0000950170-22-009719 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	AURA BIOSCIENCES, INC.
Entity Central Index Key	0001501796
Entity File Number	001-40971
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0271970
Entity Address, Address Line One	85 Bolton Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	500-8864
Entity Interactive Data Current	Yes
Entity Current Reporting Status	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AURA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		29,259,976

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,382	$ 149,063
Marketable securities	24,899
Restricted cash and deposits	23	23
Prepaid expenses and other current assets	6,278	4,618
Total current assets	139,582	153,704
Restricted cash and deposits, net of current portion	125	125
Right of use assets - operating lease	804	950
Property and equipment, net	5,911	5,251
Total Assets	146,422	160,030
Current liabilities:
Accounts payable	1,956	2,401
Short-term operating lease liability	624	615
Accrued expenses and other current liabilities	2,423	4,256
Total current liabilities	5,003	7,272
Long-term operating lease liability	206	360
Warrant liability	127	83
Total Liabilities	5,336	7,715
Commitments and Contingencies (Note 12)
Stockholders Equity:
Common stock, $0.00001 par value, 150,000,000 authorized at March 31, 2022 and December 31, 2021, and 29,217,236 and 29,211,643 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
Additional paid-in capital	306,063	304,452
Accumulated deficit	(164,972)	(152,137)
Accumulated other comprehensive loss	(5)
Total Stockholders' Equity	141,086	152,315
Total Liabilities and Stockholders Equity	$ 146,422	$ 160,030

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	29,217,236	29,211,643
Common stock, shares outstanding	29,217,236	29,211,643

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Expenses:
Research and development	$ 8,276	$ 4,185
General and administrative	4,535	1,742
Total operating expenses	12,811	5,927
Total operating loss	(12,811)	(5,927)
Other income (expense):
Change in fair value of warrant liability	(44)	4
Interest income (expense), including amortization and accretion income	25	(1)
Loss on disposal of assets	(5)	(3)
Total other expense	(24)
Net loss	(12,835)	(5,927)
Net loss attributable to common stockholders - basic and diluted (Note 13)	$ (12,835)	$ (8,258)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.44)	$ (20.62)
Weighted average common stock outstanding- basic and diluted	29,213,632	400,450
Comprehensive loss:
Net loss attributable to common stockholders	$ (12,835)	$ (8,258)
Other comprehensive items:
Unrealized loss on marketable securities	(5)
Total other comprehensive loss	(5)
Total comprehensive loss	$ (12,840)	$ (8,258)

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss) Amount	Series A Convertible Preferred Stock	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C-1 and C-2 Convertible Preferred Stock	Series D-1 and D-2 Convertible Preferred Stock	Series E Convertible Preferred Stock
Beginning Balance at Dec. 31, 2020	$ (108,713)		$ 8,173	$ (116,886)
Convertible preferred stock, Beginning Balance at Dec. 31, 2020						$ 3,368	$ 7,837	$ 5,373	$ 20,806	$ 41,099	$ 49,593
Convertible preferred stock, Beginning Balance, Shares at Dec. 31, 2020						1,701,141	3,298,732	4,324,998	22,531,819	91,327,903	72,348,452
Beginning Balance, Shares at Dec. 31, 2020		381,123
Issuance of convertible preferred stock											$ 6,982	$ 80,251
Issuance of convertible preferred stock, Shares											10,128,771	102,671,041
Stock-based compensation expense	185		185
Stock option exercises	265		265
Stock option exercises, Shares		54,296
Net loss	(5,927)			(5,927)
Ending Balance at Mar. 31, 2021	(114,190)		8,623	(122,813)
Convertible preferred stock, Ending Balance at Mar. 31, 2021						$ 3,368	$ 7,837	$ 5,373	$ 20,806	$ 41,099	$ 56,575	$ 80,251
Convertible preferred stock, Ending Balance, Shares at Mar. 31, 2021						1,701,141	3,298,732	4,324,998	22,531,819	91,327,903	82,477,223	102,671,041
Ending Balance, Shares at Mar. 31, 2021		435,419
Beginning Balance at Dec. 31, 2021	152,315		304,452	(152,137)
Beginning Balance, Shares at Dec. 31, 2021		29,211,643
Stock-based compensation expense	1,594		1,594
Stock option exercises	17		17
Stock option exercises, Shares		5,593
Unrealized loss on marketable securities	(5)				$ (5)
Net loss	(12,835)			(12,835)
Ending Balance at Mar. 31, 2022	$ 141,086		$ 306,063	$ (164,972)	$ (5)
Ending Balance, Shares at Mar. 31, 2022		29,217,236

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity Deficit (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Series D Tranche 2 Convertible Preferred Stock
Stock issuance cost, net	$ 18
Series E Convertible Preferred Stock
Stock issuance cost, net	$ 232

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (12,835)	$ (5,927)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	256	185
Change in fair value of warrant liability	44	(4)
Stock-based compensation expense	1,594	185
Other	(9)	(4)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,660)	15
Accounts payable	(756)	700
Accrued expenses and other liabilities	(1,834)	(287)
Net cash used in operating activities	(15,200)	(5,137)
Cash flows from investing activities:
Purchases of property and equipment	(599)	(71)
Purchase of marketable securities	(24,899)
Net cash used in investing activities	(25,498)	(71)
Cash flows from financing activities:
Proceeds from exercise of stock options	17	265
Other		(9)
Net cash provided by financing activities	17	87,489
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,681)	82,281
Cash, cash equivalents and restricted cash at beginning of period	149,211	17,487
Cash, cash equivalents and restricted cash at end of period	108,530	99,768
Supplemental disclosure of cash flow information:
Purchases of property and equipment in accounts payable and accrued expenses and other liabilities	$ 311
Remeasurement of right-of-use assets and lease liabilities for lease modification		390
Series D Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		6,982
Series E Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 80,251

Condensed Consolidated Statements of Cash Flows (Unaudited) - Reconciliation of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents, end of period	$ 108,382	$ 99,674
Short-term restricted cash, end of period	23	19
Long-term restricted cash, end of period	125	75
Cash, cash equivalents and restricted cash at end of period	$ 108,530	$ 99,768

Description of Business

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Aura Biosciences, Inc. (the “Company” or “Aura”) is a clinical-stage biotechnology company leveraging its novel targeted oncology platform to develop a potential new standard of care across multiple cancer indications, with an initial focus on ocular and urologic oncology. Within these unaudited condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Aura refer to Aura Biosciences, Inc. The Company’s proprietary platform enables the targeting of a broad range of solid tumors using Virus-Like Particles, or VLPs, that can be conjugated with drugs or loaded with nucleic acids to create Virus-Like Drug Conjugates, or VDCs. The Company’s VDCs are largely agnostic to tumor type and can recognize a surface marker, known as HSPGs, that are specifically modified and more broadly expressed on many tumors. The Company is developing AU-011, its first VDC product candidate for the first line treatment of primary choroidal melanoma, a rare disease with no drugs approved. The Company is also developing AU-011 for additional ocular oncology indications and in non-muscle invasive bladder cancer. Aura’s team combines expertise in cancer cell biology, ophthalmology, and targeted therapies together with experience in the development and commercialization of orphan products for significant unmet medical needs. Aura’s headquarters are located in Cambridge, Massachusetts.

The Company’s operations to date have consisted primarily of conducting research and development and raising capital.

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, the successful development and commercialization of products, fluctuations in operating results and financial risks, need for additional financing or alternative means of financial support or both to fund its current operating plan, protection of proprietary technology and patent risks, compliance with government regulations, dependence on key personnel and collaborative partners, competition, customer demand, management of growth, and the effectiveness of marketing by the Company.

Reverse Stock Split

On October 22, 2021, the Company effected a reverse stock split of the Company’s common stock on a 1-for-13.7 basis, or the Reverse Stock Split. In connection with the Reverse Stock Split, the conversion ratio for the Company’s convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. Accordingly, all common stock share and per share amounts, for all periods presented in these unaudited condensed consolidated financial statements, have been retroactively adjusted, to reflect this reverse stock split and adjustment of the convertible preferred stock conversion ratios.

Initial Public Offering

On November 2, 2021, the Company completed its initial public offering or the IPO, in which it issued and sold 6,210,000 shares of common stock, including the full exercise of the underwriters’ option to purchase additional shares at a price to the public of $14.00 per share for aggregate gross proceeds of $86.9 million. The Company received approximately $78.3 million in net proceeds after deducting underwriting discounts, commissions and offering expenses.

Liquidity and Going Concern

Through March 31, 2022, the Company has funded its operations primarily with proceeds from the initial closing and additional closings of its convertible preferred stock financings, through its license agreements, and through its IPO. The Company has incurred recurring losses and negative operating cash flows from operations since its inception, including net losses of $12.8 million and $5.9 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had cash and cash equivalents and marketable securities of $133.3 million and an accumulated deficit of $165.0 million. The Company expects to continue to generate operating losses for the foreseeable future.

As of the issuance date of these unaudited condensed consolidated financial statements for the three months ended March 31, 2022, the Company expects that its cash and cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these condensed consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2022. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, in the Company's Annual Report on Form 10-K filed with the SEC on March 23, 2022, there have been no changes to the Company's significant accounting policies except as noted below. Marketable Securities All marketable securities have original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense) within the consolidated statements of operations and comprehensive loss. Realized gains or losses are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence such as industry, financial inputs, and capital markets data to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s condensed consolidated statement of operations and comprehensive loss. Recently Adopted Accounting Pronouncements The Company assessed the recent accounting pronouncements for the three months ended March 31, 2022 and determined no pronouncements have material impact to the condensed consolidated financial statements.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

3. Fair Value of Assets and Liabilities

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2022 and December 31, 2021 (in thousands):


Description	March 31, 2022		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	105,382	$	105,382	$	—	$	—
Marketable securities:
Commercial paper		11,877		—		11,877		—
Corporate bonds		7,041		—		7,041		—
U.S. Government agencies		5,981		—		5,981		—
Total financial assets	$	130,281	$	105,382	$	24,899	$	—
Financial liabilities
Warrant Liability	$	127	$	—	$	—	$	127
Total financial liabilities	$	127	$	—	$	—	$	127


Description	December 31, 2021		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	24,063	$	24,063	$	—	$	—
Total financial assets	$	24,063	$	24,063	$	—	$	—
Financial liabilities
Warrant Liability	$	83	$	—	$	—	$	83
Total financial liabilities	$	83	$	—	$	—	$	83

The fair value of the warrant liability was determined based on Level 3 inputs and utilizing the Black-Scholes option pricing model (see Note 10). Significant changes to these assumptions would result in increases or decreases to the fair value of the warrant liability.

During the three months ended March 31, 2022 and 2021, there were no transfers into or out of Level 3.

The following table set forth a summary of changes in the fair value of the common stock warrants, which represents a recurring fair value measurement that is classified within Level 3 of the fair value hierarchy. Changes in fair value are recognized in other (expense) income as “Change in fair value of warrant liability” in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


Common Stock (12,686 warrants)
Fair value at December 31, 2021	$	83
Change in fair value		44
Fair value at March 31, 2022	$	127

- Definition

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

+ References + Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

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


	March 31, 2022			December 31, 2021
Assets under construction	$	2,851		$	2,365
IT equipment		85			85
Leasehold improvements		13			13
Lab equipment		5,891			5,489
Office furniture		63			63
	$	8,903		$	8,015
Less—accumulated depreciation		(2,992	)		(2,764	)
Property and equipment, net	$	5,911		$	5,251

Depreciation expense was $0.3 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

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


	March 31, 2022		December 31, 2021
Prepaid insurance	$	1,919	$	2,734
Prepaid research and development expenses		4,155		1,754
Prepaid license agreements		73		64
Other		131		66
Prepaid expenses and other current assets	$	6,278	$	4,618

Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

Marketable securities consist of the following (in thousands):


	March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	11,877	$	—	$	—		$	11,877
Corporate bonds		7,047		—		(6	)		7,041
U.S. Government agencies		5,980		1		—			5,981
Total	$	24,904	$	1	$	(6	)	$	24,899

There were no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2022.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

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


	March 31, 2022		December 31, 2021
Accrued research and development expenses	$	1,050	$	1,686
Accrued compensation		1,131		2,147
Other		242		423
Accrued expenses and other current liabilities	$	2,423	$	4,256

Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

8. Equity

The Company had 150,000,000 authorized shares of common stock, par value $0.00001 per share, of which 29,217,236 and 29,211,643 shares were issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

Upon closing of the IPO on November 2, 2021, all of the Company's outstanding shares of convertible preferred stock automatically converted into 22,550,561 shares of common stock. In addition, the Company authorized 10,000,000 shares of preferred stock, par value $0.00001 per share, all of which shares of preferred stock will be undesignated.

- Definition

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

+ References

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

2018 Stock Option and Incentive Plan

On December 12, 2018, the Company adopted the Aura Biosciences, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan will expire in 2028. Under the 2018 Plan, Aura may grant incentive stock options, non-qualified stock options, restricted and unrestricted stock awards and stock right. The Board of Directors (the "Board") has determined not to make any further awards under the 2018 Plan as of November 2, 2021. However, the 2018 Plan will continue to govern outstanding equity awards granted thereunder.

2021 Stock Option and Incentive Plan

The 2021 Stock Option and Incentive Plan, (the "2021 Plan"), was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. The 2021 Plan permits the granting of both options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code and options that do not so qualify. The number of shares initially reserved for issuance under the 2021 Plan was 3,352,166, which increased on January 1, 2022 and will continue to increase each January 1 thereafter, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee. The maximum number of shares of common stock that may be issued in the form of incentive stock options shall not exceed the initial limit, cumulatively increased on January 1, 2022 and on each January 1 thereafter by the lesser of the annual increase for such year or 3,352,166 shares of common stock. On January 1, 2022, the shares reserved for issuance was increased to 4,812,748 shares.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan, (the "ESPP"), was adopted by the Board on October 7, 2021, approved by the Company’s stockholders on October 22, 2021 and became effective on November 1, 2021. A total of 335,217 shares of common stock were initially reserved for issuance under this plan, which increased on January 1, 2022 and will continue to increase each January 1 thereafter through January 1, 2031, by the least of (i) 335,217 shares of common stock, (ii) 1% of the outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the ESPP. On January 1, 2022, the shares reserved for issuance was increased to 627,333 shares. The first offering period has not yet been decided by the Company’s Board of Directors or designated committee of the Company’s Board of Directors.

With the transfer of the available options from the 2018 Plan to the 2021 Plan, there were 3,447,892 options available for grant under the 2021 Plan at March 31, 2022.

The Board is authorized to administer the 2021 Plan. In accordance with the provisions of the 2021 Plan, the Board determines the terms of Aura options and other awards issued pursuant thereto, including the following:

▪

which employees, directors and consultants shall be granted awards;

▪

the number of shares of common stock subject to options and other awards;

▪

the exercise price of each option, which generally shall not be less than fair market value of the common stock on the date of grant;

▪

the termination or cancellation provisions applicable to options;

▪

the terms and conditions of other awards, including conditions for repurchase, termination or cancellation, issue price and repurchase price; and

▪

all other terms and conditions upon which each award may be granted in accordance with the 2018 Plan.

In addition, the Board may award restricted shares of common stock and restricted stock units to participants subject to such conditions and restrictions as it may determine. The Board or any committee to which the Board delegates authority may, with the consent of the affected plan participants, re-price or otherwise amend outstanding awards consistent with the terms of the 2021 Plan.

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2022:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		4,232,991		$	7.43		8.66	$	40,437
Granted		98,897			18.56
Exercised		(5,593	)		2.97
Cancelled/Forfeited		(43,433	)		12.18
Outstanding at March 31, 2022		4,282,862		$	7.64		8.52	$	61,492
Exercisable at March 31, 2022		1,341,363		$	4.10		6.82	$	24,015

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2022 and 2021 is $11.98 and $3.56 per share, respectively. The total intrinsic value of options exercised was $0.1 million and $0.01 million for the three months ended March 31, 2022 and 2021, respectively.

The Company has elected to use the Black-Scholes option pricing model to determine the fair value of options granted and generally recognizes the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award.

The determination of the fair value of stock-based payment awards utilizing the Black-Scholes option pricing model is affected by the estimated fair value of the Company’s common stock and a number of other assumptions, including expected volatility, expected life, risk-free interest rate, and expected dividends.

The fair value of the stock options issued for the three months ended March 31, 2022 and 2021 was measured with the following weighted-average assumptions:


	Three Months Ended March 31,
	2022			2021
Risk-free interest rate, %		1.56	%		1.02	%
Expected term		6.01			6.08
Expected volatility of the underlying stock, %		73.02	%		73.16	%
Expected dividend rate, %		—	%		—	%

Restricted Stock Units

The Company has granted restricted stock units with service vesting based conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder. They are legally issued and outstanding. These restrictions lapse accordingly to the time-based vesting of each award.

A summary of the restricted stock units activity during the three months ended March 31, 2022 is as follows:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2021		231,920		$	14.00
Granted		—
Forfeited		(4,066	)		14.00
Unvested at March 31, 2022		227,854		$	14.00

As a result of the 2021 Equity Incentive Plan, the Company granted restricted stock units which vest in increments of 25% annually over a period of four years. No restricted stock units vested during the three months ended March 31, 2022.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	555	$	44
General and administrative		1,039		141
Total	$	1,594	$	185

As of March 31, 2022, there was $16.0 million of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 3.14 years.

As of March 31, 2022, there was $2.9 million of unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 3.58 years.

Common Stock Warrants

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common Stock Warrants

10. Common Stock Warrants

In February 2015 and May 2015, the Company issued warrants to purchase 1,650,098 and 887,536 shares of Series B convertible preferred stock, respectively, at an exercise price of $1.24235 per share (the "Series B Warrants"). Each Series B Warrant was immediately exercisable and expires ten years from the original date of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity, the Series B Warrants were classified as a liability and are re-measured to fair value at each balance sheet date and immediately prior to exercise. A total of 12,686 of The Series B Warrants were outstanding as of March 31, 2021. The Series B Warrants were converted into warrants to purchase 12,686 shares of common stock with an exercise price of $17.03 upon the completion of the IPO in November 2021. A total of 12,686 of the common stock warrants remained outstanding at March 31, 2022.

The warrants were valued using the Black-Scholes option pricing model. The estimated fair value of the warrants and the significant assumptions used were as follows:


Common Stock Warrants	March 31,
	2022
Fair value	$	22.00
Volatility		85.12	%
Expected term (years)		2.91
Risk free rate		2.45	%
Dividend yield		7.00	%

Compensation

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Compensation

11. Compensation

In January 2012, the Company adopted the Aura Biosciences 401(k) Profit Sharing Plan and Trust (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions of 100% of the first 6% of employee contributions. The Company made matching contributions in the amount of $0.1 million for the three months ended March 31, 2022 and 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Commitment and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Lease Commitments

The Company has historically entered into lease arrangements for its facilities. The Company has one operating lease for its office and laboratory facility with required future minimum payments. The lease does not contain any options to renew, terminate, or purchase the underlying asset.

On March 31, 2021, the Company executed an amendment to the facility lease which included an extension of the expiration date of the original leased premises, the addition of 4,516 square feet of laboratory space with an expected commencement date of May 1, 2021, and the addition of 1,000 square feet of laboratory space with an expected commencement date of June 15, 2021. The lease term for the original and new spaces will expire on July 31, 2023, with an option to renew for an additional 12 months.

Upon the execution of the amendment, which was deemed to be a lease modification, the Company re-evaluated the assumptions made at the original lease commencement date. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to the modification of term for the original space, and the other is related to a new right-of-use for the two additional spaces, which are to be accounted for as new leases. The Company remeasured the lease liability and corresponding right-of-use asset for the original space as of the effective date of the amendment to reflect the extended term and recorded in the second quarter of 2021 an additional right-of-use asset and lease liability upon lease commencement of each of the additional space.

The Company also leases office and laboratory equipment for which the related expense is immaterial.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s leases for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Lease Cost
Amortization of finance right-of-use assets	$	—	$	8
Operating lease costs		154		87
Variable lease costs		176		66
Short-term lease costs		2		—
Total lease costs	$	332	$	161


Cash paid for amounts included in the measurement of lease liability—finance leases	$	—		$	9
Cash paid for amounts included in the measurement of lease liability—operating leases	$	153		$	88
Weighted-average remaining lease term—finance leases (years)		—			0.17
Weighted-average remaining lease term—operating leases (years)		1.33			2.33
Weighted-average discount rate—finance leases		—			7.94	%
Weighted-average discount rate—operating leases		3.51	%		3.51	%

The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at March 31, 2022 (in thousands):


	Operating lease payments as of March 31, 2022
2022	$	473
2023		377
Thereafter		—
Total lease payments		850
Less: interest		(20	)
Total operating lease liabilities at March 31, 2022		830
Less: current portion of lease liabilities		624
Lease liabilities, net of current portion	$	206

Laser Purchasing Commitment

On April 5, 2019, the Company entered into a purchase agreement for equipment with future commitments payable in three installments of €0.2 million each. The first two installments of €0.2 million were paid by the Company in April 2019 and August 2019. Upon receipt of the laser systems, the Company will assess whether the laser systems have an alternative future use and, if so, will capitalize the lasers as a component of fixed assets.

License Agreements

The Company has entered into the following key agreements that relate to the core technology under development:

LI-COR Exclusive License and Supply Agreement

In January 2014, the Company entered into an Exclusive License and Supply Agreement, or the LI-COR Exclusive License agreement with LI-COR, Inc. (LI-COR) for the license of IRDye 700DC and related licensed patents for the treatment and diagnosis of ocular cancers in humans as amended in January 2016, July 2017, April 2018 and April 2019. The LI-COR Exclusive License Agreement required a one-time upfront license issue fee of $0.1 million and aggregate milestone payments of up to $0.2 million upon certain regulatory and development milestones. The Company is also required to pay LI-COR low-single digit royalties on net sales. The term of the LI-COR Exclusive Agreement expires on a country-by-country basis, until the longer of (i) ten years from the first commercial sale of a licensed product in such country and (ii) the last to expire valid claim in such country.

The Company recognized no expenses related to this agreement and related amendments for the three months ended March 31, 2022, and 2021, respectively.

LI-COR Non-Exclusive License and Supply Agreement

In December 2014, the Company entered into a Non-Exclusive License Agreement with LI-COR for the supply of IRDye 700DX to the Company for the treatment and diagnosis of non-ocular solid tumor cancers in humans. Under the 2014 Non-Exclusive, the Company paid a license issue fee of $0.03 million on the effective date. The Company must also pay LI-COR a non-refundable, non-creditable fee of $0.03 million per each licensed product upon pre-IND designation, as defined of such licensed product, aggregate milestone payments of up to $0.3 million upon certain regulatory and development milestones; and during the term, the Company must pay LI-COR a low-single digit percentage royalty on net sales. LI-COR receives 10% of all sublicensee income within 30 days of the Company’s receipt from the sublicensee. The 2014 Non-Exclusive Agreement also required the Company to make certain payments upon the achievement of specified development and commercial milestones of up to $0.4 million in aggregate.

Life Technologies Corporation

In December 2014, the Company entered into a non-exclusive, perpetual license agreement with Life Technologies Corporation (“Life Technologies”), which allows for five licensed products. Under this agreement the Company is required to pay an initial license fee of $0.1 each product. An annual development fee of $0.1 million is due within a year from payment of the initial license fee and due annually or earlier of (i) payment of a commercialization fee or (ii) all development work is terminated. The commercialization fee is a one-time, non-refundable, non-creditable fee of $0.3 million due upon receipt of approval of a licensed product. In the event of a change of control, there will be a change of control fee of $0.2 million.

In January 2022, the Company entered into the First Amendment to the non-exclusive, perpetual license agreement with Life Technologies for use of the license in an additional indication. The cost of this amendment was a one-time fee of $0.05 million.

During the three months ended March 31, 2022, and 2021, the Company recognized $0.05 million and $0.02 million of expenses related to this agreement.

National Institute of Health (NIH)-Biologic Materials License Agreement

In December 2010, the Company entered into a Biologic Materials License Agreement with NIH for a non-exclusive right to use materials described in Schiller et al., Virology 2004 Apr.10, 321(2):205-16. This agreement required a one-time non-refundable license issuance fee of $0.02 million. No future milestone payments or royalties are due under this agreement.

National Institute of Health (NIH)-Collaboration Research and Development Agreement

In July 2011, the Company entered into a Collaboration Research and Development Agreement (CRADA), with Dr. John Schiller at the NIH, for a period of two years with the rights to an exclusive license to all technology generated within the collaboration. Under this agreement, the Company is required to make annual payments of $0.03 million to fund the research activities, the first payment of which was paid within 30 days of the effective date. Subsequent payments are due within 30 days of the anniversary of the effective date. This agreement was first amended in 2012, 2013, 2014, 2015, 2016, 2018 and most recently in September of 2020. During 2011-2022, the Company paid an aggregate of $0.4 million in research collaboration fees, $nil and $0.03 million of which was paid in 2022 and 2021, respectively.

A seventh amendment was made in October 2020, requiring payment of $0.04 million within 30 days of October 1, 2020, and another $0.03 million within 30 days of the 10th anniversary of the CRADA, which was paid in July 2021. This seventh amendment extended the term of the CRADA to September 30, 2022.

The Company recognized no expenses related to this agreement and related amendments for the three months ended March 31, 2022, and 2021, respectively

National Institute of Health (NIH)-Exclusive Patent License Agreement

In September 2013, the Company entered into an exclusive patent license agreement (the “NIH Exclusive License Agreement”) with the NIH, that required the Company to pay a license issue royalty of $0.1 million and reimburse the NIH for any patent expenses incurred. Under the agreement, the Company is required to make low single-digit percentage royalty payments based on specified levels of annual net sales of licensed products subject to certain specified reductions. The Company is required to make development and regulatory milestone payments of up to $0.7 million in aggregate and sales milestone payments up to $0.6 million in the aggregate. The Company is also required to pay NIH a mid-single to low teen-digit percentage of any sublicensing revenue the Company receives. Additionally, the Company’s payment obligations to the NIH are subject to an annual minimum royalty payment of low five figures. As of March 31, 2022, the Company has paid NIH approximately $0.4 million in aggregate milestones under the NIH license agreement. The Company recognized no expenses for patent licensing fees for the three months ended March 31, 2022, and 2021, respectively.

In 2015, 2018 and 2019, the Company amended its exclusive patent license to include updates on the status of the commercial development and update/expand the list of licensed patents and patent applications. Each of those amendments required a $0.03 million payment that the Company paid.

Inserm-Transfert License Agreement

In November 2009, the Company entered into an exclusive, royalty-bearing patent license agreement with Inserm-Transfert of France. The agreement expires on a country by country basis based on the last to expire any patent encompassed within the scope of the patent rights or 10 years from the date of the first commercial sales by the Company, whichever is later. The IND filing milestone of €0.01 million was accrued in 2016 and paid in 2017 by the Company. The milestones for the successful Phase I, II and III clinical trials are based on receiving a final report and achieving the primary endpoints defined in that trial, and those milestones have not been achieved as of March 31, 2022. Upon the sublicense by the Company of a product for which royalties are payable under the agreement, low- to mid-single-digit royalty payments would be due by the Company. The non-milestone payments in this agreement are subject to an anti-stacking clause. The Company did not incur any expense in the three months ended March 31, 2022, and 2021.

Clearside

In July 2019, the Company entered into an exclusive license agreement with Clearside Biomedical, Inc. (“Clearside”), for the license of Clearside’s Suprachoroidal Microneedle Technology for use in the treatment of indeterminate lesions and choroidal tumors. Upon execution of the License Agreement, the Company paid Clearside an upfront payment of $0.1 million which was expensed as incurred. Under the Clearside License Agreement, the Company is required to pay milestones up to $21.0 million in the aggregate upon the achievement of specified regulatory and development milestones, and upon the achievement of certain commercial sales milestones. The Company is also required to pay low to mid-single digit royalties on net sales. If the Company sublicenses a product for which royalties are payable, then the Company is required to pay the greater of 20% received or low single digit royalties on net sales.

The Clearside License agreement expires on a country-by-country basis upon the later of the last to expire patent or ten years from the date of the first commercial sale of a product.

The Company recognized no expenses related to this agreement and related amendments for the three months ended March 31, 2022, and 2021, respectively.

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company.

The Company has calculated basic and diluted net loss per share for the three months ended March 31, 2022 and 2021 as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2022			2021
Numerator:
Net loss	$	(12,835	)	$	(5,927	)
Less: Accruals of dividends of preferred stock		—			(2,331	)
Net loss attributable to common stockholders—basic and diluted	$	(12,835	)	$	(8,258	)
Denominator:
Weighted-average common stock outstanding		29,213,632			400,450
Net loss per share attributable to common stockholders—basic and diluted	$	(0.44	)	$	(20.62	)

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


	Three Months Ended March 31,
	2022		2021
Convertible preferred stock		—		22,550,561
Stock options to purchase common stock		4,282,862		1,415,116
Restricted stock units that vest into common stock		227,854		—
Warrants to purchase preferred stock		—		12,686
Warrants to purchase common stock		12,686		—
Total potential dilutive shares		4,523,402		23,978,363

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2022 as the Company incurred losses for the three months ended March 31, 2022, and is forecasting additional losses through the remainder of fiscal year ending December 31, 2022, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2022. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method.

Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

As of March 31, 2022, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

- 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.

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-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

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Subsequent events have been evaluated through the date of filing of the unaudited condensed consolidated financial statements. The Company has not identified any subsequent events that require disclosure.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are also unaudited. The unaudited condensed results of operations are not necessarily indicative of the operating results that may occur for the full fiscal year ending December 31, 2022. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities and Exchange Commission, or the SEC. Management believes that the disclosures provided here are adequate to make the information presented not misleading when these unaudited condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, in the Company's Annual Report on Form 10-K filed with the SEC on March 23, 2022, there have been no changes to the Company's significant accounting policies except as noted below.
Marketable Securities policy	Marketable Securities All marketable securities have original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense) within the consolidated statements of operations and comprehensive loss. Realized gains or losses are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence such as industry, financial inputs, and capital markets data to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s condensed consolidated statement of operations and comprehensive loss.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company assessed the recent accounting pronouncements for the three months ended March 31, 2022 and determined no pronouncements have material impact to the condensed consolidated financial statements.

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


Description	March 31, 2022		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	105,382	$	105,382	$	—	$	—
Marketable securities:
Commercial paper		11,877		—		11,877		—
Corporate bonds		7,041		—		7,041		—
U.S. Government agencies		5,981		—		5,981		—
Total financial assets	$	130,281	$	105,382	$	24,899	$	—
Financial liabilities
Warrant Liability	$	127	$	—	$	—	$	127
Total financial liabilities	$	127	$	—	$	—	$	127


Description	December 31, 2021		Quoted prices active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant other observable inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	24,063	$	24,063	$	—	$	—
Total financial assets	$	24,063	$	24,063	$	—	$	—
Financial liabilities
Warrant Liability	$	83	$	—	$	—	$	83
Total financial liabilities	$	83	$	—	$	—	$	83

Summary of Changes in Fair Value of Common Stock Warrants


Common Stock (12,686 warrants)
Fair value at December 31, 2021	$	83
Change in fair value		44
Fair value at March 31, 2022	$	127

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31, 2022			December 31, 2021
Assets under construction	$	2,851		$	2,365
IT equipment		85			85
Leasehold improvements		13			13
Lab equipment		5,891			5,489
Office furniture		63			63
	$	8,903		$	8,015
Less—accumulated depreciation		(2,992	)		(2,764	)
Property and equipment, net	$	5,911		$	5,251

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31, 2022		December 31, 2021
Prepaid insurance	$	1,919	$	2,734
Prepaid research and development expenses		4,155		1,754
Prepaid license agreements		73		64
Other		131		66
Prepaid expenses and other current assets	$	6,278	$	4,618

Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Marketable securities consist of the following (in thousands):


	March 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	11,877	$	—	$	—		$	11,877
Corporate bonds		7,047		—		(6	)		7,041
U.S. Government agencies		5,980		1		—			5,981
Total	$	24,904	$	1	$	(6	)	$	24,899

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	March 31, 2022		December 31, 2021
Accrued research and development expenses	$	1,050	$	1,686
Accrued compensation		1,131		2,147
Other		242		423
Accrued expenses and other current liabilities	$	2,423	$	4,256

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Combined Stock Option Activity under 2021 Plan

The following table summarizes stock option activity under the 2018 Plan and 2021 Plan for the three months ended March 31, 2022:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2021		4,232,991		$	7.43		8.66	$	40,437
Granted		98,897			18.56
Exercised		(5,593	)		2.97
Cancelled/Forfeited		(43,433	)		12.18
Outstanding at March 31, 2022		4,282,862		$	7.64		8.52	$	61,492
Exercisable at March 31, 2022		1,341,363		$	4.10		6.82	$	24,015

Schedule of Fair Value of Stock Options, Valuation Assumptions

The fair value of the stock options issued for the three months ended March 31, 2022 and 2021 was measured with the following weighted-average assumptions:


	Three Months Ended March 31,
	2022			2021
Risk-free interest rate, %		1.56	%		1.02	%
Expected term		6.01			6.08
Expected volatility of the underlying stock, %		73.02	%		73.16	%
Expected dividend rate, %		—	%		—	%

Schedule of Nonvested Restricted Stock Units Activity

Restricted Stock Units

A summary of the restricted stock units activity during the three months ended March 31, 2022 is as follows:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2021		231,920		$	14.00
Granted		—
Forfeited		(4,066	)		14.00
Unvested at March 31, 2022		227,854		$	14.00

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	555	$	44
General and administrative		1,039		141
Total	$	1,594	$	185

Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Estimated Fair Value of Warrants and Significant Assumptions

The warrants were valued using the Black-Scholes option pricing model. The estimated fair value of the warrants and the significant assumptions used were as follows:


Common Stock Warrants	March 31,
	2022
Fair value	$	22.00
Volatility		85.12	%
Expected term (years)		2.91
Risk free rate		2.45	%
Dividend yield		7.00	%

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Lease Costs


	Three Months Ended March 31,
	2022		2021
Lease Cost
Amortization of finance right-of-use assets	$	—	$	8
Operating lease costs		154		87
Variable lease costs		176		66
Short-term lease costs		2		—
Total lease costs	$	332	$	161


Cash paid for amounts included in the measurement of lease liability—finance leases	$	—		$	9
Cash paid for amounts included in the measurement of lease liability—operating leases	$	153		$	88
Weighted-average remaining lease term—finance leases (years)		—			0.17
Weighted-average remaining lease term—operating leases (years)		1.33			2.33
Weighted-average discount rate—finance leases		—			7.94	%
Weighted-average discount rate—operating leases		3.51	%		3.51	%

Summary of Future Minimum Commitments of Operating Lease Liabilities

The following table reconciles the future minimum commitments to the Company’s operating lease liabilities at March 31, 2022 (in thousands):


	Operating lease payments as of March 31, 2022
2022	$	473
2023		377
Thereafter		—
Total lease payments		850
Less: interest		(20	)
Total operating lease liabilities at March 31, 2022		830
Less: current portion of lease liabilities		624
Lease liabilities, net of current portion	$	206

Net Loss Per Share (Tables)

1 Months Ended

Jan. 31, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

The Company has calculated basic and diluted net loss per share for the three months ended March 31, 2022 and 2021 as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2022			2021
Numerator:
Net loss	$	(12,835	)	$	(5,927	)
Less: Accruals of dividends of preferred stock		—			(2,331	)
Net loss attributable to common stockholders—basic and diluted	$	(12,835	)	$	(8,258	)
Denominator:
Weighted-average common stock outstanding		29,213,632			400,450
Net loss per share attributable to common stockholders—basic and diluted	$	(0.44	)	$	(20.62	)

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

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


	Three Months Ended March 31,
	2022		2021
Convertible preferred stock		—		22,550,561
Stock options to purchase common stock		4,282,862		1,415,116
Restricted stock units that vest into common stock		227,854		—
Warrants to purchase preferred stock		—		12,686
Warrants to purchase common stock		12,686		—
Total potential dilutive shares		4,523,402		23,978,363

Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Nov. 02, 2021 USD ($) $ / shares shares	Oct. 22, 2021	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Description Of Business [Line Items]
Reverse stock split description			On October 22, 2021, the Company effected a reverse stock split of the Company’s common stock on a 1-for-13.7 basis, or the Reverse Stock Split.
Reverse stock split, conversion ratio		0.072993
Net losses			$ 12,835	$ 5,927
Cash and cash equivalents and marketable securities			133,300
Accumulated deficit			$ 164,972		$ 152,137
Initial Public Offering
Description Of Business [Line Items]
Share price \| $ / shares	$ 14.00
Aggregate gross proceeds from IPO	$ 86,900
Net proceeds from the IPO	$ 78,300
Common Stock \| Initial Public Offering
Description Of Business [Line Items]
Shares issued and sold \| shares	6,210,000

Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Financial assets	$ 130,281	$ 24,063
Liability
Financial liabilities	127	83
Money Market Funds
Assets
Financial assets	105,382	24,063
Commercial Paper
Assets
Financial assets	11,877
Corporate Bonds
Assets
Financial assets	7,041
U.S. Government Agencies
Assets
Financial assets	5,981
Warrant Liability
Liability
Financial liabilities	127	83
Level 1
Assets
Financial assets	105,382	24,063
Level 1 \| Money Market Funds
Assets
Financial assets	105,382	24,063
Level 2
Assets
Financial assets	24,899
Level 2 \| Commercial Paper
Assets
Financial assets	11,877
Level 2 \| Corporate Bonds
Assets
Financial assets	7,041
Level 2 \| U.S. Government Agencies
Assets
Financial assets	5,981
Level 3
Liability
Financial liabilities	127	83
Level 3 \| Warrant Liability
Liability
Financial liabilities	$ 127	$ 83

Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets transfers into Level 3	$ 0	$ 0
Assets, transfers out of Level 3	0	0
Liability, transfers into Level 3	0	0
Liability, transfers out of Level 3	$ 0	$ 0

Fair Value of Assets and Liabilities - Summary of Changes in Fair Value of Common Stock Warrants (Details) - Common Stock Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 83
Change in fair value	44
Ending Balance	$ 127

Fair Value of Assets and Liabilities - Summary of Changes in Fair Value of Common Stock Warrants (Parenthetical) (Details)	Mar. 31, 2022 shares
Common Stock Warrants
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrants outstanding	12,686

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,903	$ 8,015
Less—accumulated depreciation	(2,992)	(2,764)
Property and equipment, net	5,911	5,251
Assets Under Construction
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,851	2,365
IT Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	85	85
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	13	13
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,891	5,489
Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 63	$ 63

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 256	$ 185

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,919	$ 2,734
Prepaid research and development expenses	4,155	1,754
Prepaid license agreements	73	64
Other	131	66
Prepaid expenses and other current assets	$ 6,278	$ 4,618

Investments - Summary of Marketable Securities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Marketable securities [Line items]
Amortized Cost	$ 24,904
Unrealized Gains	1
Unrealized Losses	(6)
Fair Value	24,899
Commercial Paper
Marketable securities [Line items]
Amortized Cost	11,877
Fair Value	11,877
Corporate Bonds
Marketable securities [Line items]
Amortized Cost	7,047
Unrealized Losses	(6)
Fair Value	7,041
U.S. Government Agencies
Marketable securities [Line items]
Amortized Cost	5,980
Unrealized Gains	1
Fair Value	$ 5,981

Investments - Additional Information (Details)	3 Months Ended
Investments - Additional Information (Details)	Mar. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Impairments of asset	$ 0

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 1,050	$ 1,686
Accrued compensation	1,131	2,147
Other	242	423
Accrued expenses and other current liabilities	$ 2,423	$ 4,256

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Nov. 02, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Convertible preferred stock, shares authorized		10,000,000
Convertible preferred stock, par value		$ 0.00001
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	1,701,141		1,701,141
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	3,298,732		3,298,732
Series A-2 Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	4,324,998		4,324,998
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	22,531,819		22,531,819
Series E Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares outstanding	102,671,041
Issuance of convertible preferred stock, Shares	102,671,041
Proceeds from issuance of convertible preferred stock	$ 80,251
Offering costs	$ 232

Equity - Additional Information (Details) - $ / shares	Nov. 02, 2021	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized		150,000,000	150,000,000
Common stock, par value		$ 0.00001	$ 0.00001
Common stock, shares issued		29,217,236	29,211,643
Common stock, shares outstanding		29,217,236	29,211,643
Convertible preferred stock, shares authorized	10,000,000
Convertible preferred stock, par value	$ 0.00001
Common Stock \| Initial Public Offering
Class of Stock [Line Items]
Number of common stock upon conversion of convertible preferred stock	22,550,561

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Nov. 01, 2021	Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted	$ 11.98	$ 3.56
Total intrinsic value of options exercised	$ 100	$ 10.00
Unrecognized compensation expense related to stock options	$ 16,000,000.0
Unrecognized compensation expense weighted average period	3 years 1 month 20 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 2,900,000
Unrecognized compensation expense weighted average period	3 years 6 months 29 days
Restricted stock units vesting increments	25.00%
Restricted stock units vesting duration	4 years
Number of awards vested	0
2021 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			4,812,748	3,352,166
Common stock outstanding percentage	5.00%
Cumulative Increase In Shares Of Common Stock	3,352,166
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	3,447,892
Number of shares reserved for issuance	627,333				335,217
Common stock outstanding percentage	1.00%

Stock-Based Compensation - Summary of stock option activity under the 2018 Plan to 2021 Plan (Details) - 2018 Plan and 2021 Plan Stock Option Activity plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Beginning balance	4,232,991
Options, Granted	98,897
Options, Exercised	(5,593)
Options, Cancelled or forfeited	(43,433)
Options Outstanding, Ending balance	4,282,862	4,232,991
Options, Exercisable at March 31, 2022	1,341,363
Weighted Average Exercise Price, Beginning balance	$ 7.43
Weighted Average Exercise Price, Granted	18.56
Weighted Average Exercise Price, Exercised	2.97
Weighted Average Exercise Price, Cancelled or forfeited	12.18
Weighted Average Exercise Price, Ending balance	7.64	$ 7.43
Weighted Average Exercise Price, Exercisable at March 31, 2022	$ 4.10
Weighted Average Remaining Contractual Term (years)	8 years 6 months 7 days	8 years 7 months 28 days
Weighted Average Remaining Contractual Term (years), Exercisable at March 31, 2022	6 years 9 months 25 days
Aggregate Intrinsic Value, Outstanding	$ 61,492	$ 40,437
Aggregate Intrinsic Value, Exercisable March 31, 2022	$ 24,015

Stock-Based Compensation - Schedule of Fair Value of Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.56%	1.02%
Expected term (years)	6 years 3 days	6 years 29 days
Expected volatility	73.02%	73.16%

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	231,920
Forfeited \| shares	(4,066)
Ending Balance \| shares	227,854
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 14.00
Forfeited, Weighted -Average Grant Date Fair Value \| $ / shares	14.00
Unvested, Weighted -Average Grant Date Fair Value \| $ / shares	$ 14.00

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,594	$ 185
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	555	44
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,039	$ 141

Common Stock Warrants - Additional Information (Details) - Series B Warrants - Common Stock Warrants - $ / shares	1 Months Ended
	May 31, 2015	Feb. 28, 2015	Mar. 31, 2022	Nov. 02, 2021	Mar. 31, 2021
Class Of Warrant Or Right [Line Items]
Number of Warrants converted				12,686
Exercise price of warrants				$ 17.03
Warrants outstanding			12,686		12,686
Series B Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Number of warrants issued	887,536	1,650,098
Exercise price of warrants	$ 1.24235	$ 1.24235
Warrants expiration period	10 years	10 years

Common Stock Warrants - Summary of Estimated Fair Value of Warrants and Significant Assumptions (Details) - Common Stock Warrants	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	2 years 10 months 28 days
Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	22.00
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	85.12
Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	2.45
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	7.00

Compensation - Additional Information (Details) - 401(k) Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Matching contribution by employer, percentage	100.00%
Employer matching contribution, percent of employees contribution	6.00%
Matching contributions from employer	$ 0.1	$ 0.1

Commitments and Contingencies - Additional Information (Details) € in Thousands			1 Months Ended											3 Months Ended		12 Months Ended		135 Months Ended
	Mar. 31, 2021 ft²	Apr. 05, 2019 EUR (€) Installment	Jan. 31, 2022 USD ($)	Oct. 31, 2020 USD ($)	Aug. 31, 2019 EUR (€)	Jul. 31, 2019 USD ($)	Apr. 30, 2019 EUR (€)	Dec. 31, 2014 USD ($) LicensedProduct	Jan. 31, 2014 USD ($)	Sep. 30, 2013 USD ($)	Jul. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Nov. 30, 2009	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2017 EUR (€)	Mar. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Area of space leased \| ft²	4,516														4,516
Lease commencement date	May 01, 2021
Additional square feet of laboratory space \| ft²	1,000														1,000
Additional leased space commencement date	Jun. 15, 2021
Operating lease termination date	Jul. 31, 2023
Lease existence of option to extend	true
Operating lease, option to extend term	12 months														12 months
Research and development expenses														$ 8,276,000	$ 4,185,000
Biologic Materials License Agreement
Lessee Lease Description [Line Items]
One time non refundable license issuance fee												$ 20,000.00
Milestone payments or royalties												$ 0
National Institute of Health
Lessee Lease Description [Line Items]
Aggregate milestone payments														400,000				$ 400,000
License issue royalty fee										$ 100,000
Sales milestone payments										600,000
Development and regulatory milestone payments										$ 700,000
Patent licensing reimbursement fees														30,000.00
Expenses for patent licensing fees														0	0
Royalty Bearing Patent License Agreement
Lessee Lease Description [Line Items]
Expenses														0	0
License agreement term													10 years
Royalty Bearing Patent License Agreement \| IND Filings
Lessee Lease Description [Line Items]
Potential milestone payments \| €																	€ 10
Clearside
Lessee Lease Description [Line Items]
Expenses														0	0
Upfront payment						$ 100,000
Royalties on net sales						20.00%
License agreement expiration period						10 years
Clearside \| Maximum
Lessee Lease Description [Line Items]
Aggregate milestones payment						$ 21,000,000.0
LI-COR, Inc. \| Exclusive License And Supply Agreement
Lessee Lease Description [Line Items]
One-time upfront license issuance fee									$ 100,000
Research and development expenses														0	0
License agreement term									10 years
LI-COR, Inc. \| Exclusive License And Supply Agreement \| Maximum
Lessee Lease Description [Line Items]
Aggregate milestone payments									$ 200,000
LI-COR, Inc. \| 2014 Non- Exclusive Agreement
Lessee Lease Description [Line Items]
License issue fee								$ 30,000.00
Non-refundable, Non- creditable fee								30,000.00
LI-COR, Inc. \| 2014 Non- Exclusive Agreement \| Maximum
Lessee Lease Description [Line Items]
Aggregate milestone payments								300,000
Payments for development and commercial milestones								$ 400,000
Life Technologies
Lessee Lease Description [Line Items]
Number of licensed products \| LicensedProduct								5
Initial license fee								$ 100,000
Annual development fee								100,000
Non-refundable, Non- creditable fee								300,000
Change of control fees								$ 200,000
One time perpetual license agreement fee			$ 50,000.00
Expenses														50,000.00	20,000.00
Dr. John Schiller \| Collaboration Research and Development Agreement
Lessee Lease Description [Line Items]
Annual development fee											$ 30,000.00
Expenses														0	$ 0
Agreement term											2 years
First payment due											30 days
Subsequent payments due											30 days
Aggregate research collaboration fees														$ 0		$ 30,000.00		$ 400,000
Required amendment payment				$ 40,000.00
Required amendment payment due period				30 days
Dr. John Schiller \| Collaboration Research and Development Agreement \| 10th Anniversary
Lessee Lease Description [Line Items]
Required amendment payment				$ 30,000.00
Required amendment payment due period				30 days
Laser System
Lessee Lease Description [Line Items]
Purchase agreement, commitments payable in each installment \| €		€ 200
Purchase agreement, number of payment installments \| Installment		3
Laser System \| Installment One
Lessee Lease Description [Line Items]
Purchase agreement, installment amount paid \| €							€ 200
Laser System \| Installment Two
Lessee Lease Description [Line Items]
Purchase agreement, installment amount paid \| €					€ 200

Commitments and Contingencies - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Amortization of finance right-of-use assets		$ 8
Operating lease costs	$ 154	87
Variable lease costs	176	66
Short-term lease costs	2
Total lease costs	332	161
Cash paid for amounts included in the measurement of lease liability—finance leases		9
Cash paid for amounts included in the measurement of lease liability—operating leases	$ 153	$ 88
Weighted-average remaining lease term—finance leases (years)		2 months 1 day
Weighted-average remaining lease term—operating leases (years)	1 year 3 months 29 days	2 years 3 months 29 days
Weighted-average discount rate—finance leases		7.94%
Weighted-average discount rate—operating leases	3.51%	3.51%

Commitments and Contingencies- Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 473
2023	377
Total lease payments	850
Less: interest	(20)
Total operating lease liabilities at March 31, 2022	830
Current portion of operating lease liabilities	624	$ 615
Lease liabilities, net of current portion	$ 206	$ 360

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (12,835)	$ (5,927)
Less: Accruals of dividends of preferred stock		(2,331)
Net loss attributable to common stockholders - basic and diluted	$ (12,835)	$ (8,258)
Denominator:
Weighted average common stock outstanding	29,213,632	400,450
Net loss per share attributable to common stockholders—basic and diluted	$ (0.44)	$ (20.62)

- Definition

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

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	4,523,402	23,978,363
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares		22,550,561
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	4,282,862	1,415,116
Restricted Stock Units that Vest into Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	227,854
Warrants to Purchase Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares		12,686
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential dilutive shares	12,686

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%
Unrecognized income tax benefits that would reduce effective tax rate if recognized	$ 0