0001564590-21-027586 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 06, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Talis Biomedical Corporation
Entity Central Index Key	0001584751
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-40047
Entity Tax Identification Number	46-3122255
Entity Address, Address Line One	230 Constitution Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	(650)
Local Phone Number	433-3000
Entity Incorporation State Country Code	DE
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TLIS
Security Exchange Name	NASDAQ
Entity Stock, Shares Outstanding		55,501,255
Common Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		25,637,581
Series 1 Convertible Preferred Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		29,863,674

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 348,012,000	$ 138,483,000
Restricted cash	34,650,000	34,650,000
Grants receivable		238,000
Unbilled grants receivable		233,000
Prepaid research and development expenses	5,212,000	12,014,000
Prepaid expenses and other current assets	3,448,000	3,106,000
Total current assets	391,322,000	188,724,000
Property and equipment, net	9,712,000	9,114,000
Operating lease right-of-use-assets	400,000	567,000
Other long term assets	1,748,000
Total assets	403,182,000	198,405,000
Current liabilities:
Accounts payable	10,826,000	4,906,000
Accrued compensation	4,835,000	2,738,000
Accrued expenses and other current liabilities	30,697,000	7,694,000
Current operating lease liabilities	491,000	693,000
Total current liabilities	46,849,000	16,031,000
Commitments and contingencies (Note 5)
Convertible preferred stock		290,945,000
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 200,000,000 and 230,000,000 shares authorized at March 31, 2021 and December 31, 2020, respectively; 25,637,581 and 2,126,254 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	2,000
Additional paid-in capital	589,726,000	64,335,000
Accumulated deficit	(233,398,000)	(172,906,000)
Total stockholders’ equity (deficit)	356,333,000	(108,571,000)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	403,182,000	$ 198,405,000
Series 1 Convertible Preferred Stock
Stockholders’ equity (deficit):
Convertible preferred stock	$ 3,000

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Convertible preferred stock, shares authorized		229,296,908
Convertible preferred stock, shares issued		53,509,351
Convertible preferred stock, shares outstanding		53,509,351
Convertible preferred stock, aggregate liquidation preference		$ 475,617,000
Convertible preferred stock, par value	$ 0.0001
Convertible preferred stock, shares authorized	170,000,000
Convertible preferred stock, shares issued	29,863,674
Convertible preferred stock, shares outstanding	29,863,674
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	230,000,000
Common stock, shares, issued	25,637,581	2,126,254
Common stock, shares, outstanding	25,637,581	2,126,254
Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	229,296,908
Convertible preferred stock, shares issued	0	53,509,351
Convertible preferred stock, shares outstanding	0	53,509,351
Convertible preferred stock, aggregate liquidation preference	$ 0	$ 475,617,000
Series 1 Convertible Preferred Stock
Convertible preferred stock, shares authorized		57,324,227
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	60,000,000	57,324,227
Convertible preferred stock, shares issued	29,863,674	0
Convertible preferred stock, shares outstanding	29,863,674	0
Convertible preferred stock, aggregate liquidation preference	$ 3,000	$ 0
Common stock, shares, outstanding	29,863,674

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Grant revenue	$ 7,000	$ 399
Operating expenses:
Research and development	60,193	5,714
Selling, general and administrative	7,327	2,080
Total operating expenses	67,520	7,794
Loss from operations	(60,520)	(7,395)
Other income:
Other income, net	28	21
Total other income, net:	28	21
Net loss and comprehensive loss	$ (60,492)	$ (7,374)
Net loss per share, basic and diluted	$ (4.61)	$ (3.49)
Weighted average shares used in the calculation of net loss per share, basic and diluted	13,110,713	2,115,770

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Convertible Preferred Stock	Series 1 Convertible Preferred Stock
Balance at Dec. 31, 2019	$ (21,140,000)		$ 60,636,000	$ (81,776,000)
Temporary Equity Balance, Shares at Dec. 31, 2019					37,871,430
Temporary Equity Balance at Dec. 31, 2019					$ 42,755,000
Balance, Shares at Dec. 31, 2019		2,115,583
Issuance of Common Stock upon exercise of stock options	5,000		5,000
Issuance of Common Stock upon exercise of stock options, Shares		483
Stock-based compensation expense	681,000		681,000
Net loss	(7,374,000)			(7,374,000)
Balance at Mar. 31, 2020	(27,828,000)		61,322,000	(89,150,000)
Temporary Equity Balance, Shares at Mar. 31, 2020					37,871,430
Temporary Equity Balance at Mar. 31, 2020					$ 42,755,000
Balance, Shares at Mar. 31, 2020		2,116,066
Balance at Dec. 31, 2020	$ (108,571,000)		64,335,000	(172,906,000)
Temporary Equity Balance, Shares at Dec. 31, 2020	53,509,351				53,509,351
Temporary Equity Balance at Dec. 31, 2020	$ 290,945,000				$ 290,945,000
Balance, Shares at Dec. 31, 2020	2,126,254	2,126,254
Issuance of Common Stock upon exercise of stock options	$ 131,000		131,000
Issuance of Common Stock upon exercise of stock options, Shares	85,895	85,895
Issuance of Common Stock upon initial public offering, net of issuance costs of $21,349	$ 232,548,000	$ 2,000	232,546,000
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares		15,870,000
Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering	290,945,000		290,942,000		$ (290,945,000)	$ 3,000
Temporary Equity, Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering, Shares		7,555,432			(53,509,351)	29,863,674
Stock-based compensation expense	1,772,000		1,772,000
Net loss	(60,492,000)			(60,492,000)
Balance at Mar. 31, 2021	$ 356,333,000	$ 2,000	$ 589,726,000	$ (233,398,000)		$ 3,000
Temporary Equity Balance, Shares at Mar. 31, 2021					0
Balance, Shares at Mar. 31, 2021	25,637,581	25,637,581				29,863,674

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Statement Of Stockholders Equity [Abstract]
Common stock, net of issuance costs	$ 21,349

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (60,492)	$ (7,374)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,772	681
Depreciation and amortization	216	185
Non-cash lease expense	143	138
Changes in operating assets and liabilities:
Unbilled grants receivable	233	(328)
Grants receivable	238	1,735
Prepaid expenses and other current assets	(342)	(29)
Prepaid research and development	6,803	(99)
Other long term assets	(981)
Accounts payable	5,821	(160)
Accrued expenses and other liabilities	24,283	(138)
Lease liabilities	(179)	(193)
Net cash used in operating activities	(22,485)	(5,582)
Investing activities
Purchase of property and equipment	(698)	(119)
Net cash used in investing activities	(698)	(119)
Financing activities
Proceeds from initial public offering, net of issuance costs	233,348
Proceeds from stock option exercises	131	5
Net cash provided by financing activities	233,479	5
Net increase in cash and restricted cash	210,296	(5,696)
Cash and restricted cash at beginning of period	173,133	21,604
Cash and restricted cash at end of period	383,429	15,908
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses and other liabilities	117	$ 73
Deferred initial public offering costs included in accrued expenses and other liabilities	$ 802

Condensed Statements of Cash Flows (Parenthetical) $ in Thousands	Mar. 31, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Cash	$ 348,012
Restricted cash	34,650
Other long term assets – restricted cash	767
Total cash and restricted cash	$ 383,429

Organization and Nature of Business

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and nature of business

Talis Biomedical Corporation (the Company) is a molecular diagnostic company focused on transforming diagnostic testing through innovative molecular diagnostic products that enable customers to deploy accurate, reliable, low cost and rapid point-of-care testing for infectious diseases and other conditions. The Company was incorporated in 2013 under the general laws of the State of Delaware and is based in Menlo Park, California (CA) and Chicago, Illinois (IL).

Initial Public Offering and Reverse Stock Split

In February 2021, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-1.43 reverse split (2021 Reverse Split) of shares of the Company’s common stock. The par value and authorized shares of common stock were not adjusted as a result of the 2021 Reverse Split. Shares of the Company’s convertible preferred stock were not subject to the 2021 Reverse Split but have been converted at the same rate as the reverse split. All of the share and per share information included in the accompanying condensed financial statements has been retroactively adjusted to reflect the 2021 Reverse Split.

In February 2021, the Company completed an initial public offering (IPO) in which the Company issued and sold 13,800,000 shares of common stock at a public offering price of $16.00 per share, with an additional 2,070,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate proceeds received by the Company from the IPO was $232.5 million after deducting underwriting discounts, commissions and offering expenses of approximately $21.3 million. Upon the closing of the IPO, convertible preferred stock held by Baker Bros. Advisors LP, a related party, and its affiliates, were converted into 29,863,674 Series 1 convertible preferred stock. The remaining outstanding convertible preferred stock were converted into 7,555,432 shares of common stock.

Liquidity

The Company has incurred significant losses and negative cash flows since inception, including net losses of $60.5 million for the three months ended March 31, 2021. As of March 31, 2021, the Company had unrestricted cash of $348.0 million and $35.4 million of restricted cash. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue to operationalize the Company’s current technology and to advance the development of its products. The Company expects its existing unrestricted cash as of March 31, 2021 will be sufficient to fund its operations through at least one year from the date these condensed financial statements are issued. The Company expects to finance its future operations with its existing restricted and unrestricted cash and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, grant agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. The Company’s ability to raise additional capital through either the issuance of equity or debt, is dependent on a number of factors including, but not limited to, the demand for the Company, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any future period.

The condensed balance sheet presented as of December 31, 2020, has been derived from the audited financial statements as of that date. The condensed financial statements and notes are presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this report should be read in conjunction with the financial statements and notes included in the Company’s 2020 Annual Report on Form 10-K filed with the SEC.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions.

Reclassifications

The accompanying condensed balance sheet as of December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation.

Deferred initial public offering costs

The Company capitalizes certain direct incremental legal, consulting, banking and accounting fees primarily relating to the Company’s IPO. After consummation of the IPO, which closed on February 17, 2021, these costs were recorded in stockholders' equity as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million recorded within other current assets on the balance sheet.

Restricted Cash

Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 5). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long term asset, otherwise, restricted cash is included in current assets in the balance sheet.

Concentration of credit risk and other risks and uncertainties

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held and government grant funded nature of the Company’s grant receivables.

The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights.

In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements.

The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the NIH for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations.

The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected.

Income Taxes

On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements.

Research and development costs

Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs.

The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an Emergency Use Authorization (EUA) or other U.S Food and Drug Administration (FDA) marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses.

In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $69.5 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $28.6 million had been incurred in the three months ending March 31, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows.

The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s 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 reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses.

Convertible preferred stock

The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which are redeemable, as temporary equity in the accompanying balance sheets due to terms that allow for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating if they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative.

Net loss per share

Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive.

For the period ended March 31, 2021 and December 31, 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same.

Comprehensive loss

Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss.

New Accounting Pronouncements

Recently adopted accounting standards

In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 removes certain bifurcation models for convertible debt instruments and convertible preferred stock. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. In addition, the amendments expand disclosure requirements for convertible instruments and simplify areas of the guidance for diluted earnings-per-share calculations that are impacted by the amendments. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The guidance is to be applied using either a full retrospective or modified retrospective method. The Company early adopted ASU 2020-06 on January 1, 2021, with no impact on its financial position, results of operations or cash flows.

Accounting standards issued but not yet adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASU 2016-13) to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2021 (JOBS Act), and assuming the Company continues to be considered an emerging growth company, ASU 2016-13 will be effective for the Company on January 1, 2023. The Company has not yet determined the potential effects of ASU 2016-13 on its financial statements and disclosures.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses And Other Current Liabilities

3. Accrued expenses and other current liabilities

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

	March 31,		December 31,
	2021		2020
Accrued research and development costs	$	29,002	$	6,360
Professional fees		831		608
Other liabilities		864		726
	$	30,697	$	7,694

Grant Revenue and Receivables

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Grant Revenue and Receivables

4. Grant revenue and receivables

NIH Rapid Acceleration of Diagnostics - Advanced Technology Platforms (RADx) Initiative contracts

In July 2020, the Company was awarded a $0.4 million subaward grant from the University of Massachusetts Medical School for Phase 1 of the NIH’s RADx initiative and a $25.4 million contract from the NIH directly for Phase 2 of the RADx initiative.

The NIH contract for Phase 2 of the RADx initiative is subject to meeting certain milestones and is comprised of five stages. The terms and milestone conditions of the first two stages, for consideration of up to $10.1 million, was agreed to in July 2020 while the milestone conditions and terms of the final three stages, for consideration of up to $15.3 million, was agreed to in December 2020. The Phase 2 RADx contract has a performance period of one year beginning July 2020 and contains key deliverables and milestones that directly support the upgrade and addition of new manufacturing lines which will support the Company’s expansion of its manufacturing capacity to produce and distribute its COVID-19 assay cartridge. If the NIH contract is terminated by the NIH for cause upon the Company’s failure to perform as specified in the NIH contract, the Company would be required to repay the NIH 15.0% of the amounts previously received as liquidating damages, in place of any actual damages. Such repayment would not be required if a delay in delivery or performance was beyond the Company’s control.

During the three months ended March 31, 2021, the Company recognized as revenue and received $7.0 million in relation to the RADx initiative. The Company received $1.2 million relating to completing the second stage of the contract and $5.8 million relating to completing the third stage of the contract during the three months ended March 31, 2021. The remaining $9.5 million available under the RADx contract is contingent upon the Company meeting agreed-upon contractual milestones. There were no unbilled receivables recorded for this contract as of March 31, 2021 or December 31, 2020.

During the three months ended March 31, 2020, the Company recognized $0.2 million of grant revenue related to efforts incurred under each of its NIH and CARB-X grants.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and contingencies

Operating leases

In January 2021 the Company entered a new operating lease for laboratory and office space in Chicago, IL. As of March 31, 2021, the Company did not have access to the space, concluded that the leasehold improvements were lessor owned and determined that the lease had not yet commenced for accounting purposes. The lease will continue for an initial term of 11 years, with options to extend the term for two successive five-year periods after the initial expiration date. The Company’s minimum commitment under the new lease is approximately $1.7 million annually with fixed escalations of 2.5% per annum.

In January 2021, the Company entered a new operating lease for laboratory and office space in Redwood City, CA. As of March 31, 2021, the Company did not have access to the space, concluded that the leasehold improvements were lessor owned and determined that the lease had not yet commenced for accounting purposes. The lease will continue for an initial term of 10.5 years, with options to extend the term for two successive five-year periods after the initial expiration date. The Company’s minimum commitment under the new lease is approximately $2.6 million annually with fixed escalations of 3.0% per annum. The Company has included $1.0 million of security deposit to secure the lease within other long term assets on the condensed balance sheet.

Standby letter of credit

Between June 2020 and August 2020, the Company executed and amended a $33.0 million standby letter of credit (LOC) with JPMorgan Chase (JPMC) as terms of collateral that were required by one of the Company’s contract manufacturing organizations. The Company is required to maintain a cash balance of $34.7 million as collateral for the LOC for the term of the contract, which is for a period less than one year from the balance sheet date. The collateral for the LOC is classified as restricted cash on the condensed balance sheets.

In conjunction with the Chicago laboratory lease entered into in January 2021, the Company is required to hold an additional LOC in the amount of $0.8 million to secure this lease through its expiration. The Company is required to maintain a cash balance of $0.8 million as collateral for the LOC, which is classified in other long term assets on the condensed balance sheet because it is unavailable for a period longer than one year from the balance sheet date.

Neither LOC had been drawn upon as of March 31, 2021.

Indemnification agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, customers and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. The Company also provides indemnifications to directors and officers of the Company to the maximum extent permitted under applicable Delaware law. The maximum potential amount of future payments that the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Unconditional purchase obligations

In the normal course of business, the Company enters into various firm purchase commitments. As of March 31, 2021, these commitments total approximately $85.5 million in aggregate and are primarily related to the build out of manufacturing capacity of $21.5 million and purchase of certain inventory related items of $64.0 million, all of which are expected to be incurred in 2021.

Convertible Preferred Stock and Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Convertible Preferred Stock and Stockholders' Equity (Deficit)

6. Convertible preferred stock and stockholders’ equity (deficit)

Amended and Restated Certificate of Incorporation

Immediately prior to the closing of the Company’s IPO in February 2021, the Company’s Board of Directors approved and the Company filed its Amended and Restated Certificate of Incorporation, which authorized the issuance of up to 170,000,000 of convertible preferred stock with a par value of $0.0001 per share, of which 60,000,000 shares have been designated as Series 1 convertible preferred stock and 60,000,000 shares have been designated Series 2 non-voting convertible preferred stock.

Convertible preferred stock

The Company had an aggregate 53,509,351 shares of convertible preferred stock issued and outstanding as of December 31, 2020. Upon the closing of the IPO, 42,705,056 affiliated convertible preferred stock with a carrying value of $225.4 million were converted into 29,863,674 Series 1 convertible preferred stock. The remaining 10,804,295 outstanding convertible preferred stock were converted into 7,555,432 shares of common stock. As of March 31, 2021, there were no shares of Series 2 non-voting convertible preferred stock outstanding.

The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):

March 31, 2021	Preferred authorized		Preferred shares issued and outstanding		Common shares issuable upon conversion
Series 1 convertible preferred stock		60,000,000		29,863,674		29,863,674
Series 2 non-voting convertible preferred stock		60,000,000		—		—
Undesignated		50,000,000		—		—
		170,000,000		29,863,674		29,863,674

December 31, 2020	Preferred authorized		Preferred shares issued and outstanding		Carrying Value		Liquidation Preference		Common shares issuable upon conversion
Series C-1 convertible preferred stock		13,404,197		13,404,197		39,756		105,041		9,373,556
Series C-2 convertible preferred stock		13,404,197		—		—		—		—
Series D-1 convertible preferred stock		11,809,630		1,437,178		3,561		5,631		1,005,013
Series D-2 convertible preferred stock		11,809,630		10,372,452		24,365		40,641		7,253,461
Series E-1 convertible preferred stock		13,477,088		2,289,899		16,943		24,319		1,601,316
Series E-2 convertible preferred stock		13,477,088		11,187,189		82,766		118,808		7,823,208
Series F-1 convertible preferred stock		18,633,312		4,859,897		38,496		59,420		3,398,514
Series F-2 convertible preferred stock		18,633,312		9,958,539		85,058		121,758		6,964,012
Series 1 convertible preferred stock		57,324,227		—		—		—		—
Series 2 non-voting convertible preferred stock		57,324,227		—		—		—		—
		229,296,908		53,509,351	$	290,945	$	475,617		37,419,080

The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have various rights, privileges and features. The Company determined that none of the features required bifurcation from the underlying shares, either because they are clearly and closely related to the underlying shares or because they do not meet the definition of a derivative. The rights, preferences, and privileges of the Company’s Series 1 and Series 2 convertible preferred stock are as follows:

Voting

The holders of our Series 1 convertible preferred stock are entitled to one vote per share. Holders of shares of our common stock and Series 1 convertible preferred stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, subject to the limitations described above. The Series 1 convertible preferred stock does not have cumulative voting rights.

Holders of our Series 2 convertible preferred stock have no voting rights except as required by law or as set forth in our amended and restated certificate of incorporation.

Conversion

The Series 1 convertible preferred stock is convertible, at the election of the holder, into Series 2 convertible preferred stock on a one-for-one basis at any time following the third anniversary of the closing of the IPO. Shares of Series 1 convertible preferred stock automatically convert to common stock on a one-for-one basis at any time at the discretion of the holder, or upon any sale or transfer of such shares of Series 1 convertible preferred stock.

Conversion of the Series 2 convertible preferred stock is prohibited if the holder exceeds a specified threshold of voting security ownership. The Series 2 convertible preferred stock is convertible into common stock on a one-for-one basis, subject to adjustment for events such as stock splits, combinations and the like; provided that such holder shall not be entitled to convert the Series 2 convertible preferred in excess of that number of convertible preferred stock which upon giving effect or immediately prior to such conversion would cause the holder to exceed 4.99% ownership or voting power individually or in aggregate with its affiliated holders. The 4.99% can be increased to up to 19.99% by the holders of such shares with 61 days’ notice to the Company. Shares of Series 2 convertible preferred stock automatically convert to common stock on a one-for-one basis upon any sale or transfer of such shares of Series 2 convertible preferred stock.

Dividends

The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have the right to receive dividends first or simultaneously with payment of dividends on common stock.

Liquidation preference

In the event of any liquidation or dissolution of the company, holders of the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are entitled to receive $0.0001 per share prior to the payment of any amount to any holders of our capital stock ranking junior to the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock and thereafter shall participate on an as-if-converted-to-common-stock basis.

Protective provisions

Consent of the holders of a majority of the voting rights of the outstanding Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock is required for any amendment or change of the rights, preferences, privileges, or powers of, or the restrictions provided for the benefit of, the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock.

Registration rights

In March 2021, the Company entered into a registration rights agreement (the Registration Rights Agreement) with Baker Brothers Life Sciences, L.P. and 667, L.P. (the Baker Funds), holders of our Series 1 convertible preferred stock and related parties. The obligations of the Company regarding such registration rights include, but are not limited to, file a registration statement with the SEC for the registration of registrable securities, reasonable efforts to cause such registration statement to become effective, keep such registration statement effective for up to 30 days, prepare and file amendments and supplements to such registration statement and the prospectus used in connection with such registration statement, and notify each selling holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed. The terms of the registration rights provide for the payment of certain expenses related to the registration of the shares, including a capped reimbursement of legal fees of a single special counsel for the holders of the shares, but do not impose any obligations for the Company to pay additional consideration to the holders in case a registration statement is not declared effective. Under the Registration Rights Agreement, the Baker Funds also have the right to one underwritten offering per calendar year, but no more than two underwritten offerings or block trades in any twelve month period, to effect the sale or distribution of their registrable securities, subject to specified exceptions, conditions and limitations. The Registration Rights Agreement also includes customary indemnification obligations in connection with registrations conducted pursuant to the Registration Rights Agreement.

Common stock

The Company’s February 2021 Amended and Restated Certificate of Incorporation authorized the issuance of up 200,000,000 shares of common stock, each having a par value of $0.0001 and entitled to one vote per share.

In February 2021, the Company issued and sold 15,870,000 shares of the Company’s common stock including 2,070,000 shares pursuant to the full exercise of the underwriter’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate net proceeds of $232.5 million after deducting underwriting discounts, commissions and offering expenses. As of March 31, 2021, the Company had 200,000,000 shares of common stock authorized and 25,637,581 shares of common stock issued and outstanding.

The Company has reserved the following shares of common stock for future issuances:

	As of March 31,
	2021
Shares reserved for conversion of outstanding Series 1 convertible preferred stock		60,000,000
Shares reserved for conversion of outstanding Series 2 non-voting convertible preferred stock		60,000,000
Shares reserved for conversion of outstanding Undesignated convertible preferred stock		50,000,000
Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan		7,606,062
Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan		433,360
Shares reserved for issuance under the 2021 Equity Incentive Plan		4,801,482
Shares reserved for issuance under the 2021 Employee Stock Purchase Plan		550,000
Total		183,390,904

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

7. Stock-based compensation

2013 Equity Incentive Plan

The 2013 Equity Incentive Plan (2013 Plan) provides the Board the discretion to grant stock options and other equity-based awards to employees, directors, and consultants of the Company. The Board administers the 2013 Plan and has discretion to delegate some or all of the administration of the 2013 Plan to a committee or committees or an officer. To date, the Company has only granted Incentive Stock Options (ISOs) and Non-statutory Stock Options (NSOs) to employees, consultants, and directors. Following the completion of the Company’s IPO no additional shares will be granted under the 2013 Plan. However, the 2013 Plan will continue to govern outstanding equity awards granted thereunder. To the extent outstanding options granted under the 2013 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2013 Plan, the number of shares underlying such awards will be available for future grant under the 2021 Equity Incentive Plan. As of March 31, 2021, there were 7,606,062 shares of common stock reserved by the Company for options to purchase common stock under the 2013 Plan and no shares of common stock remained available for future grants.

2021 Equity Incentive Plan

In February 2021, the Company’s Board of Directors adopted our 2021 Equity Incentive Plan (2021 Plan), and our stockholders approved our 2021 Plan. Our 2021 Plan is a successor to and continuation of our 2013 Plan. To date, the Company has only granted Incentive Stock Options (ISOs) and Non-statutory Stock Options (NSOs) to employees and directors. Therefore, the below discussion is limited to the terms applicable to ISOs and NSOs (collectively, stock options or options). As of March 31, 2021, there were 5,234,842 shares of common stock reserved by the Company for grant under the 2021 Plan and an aggregate of 4,801,482 shares of common stock remained available for future grants.

2021 Employee Stock Purchase Plan (ESPP)

In February 2021, the Company’s Board of Directors adopted our ESPP, and our stockholders approved our ESPP. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the Company's common stock on the first or the last day of the offering period, whichever is lower. Generally, each offering under the ESPP will be for a period of six months as determined by the Company's Board of Directors. Employees may invest up to 15% of their qualifying gross compensation through payroll deductions. In no event may an employee purchase more than 4,750 shares of common stock during any six-month offering period. As of March 31, 2021, there were 550,000 shares of common stock available for issuance under the ESPP and no shares issued under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation; therefore, stock-based compensation expense of $0.1 million related to the ESPP has been recorded during the three months ended March 31, 2021.

Stock option activity

A summary of stock option activity during the three months ended March 31, 2021 is as follows:

	Number of Units Outstanding			Weighted Average Strike Price per Unit		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		7,737,095		$	4.22		9.3	$	16,374
Granted		433,360		$	15.48
Exercised		(85,895	)	$	1.50
Forfeited/Expired		(45,138	)	$	3.62
Outstanding at March 31, 2021		8,039,422		$	4.86		9.1	$	65,470
Exercisable at March 31, 2021		1,179,385		$	1.83		8.1	$	12,998
Nonvested at March 31, 2021		6,860,037		$	5.38		9.3	$	52,472

As of March 31, 2021, the total unrecognized stock-based compensation related to stock options was $23.5 million, which is expected be recognized over a weighted-average period of approximately 3.1 years.

During 2020, the Chief Executive Officer of the Company received stock options for the purchase of 241,958 shares of common stock that vest upon the first sale by the Company of a regulatory authorized product. As of March 31, 2021, there was $1.4 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not yet deemed probable.

Stock-based compensation expense

The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands):

	Three months ended March 31,
	2021		2020
Research and development	$	623	$	274
Selling, general and administrative		1,149		407
Total stock-based compensation	$	1,772	$	681

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

8. Related-party transactions

Research and development consulting services agreement

The Company has a service agreement with a major stockholder, director and member of its Scientific Advisory Board, under which, the individual is compensated for providing the Company with research and development consulting services. Under the agreement, the Company has made payments of less than $0.1 million for services rendered during each of the three months ended March 31, 2021 and 2020.

Financing activity

During the three months ended March 31, 2021, the company received proceeds of $106.2 million from the issuance of common stock to related parties as part of the Company’s IPO, including the Company’s majority shareholder, Baker Bros. Advisors LP, six officers and two members of the Company’s Board of Directors.

Registration rights

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

9. Net loss per share attributable to Common Stockholders

Net loss per share attributable to common stockholders

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

	March 31,
	2021			2020
Numerator:
Net loss - basic and diluted	$	(60,492	)	$	(7,374	)
Denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted		13,110,713			2,115,770
Net loss per share - basic and diluted	$	(4.61	)	$	(3.49	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s Series 1 convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, they are excluded from the calculation of basic net loss per share.

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Three months ended March 31,
	2021		2020
Convertible preferred stock		—		37,871,430
Series 1 convertible preferred stock		29,863,674		—
Options to purchase Common Stock		8,039,422		5,019,157
Shares estimated to be purchased under 2021 ESPP		76,770		—
Total		37,979,866		42,890,587

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent events

In December 2015, the Company entered a lease agreement in Menlo Park, CA for laboratory and office space. In April 2021, the Company further extended the term of this operating lease for an additional two months, extending the lease end date to December 31, 2021, with an option to extend the term for one additional month to January 2022.

In April 2021, the Company entered a new operating lease for laboratory and office space in Menlo Park, CA, which commenced on April 1, 2021. The lease will continue for 13 months. The Company’s total obligation over the new lease is approximately $0.4 million.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any future period. The condensed balance sheet presented as of December 31, 2020, has been derived from the audited financial statements as of that date. The condensed financial statements and notes are presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this report should be read in conjunction with the financial statements and notes included in the Company’s 2020 Annual Report on Form 10-K filed with the SEC.
Use of Estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions.
Reclassifications	Reclassifications The accompanying condensed balance sheet as of December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation.
Deferred Initial Public Offering Costs	Deferred initial public offering costs The Company capitalizes certain direct incremental legal, consulting, banking and accounting fees primarily relating to the Company’s IPO. After consummation of the IPO, which closed on February 17, 2021, these costs were recorded in stockholders' equity as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million recorded within other current assets on the balance sheet.
Restricted Cash	Restricted Cash Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 5). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long term asset, otherwise, restricted cash is included in current assets in the balance sheet.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held and government grant funded nature of the Company’s grant receivables. The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements. The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the NIH for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected.
Income Taxes	Income Taxes On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements.
Research and Development Costs	Research and development costs Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs. The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an Emergency Use Authorization (EUA) or other U.S Food and Drug Administration (FDA) marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses. In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $69.5 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $28.6 million had been incurred in the three months ending March 31, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s 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 reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses.
Convertible Preferred Stock	Convertible preferred stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which are redeemable, as temporary equity in the accompanying balance sheets due to terms that allow for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating if they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative.
Net Loss Per Share	Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. For the period ended March 31, 2021 and December 31, 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same.
Comprehensive Loss	Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss.
New Accounting Pronouncements	New Accounting Pronouncements Recently adopted accounting standards In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 removes certain bifurcation models for convertible debt instruments and convertible preferred stock. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. In addition, the amendments expand disclosure requirements for convertible instruments and simplify areas of the guidance for diluted earnings-per-share calculations that are impacted by the amendments. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The guidance is to be applied using either a full retrospective or modified retrospective method. The Company early adopted ASU 2020-06 on January 1, 2021, with no impact on its financial position, results of operations or cash flows. Accounting standards issued but not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASU 2016-13) to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2021 (JOBS Act), and assuming the Company continues to be considered an emerging growth company, ASU 2016-13 will be effective for the Company on January 1, 2023. The Company has not yet determined the potential effects of ASU 2016-13 on its financial statements and disclosures.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued Expenses And Other Current Liabilities

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

	March 31,		December 31,
	2021		2020
Accrued research and development costs	$	29,002	$	6,360
Professional fees		831		608
Other liabilities		864		726
	$	30,697	$	7,694

Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Convertible Preferred Stock

The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):

March 31, 2021	Preferred authorized		Preferred shares issued and outstanding		Common shares issuable upon conversion
Series 1 convertible preferred stock		60,000,000		29,863,674		29,863,674
Series 2 non-voting convertible preferred stock		60,000,000		—		—
Undesignated		50,000,000		—		—
		170,000,000		29,863,674		29,863,674

December 31, 2020	Preferred authorized		Preferred shares issued and outstanding		Carrying Value		Liquidation Preference		Common shares issuable upon conversion
Series C-1 convertible preferred stock		13,404,197		13,404,197		39,756		105,041		9,373,556
Series C-2 convertible preferred stock		13,404,197		—		—		—		—
Series D-1 convertible preferred stock		11,809,630		1,437,178		3,561		5,631		1,005,013
Series D-2 convertible preferred stock		11,809,630		10,372,452		24,365		40,641		7,253,461
Series E-1 convertible preferred stock		13,477,088		2,289,899		16,943		24,319		1,601,316
Series E-2 convertible preferred stock		13,477,088		11,187,189		82,766		118,808		7,823,208
Series F-1 convertible preferred stock		18,633,312		4,859,897		38,496		59,420		3,398,514
Series F-2 convertible preferred stock		18,633,312		9,958,539		85,058		121,758		6,964,012
Series 1 convertible preferred stock		57,324,227		—		—		—		—
Series 2 non-voting convertible preferred stock		57,324,227		—		—		—		—
		229,296,908		53,509,351	$	290,945	$	475,617		37,419,080

Schedule of Common Stock Reserved for Future Instances

The Company has reserved the following shares of common stock for future issuances:

	As of March 31,
	2021
Shares reserved for conversion of outstanding Series 1 convertible preferred stock		60,000,000
Shares reserved for conversion of outstanding Series 2 non-voting convertible preferred stock		60,000,000
Shares reserved for conversion of outstanding Undesignated convertible preferred stock		50,000,000
Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan		7,606,062
Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan		433,360
Shares reserved for issuance under the 2021 Equity Incentive Plan		4,801,482
Shares reserved for issuance under the 2021 Employee Stock Purchase Plan		550,000
Total		183,390,904

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

A summary of stock option activity during the three months ended March 31, 2021 is as follows:

	Number of Units Outstanding			Weighted Average Strike Price per Unit		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		7,737,095		$	4.22		9.3	$	16,374
Granted		433,360		$	15.48
Exercised		(85,895	)	$	1.50
Forfeited/Expired		(45,138	)	$	3.62
Outstanding at March 31, 2021		8,039,422		$	4.86		9.1	$	65,470
Exercisable at March 31, 2021		1,179,385		$	1.83		8.1	$	12,998
Nonvested at March 31, 2021		6,860,037		$	5.38		9.3	$	52,472

Components of Stock-based Compensation Expense

The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands):

	Three months ended March 31,
	2021		2020
Research and development	$	623	$	274
Selling, general and administrative		1,149		407
Total stock-based compensation	$	1,772	$	681

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

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

	March 31,
	2021			2020
Numerator:
Net loss - basic and diluted	$	(60,492	)	$	(7,374	)
Denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted		13,110,713			2,115,770
Net loss per share - basic and diluted	$	(4.61	)	$	(3.49	)

Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Three months ended March 31,
	2021		2020
Convertible preferred stock		—		37,871,430
Series 1 convertible preferred stock		29,863,674		—
Options to purchase Common Stock		8,039,422		5,019,157
Shares estimated to be purchased under 2021 ESPP		76,770		—
Total		37,979,866		42,890,587

Organization and Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 17, 2021 USD ($) $ / shares shares	Feb. 28, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)
Organization And Nature Of Business [Line Items]
Reverse stock split			1-for-1.43
Reverse stock split, conversion ratio		0.699
Proceeds received from IPO		$ 232,500
Common stock, net of issuance costs			$ 21,349
Net losses			60,492	$ 7,374
Unrestricted cash			348,000
Restricted cash			$ 35,400
IPO \| Series 1 Convertible Preferred Stock
Organization And Nature Of Business [Line Items]
Preferred shares converted \| shares	29,863,674
Common Stock
Organization And Nature Of Business [Line Items]
Common stock issued and sold \| shares		15,870,000	15,870,000
Proceeds received from IPO	$ 232,500
Common Stock \| IPO
Organization And Nature Of Business [Line Items]
Common stock issued and sold \| shares	13,800,000
Shares issued, price per share \| $ / shares	$ 16.00
Common stock, net of issuance costs	$ 21,300
Preferred shares converted \| shares	7,555,432
Common Stock \| Underwriter's Option
Organization And Nature Of Business [Line Items]
Common stock issued and sold \| shares	2,070,000	2,070,000

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Research and development	$ 60,193	$ 5,714
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update [Extensible List]	tlis:AccountingStandardsUpdate202006Member
High Capacity Production Equipment \| Talis One Cartridges \| COVID-19
Summary Of Significant Accounting Policies [Line Items]
Research and development	$ 28,600		$ 69,500
IPO \| Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs			$ 2,400

Accrued expenses and Other Current Liabilities - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development costs	$ 29,002	$ 6,360
Professional fees	831	608
Other liabilities	864	726
Total accrued expenses and other current liabilities	$ 30,697	$ 7,694

Grant Revenue and Receivables - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
University of Massachusetts Medical School Phase1
Disaggregation Of Revenue [Line Items]
Revenue awarded and granted	$ 400,000
RAD Initiative Phase 2
Disaggregation Of Revenue [Line Items]
Revenue awarded and granted	25,400,000
Terms and milestone conditions of first two stages amount	$ 10,100,000
Terms and milestone conditions of final three stages amount				$ 15,300,000
Repayment of previously received liquidating damages in case of termination of contract		15.00%
Revenue recognized and received		$ 7,000,000
Revenue received in completion of second stage		1,200,000
Revenue received in completion of third stage		5,800,000
Remaining available under the RADx contract		9,500,000
Unbilled receivables		$ 0		$ 0
NIH
Disaggregation Of Revenue [Line Items]
Grant revenue recognized			$ 200,000
CARB-X
Disaggregation Of Revenue [Line Items]
Grant revenue recognized			$ 200,000

Commitments and Contingencies - Additional Information (Details)	1 Months Ended
	Jan. 31, 2021 USD ($) Option	Mar. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)
Commitments And Contingencies [Line Items]
Unconditional purchase obligation		$ 85,500,000
Build Out of Manufacturing Capacity
Commitments And Contingencies [Line Items]
Unconditional purchase obligation		21,500,000
Purchase of Certain Inventory Related Items
Commitments And Contingencies [Line Items]
Unconditional purchase obligation		$ 64,000,000
Standby Letters of Credit \| JPMorgan Chase
Commitments And Contingencies [Line Items]
Line of credit facility, borrowing capacity			$ 33,000,000
Cash collateral for LOC			$ 34,700,000
Letter of Credit
Commitments And Contingencies [Line Items]
Cash collateral for LOC	$ 800,000
Chicago, IL \| Letter of Credit
Commitments And Contingencies [Line Items]
Line of credit facility, borrowing capacity	$ 800,000
Laboratory and Office Space \| Chicago, IL
Commitments And Contingencies [Line Items]
Initial term of operating lease	11 years
Existence of option to extend operating lease	true
Renewal term	5 years
Annual minimum commitment	$ 1,700,000
Fixed escalations percentage per annum	2.50%
Number of options to extend Lease term \| Option	2
Laboratory and Office Space \| Redwood City, CA
Commitments And Contingencies [Line Items]
Initial term of operating lease	10 years 6 months
Existence of option to extend operating lease	true
Renewal term	5 years
Annual minimum commitment	$ 2,600,000
Fixed escalations percentage per annum	3.00%
Number of options to extend Lease term \| Option	2
Security deposit	$ 1,000,000

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Feb. 17, 2021 USD ($) shares	Feb. 28, 2021 USD ($) $ / shares shares	Mar. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Mar. 31, 2020 shares	Dec. 31, 2019 shares
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized			170,000,000
Convertible preferred stock, par value \| $ / shares			$ 0.0001
Convertible preferred stock issued				53,509,351
Convertible preferred stock outstanding				53,509,351
Shares issued on conversion of convertible preferred shares			29,863,674	37,419,080
Convertible preferred stock outstanding			29,863,674
Common stock, shares authorized		200,000,000	200,000,000	230,000,000
Common stock, par value \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Common stock, voting rights			one vote per share
Proceeds received from IPO \| $		$ 232.5
Shares of common stock issued			25,637,581	2,126,254
Shares of common stock outstanding			25,637,581	2,126,254
Common Stock
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares		7,555,432
Common stock issued and sold		15,870,000	15,870,000
Public offering price \| $ / shares		$ 16.00
Proceeds received from IPO \| $	$ 232.5
Shares of common stock outstanding			25,637,581	2,126,254	2,116,066	2,115,583
Common Stock \| IPO
Class Of Stock [Line Items]
Common stock issued and sold	13,800,000
Common Stock \| Underwriter's Option
Class Of Stock [Line Items]
Common stock issued and sold	2,070,000	2,070,000
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized			60,000,000	57,324,227
Convertible preferred stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Shares issued on conversion of convertible preferred shares		29,863,674	29,863,674
Convertible preferred stock outstanding			29,863,674	0
Liquidation preference of convertible preferred stock \| $ / shares			$ 0.0001
Shares of common stock outstanding			29,863,674
Series 1 Convertible Preferred Stock \| Conversion Into Series2 Convertible Preferred Stock
Class Of Stock [Line Items]
Conversion ratio			1
Series 1 Convertible Preferred Stock \| Conversion Into Common Stock
Class Of Stock [Line Items]
Conversion ratio			1
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized			60,000,000
Convertible preferred stock outstanding			0
Liquidation preference of convertible preferred stock \| $ / shares			$ 0.0001
Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock issued			0	53,509,351
Convertible preferred stock outstanding			0	53,509,351	37,871,430	37,871,430
Shares issued on conversion of convertible preferred shares		10,804,295
Convertible preferred shares carrying value, converted \| $		$ 225.4
Convertible Preferred Stock \| IPO
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares		42,705,056
Series Two Non Voting Preferred Stock
Class Of Stock [Line Items]
Conversion ratio			1
Notice period			61 days
Series Two Non Voting Preferred Stock \| Maximum
Class Of Stock [Line Items]
Percentage of number of issued and outstanding shares of common stock beneficially owned by holder			4.99%
Increase in percentage of number of issued and outstanding shares of common stock beneficially owned by holder			19.99%

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Convertible Preferred Stock (Details) - USD ($)	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred authorized	170,000,000
Preferred shares issued	29,863,674
Preferred shares outstanding	29,863,674
Common shares issuable upon conversion	29,863,674		37,419,080
Preferred authorized			229,296,908
Preferred shares issued			53,509,351
Preferred shares outstanding			53,509,351
Carrying Value			$ 290,945,000
Liquidation Preference			$ 475,617,000
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized	60,000,000		57,324,227
Preferred shares issued	29,863,674		0
Preferred shares outstanding	29,863,674		0
Common shares issuable upon conversion	29,863,674	29,863,674
Preferred authorized			57,324,227
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized	60,000,000
Preferred shares outstanding	0
Preferred authorized			57,324,227
Undesignated
Class Of Stock [Line Items]
Preferred authorized	50,000,000
Series C-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			9,373,556
Preferred authorized			13,404,197
Preferred shares issued			13,404,197
Preferred shares outstanding			13,404,197
Carrying Value			$ 39,756,000
Liquidation Preference			$ 105,041,000
Series C-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized			13,404,197
Series D-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			1,005,013
Preferred authorized			11,809,630
Preferred shares issued			1,437,178
Preferred shares outstanding			1,437,178
Carrying Value			$ 3,561,000
Liquidation Preference			$ 5,631,000
Series D-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			7,253,461
Preferred authorized			11,809,630
Preferred shares issued			10,372,452
Preferred shares outstanding			10,372,452
Carrying Value			$ 24,365,000
Liquidation Preference			$ 40,641,000
Series E-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			1,601,316
Preferred authorized			13,477,088
Preferred shares issued			2,289,899
Preferred shares outstanding			2,289,899
Carrying Value			$ 16,943,000
Liquidation Preference			$ 24,319,000
Series E-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			7,823,208
Preferred authorized			13,477,088
Preferred shares issued			11,187,189
Preferred shares outstanding			11,187,189
Carrying Value			$ 82,766,000
Liquidation Preference			$ 118,808,000
Series F-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			3,398,514
Preferred authorized			18,633,312
Preferred shares issued			4,859,897
Preferred shares outstanding			4,859,897
Carrying Value			$ 38,496,000
Liquidation Preference			$ 59,420,000
Series F-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Common shares issuable upon conversion			6,964,012
Preferred authorized			18,633,312
Preferred shares issued			9,958,539
Preferred shares outstanding			9,958,539
Carrying Value			$ 85,058,000
Liquidation Preference			$ 121,758,000

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Instances (Details)	Mar. 31, 2021 shares
Class Of Stock [Line Items]
Shares reserved	183,390,904
2013 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	7,606,062
2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	4,801,482
2021 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved	550,000
Options \| 2013 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	7,606,062
Options \| 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	5,234,842
Options to Purchase Common Stock \| 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	433,360
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Shares reserved	60,000,000
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Shares reserved	60,000,000
Undesignated Convertible Preferred Stock
Class Of Stock [Line Items]
Shares reserved	50,000,000

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	183,390,904
Stock-based compensation expense	$ 1,772	$ 681
Unrecognized compensation expense related to stock options	1,400
Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock issued under stock options			241,958
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option	$ 23,500
Expected weighted-average period for recognition of compensation expense related	3 years 1 month 6 days
2013 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	7,606,062
Common stock remained available for future grants	0
2013 Equity Incentive Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	7,606,062
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	4,801,482
Common stock remained available for future grants	4,801,482
2021 Equity Incentive Plan \| Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	5,234,842
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for options to purchase common stock	550,000
Purchase price of common stock, as a percentage of fair market value	85.00%
Maximum percentage of gross compensation to be invested by employees through payroll deductions	15.00%
Maximum number of shares an employee may purchase	4,750
Number of shares issued	0
Stock-based compensation expense	$ 100

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Units Outstanding, Beginning Balance	7,737,095
Number of Units, Granted	433,360
Number of Units, Exercised	(85,895)
Number of Units, Forfeited/Expired	(45,138)
Number of Units Outstanding, Ending Balance	8,039,422	7,737,095
Number of Units, Exercisable	1,179,385
Number of Units, Nonvested	6,860,037
Number of Units Outstanding, Weighted Average Strike Price per Unit, Beginning Balance	$ 4.22
Number of Units, Granted, Weighted Average Strike Price per Unit	15.48
Number of Units, Exercised, Weighted Average Strike Price per Unit	1.50
Number of Units, Forfeited/Expired, Weighted Average Strike Price per Unit	3.62
Number of Units Outstanding, Weighted Average Strike Price per Unit, Ending Balance	4.86	$ 4.22
Number of Units, Exercisable, Weighted Average Strike Price per Unit	1.83
Number of Units, Nonvested, Weighted Average Strike Price per Unit	$ 5.38
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years)	9 years 1 month 6 days	9 years 3 months 18 days
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 1 month 6 days
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years)	9 years 3 months 18 days
Number of Units Outstanding, Aggregate Intrinsic Value	$ 65,470	$ 16,374
Number of Units, Exercisable, Aggregate Intrinsic Value	12,998
Number of Units, Nonvested, Aggregate Intrinsic Value	$ 52,472

Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,772	$ 681
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	623	274
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,149	$ 407

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Majority Shareholder, Baker Bros. Advisors LP and Two Members of Board of Director
Related Party Transaction [Line Items]
Proceeds from related parties in initial public offering	$ 106.2
Maximum \| Research And Development Consulting Services
Related Party Transaction [Line Items]
Payments to related party for services received	$ 0.1	$ 0.1

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (60,492)	$ (7,374)
Denominator:
Weighted average shares used in the calculation of net loss per share, basic and diluted	13,110,713	2,115,770
Net loss per share, basic and diluted	$ (4.61)	$ (3.49)

- Definition

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

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+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	37,979,866	42,890,587
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share		37,871,430
Series 1 Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	29,863,674
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	8,039,422	5,019,157
Shares Estimated to be Purchased Under 2021 ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	76,770

Subsequent Events - Additional Information (Details) - Subsequent Event - Laboratory and Office Space - Menlo Park California $ in Millions	1 Months Ended
	Apr. 30, 2021 USD ($)
Subsequent Event [Line Items]
Extended term of operating lease	2 months
Lessee, Operating Lease, Option to Extend	In April 2021, the Company further extended the term of this operating lease for an additional two months, extending the lease end date to December 31, 2021, with an option to extend the term for one additional month to January 2022
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lease agreement expiration date	Dec. 31, 2021
Expiration date on exercise of option	January 2022
Operating Lease on April 2021
Subsequent Event [Line Items]
Extended term of operating lease	13 months
Lease agreement commencement date	Apr. 01, 2021
Total lease obligation	$ 0.4