0000950170-22-003570 | 10-K | XBRL Viewer | Singular Genomics Systems INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 201,049	$ 11,688
Short-term investments	138,174	15,231
Prepaid expenses and other current assets	8,537	652
Total current assets	347,760	27,571
Property and equipment, net	6,072	2,368
Restricted cash	687	482
Other noncurrent assets	1,129	81
Total assets	355,648	30,502
Current liabilities:
Accounts payable	2,348	427
Accrued expenses	4,278	1,592
Current portion of long term debt, net of issuance costs	0	926
Warrant liability	0	451
Other current liabilities	118	294
Total current liabilities	6,744	3,690
Long-term debt, net of issuance costs	9,904	8,469
Other noncurrent liabilities	2,827	714
Total liabilities	19,475	12,873
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 400,000,000 and 60,272,685 shares authorized, 72,438,742 and 10,816,937 of shares outstanding at December 31, 2021 and December 31, 2020, respectively	7	1
Additional paid-in capital	488,200	1,552
Accumulated other comprehensive (loss) gain	(138)	17
Accumulated deficit	(151,896)	(53,125)
Total stockholders' equity (deficit)	336,173	(51,555)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	355,648	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

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 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	72,438,742	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	$ 4,499,998,000
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

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 32,655	$ 21,247
Selling, General and Administrative	28,624	6,287
Total operating expenses	61,279	27,534
Loss from operations	(61,279)	(27,534)
Other income (expense):
Interest income	328	464
Interest expense	(846)	(718)
Change in fair value of convertible promissory notes	(35,199)	0
Change in fair value of warrant liability	(2,180)	(198)
Other income	405	41
Net loss	$ (98,771)	$ (27,945)
Basic and diluted net loss per share	$ (2.10)	$ (2.64)
Weighted-average shares used to compute basic and diluted net loss per share	47,023,048	10,575,941

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net loss	$ (98,771)	$ (27,945)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(155)	3
Comprehensive loss	$ (98,926)	$ (27,942)

- Definition

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

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+ Details

Consolidated 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) [Member]	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)					650,000
Vesting of common stock issued for early exercise of stock options	33					33
Vesting of common stock issued for early exercise of stock options (in shares)					35,489
Issuance of common stock in connection with exercise of stock options	19					19
Issuance of common stock in connection with exercise of stock options (in shares)					68,425
Stock-based compensation	1,060					1,060
Unrealized gain (loss) on available- for-sale marketable securities	3						3
Issuance costs in connection with Series B convertible preferred stock				$ (30)
Net loss	(27,945)							(27,945)
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	798					798
Vesting of common stock issued for early exercise of stock options (in shares)					1,279,865
Issuance of common stock in connection with exercise of stock options	$ 1,160					1,160
Issuance of common stock in connection with exercise of stock options (in shares)	5,495,965				2,077,291
Stock-based compensation	$ 9,231					9,231
Conversion of preferred stock into common stock, converted	$ 69,184	$ (4,486)	$ (19,908)	$ (44,790)	$ 4	69,180
Conversion of preferred stock into common stock, converted (in shares)	38,826,388	6,520,790	(12,932,429)	(19,373,169)	38,826,388
Conversion of the convertible promissory notes into common stock	$ 165,699				$ 1	165,698
Conversion of the convertible promissory 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
Unrealized gain (loss) on available- for-sale marketable securities	(155)						(155)
Issuance of common stock in connection with Employee Stock Purchase Program (in shares)					59,396
Issuance of common stock in connection with Employee Stock Purchase Program	752					752
Net loss	(98,771)							(98,771)
Temporary equity, Balance (in shares) at Dec. 31, 2021		0	0	0
Balance at Dec. 31, 2021	$ 336,173				$ 7	$ 488,200	$ (138)	$ (151,896)
Balance (in shares) at Dec. 31, 2021					72,438,742

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (98,771)	$ (27,945)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	1,133	639
Loss on disposal of property and equipment	94	0
Stock-based compensation	9,231	1,060
Change in fair value of convertible promissory notes	35,199	0
Change in fair value of warrant liability	2,180	198
Amortization of premium on short -term investments	1,865	83
Accretion of debt issuance costs	279	234
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(6,851)	(391)
Other noncurrent assets	(1,048)	0
Accounts payable	1,854	(148)
Accrued expenses	2,686	1,132
Other current liabilities	(176)	240
Other noncurrent liabilities	624	25
Net cash used in operating activities	(51,701)	(24,873)
Investing activities
Purchases of short-term investments	(195,684)	(6,077)
Sales of short-term investments	33,688	20,616
Maturities of shot-term investments	35,999	10,846
Purchases of property and equipment	(4,864)	(1,380)
Net cash (used in) provided by investing activities	(130,861)	24,005
Financing activities
Proceeds from initial public offering, net of issuance costs	237,199	0
Proceeds from issuance of common stock, net of repurchases	3,577	45
Proceeds from issuance under employee stock purchase program	752	0
Proceeds from issuance of convertible promisorry notes	130,500	0
Proceeds from issuance of debt	10,500	7,500
Repayments of debt principal and issuance costs in connection with refinancing	(10,400)	0
Issuance costs in connection with Series B convertible preferred stock	0	(30)
Net cash provided by financing activities	372,128	7,515
Increase in cash and cash equivalents and restricted cash	189,566	6,647
Cash and cash equivalents and restricted cash, beginning of year	12,170	5,523
Cash and cash equivalents and restricted cash, end of period	201,736	12,170
Supplemental disclosure for cash activities
Interest paid	569	461
Supplemental disclosure for non-cash activities
Vesting of restricted stock	798	33
Cashless warrant exercise	300	0
Conversion of preferred stock to common stock	69,184	0
Conversion of convertible promissory notes to common stock	165,699	0
Purchase of property plant and equipment included in accounts payable	67	14
Warrants issued in connection with issuance of long-term debt		$ 189

Business

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business And Basis of Presentation

1. Business

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 technologies to empower researchers and clinicians. The Company developed a unique and proprietary NGS technology, which is referred to as its Sequencing Engine. The Sequencing Engine is the foundational platform technology that forms the basis of the Company's products in development as well as its core product tenets: power, speed, flexibility and accuracy. The Company is developing two products that are purpose-built to target applications in which these core product tenets matter most. The first product, the G4, targets the NGS market. The G4 is a benchtop next-generation sequencer designed to produce fast and accurate genetic sequencing results. The integrated purpose-built kits that run on the G4 address specific applications in the oncology and immune profiling markets. The second product in development, the PX, combines single-cell analysis, spatial analysis, genomics and proteomics in one integrated instrument to offer 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 closed 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 closing 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 Convertible Notes”) converted into 7,531,777 shares of common stock; and

•

a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock.

Liquidity and Capital Resources

The Company has incurred net losses since inception and, as of December 31, 2021 and December 31, 2020, had an accumulated deficit of $151.9 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 December 31, 2021, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of December 31, 2021, the Company had cash, cash equivalents and short-term investments of $339.2 million. The Company believes that its cash, cash equivalents and short-term investments as of December 31, 2021 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying financial statements.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Company’s 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 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 fair value of the 2021 Convertible Notes, the fair value of the liability for the SVB Warrant, the fair value of the Company’s preferred and common stock and stock-based compensation.

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 as the collateral on the Company’s corporate credit card program. The Company has classified restricted cash as noncurrent on its balance sheets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	201,049	$	11,688
Restricted cash		687		482
Total	$	201,736	$	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 December 31, 2021 and December 31, 2020, short-term investments primarily consisted of corporate debt securities and asset-backed securities. The Company classifies its investments in securities as available-for-sale because, for accounting purposes, they are not considered to be either held-to-maturity securities or trading securities. They are not considered to be held-to-maturity securities because the Company does not have the positive intent to hold those securities to maturity. They are not considered trading securities because they are not acquired with the intent of selling them within hours or days. The Company’s investments in securities are classified as current as they are available for use in current operations. 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. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity and recorded as interest income. Realized gains and losses are determined using the specific identification method and are included in other income (expense).

The Company evaluates its investments in securities that are in an unrealized loss position quarterly to determine if those securities are other-than-temporarily impaired. If the Company intends to sell or if it is more likely than not that the Company will be required to sell those securities prior to the recovery of their book value, then those securities would be considered other-than-temporarily-impaired, and the Company would record this impairment as a loss through other income (expense). During the years ended December 31, 2021 and 2020, the Company concluded that none of its investments in securities were other-than-temporarily-impaired and thus recorded no impairment losses for its investments in securities.

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


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
	$	138,312	$	(138	)	$	138,174


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		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 securities held at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	94,085	$	9,559
After one but within five years		44,089		5,672
Total	$	138,174	$	15,231

Property and Equipment, Net

Property and equipment, net, which consists of lab equipment, computers and software, furniture and fixtures, leasehold improvements and construction in process, 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 of the asset, whichever is shorter. Repairs and maintenance costs are charged to expense as incurred.

Deferred Rent

Rent expense is recognized on a straight-line basis over the lease term. The difference between rent expense and amounts paid under the lease agreement is deferred and recorded in other current and noncurrent liabilities in the accompanying balance sheets.

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 the twelve months ended December 31, 2021 and December 31, 2020, respectively.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP and consist primarily of cash, cash equivalents, short-term investments, restricted cash, accounts payable, accrued liabilities, the 2021 Convertible Notes and the SVB Warrant. The carrying amounts of cash, cash equivalents, accounts payable, and accrued liabilities approximate their 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 Convertible Notes and SVB Warrant. Changes in the fair value of the 2021 Convertible Notes and the SVB Warrant were recorded in the statements of operations. As a result of applying the fair value option, direct costs and fees related to the 2021 Convertible Notes were recognized as incurred and not deferred. In June 2021, in connection with the IPO completion, the 2021 Convertible Notes converted into the Company’s common stock and the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of 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 2021 Convertible Notes and SVB Warrant, and net loss and net loss per share, could have been significantly different.

Research and Development Expense

The Company’s research and development expense consists 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 information technology and facilities costs; and depreciation. Research and development costs are charged to expense as incurred.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as selling, general and administrative expenses within the Company’s statements of operations 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, limited to the notional value of the debt. The Company accounts for the Silicon Valley Bank loan (see Note 6) as a liability measured at amortized cost and amortizes the related 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 stock-based awards made to employees and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to recognize compensation cost over the required service period of the award, which is generally the vesting period of the award. The Company recognizes actual forfeitures by reducing the stock-based compensation in the same period that the forfeitures occur. The Company estimates the fair value of stock-based option 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 the fair value of common stock, expected term, expected volatility, risk-free interest rate and expected dividend yield, which are described in greater detail below.

Inputs to the Black-Scholes option pricing model are subjective and generally require the use of judgment. Changes in the assumptions can materially affect how much stock-based compensation is recognized. These inputs are as follows:

•

Fair value of common stock— For awards granted prior to the IPO, when there was no public market for the Company’s common stock, the grant date fair value of the Company’s common stock 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 based on information then available. For awards granted after the IPO, the fair value of common stock is 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 options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the weighted-average vesting period and the end of the contractual term). The Company uses the simplified method because the Company has concluded that its historical option exercise experience does not provide a reasonable basis to estimate expected term.

•

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

•

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.

•

Expected dividend yield—The Company has never paid dividends and does not intend to pay dividends in the foreseeable future. Therefore, the Company used an expected dividend yield of zero.

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 the 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 any 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 will recognize interest and penalties related to unrecognized tax benefits within income tax expense.

Other Comprehensive (Loss) Income

Other comprehensive (loss) income 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 (loss) income is unrealized (loss) gain on available-for-sale securities, which have been reflected in the statements of comprehensive loss and as a separate component in the statements of preferred stock and stockholders’ equity (deficit).

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. Outstanding stock options, the SVB 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. Thus, for all periods presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share.

Segment Information

Operating segments are components of a public entity that: (a) engage in business activities from which they may recognize revenues and incur expenses; (b) have operating results that are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (c) have discrete financial information available. The Company views its operations and manages its business as one operating segment, and thus has one reportable segment. The Company’s long-lived assets are located in the United States.

Recent Accounting Pronouncements—Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The 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. For lessees, 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 adopted ASC 842 on January 1, 2022 using the modified retrospective method and expects to record right-of-use assets and corresponding liabilities related to its real estate operating leases with initial lease terms of more than 12 months. These adjustments will be reflected in the Company's financial statements for future periods beginning for the period ending March 31, 2022. These adjustments will have no impact on the Company’s statement of operations and no impact on the Company’s accumulated deficit.

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 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 ASU is 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 does not expect the impact of the adoption of this standard to materially impact its financial statements and related disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

For accounting purposes, 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.

None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash and cash equivalents, short-term investments, the liability for the SVB Warrant and the 2021 Convertible Notes prior to their conversion. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs.

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


	December 31, 2021
Assets:	Level 1		Level 2		Level 3		Total
Cash	$	26,037	$	-	$	-	$	26,037
Money market funds		175,012		-		-		175,012
Asset-backed securities		-		21,147		-		21,147
Corporate debt securities		-		117,027		-		117,027
Total assets	$	201,049	$	138,174	$	-	$	339,223


	December 31, 2020
Assets:	Level 1		Level 2		Level 3		Total
Cash	$	11,688	$	-	$	-	$	11,688
Asset-backed securities		-		3,943		-		3,943
Corporate debt securities		-		11,288		-		11,288
Total assets	$	11,688	$	15,231	$	-	$	26,919
Liabilities:
Warrant liability	$	-	$	-	$	451	$	451
Total liabilities	$	-	$	-	$	451	$	451

SVB Warrant

In November 2019, simultaneously with the first draw-down under its 2019 SVB Loan (see Note 6), 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”). In March 2020, in connection with the Company’s second draw-down under the 2019 SVB Loan, the SVB Warrant was amended to increase the number of shares of Series B convertible preferred stock of the Company by 96,867, to a total of 129,156 shares. In connection with the completion of the Company’s IPO, in accordance with the original terms the warrant instrument, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock. In June 2021, after the IPO, SVB net exercised the SVB Warrant into 117,088 shares of common stock of the Company, and the SVB Warrant is no longer outstanding as of December 31, 2021.

The fair value of the SVB Warrant liability was remeasured at each financial reporting period with any changes in fair value recognized as other income (expense) in the statements of operations. The fair value for the warrant liability for the SVB Warrant was based on the Black-Scholes option pricing valuation model using significant inputs not observable in the market and was thus classified within Level 3 of the fair value hierarchy. The change in fair value of the warrant for the twelve months ended December 31, 2021 and 2020 was $2.2 million and $0.2 million, respectively. When, in connection with the IPO, the SVB Warrant

was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock, the warrant liability was reclassified from current liabilities to equity as the warrant met the definition of an equity instrument. Additionally, at that time, the Company recorded the final valuation of the warrant liability for the SVB Warrant.

The following table provides a roll forward of the SVB Warrant liability measured at fair value for the twelve months ended December 31, 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 December 31, 2021	$	-

Below are the assumptions used in the Black-Scholes option pricing model for the fair value of the SVB Warrant liability as of the closing of the IPO, when the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock, and December 31, 2020:


		December 31,
Assumption	At IPO	2020
Fair value of underlying ($)	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 of the Series B convertible preferred stock underlying the SVB Warrant prior to the conversion of the Series B convertible preferred stock was estimated by management with the assistance of a third-party valuation specialist. The expected volatility was based on historical volatilities from guideline companies, since there was no active market for the Company’s preferred stock or 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 dividends and does not intend to pay dividends in the foreseeable future. The risk-free interest rate used was the rate for a U.S. Treasury zero-coupon issue with a term consistent with the remaining contractual term of the SVB Warrant on the date of measurement.

2021 Convertible Notes

In February 2021, the Company sold and issued approximately $130.5 million aggregate principal of 2021 Convertible Notes in a private placement transaction. The 2021 Convertible Notes accrued 6% interest per annum. The Company elected as of the issuance date to account for the 2021 Convertible Notes at fair value. Management believes that the fair value option better reflected the underlying economics of the 2021 Convertible Notes, which contained 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 after the issuance through the conversion of the 2021 Convertible Notes. The Company measured the fair value of the 2021 Convertible Notes using the probability weighted “as-converted” plus Black-Scholes option pricing model based on inputs such as the probability of IPO vs. non-IPO scenarios, fair value of the common stock price, discount yield, risk-free rate, equity volatility, expected term, number of converted shares and price negotiation adjustment for the calibration. In connection with the IPO, the 2021 Convertible Notes converted into 7,531,777 shares of the Company’s common stock. Based on the terms of the agreement, the 2021 Convertible Notes converted at a 20% discount to the public offering price in the IPO. At the time of the conversion, the Company recorded a final fair value adjustment of the 2021 Convertible Notes using the Company’s common stock price at the IPO.

The following table provides a roll forward of the 2021 Convertible Notes measured at fair value for the twelve months ended December 31, 2021 (in thousands):


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 December 31, 2021	$	-

There are significant judgments, assumptions and estimates inherent in the determination of the fair value of the SVB Warrant liability and the 2021 Convertible Notes. These include the 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 each such

scenario. The Company considered the equity value of an initial public offering using market transactions and had 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 to the probability of a particular outcome would require a related change to the probability of another outcome. The fair value of the 2021 Convertible Notes is derived using assumptions that are consistent with the assumptions used to value the Company’s common stock and the SVB Warrant.

As of December 31, 2021, the Level 3 liabilities no longer exist as a result of the conversion of the 2021 Convertible Notes and as a result of the SVB Warrant becoming exercisable into common stock in connection with the 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

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

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


	December 31,		December 31
	2021		2020
Prepaid expenses	$	3,715	$	602
Inventory		3,011		-
Interest receivable		1,050		17
Current deposits		761		33
Total prepaids expenses and other current assets	$	8,537	$	652

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

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


		December 31,			December 31,
	Useful Life	2021			2020
Equipment	5 years	$	4,433		$	2,642
Computers and software	3 years		2,136			851
Leasehold improvements	5 years or less		1,041			80
Furniture and fixtures	5 years or less		75			35
Construction in progress	N/A		574			-
			8,259			3,608
Less: accumulated depreciation			(2,187	)		(1,240	)
Total property and equipment, net		$	6,072		$	2,368

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Accrued compensation and other employee benefits	$	3,516	$	1,234
Accrued professional services		200		74
Accrued research and development expenses		41		44
Accrued other expenses		521		240
Total accrued expenses	$	4,278	$	1,592

Long-term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

7. Long-term Debt

Silicon Valley Bank Loan

In November 2019, the Company entered into a loan and security 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 “2019 SVB Loan”). Contemporaneously, the Company borrowed $2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65% above the prime rate or (ii) 5.90%. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50% was to be due on the maturity date. In connection with the 2019 SVB Loan, SVB entered into the SVB Warrant agreement with the Company to purchase shares of Series B convertible preferred stock at an exercise price of $2.3228 per share (see Note 3).

On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement” or “2021 SVB Loan”, together with the 2019 SVB Loan, the “SVB Loans”) with SVB. The Amended Agreement provides for term loans in an aggregate principal amount of up to $35.5 million to be delivered in three tranches. The tranches consist of: (i) a term loan advance to the Company in an aggregate principal amount of $10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $15.0 million; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $10.0 million. The proceeds from the First Tranche were used to repay in full the existing indebtedness under the 2019 SVB Loan. The 2021 SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75% plus the prime rate as reported in The Wall Street Journal and (ii) 4.00%. The 2021 SVB Loan has an initial interest-only period of 36 months. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00% will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet.

The Amended Agreement was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the Amended Agreement will be amortized to interest expense using the effective interest method over the repayment term.

As of December 31, 2021 and December 31, 2020, the debt issuance costs related to the SVB Loans were $0.6 million. Debt issuance costs include the initial fair value of the SVB Warrant. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method.

The SVB Loans and unamortized discount balances as of December 31, 2021 and December 31, 2020 are shown below (in thousands):


	December 31,			December 31,
	2021			2020
Total long-term debt	$	10,500		$	10,000
Less: issuance costs		(596	)		(605	)
Total long-term debt, net		9,904			9,395
Less current portion of long-term debt		-			(926	)
Long-term debt, net of current portion	$	9,904		$	8,469

Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows (in thousands):


Years Ending December 31:
2022	$	426
2023		426
2024		2,168
2025		5,507
2026 and thereafter		3,973
Total future minimum payments		12,500
Less: Interest and Final Payment fee		(2,000	)
Long-term debt	$	10,500

The Company is subject to customary affirmative and restrictive covenants under the Amended Agreement. The Company’s obligations under the Amended 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 Amended Agreement.

The Amended Agreement provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the Amended Agreement. After the occurrence of an event of default, SVB may, among other remedies, accelerate payment of all obligations.

As of December 31, 2021 and December 31, 2020, the Company was in compliance with all covenants under the Amended Agreement and 2019 SVB Loan, respectively, and there had been no events of default.

2021 Convertible Notes

In February 2021, the Company issued the 2021 Convertible Notes to various investors, in the aggregate principal amount of $130.5 million (see Note 3). Of this amount, $48.5 million was to certain investors affiliated with members of the Company’s board of directors. The 2021 Convertible Notes accrued interest at 6% per annum. Due to certain embedded features within the 2021 Convertible Notes, the Company elected to account for these notes and all their embedded features under the fair value option. 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

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. 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 requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company's achievement of certain development and commercialization milestones, which could total up to $3.9 million over the life of the License Agreement. The Company is currently engaged in discussions with Columbia regarding the application of the License Agreement and its efforts to satisfy the diligence obligations under the License Agreement. There is no assurance that the Company will reach an agreement with Columbia regarding the application of the License Agreement to its products. During the years ended December 31, 2021 and 2020, the Company paid $0.1 million and approximately $0.1 million, respectively, to Columbia pursuant to the terms of the License Agreement.

In addition to the License Agreement, the Company entered into a sponsored research agreement to fund a research program with Columbia. The program ended in 2019.

Operating Leases

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 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 (the “Landlord”) for new office and laboratory space in La Jolla, California (“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 the lease and neither the Landlord nor the Company will have any further rights, duties or obligations under the New HQ Lease. The 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 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 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 $2.2 million and $0.3 million for the twelve months ended December 31, 2021 and 2020.

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


As of December 31, 2021	Operating Lease
2022	$	4,675
2023		6,892
2024		6,394
2025		5,572
2026 and thereafter		36,549
	$	60,082

Future minimum payments related to the Company’s OAS Lease (see Note 13) are not included in the table above as the lease was executed subsequent to December 31, 2021.

Indemnification

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

Other Contingencies

We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

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

The convertible preferred stock outstanding prior to its conversion in the IPO was as follows:


	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

Stock Incentive Plan

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Incentive Plan

10. Stock Incentive Plans

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 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units. The number of shares of the Company’s common stock that were initially available for issuance under the 2021 Plan equaled 8,085,720, which is the sum of 7,500,000 shares plus 585,720 shares that were then available for issuance under the 2016 Plan. As of December 31, 2021, 7,250,957 shares of common stock remained available for future grants under the 2021 Plan.

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, terminated, expired or lapsed 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 an 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 the Company’s common stock on the 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 all equity plans for the year ended December 31, 2021:


		Number of options			Weighted average exercise price (per share)		Weighted average remaining contract term (in years)		Aggregate intrinsic value (in thousands)

Outstanding at December 31, 2020			7,274,953		$	0.57
Exercisable at December 31, 2020			7,274,953			0.57
	Granted		3,688,385			9.81
	Exercised		(5,495,965	)		0.66
	Canceled or forfeited		(145,059	)		5.63
Outstanding at December 31, 2021			5,322,314			6.75		8.61	$	33,481
Exercisable at December 31, 2021			3,296,183			3.03		8.07		30,879
Vested and expected to vest			5,322,314			6.75		8.61		33,481

Aggregate intrinsic value is the total in-the-money value of the options above as of December 31, 2021, which is the aggregate of the difference between the Company’s closing stock price per share of $11.56 on December 31, 2021 and the exercise price of each option.

The 2016 Plan allows for plan participants to early exercise their options, which is to exercise options before the options vest. Unvested shares of common stock issued for early exercises are subject to the Company’s right of repurchase at the lower of (a) the original exercise price of the option or (b) the fair market value of common stock at the time of repurchase. As of December 31, 2021

and December 31, 2020, there were 2,198,933 and 141,955, respectively, unvested shares of common stock that had been issued for early exercises. Although these shares of common stock are issued, they are not considered outstanding because they remain subject to the Company’s right of repurchase until they vest.

At December 31, 2021 and December 31, 2020, the Company recorded a noncurrent liability for the cash received from the early exercises of stock options of $1.7 million and approximately zero, respectively. The Company reduces the liability as the shares vest based on the vesting terms of the awards.

Employee Stock Purchase Plan

In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The price at which common stock is purchased by employees 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. A total of 730,000 shares of common stock were initially reserved for issuance under the ESPP. As of December 31, 2021, 670,604 shares of common stock remained available for future grants under the ESPP.

During the twelve months ended December 31, 2021, 59,396 shares of common stock were issued under the ESPP.

Stock-based Compensation Summary

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


	Twelve Months Ended December 31, 2021
	2021		2020

Research and development	$	2,468	$	228
Selling, general and administrative		6,763		832
Total equity-based compensation expense	$	9,231	$	1,060

As of December 31, 2021, total unrecognized stock-based compensation expense was $32.6 million and is expected to be recognized over the weighted-average period of approximately 2.6 years.

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:


	Twelve Months Ended
	December 31,
Assumption	2021	2020
Expected volatility	77.22%	60.00%
Expected term (years)	5.5–6.1	5.3–6.2
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.91%	0.63%
Forfeiture rate	0.00%	1.00%

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Due to its net losses for the years ended December 31, 2021 and December 31, 2020, and since it has a full valuation allowance against deferred tax assets, the Company did not record any provision or benefit for income taxes. There were no components of current or deferred federal, state or foreign tax provisions for the year ended December 31, 2021 or 2020.

A reconciliation of the total income tax provision tax rate to the statutory federal income tax rate of 21% for the years ended December 31, 2021 and December 31, 2020 is as follows:


	December 31,	December 31,
	2021	2020
Income taxes at statutory rates	21.00%	21.00%
State income tax, net of federal benefit	3.35%	6.23%
Permanent items	-1.39%	-1.45%
Convertible debt revaluation	-7.48%	0.00%
Research Credit	3.11%	5.67%
Change in valuation allowance	-18.08%	-31.47%
Other	-0.50%	0.02%
	0.00%	0.00%

Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):


		December 31,			December 31,
		2021			2020
Deferred tax assets:
	Net operating loss carryforward	$	27,560		$	13,556
	Credits		6,005			2,945
	Other		1,394			563
Total deferred tax assets			34,959			17,064
	Valuation allowance		(34,844	)		(16,941	)
Net deferred tax assets			115			123
Deferred tax liabilities
	Fixed assets		(115	)		(123	)
Total deferred tax liabilities			(115	)		(123	)
Total net deferred taxes		$	-		$	-

At December 31, 2021 the Company had federal and California tax loss carryforwards of approximately $99.0 million and $96.0 million, respectively. The federal net operating loss generated prior to 2018 and state net operating loss carryforwards begin to expire in 2036, if unused. The federal net operating loss carryover includes $95.4 million of net operating losses generated in 2018, 2019, 2020 and 2021 which will carryover indefinitely.

At December 31, 2021, the Company had federal and state tax credit carry forwards of approximately $3.8 million and $3.8 million, respectively. The Company has not performed a formal research and development credit study with respect to these credits. The federal credits will begin to expire in 2037, if unused, and the state credits carry forward indefinitely.

Due to the Company’s history of losses and uncertainty regarding future earnings, a valuation allowance has been recorded against the Company’s deferred tax assets, as it is more likely than not that such assets will not be realized. The net change in the total valuation allowance for the years ended December 31, 2021 and December 31, 2020 was $17.9 million and $8.8 million, respectively.

Pursuant to Internal Revenue Code of 1986, as amended (“IRC”), specifically IRC §382 and IRC §383, the Company’s ability to use net operating loss and research and development tax credit carryforwards (“tax attribute carryforwards”) to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Any limitation may result in the expiration of a portion of the net operating loss or research credit carryforwards before utilization.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition threshold to be recognized. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest and penalties on the Company’s balance sheets and has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020.

The following table summarizes the changes to the Company’s unrecognized tax benefits for the periods presented (in thousands):


		December 31,		December 31,
		2021		2020
Balance at beginning of year		$	493	$	274
	Increases related to prior year tax positions		18		-
	Increases related to current year tax positions		355		219
Balance at end of year		$	866	$	493

If recognized, these amounts would not affect the Company’s effective tax rate, since they would be offset by an equal corresponding adjustment in the deferred tax asset valuation allowance. The Company does not anticipate there will be a significant change in unrecognized tax benefits within the next twelve months.

The Company is subject to taxation in the United States and California. The U.S. federal and California returns are open to examination for all years since inception. The Company has not been, nor is it currently, under examination by any federal or state tax authority.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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

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

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

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

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

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

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

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

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2021			2020

Net loss	$	(98,771	)	$	(27,945	)
Weighted average shares used in computing net loss per share, basic and diluted		47,023,048			10,575,941
Net loss per share, basic and diluted	$	(2.10	)	$	(2.64	)

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:


	December 31,
	2021		2020
Employee stock options issued and outstanding		5,322,314		7,274,953
Common stock subject to the Company's right of repurchase		2,198,933		141,955
SVB Warrant		-		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
		7,521,247		46,372,452

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

One Alexandria Square Lease Agreement

In January 2022, the Company entered into a Lease Agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings (“Building 3” and “Building 4”) to be constructed in connection with One Alexandria Square in La Jolla, California. The two buildings are comprised of office and manufacturing space and will serve as the Company’s future headquarters.

The term of the OAS Lease will commence when ARE’s work for Building 3 is substantially complete, which is expected to be November 1, 2024 (the “Commencement Date”). The Company’s obligation to pay rent for Building 3 will begin approximately seven months following the Commencement Date. The Company’s obligation to pay rent for Building 4 will begin 12 months following the

Commencement Date, subject to the substantial completion of ARE’s work on Building 4. The Company has an option to accelerate the construction and delivery of Building 4 to be the same date as the Commencement Date and will receive 12 months of base rent abatement on Building 4 if it exercises this option. The initial term of the OAS Lease is 144 months following the Commencement Date. The Company has the one-time option to extend the term of the OAS Lease by 60 months upon prior notice to ARE. The annual base rent under the OAS Lease is initially based on $64.80 per square foot per year, or approximately $7.3 million per year for Building 3 and $6.0 million per year for Building 4, subject to annual increases of 3% and certain other adjustments, and includes tenant improvement and warm shell allowances. Maximum tenant improvement and warm shell allowances total approximately $33 million. The Company will also pay for an estimated $24 million of certain tenant improvements plus 7% interest per year amortized in equal monthly payments over the term of the OAS Lease. At the time of entering into the OAS Lease, the Company paid ARE $1.1 million as prepayment for rent and, as a security deposit, provided ARE with a $1.1 million standby letter of credit.

Deerfield Exchange Agreement

In January 2022, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Deerfield Private Design Fund IV, L.P. (the “Deerfield Holder”), pursuant to which the Deerfield Holder exchanged an aggregate of 2,500,000 shares of the Company’s common stock held by the Deerfield Holder for 2,500 shares of a newly created class of non-voting preferred stock designated as Series A Common Stock Equivalent Convertible Preferred Stock. Additionally, in connection with the issuance of the Series A Common Stock Equivalent Convertible Preferred Stock, the Company filed a Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock, par value $0.0001 per share, of the Company with the Secretary of State of the State of Delaware.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Initial Public Offering

Concurrent with the closing 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 Convertible Notes”) converted into 7,531,777 shares of common stock; and

•

a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock.

Liquidity and Capital Resources

Basis of Presentation and Use of Estimates

Cash and Cash Equivalents

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	201,049	$	11,688
Restricted cash		687		482
Total	$	201,736	$	12,170

Concentration of Credit Risk

Short-term Investments

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


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
	$	138,312	$	(138	)	$	138,174


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		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 securities held at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	94,085	$	9,559
After one but within five years		44,089		5,672
Total	$	138,174	$	15,231

Property and Equipment, Net

Deferred Rent

Impairment of Long-Lived Assets

Impairment of Long-lived Assets

Fair Value Measurements

Research and Development Expense

Patent Costs

Issuance Costs Related to Equity and 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.

•

Expected dividend yield—The Company has never paid dividends and does not intend to pay dividends in the foreseeable future. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

Comprehensive Income (Loss)

Other Comprehensive (Loss) Income

Net Loss per Share

Segment Information

Recent Accounting Pronouncements - Not Yet Adopted

Recent Accounting Pronouncements—Not Yet Adopted

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands):


	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	201,049	$	11,688
Restricted cash		687		482
Total	$	201,736	$	12,170

Schedule of Short-Term Investments Held

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


	December 31, 2021
	Amortized Cost		Gross Unrealized Losses			Estimated Fair Value
Asset-backed securities	$	21,172	$	(25	)	$	21,147
Corporate debt securities		117,140		(113	)		117,027
	$	138,312	$	(138	)	$	138,174


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		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 securities held at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
	Estimated Fair Value		Estimated Fair Value
Due within one year	$	94,085	$	9,559
After one but within five years		44,089		5,672
Total	$	138,174	$	15,231

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021
Assets:	Level 1		Level 2		Level 3		Total
Cash	$	26,037	$	-	$	-	$	26,037
Money market funds		175,012		-		-		175,012
Asset-backed securities		-		21,147		-		21,147
Corporate debt securities		-		117,027		-		117,027
Total assets	$	201,049	$	138,174	$	-	$	339,223


	December 31, 2020
Assets:	Level 1		Level 2		Level 3		Total
Cash	$	11,688	$	-	$	-	$	11,688
Asset-backed securities		-		3,943		-		3,943
Corporate debt securities		-		11,288		-		11,288
Total assets	$	11,688	$	15,231	$	-	$	26,919
Liabilities:
Warrant liability	$	-	$	-	$	451	$	451
Total liabilities	$	-	$	-	$	451	$	451

Schedule of SVB Warrant Liability Measured at Fair Value and 2021 Convertible Notes

The following table provides a roll forward of the SVB Warrant liability measured at fair value for the twelve months ended December 31, 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 December 31, 2021	$	-

The following table provides a roll forward of the 2021 Convertible Notes measured at fair value for the twelve months ended December 31, 2021 (in thousands):


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 December 31, 2021	$	-

Schedule of Fair Value of SVB Warrant Liability Valuation Assumptions


		December 31,
Assumption	At IPO	2020
Fair value of underlying ($)	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%

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid expenses and other current assets

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


	December 31,		December 31
	2021		2020
Prepaid expenses	$	3,715	$	602
Inventory		3,011		-
Interest receivable		1,050		17
Current deposits		761		33
Total prepaids expenses and other current assets	$	8,537	$	652

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		December 31,			December 31,
	Useful Life	2021			2020
Equipment	5 years	$	4,433		$	2,642
Computers and software	3 years		2,136			851
Leasehold improvements	5 years or less		1,041			80
Furniture and fixtures	5 years or less		75			35
Construction in progress	N/A		574			-
			8,259			3,608
Less: accumulated depreciation			(2,187	)		(1,240	)
Total property and equipment, net		$	6,072		$	2,368

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses consisted of the following (in thousands):


	December 31,		December 31,
	2021		2020
Accrued compensation and other employee benefits	$	3,516	$	1,234
Accrued professional services		200		74
Accrued research and development expenses		41		44
Accrued other expenses		521		240
Total accrued expenses	$	4,278	$	1,592

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term debt and unamortized debt discount balances

The SVB Loans and unamortized discount balances as of December 31, 2021 and December 31, 2020 are shown below (in thousands):


	December 31,			December 31,
	2021			2020
Total long-term debt	$	10,500		$	10,000
Less: issuance costs		(596	)		(605	)
Total long-term debt, net		9,904			9,395
Less current portion of long-term debt		-			(926	)
Long-term debt, net of current portion	$	9,904		$	8,469

Summary of Future Minimum Principal Payments on Long-term Debt

Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows (in thousands):


Years Ending December 31:
2022	$	426
2023		426
2024		2,168
2025		5,507
2026 and thereafter		3,973
Total future minimum payments		12,500
Less: Interest and Final Payment fee		(2,000	)
Long-term debt	$	10,500

- 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)

12 Months Ended

Dec. 31, 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 as of December 31, 2021 are as follows (in thousands):


As of December 31, 2021	Operating Lease
2022	$	4,675
2023		6,892
2024		6,394
2025		5,572
2026 and thereafter		36,549
	$	60,082

Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock Outstanding Prior to Conversion in IPO

The convertible preferred stock outstanding prior to its conversion in the IPO was as follows:


	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

Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity under all equity plans for the year ended December 31, 2021:


		Number of options			Weighted average exercise price (per share)		Weighted average remaining contract term (in years)		Aggregate intrinsic value (in thousands)

Outstanding at December 31, 2020			7,274,953		$	0.57
Exercisable at December 31, 2020			7,274,953			0.57
	Granted		3,688,385			9.81
	Exercised		(5,495,965	)		0.66
	Canceled or forfeited		(145,059	)		5.63
Outstanding at December 31, 2021			5,322,314			6.75		8.61	$	33,481
Exercisable at December 31, 2021			3,296,183			3.03		8.07		30,879
Vested and expected to vest			5,322,314			6.75		8.61		33,481

Summary of Equity Based Compensation Expense

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


	Twelve Months Ended December 31, 2021
	2021		2020

Research and development	$	2,468	$	228
Selling, general and administrative		6,763		832
Total equity-based compensation expense	$	9,231	$	1,060

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

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:


	Twelve Months Ended
	December 31,
Assumption	2021	2020
Expected volatility	77.22%	60.00%
Expected term (years)	5.5–6.1	5.3–6.2
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.91%	0.63%
Forfeiture rate	0.00%	1.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Income Tax Rate

A reconciliation of the total income tax provision tax rate to the statutory federal income tax rate of 21% for the years ended December 31, 2021 and December 31, 2020 is as follows:


	December 31,	December 31,
	2021	2020
Income taxes at statutory rates	21.00%	21.00%
State income tax, net of federal benefit	3.35%	6.23%
Permanent items	-1.39%	-1.45%
Convertible debt revaluation	-7.48%	0.00%
Research Credit	3.11%	5.67%
Change in valuation allowance	-18.08%	-31.47%
Other	-0.50%	0.02%
	0.00%	0.00%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):


		December 31,			December 31,
		2021			2020
Deferred tax assets:
	Net operating loss carryforward	$	27,560		$	13,556
	Credits		6,005			2,945
	Other		1,394			563
Total deferred tax assets			34,959			17,064
	Valuation allowance		(34,844	)		(16,941	)
Net deferred tax assets			115			123
Deferred tax liabilities
	Fixed assets		(115	)		(123	)
Total deferred tax liabilities			(115	)		(123	)
Total net deferred taxes		$	-		$	-

Summary of Reconciliation of Unrecognized Tax Benefit Activity

The following table summarizes the changes to the Company’s unrecognized tax benefits for the periods presented (in thousands):


		December 31,		December 31,
		2021		2020
Balance at beginning of year		$	493	$	274
	Increases related to prior year tax positions		18		-
	Increases related to current year tax positions		355		219
Balance at end of year		$	866	$	493

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2021			2020

Net loss	$	(98,771	)	$	(27,945	)
Weighted average shares used in computing net loss per share, basic and diluted		47,023,048			10,575,941
Net loss per share, basic and diluted	$	(2.10	)	$	(2.64	)

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


	December 31,
	2021		2020
Employee stock options issued and outstanding		5,322,314		7,274,953
Common stock subject to the Company's right of repurchase		2,198,933		141,955
SVB Warrant		-		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
		7,521,247		46,372,452

Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Proceeds from initial public offering, net of issuance costs		$ 237,199	$ 0
Convertible Preferred Stock, Shares Issued upon Conversion		38,826,388
Accumulated deficit		$ (151,896)	(53,125)
Net loss		(98,771)	(27,945)
Proceeds from issuance of debt		10,500	$ 7,500
Cash Cash Equivalents And Short Term Investments		$ 339,200
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 costs		$ 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

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Number of operating segments	1
Number of reportable segments	1
Property, plant and equipment, estimated useful lives	three to five years
Impairment losses for long lived asset \| $	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 201,049	$ 11,688
Restricted cash	687	482
Total	$ 201,736	$ 12,170	$ 5,523

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost	$ 138,312	$ 15,214
Gross Unrealized Gains (Losses)	(138)	17
Estimated Fair Value	138,174	15,231
Asset-Backed Securities
Amortized Cost	21,172	3,938
Gross Unrealized Gains (Losses)	(25)	5
Estimated Fair Value	21,147	3,943
Corporate Debt Securities
Amortized Cost	117,140	11,276
Gross Unrealized Gains (Losses)	(113)	12
Estimated Fair Value	$ 117,027	$ 11,288

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 94,085	$ 9,559
Estimated Fair Value, After one but within five years	44,089	5,672
Total	$ 138,174	$ 15,231

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 339,223	$ 26,919
Liabilities:
Total liabilities		451
Cash
Assets:
Total assets	26,037	11,688
Money Market Funds
Assets:
Total assets	175,012
Asset-Backed Securities
Assets:
Total assets	21,147	3,943
Corporate Debt Securities
Assets:
Total assets	117,027	11,288
Warrant Liability
Liabilities:
Total liabilities		451
Level 1
Assets:
Total assets	201,049	11,688
Level 1 \| Cash
Assets:
Total assets	26,037	11,688
Level 1 \| Money Market Funds
Assets:
Total assets	175,012
Level 2
Assets:
Total assets	138,174	15,231
Level 2 \| Asset-Backed Securities
Assets:
Total assets	21,147	3,943
Level 2 \| Corporate Debt Securities
Assets:
Total assets	$ 117,027	11,288
Level 3
Liabilities:
Total liabilities		451
Level 3 \| Warrant Liability
Liabilities:
Total liabilities		$ 451

Fair Value Measurements - Schedule of SVB Warrant Liability Measured at Fair Value and 2021 Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liability through conversion	$ 2,180	$ 198
2021 Convertible 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 December 31, 2021	0	0
SVB Warrant Liability
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 December 31, 2021	$ 0	$ 451

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2020	Nov. 30, 2019
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Change in fair value of warrant liability		$ 2,180	$ 198
Shares sold and issued, aggregate principal amount		10,500
2021 Convertible 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%
2021 Convertible Notes \| IPO
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Conversion of convertible securities	7,531,777
Debt conversion converted discount rate	20.00%
SVB Warrant
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Change in fair value of warrant liability		2,200	$ 200
SVB Warrant \| Series B Preferred Stock
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares						32,289
Exercise price of warrants						$ 2.3228
SVB Warrant \| Series B Preferred Stock \| Minimum [Member]
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares					96,867
SVB Warrant \| Series B Preferred Stock \| Maximum [Member]
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares					129,156
SVB Warrant \| Common Stock
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrants and Rights Outstanding		$ 0
SVB Warrant \| Common Stock \| IPO
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Warrant, number of shares				117,088

Fair Value Measurements - Schedule of Fair Value of SVB Warrant Liability Valuation Assumptions (Details)	Dec. 31, 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

Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,715	$ 602
Inventory	3,011	0
Interest receivable	1,050	17
Current deposits	761	33
Total prepaids expenses and other current assets	$ 8,537	$ 652

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Useful life	three to five years
Property and equipment	$ 8,259	$ 3,608
Less: Accumulated depreciation	(2,187)	(1,240)
Total property and equipment, net	$ 6,072	2,368
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 4,433	2,642
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 2,136	851
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years or less
Property and equipment	$ 1,041	80
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years or less
Property and equipment	$ 75	35
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Useful life	N/A
Property and equipment	$ 574	$ 0

Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued compensation and other employee benefits	$ 3,516	$ 1,234
Accrued professional services	200	74
Accrued research and development expenses	41	44
Accrued other expenses	521	240
Total accrued expenses	$ 4,278	$ 1,592

Long-Term Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2019	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		$ 15,000
Additional borrowing amount				$ 10,500	$ 10,000
Loan, maturity date				Sep. 01, 2026
Percentage of variable annual interest rate				0.75%
Interest rate during the period				4.00%
Interest rate due on maturity date				4.00%
Debt Issuance Costs, Net				$ 600	600
Debt instrument face amount				10,500
Change in fair value of convertible promissory notes				$ 35,199	$ 0
Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity		35,500
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.3228
Loan and Security agreement
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	$ 15,000	$ 10,000
Line of Credit Facility, Current Borrowing Capacity	$ 2,500
Loan and Security agreement \| Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Additional borrowing amount							$ 7,500
2021 Notes
Debt Instrument [Line Items]
Debt instrument face amount						$ 130,500
Debt instrument, interest per annum						6.00%
2021 Convertible Notes
Debt Instrument [Line Items]
Debt instrument face amount						$ 130,500
Debt instrument, interest per annum						6.00%
2021 Convertible Notes \| Investor [Member]
Debt Instrument [Line Items]
Debt instrument face amount						$ 48,500
2021 Convertible Notes \| IPO
Debt Instrument [Line Items]
Number Of Convertible Promissory Notes Converted To CommonStock			7,531,777
2019 SVB Loan
Debt Instrument [Line Items]
Loan, maturity date	Sep. 01, 2023
Percentage of variable annual interest rate				0.65%
Interest rate during the period		5.90%
Interest rate due on maturity date				5.50%
First Tranche
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 10,500

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Total long-term debt	$ 10,500	$ 10,000
Less: issuance costs	(596)	(605)
Total long-term debt, net	9,904	9,395
Less current portion of long-term debt	0	(926)
Long-term debt, net of current portion	$ 9,904	$ 8,469

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 426
2023	426
2024	2,168
2025	5,507
2026 and thereafter	3,973
Total future minimum payments	12,500
Less: Interest and Final Payment Fee	(2,000)
Long-term debt	$ 10,500

Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	$ 2,200,000	$ 300,000
La Jolla California
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Term of Contract				10 years
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			62 months		5 years
Lessee Operating Lease Term Of Contract			62 months		5 years
License Agreement
Commitment And Contingencies [Line Items]
Development and commercialization milestones payments	$ 3,900,000
Aggregate amount paid to the terms of the agreement	$ 100	$ 100

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating Lease Future Minimum Payments, 2022	$ 4,675
Operating Lease Future Minimum Payments, 2023	6,892
Operating Lease Future Minimum Payments, 2024	6,394
Operating Lease Future Minimum Payments, 2025	5,572
Operating Lease Future Minimum Payments, 2026 and Thereafter	36,549
Operating Lease Future Minimum Payments, Total	$ 60,082

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

Convertible Preferred Stock - Additional informations (Details)	Dec. 31, 2021 shares
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock Shares Issued Upon Conversion	38,826,388

Common Stock - Additional Information (Details) - $ / shares	Dec. 31, 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)	Dec. 31, 2021 shares
Class Of Stock [Line Items]
Common stock reserved for future issuance	8,085,720

Stock Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	8,085,720
Company's closing stock price per share and exercise price	$ 11.56
Liability for cash received from early exercise of stock	$ 1.7		$ 1.7
Number of early exercise stock option remain subject to repurchase	2,198,933		141,955
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 32.6
Cost not yet recognized, period for recognition	2 years 7 months 6 days
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Share-based payment award, number of shares available for grant	7,250,957
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	585,720
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		730,000
Share-based payment award, number of shares available for grant	670,604
Common stock, shares issued	59,396
Purchase Price of Common Stock Expressed As A Percentage	85.00%

Stock Incentive Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding at December 31, 2020 \| shares	7,274,953
Number of Options, Exercisable at December 31, 2020 \| shares	7,274,953
Number of Options, Granted \| shares	3,688,385
Number of Options, Exercised \| shares	(5,495,965)
Number of Options, Cancelled / Forfeited \| shares	(145,059)
Number of Options, Outstanding at December 31, 2021 \| shares	5,322,314
Number of Options, Exercisable at December 31, 2021 \| shares	3,296,183
Number of Options, Vested and expected to vest \| shares	5,322,314
Weighted average exercise price (per share), Outstanding at December 31, 2020 \| $ / shares	$ 0.57
Weighted average exercise price (per share), Exercisable at December 31, 2020 \| $ / shares	0.57
Weighted average exercise price (per share), Granted \| $ / shares	9.81
Weighted average exercise price (per share), Exercised \| $ / shares	0.66
Weighted average exercise price (per share), Cancelled / Forfeited \| $ / shares	5.63
Weighted average exercise price (per share), Outstanding at December 31, 2021 \| $ / shares	6.75
Weighted average exercise price (per share), Exercisable at December 31, 2021 \| $ / shares	3.03
Weighted average exercise price (per share), Vested and expected to vest at December 31, 2021 \| $ / shares	$ 6.75
Weighted average remaining contract term (in years), Outstanding	8 years 7 months 9 days
Weighted average remaining contract term (in years), Exercisable	8 years 25 days
Weighted average remaining contract term (in years), Vested and expected to vest	8 years 7 months 9 days
Aggregate intrinsic value Outstanding at December 31,2021 \| $	$ 33,481
Aggregate intrinsic value Exercisable at December 31,2021 \| $	30,879
Vested and expected to vest \| $	$ 33,481

Stock Incentive Plan - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 9,231	$ 1,060
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	2,468	228
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 6,763	$ 832

Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	77.22%	60.00%
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	0.91%	0.63%
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 2 months 12 days

Stock Incentive Plans - Common stock reserved for future issuance (Details) - shares	Dec. 31, 2021	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	8,085,720
Balance at September 30, 2021	8,085,720
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Balance at September 30, 2021	7,500,000
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		730,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income taxes at statutory rates	21.00%	21.00%
Income tax benefit or provision	$ 0	$ 0
Tax credit carry forwards	6,005	2,945
Net change in valuation allowance	$ 17,900	8,800
Cumulative change in ownership percentage	50.00%
Period for cumulative change in ownership	3 years
Income tax interest and penalties accrued	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 99,000
Net operating loss carry forwards, expire period	2036
Operating loss carryforward available to offset future taxable income	$ 95,400
Tax credit carry forwards	$ 3,800
Tax credit carry forwards, expire period	2037
State
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards, expire period	2036
Tax credit carry forwards	$ 3,800
California
Operating Loss Carryforwards [Line Items]
Net operating loss carry forwards	$ 96,000

Income Taxes - Schedule of Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rates	21.00%	21.00%
State income tax, net of federal benefit	3.35%	6.23%
Permanent items	(1.39%)	(1.45%)
Convertible debt revaluation	(7.48%)	0.00%
Research Credit	3.11%	5.67%
Change in valuation allowance	(18.08%)	(31.47%)
Other	(0.50%)	0.02%
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%	0.00%

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforward	$ 27,560	$ 13,556
Credits	6,005	2,945
Other	1,394	563
Total deferred tax assets	34,959	17,064
Valuation allowance	(34,844)	(16,941)
Net deferred tax assets	115	123
Deferred tax liabilities
Fixed assets	(115)	(123)
Total deferred tax liabilities	(115)	(123)
Total net deferred taxes	$ 0	$ 0

Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 493	$ 274
Increases related to prior year tax positions	18
Increases related to current year tax positions	355	219
Unrecognized Tax Benefits, Ending Balance	$ 866	$ 493

Net Loss Per Share - Schedule Of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Income Loss	$ (98,771)	$ (27,945)
Weighted average shares used in computing net loss per share, basic and diluted	47,023,048	10,575,941
Net loss per share, basic and diluted	$ (2.10)	$ (2.64)

- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	7,521,247	46,372,452
Employee stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	5,322,314	7,274,953
Common stock subject to the Company's right of repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	2,198,933	141,955
SVB Warrant
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

Subsequent Events (Additional Information) (Details) - USD ($)		1 Months Ended
	Nov. 01, 2024	Jan. 31, 2022	Nov. 24, 2024	Dec. 31, 2021
Subsequent Event [Line Items]
Non-voting preferred stock, Shares Issued upon Conversion				38,826,388
Scenario Forecast [Member] \| OAS Lease [Member]
Subsequent Event [Line Items]
Lease Rent per Square foot, Per year	$64.80
Annual increase in lease rent, Percentage	3.00%
Lease Base term			144 months
Tenant improvements			$ 24,000,000
Prepayment for rent		$ 1,100,000
Line of Credit		$ 1,100
Scenario Forecast [Member] \| Building 3 [Member] \| OAS Lease [Member]
Subsequent Event [Line Items]
Base rent	$ 7,300,000
Scenario Forecast [Member] \| Building 4 [Member] \| OAS Lease [Member]
Subsequent Event [Line Items]
Base rent	$ 6,000,000.0
Subsequent Event [Member] \| Deerfield Holder [Member]
Subsequent Event [Line Items]
Conversion of convertible securities		2,500,000
Non-voting preferred stock, Shares Issued upon Conversion		2,500
Preferred Stock, Par or Stated Value Per Share		$ 0.0001