0000950170-21-000664 | 10-Q | XBRL Viewer | Singular Genomics Systems INC

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Entity Registrant Name	SINGULAR GENOMICS SYSTEMS, INC.
Entity Central Index Key	0001850906
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Trading Symbol	OMIC
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,556,026
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity File Number	001-40443
Entity Tax Identification Number	81-2948451
Entity Address, Address Line One	10931 N. Torrey Pines Road
Entity Address, Address Line Two	Suite #100
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	333-7830
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 257,268	$ 11,688
Short-term investments	114,400	15,231
Prepaid expenses and other assets	7,201	652
Total current assets	378,869	27,571
Property and equipment, net	3,434	2,368
Restricted cash	687	482
Other long-term assets	990	81
Total assets	383,980	30,502
Current liabilities:
Accounts payable	2,698	427
Accrued expenses	1,809	1,592
Current portion of long term debt, net of issuance costs	3,473	926
Warrant liability	0	451
Other short-term liabilities	172	294
Total current liabilities	8,152	3,690
Long-term debt, net of issuance costs	6,082	8,469
Other long-term liabilities	3,168	714
Total liabilities	17,402	12,873
Commitment and contingencies (Note 7)
Stockholders’ Equity:
Common stock, $0.0001 par value; 400,000,000 and 60,272,685 shares authorized, 71,526,327 and 10,816,937 of shares outstanding at June 30, 2021 and December 31, 2020, respectively	7	1
Additional paid-in capital	481,079	1,552
Accumulated other comprehensive gain	17	17
Accumulated deficit	(114,525)	(53,125)
Total stockholders' equity (deficit)	366,578	(51,555)
Total liabilities, convertible preferred stock and stockholders' equity	383,980	30,502
Series Seed Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, par value	0	4,486
Series A Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, par value	0	19,908
Series B Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, par value	$ 0	$ 44,790

Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Temporary equity, shares authorized	39,020,122
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	60,272,685
Common stock, shares outstanding	71,526,327	10,816,937
Series Seed Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	6,520,790	6,520,790
Temporary equity, shares issued	0	6,520,790
Temporary equity, shares outstanding	0	6,520,790
Temporary equity, liquidation preference	$ 0	$ 4,499,998
Series A Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	12,932,429	12,932,429
Temporary equity, shares issued	0	12,932,429
Temporary equity, shares outstanding	0	12,932,429
Temporary equity, liquidation preference	$ 0	$ 20,000,002
Series B Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	19,566,903	19,566,903
Temporary equity, shares issued	0	19,373,169
Temporary equity, shares outstanding	0	19,373,169
Temporary equity, liquidation preference	$ 0	$ 44,999,997

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 7,682	$ 5,325	$ 14,289	$ 9,351
General and administrative	6,201	1,443	9,855	2,820
Total operating expenses	13,883	6,768	24,144	12,171
Loss from operations	(13,883)	(6,768)	(24,144)	(12,171)
Other income (expense):
Interest and other income	413	156	543	372
Interest expense	(232)	(235)	(420)	(301)
Change in fair value of convertible promissory notes	23,799	0	35,199	0
Change in fair value of warrant liability	22	0	2,180	0
Net loss	(37,479)	(6,847)	(61,400)	(12,100)
Other comprehensive income:
Unrealized gain on available-for-sale securities	49	572	0	30
Comprehensive loss	$ (37,430)	$ (6,275)	$ (61,400)	$ (12,070)
Basic and diluted net loss per share	$ (1.18)	$ (0.65)	$ (2.83)	$ (1.17)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	31,628,921	10,572,148	21,696,142	10,382,036

Condensed Statements of Preferred Stock and Stockholders' Equity/(Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Series Seed Convertible Preferred Stock [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit [Member]
Temporary equity, Balance at Dec. 31, 2019		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Dec. 31, 2019		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2019	$ (24,725)				$ 1	$ 440	$ 14	$ (25,180)
Balance (in shares) at Dec. 31, 2019					10,063,023
Vesting of restricted common stock (in shares)					420,833
Vesting of common stock issued for early exercise of stock options	8					8
Vesting of common stock issued for early exercise of stock options (in shares)					6,445
Issuance of common stock in connection with exercise of stock options	4					4
Issuance of common stock in connection with exercise of stock options (in shares)					18,124
Stock-based compensation	239					239
Unrealized gain (loss) on available- for-sale marketable securities	(542)						(542)
Net loss	(5,253)							(5,253)
Temporary equity, Balance at Mar. 31, 2020		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Mar. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2020	(30,269)				$ 1	691	(528)	(30,433)
Balance (in shares) at Mar. 31, 2020					10,508,425
Temporary equity, Balance at Dec. 31, 2019		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Dec. 31, 2019		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2019	(24,725)				$ 1	440	14	(25,180)
Balance (in shares) at Dec. 31, 2019					10,063,023
Net loss	(12,100)
Temporary equity, Balance at Jun. 30, 2020		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Jun. 30, 2020		6,520,790	12,932,429	19,373,169
Balance at Jun. 30, 2020	(36,275)				$ 1	960	44	(37,280)
Balance (in shares) at Jun. 30, 2020					10,749,065
Temporary equity, Balance at Mar. 31, 2020		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Mar. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2020	(30,269)				$ 1	691	(528)	(30,433)
Balance (in shares) at Mar. 31, 2020					10,508,425
Vesting of restricted common stock (in shares)					229,167
Vesting of common stock issued for early exercise of stock options	7					7
Vesting of common stock issued for early exercise of stock options (in shares)					8,143
Issuance of common stock in connection with exercise of stock options	2					2
Issuance of common stock in connection with exercise of stock options (in shares)					3,330
Stock-based compensation	260					260
Unrealized gain (loss) on available- for-sale marketable securities	572						572
Net loss	(6,847)							(6,847)
Temporary equity, Balance at Jun. 30, 2020		$ 4,486	$ 19,908	$ 44,820
Temporary equity, Balance (in shares) at Jun. 30, 2020		6,520,790	12,932,429	19,373,169
Balance at Jun. 30, 2020	(36,275)				$ 1	960	44	(37,280)
Balance (in shares) at Jun. 30, 2020					10,749,065
Temporary equity, Balance at Dec. 31, 2020		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Dec. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2020	(51,555)				$ 1	1,552	17	(53,125)
Balance (in shares) at Dec. 31, 2020					10,816,937
Vesting of common stock issued for early exercise of stock options	92					92
Vesting of common stock issued for early exercise of stock options (in shares)					151,343
Issuance of common stock in connection with exercise of stock options	995					995
Issuance of common stock in connection with exercise of stock options (in shares)					1,855,904
Stock-based compensation	1,096					1,096
Unrealized gain (loss) on available- for-sale marketable securities	(49)						(49)
Net loss	(23,921)							(23,921)
Temporary equity, Balance at Mar. 31, 2021		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Mar. 31, 2021		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2021	(73,342)				$ 1	3,735	(32)	(77,046)
Balance (in shares) at Mar. 31, 2021					12,824,184
Temporary equity, Balance at Dec. 31, 2020		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Dec. 31, 2020		6,520,790	12,932,429	19,373,169
Balance at Dec. 31, 2020	$ (51,555)				$ 1	1,552	17	(53,125)
Balance (in shares) at Dec. 31, 2020					10,816,937
Conversion of preferred stock into common stock, converted (in shares)	(38,826,388)	(6,520,790)
Issuance of common stock in connection with exercise of stock options (in shares)	5,381,217
Net loss	$ (61,400)
Temporary equity, Balance (in shares) at Jun. 30, 2021		0	0	0
Balance at Jun. 30, 2021	366,578				$ 7	481,079	17	(114,525)
Balance (in shares) at Jun. 30, 2021					71,526,327
Temporary equity, Balance at Mar. 31, 2021		$ 4,486	$ 19,908	$ 44,790
Temporary equity, Balance (in shares) at Mar. 31, 2021		6,520,790	12,932,429	19,373,169
Balance at Mar. 31, 2021	(73,342)				$ 1	3,735	(32)	(77,046)
Balance (in shares) at Mar. 31, 2021					12,824,184
Conversion of preferred stock into common stock, converted		$ 4,486	$ 19,908	$ 44,790
Conversion of preferred stock into common stock, converted (in shares)		6,520,790	12,932,429	19,373,169
Conversion of preferred stock into common stock, issued	69,184				$ 4	69,180
Conversion of preferred stock into common stock, issued (in shares)					38,826,388
Conversion of the 2021 Notes into common stock	165,699				$ 1	165,698
Conversion of the 2021 Notes into common stock (in shares)					7,531,777
Issuance of common stock upon initial public offering, net of issuance costs	237,199				$ 1	237,198
Issuance of common stock upon initial public offering, net of issuance costs (in shares)					11,730,000
Cashless exercise of common stock warrant	2,631					2,631
Cashless exercise of common stock warrant (in shares)					117,088
Vesting of common stock issued for early exercise of stock options	230					230
Vesting of common stock issued for early exercise of stock options (in shares)					378,146
Issuance of common stock in connection with exercise of stock options	66					66
Issuance of common stock in connection with exercise of stock options (in shares)					118,744
Stock-based compensation	2,341					2,341
Unrealized gain (loss) on available- for-sale marketable securities	49						49
Net loss	(37,479)							(37,479)
Temporary equity, Balance (in shares) at Jun. 30, 2021		0	0	0
Balance at Jun. 30, 2021	$ 366,578				$ 7	$ 481,079	$ 17	$ (114,525)
Balance (in shares) at Jun. 30, 2021					71,526,327

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (61,400)	$ (12,100)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	466	270
Stock-based compensation	3,437	499
Change in fair value of convertible promissory notes	35,199	0
Change in fair value of warrant liability	2,180	0
Amortization of discount on short term investments	540	46
Accretion of debt issuance cost	160	105
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(5,903)	(417)
Other long-term assets	(909)	0
Accounts payable	766	(69)
Accrued expenses	217	467
Other short-term liabilities	(122)	20
Other long-term liabilities	343	(43)
Net cash used in operating activities	(25,026)	(11,222)
Investing activities
Purchases of short-term investments	(122,655)	(2,037)
Maturities of shot-term investments	22,301	12,259
Purchases of property and equipment	(1,473)	(419)
Net cash (used) in / provided by investing activities	(101,827)	9,803
Financing activities
Proceeds from initial public offering, net of issuance cost	238,644	0
Proceeds from exercise of stock options, net of repurchases	3,494	10
Proceeds from issuance of convertible promisorry notes	130,500	0
Proceeds from long-term debt	0	7,500
Net cash provided by financing activities	372,638	7,510
Increase in cash and cash equivalents and restricted cash	245,785	6,091
Cash and cash equivalents and restricted cash, beginning of year	12,170	5,523
Cash and cash equivalents and restricted cash, end of year	257,955	11,614
Supplemental disclosure for cash activities
Interest paid	260	161
Supplemental disclosure for non-cash activities
Vesting of restricted stock	322	15
Warrants issued in connection with issuance of long-term debt	0	189
Conversion of preferred stock to common stock	69,184	0
Conversion of 2021 Notes to common stock	165,699	0
Deferred offering costs in accounts payable	1,445	0
Purchase of property plant and equipment included in accounts payable	$ 60	$ 264

Description Of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business And Basis of Presentation

1. Description of Business and Basis of Presentation

Description of Business

Singular Genomics Systems, Inc. (the “Company”) is a life science technology company that is leveraging novel next generation sequencing (“NGS”) and multiomics technology to build products that are designed to empower researchers and clinicians to advance science and medicine. The Company developed a novel and proprietary NGS technology, which it refers to as its “Sequencing Engine”. This Sequencing Engine is the foundational platform technology that forms the basis of the Company’s products in development. The Company is currently developing two integrated solutions that are purpose built to target specific applications. Its first integrated solution is targeted at the NGS market and comprises an instrument (the “G4 Instrument”) and an associated menu of consumable kits, which is referred to collectively as the G4 Integrated Solution. The G4 Instrument is a bench top next generation sequencer designed to produce fast and accurate genetic sequencing results. The integrated purpose built kits that run on the G4 Instrument address specific applications in fast growing markets including oncology and immune profiling. The Company’s second integrated solution in development comprises an instrument (the “PX Instrument”) and an associated menu of consumable kits, which is referred to collectively as the PX Integrated Solution. Leveraging sequencing as a universal readout, the PX Integrated Solution combines single cell analysis, spatial analysis, genomics and proteomics in one integrated instrument providing a versatile multiomics solution.

The Company was incorporated in the state of Delaware in June 2016 and has its principal operations in La Jolla, California.

Initial Public Offering

On June 1, 2021, the Company completed its initial public offering ("IPO") in which it sold 11,730,000 shares of common stock (which included 1,530,000 shares that were sold pursuant to the full exercise of the IPO underwriters’ option to purchase additional shares) at a public offering price of $22.00 per share. The Company received net proceeds of approximately $237.2 million after deducting offering costs, underwriting discounts, and commissions of $20.9 million.

Concurrent with the completion of the IPO:



38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock;



outstanding principal and interest amount of convertible promissory notes (the "2021 Notes") converted into 7,531,777 shares of the Company's common stock;



a warrant to purchase 129,156 shares of convertible preferred stock was adjusted into a warrant to purchase an equivalent number of shares of the Company's common stock.

Liquidity and Capital Resources

The Company has experienced net losses since inception and, as of June 30, 2021 and December 31, 2020, had an accumulated deficit of $114.5 million and $53.1 million, respectively. The Company has a limited operating history and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through June 30, 2021, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of June 30, 2021, the Company had cash and cash equivalents and short-term investments totaling, in aggregate, $371.7 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company cannot be certain that it will ever be profitable or generate positive cash flow from operating activities or that, if it achieves profitability, it will be able to sustain it. The Company believes that its cash and cash equivalents balance as of June 30, 2021 provides sufficient capital resources to continue its operations for at least 12 months from the issuance date of the accompanying unaudited condensed financial statements.

Basis of Presentation and Use of Estimates

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Interim financial results are not necessarily indicative of results anticipated for the full year.

The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. Significant estimates and assumptions include the useful lives of property and equipment, the fair value of warrant liabilities, the fair value of the Company’s preferred and common stock and stock-based compensation and the fair value of the 2021 Notes.

Impact of the COVID-19 Pandemic

The Company is continuing to assess the impact of the COVID-19 pandemic on its current and future business and operations, as well as on the Company’s industry and the healthcare system. Any of the foregoing could harm the Company’s operations and the Company cannot anticipate all the ways in which it could be adversely impacted by health epidemics such as COVID-19.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s singular focus is the development and eventual commercialization of proprietary sequencing solutions. The Company views its operations and manages its business in one operating and reporting segment. The Company’s long-lived assets are located in the United States.

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents include cash readily available in checking, savings, money market and sweep accounts. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash is held in a separate restricted bank account as the collateral for the security deposits on three executed lease agreements and the collateral on the Company’s corporate credit card program. The Company has classified these deposits as long-term restricted cash on its balance sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of the cash flows as of June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	257,268	$	11,688
Restricted cash		687		482
Total	$	257,955	$	12,170

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of

federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Short-Term Investments

As of June 30, 2021 and December 31, 2020, short-term investments primarily consisted of corporate debt securities, and asset backed securities. The Company classifies all short-term investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore classifies all short-term investments with maturity dates beyond 90 days at the date of purchase as current assets in the accompanying balance sheets. Short-term investments are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. A decline in the market value of any short-term investment below amortized cost that is determined to be other-than-temporary will result in a revaluation of its carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. No such impairment charges were recorded for any period presented. Realized gains and losses are determined using the specific identification method and are included in other income (expense).

The following tables summarize the short-term investments held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
Asset backed securities		38,042		(8	)		38,034
Corporate debt securities		76,341		25			76,366
	$	114,383	$	17		$	114,400


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains (Losses)		Estimated Fair Value
Asset backed securities		3,938		5		3,943
Corporate debt securities		11,276		12		11,288
	$	15,214	$	17	$	15,231

The following table summarizes contractual maturities of available-for-sale debt securities held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	62,981	$	9,559
After one but within five years	$	51,419		5,672
Total	$	114,400	$	15,231

The Company determined there was no material change in the credit risk of any of its investments.

Property and Equipment, Net

Property and equipment, net, which consists primarily of computers, software, lab equipment, furniture and fixtures, and leasehold improvements, are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets (generally three to five years). Leasehold improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. Repairs and maintenance costs are charged to expense as incurred.

Deferred Offering Costs

The Company had deferred offering costs consisting of legal and accounting fees directly attributable to its initial public offering. In June, 2021 the Company completed its initial public offering and offset $2.8 million of IPO costs against the proceeds. As of June 30, 2021, $1.4 million of deferred IPO costs were included in accounts payable on the Company’s balance sheet.

Deferred Rent

Rent expense is recognized on a straight-line basis over the initial lease term. The difference between rent expense and amounts paid under the lease agreement is deferred and recorded in short and long-term liabilities in the accompanying balance sheet.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value would be assessed using discounted cash flows or other appropriate measures of fair value. The Company did not recognize any impairment losses for six months ended June 30, 2021 and June 30, 2020, respectively.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP and consist principally of cash equivalents, restricted cash, accounts payable, accrued liabilities, a warrant to purchase convertible preferred stock and convertible promissory notes. The carrying amounts of cash equivalents, accounts payable, and accrued liabilities approximate their related fair values due to the short-term nature of these instruments. None of the Company’s non-financial assets or liabilities are recorded at fair value on a recurring basis.

As permitted under Accounting Standards Codification (“ASC”) 825, Financial Instruments, (“ASC 825”), the Company has elected the fair value option to account for its 2021 Notes and warrant to purchase convertible preferred stock. Changes in fair value of the warrant to purchase convertible preferred stock and the 2021 Notes are recorded in the statements of operations and comprehensive loss. As a result of applying the fair value option, direct costs and fees related to the 2021 Notes were recognized as incurred and not deferred. In June 2021 in connection with the IPO completion, the 2021 Notes converted into the Company's common stock and a warrant to purchase shares of convertible preferred stock was adjusted into a warrant to purchase an equivalent number of shares of the Company's common stock.

There are significant judgments and estimates inherent in the determination of the fair value of these liabilities. If the Company had made different assumptions including, among others, those related to the timing and probability of various corporate scenarios, discount rates, volatilities and exit valuations, the carrying values of the warrant liabilities and the 2021 Notes, and net loss and net loss per common share could have been significantly different.

Research and Development Expenses

The Company’s research and development costs consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation for personnel engaged in research and development activities; fees paid to consultants; license fees paid to third parties for use of their intellectual property, laboratory supplies and development materials; allocated overhead costs; and facilities and depreciation costs. All research and development costs are charged to expense as incurred.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expenses within the Company’s statements of operations and comprehensive loss and expensed as incurred since recoverability of such expenditures is uncertain.

Issuance Costs Related to Equity and Debt

The Company allocates issuance costs between the individual freestanding instruments identified on the same basis as proceeds were allocated. Issuance costs associated with the issuance of debt is recorded as a direct reduction of the carrying amount of the debt liability but limited to the notional value of the debt. The Company accounts for the SVB Loan Agreement debt as liabilities measured

at amortized cost and amortizes the resulting debt discount to interest expense using the effective interest method over the expected term of the debt.

Stock-Based Compensation

The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards made to employees and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period. The Company recognizes actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur. The Company estimates the fair value of share-based awards to employees and non-employees using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions, including fair value of common stock, expected term, expected volatility, risk-free interest rate, and expected dividend yield, which are described in greater detail below.

Estimating the fair value of equity-settled awards as of the grant date using the Black-Scholes option pricing model is affected by assumptions regarding a number of complex variables. Changes in the assumptions can materially affect the fair value and ultimately how much stock-based compensation is recognized. These inputs are subjective and generally require significant analysis and judgment to develop. These inputs are as follows:



Fair value of common stock— For grants prior to the Company’s IPO in June 2021, when there was no public market for the Company’s common stock, the Company’s grant date fair market value was determined by the Company’s board of directors based in part on valuations of the Company’s common stock prepared by a third-party valuation specialist. In connection with the preparation of the financial statements for the year ended December 31, 2020, the Company performed a retrospective review of the fair value of its common stock related to the current events available. Based on this review, the Company recorded stock compensation as reflected in the financial statements for that period. For all grants subsequent to the IPO, the fair value of common stock was determined by using the closing price per share of the Company's common stock on the grant date as reported on the Nasdaq Global Select Market.



Expected term—The expected term represents the average period that the Company’s options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the weighted-average vesting date and the end of the contractual term). The Company has very limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants.



Expected volatility— The Company had no publicly available stock price information prior to its IPO and limited publicly available stock price information subsequent to its IPO and therefore the Company has used the historical volatility of the stock price of similar publicly traded peer companies. The historical volatility is calculated based on a period of time commensurate with the expected term assumptions.



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 options.



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

The Company will continue to use judgment in evaluating the expected volatility, expected terms, and interest rates utilized for its stock-based compensation calculations on a prospective basis. Assumptions the Company used in applying the Black-Scholes option pricing model to determine the estimated fair value of its stock options granted involve inherent uncertainties and the application of significant judgment. As a result, if factors or expected outcomes change and the Company uses significantly different assumptions or estimates, its equity-based compensation could be materially different.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future

reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations.

If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The only component of other comprehensive income (loss) is unrealized gain (loss) on available-for-sale securities. Comprehensive gains have been reflected in the statements of operations and comprehensive loss, and as a separate component in the statements of stockholders’ equity.

Net Loss Per Share

In periods of net loss, basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. For periods prior to the IPO, the convertible preferred stock contain non-forfeitable rights to dividends with the common stockholders, and therefore are considered to be participating securities. For purposes of this calculation, outstanding stock options, an outstanding warrant, convertible preferred stock and shares of common stock subject to repurchase by the Company are excluded from the calculation of diluted net loss per common share for the periods presented as their effect would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the anti-dilutive effect of the securities.

Recent Accounting Pronouncements—Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use model and requires a lessee to recognize on the balance sheet a right-of-use asset and corresponding lease liability for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Company’s annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures.

In November 2018, the FASB issued ASU No. 2018-18 (“ASU 2018-18”), which clarifies the interaction between ASC Topic 808, Collaborative Arrangements, and ASC Topic 606, Revenue from Contracts with Customers. This guidance, among other items, clarifies that certain transactions between collaborative participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. ASU 2018-18 is effective for the Company’s fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of the adoption of this standard on its financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU are effective for the Company’s fiscal years beginning after December 15, 2021, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently evaluating the impact of the adoption of this standard on its financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy.

If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. The fair value of short-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. During 2019 and 2020, the Company issued a warrant in connection with its long-term debt (Note 6). The fair value of these warrants was remeasured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense) in the statements of operations and comprehensive loss. In connection with completion of the initial public offering in June 2021, we performed the final remeasurement of the warrant liability. The value for the warrant liability balance was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. None of the Company’s assets or liabilities are recorded at fair value on a recurring basis, except for short-term investments and 2021 Notes and the warrant prior to the conversion. No transfers between levels have occurred during the periods presented.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and (in thousands):


	June 30, 2021
Assets:	Level 1		Level 2		Level 3		Total
Money market funds (cash equivalents)	$	4,036	$	-	$	-	$	4,036
Asset backed securities				38,042		-		38,042
Corporate debt securities	$	-	$	72,304	$	-	$	72,304
Total Assets	$	4,036	$	110,346	$	-	$	114,382


	December 31, 2020
Assets:	Level 1		Level 2		Level 3		Total
Money market funds (cash equivalents)	$	5,426	$	-	$	-	$	5,426
Asset backed securities		-		3,943		-		3,943
Corporate debt securities		-		11,288		-		11,288
Total assets	$	5,426	$	15,231	$	-	$	20,657
Liability:
Warrant liability	$	-	$	-	$	451		451
Total liabilities	$	-	$	-	$	451	$	451

The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2021 (in thousands):


Balance at December 31, 2020	$	451
Change in fair value of warrant through conversion	$	2,180
Reclassification of warrant liability into equity	$	(2,631	)
Balance at June 30, 2021	$	-


Balance at December 31, 2020	$	-
Fair value of convertible promissory notes at issuance	$	130,500
Change in fair value of convertible promissory notes through conversion	$	35,199
Conversion of convertible promissory notes	$	(165,699	)
Balance at June 30, 2021	$	-

In March 2020 in connection with the second draw of the Company’s debt agreement the warrant was amended to increase the number of shares by 96,867. The change in fair value of the warrant for the six months ended June 30, 2021 and June 30, 2020 was $2.2 million and $0 million, respectively. In connection with the completion of the Company’s IPO in June 2021, in accordance with the original terms the warrant instrument, the Company adjusted the SVB warrant into a warrant to purchase common stock of the Company (Note 10).

Below are the assumptions used for the Black-Scholes option pricing valuation model for the fair value of the warrant liability as of the conversion date and December 31, 2020:


		December 31,
Assumption	At conversion date	2020
Fair Value	22.00	4.59
Expected volatility	62.00%	60.00%
Expected term (years)	8.47	8.99
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.62%	0.93%

The fair value on the date of measurement of the Series B convertible preferred stock, the underlying instrument, was estimated by management with the assistance of a third-party valuation specialist. The expected volatility is based on historical volatilities from guideline companies, since there is no active market for the Company’s common stock. The Company based the expected term assumption on the actual remaining contractual term of the warrant as of the date of measurement. The Company has not paid, and does not expect to pay, any cash dividends in the foreseeable future. The risk-free interest rate used is the rate for a U.S. Treasury zero coupon issue with a term consistent with the remaining contractual term of the warrant on the date of measurement.

In February 2021, the Company sold and issued approximately $130.5 million aggregate principal amount of 2021 Notes in a private placement transaction. The 2021 Notes accrued 6% interest per annum. The Company elected to account for the 2021 Notes at fair value, as of the issuance date. Management believes that the fair value option better reflects the underlying economics of the 2021 Notes, which contain multiple embedded derivatives. Under the fair value election, changes in fair value are reported as “Change in fair value of convertible promissory notes” in the statements of operations in each reporting period subsequent to the issuance through the conversion of the 2021 Notes. The Company measured the fair value of the 2021 Notes using the probability weighted “as converted” plus Black-Scholes model based on the inputs such as probability of IPO scenario vs. Non-IPO scenario, fair value of common stock price, discount yield, risk free rate, equity volatility, years expected term, number of converted shares and price negotiation adjustment for the calibration. In June, in connection with the completion of the Company's IPO, the 2021 Notes converted into 7,531,777 shares of the Company's common stock. Based on the terms of the agreement, the 2021 Notes converted at a 20% discount from the actual offering price. Prior to the conversion, the Company recorded a final fair value adjustment of the 2021 Notes using the Company's common stock price at the IPO.

There are significant judgments, assumptions and estimates inherent in the determination of the fair value of each of the instruments described above. These include determination of a valuation method and selection of the possible outcomes available to the Company, including the determination of timing and expected future investment returns for such scenarios. The Company

considered the equity value of an initial public offering using market transactions and have determined the expected value of a stay private scenario using the income approach, which is based on assumptions regarding the Company’s future operating performance. The related judgments, assumptions and estimates are highly interrelated and changes in any one assumption could necessitate changes in another. In particular, any changes in the probability of a particular outcome would require a related change to the probability of another outcome. In addition, the fair value of the 2021 Notes is derived using assumptions that are consistent with the assumptions used to value the Company’s common stock and the Warrant.

As of June 30, 2021, the derivative liabilities no longer exist as a result of the automatic conversion of the convertible preferred stock upon the Company's IPO and the warrant liabilities have been reclassified into equity after the warrant became exercisable for common stock in connection with the Company’s IPO.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

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


		June 30,			December 31,
	Useful Life	2021			2020
Equipment	5 years	$	3,480		$	2,642
Computers and software	3 years		1,545			851
Furniture and fixtures	3 years		80			80
Leasehold improvements	4 years or less		35			35
			5,140			3,608
Less: Accumulated depreciation			(1,706	)		(1,240	)
Total property and equipment, net		$	3,434		$	2,368

Accrued Expenses

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses

5. Accrued Expenses


	June 30,		December 31,
	2021		2020
Accrued compensation	$	1,247	$	1,234
Accrued professional fees		206		74
Accrued research and development costs		18		44
Accrued other liabilities		338		240
Total accrued liabilities	$	1,809	$	1,592

Long-term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

6. Long-Term Debt

In November 2019, the Company entered into a loan and security agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”) pursuant to which SVB agreed to lend to the Company up to $15.0 million in a series of term loans (the “Loan”). Contemporaneously, the Company borrowed $2.5 million in the first of three draw-downs available through September 30, 2021. The additional draws are at the discretion of the Company, but the Company is subject to penalties and fees if not fully drawn down. Simultaneously with the first draw-down, SVB entered into a warrant agreement with the Company to purchase 32,289 shares of Series B convertible preferred stock of the Company at an exercise price of $2.3228 per share (as amended, the “SVB warrant”). The SVB warrant will be adjusted to increase the number of shares of the Company’s Series B convertible preferred stock underlying the SVB warrant if the Company elects to draw down additional funds under the Loan (Note 10).

In March 2020, the Company borrowed an additional $7.5 million as a second draw down related to the Loan and the SVB warrant was amended to increase the number of shares of Series B convertible preferred stock of the Company by 96,867. In connection with the completion of the Company’s IPO in June 2021, in accordance with the original terms the warrant instrument, the Company adjusted the SVB warrant into a warrant to purchase common stock of the Company. As of June 30, 2021, the warrants were net exercised into 117,088 shares of common stock of the Company.

The outstanding balance of the Loan is due on the scheduled maturity date of September 1, 2023 (the “Maturity Date”). Payment on the Loan will be interest only through September 30, 2021, followed by 24 equal monthly payments of principal plus accrued interest commencing on October 1, 2021. The per annum interest rate for any outstanding Loan balance is the greater of (i) 0.65% above the Prime Rate or (ii) 5.90%. The interest rate as of June 30, 2021 and December 31, 2020 was 5.90%. In addition, a final

payment (“Final Payment”) equal to the original principal amount of each advance multiplied by 5.50% will be due on the Maturity Date.

The Company may prepay the borrowed amounts, provided that the Company will be obligated to pay a prepayment fee equal to (i) 3% of the outstanding principal balance of all draw-downs if the draw-downs are repaid prior to the first anniversary of the draw-down date, (ii) 2% of the outstanding principal balance of all draw-downs if the draw-downs are repaid on or after the first anniversary of the draw-down date but prior to the second anniversary of the draw-down date, and (iii) 1% of the outstanding principal balance of all draw-downs if the draw-downs are repaid on or after the second anniversary of the draw-down date but before the Maturity Date. Further, the Company is subject to a 1% unused line fee payable to SVB related to the undrawn portion of the borrowing capacity on September 30, 2021 or, if applicable, upon prepayment.

As of June 30, 2021 and December 31, 2020, the debt issuance costs related to the Loan were $0.5 million and $0.6 million, respectively, the fair value of the warrant at issuance date is included within this balance (Note 10). The debt issuance costs and Final Payment are amortized to interest expense over the term of the loan using the effective interest method.

The long-term debt and unamortized discount balances as of June 30, 2021 and December 31, 2020 are shown below (in thousands):


	June 30,			December 31,
	2021			2020
Total long-term debt	$	10,000		$	10,000
Less unamortized discount		(445	)		(605	)
Total long-term debt, net		9,555			9,395
Less current portion of long-term debt		(3,473	)		(926	)
Long-term debt, net of current portion	$	6,082		$	8,469

The Company is subject to customary affirmative and restrictive covenants under the SVB Loan agreement. The Company’s obligations under the SVB Loan agreement are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the SVB Loan agreement.

The Loan Agreement also contains customary indemnification obligations and customary events of default, including, among other things, the failure to fulfill certain obligations under the Loan Agreement and the occurrence of a material adverse change in the business, operations, or condition (financial or otherwise), a material impairment of the prospect of repayment of any portion of the Loan, or a material impairment in the perfection or priority of SVB’s lien in the collateral or in the value of such collateral. In the event of default by the Company under the Loan Agreement, SVB would be entitled to exercise their remedies thereunder, including the right to accelerate the debt, upon which the Company may be required to repay all amounts then outstanding under the Loan Agreement. As of June 30, 2021 and December 31, 2020, the Company was in compliance with all covenants under the Loan Agreement and there had been no material adverse change in its business.

Future minimum payments of outstanding principal and interest under the outstanding draw-down of $10.0 million on the Loan consist of the following:


As of June 30, 2021
2021 (six months remaining)	1,544
2022	5,386
2023	4,393
Total future minimum payments	11,323
Less: Interest payments	(1,323	)
Long-term debt	10,000

In February 2021, the Company issued the 2021 Notes to various investors, in the aggregate principal amount of $130.5 million. The 2021 Notes accrued interest at 6% per annum. Due to certain embedded features within the 2021 Notes, the Company elected to account for these notes and all their embedded features under the fair value option. For the six months ended June 30, 2021, the Company recognized $35.2 million of change in fair value of convertible promissory notes in the statements of operations and

comprehensive loss related to increases in the fair value of the 2021 Notes. In June 2021, in connection with the completion of the Company’s IPO, the Notes were converted into 7,531,777 shares of the Company’s common stock.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Columbia License Agreement and Sponsored Research Agreement

In 2016, the Company entered into an exclusive license agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that require the Company to use commercially reasonable efforts to research, discover, develop and market products covered by the patents, materials and information licensed by Columbia by certain dates. The License Agreement provides for the potential payment to Columbia of development milestones and royalties on net sales of products covered by the licensed patents, materials or information. The license fee was immaterial for all periods presented. The Company does not believe that its G4 or PX Instruments or the associated consumables, as the Company presently intends to commercialize them, fit within the definitions in the License Agreement that would require the Company to make milestone payments or pay royalties on sales of these products and as a result no amounts have been accrued to date. However, there is no assurance that Columbia will agree with the Company’s interpretation of the License Agreement or its payment obligations thereunder or agree that the Company has complied with its other obligations under the License Agreement.

In addition to the License Agreement, the Company entered into a sponsored research agreement (the “Research Agreement”) to fund a research program with Columbia. The program ended in 2019. The Company recorded $0.1 million of expense in connection with the Research Agreement for the year ended December 2019.

Operating Lease

In November 2017, the Company entered into a non-cancelable operating lease that expires upon commencement of the new HQ lease, as defined below (estimated second quarter of 2022). The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in February 2018.

In December 2019, the Company entered into a 5-year lease agreement for an additional office space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in January 2020.

In June 2020, the Company entered into a sublease agreement for an additional office space in La Jolla, California. The sublease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this sublease in July 2020.

In June 2020, the Company entered into a 10-year lease agreement with ARE-SD Region No. 27, LLC (“landlord”) for new office and laboratory space containing approximately 76,778 rentable square feet located in La Jolla, California (“premises”, “new HQ lease”), with a target commencement date in April 2022. If landlord does not deliver the premises within 120 days of the target commencement date for any reason other than Force Majeure delays or delays by the Company, the Company may terminate by the Company and neither landlord nor the Company will have any further rights, duties, or obligations under the new HQ lease. Landlord shall make available to the Company for use within 12-months after the commencement date a Tenant Improvement Allowance (“TI Allowance”), which the Company will repay to the landlord as additional rent over the base term and shall accrue interest at a rate of 8% per annum. Upon commencement, the contractual base rent will be charged, subject to partial rent abatement, annual base rent adjustments, the Company’s share of operating expenses, and additional rent for the TI Allowance actually disbursed by the landlord.

In April 2021, the Company entered into a 62-month lease agreement for an additional office space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space in June 2021 and began recognizing rent expense under this lease at that time.

In April 2021, the Company amended its current lease for an office space in La Jolla, California. The lease amendment includes extension of the current lease expiration date by 24-months subsequent to commencement of new HQ lease, expansion of the existing premises for additional space and certain rent escalations.

The Company recorded rent expense of $0.8 million and $0.3 million for the six months ended June 30, 2021 and June 30, 2020, respectively.

Future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands):


As of June 30, 2021	Operating Lease
2021 (six months remaining)		1,166
2022		6,265
2023		7,892
2024		6,394
2025 and thereafter		42,122
	$	63,839

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

8. Convertible Preferred Stock

Prior to its conversion to common stock in connection with the Company’s IPO, the convertible preferred stock was classified as temporary, or mezzanine, equity on the accompanying condensed balance sheets since the shares contained certain redemption features that were not solely within the control of the Company. The Company had not previously accreted the convertible preferred stock to its redemption value since the shares were not redeemable and redemption was not deemed to be probable.


As of June 30, 2021
	Shares Authorized		Shares issued and Converted		Issue Period	Price Per Share		Aggregate Liquidation Preference
Series Seed		6,520,790		6,520,790	2016	$	0.6901	$	4,500,000
Series A		12,932,429		12,932,429	2017		1.5465		20,000,000
Series B		19,566,903		19,373,169	2019		2.3228		45,000,000
		39,020,122		38,826,388				$	69,500,000

In connection with the completion of the Company’s IPO in June 2021, all of the outstanding shares of convertible preferred stock were automatically converted into 38,826,388 shares of the Company’s common stock.

Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock

9. Common Stock

The Company is authorized to issue up to 400,000,000 shares of its common stock, each having a par value of $0.0001 per share.

Common stock reserved for future issuance consisted of the following:


Stock options issued and outstanding			4,746,538
Authorized for future option grants			7,911,083
Authorized for issuance under the ESPP Plan			730,000
Balance at June 30, 2021			13,387,621

Common Stock Warrant

6 Months Ended

Jun. 30, 2021

Warrants And Rights Note Disclosure [Abstract]

Common Stock Warrant

10. Common Stock Warrant

As discussed in Note 6, the Company issued a warrant to SVB concurrently with the Loan Agreement, which warrant was later amended. Upon the closing of the Company’s IPO in June 2021, warrants to purchase shares of Series B Preferred Stock automatically converted into warrants to purchase shares of our Common Stock. The preferred stock warrant liability was reclassified from current liabilities to equity, as the warrants met the definition of an equity instrument. As a result, the fair value of the preferred stock warrants as of June 1, 2021, estimated to be $2.6 million using the Black-Scholes option-pricing model, was reclassified to additional paid-in

capital. At that time the warrant became exercisable for 129,156 shares of common stock of the Company at $2.3228 per share. As of June 30, 2021 the warrant has been net exercised into 117,088 shares of common stock of the Company.

Stock Incentive Plan

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Incentive Plan

11. Stock Incentive Plan

2021 and 2016 Equity Incentive Plans

The Company's Board of Directors and stockholders adopted and approved the Company's 2021 Equity Incentive Plan (the “2021 Plan”) in May 2021. The 2021 Plan replaced the Company's 2016 Equity Incentive Plan adopted in September 2016 (the “2016 Plan”), however, awards outstanding under the 2016 Plan will continue to be governed by their existing terms. The number of shares of the Company's common stock that were initially available for issuance under the 2021 Plan equaled the initial sum of 7,500,000 shares plus 832,980 shares that were then available for issuance under the 2016 Plan. The 2021 Plan provides for the following types of awards: incentive and non-statutory stock options, stock appreciation rights, restricted shares, and restricted stock units.

The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company's Board of Directors. In general, to the extent that any awards under the 2021 Plan are forfeited, terminate, expire or lapse without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to any award.

Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2021 Plan (and previously the 2016 Plan) at an exercise price of not less than 100% of the fair market value of common stock on the respective date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee.

The following table summarizes stock option activity under the Plan since December 31, 2020:


	Number of Options			Weighted average exercise price (per share)		Weighted average remaining contract term (in years)

Outstanding at December 31, 2020		7,274,953		$	0.57		8.81
Exercisable at December 31, 2020		7,274,953		$	0.57		8.81
Granted		2,855,700		$	8.62
Exercised		(5,381,217	)	$	0.65
Canceled / Forfeited		(70,398	)	$	3.43
Outstanding at June 30, 2021		4,679,038		$	5.35		8.88
Exercisable at June 30, 2021		3,335,363		$	2.41		8.52

The 2016 Plan allows for the early exercise of awards to plan participants subject to the right of repurchase by the Company at the lower of the original exercise price or fair market value for unvested awards. At June 30, 2021 and December 31, 2020, the Company has a liability for the cash received from the early exercise of stock options in the amount of $2.2 million and $0 million, respectively. The Company reduces the liability as the underlying shares vest in accordance with the vesting terms of the individual award.

As of June 30, 2021 and December 31, 2020, there were 2,958,410 and 141,955 respectively, of early exercised stock options that remain subject to the Company’s repurchase right.

ESPP Shares

In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 730,000 shares of common stock was initially reserved for issuance under the ESPP. The price at which common stock is purchased

under the ESPP is equal to 85% of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower.

During the six months ended June 30, 2021, no shares of common stock were issued under the ESPP.

Stock-Based Compensation Summary

The classification of equity-based compensation expense is summarized as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	581	$	55	$	806	$	93
General and administrative		1,760		205		2,631		406
Total equity-based compensation expense	$	2,341	$	260	$	3,437	$	499

As of June 30, 2021 and June 30, 2020, total unrecognized stock-based compensation expense was $32.1 and $3.1 million and is expected to be recognized over the weighted average period of approximately 2.95 and 3.22 years on a straight-line basis, respectively.

The following table shows the weighted-average assumptions used to compute the fair value of the awards granted to employees and nonemployees, using the Black-Scholes option pricing model as of June 30, 2021 and June 30, 2020:


	Six Months Ended
	June 30,
Assumption	2021	2020
Expected volatility	78.68%	60.00%
Expected term (years)	5.5 - 6.1	5.3 - 6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.90%	0.72%
Forfeiture rate	0.00%	1.00%

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Income Statement [Abstract]

Net Loss Per Share

12. Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss attributable to common stockholders	$	(37,479	)	$	(6,847	)	$	(61,400	)	$	(12,100	)
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted		31,628,921			10,572,148			21,696,142			10,382,036
Net loss per share attributable to common stockholders, basic and diluted	$	(1.18	)	$	(0.65	)	$	(2.83	)	$	(1.17	)

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:


	June 30,
	2021		2020
Employee stock options		4,746,538		7,015,851
Warrants for Series B convertible preferred stock		-		129,156
Series Seed convertible preferred stock		-		6,520,790
Series A convertible preferred stock		-		12,932,429
Series B convertible preferred stock		-		19,373,169
		4,746,538		45,971,395

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Initial Public Offering

Concurrent with the completion of the IPO:



38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock;



outstanding principal and interest amount of convertible promissory notes (the "2021 Notes") converted into 7,531,777 shares of the Company's common stock;



a warrant to purchase 129,156 shares of convertible preferred stock was adjusted into a warrant to purchase an equivalent number of shares of the Company's common stock.

Liquidity and Capital Resources

Basis of Presentation and Use of Estimates

Impact of the COVID -19 Pandemic

Impact of the COVID-19 Pandemic

Segment Information

Cash and Cash Equivalents

Restricted Cash


	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	257,268	$	11,688
Restricted cash		687		482
Total	$	257,955	$	12,170

Concentration of Credit Risk

Short-Term Investments

The following tables summarize the short-term investments held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
Asset backed securities		38,042		(8	)		38,034
Corporate debt securities		76,341		25			76,366
	$	114,383	$	17		$	114,400


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains (Losses)		Estimated Fair Value
Asset backed securities		3,938		5		3,943
Corporate debt securities		11,276		12		11,288
	$	15,214	$	17	$	15,231

The following table summarizes contractual maturities of available-for-sale debt securities held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	62,981	$	9,559
After one but within five years	$	51,419		5,672
Total	$	114,400	$	15,231

The Company determined there was no material change in the credit risk of any of its investments.

Property and Equipment, Net

Deferred Offering Costs

Deferred Rent

Impairment of Long-Lived Assets

Fair Value Measurements

Research and Development Expenses

Patent Costs

Issuance Costs Related to Equity and Debt

at amortized cost and amortizes the resulting debt discount to interest expense using the effective interest method over the expected term of the debt.

Stock-Based Compensation



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 options.



Income Taxes

reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations.

Comprehensive Income (Loss)

Net Loss Per Share

Recent Accounting Pronouncements - Not Yet Adopted

Recent Accounting Pronouncements—Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported the Balance Sheet


	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	257,268	$	11,688
Restricted cash		687		482
Total	$	257,955	$	12,170

Schedule of Short-Term Investments Held

The following tables summarize the short-term investments held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains (Losses)			Estimated Fair Value
Asset backed securities		38,042		(8	)		38,034
Corporate debt securities		76,341		25			76,366
	$	114,383	$	17		$	114,400


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains (Losses)		Estimated Fair Value
Asset backed securities		3,938		5		3,943
Corporate debt securities		11,276		12		11,288
	$	15,214	$	17	$	15,231

Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held

The following table summarizes contractual maturities of available-for-sale debt securities held at June 30, 2021 and December 31, 2020 (in thousands):


	June 30, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	62,981	$	9,559
After one but within five years	$	51,419		5,672
Total	$	114,400	$	15,231

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and (in thousands):


	June 30, 2021
Assets:	Level 1		Level 2		Level 3		Total
Money market funds (cash equivalents)	$	4,036	$	-	$	-	$	4,036
Asset backed securities				38,042		-		38,042
Corporate debt securities	$	-	$	72,304	$	-	$	72,304
Total Assets	$	4,036	$	110,346	$	-	$	114,382


	December 31, 2020
Assets:	Level 1		Level 2		Level 3		Total
Money market funds (cash equivalents)	$	5,426	$	-	$	-	$	5,426
Asset backed securities		-		3,943		-		3,943
Corporate debt securities		-		11,288		-		11,288
Total assets	$	5,426	$	15,231	$	-	$	20,657
Liability:
Warrant liability	$	-	$	-	$	451		451
Total liabilities	$	-	$	-	$	451	$	451

Schedule of Reconciliation for Liabilities Measured at Fair Value using Significant Unobservable Inputs

The following table provides reconciliation for all liabilities measured at fair value using significant unobservable inputs (Level 3) for the six months ended June 30, 2021 (in thousands):


Balance at December 31, 2020	$	451
Change in fair value of warrant through conversion	$	2,180
Reclassification of warrant liability into equity	$	(2,631	)
Balance at June 30, 2021	$	-


Balance at December 31, 2020	$	-
Fair value of convertible promissory notes at issuance	$	130,500
Change in fair value of convertible promissory notes through conversion	$	35,199
Conversion of convertible promissory notes	$	(165,699	)
Balance at June 30, 2021	$	-

Schedule of Fair Value of Warrant Liability Valuation Assumptions

Below are the assumptions used for the Black-Scholes option pricing valuation model for the fair value of the warrant liability as of the conversion date and December 31, 2020:


		December 31,
Assumption	At conversion date	2020
Fair Value	22.00	4.59
Expected volatility	62.00%	60.00%
Expected term (years)	8.47	8.99
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	1.62%	0.93%

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		June 30,			December 31,
	Useful Life	2021			2020
Equipment	5 years	$	3,480		$	2,642
Computers and software	3 years		1,545			851
Furniture and fixtures	3 years		80			80
Leasehold improvements	4 years or less		35			35
			5,140			3,608
Less: Accumulated depreciation			(1,706	)		(1,240	)
Total property and equipment, net		$	3,434		$	2,368

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses


	June 30,		December 31,
	2021		2020
Accrued compensation	$	1,247	$	1,234
Accrued professional fees		206		74
Accrued research and development costs		18		44
Accrued other liabilities		338		240
Total accrued liabilities	$	1,809	$	1,592

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term debt and unamortized debt discount balances

The long-term debt and unamortized discount balances as of June 30, 2021 and December 31, 2020 are shown below (in thousands):


	June 30,			December 31,
	2021			2020
Total long-term debt	$	10,000		$	10,000
Less unamortized discount		(445	)		(605	)
Total long-term debt, net		9,555			9,395
Less current portion of long-term debt		(3,473	)		(926	)
Long-term debt, net of current portion	$	6,082		$	8,469

Summary of Future Minimum Principal Payments on Long-term Debt

Future minimum payments of outstanding principal and interest under the outstanding draw-down of $10.0 million on the Loan consist of the following:


As of June 30, 2021
2021 (six months remaining)	1,544
2022	5,386
2023	4,393
Total future minimum payments	11,323
Less: Interest payments	(1,323	)
Long-term debt	10,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases

Future minimum payments under the Company’s non-cancelable operating leases are as follows (in thousands):


As of June 30, 2021	Operating Lease
2021 (six months remaining)		1,166
2022		6,265
2023		7,892
2024		6,394
2025 and thereafter		42,122
	$	63,839

Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Stock by Class


As of June 30, 2021
	Shares Authorized		Shares issued and Converted		Issue Period	Price Per Share		Aggregate Liquidation Preference
Series Seed		6,520,790		6,520,790	2016	$	0.6901	$	4,500,000
Series A		12,932,429		12,932,429	2017		1.5465		20,000,000
Series B		19,566,903		19,373,169	2019		2.3228		45,000,000
		39,020,122		38,826,388				$	69,500,000

- Definition

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

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+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


Stock options issued and outstanding			4,746,538
Authorized for future option grants			7,911,083
Authorized for issuance under the ESPP Plan			730,000
Balance at June 30, 2021			13,387,621

Stock Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan since December 31, 2020:


	Number of Options			Weighted average exercise price (per share)		Weighted average remaining contract term (in years)

Outstanding at December 31, 2020		7,274,953		$	0.57		8.81
Exercisable at December 31, 2020		7,274,953		$	0.57		8.81
Granted		2,855,700		$	8.62
Exercised		(5,381,217	)	$	0.65
Canceled / Forfeited		(70,398	)	$	3.43
Outstanding at June 30, 2021		4,679,038		$	5.35		8.88
Exercisable at June 30, 2021		3,335,363		$	2.41		8.52

Summary of Equity Based Compensation Expense

The classification of equity-based compensation expense is summarized as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	581	$	55	$	806	$	93
General and administrative		1,760		205		2,631		406
Total equity-based compensation expense	$	2,341	$	260	$	3,437	$	499

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Six Months Ended
	June 30,
Assumption	2021	2020
Expected volatility	78.68%	60.00%
Expected term (years)	5.5 - 6.1	5.3 - 6.1
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.90%	0.72%
Forfeiture rate	0.00%	1.00%

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Income Statement [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss attributable to common stockholders	$	(37,479	)	$	(6,847	)	$	(61,400	)	$	(12,100	)
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted		31,628,921			10,572,148			21,696,142			10,382,036
Net loss per share attributable to common stockholders, basic and diluted	$	(1.18	)	$	(0.65	)	$	(2.83	)	$	(1.17	)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	June 30,
	2021		2020
Employee stock options		4,746,538		7,015,851
Warrants for Series B convertible preferred stock		-		129,156
Series Seed convertible preferred stock		-		6,520,790
Series A convertible preferred stock		-		12,932,429
Series B convertible preferred stock		-		19,373,169
		4,746,538		45,971,395

Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 01, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class Of Stock [Line Items]
Proceeds from initial public offering, net of issuance cost						$ 238,644	$ 0
Convertible Preferred Stock, Shares Issued upon Conversion		38,826,388				38,826,388
Accumulated deficit		$ (114,525)				$ (114,525)		$ (53,125)
Net loss		(37,479)	$ (23,921)	$ (6,847)	$ (5,253)	(61,400)	(12,100)
Proceeds from long-term debt						0	$ 7,500
Cash Cash Equivalents And Short Term Investments		$ 371,700				$ 371,700
Common Stock
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues		11,730,000
Conversion of convertible securities		7,531,777
IPO
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues						11,730,000
Shares Issued, Price Per Share	$ 22.00
IPO \| Convertible Debt \| 2021 Notes
Class Of Stock [Line Items]
Conversion of convertible securities	7,531,777
IPO \| Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	38,826,388
IPO \| Convertible Preferred Stock \| Common Stock
Class Of Stock [Line Items]
Outstanding warrant to purchase convertible preferred stock	129,156
Singular Genomics Systems
Class Of Stock [Line Items]
Proceeds from initial public offering, net of issuance cost						$ 237,200
Payments for Underwriting Expense						$ 20,900
Singular Genomics Systems \| Over-Allotment Option
Class Of Stock [Line Items]
Stock Issued During Period Shares New Issues						1,530,000

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) Segment	Jun. 30, 2020 USD ($)
Number of operating segments \| Segment		1
Number of reportable segments \| Segment		1
Asset impairment charges		$ 0
Property, plant and equipment, estimated useful lives		three to five years
Deferred offering costs in accounts payable		$ (1,445,000)	$ (0)
Impairment losses for long lived asset		0	$ 0
IPO
Initial public offering costs offset	$ 2,800,000
Deferred offering costs in accounts payable		$ 1,400,000

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 257,268	$ 11,688
Restricted cash	687	482
Total	$ 257,955	$ 12,170	$ 11,614	$ 5,523

Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost	$ 114,383	$ 15,214
Gross Unrealized Gains (Losses)	17	17
Estimated Fair Value	114,400	15,231
Asset-Backed Securities
Amortized Cost	38,042	3,938
Gross Unrealized Gains (Losses)	(8)	5
Estimated Fair Value	38,034	3,943
Corporate Debt Securities
Amortized Cost	76,341	11,276
Gross Unrealized Gains (Losses)	25	12
Estimated Fair Value	$ 76,366	$ 11,288

Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 62,981	$ 9,559
Estimated Fair Value, After one but within five years	51,419	5,672
Total	$ 114,400	$ 15,231

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total Assets	$ 114,382	$ 20,657
Liability:
Total Liabilities		451
Money Market Funds (Cash Equivalents)
Assets:
Total Assets	4,036	5,426
Asset-Backed Securities
Assets:
Total Assets	38,042	3,943
Corporate Debt Securities
Assets:
Total Assets	72,304	11,288
Warrant Liability
Liability:
Total Liabilities		451
Level 1
Assets:
Total Assets	4,036	5,426
Level 1 \| Money Market Funds (Cash Equivalents)
Assets:
Total Assets	4,036	5,426
Level 2
Assets:
Total Assets	110,346	15,231
Level 2 \| Asset-Backed Securities
Assets:
Total Assets	38,042	3,943
Level 2 \| Corporate Debt Securities
Assets:
Total Assets	$ 72,304	11,288
Level 3
Liability:
Total Liabilities		451
Level 3 \| Warrant Liability
Liability:
Total Liabilities		$ 451

Fair Value Measurements - Schedule of Reconciliation for Liabilities Measured at Fair Value using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liability through conversion	$ 22	$ 0	$ 2,180	$ 0
Level 3 \| Convertible Promissory Notes
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2020			0
Fair value of convertible promissory notes at issuance			130,500
Change in fair value of convertible promissory notes through conversion			35,199
Conversion of convertible promissory notes Fair Value			(165,699)
Balance at June 30, 2021	0		0
Warrant Liability \| Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2020			451
Change in fair value of warrant liability through conversion			2,180
Reclassification of warrant liability into equity			(2,631)
Balance at June 30, 2021	$ 0		$ 0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 28, 2021	Mar. 31, 2020
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares	129,156		129,156			96,867
Change in fair value of warrant liability	$ 22	$ 0	$ 2,180	$ 0
Shares sold and issued, aggregate principal amount	$ 10,000		$ 10,000
2021 Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Shares sold and issued, aggregate principal amount					$ 130,500
Debt instrument, interest per annum					6.00%
Conversion of convertible securities			7,531,777
Debt conversion converted discount rate	20.00%		20.00%

Fair Value Measurements - Schedule of Fair Value of Warrant Liability Valuation Assumptions (Details)	Jun. 30, 2021 $ / shares	Dec. 31, 2020 $ / shares
Fair Value \| Series B
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of the warrant liability per share		$ 4.59
Fair Value \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value of the warrant liability per share	$ 22.00
Expected Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	62.00	60.00
Expected Term (Years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding term	8 years 5 months 19 days	8 years 11 months 26 days
Expected Dividend Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	0.00	0.00
Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants and rights outstanding measurement input	1.62	0.93

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Useful life	three to five years
Property and equipment	$ 5,140	$ 3,608
Less: Accumulated depreciation	(1,706)	(1,240)
Total property and equipment, net	$ 3,434	2,368
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 3,480	2,642
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 1,545	851
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 80	80
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Useful life	4 years or less
Property and equipment	$ 35	$ 35

Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation	$ 1,247	$ 1,234
Accrued professional fees	206	74
Accrued research and development costs	18	44
Accrued other liabilities	338	240
Total accrued liabilities	$ 1,809	$ 1,592

Long-Term Debt - Additional Information (Details)	3 Months Ended			6 Months Ended		12 Months Ended
Long-Term Debt - Additional Information (Details)	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) shares	Jun. 30, 2021 USD ($) mo $ / shares shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2019 USD ($) $ / shares shares
Debt Instrument [Line Items]
Warrant, number of shares \| shares	129,156		96,867	129,156
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 2.3228			$ 2.3228
Additional borrowing amount	$ 10,000,000			$ 10,000,000		$ 10,000,000
Loan, maturity date				Sep. 01, 2023
Number Of Monthly Payments \| mo				24
Percentage of variable annual interest rate				0.65%
Interest rate during the period				5.90%		5.90%
Interest rate due on maturity date				5.50%
Percentage of Outstanding Principal Balance,Repaid Prior to First Anniversary				3.00%
Percentage of Outstanding Principal Balance,Repaid on or After First Anniversary				2.00%
Percentage of Outstanding Principal Balance,Repaid on or After Second Anniversary				1.00%
Percentage of Line Fee Payable to SVB Related to Undrawn Portion of Borrowing Capacity				1.00%
Debt Issuance Costs, Net	500,000			$ 500,000		$ 600,000
Future minimum payments				10,000.0
Debt instrument face amount	10,000,000			10,000,000
Change in fair value of convertible promissory notes	$ 23,799,000	$ 0		$ 35,199,000	$ 0
Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Common Stock Shares Issued \| shares	117,088			117,088
Loan and Security agreement
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity								$ 15,000,000.0
Line of Credit Facility, Current Borrowing Capacity								$ 2,500,000
Loan and Security agreement \| Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares								$ 2.3228
Additional borrowing amount			$ 7,500,000
Loan and Security agreement \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrant, number of shares \| shares								32,289
Increase in number of shares \| shares			96,867
2021 Notes
Debt Instrument [Line Items]
Debt instrument face amount							$ 130,500,000
Debt instrument, interest per annum							6.00%
Change in fair value of convertible promissory notes				$ 35,200
2021 Notes \| IPO
Debt Instrument [Line Items]
Number Of Convertible Promissory Notes Converted To CommonStock \| shares				7,531,777

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Total long-term debt	$ 10,000	$ 10,000
Less unamortized discount	(445)	(605)
Total long-term debt, net	9,555	9,395
Less current portion of long-term debt	(3,473)	(926)
Long-term debt, net of current portion	$ 6,082	$ 8,469

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021 (six months remaining)	$ 1,544
2022	5,386
2023	4,393
Total future minimum payments	11,323
Less: Interest payments	(1,323)
Long-term debt	$ 10,000

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) ft²	Dec. 31, 2019 USD ($)	Apr. 30, 2021
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	$ 0.8	$ 0.3
La Jolla California
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Term of Contract		10 years
Net Rentable Area \| ft²		76,778
Tenant Improvement Allowance Interest Accrual Rate		8
Lessee Operating Lease Term Of Contract		10 years
San Diego California
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Term of Contract			5 years	62 months
Lessee Operating Lease Term Of Contract			5 years	62 months
Research Agreement
Commitment And Contingencies [Line Items]
Sponsored Research Expense			$ 0.1

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating Lease Future Minimum Payments, Remaining Period	$ 1,166
Operating Lease Future Minimum Payments, 2022	6,265
Operating Lease Future Minimum Payments, 2023	7,892
Operating Lease Future Minimum Payments, 2024	6,394
Operating Lease Future Minimum Payments, 2025 and Thereafter	42,122
Operating Lease Future Minimum Payments, Total	$ 63,839

Convertible Preferred Stock - Schedule of components of Preferred Stock (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Temporary equity, shares authorized	39,020,122	39,020,122
Temporary equity, shares issued	38,826,388	38,826,388
Temporary equity, shares converted		38,826,388
Aggregate liquidation preference	$ 69,500,000	$ 69,500,000
Series Seed
Temporary Equity [Line Items]
Temporary equity, shares authorized	6,520,790	6,520,790	6,520,790
Temporary equity, shares issued	6,520,790	6,520,790
Temporary equity, shares converted	(6,520,790)	6,520,790
Issue Period		2016
Price Per Share	$ 0.6901	$ 0.6901
Aggregate liquidation preference	$ 4,500,000	$ 4,500,000
Temporary equity, liquidation preference	$ 0	$ 0	$ 4,499,998,000
Series A
Temporary Equity [Line Items]
Temporary equity, shares authorized	12,932,429	12,932,429
Temporary equity, shares issued	12,932,429	12,932,429
Temporary equity, shares converted		12,932,429
Issue Period		2017
Price Per Share	$ 1.5465	$ 1.5465
Aggregate liquidation preference	$ 20,000,000	$ 20,000,000
Series B
Temporary Equity [Line Items]
Temporary equity, shares authorized	19,566,903	19,566,903
Temporary equity, shares issued	19,373,169	19,373,169
Temporary equity, shares converted		19,373,169
Issue Period		2019
Price Per Share	$ 2.3228	$ 2.3228
Aggregate liquidation preference	$ 45,000,000	$ 45,000,000

Convertible Preferred Stock - Additional informations (Details)	Jun. 30, 2021 shares
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock Shares Issued Upon Conversion	38,826,388

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized	400,000,000	60,272,685
Common stock, par value per share	$ 0.0001	$ 0.0001

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details)	Jun. 30, 2021 shares
Class Of Stock [Line Items]
Common stock reserved for future issuance	13,387,621
Stock Options Issued and Outstanding [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	4,746,538
Authorized For Future Options Grants [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	7,911,083
Authorized for issuance under the ESPP Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	730,000

Common Stock Warrant - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 01, 2021	Jun. 30, 2021	Mar. 31, 2020
Warrants And Rights Note Disclosure [Abstract]
Fair value of preferred stock warrants	$ 2.6
Number of securities exercisable by warrants		129,156	96,867
Exercise price of warrants		$ 2.3228
Number of securities exercised by warrants		117,088

Stock Incentive Plan - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	13,387,621
Liability for cash received from early exercise of stock	$ 2,200,000			$ 0
Number of early exercise stock option remain subject to repurchase	2,958,410			141,955
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	4,746,538
Unrecognized stock-based compensation expense	$ 32,100,000	$ 3,100
Cost not yet recognized, period for recognition	2 years 11 months 12 days	3 years 2 months 19 days
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Stock incentive plan description	The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company's Board of Directors.
2021 Plan \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase Price of Common Stock Expressed As A Percentage	100.00%
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	832,980
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			730,000
Common stock, shares issued	0
Purchase Price of Common Stock Expressed As A Percentage	85.00%

Stock Incentive Plan - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding at December 31, 2020	7,274,953
Number of Options, Exercisable at December 31, 2020	7,274,953
Number of Options, Granted	2,855,700
Number of Options, Exercised	(5,381,217)
Number of Options, Cancelled / Forfeited	(70,398)
Number of Options, Outstanding at June 30, 2021	4,679,038	7,274,953
Number of Options, Exercisable at June 30, 2021	3,335,363	7,274,953
Weighted average exercise price (per share), Outstanding at December 31, 2020	$ 0.57
Weighted average exercise price (per share), Exercisable at December 31, 2020	0.57
Weighted average exercise price (per share), Granted	8.62
Weighted average exercise price (per share), Exercised	0.65
Weighted average exercise price (per share), Cancelled / Forfeited	3.43
Weighted average exercise price (per share), Outstanding at June 30, 2021	5.35	$ 0.57
Weighted average exercise price (per share), Exercisable at June 30, 2021	$ 2.41	$ 0.57
Weighted average remaining contract term (in years), Outstanding	8 years 10 months 17 days	8 years 9 months 21 days
Weighted average remaining contract term (in years), Exercisable	8 years 6 months 7 days	8 years 9 months 21 days

Stock Incentive Plan - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,341	$ 260	$ 3,437	$ 499
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	581	55	806	93
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 1,760	$ 205	$ 2,631	$ 406

Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	78.68%	60.00%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.90%	0.72%
Forfeiture rate	0.00%	1.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 3 months 18 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Net Loss Per Share - Schedule Of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Income Loss	$ (37,479)	$ (23,921)	$ (6,847)	$ (5,253)	$ (61,400)	$ (12,100)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	31,628,921		10,572,148		21,696,142	10,382,036
Net loss per share attributable to common stockholders, basic and diluted	$ (1.18)		$ (0.65)		$ (2.83)	$ (1.17)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	4,746,538	45,971,395
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	4,746,538	7,015,851
Warrants for Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	129,156
Series Seed Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	6,520,790
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	12,932,429
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	0	19,373,169