0001628280-22-013306 | 10-Q | XBRL Viewer | Neoleukin Therapeutics INC

Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,446	$ 2,420
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,264	1,018
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,182	$ 1,402

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Stock-based Compensation Expense

Stock-based compensation expense is classified in the condensed statements of operations as follows:


(in thousands)	Three Months Ended March 31,
	2022		2021
Research and development expenses	$	1,264	$	1,018
General and administrative expenses	1,182		1,402
Total stock-based compensation expense	$	2,446	$	2,420

Schedule of Weighted Average Assumptions

The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Three Months Ended March 31,
	2022		2021
Expected volatility	83.18	%	89.68	%
Expected dividends	0	%	0	%
Expected terms (years)	6.07		6.06
Risk free rate	1.95	%	0.61	%

Schedule of Stock Option Activity

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2021	8,963,945	$	7.20	8.32	$	6,912
Options granted	715,500	$	2.46
Options exercised	(36,500)	$	3.67
Options cancelled/forfeited	(1,345,024)	$	8.52
Outstanding at March 31, 2022	8,297,921	$	6.60	8.27	$	28
Exercisable as of March 31, 2022	3,341,197	$	5.71	7.38	$	—

Summary of RSU Activity

A summary of the Company’s RSU activity and related information for the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	132,000	$	9.97
Restricted stock units granted	700,000	$	3.69
Restricted stock units vested	—	$	—
Restricted stock units forfeited	(122,000)	$	4.95
Non-vested at March 31, 2022	710,000	$	4.64

Cash, cash equivalents, and restricted cash - Additional Information (Details) $ in Millions	Mar. 31, 2022 USD ($)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash deposit	$ 0.9

Summary of significant accounting policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Expected dividends	0.00%	0.00%
Prefunded Warrants
Lessee, Lease, Description [Line Items]
Outstanding pre-funded warrants (in shares)	12,663,010	12,663,010
Money market funds
Lessee, Lease, Description [Line Items]
Money market funds	$ 126.9		$ 140.9
Maximum \| Office space
Lessee, Lease, Description [Line Items]
Lease term	12 months

Net loss per share - Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	9,053,182	7,062,599
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	8,297,921	6,891,578
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	710,000	148,500
Shares issuable under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	45,261	22,521

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	42,493,971	42,457,471
Common stock, shares outstanding (in shares)	42,493,971	42,457,471
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance, beginning (in shares) at Dec. 31, 2020		42,196,296
Balance, beginning at Dec. 31, 2020	$ 191,216		$ 524,022	$ (332,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercises of stock options (in shares)	91,737	91,737
Shares issued upon exercises of stock options	$ 282		282
Shares issued upon vesting of restricted stock units (in shares)		38,000
Shares issued upon vesting of restricted stock units	0
Stock-based compensation	2,420		2,420
Net loss	(14,950)			(14,950)
Balance, ending (in shares) at Mar. 31, 2021		42,326,033
Balance, ending at Mar. 31, 2021	178,968		526,724	(347,756)
Balance, beginning (in shares) at Dec. 31, 2021		42,457,471
Balance, beginning at Dec. 31, 2021	$ 142,864		536,362	(393,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercises of stock options (in shares)	36,500	36,500
Shares issued upon exercises of stock options	$ 134		134
Stock-based compensation	2,446		2,446
Net loss	(15,351)			(15,351)
Balance, ending (in shares) at Mar. 31, 2022		42,493,971
Balance, ending at Mar. 31, 2022	$ 130,093		$ 538,942	$ (408,849)

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Equity - Summary of Nonvested Restricted Stock Unit Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Shares
Non-vested, beginning balance (in shares) \| shares	132,000
Restricted stock units granted (in shares) \| shares	700,000
Restricted stock units vested (in shares) \| shares	0
Restricted stock units forfeited (in shares) \| shares	(122,000)
Non-vested, ending balance (in shares) \| shares	710,000
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 9.97
Restricted stock units granted (in dollars per share) \| $ / shares	3.69
Restricted stock units vested (in dollars per share) \| $ / shares	0
Restricted stock units forfeited (in dollars per share) \| $ / shares	4.95
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 4.64

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2022, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2022.
Use of estimates and assumptions	Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization and depreciation of property, plant and equipment and intangible assets, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.
Leases	Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of March 31, 2022. For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components. For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term.
Fair value of financial instruments	Fair value of financial instrumentsThe carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, approximate their fair values because of their nature and/or short maturities.
Net loss per share	Net loss per shareBasic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income and are excluded in the calculation of diluted net loss per share in periods of net loss as their inclusion would be anti-dilutive.
Accounting for stock-based compensation	Accounting for stock-based compensation The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and Employee Stock Purchase Plan purchases. The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group. The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant.
Recently issued and recently adopted accounting standards	Recently issued and recently adopted accounting standardsThe Company monitors and evaluates the issuance of Accounting Standards Updates ("ASUs"). No ASUs have been issued recently which impact the Company's financial statements and disclosures.

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 128,057	$ 142,467
Other current assets	2,308	1,522
Total current assets	130,365	143,989
Property and equipment, net	6,227	6,452
Operating lease right-of-use assets	10,516	10,766
Intangible asset, net	73	128
Other non-current assets	1,945	1,928
Total assets	149,126	163,263
Current liabilities
Accounts payable and accrued liabilities	6,325	7,415
Operating lease liabilities	1,216	1,166
Finance lease liabilities	55	55
Total current liabilities	7,596	8,636
Non-current operating lease liabilities	11,371	11,696
Non-current finance lease liabilities	66	67
Total liabilities	19,033	20,399
Stockholders’ equity
Common stock - $0.000001 par value - authorized, 100,000,000 as of March 31, 2022 and December 31, 2021; issued and outstanding, 42,493,971 as of March 31, 2022 and 42,457,471 as of December 31, 2021.	0	0
Preferred stock - $0.000001 par value - authorized, 5,000,000 as of March 31, 2022 and December 31, 2021; issued and outstanding, 0 as of March 31, 2022 and December 31, 2021.	0	0
Additional paid-in capital	538,942	536,362
Accumulated deficit	(408,849)	(393,498)
Total stockholders’ equity	130,093	142,864
Total liabilities and stockholders’ equity	$ 149,126	$ 163,263

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jan. 15, 2020 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($) ft² option	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Tenant improvements (up to)	$ 9,500
Increase in lease liability			$ (275)	$ 104
Operating lease right-of-use assets			10,516		$ 10,766
Finance lease right-of-use assets			$ 200		$ 200
Washington \| Office space, principal executive offices and laboratory
Lessee, Lease, Description [Line Items]
Square feet of office space leased \| ft²			33,300
Number of option to extend leases \| option			2
Lease agreement extended period			5 years
Washington \| Office Space, additional offices and laboratory
Lessee, Lease, Description [Line Items]
Square feet of office space leased \| ft²			6,272
Lease agreement extended period			28 months
Increase in right-of-use asset		$ 1,600
Increase in lease liability		$ 1,600

Leases	3 Months Ended
Leases	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. The execution of this amendment was accounted for as a modification to the lease due to the extension of the lease term and an increase in lease payments, and the Company recorded an increase in the lease liability and related right-of-use asset of $1.6 million. As of March 31, 2022, and December 31, 2021, the Company’s operating lease right-of-use assets were $10.5 million and $10.8 million, respectively. As of March 31, 2022, and December 31, 2021, the Company’s finance lease right-of-use assets, included within property and equipment on the condensed balance sheets, were $0.2 million and $0.2 million, respectively.
Leases	Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. The execution of this amendment was accounted for as a modification to the lease due to the extension of the lease term and an increase in lease payments, and the Company recorded an increase in the lease liability and related right-of-use asset of $1.6 million. As of March 31, 2022, and December 31, 2021, the Company’s operating lease right-of-use assets were $10.5 million and $10.8 million, respectively. As of March 31, 2022, and December 31, 2021, the Company’s finance lease right-of-use assets, included within property and equipment on the condensed balance sheets, were $0.2 million and $0.2 million, respectively.

Net Loss per share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net loss per share

Net loss per shareThe Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	Three Months Ended March 31,
	2022	2021
Outstanding stock options	8,297,921	6,891,578
Restricted stock units	710,000	148,500
Shares issuable under 2020 ESPP	45,261	22,521
	9,053,182	7,062,599

Equity - Schedule of Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Expected volatility	83.18%	89.68%
Expected dividends	0.00%	0.00%
Expected terms (years)	6 years 25 days	6 years 21 days
Risk free rate	1.95%	0.61%

Nature of operations	3 Months Ended
Nature of operations	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operationsNeoleukin Therapeutics, Inc. (“Neoleukin” or “the Company”) is a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using de novo protein design technology. Neoleukin uses sophisticated computational methods to design proteins that demonstrate specific pharmaceutical properties that provide potentially superior therapeutic benefit over native proteins.

Cash, cash equivalents, and restricted cash (Tables)

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed balance sheets that sum to the total of the same such amounts shown in the condensed statements of cash flows:


(in thousands)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	128,057	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	128,935	$	143,345

Restrictions on Cash and Cash Equivalents


(in thousands)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	128,057	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	128,935	$	143,345

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share

The Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	Three Months Ended March 31,
	2022	2021
Outstanding stock options	8,297,921	6,891,578
Restricted stock units	710,000	148,500
Shares issuable under 2020 ESPP	45,261	22,521
	9,053,182	7,062,599

Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

(a)Common stock and pre-funded warrants

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.000001 as of March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the total number of shares of common stock issued and outstanding was 42,493,971 and 42,457,471, respectively.

As of March 31, 2022, the Company had pre-funded warrants outstanding to purchase an aggregate of 12,663,010 shares of common stock. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote on any matter except to the extent required by Delaware law.

On November 4, 2021, the Company entered into an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The offer and sale of the shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus filed on December 11, 2020, and declared effective by the SEC on December 21, 2020, as supplemented by a prospectus supplement dated November 4, 2021. The Company has no obligation to sell any such shares under the Sales Agreement. Through March 31, 2022, no sales of common stock have been made pursuant to the Sales Agreement.

(b)Stock-based compensation expense

Stock-based compensation expense is classified in the condensed statements of operations as follows:


(in thousands)	Three Months Ended March 31,
	2022		2021
Research and development expenses	$	1,264	$	1,018
General and administrative expenses	1,182		1,402
Total stock-based compensation expense	$	2,446	$	2,420

Total unrecognized compensation expense for all stock-based compensation plans was $25.8 million as of March 31, 2022. This expense is expected to be recognized over a weighted average remaining vesting period of 2.63 years.

The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Three Months Ended March 31,
	2022		2021
Expected volatility	83.18	%	89.68	%
Expected dividends	0	%	0	%
Expected terms (years)	6.07		6.06
Risk free rate	1.95	%	0.61	%

(c)Stock options

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2021	8,963,945	$	7.20	8.32	$	6,912
Options granted	715,500	$	2.46
Options exercised	(36,500)	$	3.67
Options cancelled/forfeited	(1,345,024)	$	8.52
Outstanding at March 31, 2022	8,297,921	$	6.60	8.27	$	28
Exercisable as of March 31, 2022	3,341,197	$	5.71	7.38	$	—

During the three months ended March 31, 2022, 36,500 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $0.1 million. During the three months ended March 31, 2021, 91,737 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $1.0 million. The weighted-average grant date fair value of options granted during the three months ended March 31, 2022 and March 31, 2021 was $1.75 and $9.43 per share, respectively.

(d)Restricted stock units

A summary of the Company’s RSU activity and related information for the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	132,000	$	9.97
Restricted stock units granted	700,000	$	3.69
Restricted stock units vested	—	$	—
Restricted stock units forfeited	(122,000)	$	4.95
Non-vested at March 31, 2022	710,000	$	4.64

(e)Employee stock purchase plan

The Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”) was adopted by the Company’s Board of Directors in March 2020 and approved by the Company’s stockholders in May 2020. A total of 759,936 shares of common stock have been reserved for issuance under the 2020 ESPP.

Subject to share and dollar limits as described in the plan, the 2020 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their earnings for the purchase of shares of the Company’s common stock at the lower of 85% of the closing price of the Company’s common stock on the first trading day of the offering period or 85% of the closing price of the Company’s common stock on the last trading day of the offering period. There are two six-month offering periods during each fiscal year, ending on May 15 and November 15.

As of March 31, 2022, $0.2 million of employee contributions are included in accounts payable and accrued liabilities in the accompanying condensed balance sheet.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	8,963,945
Options granted (in shares)	715,500
Options exercised (in shares)	(36,500)	(91,737)
Options cancelled/ forfeited (in shares)	(1,345,024)
Outstanding, ending balance (in shares)	8,297,921		8,963,945
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.20
Options granted (in dollars per share)	2.46
Options exercised (in dollars per share)	3.67
Options cancelled/forfeited (in dollars per share)	8.52
Outstanding, ending balance (in dollars per share)	$ 6.60		$ 7.20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted Average Remaining Contractual Life (in Years)	8 years 3 months 7 days		8 years 3 months 25 days
Outstanding, Aggregate Intrinsic Value (in Thousands)	$ 28		$ 6,912
Exercisable, Number of Shares (in shares)	3,341,197
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.71
Exercisable, Weighted Average Remaining Contractual Life (in Years)	7 years 4 months 17 days
Exercisable, Aggregate Intrinsic Value (in Thousands)	$ 0

Cash, cash equivalents, and restricted cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 128,057	$ 142,467
Restricted cash	878	878
Total cash, cash equivalents, and restricted cash	$ 128,935	$ 143,345	$ 179,269	$ 193,434

Cash, cash equivalents, and restricted cash

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cashRestricted cash, included in other non-current assets in the condensed balance sheets, includes $0.9 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credit related to its lease obligations.


(in thousands)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	128,057	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	128,935	$	143,345

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating expenses
Research and development	$ 10,701	$ 9,707
General and administrative	4,664	5,241
Total operating expenses	15,365	14,948
Other income (loss), net	14	(2)
Net loss	$ (15,351)	$ (14,950)
Net loss per share – basic (in dollars per share)	$ (0.28)	$ (0.27)
Net loss per share – diluted (in dollars per share)	$ (0.28)	$ (0.27)
Basic weighted average common shares outstanding (in shares)	55,143,537	54,944,421
Diluted weighted average common shares outstanding (in shares)	55,143,537	54,944,421

Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) offering $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Nov. 04, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.000001		$ 0.000001
Common stock, shares issued (in shares)	42,493,971		42,457,471
Common stock, shares outstanding (in shares)	42,493,971		42,457,471
Percentage of outstanding stock per stockholder, maximum	9.99%
Percentage of outstanding stock per stockholder, not to exceed	19.99%
Warrants, notice period for nominal cash consideration	61 days
Unrecognized stock-based compensation cost \| $	$ 25.8
Unrecognized stock-based compensation cost, weighted-average period recognized	2 years 7 months 17 days
Shares issued upon exercises of stock options (in shares)	36,500	91,737
Aggregate intrinsic value of options exercised \| $	$ 0.1	$ 1.0
Weighted average grant date fair value for options granted in period (in dollars per share) \| $ / shares	$ 1.75	$ 9.43
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance under employee stock purchase plan (in shares)	759,936
Accrued employee benefits \| $	$ 0.2
Shares issuable under 2020 ESPP \| 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP max contribution rate	15.00%
ESPP, purchase price of common stock, percent of market price	85.00%
ESPP number of offerings per year \| offering	2
ESPP offering period	6 months
Equity Offering Sales Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price \| $				$ 40.0
Prefunded Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding pre-funded warrants (in shares)	12,663,010	12,663,010
Exercise price of pre-funded warrants (in dollars per share) \| $ / shares	$ 0.000001

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies (a)Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2022, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2022. (b)Use of estimates and assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization and depreciation of property, plant and equipment and intangible assets, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates. (c)Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of March 31, 2022. For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components. For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term. (d)Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, approximate their fair values because of their nature and/or short maturities. At March 31, 2022, and December 31, 2021, the Company had $126.9 million and $140.9 million in money market funds, respectively. Money market funds are level one financial instruments as they are valued at the closing price reported by the fund sponsor from an actively traded exchange. (e)Net loss per share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income and are excluded in the calculation of diluted net loss per share in periods of net loss as their inclusion would be anti-dilutive. Outstanding pre-funded warrants as of March 31, 2022 and March 31, 2021 were 12,663,010 and are considered outstanding as of their issuance date and are included in basic and diluted net loss per share because they are fully vested and exercisable for nominal cash consideration. (f)Accounting for stock-based compensation The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and Employee Stock Purchase Plan purchases. The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group. The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant. (g)Recently issued and recently adopted accounting standards The Company monitors and evaluates the issuance of Accounting Standards Updates ("ASUs"). No ASUs have been issued recently which impact the Company's financial statements and disclosures.

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (15,351)	$ (14,950)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,446	2,420
Depreciation and amortization	411	247
Amortization of operating lease right-of-use assets	250	265
Changes in operating assets and liabilities:
Other current assets and other non-current assets	(803)	(813)
Accounts payable and accrued liabilities	(769)	(631)
Operating lease liabilities	(275)	104
Net cash used in operating activities	(14,091)	(13,358)
Investing activities
Purchase of property and equipment	(452)	(1,089)
Net cash used in investing activities	(452)	(1,089)
Financing activities
Proceeds from exercise of stock options	134	282
Payment on finance lease obligations	(1)	0
Net cash provided by financing activities	133	282
Net change in cash, cash equivalents, and restricted cash during the period	(14,410)	(14,165)
Cash, cash equivalents, and restricted cash, beginning of period	143,345	193,434
Cash, cash equivalents, and restricted cash, end of period	128,935	179,269
Supplemental disclosure of non-cash investing and financing activities:
Operating lease liabilities arising from obtaining ROU asset	0	1,584
Purchases of property and equipment unpaid at period-end	$ 91	$ 794