redeemable convertible preferred stock to common stock, shares				18,161,027
Vesting of Series B redeemable convertible preferred stock in lieu of rent			$ 948
Initial public offering of common stock, net of issuance costs	77,827			$ 5		77,822
Initial public offering of common stock, net of issuance costs, shares				5,073,800
Exercise of stock options	97			$ 1		96
Exercise of stock options, shares				194,279
Stock based compensation	2,056					2,056
Exercise of stock warrant	1					1
Exercise of stock warrant, shares				27,941
Foreign currency translation adjustments	0
Unrealized gain (loss) on available for sale investments	109							109
Net loss	(36,980)								(36,980)
Ending balance at Dec. 31, 2019	115,478			$ 27		185,196		60	(69,805)
Ending balance, shares at Dec. 31, 2019				26,869,413
Initial public offering of common stock, net of issuance costs	117,628				$ 2		$ 117,626
Initial public offering of common stock, net of issuance costs, shares					2,500,000
Exercise of stock options	1,282					1,282
Exercise of stock options, shares				173,809
Stock based compensation	14,470					14,470
Foreign currency translation adjustments	0
Unrealized gain (loss) on available for sale investments	253							253
Net loss	(76,849)								(76,849)
Ending balance at Dec. 31, 2020	172,262			$ 29		318,574		313	(146,654)
Ending balance, shares at Dec. 31, 2020				29,543,222
Exercise of stock options	6,808			$ 1		6,807
Exercise of stock options, shares				531,190
Stock based compensation	29,853					29,853
Foreign currency translation adjustments	20							20
Unrealized gain (loss) on available for sale investments	(412)							(412)
Net loss	(89,945)								(89,945)
Ending balance at Dec. 31, 2021	$ 118,586			$ 30		$ 355,234		$ (79)	$ (236,599)
Ending balance, shares at Dec. 31, 2021				30,074,412

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	3 years
Lab Equipment
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	5 years
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Useful Estimated lives of property and equipment	Shorter of estimated useful life or lease term
Leasehold Improvement
Property Plant And Equipment [Line Items]
Useful Estimated lives of property and equipment	Shorter of estimated useful life or lease term
Office Furniture
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	3 years

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (87,907)	$ (76,849)	$ (36,980)
International	(2,038)
Total	$ (89,945)	$ (76,849)	$ (36,980)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Supplemental Balance Sheet Information Related To Leases

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	December 31, 2021			December 31, 2020
Operating lease right of use asset, net	$	1,165		$	674
Short-term operating lease liability		741			238
Long-term operating lease liability		420			208
	$	1,161		$	446

Finance lease right of use asset		557			557
Finance lease accumulated amortization		(557	)		(337	)
Total finance lease right of use asset, net	$	—		$	220

Weighted average remaining lease term
Operating leases	1.6 years			1.6 years
Finance leases	— years			0.9 years

Weighted average discount rate
Operating leases		1.87	%		2.10	%
Finance leases		—	%		—	%

Year ended December 31,	Operating Lease
2022		757
2023		422
Total lease payments		1,179
Less: imputed interest		(18	)
Total remaining lease liability		1,161

Summary of Lease Costs

Lease costs for the years ended December 31, 2021, 2020, and 2019 were approximately:


	Years ended December 31,
	2021		2020		2019
Lease costs:
Finance lease amortization of right of use assets	$	220	$	230	$	107
Operating lease costs		729		578		374
Short-term lease costs		66		92		11
Total lease costs	$	1,015	$	900	$	492

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Useful Lives of Property and Equipment

The useful lives of property and equipment are as follows:


Computer equipment	3 years
Lab equipment	5 years
Finance lease right of use assets	Shorter of estimated useful life or lease term
Leasehold improvement	Shorter of estimated useful life or lease term
Office furniture	3 years

Leases - Additional Information (Details)	1 Months Ended				12 Months Ended
Leases - Additional Information (Details)	Jul. 31, 2021 USD ($)	May 31, 2020 USD ($)	May 31, 2019 USD ($)	Jun. 30, 2018 USD ($) ft² shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 13, 2019
Lessee Lease Description [Line Items]
Renewal options			false
Operating lease payments	$ 1,300,000		$ 0	$ 0
Repurchase option percentage				100.00%
Operating leases period				3 years
Operating lease payments paid for additional space			$ 63,000
Operating lease termination month and year		2021-07	2021-07
Operating lease liability		$ 172,000	$ 0		$ 1,161,000	$ 446,000
Operating lease asset	$ 44,000	$ 172,000			1,165,000	674,000
Security deposit paid					105,000,000
Operating lease liability					420,000	208,000
Future rent expense					1,100,000
Depreciation expense of finance lease right-of-use asset					$ 220,000	$ 230,000	$ 107,000
Minimum
Lessee Lease Description [Line Items]
Finance lease amortized period on equipment service					20 months
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis					19 months
Finance lease amortized period on equipment service					34 months
San Diego, California
Lessee Lease Description [Line Items]
Lease agreement period		3 years
Operating lease payments		$ 337,000
Operating lease asset		326,000
Operating lease liability		317,000
Rent prepayment		9,000
San Diego, California \| Other Assets
Lessee Lease Description [Line Items]
Security deposit paid		$ 29,000
Series B Redeemable Convertible Preferred Stock
Lessee Lease Description [Line Items]
Lease agreement period				3 years
Renewal options				false
Area under lease \| ft²				3,185
Shares issued \| shares				114,437
Convertible preferred stock, fair value				$ 1,100,000
Series B Redeemable Convertible Preferred Stock \| IPO
Lessee Lease Description [Line Items]
Conversion of redeemable convertible preferred stock to common stock ratio								100.00%

Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 69,724	$ 66,841
Short term investments	37,078	66,979
Long term investments	19,933	50,464
Fair Value on Recurring \| Cash
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	40,270	35,690
Fair Value on Recurring \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	15,954	15,661
Fair Value on Recurring \| Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	0	490
Short term investments	6,928	23,387
Long term investments	4,575	6,888
Fair Value on Recurring \| Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	13,500	15,000
Fair Value on Recurring \| Corporate Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	25,675	34,991
Long term investments	12,722	40,435
Fair Value on Recurring \| Municipal Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	1,283	2,365
Long term investments	650	1,081
Fair Value on Recurring \| Government and Agency Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	3,192	6,236
Long term investments	$ 1,986	$ 2,060

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Note 12. Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands except for share and per share amounts):


	December 31,
	2021			2020			2019
Numerator:
Net loss	$	(89,945	)	$	(76,849	)	$	(36,980	)
Denominator:
Weighted average common shares outstanding		29,718,506			29,176,232			19,031,940
Net loss per share, basic and diluted	$	(3.03	)	$	(2.63	)	$	(1.94	)

The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	December 31,
	2021		2020		2019
Stock options issued and outstanding		5,571,293		4,790,327		2,393,934
Performance stock options		675,000		675,000		—
		6,246,293		5,465,327		2,393,934

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,976	$ 1,059	$ 356
Additions for tax positions taken in a prior year	0	0	168
Additions for tax positions taken in a current year	1,273	917	535
Ending balance	$ 3,249	$ 1,976	$ 1,059

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.

Basis of Presentation

The accompanying consolidated financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the instructions of the SEC on Form 10-K through the rules and interpretive releases of the SEC under federal securities law.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of common stock prior to the initial public offering, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.

Foreign Currency Translation and Transactions

The functional currency of the Company’s wholly-owned subsidiary is the Australian Dollar. Its financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity.

Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations and comprehensive income.

Risk and Uncertainties

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, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. On January 25, 2022, the Company received a letter from the FDA Division of Neurology 1 placing a full clinical hold on atuzaginstat (COR388) IND. Other divisions of the FDA may impose a clinical hold on atuzaginstat (COR388) as the Company explores other indications for this drug, or otherwise limit the Company’s ability to proceed with other clinical programs in the Company's pipeline, which could have a materially adverse impact on the Company.

In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing therapeutics. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. All long-lived assets are maintained in the United States of America.

Cash, Cash Equivalents and Investments

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Investments with a maturity beyond twelve months from the balance sheet date are classified as long-term investments. Collectively, cash equivalents, short-term investments and long-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive loss in the consolidated statements of operations and included as a separate component of consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit). Realized gains and losses are included in interest income in the consolidated statements of operations and comprehensive loss.

Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the statements of operations and comprehensive loss.

Property and Equipment, Net

Property and equipment are stated at cost and reduced by accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization begin at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.

The useful lives of property and equipment are as follows:


Computer equipment	3 years
Lab equipment	5 years
Finance lease right of use assets	Shorter of estimated useful life or lease term
Leasehold improvement	Shorter of estimated useful life or lease term
Office furniture	3 years

Concentration of Credit Risk

Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, repurchase agreements, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are highly credit worthy and in highly rated investments.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment charge would be recorded when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows or other appropriate measures of fair value.

The Company did not recognize any impairment charges for the years ended December 31, 2021, 2020 and 2019.

Leases

The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) as of January 1, 2019 using the modified retrospective method. The results for years ended December 31, 2021, 2020, and 2019 are presented under ASC 842. The Company also elected the package of practical expedients under the transition guidance that will retain the historical lease classification and initial direct costs for any leases that existed prior to adoption of the new guidance and the practical expedient to not separate lease and non-lease components.

The Company determines if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. The Company applies a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. The Company recognizes the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and product development employees. Also included are non-personnel costs such as professional fees payable to third parties for preclinical and clinical studies and research services, laboratory supplies and equipment maintenance, product licenses, and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with contract research organizations (“CROs”) that conduct and manage preclinical and clinical studies and research services on its behalf. Expenses related to clinical studies are based on estimates of the services received and efforts expended pursuant to contracts with many research institutions, clinical research organizations and other service providers that conduct and manage clinical studies on our behalf. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee or unit price. Payments under the contracts are mainly driven by time and materials incurred by these service providers. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Expenses related to clinical studies are generally recorded based on the timing of when services that have been performed on the Company’s behalf by the service providers, clinical trial budgets and in accordance with the contracts and related amendments. The determination of timing involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify the timing of when services that

have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The Company periodically confirms the accuracy of estimates with the service providers and makes adjustments if necessary. Examples of estimated clinical expenses include:

•

fees paid to Contract Research Organizations, or CROs, in connection with clinical studies;

•

fees paid to investigative sites in connection with clinical studies;

•

fees paid to contract manufacturers in connection with the production of clinical study materials; and

•

fees paid to vendors in connection with preclinical development activities.

If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the prepaid or accrual accordingly. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred.

Patent Costs

The Company has no historical data to support a probable future economic benefit for the arising patent applications, filing and prosecution costs. Therefore, patent costs are expensed as incurred.

Stock-Based Compensation

The Company accounts for stock-based compensation arrangements with employees in accordance with Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. Stock-based awards granted include stock options with service-based vesting. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all stock-based payments. The Company’s determination of the fair value of stock options with service-based vesting on the date of grant utilizes the Black-Scholes option-pricing model and is impacted by its common stock price as well as other variables including: but not limited to, expected term that options will remain outstanding, expected common stock price volatility over the term of the option awards, risk-free interest rates and expected dividends. The fair value of a stock-based award is recognized over the period during which an optionee is required to provide services in exchange for the option award, known as the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense is recognized based on the fair value determined on the date of grant and is reduced for forfeitures as they occur. The Company uses a Monte Carlo Simulation model to estimate the grant date fair value of stock option awards with market-based performance conditions.

Redeemable Convertible Preferred Stock

The Company recorded all shares of convertible preferred stock at their respective fair values less issuance costs on the dates of issuance. The convertible preferred stock was recorded outside of stockholders’ equity (deficit) because, in the event of certain deemed liquidation events considered not solely within the Company’s control, such as a merger, acquisition and sale of all or substantially all of the Company’s assets, the convertible preferred stock will become redeemable at the option of the holders. Additionally, holders with 60% of majority had the right to demand redemption on or after May 23, 2025. In the event of a change of control of the Company, proceeds received from the sale of such shares would have been distributed in accordance with the liquidation preferences set forth in the Company’s Amended and Restated Certificate of Incorporation unless the holders of convertible preferred stock had converted their shares of convertible preferred stock into shares of common stock. The Company determined not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such an event would occur. In connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding as of December 31, 2021.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the consolidated financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with

the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company includes any penalties and interest expense related to income taxes as a component of other expense and interest expense, net, as necessary.

Comprehensive Income (Loss)

The Company is required to report all components of comprehensive income (loss), including net loss, in the consolidated financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and circumstances from non-owner sources. The Company had unrealized gain from its available-for-sale securities during the years ended December 31, 2020 and 2019 and an unrealized loss from its available-for sale securities and cumulative translation adjustment during the year ended December 31, 2021, which are considered other comprehensive income (loss).

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents of potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, warrants and common stock options are considered to be potentially dilutive securities. Because the Company reported a net loss for the years ended December 31, 2021, 2020 and 2019, and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for both periods.

Recent Accounting Pronouncements Adopted

In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the consolidated financial statements by focusing on requirements that clearly communicate the most important information to users of the consolidated financial statements. The Company adopted this effective January 1, 2020. The adoption of this pronouncement did not have a material impact on its consolidated financial statements or disclosures.

In August 2018, the FASB issued Accounting Standards Update ("ASU") No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)”: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted the standard prospectively on January 1, 2020. The adoption of this pronouncement did not have a material impact on its consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

The following are new accounting pronouncements that the Company is evaluating for future impacts on its consolidated financial statements:

Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a Smaller Reporting Company as defined by the SEC, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements.

ASU 2021-10, Disclosures by Business Entities about Government Assistance In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832)," which requires business entities to disclose information about transactions with a

government that are accounted for by applying a grant or contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions within scope, the new standard requires the disclosure of information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for annual reporting periods beginning after December 15, 2021. The Company is evaluating the impact of the guidance on its financial statements.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis

The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands):


	December 31,
	2021		2020
Cash and cash equivalents:
Cash	$	40,270	$	35,690
Money market funds		15,954		15,661
Repurchase agreements		13,500		15,000
Certificates of deposit		—		490
Total cash and cash equivalents	$	69,724	$	66,841

Short-term investments:
Certificates of deposit	$	6,928	$	23,387
Municipal notes		1,283		2,365
Corporate notes		25,675		34,991
Government and agency notes		3,192		6,236
Total short-term investments	$	37,078	$	66,979

Long-term investments
Corporate notes	$	12,722	$	40,435
Certificates of deposit		4,575		6,888
Municipal notes		650		1,081
Government and agency notes		1,986		2,060
Total long-term investments	$	19,933	$	50,464

Summary of Available-for-Sale Securities

The following table summarizes the available-for-sale securities (in thousands):


	Fair Value Measurements at December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	15,954	$	—	$	—		$	15,954
Certificates of Deposit		11,511		12		(20	)		11,503
Repurchase Agreements		13,500		—		—			13,500
Corporate notes		38,470		6		(79	)		38,397
Government and agency notes		5,195		—		(17	)		5,178
Municipal notes		1,934		—		(1	)		1,933
Total cash equivalents and investments	$	86,564	$	18	$	(117	)	$	86,465

Classified as:
Cash equivalents (maturities within 90 days)								$	29,454
Short-term investments (maturities within one year)									37,078
Long-term investments (maturities beyond 1 year)									19,933
Total cash equivalents and investments								$	86,465


	Fair Value Measurements at December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	15,661	$	—	$	—		$	15,661
Certificates of Deposit		30,603		162		—			30,765
Repurchase Agreements		15,000		—		—			15,000
Corporate notes		75,298		183		(55	)		75,426
Government notes		8,274		22		—			8,296
Commercial Paper		3,445		1		—			3,446
Total cash equivalents and investments	$	148,281	$	368	$	(55	)	$	148,594

Classified as:
Cash equivalents (maturities within 90 days)								$	31,151
Short-term investments (maturities within one year)									66,979
Long-term investments (maturities beyond 1 year)									50,464
Total cash equivalents and investments								$	148,594

Equity Incentive Plans - Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Service Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	87.56%	86.69%	80.19%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 years 2 months 23 days	6 years 2 months 23 days	6 years 3 months
Risk-free interest rate	1.15%	0.80%	1.90%
Market Based Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility		95.00%
Expected term (in years)		10 years
Risk-free interest rate		0.90%

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands except for share and per share amounts):


	December 31,
	2021			2020			2019
Numerator:
Net loss	$	(89,945	)	$	(76,849	)	$	(36,980	)
Denominator:
Weighted average common shares outstanding		29,718,506			29,176,232			19,031,940
Net loss per share, basic and diluted	$	(3.03	)	$	(2.63	)	$	(1.94	)

Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share


	December 31,
	2021		2020		2019
Stock options issued and outstanding		5,571,293		4,790,327		2,393,934
Performance stock options		675,000		675,000		—
		6,246,293		5,465,327		2,393,934

Equity Incentive Plans - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) Installment shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance \| shares	6,271,669	7,217,640	6,271,669
Total intrinsic value of options exercised	$ 6,697,000	$ 22,512,000	$ 6,697,000	$ 887,000
Weighted average grant date fair value of options granted \| $ / shares		$ 25.66	$ 31.21	$ 11.11
Total estimated grant date fair value of options vested		$ 31,800,000	$ 10,500,000	$ 1,200,000
Stock-based compensation expense related to options granted		29,853,000	$ 14,470,000	2,056,000
Income tax benefits recognized		0
Unamortized employee stock-based compensation		$ 79,300,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period		2 years 10 months 17 days
Dividend yield		0.00%
Arithmetic Average
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term		10 years
Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised		$ 0
Weighted average grant date fair value of options granted \| $ / shares			$ 14.90
Stock-based compensation expense related to options granted		3,713,000	$ 203,000
Unamortized employee stock-based compensation		$ 6,100,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period		1 year 9 months 18 days
Options granted \| shares	675,000
Number of installments \| Installment	2
Number of consecutive trading days	45 days
Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		$ 26,140,000	$ 14,267,000	$ 2,056,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan \| shares		7,388,054
Increase in number of shares available for issuance as proportion of shares of common stock \| shares		2,146,354
Percentage of common stock outstanding		4.00%
Common stock reserved for issuance \| shares		138,926
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock \| shares		536,589
Percentage of common stock outstanding		1.00%
Common stock reserved for issuance \| shares		832,421
Maximum period for common stock shares reserved for future issuance		10 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Legal Matters

The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any pending or threatened litigation.

Indemnification

As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31, 2021 and 2020.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Note 10. Related Party Transactions

As described in Note 1, on February 10, 2020, the Company issued and sold shares of common stock at a purchase price of $50.00 per share in a private placement. In the private placement, the Company issued and sold 30,000 shares of common stock for an aggregate purchase price of $1,500,000 to an entity affiliated with David A. Lamond, Chairman of the Company’s Board of Directors.

In the first quarter of 2021, the Company entered into two agreements with LifeSci Advisors, LLC for non-capital advisory consulting services. The Company’s Interim Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, Christopher Lowe, has an investment in a sister entity to LifeSci Advisors, LLC whose business is unrelated to the services being offered by LifeSci Advisors, LLC to the Company. For the year ended December 31, 2021, the Company has incurred total expenses of $586,000 related to these agreements. This is recorded in general and administrative expenses included in the Consolidated Statements of Operations and Comprehensive Loss.

Common Stock and Common Stock Warrant (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Future Issuance

The Company had reserved shares of common stock for future issuance as follows:


	December 31,
	2021		2020
Options issued and outstanding under the 2019 Stock Plan		6,246,293		5,465,327
Shares available for issuance under 2019 Stock Plan		138,926		269,353
Shares available for issuance under the Employee Stock Purchase Plan		832,421		536,989
Total		7,217,640		6,271,669

Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 5: Balance Sheet Components

Prepaid Expenses and Other Current Assets

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


	December 31,
	2021		2020
Prepaid expenses	$	333	$	274
Prepaid insurance		1,144		964
Prepaid research and development expenses		1,899		2,110
Australia research and development refundable tax credit		1,128		—
Other current assets		367		694
Total prepaid expenses and other current assets	$	4,871	$	4,042

Cortexyme Australia, Pty, Ltd, is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure has been incurred, the amount can be reliably measured and that the Australian Tax Incentive will be received. The Company recognized reductions to R&D expense of $1.1 million, $0 million, and $0 million for the years ended December 31, 2021, 2020, and 2019 respectively.

Property and equipment, net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2021			2020
Computer equipment	$	53		$	33
Lab equipment		528			405
Finance lease right of use assets		557			557
Leasehold improvement		58			21
Office furniture		26			26
Less: accumulated amortization and depreciation		(959	)		(615	)
Property and equipment, net	$	263		$	427

Depreciation expense for property and equipment was $344,000, $332,000 and $188,000 for the years ended December 31, 2021, 2020, and 2019, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expense and other current liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Personnel expenses	$	820	$	2,415
Professional fees		462		141
Research and development expenses		7,108		10,603
Current portion of operating lease liabilities		741		238
Other		180		44
Total accrued expenses and other current liabilities	$	9,311	$	13,441

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 6. Leases

Real Estate Operating Leases

In June 2018, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $1.1 million in exchange for the leased facility. No other payments were due under the lease. The common area maintenance and other operating costs are included in the base rent. 100% of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36th of the total shares are released from the repurchase option until all shares are released over the lease period of three years. The scheduled release of shares ceased immediately upon the IPO which was a terminating event.

The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1-for-1 basis and the operating lease liability was extinguished.

In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $63,000 for the additional space and the lease agreement will terminate in July 2021. No other payments are due under the lease agreement and no renewal option is available. As the entire lease is prepaid, there is no associated lease liability.

In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company will pay rent monthly for the additional space and the lease agreement will terminate in July 2021. The Company recorded an operating lease asset and liability of $172,000.

In May 2021, the Company entered into a third amendment to the lease agreement to extend the term of its existing facility space to July 15, 2022 under the same terms as its existing facility lease except the terms of payment. The lease amendment provides for one-year extension period under the same terms. The Company paid a security deposit of $105,000, which is included in Other Assets on the December 31, 2021 consolidated balance sheets. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $1.2 million. In the same agreement, the Company also agreed to rent additional space effective July 16, 2021 for a period of 12 months. The lease amendment provides for one-year extension period and is included in the lease term as it is reasonably certain that the Company will exercise the option. The Company recognized an additional right of use asset and corresponding lease liability of $44,000 in July 2021. Total payments under the third amendment to the lease including the additional space will be $1.3 million.

In May 2020, the Company entered into a lease agreement to rent space in San Diego, California for our clinical operations team. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $337,000. The Company paid a security deposit of $29,000 and is included in Other Assets on our December 31, 2021 consolidated balance sheets. At the commencement of the lease, the Company recorded an operating lease asset of $326,000, which consists of an operating lease liability of $317,000 and cash rent prepayment of $9,000. The Company recognizes lease expense on a straight-line basis over the term of its operating lease.

The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of December 31, 2021, total future rent expense from all real estate operating leases of $1.1 million will be recognized over the remaining terms of 19 months on a straight-line basis over the respective lease period.

Clinical Equipment Operating Lease

The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. As of December 31, 2021 the lease expense has been fully recognized.

Clinical Equipment Financing Lease

The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreements and determined that they contain embedded finance leases. The Company recognizes the depreciation expense in research and development expenses in the statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term ranging from 20 to 34 months. Depreciation expense of the financing lease right of use asset for the years ended December 31, 2021, 2020, and 2019 were $220,000, $230,000, and $107,000, respectively.

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	December 31, 2021			December 31, 2020
Operating lease right of use asset, net	$	1,165		$	674
Short-term operating lease liability		741			238
Long-term operating lease liability		420			208
	$	1,161		$	446

Finance lease right of use asset		557			557
Finance lease accumulated amortization		(557	)		(337	)
Total finance lease right of use asset, net	$	—		$	220

Weighted average remaining lease term
Operating leases	1.6 years			1.6 years
Finance leases	— years			0.9 years

Weighted average discount rate
Operating leases		1.87	%		2.10	%
Finance leases		—	%		—	%

Year ended December 31,	Operating Lease
2022		757
2023		422
Total lease payments		1,179
Less: imputed interest		(18	)
Total remaining lease liability		1,161

Lease costs for the years ended December 31, 2021, 2020, and 2019 were approximately:


	Years ended December 31,
	2021		2020		2019
Lease costs:
Finance lease amortization of right of use assets	$	220	$	230	$	107
Operating lease costs		729		578		374
Short-term lease costs		66		92		11
Total lease costs	$	1,015	$	900	$	492

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 69,724,000	$ 66,841,000
Short term investments	37,078,000	66,979,000
Prepaid expenses and other current assets	4,871,000	4,042,000
Total current assets	111,673,000	137,862,000
Property and equipment, net	263,000	427,000
Operating lease right-of-use assets, net	1,165,000	674,000
Long term investments	19,933,000	50,464,000
Other assets	194,000	39,000
Total assets	133,228,000	189,466,000
Current liabilities:
Accounts payable	4,911,000	3,555,000
Accrued expenses and other current liabilities	9,311,000	13,441,000
Total current liabilities	14,222,000	16,996,000
Long-term operating lease liabilities	420,000	208,000
Total liabilities	14,642,000	17,204,000
Commitments and contingencies (See Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of December 31, 2021 and 2020, respectively
Common stock, $0.001 par value, 100,000,000 shares authorized, 30,074,412 and 29,543,222 issued and outstanding as of December 31, 2021 and 2020, respectively	30,000	29,000
Additional paid in capital	355,234,000	318,574,000
Accumulated other comprehensive income (loss)	(79,000)	313,000
Accumulated deficit	(236,599,000)	(146,654,000)
Total stockholders’ equity	118,586,000	172,262,000
Total liabilities and stockholders’ equity	$ 133,228,000	$ 189,466,000

Equity Incentive Plans - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 29,853	$ 14,470	$ 2,056
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	14,792	7,441	1,378
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 15,061	$ 7,029	$ 678

Related Party Transactions - Additional Information (Details)		1 Months Ended	12 Months Ended
	Feb. 10, 2020 USD ($) $ / shares shares	Feb. 29, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 31, 2021 Agreement
LifeSci Advisors, LLC \| Non Capital Advisory Consulting Services [Member]
Related Party Transaction [Line Items]
Number of agreement with related parties \| Agreement				2
Related party expenses			$ 586,000
Private Placement
Related Party Transaction [Line Items]
Agreement date		Feb. 10, 2020
Issuance of stock (in shares) \| shares		2,500,000
Proceeds from issuance of common stock		$ 125,000,000.0
Offering price per share \| $ / shares		$ 50.00
Private Placement \| David A. Lamond
Related Party Transaction [Line Items]
Agreement date	Feb. 10, 2020
Issuance of stock (in shares) \| shares	30,000
Proceeds from issuance of common stock	$ 1,500,000
Offering price per share \| $ / shares	$ 50.00

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (89,945)	$ (76,849)	$ (36,980)
Denominator
Weighted average common shares outstanding	29,718,506	29,176,232	19,031,940
Net loss per share - basic and diluted	$ (3.03)	$ (2.63)	$ (1.94)

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

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	30,074,412	29,543,222
Common stock, shares outstanding	30,074,412	29,543,222

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 60,795	$ 61,307	$ 30,214
General and administrative	29,523	17,586	8,954
Total operating expenses	90,318	78,893	39,168
Loss from operations	(90,318)	(78,893)	(39,168)
Interest income	620	2,044	2,188
Other expense	(247)	0	0
Net loss	(89,945)	(76,849)	(36,980)
Other comprehensive income / (loss):
Foreign currency translation adjustments	20	0	0
Unrealized gain / (loss) on available for sales securities	(412)	253	109
Total comprehensive loss	$ (90,337)	$ (76,596)	$ (36,871)
Net loss per share - basic and diluted	$ (3.03)	$ (2.63)	$ (1.94)
Weighted average shares of common stock outstanding - basic and diluted	29,718,506	29,176,232	19,031,940

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income taxes

The components of the Company's loss before income taxes were as follows (in thousands):


	Year ended December 31,
	2021			2020			2019
United States	$	(87,907	)	$	(76,849	)	$	(36,980	)
International		(2,038	)		—			—
Total	$	(89,945	)	$	(76,849	)	$	(36,980	)

The Company did not record a provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019.

The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year ended December 31,
	2021				2020				2019
Federal statutory income tax rate		21.00		%		21.00		%		21.00		%
State income taxes		0.96				0.55			-1.12
Income tax credits		2.17				2.14				3.67
Stock based compensation		1.68				0.44				(0.13	)
Non-deductible expenses and others		0.26				—				(0.25	)
Change in valuation allowance		(26.07	)			(24.13	)			(23.17	)
		—		%		—		%		—		%

As of December 31, 2021 and 2020, the components of the Company’s deferred tax assets are as follows (in thousands):


	Year ended December 31,
	2021			2020
Deferred tax asset:
Federal and State net operating loss carryforwards	$	44,933		$	28,072
Stock based compensation		6,853			2,633
Other accruals		396			566
Tax credits		6,737			3,928
Gross deferred tax asset		58,919			35,199
Valuation allowance		(58,611	)		(35,034	)
Total deferred tax assets		308			165
Deferred tax liabilities:
Property and equipment		(5	)		(14	)
Capitalized leases		(303	)		(151	)
Gross deferred tax liabilities		(308	)		(165	)
Net deferred tax assets	$	—		$	—

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards.

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance has been established and no deferred tax asset is shown in the accompanying balance sheets. The valuation allowance increased by approximately $23.6 million and $18.5 million and $8.5 million respectively for the years ended December 31, 2021, 2020, and 2019.

At December 31, 2021, the Company has federal net operating loss carryforwards of approximately $207.9 million of which $192.0 million will not expire and $15.8 million begin expiring in 2034. The Company also has state net operating loss carryforwards of approximately $16.3 million which begin to expire in 2034. Additionally, the Company has federal tax credits of approximately $8.0 million which begin to expire in 2036 and state tax credits of approximately $2.3 million which do not expire.

At December 31, 2021 and 2020, the Company had foreign net operating loss carryforwards of approximately $0.6 million and $0 million, respectively, which have no expiration date.

Use of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to the ownership change provisions of U.S. tax law and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before use.

Pursuant to the Internal Revenue Code, as amended (the “Code”) Sections 382 and 383, annual use of a company’s NOL and research and development credit carryforwards may be limited if there is a cumulative change in ownership of greater than 50% within a three-year period. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. If limited, the related tax asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. The Company has completed such an analysis pursuant to Sections 382 and 383 through December 31, 2020 and determined there was a change in control with an immaterial impact on the NOL available to offset future taxable income. The Company has reviewed the shareholder activity for the year ended December 31, 2021 and believe that no additional limitations have occurred.

Uncertain Tax Positions

The Company follows the provisions of the FASB ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in the consolidated financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. No liability related to uncertain tax positions is recorded in the consolidated financial statements due to the fact the liabilities have been netted against deferred attribute carryovers. It is the Company’s policy to include penalties and interest related to income tax matters in income tax expense

The Company is subject to taxation in the United States and Australia. Because of the net operating loss and research credit carryforwards, all of the Company’s tax years, from 2013 to 2021, remain open to U.S. federal, California, other state tax, and Australia examinations. There were no interest or penalties accrued at December 31, 2021, 2020, and 2019. The Company does not expect that our uncertain tax positions will materially change in the next twelve months. The additional uncertain tax benefits would not impact our effective tax rate to the extent that we continue to maintain a full valuation allowance against our deferred tax assets.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Beginning balance	$	1,976	$	1,059	$	356
Additions for tax positions taken in a prior year		—		—		168
Additions for tax positions taken in a current year		1,273		917		535
Ending balance	$	3,249	$	1,976	$	1,059

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. The Company reviewed the aspects of this law as it relates to income taxes and concluded that the CARES Act did not have a material impact to the Company’s 2020 provision for income taxes.

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.

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Compensation And Retirement Disclosure [Abstract]

Balance Sheet Components - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Reductions in research and development expense	$ 1,100,000	$ 0	$ 0
Depreciation	$ 344,000	$ 332,000	$ 188,000

Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Employee Benefit Plan

Note 13. Employee Benefit Plan

The Company sponsors a 401(k) defined contribution plan for its employees. This plan provides for pre-tax and post-tax contributions for all employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to this plan, as limited by an annual maximum amount as determined by the Internal Revenue Service. The Company may match employee contributions, and may make profit sharing contributions, in amounts to be determined at the Company’s sole discretion. The Company made no contributions to the plan for the years ended December 31, 2021, 2020, and 2019, respectively.

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment shares	Jul. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	May 31, 2020 USD ($)	May 13, 2019 shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
Operating lease asset	$ 1,165,000	$ 44,000	$ 674,000	$ 172,000
Short-term operating lease liability	741,000		238,000
Long-term operating lease liabilities	420,000		208,000
Accumulated deficit	$ (236,599,000)		$ (146,654,000)
Percentage of holders demanded on redemption of stock	60.00%
IPO
Summary Of Significant Accounting Policies [Line Items]
Conversion of redeemable convertible preferred stock to common stock \| shares	18,161,027				18,161,027
Convertible redeemable preferred stock, shares outstanding \| shares	0		0
Accounting Standards Update 2018-03
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Accounting Standards Update 2018-15
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false

Cash, Cash Equivalents and Investments - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 86,564	$ 148,281
Unrealized Gains	18	368
Unrealized Losses	(117)	(55)
Financial assets and liabilities	86,465	148,594
Cash equivalents (maturities within 90 days)	29,454	31,151
Short-term investments (maturities within one year)	37,078	66,979
Long-term investments (maturities beyond 1 year)	19,933	50,464
Total cash equivalents and investments	86,465	148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,954	15,661
Financial assets and liabilities	15,954	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	11,511	30,603
Unrealized Gains	12	162
Unrealized Losses	(20)
Financial assets and liabilities	11,503	30,765
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	13,500	15,000
Financial assets and liabilities	13,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	38,470	75,298
Unrealized Gains	6	183
Unrealized Losses	(79)	(55)
Financial assets and liabilities	38,397	75,426
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,195	8,274
Unrealized Gains		22
Unrealized Losses	(17)
Financial assets and liabilities	5,178	8,296
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,934
Unrealized Losses	(1)
Financial assets and liabilities	$ 1,933
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		3,445
Unrealized Gains		1
Financial assets and liabilities		$ 3,446

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Personnel expenses	$ 820	$ 2,415
Professional fees	462	141
Research and development expenses	7,108	10,603
Current portion of operating lease liabilities	741	238
Other	180	44
Total accrued expenses and other current liabilities	$ 9,311	$ 13,441

Common Stock and Common Stock Warrant - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Total	7,217,640	6,271,669
Options Issued And Outstanding Under The 2019 Stock Plan
Class Of Stock [Line Items]
Total	6,246,293	5,465,327
Shares Available for Issuance Under 2019 Stock Plan
Class Of Stock [Line Items]
Total	138,926	269,353
Shares Available for Issuance Under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total	832,421	536,989

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

On February 1, 2022, the Board of Directors (the "Board") accepted the resignation of Casey C. Lynch as the chairperson of the board and as the president and Chief Executive Officer, effective as of January 28, 2022. As of the effective date of her resignation Ms. Lynch held 26,294 options that were unvested and would have vested in February 2022. In connection with Ms. Lynch’s resignation, the Board agreed to accelerate the vesting of the remaining 26,294 options, and extend the exercise period on 574,206 vested options currently held to January 28, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $604,000.

On February 1, 2022, the Board accepted the resignation of Stephen S. Dominy M.D. as a director on the Board and as the Chief Scientific Officer, effective as of January 28, 2022. As of the effective date of his resignation Dr. Dominy held 9,230 options that were unvested and would have vested in February 2022. In connection with Dr. Dominy's resignation, the Board agreed to accelerate the vesting of the remaining 9,230 options, and extend the exercise period on 315,659 vested options currently held to January 28, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $326,250.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Deferred tax asset	$ 0	$ 0
Valuation allowances increased	23,600	18,500	$ 8,500
Liability related to uncertain tax positions	0
Interest or penalties accrued	$ 0	0	$ 0
Earliest Tax Year \| California State Tax Examinations
Income Taxes [Line Items]
Open tax year	2013
Latest Tax Year \| California State Tax Examinations
Income Taxes [Line Items]
Open tax year	2021
U.S. Federal
Income Taxes [Line Items]
Operating loss carryforwards	$ 207,900
Operating loss carryforwards, not subject to expiration	192,000
Operating loss carryforwards, subject to expiration	$ 15,800
Operating loss carryforwards begin to expire	2034
Tax credit carryforwards	$ 8,000
Tax credits carryforwards begin to expire	2036
U.S. Federal \| Earliest Tax Year
Income Taxes [Line Items]
Open tax year	2013
U.S. Federal \| Latest Tax Year
Income Taxes [Line Items]
Open tax year	2021
State
Income Taxes [Line Items]
Operating loss carryforwards	$ 16,300
Operating loss carryforwards begin to expire	2034
Tax credit carryforwards	$ 2,300
Foreign Tax Authority [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 600	$ 0
Internal Revenue Code
Income Taxes [Line Items]
Period of cumulative change in ownership	3 years
Minimum \| Internal Revenue Code
Income Taxes [Line Items]
Cumulative change in ownership percentage	50.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Presentation

Use of Estimates

Foreign Currency Translation and Transactions

Risk and Uncertainties

Segments

Cash, Cash Equivalents and Investments

Property and Equipment, Net

The useful lives of property and equipment are as follows:


Computer equipment	3 years
Lab equipment	5 years
Finance lease right of use assets	Shorter of estimated useful life or lease term
Leasehold improvement	Shorter of estimated useful life or lease term
Office furniture	3 years

Concentration of Credit Risk

Impairment of Long-Lived Assets

The Company did not recognize any impairment charges for the years ended December 31, 2021, 2020 and 2019.

Leases

Research and Development Expenses

•

fees paid to Contract Research Organizations, or CROs, in connection with clinical studies;

•

fees paid to investigative sites in connection with clinical studies;

•

fees paid to contract manufacturers in connection with the production of clinical study materials; and

•

fees paid to vendors in connection with preclinical development activities.

Patents Costs

Patent Costs

The Company has no historical data to support a probable future economic benefit for the arising patent applications, filing and prosecution costs. Therefore, patent costs are expensed as incurred.

Stock-Based Compensation

Redeemable Convertible Preferred Stock

Income Taxes

The Company includes any penalties and interest expense related to income taxes as a component of other expense and interest expense, net, as necessary.

Comprehensive Income (Loss)

Net Loss per Share

Recently Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Not Yet Adopted

The following are new accounting pronouncements that the Company is evaluating for future impacts on its consolidated financial statements:

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Dec. 31, 2021	Jul. 31, 2021	Dec. 31, 2020	May 31, 2020	May 31, 2019
Leases [Abstract]
Operating lease right-of-use assets, net	$ 1,165,000	$ 44,000	$ 674,000	$ 172,000
Short-term operating lease liability	$ 741,000		$ 238,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Long-term operating lease liabilities	$ 420,000		$ 208,000
Operating lease liability	1,161,000		446,000	172,000	$ 0
Finance lease right of use asset	557,000		557,000
Finance lease accumulated amortization	$ (557,000)		(337,000)
Total finance lease right of use asset, net			$ 220,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent		Other Assets Noncurrent
Weighted average remaining lease term
Operating leases	1 year 7 months 6 days		1 year 7 months 6 days
Finance leases			10 months 24 days
Weighted average discount rate
Operating leases	1.87%		2.10%
Finance leases	0.00%
2022	$ 757,000
2023	422,000
Total lease payments	1,179,000
Less: imputed interest	(18,000)
Operating lease liability	$ 1,161,000		$ 446,000	$ 172,000	$ 0

Common Stock and Common Stock Warrant

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock and Common Stock Warrant

Note 8. Common Stock and Common Stock Warrant

Equity Transactions

On December 23, 2021, the Company entered into an Open Market Sales Agreement, with Jefferies LLC ("Jefferies"), whereby the Company may sell up to $150.0 million in aggregate proceeds of common stock from time to time, through Jefferies as our sales agent. During the year ended December 31, 2021, the Company had not sold any shares of common stock under this agreement.

Common Stock

The Company had reserved shares of common stock for future issuance as follows:


	December 31,
	2021		2020
Options issued and outstanding under the 2019 Stock Plan		6,246,293		5,465,327
Shares available for issuance under 2019 Stock Plan		138,926		269,353
Shares available for issuance under the Employee Stock Purchase Plan		832,421		536,989
Total		7,217,640		6,271,669

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of any preferred stock that may be outstanding at the time. The Company has never declared any dividends on common stock. As of December 31, 2021 and 2020, the Company had 30,074,412 and 29,543,222 shares of common stock issued and outstanding, respectively.

Common Stock Warrant

In June 2014, in connection with a research grant and license agreement, the Company issued a warrant to purchase 27,941 shares of common stock at $0.03 per share. The grant date estimated fair value of such warrants was insignificant. The warrant was immediately exercisable and expires in June 2024. The warrant was fully exercised in May 2019.

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

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Schedule of Loss Before Income Taxes

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (959)	$ (615)
Property and equipment, net	263	427
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	53	33
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	528	405
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Property and equipment	557	557
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment	58	21
Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment	$ 26	$ 26

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

The components of the Company's loss before income taxes were as follows (in thousands):


	Year ended December 31,
	2021			2020			2019
United States	$	(87,907	)	$	(76,849	)	$	(36,980	)
International		(2,038	)		—			—
Total	$	(89,945	)	$	(76,849	)	$	(36,980	)

Schedule of Provision for Income Taxes Differs From the Amount Expected by Applying the Federal Statutory Rate to Loss Before Taxes

The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year ended December 31,
	2021				2020				2019
Federal statutory income tax rate		21.00		%		21.00		%		21.00		%
State income taxes		0.96				0.55			-1.12
Income tax credits		2.17				2.14				3.67
Stock based compensation		1.68				0.44				(0.13	)
Non-deductible expenses and others		0.26				—				(0.25	)
Change in valuation allowance		(26.07	)			(24.13	)			(23.17	)
		—		%		—		%		—		%

Schedule of Components of Deferred Tax Assets

As of December 31, 2021 and 2020, the components of the Company’s deferred tax assets are as follows (in thousands):


	Year ended December 31,
	2021			2020
Deferred tax asset:
Federal and State net operating loss carryforwards	$	44,933		$	28,072
Stock based compensation		6,853			2,633
Other accruals		396			566
Tax credits		6,737			3,928
Gross deferred tax asset		58,919			35,199
Valuation allowance		(58,611	)		(35,034	)
Total deferred tax assets		308			165
Deferred tax liabilities:
Property and equipment		(5	)		(14	)
Capitalized leases		(303	)		(151	)
Gross deferred tax liabilities		(308	)		(165	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Beginning balance	$	1,976	$	1,059	$	356
Additions for tax positions taken in a prior year		—		—		168
Additions for tax positions taken in a current year		1,273		917		535
Ending balance	$	3,249	$	1,976	$	1,059

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	6,246,293	5,465,327	2,393,934
Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	5,571,293	4,790,327	2,393,934
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	675,000	675,000	0

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 86,465	$ 148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	15,954	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	11,503	30,765
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	13,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	38,397	75,426
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	5,178	8,296
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,933
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities		3,446
Level 1
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	15,954	15,661
Level 1 \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	15,954	15,661
Level 2
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	70,511	132,933
Level 2 \| Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	11,503	30,765
Level 2 \| Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	13,500	15,000
Level 2 \| Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	38,397	75,426
Level 2 \| Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	5,178	8,296
Level 2 \| Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 1,933
Level 2 \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities		$ 3,446

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) $ in Thousands	Jan. 28, 2023	Feb. 01, 2022
Casey C. Lynch
Subsequent Event [Line Items]
Options unvested, would have vested	26,294	26,294
Vested options	574,206
Stephen S. Dominy
Subsequent Event [Line Items]
Options unvested, would have vested	9,230	9,230
Vested options	315,659
Employee Severance \| Casey C. Lynch
Subsequent Event [Line Items]
Severance Costs		$ 604,000
Employee Severance \| Stephen S. Dominy
Subsequent Event [Line Items]
Severance Costs		$ 326,250

Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2021