0000950170-22-004927 | 10-K | XBRL Viewer | Monte Rosa Therapeutics INC

Description of Business, Contribution and Exchange, and Liquidity

1. Description of business, contribution and exchange, and liquidity

Business

Monte Rosa Therapeutics, Inc. is a biopharmaceutical company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these combined and consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Therapeutics Securities Corp. The Company was incorporated in Delaware in November 2019 and is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland.

Contribution and exchange

Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in November 2019. In 2020, Monte Rosa Therapeutics, Inc. and Monte Rosa Therapeutics AG, entities under common control since the incorporation of Monte Rosa Therapeutics, Inc., consummated a contribution and exchange agreement, or the Contribution and Exchange, whereby Monte Rosa Therapeutics, Inc. acquired the net assets and shareholdings of Monte Rosa Therapeutics AG via a one-for-one exchange of equity between Monte Rosa Therapeutics, Inc. and the shareholders of Monte Rosa Therapeutics AG in a common control reorganization. Accordingly, the historical financial information has been retrospectively adjusted to include the historical results and financial position of Monte Rosa Therapeutics, Inc. combined with Monte Rosa Therapeutics AG’s historical results and financial position, after the elimination of all intercompany accounts and transactions.

Reverse Stock Split

The Company's board of directors approved a one-for-3.5305 reverse stock split of its issued and outstanding common stock and stock options and a proportional adjustment to the existing conversion ratios for the Company's preferred stock effective as of June 17, 2021. Accordingly, all share and per share amounts for all periods presented in the financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split.

Initial Public Offering

In June 2021 the Company completed its initial public offering, or IPO, and issued an aggregate of 11,700,000 shares of common stock at a price to the public of $19.00 per share. The Company received aggregate net proceeds from the IPO of $203.6 million, after deducting underwriting discounts and commissions of $15.6 million and offering costs of $3.1 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase an additional 1,755,000 shares. In July 2021, the underwriters exercised the option in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $31.0 million after deducting underwriter discounts and commissions of $2.3 million.

Immediately prior to consummation of the IPO, all outstanding shares of the Company's Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock. The Company's common stock began trading on the Nasdaq Global Select Market on June 24, 2021 under the symbol “GLUE”.

Risks and uncertainties

The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, the successful discovery and development of its product candidates, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing.

Liquidity considerations

Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares.

The Company’s continued discovery and development of its product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

As of December 31, 2021, the Company had an accumulated deficit of $122.0 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $74.0 million and $35.9 million for the years ended December 31, 2021 and 2020, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash and cash equivalents of $351.4 million as of December 31, 2021 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the combined and consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations.

Coronavirus pandemic

The coronavirus, or COVID-19, pandemic has spread worldwide, and has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny and other measures. The outbreak and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The future progression of the outbreak and its effects on the Company’s business and operations are uncertain. To date, our operations have not been significantly impacted by the COVID-19 pandemic.

The actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations causing interruptions or delays in the Company’s programs and services.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying combined and consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in combination or consolidation.

Use of estimates

The preparation of the combined and consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, the

Company evaluates its estimates, including those related to accrued research and development expenses, other long-lived assets, pension benefit obligation, stock- based compensation and the valuation of deferred tax assets. The Company bases its estimates using historical experience, Company forecasts and future plans, current economic conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources and adjusts those estimates and assumptions when facts and circumstances dictate.

Currency and currency translation

The combined and consolidated financial statements are presented in U.S. dollars, the Company’s reporting currency. The functional currency of the Company’s wholly owned subsidiary, Monte Rosa Therapeutics AG, is the U.S. dollar. Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the functional currency are included in foreign currency exchange loss, net in the combined and consolidated statements of operations.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value and may include money market funds, U.S. Treasury and U.S. government-sponsored agency securities, corporate debt, commercial paper and certificates of deposit. The Company’s cash equivalents at December 31, 2021 and 2020 consist of bank demand deposits and money market fund investments.

The Company had restricted cash of $5.3 million as of December 31, 2021, primarily related to security deposits on its leases for offices in Boston, Massachusetts. The Company had restricted cash of $1.2 million as of December 31, 2020, primarily related to security deposits on its operating lease for its office in Boston, Massachusetts and funds reserved for a corporate credit card facility in Switzerland.

Concentrations of credit risk and off-balance sheet risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. The Company has invested in cash and cash equivalents at December 31, 2021 and 2020, held in a financial institution that management believes is creditworthy. These deposits may exceed federally insured limits. The Company has not experienced any losses historically in these accounts and believes it in not exposed to significant credit risk in its cash and cash equivalents. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements.

Fair value of financial instruments

Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

Property and equipment

Property and equipment are stated at cost, subject to adjustments for impairments, less accumulated depreciation. Purchased assets that are not yet in service are classified as construction-in-process and no depreciation expense is recorded. Depreciation is calculated using the straight-line method over the useful life of the asset as follows:


Asset	Estimated useful life
Laboratory equipment	Five years
Computer hardware	Three years
Furniture and fixtures	Five Years
Leasehold Improvements	Shorter of useful life or remaining lease term

Maintenance and repairs that do not improve or extend the life of the respective asset are expensed as incurred. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations. Leasehold improvements are amortized over the shorter of the useful life or remaining term of the lease.

Impairment of long-lived assets

The Company evaluates whether current facts or circumstances indicate that the carrying values of its long-lived assets may not be recoverable. If such facts or circumstances are determined to exist, an estimate of the undiscounted future cash flows of these assets is compared to the carrying value the assets to determine whether impairment exists. If the assets are determined to be impaired, the loss is measured based on the difference between the fair value and carrying value of the assets. No material impairment losses were recorded during the years ended December 31, 2021 or 2020.

Research and development expenses

Research and development costs are expensed as incurred. The Company’s research and development expenses consist primarily of costs incurred for the research and development of its product candidates and include expenses incurred under agreements with consultants to conduct preclinical and non-clinical studies, costs to acquire supplies for preclinical studies, salaries and related personnel costs, including stock-based compensation, depreciation and other allocated facility-related and overhead expenses.

Accrued research and development costs

The Company records accruals for estimated costs of discovery research activities and preclinical studies. A portion of the Company’s research and development activities are conducted by third-party service providers. The financial terms of these contracts are subject to negotiation, which vary by contract and may result in payments that do not match the periods over which materials or services are provided. The Company accrues the costs incurred under the agreements based on an estimate of actual work completed in accordance with the agreements. In the event the Company makes advance payments for goods or services that will be used or rendered for future research and development activities, the payments are deferred and capitalized as a prepaid expense and recognized as expense as the goods are received or the related services are rendered. Such payments are evaluated for current or long-term classification based on when they are expected to be realized. If the Company does not identify costs that have begun to be incurred or if the Company underestimates or overestimates the level of services performed or the costs of these services, actual expenses could differ from the Company’s estimates.

Preferred stock tranche obligations

Included in the terms of the Series A and Series B Preferred Stock Purchase Agreements were certain rights, or Tranche Rights, granted to the investors who purchased the Series A and Series B Preferred. The Series A Tranche Rights gave the investor the option to purchase up to an aggregate of 15,000,000 additional shares of Series A Preferred at $1.00 per share. The Series B Tranche Rights gave investors the option to purchase up to an aggregate of 24,000,000 shares of Series B Preferred at $2.00 per share. The Company concluded that both the Series A and the Series B Tranche Rights met the definition of a freestanding financial instrument, as the Series A and Series B Tranche Rights were legally detachable and separately exercisable from the Series A and Series B Preferred. At initial recognition, the Company recorded these Series A and Series B Tranche Rights as a liability on the balance sheets at its estimated fair value. The Series A and Series B Preferred Stock Tranche Obligations are subject to remeasurement at each balance sheet date, with changes in fair value recognized in

changes in fair value of Preferred Stock Tranche Obligations on the Company’s combined and consolidated statements of operations and comprehensive loss.

Stock-based compensation

Stock-based compensation expense related to stock options granted to employees, directors and non-employees is recognized based on the grant-date estimated fair values of the awards using the Black-Scholes option pricing model, or Black-Scholes. Stock-based compensation expense related to restricted stock granted to employees and non-employees is recognized based on the grant-date fair value of the Company’s common stock. The value is recognized as expense ratably over the requisite service period, which is generally the vesting term of the award. The Company adjusts the expense for actual forfeitures as they occur. Stock-based compensation expense is classified in the accompanying combined and consolidated statements of operations based on the function to which the related services are provided.

Income taxes

The Company uses the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company assesses the likelihood of deferred tax assets being realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible.

The Company files U.S. federal and state income tax returns, as well as Swiss income tax returns. The Company’s tax positions are subject to audit. Financial statement effects of uncertain tax positions are recognized when it is more likely than not, based on the technical merits of the position, that it will be sustained upon examination. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. To date, the Company has not been subject to any interest and penalties.

Defined pension benefit obligation

The Company maintains a mandatory pension for its employees in Switzerland through affiliation with the Swiss Life Collective BVG Foundation. All benefits in accordance with the regulations are reinsured in their entirety with Swiss Life Ltd within the framework of the corresponding contract. This plan is considered to be a defined benefit plan under GAAP.

The Company recognizes an asset for the plan’s overfunded status or a liability for the plan’s underfunded status in its consolidated balance sheets. Additionally, the Company measures the plan’s assets and obligations that determine its funded status as of the end of the year and recognizes the change in the funded status within the combined and consolidated statements of operations and comprehensive loss.

The Company uses an actuarial valuation to determine its pension benefit costs and credits. The amounts calculated depend on a variety of key assumptions, including discount rates and expected return on plan assets. Details of the assumptions used to determine the net funded status are described in Note 11. The Company’s pension plan assets are assigned to their respective levels in the fair value hierarchy in accordance with the valuation principles described in the Fair Value of Financial Instruments section above.

Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker, or CODM, in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its chief executive officer. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions.

Comprehensive loss

Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s other comprehensive loss includes adjustments to unrecognized pension benefit costs for Monte Rosa Therapeutics AG. For the years ended December 31, 2021 and 2020, the Company incurred other comprehensive loss of $1.0 million and $1.1 million, respectively.

Recently issued accounting pronouncements

The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act).

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, or ASU 2016-02, with guidance regarding the accounting for and disclosure of leases. The update requires lessees to recognize the liabilities related all leases, including operating leases, with a term greater than 12 months on the balance sheet. This update also requires lessees and lessors to disclose key information about their leasing transactions. In July 2018, the FASB issued ASU No. 2018-10 and 2018-11, which further clarifies the application of the guidance issued under ASU No. 2016-02 and provides updates to transition methods and practical expedients. ASU 2018-11 provides optional transition method which allows entities to adopt ASC 842 without restating prior periods. This standard is effective for annual reporting periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022.

The Company has completed its initial assessment of the impact of the new leasing standard on the Company's financial statements and internal controls, including its evaluation of key policy elections. The Company intends to adopt the new standard and related amendments under the modified retrospective approach as of January 1, 2022. Under this method, the Company is allowed to record a cumulative effect adjustment to the opening balance sheet of retained earnings in the period of adoption and not restate prior periods. Additionally, the Company expects to elect the transitional practical expedients such that the Company will not reassess whether contracts are leases and will retain lease classification and initial direct costs for leases existing prior to the adoption of the new standard. The Company also expects to make the following transitional practical expedients elections: (1) elect the short term lease exception, (2) not elect hindsight and (3) elect to not separate its nonlease components for its real estate leases. While substantially complete, the Company is still in the process of finalizing its evaluation of the effect of ASC 842 on the Company’s financial statements, disclosures, and internal controls. The Company estimates its total assets and total liabilities on the consolidated balance sheet will increase by approximately $6.0 million to $8.0 million due to the recognition of right-of-use assets and lease liabilities upon adoption, net of the impact of eliminating existing deferred rent liabilities related to its leasing arrangements. This estimated range is based on the Company's current lease portfolio but could be impacted by changes to the lease portfolio, including the total number of leases, lease commencement and end dates and lease termination expectations, as well as changes in anticipated lease incremental borrowing rates.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021. This impact of adopting ASU 2019-12 will not have a material impact on the consolidated financial statements.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that

continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on the financial statements and disclosures.

Fair value measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair value measurements

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


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	317,004	$	—	$	—	$	317,004
Pension plan assets(1)		—		3,796		—		3,796
Total assets measured at fair value	$	317,004	$	3,796	$	—	$	320,800


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	38,712	$	—	$	—	$	38,712
Pension plan assets(1)		—		1,217		—		1,217
Total assets measured at fair value	$	38,712	$	1,217	$	—	$	39,929
Current liabilities
Preferred stock tranche obligation	$	—	$	—	$	19,680	$	19,680
Total liabilities measured at fair value	$	—	$	—	$	19,680	$	19,680

(1)

The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund.

Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

The Company’s Series B Preferred Stock Tranche Obligation is measured at fair value using a Black-Scholes option pricing valuation methodology. The fair value of Series B Preferred Stock Tranche Obligation includes inputs not observable in the market and thus represents a Level 3 measurement. The option pricing valuation methodology utilized requires inputs based on certain subjective assumptions, including (i) expected stock price volatility, (ii) calculation of an expected term, (iii) a risk-free interest rate, and (iv) expected dividends. The assumptions utilized to value the Series B Preferred Stock Tranche Obligation as of December 31, 2020 were (i) expected stock price volatility of 93%; (ii) remaining term of 1.7 years; (iii) a risk-free interest rate of 0.12%; and (iv) an expectation of no dividends. The assumptions utilized to value the Series B Preferred Stock Tranche Obligation just prior to settlement were (i) expected stock price volatility of 26%; (ii) remaining term 0.003 years; (iii) a risk-free rate of 0.04%; and (iv) an expectation of no dividends. The Series B Preferred Stock Tranche Obligation was extinguished in February 2021 upon the issuance of the Series B Preferred Stock. Immediately prior to the issuance of the Series B Preferred Stock in February 2021, the Company adjusted the carrying value of the liability to its estimated fair value of $20.6 million.

The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Amount
Balance at January 1, 2020	$	—
Issuance of Preferred Stock Tranche Obligation		12,000
Change in fair value		7,680
Balance at December 31, 2020		19,680
Change in fair value		960
Settlement of Preferred Stock Tranche Obligation		(20,640	)
Balance at December 31, 2021	$	—

There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2021 or 2020.

Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, net

4. Property and equipment, net

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


	December 31,
	2021			2020
Laboratory equipment	$	12,315		$	5,205
Furniture and fixtures		443			—
Computer hardware and software		299			27
Leasehold improvements		1,119			—
Construction in process		852			—
Total property and equipment, at cost	$	15,028		$	5,232
Less: accumulated depreciation		(2,703	)		(609	)
Property and equipment, net	$	12,325		$	4,623

Depreciation expense for the years ended December 31, 2021 and 2020 was $2.1 million and $0.5 million, respectively. During the year ended December 31, 2021 the Company recorded gross fixed asset disposals of $0.1 million. The accumulated depreciation related to the disposed assets was immaterial.

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2021

Accounts Payable And Accrued Liabilities Current [Abstract]

Accrued expenses and other current liabilities

5. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Compensation and benefits	$	4,303	$	1,129
Accrued research and development		4,937		—
Other		840		1,400
Total other current liabilities	$	10,080	$	2,529

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and contingencies

Operating lease agreements

The Company leases facilities in Boston, Massachusetts under an operating lease through March 2026, and Basel, Switzerland under an operating lease through April 2024. Rent expense for the years ended December 31, 2021 and 2020 was $2.3 million and $1.1 million, respectively. In 2020, the Company entered into an agreement to lease a new facility in Boston commencing in March 2021 and moved into the new facility in April 2021.

On December 14, 2021, the Company entered into a non-cancelable lease agreement for 63,327 square feet of office and laboratory space to support its expanding operations. The term of the Lease will commence on April 1, 2022, and the Company’s obligation to pay rent will begin upon the earlier of (a) eight (8) months following the commencement date and (b) the date which is two (2) months following the date which Company completes its tenant improvements. The initial term of the lease is 128 months following the Commencement Date. The annual base rent under the Lease is $95.00 per square foot for the first year, which is subject to scheduled annual increases of 3%, plus certain costs, operating expenses and property management fees. The Company has the

option to extend the Lease once for (5) five-years upon notice to the Landlord at least one (1) year prior to the end of the then-current term. The Company also has the option to sublet the Premises on the terms and conditions set forth in the Lease.

Future minimum lease payments under the Company’s non–cancelable operating leases as of December 31, 2021 were as follows (in thousands):


2022	$	3,160
2023		8,353
2024		8,583
2025		8,820
2026		7,298
Thereafter		44,784
Total future minimum lease payments	$	80,998

License, collaboration and investment agreements

In April 2018, the Company entered into license, collaboration and investment agreements with Cancer Research Technology Limited, or CRT, and The Institute of Cancer Research, or the ICR, for the purpose of development in the field of cereblon-mediated protein degradation (the “License and Collaboration”). Pursuant to the License and Collaboration, CRT and the ICR granted the Company an exclusive and non-exclusive, worldwide, and sublicensable licenses under CRT’s and the ICR’s intellection property rights in the field of cereblon mediated protein degradation to discover, research, develop, have developed, use, keep, make, have made, market, import, offer for sale, and sell products in the field of cereblon-mediated protein degradation.

In consideration for the rights granted under the License Agreement, the Company issued an aggregate of 1,132,984 common shares to CRT, the ICR and affiliated founding scientists pursuant to the Formation and Investment Agreement and paid CRT a technology access fee. The License Agreement will remain effective until terminated by written agreement between the Company, CRT and the ICR.

Upon execution of the License and Collaboration, the Company paid an immaterial access fee which was expensed to research and development in 2018. The research program conducted with the ICR with respect to cereblon-mediated protein degradation was completed as of December 31, 2020. However, the License and Collaboration Agreement continues until it is otherwise terminated under the terms and conditions stated within the agreement. The Company’s research and development expenses under the License and Collaboration Agreement for activities conducted by the ICR were immaterial for the year ended December 31, 2021 and $1.2 million for the year ended December 31, 2020. Accounts payable in the consolidated balance sheets for research services and external costs under the License and Collaboration Agreement due to the ICR was $0.6 million as of December 31, 2020. No amounts were payable as of December 31, 2021.

The Company is further obligated to make milestone payments for achieving certain clinical progression events, aggregating up to $7 million for the first product candidate and $3.5 million for each subsequent product candidate. In addition, the Company is further required to pay low single-digit royalties on net sales for each product successfully developed and commercialized in the field of cereblon-mediated protein degradation under the terms of the License and Collaboration on a country by country basis until the later of (i) the date when the manufacture, use, offer for sale, sale or importation of a product is no longer covered by a valid claim in the country of sale, use or manufacture; (ii) ten years from the first commercial sale of such product in the relevant country; and (iii) the expiry of any extended exclusivity period granted with respect to an orphan drug designation, pediatric designation or other exclusivity in the relevant country.

The License and Collaboration will remain effective until (i) the termination by either the Company or the ICR and CRT upon the bankruptcy or uncured breach of the other party, (ii) by the ICR and CRT if the Company should abandon all discovery, development and commercialization efforts for all products covered under the License and Collaboration; (iii) by the Company if it is determined the continued development of products covered under the License and Collaboration would be commercially unreasonable, scientifically unviable, illegal, unethical or impossible, with a 90-day notification period; or (iv) for any/no reason by written agreement of the Company and the ICR and CRT.

Indemnification

The Company, as permitted under Delaware law and in accordance with its certification of incorporation and bylaws and pursuant to indemnification agreements with certain of its officers and directors, indemnifies its

officers and directors for certain events or occurrences, subject to certain limits, which the officer or director is or was serving at the Company’s request in such capacity.

The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services.

From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. As of December 31, 2021 and 2020, the Company was not aware of any claims under indemnification arrangements and does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible. Therefore, no related reserves have been established.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Features Of Convertible Preferred Stock [Abstract]

Convertible Preferred Stock

7. Convertible preferred stock

In April 2020, the Company authorized the sale of up to 9,635,000 shares of its Series A-2 Preferred at a price of $1.2984 per share and issued 9,627,234 shares of Series A-2 Preferred to a single investor for aggregate gross proceeds of $12.4 million.

In September 2020, the Company authorized the sale of up to 48,000,000 shares of its Series B Preferred at a price of $2.00 per share, or Series B Financing. In an initial closing in September 2020, the Company issued 24,000,000 shares of Series B Preferred to several new and existing investors for aggregate gross proceeds of $48.0 million. The Series B Financing further allowed certain purchasers of Series B Preferred the option, or the Series B Preferred Stock Tranche Obligation, to purchase up to an additional 24,000,000 shares of Series B Preferred at a price per share of $2.00, which occurred in February 2021 as described below.

The Company concluded that the Preferred Stock Tranche Obligation met the definition of a freestanding financial instrument, as it is legally detachable and separately exercisable from the Series B Preferred. Therefore, the Company allocated the proceeds received from the issuance of shares under the Series B Preferred Stock Purchase Agreement between the Preferred Stock Tranche Obligation and the Series B Preferred. The fair value of the Preferred Stock Tranche Obligation of $12.0 million on issuance was allocated from the $48.0 million proceeds of the Series B Preferred financing and was classified as a current liability on the consolidated balance sheet as of December 31, 2020 as the Series B Preferred would become redeemable upon a Deemed Liquidation Event, the occurrence of which is not within the Company’s control.

In February 2021, the Company issued 24,000,000 shares of Series B Preferred pursuant to the Preferred Stock Tranche Obligation for aggregate gross proceeds of $48.0 million less issuance costs of $0.1 million.

In March 2021, the Company authorized the sale of up to 32,054,521 shares of its Series C Preferred Stock at a price of $2.9637 per share, and issued the authorized shares of Series C Preferred to several new and existing investors for aggregate gross proceeds of $95.0 million less issuance costs of $0.2 million.

Immediately prior to consummation of the IPO, all outstanding shares of the Company’s Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock.

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

8. Equity

Undesignated Preferred Stock

The Company had 10,000,000 shares authorized of undesignated preferred stock, par value of $0.0001, of which no shares were issued and outstanding as of December 31, 2021.

Common Stock

The Company had 500,000,000 shares of common stock authorized, of which 46,794,295 shares were issued and 46,535,966 shares were outstanding at December 31, 2021.

The holders of common stock are entitled to dividends when and if declared by the board of directors, subject to the preferences applicable to outstanding shares of Convertible Preferred Stock. The board of directors has not declared any dividends and the Company has not paid any dividends.

The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders.

The Company has issued restricted stock to founders, employees and consultants, and expense for this restricted stock is recognized on a straight-line basis (see Note 9). The restricted stock generally vests monthly over 4 years.

As of December 31, 2021 and 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding Preferred Stock, the vesting of restricted stock and exercise of stock options:


	December 31,
	2021		2020
Convertible preferred stock		—		53,631,514
Options to purchase common stock		5,563,513		2,205,380
Unvested restricted common stock		258,329		495,278
		5,821,842		56,332,172

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

9. Stock-based compensation

2020 Stock incentive plan

The Company's 2020 Stock Option and Grant Plan, or the 2020 Plan, provided for the Company to grant stock options, restricted stock, and other stock awards, to employees, non-employee directors, and consultants. Upon effectiveness of the 2021 Plan (as defined below), no further issuances will be made under the 2020 plan.

2021 Stock incentive plan

The Company’s 2021 Stock Option and Incentive Plan, or the 2021 Plan, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2021 Plan was 4,903,145, which will be automatically increased on each January 1st by 5% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation, nomination and corporate governance committee. As of December 31, 2021, 3,658,193 shares of common stock were available for issuance under 2021 Plan.

2021 Employee stock purchase plan

The Company’s 2021 Employee Stock Purchase Plan, or the 2021 ESPP, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 439,849 shares of the Company’s common stock were initially reserved for issuance under the 2021 ESPP which will be automatically increased on each January 1st through January 1, 2031, by the least of (i) 439,849 shares of the Company’s common stock, (ii) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or (iii) such lesser number of shares of the Company’s common stock as determined by the plan administrator of the 2021 ESPP. As of December 31, 2021, 439,849 shares of common stock remained available for issuance under the 2021 ESPP.

Stock option activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2020		2,205,380		$	2.05		9.9	$	312
Granted		3,927,325			10.43
Exercised		(90,381	)		1.63
Forfeited		(478,811	)		2.62
Outstanding—December 31, 2021		5,563,513		$	7.92		9.2	$	70,045
Options Exercisable—December 31, 2021		538,889		$	3.76		8.6	$	8,979

The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock.

Fair value of stock option awards

The Company estimates the fair value of stock option awards on the grant date using Black-Scholes. The fair value of each award is estimated using the following assumptions:


	Year ended December 31,
	2021			2020
Expected term (years)		6.25			6.0
Expected volatility		77.75	%		75.90	%
Risk-free interest rate		1.25	%		0.53	%
Expected dividend yield		—	%		—	%

Black-Scholes requires the use of subjective assumptions which determine the fair value of stock-based awards. These assumptions include:

Expected term: The Company’s expected term represents the period that options are expected to be outstanding and is determined using the simplified method, based on the mid-point between the vesting date and the end of the contractual term as the Company does not have sufficient historical data to use any other method to estimate expected term.

Expected volatility: The Company has limited information on the volatility of stock options as the shares were not actively traded on any public markets prior to June 24, 2021. The expected volatility was derived from historical stock volatilities of comparable peer public companies within its industry based on their similarities to the Company, including life cycle stage, therapeutic focus and size over a period equivalent to the expected term of the stock-based awards.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the stock option grants.

Expected dividend: The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Restricted stock award activity

The following summarizes restricted stock activity:


	Number of shares			Weighted average grant date fair value
Unvested as of December 31, 2020		495,278		$	1.02
Vested		(236,949	)	$	1.13
Unvested as of December 31, 2021		258,329		$	0.90

The aggregate fair value of restricted stock that vested during the year ended December 31, 2021 was $5.2 million. The aggregate fair value of restricted stock that vested during the year ended December 31, 2020, was immaterial. The weighted average grant date fair value of restricted stock that vested during the year ended December 31, 2021, and 2020, was $1.13 and $0.88, respectively.

Stock-based compensation expense

Stock-based compensation expense is classified as follows (in thousands):


	Year ended December 31,
	2021		2020
Research and development	$	2,606	$	189
General and administrative		2,594		165
Total stock-based compensation expense	$	5,200	$	354

As of December 31, 2021, total unrecognized stock–based compensation cost related to unvested stock options and restricted stock awards was $25.1 million and $0.2 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 3.05 and 1.90 years, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company has incurred net operating losses for all the periods presented. The Company has not reflected the benefit of any such net operating loss carryforwards in the accompanying combined and consolidated financial statements. Domestic and foreign components of net loss are as follows (in thousands):


	Year ended December 31,
	2021			2020
United States	$	(9,884	)	$	(10,107	)
Foreign		(64,074	)		(25,772	)
Net loss	$	(73,958	)	$	(35,879	)

The effective tax rate for the years ended December 31, 2021 and 2020 is different from the federal statutory rate primarily due to the valuation allowance against deferred tax assets as a result of insufficient sources of income. The reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year ended December 31,
	2021			2020
Income tax benefit at the federal statutory rate%		21.0	%		21.0	%
State income taxes, net of federal benefit%		6.3	%		6.3	%
Research and development tax credits%		1.2	%		0.8	%
Foreign rate differential%		(6.9	)%		(5.7	)%
Adjustment related to Preferred Stock Tranche Obligation%		(0.3	)%		(4.5	)%
Other%		(1.6	)%		(0.1	)%
Change in valuation allowance%		(19.7	)%		(17.8	)%
Total%		0.0	%		0.0	%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets consisted of the following (in thousands):


	December 31,
	2021			2020
Deferred tax assets
Federal and state net operating loss carryforwards	$	14,529		$	5,810
Research and development tax credits		1,862			413
Compensation related items		1,738
Other		58			52
Total deferred tax assets	$	18,187			6,275
Less: valuation allowance		(17,777	)		(6,040	)
Total net deferred tax assets	$	410			235
Deferred tax liabilities
Defined benefit plan adjustment		(125	)		(137	)
Depreciation		(285	)		(98	)
Total deferred tax liabilities		(410	)		(235	)
Net deferred tax assets	$	—		$	—

The Company has incurred annual net operating losses in each year since inception. The Company has not reflected the benefit of any such net operating loss carryforwards in the financial statements. Due to the Company’s history of losses, and lack of other positive evidence, the Company has determined that it is more likely than not that its net deferred tax assets will not be realized, and therefore, the net deferred tax assets are fully offset by a valuation allowance at December 31, 2021 and 2020. The Company increased its valuation allowance by $23.8 million for the year ended December 31, 2021 in order to maintain a full valuation allowance against its deferred tax assets.

As of December 31, 2021, the Company had federal net operating loss carryforwards, or NOLs, of $4.3 million and federal tax credits of $1.2 million available to offset tax liabilities. The Company’s federal NOLs have an indefinite life and federal tax credit carryforwards begin to expire in 2039. The Company also had gross foreign NOLs of $102.3 million that begin to expire in 2026. The Company also had gross state NOLs of $4.1 million and state tax credits of $0.7 million which are available to offset state tax liabilities. The state NOLs begin to expire in 2039 and the state tax credit carryforwards begin to expire in 2035. Federal and state NOLs and tax credit carryforwards are also subject to annual limitations in the event that cumulative changes in the ownership interests of significant stockholders exceed 50% over a three-year period, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986. The Company has not completed an analysis to determine if the NOLs and tax credits are limited due to a change in ownership. Should there be ownership changes that occurred, the Company’s ability to utilize existing carryforwards could be substantially restricted.

The Company determines its uncertain tax positions based on whether and how much of a tax benefit taken by the Company in its tax filings is more likely than not to be sustained upon examination by the relevant income tax authorities.

There were no unrecognized tax benefits recorded as of December 31, 2021 and 2020.

The Company files income tax returns in the U.S., Switzerland and Massachusetts. The Company is not currently under examination by any taxing authority for any open tax year. Due to net operating loss carryforwards, all years remain open for income tax examination. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, or IRS, or state tax authorities to the extent utilized in a future period. No federal, foreign, or state tax audits are currently in process.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Compensation And Retirement Disclosure [Abstract]

Employee Retirement Plans

12 Months Ended

Dec. 31, 2021

Employee Retirement Plans

11. Employee retirement plans

Defined benefit plan

The Company, in compliance with Swiss Law, is contracted with the Swiss Life Collective BVG Foundation for the provision of pension benefits. All benefits are reinsured in their entirety with Swiss Life Ltd within the framework of the contract.

The technical administration and management of the savings account are guaranteed by Swiss Life on behalf of the collective foundation. Insurance benefits due are paid directly to the entitled persons by Swiss Life in the

name of and for the account of the collective foundation. The pension plan is financed by contributions of both employees and employer.

The contract between the Company and the collective foundation can be terminated by either side. In the event of a termination, the Company would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company.

The pension assets are pooled for all affiliated companies; the investment of assets is done by the governing bodies of the collective foundation or by mandated parties. The risks of disability, death and longevity are reinsured in their entirety with Swiss Life Ltd.

The following table represents the changes in benefit obligations and plan assets and the net amount recognized on the combined and consolidated balance sheets (in thousands):


	Year ended December 31,
	2021			2020
Change in benefit obligation:
Benefit obligation—beginning of period	$	2,284		$	—
Service cost employer		417			63
Contributions paid by employees		170			26
Interest cost		9			—
Contributions paid by plan participants		1,926			1,154
Benefits paid		(82	)		(15	)
Plan Amendment		(42	)		—
Actuarial loss		1,293			1,056
Benefit obligation—end of period	$	5,975		$	2,284
Change in plan assets:
Fair value of plan assets—beginning of period	$	1,217		$	—
Actual return on plan assets		226			1
Contributions paid by employer		340			51
Contributions paid by employees		175			26
Contributions paid by plan participants		1,926			1,154
Benefits paid		(85	)		(15	)
Fair value of plan assets—end of period	$	3,799			1,217
Defined benefit plan liability	$	2,176		$	1,067

The net pension costs was as follows (in thousands):


	Year ended December 31,
	2021		2020
Service cost	$	417	$	63
Net pension cost	$	417	$	63

The provision for pension benefit obligation recognized in other comprehensive loss was as follows (in thousands):


	Year ended December 31,
	2021		2020
Actuarial loss arising from experience adjustments	$	1,293	$	1,056
Defined benefit cost for the year recognized in other comprehensive loss	$	1,293	$	1,056

The assumptions used to measure the projected benefit obligation and net pension costs were as follows:


	Year ended December 31,
	2021			2020
Inflation rate%		0.50	%		0.50	%
Discount rate%		0.35	%		0.20	%
Interest rate on savings accounts%		0.45	%		0.45	%
Expected rate of return on assets%		0.45	%		0.45	%
Salary increase%		1.00	%		1.00	%
Social Security increase%		0.50	%		0.50	%
Pension increase%		0.00	%		0.00	%
Retirement age	100% Male 65 Female 64			100% Male 65 Female 64
Mortality and disability rates	BVG 2020 Table			BVG 2015 Table

Estimated benefit payments, which reflect future expected service, are expected to be paid as follows (in thousands):


	December 31,
2022	$	418
2023	$	434
2024	$	445
2025	$	452
2026	$	458
2027-2031	$	2,360

Defined contribution plan

In February 2021, the Company adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible U.S. based employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right, but is not obligated, to make additional contributions to this plan. The Company makes safe-harbor match contributions of 100% of the first 4% of each participant’s eligible compensation. The Company recorded $0.3 million and $0 matching 401(k) contribution related expense during the years ended December 31, 2021 and 2020, respectively.

The entire disclosure for retirement benefits.

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Net Loss Per Common Share

Net loss per common share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

12. Net loss per common share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Year ended December 31,
	2021			2020
Net loss	$	(73,958	)	$	(35,879	)
Net loss per share attributable to common stockholders—basic and diluted	$	(2.96	)	$	(23.65	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		25,000,124			1,516,912

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	December 31,
	2021		2020
Convertible Preferred Stock		—		53,631,514
Stock options to purchase common stock		5,563,513		2,205,380
Restricted common stock		258,329		495,278

Related Parties

12 Months Ended

Dec. 31, 2021

Related Parties

13. Related parties

Versant Ventures has been a related party since inception of the Company as an investor and member of the board of directors. The Company has a service agreement with a Versant Ventures portfolio company, Ridgeline Therapeutics GmbH, or Ridgeline. Ridgeline provided management and administrative support to facilitate start-up of the Company and provided and continues to provide research and development services. Expenses attributable to Ridgeline were recognized primarily in research and development expenses in the Company’s combined and consolidated statements of operations and comprehensive loss. The Company paid $7.8 million and $13.4 million to Ridgeline during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, the Company had $0 and $4.8 million, respectively, in accounts payable in the consolidated balance sheets associated with Ridgeline. The Company terminated such service agreement on August 9, 2021.

The Company also had a cost sharing agreement with Versant Ventures for the Company’s Chief Executive Officer. Amounts recognized as a result of this agreement are recognized in general and administrative expenses in the Company’s combined and consolidated statements of operations and comprehensive loss. The Company received $0.1 million from Versant Ventures for each of the year ended December 31, 2021 and paid Versant Ventures $0.1 million for the year ended December 31, 2020, related to this agreement. As of December 31, 2021 and 2020, the Company had $0 and $0.1 million, respectively, in prepaid expenses and other current assets in the consolidated balance sheets related to this agreement.

The ICR has been a related party since inception of the Company. The Company has a license, collaboration and investment agreement with the ICR (Note 6). The Company made payments to ICR for $0 and $0.1 million for the years ended December 31, 2021 and 2020, respectively.

In 2021, the Company paid $0.4 million in contract R&D expense to Tempus Labs, Inc. An officer of Tempus Labs, Inc. serves on the Company's Board of Directors.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Currency and Currency Translation

Basis of Presentation

Basis of presentation

Use of Estimates

Use of estimates

Currency and currency translation

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash

Concentrations of Credit Risk and Off-Balance Sheet Risk

Concentrations of credit risk and off-balance sheet risk

Fair Value of Financial Instruments

Fair value of financial instruments

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Property and equipment


Asset	Estimated useful life
Laboratory equipment	Five years
Computer hardware	Three years
Furniture and fixtures	Five Years
Leasehold Improvements	Shorter of useful life or remaining lease term

Impairment of Long-Lived Assets

Impairment of long-lived assets

Research and Development Expenses

Research and development expenses

Accrued Research and Development Costs

Accrued research and development costs

Preferred Stock Tranche Obligations

Preferred stock tranche obligations

changes in fair value of Preferred Stock Tranche Obligations on the Company’s combined and consolidated statements of operations and comprehensive loss.

Share-Based Compensation

Stock-based compensation

Income Taxes

Income taxes

Defined Pension Benefit Obligation

Defined pension benefit obligation

Segments

Comprehensive Loss

Comprehensive loss

Recently Adopted Accounting Pronouncements

Recently issued accounting pronouncements

The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act).

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Property and Equipment Estimated Useful Life

Depreciation is calculated using the straight-line method over the useful life of the asset as follows:


Asset	Estimated useful life
Laboratory equipment	Five years
Computer hardware	Three years
Furniture and fixtures	Five Years
Leasehold Improvements	Shorter of useful life or remaining lease term

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	317,004	$	—	$	—	$	317,004
Pension plan assets(1)		—		3,796		—		3,796
Total assets measured at fair value	$	317,004	$	3,796	$	—	$	320,800


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Current assets
Money market funds	$	38,712	$	—	$	—	$	38,712
Pension plan assets(1)		—		1,217		—		1,217
Total assets measured at fair value	$	38,712	$	1,217	$	—	$	39,929
Current liabilities
Preferred stock tranche obligation	$	—	$	—	$	19,680	$	19,680
Total liabilities measured at fair value	$	—	$	—	$	19,680	$	19,680

Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis on Unobservable Inputs

The following table provides a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Amount
Balance at January 1, 2020	$	—
Issuance of Preferred Stock Tranche Obligation		12,000
Change in fair value		7,680
Balance at December 31, 2020		19,680
Change in fair value		960
Settlement of Preferred Stock Tranche Obligation		(20,640	)
Balance at December 31, 2021	$	—

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,
	2021			2020
Laboratory equipment	$	12,315		$	5,205
Furniture and fixtures		443			—
Computer hardware and software		299			27
Leasehold improvements		1,119			—
Construction in process		852			—
Total property and equipment, at cost	$	15,028		$	5,232
Less: accumulated depreciation		(2,703	)		(609	)
Property and equipment, net	$	12,325		$	4,623

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accounts Payable And Accrued Liabilities Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Compensation and benefits	$	4,303	$	1,129
Accrued research and development		4,937		—
Other		840		1,400
Total other current liabilities	$	10,080	$	2,529

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases

Future minimum lease payments under the Company’s non–cancelable operating leases as of December 31, 2021 were as follows (in thousands):


2022	$	3,160
2023		8,353
2024		8,583
2025		8,820
2026		7,298
Thereafter		44,784
Total future minimum lease payments	$	80,998

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options


	December 31,
	2021		2020
Convertible preferred stock		—		53,631,514
Options to purchase common stock		5,563,513		2,205,380
Unvested restricted common stock		258,329		495,278
		5,821,842		56,332,172

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Option Activity

The following summarizes stock option activity:


	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding—December 31, 2020		2,205,380		$	2.05		9.9	$	312
Granted		3,927,325			10.43
Exercised		(90,381	)		1.63
Forfeited		(478,811	)		2.62
Outstanding—December 31, 2021		5,563,513		$	7.92		9.2	$	70,045
Options Exercisable—December 31, 2021		538,889		$	3.76		8.6	$	8,979

Schedule of Fair Value of each Award Estimated Using Assumption

The fair value of each award is estimated using the following assumptions:


	Year ended December 31,
	2021			2020
Expected term (years)		6.25			6.0
Expected volatility		77.75	%		75.90	%
Risk-free interest rate		1.25	%		0.53	%
Expected dividend yield		—	%		—	%

Schedule of Restricted Stock Award Activity

The following summarizes restricted stock activity:


	Number of shares			Weighted average grant date fair value
Unvested as of December 31, 2020		495,278		$	1.02
Vested		(236,949	)	$	1.13
Unvested as of December 31, 2021		258,329		$	0.90

Schedule of Stock Based Compensation Expense

Stock-based compensation expense is classified as follows (in thousands):


	Year ended December 31,
	2021		2020
Research and development	$	2,606	$	189
General and administrative		2,594		165
Total stock-based compensation expense	$	5,200	$	354

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Domestic And Foreign Components of Net Loss


	Year ended December 31,
	2021			2020
United States	$	(9,884	)	$	(10,107	)
Foreign		(64,074	)		(25,772	)
Net loss	$	(73,958	)	$	(35,879	)

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate


	Year ended December 31,
	2021			2020
Income tax benefit at the federal statutory rate%		21.0	%		21.0	%
State income taxes, net of federal benefit%		6.3	%		6.3	%
Research and development tax credits%		1.2	%		0.8	%
Foreign rate differential%		(6.9	)%		(5.7	)%
Adjustment related to Preferred Stock Tranche Obligation%		(0.3	)%		(4.5	)%
Other%		(1.6	)%		(0.1	)%
Change in valuation allowance%		(19.7	)%		(17.8	)%
Total%		0.0	%		0.0	%

Summary of Components of Deferred Tax Assets (Liabilities)


	December 31,
	2021			2020
Deferred tax assets
Federal and state net operating loss carryforwards	$	14,529		$	5,810
Research and development tax credits		1,862			413
Compensation related items		1,738
Other		58			52
Total deferred tax assets	$	18,187			6,275
Less: valuation allowance		(17,777	)		(6,040	)
Total net deferred tax assets	$	410			235
Deferred tax liabilities
Defined benefit plan adjustment		(125	)		(137	)
Depreciation		(285	)		(98	)
Total deferred tax liabilities		(410	)		(235	)
Net deferred tax assets	$	—		$	—

Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Schedule of Changes in Benefit Obligations, Plan Assets and Net Amount Recognized in Balance Sheets

The following table represents the changes in benefit obligations and plan assets and the net amount recognized on the combined and consolidated balance sheets (in thousands):


	Year ended December 31,
	2021			2020
Change in benefit obligation:
Benefit obligation—beginning of period	$	2,284		$	—
Service cost employer		417			63
Contributions paid by employees		170			26
Interest cost		9			—
Contributions paid by plan participants		1,926			1,154
Benefits paid		(82	)		(15	)
Plan Amendment		(42	)		—
Actuarial loss		1,293			1,056
Benefit obligation—end of period	$	5,975		$	2,284
Change in plan assets:
Fair value of plan assets—beginning of period	$	1,217		$	—
Actual return on plan assets		226			1
Contributions paid by employer		340			51
Contributions paid by employees		175			26
Contributions paid by plan participants		1,926			1,154
Benefits paid		(85	)		(15	)
Fair value of plan assets—end of period	$	3,799			1,217
Defined benefit plan liability	$	2,176		$	1,067

Schedule of Net Pension Costs

The net pension costs was as follows (in thousands):


	Year ended December 31,
	2021		2020
Service cost	$	417	$	63
Net pension cost	$	417	$	63

Schedule of Provision for Defined Benefit Plan Obligation Recognized in Other Comprehensive Loss

The provision for pension benefit obligation recognized in other comprehensive loss was as follows (in thousands):


	Year ended December 31,
	2021		2020
Actuarial loss arising from experience adjustments	$	1,293	$	1,056
Defined benefit cost for the year recognized in other comprehensive loss	$	1,293	$	1,056

Schedule of Assumptions Used to Measure Projected Benefit Obligation and Net Pension Costs

The assumptions used to measure the projected benefit obligation and net pension costs were as follows:


	Year ended December 31,
	2021			2020
Inflation rate%		0.50	%		0.50	%
Discount rate%		0.35	%		0.20	%
Interest rate on savings accounts%		0.45	%		0.45	%
Expected rate of return on assets%		0.45	%		0.45	%
Salary increase%		1.00	%		1.00	%
Social Security increase%		0.50	%		0.50	%
Pension increase%		0.00	%		0.00	%
Retirement age	100% Male 65 Female 64			100% Male 65 Female 64
Mortality and disability rates	BVG 2020 Table			BVG 2015 Table

Schedule of Estimated Future Benefit Payments

Estimated benefit payments, which reflect future expected service, are expected to be paid as follows (in thousands):


	December 31,
2022	$	418
2023	$	434
2024	$	445
2025	$	452
2026	$	458
2027-2031	$	2,360

Net loss per common share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Year ended December 31,
	2021			2020
Net loss	$	(73,958	)	$	(35,879	)
Net loss per share attributable to common stockholders—basic and diluted	$	(2.96	)	$	(23.65	)
Weighted-average number of common shares used in computing net loss per share—basic and diluted		25,000,124			1,516,912

Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive:


	December 31,
	2021		2020
Convertible Preferred Stock		—		53,631,514
Stock options to purchase common stock		5,563,513		2,205,380
Restricted common stock		258,329		495,278

Description of Business, Contribution and Exchange, and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary Or Equity Method Investee [Line Items]
Common stock, shares, issued			46,794,295	2,180,803
Issuance of convertible preferred stock, net of issuance costs, shares		31,068,102
Common stock, par or stated value per share			$ 0.0001	$ 0.0001
Proceeds from initial public offering, net of underwriting discount			$ 237,750
reverse stock split			one-for-3.5305
Accumulated deficit			$ (122,035)	(48,077)
Net loss			(73,958)	(35,879)
Cash and cash equivalents and restricted cash			$ 351,409	$ 42,863	$ 9,245
IPO
Subsidiary Or Equity Method Investee [Line Items]
Common stock, shares, issued	1,755,000		11,700,000
Common stock, par or stated value per share			$ 19.00
Proceeds from initial public offering, net of underwriting discount			$ 203,600
Proceeds from issuance of common stock	$ 31,000
Underwriting discount and commission	$ 2,300		15,600
Offering Costs			$ 3,100

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 5,338,000	$ 1,164,000
Impairment of long-lived assets	0	0
Other comprehensive loss	(1,000,000.0)	(1,100,000)
Increase (Decrease) in Right of use Assets	6,000,000.0
Increase (Decrease) in lease Liabilities	$ 8,000,000.0
Series A Tranche Rights [Member]
Summary Of Significant Accounting Policies [Line Items]
Maximum shares purchase rights to investors	15,000,000
Shares purchase price	$ 1.00
Series B Tranche Rights [Member]
Summary Of Significant Accounting Policies [Line Items]
Maximum shares purchase rights to investors	24,000,000
Shares purchase price	$ 2.00
Security Deposits [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 5,300,000	$ 1,200,000

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2021
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Computer Hardware
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Description	Shorter of useful life or remaining lease term

Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

$ 320,800

$ 39,929

Preferred Stock Tranche Obligation

19,680

19,680

Level 1 [Member]

317,004

38,712

Level 1 [Member] | Preferred Stock Tranche Obligation

Level 2 [Member]

3,796

1,217

Level 2 [Member] | Preferred Stock Tranche Obligation

Level 3 [Member]

Level 3 [Member] | Preferred Stock Tranche Obligation

19,680

Money Market Funds [Member]

19,680

Money Market Funds [Member] | Level 1 [Member]

317,004

38,712

Money Market Funds [Member] | Level 2 [Member]

317,004

38,712

Money Market Funds [Member] | Level 3 [Member]

Pension Plan Assets [Member]

Pension Plan Assets [Member] | Level 1 [Member]

^[1]

3,796

1,217

Pension Plan Assets [Member] | Level 2 [Member]

^[1]

Pension Plan Assets [Member] | Level 3 [Member]

^[1]

3,796

1,217

^[1]

$ 0

[1]	The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund.

Fair Value Measurements - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) Rate PriceVolatility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net \| $	$ 0	$ 0
Preferred Stock Tranche Obligation \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Adjustment of carrying value to estimated fair value \| $	$ 20,600
Measurement Input, Price Volatility \| Preferred Stock Tranche Obligation \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility \| PriceVolatility		0.93
Measurement Input, Price Volatility \| Preferred Stock Tranche Obligation \| Level 3 [Member] \| Prior Settlement Of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility \| PriceVolatility		0.26
Measurement Input Expected Term [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, term		1 year 8 months 12 days
Measurement Input Expected Term [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member] \| Prior Settlement Of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, term		1 day
Measurement Input Risk Free Interest Rate [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility		0.0012
Measurement Input Risk Free Interest Rate [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member] \| Prior Settlement Of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility		0.0004
Measurement Input Expected Dividend Payment [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility		0
Measurement Input Expected Dividend Payment [Member] \| Preferred Stock Tranche Obligation \| Level 3 [Member] \| Prior Settlement Of Preferred Stock Tranch Obligation [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Measurement input, price volatility		0

Fair Value Measurements - Summary of Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Input (Details) - Preferred Stock Tranche Obligation - Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Balance at beginning of period	$ 19,680	$ 0
Issuance of Preferred Stock Tranche Obligation		12,000
Change in fair value	960	7,680
Settlement of Preferred Stock Tranche Obligation	(20,640)
Balance at end of period	$ 0	$ 19,680

Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 15,028	$ 5,232
Less: accumulated depreciation	(2,703)	(609)
Property and equipment, net	12,325	4,623
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	12,315	5,205
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	443	0
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	299	27
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	1,119	0
Construction in Process
Property Plant And Equipment [Line Items]
Total property and equipment, at cost	$ 852	$ 0

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 2,132	$ 537
Gross fixed asset disposals	$ 100

Accrued Expenses And Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities Current [Abstract]
Compensation and benefits	$ 4,303	$ 1,129
Accrued research and development	4,937	0
Other	840	1,400
Total other current liabilities	$ 10,080	$ 2,529

Commitments and Contingencies - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 14, 2021 ft² $ / shares	Apr. 30, 2018 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Rent Expense			$ 2,300	$ 1,100
Common stock, shares, issued \| shares			46,794,295	2,180,803
Research and development			$ 57,155	$ 24,005
Lease Agreements
Office and laboratory space \| ft²	63,327
Initial lease term	128 months
Option to extend lease term	5 years
Annual increase lease percentage	3.00%
Lease Description	The term of the Lease will commence on April 1, 2022, and the Company’s obligation to pay rent will begin upon the earlier of (a) eight (8) months following the commencement date and (b) the date which is two (2) months following the date which Company completes its tenant improvements
Lease rent per square foot \| $ / shares	$ 95.00
CRT
Common stock, shares, issued \| shares		1,132,984
Research and development				1,200
Accounts Payable			$ 0	$ 600
Milestone Payments, Maximum		$ 7,000
Milestone Payments		$ 3,500

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 3,160
2023	8,353
2024	8,583
2025	8,820
2026	7,298
Thereafter	44,784
Total future minimum lease payments	$ 80,998

Convertible Notes Payable - Additional Information (Details)	Dec. 31, 2021 shares
Convertible Longterm Notes Payable Current And Noncurrent [Abstract]
Convertible Preferred Stock, Shares upon Conversion	31,068,102

Convertible preferred stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2020	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Proceeds from issuance of convertible preferred stock					$ 143,000	$ 60,500
Stock issuance costs					$ 231	$ 440
Convertible preferred stock converted to common stock					31,068,102
Common stock, par or stated value per share					$ 0.0001	$ 0.0001
Proceeds from initial public offering, net of underwriting discount of $17,895					$ 237,750
IPO
Class Of Stock [Line Items]
Common stock, par or stated value per share					$ 19.00
Proceeds from initial public offering, net of underwriting discount of $17,895					$ 203,600
Series A-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized				9,635,000
Preferred stock, par value				$ 1.2984
Preferred stock, shares Issued				9,627,234
Gross proceed from issuance of preferred stock				$ 12,400
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized			48,000,000
Preferred stock, par value			$ 2.00
Preferred stock, shares Issued			24,000,000
Gross proceed from issuance of preferred stock			$ 48,000
Series B Convertible Preferred Stock \| Preferred Stock Tranche Obligation
Class Of Stock [Line Items]
Preferred stock, par value			$ 2.00
Preferred stock, shares Issued		24,000,000	24,000,000
Fair value of preferred stock tranche obligation.						$ 12,000
Gross proceed from issuance of preferred stock		$ 48,000
Stock issuance costs		$ 100
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized	32,054,521
Preferred stock, par value	$ 2.9637
Gross proceed from issuance of preferred stock	$ 95,000
Stock issuance costs	$ 200

Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000	97,500,000
Common stock, shares, issued	46,794,295	2,180,803
Common stock shares outstanding	46,535,966	1,685,534
Dividends declared	$ 0
Dividends paid	$ 0
Common stock, voting rights	one
Restricted Stock
Class Of Stock [Line Items]
Vesting term	4 years
Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000
Preferred stock, par value	$ 0.0001
Preferred stock, shares Issued	0
Preferred Stock, Shares Outstanding	0

Equity - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,821,842	56,332,172
Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance		53,631,514
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	5,563,513	2,205,380
Restricted Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance	258,329	495,278

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	5,821,842	56,332,172
Stock option exercised	538,889
Number of options, granted	3,927,325
Aggregate fair value of restricted stock vested	$ 5.2
Weighted average grant date fair value, vested	$ 1.13	$ 0.88
Unrecognized stock based compensation cost	$ 25.1	$ 0.2
Weighted average remaining period	3 years 18 days	1 year 10 months 24 days
2021 Stock incentive plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	4,903,145
Increase in share percentage	5.00%
Issuance of common stock	3,658,193
2021 Employee stock purchase plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	439,849
Increase in share percentage	1.00%
Issuance of common stock	439,849
Number of share increase	439,849

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of options, beginning balance	2,205,380
Number of options, granted	3,927,325
Number of options, exercised	(90,381)
Number of options, forfeited	(478,811)
Number of options, ending balance	5,563,513	2,205,380
Number of options, exercisable	538,889
Weighted average exercise price, beginning balance	$ 2.05
Weighted average exercise price, granted	10.43
Weighted average exercise price, exercised	1.63
Weighted average exercise price, forfeited	2.62
Weighted average exercise price, ending balance	7.92	$ 2.05
Weighted average exercise price, exercisable	$ 3.76
Weighted average remaining contractual term (years)	9 years 2 months 12 days	9 years 10 months 24 days
Weighted average remaining contractual term (years), exercisable	8 years 7 months 6 days
Aggregate intrinsic value, beginning balance	$ 312
Aggregate intrinsic value, ending balance	70,045	$ 312
Aggregate intrinsic value, exercisable	$ 8,979

Stock-Based Compensation - Schedule of Fair Value of each Award Estimated Using Assumption (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (years)	6 years 3 months	6 years
Expected volatility	77.75%	75.90%
Risk-free interest rate	1.25%	0.53%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Detail) - Restricted Stock	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Outstanding Shares, Beginning Balance \| shares	495,278
Number of Shares, Vested \| shares	(236,949)
Number of Outstanding Shares, Ending Balance \| shares	258,329
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 1.02
Weighted Average Grant Date Fair Value, Vested \| $ / shares	1.13
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 0.90

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,200	$ 354
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,606	189
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,594	$ 165

Income Taxes - Schedule of Domestic And Foreign Components of Net Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (9,884)	$ (10,107)
Foreign	(64,074)	(25,772)
Net loss	$ (73,958)	$ (35,879)

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

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Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit at the federal statutory rate%	21.00%	21.00%
State income taxes, net of federal benefit%	6.30%	6.30%
Research and development tax credits%	1.20%	0.80%
Foreign rate differential%	(6.90%)	(5.70%)
Adjustment related to Preferred Stock Tranche Obligation%	(0.30%)	(4.50%)
Other%	(1.60%)	(0.10%)
Change in valuation allowance%	(19.70%)	(17.80%)
Total%	0.00%	0.00%

Income Taxes - Summary of Significant Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Federal and state net operating loss carryforwards	$ 14,529	$ 5,810
Research and development tax credits	1,862	413
Compensation related items	1,738
Other	58	52
Total deferred tax assets	18,187	6,275
Less: valuation allowance	(17,777)	(6,040)
Total net deferred tax assets	410	235
Deferred tax liabilities
Defined benefit plan adjustment	(125)	(137)
Depreciation	(285)	(98)
Total deferred tax liabilities	(410)	(235)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure - Income Taxes - Additional Information (Detail) [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 23.8
Unrecognized tax benefits	0.0	$ 0.0
Federal
Disclosure - Income Taxes - Additional Information (Detail) [Line Items]
Operating Loss Carryforwards	4.3
Tax Credit Carryforward, Amount	$ 1.2
Ownership Interests of Significant Stockholders	50.00%
Tax Credit Carryforward, Expiration Date	Dec. 31, 2039
Foreign
Disclosure - Income Taxes - Additional Information (Detail) [Line Items]
Operating Loss Carryforwards	$ 102.3
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2026
State
Disclosure - Income Taxes - Additional Information (Detail) [Line Items]
Operating Loss Carryforwards	$ 4.1
Tax Credit Carryforward, Amount	$ 0.7
Ownership Interests of Significant Stockholders	50.00%
Tax Credit Carryforward, Expiration Date	Dec. 31, 2035
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2039

Employee Retirement Plans - Schedule of Changes in Benefit Obligations, Plan Assets and Net Amount Recognized in Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation:
Benefit obligation—beginning of period	$ 2,284	$ 0
Service cost employer	417	63
Contributions paid by employees	170	26
Interest cost	9	0
Contributions paid by plan participants	1,926	1,154
Benefits paid	(82)	(15)
Plan Amendment	(42)	0
Actuarial loss	1,293	1,056
Benefit obligation—end of period	5,975	2,284
Change in plan assets:
Fair value of plan assets—beginning of period	1,217	0
Actual return on plan assets	226	1
Contributions paid by employer	340	51
Contributions paid by employees	175	26
Contributions paid by plan participants	1,926	1,154
Benefits paid	(85)	(15)
Fair value of plan assets—end of period	3,799	1,217
Change in defined benefit plan liability	$ 2,176	$ 1,067

Employee Retirement Plans - Schedule of Net Pension Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Service cost employer	$ 417	$ 63
Net pension cost	$ 417	$ 63

Employee Retirement Plans - Schedule of Provision for Defined Benefit Plan Obligation Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Actuarial loss arising from experience adjustments	$ 1,293	$ 1,056
Defined benefit cost for the year recognized in other comprehensive loss	$ 1,293	$ 1,056

Employee Retirement Plans - Schedule of Assumptions Used to Measure Projected Benefit Obligation and Net Pension Costs (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Inflation rate%	0.50%	0.50%
Discount rate%	0.35%	0.20%
Interest rate on savings accounts%	0.45%	0.45%
Expected rate of return on assets%	0.45%	0.45%
Salary increase%	1.00%	1.00%
Social Security increase%	0.50%	0.50%
Pension increase%	0.00%	0.00%
Retirement age	100% Male 65 Female 64	100% Male 65 Female 64
Mortality and disability rates	BVG 2020 Table	BVG 2015 Table

Employee Retirement Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Compensation And Retirement Disclosure [Abstract]
2022	$ 418
2023	434
2024	445
2025	452
2026	458
2027-2031	$ 2,360

Employee Retirement Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Company matching contributions to maximum employees eligible compensation	100.00%
Percentage of company's matching contribution with respect to each participant's contribution	4.00%
Total company contributions to 401 (k) plan	$ 0.3	$ 0.0

Net loss per common share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (73,958)	$ (35,879)
Net loss per share attributable to common stockholders—basic and diluted	$ (2.96)	$ (23.65)
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted	25,000,124	1,516,912

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