0001558370-21-015404 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 05, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38410
Entity Registrant Name	BioXcel Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1386754
Entity Address, Address Line One	555 Long Wharf Drive
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	475
Local Phone Number	238-6837
Title of 12(b) Security	Common Stock
Trading Symbol	BTAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,980,345
Entity Central Index Key	0001720893
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 252,912	$ 213,119
Prepaid expenses and other current assets	4,017	3,946
Total current assets	256,929	217,065
Property and equipment, net	1,336	1,273
Operating lease right-of-use assets	1,312	1,511
Other assets	1,755	87
Total assets	261,332	219,936
Current liabilities
Accounts payable	3,439	3,979
Accrued expenses	10,716	7,469
Due to related party	154	157
Other current liabilities	287	237
Total current liabilities	14,596	11,842
Long-term portion of operating lease liabilities	1,180	1,398
Total liabilities	15,776	13,240
Commitments and contingencies (Note 11)
Stockholders' equity
Common stock, $0.001 par value, 100,000 and 50,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 27,980 and 24,417 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	28	24
Preferred stock, $0.001 par value, 10,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Additional paid-in-capital	465,191	345,529
Accumulated deficit	(219,663)	(138,857)
Total stockholders' equity	245,556	206,696
Total liabilities and stockholders' equity	$ 261,332	$ 219,936

BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000	50,000
Common stock, shares issued (in shares)	27,980	24,417
Common stock, shares outstanding (in shares)	27,980	24,417
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
STATEMENTS OF OPERATIONS
Revenues
Operating expenses
Research and development	11,933	16,317	40,183	46,595
General and administrative	14,879	8,451	40,621	14,605
Total operating expenses	26,812	24,768	80,804	61,200
Loss from operations	(26,812)	(24,768)	(80,804)	(61,200)
Other income (expense)
Interest income	12	20	32	140
Interest expense	(11)	(5)	(34)	(23)
Net loss and comprehensive loss	$ (26,811)	$ (24,753)	$ (80,806)	$ (61,083)
Basic and diluted net loss per share attributable to common stockholders	$ (0.96)	$ (1.07)	$ (3.13)	$ (2.94)
Weighted average shares outstanding - basic and diluted	27,972	23,050	25,832	20,779

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2019	$ 18	$ 83,565	$ (56,688)	$ 26,895
Beginning Balance (in shares) at Dec. 31, 2019	18,087
Issuance of common stock, net of issuance costs	$ 2	68,809		68,811
Issuance of common stock, net of issuance costs (in shares)	2,300
Purchase and cancellation of shares from BioXcel Corporation		(9,024)		(9,024)
Purchase and cancellation of shares from BioXcel Corporation (in shares)	(300)
Stock-based compensation		776		776
Exercise of stock options		39		39
Exercise of stock options (in shares)	95
Net loss			(14,911)	(14,911)
Ending Balance at Mar. 31, 2020	$ 20	144,165	(71,599)	72,586
Ending Balance (in shares) at Mar. 31, 2020	20,182
Beginning Balance at Dec. 31, 2019	$ 18	83,565	(56,688)	26,895
Beginning Balance (in shares) at Dec. 31, 2019	18,087
Net loss				(61,083)
Ending Balance at Sep. 30, 2020	$ 24	338,685	(117,771)	220,938
Ending Balance (in shares) at Sep. 30, 2020	24,355
Beginning Balance at Mar. 31, 2020	$ 20	144,165	(71,599)	72,586
Beginning Balance (in shares) at Mar. 31, 2020	20,182
Stock-based compensation		1,956		1,956
Exercise of stock options		271		271
Exercise of stock options (in shares)	171
Net loss			(21,419)	(21,419)
Ending Balance at Jun. 30, 2020	$ 20	146,392	(93,018)	53,394
Ending Balance (in shares) at Jun. 30, 2020	20,353
Issuance of common stock, net of issuance costs	$ 4	187,004		187,008
Issuance of common stock, net of issuance costs (in shares)	4,000
Stock-based compensation		5,268		5,268
Exercise of stock options		21		21
Exercise of stock options (in shares)	2
Net loss			(24,753)	(24,753)
Ending Balance at Sep. 30, 2020	$ 24	338,685	(117,771)	220,938
Ending Balance (in shares) at Sep. 30, 2020	24,355
Beginning Balance at Dec. 31, 2020	$ 24	345,529	(138,857)	$ 206,696
Beginning Balance (in shares) at Dec. 31, 2020	24,417			24,417
Stock-based compensation		5,565		$ 5,565
Exercise of stock options	$ 1	851		852
Exercise of stock options (in shares)	214
Net loss			(26,376)	(26,376)
Ending Balance at Mar. 31, 2021	$ 25	351,945	(165,233)	186,737
Ending Balance (in shares) at Mar. 31, 2021	24,631
Beginning Balance at Dec. 31, 2020	$ 24	345,529	(138,857)	$ 206,696
Beginning Balance (in shares) at Dec. 31, 2020	24,417			24,417
Net loss				$ (80,806)
Ending Balance at Sep. 30, 2021	$ 28	465,191	(219,663)	$ 245,556
Ending Balance (in shares) at Sep. 30, 2021	27,980			27,980
Beginning Balance at Mar. 31, 2021	$ 25	351,945	(165,233)	$ 186,737
Beginning Balance (in shares) at Mar. 31, 2021	24,631
Issuance of common stock, net of issuance costs	$ 3	101,024		101,027
Issuance of common stock, net of issuance costs (in shares)	3,279
Stock-based compensation		6,769		6,769
Exercise of stock options		497		497
Exercise of stock options (in shares)	59
Net loss			(27,619)	(27,619)
Ending Balance at Jun. 30, 2021	$ 28	460,235	(192,852)	267,411
Ending Balance (in shares) at Jun. 30, 2021	27,969
Stock issuance costs		(34)		(34)
Stock-based compensation		4,885		4,885
Exercise of stock options		105		105
Exercise of stock options (in shares)	11
Net loss			(26,811)	(26,811)
Ending Balance at Sep. 30, 2021	$ 28	$ 465,191	$ (219,663)	$ 245,556
Ending Balance (in shares) at Sep. 30, 2021	27,980			27,980

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (80,806)	$ (61,083)
Reconciliation of net loss to net cash used in operating activities
Depreciation and amortization	221	143
Loss on disposal of equipment	46
Stock-based compensation expense	17,219	8,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,739)	(1,059)
Operating lease right of use assets	199	213
Accounts payable, accrued expenses, and other liabilities	2,807	7,830
Operating lease liabilities	(168)	(122)
Net cash used in operating activities	(62,221)	(46,078)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and leasehold improvements	(433)	(46)
Net cash used in investing activities	(433)	(46)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	100,993	255,819
Purchase and cancellation of shares from BioXcel LLC		(9,024)
Exercise of stock options	1,454	331
Net cash provided by financing activities	102,447	247,126
Net increase in cash and cash equivalents	39,793	201,002
Cash and cash equivalents, beginning of the period	213,119	32,426
Cash and cash equivalents, end of the period	252,912	233,428
Supplemental cash flow information:
Purchases of equipment and leasehold improvements included in accounts payable and accrued expense as of December 31, 2020, but paid in the current period	$ 103
Operating lease ROU assets obtained in exchange for operating lease liabilities		$ 606

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Use of Estimates

The preparation of our financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses.

Cash and Cash Equivalents

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. As of September 30, 2021 and December 31, 2020, cash equivalents were comprised primarily of U.S. government money market funds. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. We believe we mitigate such risk by investing in or through major financial institutions.

Property and Equipment

Property and equipment are recorded at cost and depreciated and amortized over the shorter of their remaining lease term or their estimated useful life on a straight-line basis as follows:

Equipment 3-5 years

Furniture 7 years

Leasehold improvements Lesser of life of improvement or lease term

Expenditures for maintenance and repairs which do not improve or extend the useful lives of respective assets are expensed as incurred. When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is included in income (loss) from operations.

The Company follows the guidance provided by the Financial Accounting Standards Board (“FASB”) ASC Topic 360-10, Property, Plant, and Equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that 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 undiscounted future net cash flows expected to be generated. Impairment charges are recognized at the amount by which the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and the long-term portion of operating lease liabilities in our balance sheet.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our lease did not provide an implicit rate, we used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Renewal options were not included in our calculation of the related asset and liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation,” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees, directors, and non-employees, including stock options. The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) became effective in August 2017. The Company’s 2020 Incentive Award Plan (the “2020 Plan”) became effective in May 2020. Following the effective date of the Company's 2020 Plan, the Company ceased granting awards under the 2017 Plan, however the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder.

The Company’s stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period. The estimated fair value of stock option awards was determined using the Black-Scholes option pricing model on the date of grant. Significant judgment and estimates were used to estimate the fair value of awards, granted prior to the Company’s IPO in March 2018. Stock awards granted by the Company subsequent to the IPO are valued using market prices at the date of grant.

ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Black-Scholes option-pricing model was used as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the expected stock price volatility over the term of the awards, and projected employee stock option exercise behaviors. The value of the award is recognized as an expense in the statement of operations over the requisite service period. The Company has elected to account for forfeitures as they occur, by reversing compensation cost when the award is forfeited.

Research and Development Costs

Research and development expenses include wages, benefits, facilities, supplies, external services, clinical study and manufacturing costs and other expenses that are directly related to the Company’s research and development activities. At the end of the reporting period, the Company compares payments made to third party service providers to the estimated progress toward completion of the research or development objectives. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service

provided, the Company may record net prepaid or accrued expense relating to these costs. Such estimates are subject to change as additional information becomes available. The Company expenses research and development costs as incurred.

Expenses Accrued Under Contractual Arrangements

As part of the process of preparing our financial statements, we are required to estimate our accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost. The majority of our service providers invoice us monthly in arrears for services performed. We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary.

We base our expenses related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing expenses, we estimate the time period over which services will be performed and the level of effort to be expended in each period, which is based on an established protocol specific to each clinical trial. If the actual timing of the performance of services or the level of effort varies from our estimate, we adjust the accrual accordingly. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high or too low in any particular period.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

Fair Value of Financial Instruments

The Company applies the provisions of ASC 820, “Fair Value Measurements and Disclosures” for financial assets and liabilities measured on a recurring basis which requires disclosure that establishes a framework for measuring fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources, or observable inputs, and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances, or unobservable inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). ASC 820 requires that fair value measurements be classified and disclosed in one of three categories:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk in its assessment of fair value.

The carrying amounts of cash and accounts payable approximate fair value due to the short-term nature of these instruments.

As of September 30, 2021 and December 31, 2020, the Company had $252,912 and $213,119, respectively, in U.S. government money market accounts (included in cash and cash equivalents) which was valued based on Level 1 inputs. There were no transfers between levels within the hierarchy during the nine months ended September 30, 2021 and the year ended December 31, 2020.

Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) is calculated in accordance with ASC 260, “Earnings Per Share,” by dividing net income or loss attributable to common stockholders by the weighted average common stock outstanding. Diluted EPS is calculated by adjusting weighted average common shares outstanding for the dilutive effect of common stock options and warrants. In periods in which a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be antidilutive. Securities that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS because to do so would have been antidilutive.

Segment Information

The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, our chief operating decision maker has made such decisions and assessed performance at the company level as one segment.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) which amends the existing guidance relating to the accounting for income taxes. ASU No. 2019-12 is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. ASU No. 2019-12 is effective for interim and annual periods beginning after December 15, 2020. The Company adopted ASU No. 2019-12 effective January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. We adopted this standard effective January 1, 2020. ASU No. 2018-15 requires that certain implementation costs for cloud computing arrangements are capitalized and amortized over the term of associated hosted cloud computing arrangement service and that capitalized implementation costs are classified in prepaid expenses and other assets. ASU No. 2018-15 also provides classification guidance on these implementation costs as well as additional quantitative and qualitative disclosures. The adoption of ASU No. 2018-15 did not have an effect on the Company’s financial statements.

Accounting Pronouncements effective in future periods

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU No. 2018-19, ASU No. 2019-04 and No. ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. Topic 326 was to be effective for reporting periods beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, which deferred the effective dates for the Company, until fiscal year 2023. The Company does not expect that the adoption of ASU No. 2016-13 will have a material impact on its financial statements.

Transactions with BioXcel LLC

9 Months Ended

Sep. 30, 2021

Transactions with BioXcel LLC

Transactions with BioXcel LLC

Note 5. Transactions with BioXcel LLC

The Company entered into a Separation and Shared Services Agreement with BioXcel LLC that took effect on June 30, 2017, as amended and restated, (the “Services Agreement”), pursuant to which services provided by BioXcel LLC through its subsidiaries in India and the United States will continue indefinitely, as agreed upon by the parties. These services are primarily for drug discovery, chemical, manufacturing and controls cost, and administrative support.

Service charges recorded under this agreement for the three and nine months ended September 30, 2021 and 2020 were comprised as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Research and development	$	269	$	270	$	899	$	926
General and administrative		72		44		166		44
Total	$	341	$	314	$	1,065	$	970

As of September 30, 2021, $154 related to these service charges is included in due to related parties in the Company’s balance sheet.

Under the Services Agreement, the Company has an option, exercisable until March 12, 2023, to enter into a collaborative services agreement with BioXcel LLC pursuant to which BioXcel LLC shall perform product identification and related services for us utilizing EvolverAI. As of September 30, 2021, this option has not been exercised.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation

Stock-Based Compensation

Note 9. Stock-Based Compensation

2017 Equity Incentive Plan

The Company’s 2017 Plan became effective in August 2017. Following the effective date of the Company's 2020 Plan (as defined below), the Company ceased granting awards under the 2017 Plan, however the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder.

2020 Incentive Award Plan

The Company’s 2020 Plan was approved and became effective at the Company’s 2020 annual meeting of stockholders on May 20, 2020 and unless, earlier terminated by the Board of Directors, will remain in effect until March 26, 2030. The 2020 Plan originally authorized for issuance the sum of (i) 911 shares of the Company’s common stock authorized for issuance and (ii) 233 shares of the Company’s common stock, which represents the number of shares that remained available for issuance under the 2017 Plan immediately prior to the approval of the 2020 Plan by the Company’s stockholders. Any shares of common stock under the 2017 Plan immediately prior to the approval of the 2020 Plan by the Company’s stockholders, that were subject to awards granted under the 2017 Plan that are forfeited or lapse unexercised and are not issued under the 2017 Plan will increase the number of shares of common stock available for grant under the 2020 Plan. In addition, the number of shares available for issuance under the 2020 Plan will increase on the first day of each calendar year beginning January 1, 2021 and ending on and including January 1, 2030 by a number of shares equal to the lesser of (A) 4% of the aggregate number of shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of shares of common stock as determined by the Board of Directors. On January 1, 2021, the shares available for issuance under the 2020 Plan increased by 977 shares.

Options granted under the 2020 Plan have a term of ten years with the vesting schedule determined by the Board of Directors, which is generally four years.

As of September 30, 2021, there were 496 shares available to be granted under the 2020 Plan.

A summary of the status of the Company’s stock option activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share amounts):



	Number	Weighted Average
	of	Exercise
	Shares	Price per Share
Outstanding as of January 1, 2021	3,798	$	16.15
Granted	800	$	37.82
Forfeited	(159)	$	42.26
Cancelled	(3)	$	45.98
Exercised	(284)	$	5.12
Outstanding as of September 30, 2021	4,152	$	20.07

Options vested and exercisable as of September 30, 2021	2,609	$	9.13

As of September 30, 2021, the intrinsic value of options outstanding was $66,583. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date.

The total intrinsic value of stock options exercised for the nine months ended September 30, 2021 and 2020 was $11,942 and $8,743, respectively.

The weighted average grant date fair value of options granted during the nine months ended September 30, 2021 and 2020 was $29.25 and $32.53, respectively.

The weighted average grant date fair value of options vested at September 30, 2021 was $6.74.

The weighted average remaining contractual life is 6.5 years for options exercisable as of September 30, 2021.

Stock-Based Compensation

The fair value of options granted during the nine months ended September 30, 2021 and 2020 was estimated using the Black-Scholes option-pricing model with the following assumptions.


	For the						For the
	Nine Months Ended						Nine Months Ended
	September 30, 2021						September 30, 2020
Expected Term		5.50	years	-	6.25	years	5.50	years	-	6.25	years
Expected stock price volatility		95.00	%	-	98.00	%	79.02	%	-	86.71	%
Risk-free rate of interest		0.96	%	-	1.22	%	0.33	%	-	2.34	%
Expected dividend		0.0	%	-	0.0	%	0.0	%	-	0.0	%

Prior to the Company’s IPO, it did not have a history of market prices of its common stock and, as such, volatility was estimated using historical volatilities of similar public companies. In 2021, the Company began using a combination of the historical volatility of similar public companies and the limited historical information related to the Company’s common stock. The expected term of the employee awards is estimated based on the simplified method, which calculates the expected term based upon the midpoint of the term of the award and the vesting period. The Company uses the simplified method because it does not have sufficient option exercise data to provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0% as the Company has no history of paying dividends nor does management expect to pay dividends over the contractual terms of these options. The risk-free interest rates are based on the United States Treasury yield curve in effect at the time of grant, with maturities approximating the expected term of the stock options.

Unrecognized compensation expense related to unvested awards as of September 30, 2021 was $25,894 and will be recognized over the remaining vesting periods of the underlying awards. The weighted-average period over which such compensation is expected to be recognized is 1.7 years.

Total stock-based compensation charges for the three and nine months ended September 30, 2021 and 2020 were comprised as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Research and development	$	951	$	2,203	$	5,155	$	3,587
General and administrative		3,935		3,065		12,064		4,413
Total	$	4,886	$	5,268	$	17,219	$	8,000

2020 Employee Stock Purchase Plan

The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”) was also approved and became effective at the Company’s 2020 annual meeting of stockholders on May 20, 2020. The ESPP is designed to assist eligible employees of the Company with the opportunity to purchase the Company’s common stock at a discount through accumulated payroll deductions during successive offering periods. The aggregate number of shares that may be issued pursuant to rights granted under the ESPP is 100 shares of common stock. In addition, the number of shares available for issuance under the ESPP will increase on the first day of each calendar year beginning on January 1, 2021 and ending on and including January 1, 2030 by a number of shares of common stock equal to the lesser of (a) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the Board of Directors. The number of shares that may be issued or transferred pursuant to rights granted under the component of the ESPP that is intended to qualify for favorable U.S. federal tax treatment under Section 423 of the Internal Revenue Code (the “Section 423 Component”) shall not exceed 500 shares. The purchase price will be determined by the administrator of the ESPP and, for purposes of the Section 423 Component, shall not be less than 85% of the fair market value of a share on the first trading day or on the last trading day of the applicable offering period, whichever is lower. On January 1, 2021, the shares available for issuance under the 2020 ESPP increased by 244 shares. To date, no shares have been sold under the ESPP.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of our financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses.
Cash and Cash Equivalents	Cash and Cash Equivalents 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. As of September 30, 2021 and December 31, 2020, cash equivalents were comprised primarily of U.S. government money market funds. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. We believe we mitigate such risk by investing in or through major financial institutions.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated and amortized over the shorter of their remaining lease term or their estimated useful life on a straight-line basis as follows: Equipment 3-5 years Furniture 7 years Leasehold improvements Lesser of life of improvement or lease term Expenditures for maintenance and repairs which do not improve or extend the useful lives of respective assets are expensed as incurred. When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is included in income (loss) from operations. The Company follows the guidance provided by the Financial Accounting Standards Board (“FASB”) ASC Topic 360-10, Property, Plant, and Equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that 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 undiscounted future net cash flows expected to be generated. Impairment charges are recognized at the amount by which the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and the long-term portion of operating lease liabilities in our balance sheet. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our lease did not provide an implicit rate, we used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Renewal options were not included in our calculation of the related asset and liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation,” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees, directors, and non-employees, including stock options. The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) became effective in August 2017. The Company’s 2020 Incentive Award Plan (the “2020 Plan”) became effective in May 2020. Following the effective date of the Company's 2020 Plan, the Company ceased granting awards under the 2017 Plan, however the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder. The Company’s stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period. The estimated fair value of stock option awards was determined using the Black-Scholes option pricing model on the date of grant. Significant judgment and estimates were used to estimate the fair value of awards, granted prior to the Company’s IPO in March 2018. Stock awards granted by the Company subsequent to the IPO are valued using market prices at the date of grant. ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Black-Scholes option-pricing model was used as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the expected stock price volatility over the term of the awards, and projected employee stock option exercise behaviors. The value of the award is recognized as an expense in the statement of operations over the requisite service period. The Company has elected to account for forfeitures as they occur, by reversing compensation cost when the award is forfeited.
Research and Development Costs	Research and Development Costs Research and development expenses include wages, benefits, facilities, supplies, external services, clinical study and manufacturing costs and other expenses that are directly related to the Company’s research and development activities. At the end of the reporting period, the Company compares payments made to third party service providers to the estimated progress toward completion of the research or development objectives. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expense relating to these costs. Such estimates are subject to change as additional information becomes available. The Company expenses research and development costs as incurred.
Expenses Accrued Under Contractual Arrangements	Expenses Accrued Under Contractual Arrangements As part of the process of preparing our financial statements, we are required to estimate our accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost. The majority of our service providers invoice us monthly in arrears for services performed. We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. We base our expenses related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing expenses, we estimate the time period over which services will be performed and the level of effort to be expended in each period, which is based on an established protocol specific to each clinical trial. If the actual timing of the performance of services or the level of effort varies from our estimate, we adjust the accrual accordingly. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high or too low in any particular period.
Patent Costs	Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies the provisions of ASC 820, “Fair Value Measurements and Disclosures” for financial assets and liabilities measured on a recurring basis which requires disclosure that establishes a framework for measuring fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources, or observable inputs, and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances, or unobservable inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). ASC 820 requires that fair value measurements be classified and disclosed in one of three categories: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. The carrying amounts of cash and accounts payable approximate fair value due to the short-term nature of these instruments. As of September 30, 2021 and December 31, 2020, the Company had $252,912 and $213,119, respectively, in U.S. government money market accounts (included in cash and cash equivalents) which was valued based on Level 1 inputs. There were no transfers between levels within the hierarchy during the nine months ended September 30, 2021 and the year ended December 31, 2020.
Earnings (Loss) per Share	Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) is calculated in accordance with ASC 260, “Earnings Per Share,” by dividing net income or loss attributable to common stockholders by the weighted average common stock outstanding. Diluted EPS is calculated by adjusting weighted average common shares outstanding for the dilutive effect of common stock options and warrants. In periods in which a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be antidilutive. Securities that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS because to do so would have been antidilutive.
Segment Information	Segment Information The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, our chief operating decision maker has made such decisions and assessed performance at the company level as one segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) which amends the existing guidance relating to the accounting for income taxes. ASU No. 2019-12 is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. ASU No. 2019-12 is effective for interim and annual periods beginning after December 15, 2020. The Company adopted ASU No. 2019-12 effective January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. We adopted this standard effective January 1, 2020. ASU No. 2018-15 requires that certain implementation costs for cloud computing arrangements are capitalized and amortized over the term of associated hosted cloud computing arrangement service and that capitalized implementation costs are classified in prepaid expenses and other assets. ASU No. 2018-15 also provides classification guidance on these implementation costs as well as additional quantitative and qualitative disclosures. The adoption of ASU No. 2018-15 did not have an effect on the Company’s financial statements. Accounting Pronouncements effective in future periods In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU No. 2018-19, ASU No. 2019-04 and No. ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. Topic 326 was to be effective for reporting periods beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, which deferred the effective dates for the Company, until fiscal year 2023. The Company does not expect that the adoption of ASU No. 2016-13 will have a material impact on its financial statements.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation

Schedule of Stock Option Activity

A summary of the status of the Company’s stock option activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share amounts):



	Number	Weighted Average
	of	Exercise
	Shares	Price per Share
Outstanding as of January 1, 2021	3,798	$	16.15
Granted	800	$	37.82
Forfeited	(159)	$	42.26
Cancelled	(3)	$	45.98
Exercised	(284)	$	5.12
Outstanding as of September 30, 2021	4,152	$	20.07

Options vested and exercisable as of September 30, 2021	2,609	$	9.13

Schedule of Valuation Assumptions


	For the						For the
	Nine Months Ended						Nine Months Ended
	September 30, 2021						September 30, 2020
Expected Term		5.50	years	-	6.25	years	5.50	years	-	6.25	years
Expected stock price volatility		95.00	%	-	98.00	%	79.02	%	-	86.71	%
Risk-free rate of interest		0.96	%	-	1.22	%	0.33	%	-	2.34	%
Expected dividend		0.0	%	-	0.0	%	0.0	%	-	0.0	%

Schedule of stock-based compensation charges


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Research and development	$	951	$	2,203	$	5,155	$	3,587
General and administrative		3,935		3,065		12,064		4,413
Total	$	4,886	$	5,268	$	17,219	$	8,000

Nature of the Business (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Nature of the Business (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Nature of the Business
Net loss	$ (26,811)	$ (27,619)	$ (26,376)	$ (24,753)	$ (21,419)	$ (14,911)	$ (80,806)	$ (61,083)
Accumulated deficit	$ (219,663)						$ (219,663)		$ (138,857)

- 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 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Financing Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended				3 Months Ended				9 Months Ended
	Jun. 30, 2021	May 31, 2021	Jul. 31, 2020	Feb. 29, 2020	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	3,155		4,000	2,300
Purchase price (in dollar per share)	$ 31.70		$ 50.00	$ 32.00	$ 31.70
Common stock, par value (in dollars per share)		$ 0.001				$ 0.001			$ 0.001
Proceeds from issuance of common stock, net of issuance costs	$ 96,937		$ 186,974	$ 68,811					$ 100,993	$ 255,819
Issuance costs paid	$ 3,076			4,789	$ 3,542		$ 12,991	$ 4,789
Issuance costs paid and true-up			$ 13,026
Recorded true up issuance costs						$ 34
Proceeds used to purchase shares cancelled				$ 9,024						$ 9,024
Shares repurchased (in shares)				300
Jefferies Sale Agreement
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	124
Proceeds from issuance of common stock, net of issuance costs									4,056
Issuance costs paid									$ 500
Jefferies Sale Agreement \| Maximum
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, net of issuance costs		$ 100,000
Underwriting option
Subsidiary, Sale of Stock [Line Items]
Underwriters option exercisable period			30 days
Underwriter's shares available to purchase			600

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings (Loss) Per Share
Net loss (numerator)	$ (26,811)	$ (27,619)	$ (26,376)	$ (24,753)	$ (21,419)	$ (14,911)	$ (80,806)	$ (61,083)
Weighted-average share (denominator)	27,972			23,050			25,832	20,779
Basic and diluted net loss per share	$ (0.96)			$ (1.07)			$ (3.13)	$ (2.94)
Potentially dilutive securities (in shares)							4,152	3,834

- Definition

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

+ References

+ Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Research and development expenses	$ 4,694	$ 3,264
Accrued compensation and benefits	3,495	2,066
Accrued professional expenses	2,188	1,288
Accrued taxes	199	697
Other accrued expenses	140	154
Accrued expenses	10,716	7,469
Current portion of operating lease liabilities	$ 287	$ 237

Stock-Based Compensation - Description (Details) - shares shares in Thousands			9 Months Ended
	Jan. 01, 2021	May 20, 2020	Sep. 30, 2021
2020 Incentive Award Plan
Stock-Based Compensation
Authorized shares		911
Available for grant (in shares)			496
Percentage of increase in common stock available for grant		4.00%
Increase in shares available for issuance	977
2020 Incentive Award Plan \| Options
Stock-Based Compensation
Terms of award		10 years
Vesting period		4 years
2017 Equity Incentive Plan
Stock-Based Compensation
Available for grant (in shares)		233
2020 Employee Stock Purchase Plan
Stock-Based Compensation
Authorized shares		100
Percentage of increase in common stock available for grant		1.00%
Increase in shares available for issuance	244
Maximum number of shares issued or transferred under ESPP		500
Purchase price, as a percent of fair market value		85.00%
Shares issued under ESPP			0

Stock-Based Compensation - Stock Option Activity (Details) - Options $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	3,798
Options granted (in shares) \| shares	800
Options forfeited (in shares) \| shares	(159)
Options Cancelled (in shares) \| shares	(3)
Options exercised (in shares) \| shares	(284)
Outstanding, ending balance (in shares) \| shares	4,152
Options vested and exercisable (in shares) \| shares	2,609
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in dollars per shares)	$ 16.15
Options granted (in dollars per share)	37.82
Options forfeited (in dollars per shares)	42.26
Options Cancelled (in dollars per shares)	45.98
Options exercised (in dollars per shares)	5.12
Outstanding, end balance (in dollars per shares)	20.07
Options vested and exercisable (in dollars per shares)	$ 9.13
Options
Intrinsic value, outstanding \| $	$ 66,583
Intrinsic value, exercised \| $	$ 11,942	$ 8,743
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 29.25	$ 32.53
Weighted-average grant-date fair value of options vested (in dollars per share)	$ 6.74
Weighted average remaining contractual life, exercisable	6 years 6 months

Leases - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturities of the operating lease liability
Remainder of 2021	$ 89
2022	363
2023	372
2024	381
2025	391
Thereafter	64
Total lease payments	1,660
Less imputed interest	(193)
Total lease liability	1,467
Less current portion of lease liability	(287)	$ (237)
Long-term portion operating lease liability	$ 1,180	$ 1,398

Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Equipment
Property and equipment, gross	$ 1,862		$ 1,862		$ 1,635
Accumulated depreciation	(526)		(526)		(362)
Property and equipment, net	1,336		1,336		1,273
Depreciation and amortization	76	$ 47	221	$ 143
Computers and related equipment
Equipment
Property and equipment, gross	167		167		260
Furniture
Equipment
Property and equipment, gross	572		572		369
Leasehold improvements
Equipment
Property and equipment, gross	$ 1,123		$ 1,123		650
Work in process
Equipment
Property and equipment, gross					$ 356

Stock-Based Compensation - Assumptions (Details) - Options	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock-Based Compensation
Expected stock price volatility, minimum (as a percent)	95.00%	79.02%
Expected stock price volatility, maximum (as a percent)	98.00%	86.71%
Risk-free rate of interest, minimum (as a percent)	0.96%	0.33%
Risk-free rate of interest, maximum (as a percent)	1.22%	2.34%
Expected dividend yield (as a percent)	0.00%	0.00%
Minimum
Stock-Based Compensation
Expected Term (years)	5 years 6 months	5 years 6 months
Maximum
Stock-Based Compensation
Expected Term (years)	6 years 3 months	6 years 3 months

Leases (Details) - ft²	1 Months Ended
Leases (Details) - ft²	Aug. 31, 2020	Feb. 22, 2019
Leases
Area of lease		11,040
Additional space leased	7,245

Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies
Number of segments \| segment	1
Level 1
Summary of Significant Accounting Policies
Fair value money market accounts \| $	$ 252,912	$ 213,119
Equipment \| Minimum
Summary of Significant Accounting Policies
Useful life	3 years
Equipment \| Maximum
Summary of Significant Accounting Policies
Useful life	5 years
Furniture
Summary of Significant Accounting Policies
Useful life	7 years