0000950170-22-003779 | 10-K | XBRL Viewer

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 232,545,000	$ 138,483,000
Restricted cash		34,650,000
Grant receivables	183,000	471,000
Prepaid research and development expenses		12,014,000
Prepaid expenses and other current assets	3,387,000	3,106,000
Total current assets	236,115,000	188,724,000
Property and equipment, net	10,528,000	9,114,000
Operating lease right-of-use-assets	12,907,000	567,000
Other long-term assets	6,278,000
Total assets	265,828,000	198,405,000
Current liabilities:
Accounts payable	5,122,000	4,906,000
Accrued compensation	6,369,000	2,739,000
Accrued liabilities	6,383,000	7,693,000
Operating lease liabilities, current portion	1,232,000	693,000
Total current liabilities	19,106,000	16,031,000
Operating lease liabilities, long-term portion	12,745,000
Total liabilities	31,851,000	16,031,000
Commitments and contingencies (Note 6)
Convertible preferred stock, $0.0001 par value-no shares authorized as of December 31, 2021 and 229,296,908 shares authorized as of December 31, 2020; no shares issued and outstanding as of December 31, 2021 and 53,509,351 shares issued and outstanding as of December 31, 2020; no aggregate liquidation preference as of December 31, 2021 and $475,617 as of December 31, 2020		290,945,000
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 200,000,000 and 230,000,000 shares authorized at December 31, 2021 and December 31, 2020, respectively; 26,408,031 and 2,126,254 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	3,000
Additional paid-in capital	598,913,000	64,335,000
Accumulated deficit	(364,942,000)	(172,906,000)
Total stockholders’ equity (deficit)	233,977,000	(108,571,000)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	265,828,000	$ 198,405,000
Series 1 Convertible Preferred Stock
Stockholders’ equity (deficit):
Series 1 convertible preferred stock, $0.0001 par value-60,000,000 and 57,324,227 shares authorized as of December 31, 2021 and December 31, 2020, respectively; 29,863,674 and no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $3 as of December 31, 2021 and none as of December 31, 2020	$ 3,000

Balance Sheets (Parenthetical) - USD ($)	Dec. 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
Preferred stock, par value	$ 0.0001
Preferred stock, shares authorized	170,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	230,000,000
Common stock, shares, issued	26,408,031	2,126,254
Common stock, shares, outstanding	26,408,031	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
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	60,000,000	57,324,227
Preferred stock, shares issued	29,863,674	0
Preferred stock, shares outstanding	29,863,674	0
Preferred stock, aggregate liquidation preference	$ 3,000	$ 0

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Grant revenue	$ 8,193	$ 10,938
Operating expenses:
Research and development	157,591	89,019
Selling, general and administrative	42,418	13,103
Total operating expenses	200,009	102,122
Loss from operations	(191,816)	(91,184)
Other income (expense), net	(220)	54
Net loss and comprehensive loss	$ (192,036)	$ (91,130)
Net loss per share, basic and diluted	$ (8.48)	$ (42.98)
Weighted average shares used in the calculation of net loss per share, basic and diluted:	22,655,339	2,120,322

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)	Total	Convertible Preferred Stock	Series C-1 Convertible Preferred Stock	Series D-1 Convertible Preferred Stock	Series D-2 Convertible Preferred Stock	Series E-1 Convertible Preferred Stock	Series E-2 Convertible Preferred Stock	Series F-1 Convertible Preferred Stock	Series F-2 Convertible Preferred Stock	Series 1 Convertible Preferred Stock	Preferred Stock Series 1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
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	16,000												16,000
Issuance of Common Stock upon exercise of stock options, Shares												10,671
Proceeds from second tranche convertible preferred stock, net of issuance costs			$ 18,333,000	$ 1,884,000	$ 4,710,000
Cancellation of third tranche convertible preferred stock, Shares			(9,314,766)	(955,666)	(2,387,171)
Issuance of convertible preferred stock, net of issuance costs						$ 16,943,000	$ 82,776,000	$ 38,496,000	$ 85,048,000
Issuance of convertible preferred stock, net of issuance costs, Shares						2,289,899	11,187,189	4,859,897	9,958,539
Stock-based compensation expense	3,683,000												3,683,000
Net loss	(91,130,000)													(91,130,000)
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	13,404,197	1,437,178	10,372,452	2,289,899	11,187,189
Temporary Equity Balance at Dec. 31, 2020	$ 290,945,000	$ 290,945,000	$ 39,756,000	$ 3,561,000	$ 24,365,000	$ 16,943,000	$ 82,766,000
Balance, Shares at Dec. 31, 2020										0
Balance, Shares at Dec. 31, 2020	2,126,254											2,126,254
Issuance of Common Stock upon exercise of stock options	$ 1,444,000												1,444,000
Issuance of Common Stock upon exercise of stock options, Shares	789,225											789,225
Issuance of Common Stock pursuant to employee stock purchase plan	$ 439,000												439,000
Issuance of Common Stock pursuant to employee stock purchase plan, Shares												67,120
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	290,946,000	$ (290,945,000)									$ 3,000	$ 1,000	290,942,000
Temporary Equity, Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering, Shares		(53,509,351)									29,863,674	7,555,432
Stock-based compensation expense	9,207,000												9,207,000
Net loss	(192,036,000)													(192,036,000)
Balance at Dec. 31, 2021	$ 233,977,000										$ 3,000	$ 3,000	$ 598,913,000	$ (364,942,000)
Temporary Equity Balance, Shares at Dec. 31, 2021		0
Balance, Shares at Dec. 31, 2021										29,863,674	29,863,674
Balance, Shares at Dec. 31, 2021	26,408,031											26,408,031

Condensed Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (192,036)	$ (91,130)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	9,207	3,683
Depreciation and amortization	1,578	763
Non-cash lease expense	1,043	611
Changes in operating assets and liabilities:
Grants receivable	288	1,334
Prepaid expenses and other current assets	(281)	(295)
Prepaid research and development	12,014	(11,747)
Accounts payable	216	3,200
Accrued expenses and other liabilities	2,202	7,262
Lease liabilities	(104)	(796)
Other long term assets	(5,511)	91
Net cash used in operating activities	(171,384)	(87,024)
Investing activities
Purchase of property and equipment	(2,866)	(8,201)
Net cash used in investing activities	(2,866)	(8,201)
Financing activities
Proceeds from stock option exercises	1,444	16
Proceeds from stock issuances pursuant to employee stock purchase plan	439
Proceeds from initial public offering, net of issuance costs	232,546
Proceeds from the issuance of convertible preferred stock, net of issuance costs		248,189
Payment of deferred initial public offering costs		(1,451)
Net cash provided by financing activities	234,429	246,754
Net increase in cash, cash equivalents and restricted cash	60,179	151,529
Cash, cash equivalents and restricted cash at beginning of year	173,133	21,604
Cash, cash equivalent and restricted cash at end of year	233,312	173,133
Supplemental disclosure of noncash activities
Property and equipment purchases included in accounts payable and accrued expenses	127	140
Right-of-use assets obtained in exchange for operating lease liabilities	13,499	743
Remeasurement of operating lease right-of-use asset for lease modification	$ 342	417
Deferred initial public offering costs included in accounts payable and accrued expenses		$ 928

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and the rules and regulations of Securities and Exchange Commission (SEC) for reporting.

Segment information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to

allocate resources and in assessing performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company views its operations and manages its business in one operating segment.

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. The Company bases its estimates and judgments on historical experience and on various other assumptions, including knowledge about current events and expectations about actions the Company may take in the future, that the Company believes are reasonable under the circumstances. Significant estimates include, but are not limited to, recoverability of long-lived assets, accrued research and development costs, stock-based compensation expense, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock and convertible preferred stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions.

Reclassifications

The accompanying balance sheets as of December 31, 2020 reflects the Company's reclassification of unbilled grants receivables to grants receivables, to conform to the presentation of the current period.

Fair value measurements

The Company's financial assets carried at fair value consist of cash equivalents held in money market accounts that are valued using quoted prices in active markets for identical instruments. Due to their short-term nature, the carrying values for cash, grants receivable and accounts payable approximate fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.

Cash and cash equivalents

The Company considers cash equivalents to be highly liquid investments with an original maturity at purchase of three months or less. These cash equivalents include holdings in money market funds that are invested in United States (U.S) Treasury obligations which are stated at fair value. Prior to April 1, 2021, the Company did not have any cash equivalents.

Restricted cash

Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 6). 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 and cash equivalents, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and U.S. government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are 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.

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, 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. 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.

The Company is dependent on key suppliers for certain manufacturing and research and development activities. An interruption in the supply of these materials could temporarily impact the Company’s ability to commercialize, manufacture inventory and perform research and development, testing and clinical trials related to its products. The Company is also dependent on its manufacturing partners and third party logistic partner that are critical to its ability to supply product to its end customers.

Property and equipment

Property and equipment are recorded at cost less accumulated depreciation. Depreciation is recorded using the straight-line method based on the estimated useful lives of the depreciable property or, for leasehold improvements, the remaining term of the lease, whichever is shorter. The useful lives of the assets are as follows:


		Estimated Useful Life (in years)
Lab equipment		5 years
Furnitures and fixtures		5 years
Office and computer equipment		3 years
Leasehold improvements		Shorter of life of the asset or remaining lease term

Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized in the statement of operations and comprehensive loss. Expenditures for maintenance and repairs are expensed as incurred.

Impairment of long-lived assets

A long-lived asset may be impaired when the undiscounted cash flows expected to be generated by the asset (or asset group) are less than the asset’s carrying amount. Any required impairment loss would be measured as the amount by which the asset or asset group's carrying value exceeds its fair value, and would be recorded as a reduction in the carrying value of the related asset and a charge to operating expense. The Company reviews the carrying amount of its long-lived assets, including property and equipment, for impairment whenever events indicate that the carrying amount of the assets may not be fully recoverable. There was no impairment recorded for the years ended December 31, 2021 and 2020.

Leases

Effective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (ASC 842), using the modified retrospective transition method. At the inception of an arrangement, the Company

determines whether the arrangement is or contains a lease. The Topic requires a lessee to determine if an arrangement is a lease or contains a lease at contract inception, to recognize right-of-use ("ROU") assets and lease liabilities arising from operating and financing leases with terms longer than 12 months on the balance sheets and to disclose key information about leasing arrangements. Lease expense is recognized on a straight-line basis over the lease term.

For the Company's operating leases, the Company accounts for the lease and non-lease components as a single lease component, the lease liability is initially measured at the present value of the unpaid lease payments at lease commencement date. As most of the leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company's incremental borrowing rate is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease right-of-use asset includes any lease payments to be made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option.

The Company enters into certain manufacturing and supply arrangements with third-party suppliers that may contain embedded leases for the manufacturing of Talis One cartridges, which require highly specialized production lines. If it is determined that the Company controls the underlying assets during construction, the Company may be deemed to be the “owner” for accounting purposes during the construction period and may be required to capitalize the project costs on its balance sheet. As the Company has funded all of the construction costs, the recognition of a financing liability for amounts funded by the third-party supplier is not necessary.

Research and development costs

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 EUA or other FDA marketing authorization, commercialization is considered 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. 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 or clearance is obtained and commercialization is probable. 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.

In 2021, the Company substantially completed work on production lines to automate the production of its Talis One cartridges for the COVID-19 assay. The Company has incurred approximately $110.5 million to date as part of the Company’s effort to scale-up its manufacturing capacity including costs incurred for high capacity production equipment, of which $69.6 million has been incurred in the twelve months ended December 31, 2021. Approximately $96.5 million of production equipment acquired is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use. During the years ended December 31, 2021 and 2020, the Company charged $11.8 million and $0 of pre-launch inventory relating to cartridges and $21.7 million and $7.7 million of pre-launch inventory relating to instrument components to research and development expense, respectively.

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 through discussions internally and with service providers to confirm the accuracy of progress and stage of completion. The Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed requires significant judgment and actual results may vary.

Grant revenue and receivables

Grants awarded to the Company for research and development by government entities are outside the scope of the contracts with customers and contributions guidance. This is because the granting entities are not considered to be customers and are not receiving reciprocal value for their grant support provided to the Company. These grants provide the Company with payments for certain types of expenditures in return for research and development activities or for meeting certain development milestones over a contractually defined period. For efforts performed under these grant agreements, the Company’s policy is to recognize revenue when it is reasonably assured that the grant funding will be received as evidenced through the existence of a grant arrangement, amounts eligible for reimbursement are determinable and have been incurred and paid, the applicable conditions under the grant arrangements have been met, and collectability of amounts due is reasonably assured. Costs of grant revenue are recorded as a component of research and development expenses in the Company’s statements of operations and comprehensive loss.

Grant funds received from third parties are recorded as revenue if the Company is deemed to be the principal participant in the arrangement. If the Company is not the principal participant, the funds from grants are recorded as a reduction to research and development expense. Reimbursable costs paid prior to being billed are recorded as unbilled grant receivables. Funds received in advance are recorded as deferred grant revenue. Management has determined that the Company is the principal participant under the Company’s grant agreements, and accordingly, the Company records amounts earned under these arrangements as grant revenue.

Preferred stock

The Company records historical convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified historical convertible preferred stock, which is redeemable, as temporary equity in the accompanying balance sheet at December 31, 2020 due to terms that allow for redemption of the shares in cash upon certain change in control events that are outside of the Company’s control, including the sale or transfer of the Company by holders of the historical convertible preferred stock which could trigger redemption of the shares.

The carrying values of the historical convertible preferred stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur. The Company did not accrete the value of the historical convertible preferred stock to the redemption values since a future change in control event was not considered probable as of December 31, 2020.

The Company also evaluates the features of its historical convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating whether they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative.

In determining if an extinguishment or modification of changes to mezzanine equity-classified preferred shares has occurred, the Company has elected a policy to evaluate if changes add, delete or significantly change a substantive contractual term (e.g., one that is at least reasonably possible of being exercised), or fundamentally change the nature of the convertible preferred shares. This evaluation includes the consideration of both the expected economics as well as the business purpose for the amendment.

As part of the Company's IPO, certain shares of the Company's historical convertible preferred stock converted into shares of the Company's Series 1 convertible preferred stock. The Company records the Series 1 convertible preferred stock at par value on the date of conversion. The Company has classified its Series 1 convertible preferred stock as permanent equity within the accompanying balance sheet at December 31, 2021 due to the immaterial liquidation value of the shares.

The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating whether they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative.

Income taxes

The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the

differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible.

The Company recognizes and measures uncertain tax positions using a two-step approach set forth in authoritative guidance. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. Judgment is required to evaluate uncertain tax positions. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues.

The Company’s policy is to include penalties and interest expense related to income taxes as a component of income taxes expense, as necessary. The Company has not reported any interest or penalties associated with income tax since inception.

On March 18, 2020, the Families First Coronavirus Response Act (FFCR Act), and in March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous income tax provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property.

On June 29, 2020, Assembly Bill 85 (A.B. 85) was signed into California law. A.B. 85 provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5.0 million of tax per year. A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021 and 2022 for certain taxpayers with taxable income of $1.0 million or more. The carryover period for any net operating losses that are suspended under this provision will be extended. A.B. 85 also requires that business incentive tax credits including carryovers may not reduce the applicable tax by more than $5.0 million for taxable years 2020, 2021 and 2022.

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 financial statements.

The FFCR Act, CARES Act and A.B. 85 did not have a material impact on the Company’s financial statements as of December 31, 2021; however, the Company continues to examine the impacts the FFCR Act, CARES Act and A.B. 85 may have on its business, results of operations, financial condition, liquidity and related disclosures.

Stock-based compensation

The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The Company accounts for all stock-based awards granted to employees and directors based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The measurement date for stock awards, including stock options and restricted stock units (RSUs) is the date of grant. From time to time, the Company may grant stock options to employees, including executive officers, and consultants that vest upon the satisfaction of both service-based and performance-based vesting conditions. The Company recognizes stock-based compensation over the requisite service period using the accelerated attribution method for awards with a performance condition if the performance condition is deemed probable of being met. Stock-based compensation is classified in the accompanying statements of operations and comprehensive loss based on the function to which the related services are provided. The Company recognizes stock-based compensation expense for the portion of awards that have vested. Forfeitures are accounted for as they occur.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes options-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company’s expected dividend yield. The fair value of each restricted stock unit is determined based on the number of shares granted and the value of the Company’s common stock on the date of grant.

The fair value of the Company’s common stock prior to the Company’s IPO was determined by the Board with the assistance of management. The fair value of common stock was determined using valuation methodologies which utilize certain assumptions including probability weighting of events, volatility, time to an exit event, a risk-free interest rate and an assumption for a discount for lack of marketability. In determining the fair value of common stock, the methodologies used to estimate the enterprise value of the Company were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

Net loss per share attributable to common stockholders

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 Series 1 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, unvested RSUs, 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 years ended December 31, 2021 and 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.

Deferred initial public offering costs

Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s IPO, are capitalized and were offset against proceeds within stockholders’ equity (deficit) in February 2021. As of December 31, 2020, there were $2.4 million of deferred IPO offering costs within prepaid and other current assets on the balance sheet.

Emerging growth company status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

New Accounting Pronouncements

Recently Adopted Accounting Standards

In August 2020, the Financial Accounting Standards Board (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 under the modified retrospective approach, 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 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and contingencies

Operating leases

In January 2021, the Company entered a new operating lease for laboratory and office space in Chicago, IL. The Company received access to the premises and the lease commenced in May 2021. The lease is classified as an operating lease and 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 December 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 balance sheet. In the fourth quarter of 2021, the Company made a $4.5 million payment to the landlord for lease payments which is classified within other long-term assets on the balance sheet.

In December 2015, the Company entered a lease agreement in Menlo Park, California for laboratory and office space. The lease agreement commenced on May 1, 2016 and had an expiration date of April 30, 2021. In June 2020, the Company extended the term of this operating lease for six months, extending the lease end date to October 31, 2021. 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 September 2021, the Company further extended the term of this operating lease for an additional two months, extending the lease end date to March 31, 2022.

The Company has an operating lease agreement for equipment for which the related expense is immaterial.

The components of the lease costs and supplemental cash flow information relating to the Company’s leases for the years ended December 31, 2021 and 2020 were as follows (in thousands):


	December 31,
Lease Costs	2021		2020
Operating lease costs	$	1,984	$	626
Variable lease costs		110		22
Total operating lease costs	$	2,094	$	648
Cash flows
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	1,050	$	811

Weighted-average remaining lease terms and discount rates as of December 31, 2021 and 2020 were as follows:


	December 31,
	2021			2020
Weighted-average remaining lease term	10.2 years			0.9 years
Weighted-average discount rate		5.2	%		1.2	%

The undiscounted future lease payments for operating leases as of December 31, 2021 were as follows (in thousands):


Year ending December 31,	Operating Leases
2022	$	1,265
2023		1,644
2024		1,684
2025		1,725
2026		1,766
2027 and thereafter		10,335
Total future minimum lease payments	$	18,419
Less: imputed interest		(4,442	)
Present value of operating lease liabilities		13,977
Less: current portion of lease liabilities		(1,232	)
Noncurrent portion of lease liabilities	$	12,745

Standby letter of credit

In July 2021, the Company made a payment of $29.6 million to one of the Company’s contract manufacturing organizations in connection with the purchase of certain instrument components. The Company’s $33.0 million letter of credit (LOC), that was required to be held as collateral by the contract manufacturing organization and was issued in August 2020, was concurrently terminated.

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 balance sheet as of December 31, 2021, because it is unavailable for a period longer than one year from the balance sheet date. The LOC had not been drawn upon through December 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.

Contingencies

The Company is party to certain legal matters arising in the ordinary course of its business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company currently does not believe that the ultimate outcome of any of the matters is probable or reasonably estimable, or that these matters will have a material adverse effect on its business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on the Company because of litigation and settlement costs, diversion of management resources and other factors. Legal costs are expensed as incurred.

Unconditional purchase obligations

In the normal course of business, the Company enters into various firm purchase commitments. As of December 31, 2021, these commitments are approximately $15.8 million, all of which is expected to be incurred in 2022.

Convertible Preferred Stock and Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Convertible Preferred Stock and Stockholders' Equity (Deficit)

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

Convertible preferred stock

The Equity Transactions

Between November 2019 and December 2019, the Company entered into a series of transactions with its existing preferred stockholders and new investors, to (i) raise new capital in a sale of three new series of convertible preferred stock including Series C-1 Preferred, Series D-1 Preferred and Series D-2 Preferred, and (ii) condense its capital structure (Equity Transactions). All existing convertible preferred stockholders were given the opportunity to participate in the new capital raise but were subject to dilution for a lack of participation.

The cash proceeds associated with the sale of the Series C-1 Preferred, Series D-1 Preferred and Series D-2 Preferred was to be received by the Company over three tranches of payments. During the second quarter of 2020, the Company received the Second Tranche Payment at a cash payment per share due and payable upon the Second Tranche Payment of $0.81 per share, resulting in net proceeds of $24.9 million, net of issuance costs of less than $0.1 million.

In June 2020, the Company amended the Series C-1 and Series D-1 Stock Purchase Agreement (SPA) to revise the date by which the third tranche milestone must be met from October 1, 2020 to June 30, 2020, and as a result, the third tranche milestone was not met. Pursuant to the amendment, due to the third tranche milestone not being met, purchasers were not required to fund the Third Tranche Payment and as a result, 9,314,766 shares, 955,666 shares, and 2,387,171 shares of Series C-1 Preferred, Series D-1 Preferred and Series D-2 Preferred, respectively, were cancelled and transferred back to the Company for no consideration, as no consideration had previously been received for such shares.

The Company determined that the amendment to the Series C-1 and Series D-1 SPA represented a modification but that no incremental expense would be recorded as the difference between the fair values of the Series C-1 Preferred, Series D-1 Preferred, and Series D-2 Preferred immediately before and after the amendment was insignificant.

Series E preferred stock financing and Sixth Restated Certificate of Incorporation

The Company’s June 2020 Sixth Amended Restated Certificate of Incorporation authorized the issuance of up to 77,427,646 shares of convertible preferred stock, of which 13,404,197 shares were designated as Series C-1 Preferred, 13,404,197 shares were designated as Series C-2 Preferred, 11,809,626 shares were designated as Series D-1 Preferred, 11,809,626 shares were designated as Series D-2 Preferred, 13,500,000 shares were designated as Series E-1 Preferred, and 13,500,000 shares were designated as Series E-2 Preferred.

Between June and July 2020, the Company entered into a Series E Preferred Stock Purchase Agreement (Series E SPA) which resulted in the issuance of 2,289,899 shares of its Series E-1 Preferred and also conducted a rights offering with existing common, Series C-1 and Series D-1 preferred stockholders which resulted in the issuance of 11,187,189 shares of its Series E-2 Preferred, both at a purchase price of $7.42 per share, for total net proceeds of $99.7 million, net of issuances cost of $0.3 million. Existing stockholders who were party to the Series E SPA and participated in the rights offering purchased 1,035,932 shares of the Series E-1 Preferred issued and 11,187,189 shares of Series E-2 Preferred issued, amounting to gross proceeds of $90.7 million. Included in the terms of the Series E SPA and rights offering were written options to purchase additional shares of Series E-1 Preferred and E-2 Preferred under the same terms as those provided at the initial closing in June 2020. The Company concluded that the fair value of these financial instruments requiring recognition as liabilities at fair value was insignificant.

Series F preferred stock financing and Seventh Restated Certificate of Incorporation

The Company’s October 2020 Seventh Amended Restated Certificate of Incorporation authorized the issuance of up to 229,296,908 shares of convertible preferred stock, of which 13,404,197 shares were designated as Series C-1 Preferred, 13,404,197 shares were designated as Series C-2 Preferred, 11,809,630 shares were designated as Series D-1 Preferred, 11,809,630 shares were designated as Series D-2 Preferred, 13,477,088 shares were designated as Series E-1 Preferred, 13,477,088 shares were designated as Series E-2 Preferred, 18,633,312 shares were designated as Series F-1 Preferred, 18,633,312 shares were designated as Series F-2 Preferred, 57,324,227 shares were designated as Series 1 convertible preferred stock and 57,324,227 Series 2 convertible non-voting preferred stock.

In October 2020, the Company entered into the Series F Preferred Stock Purchase Agreement (Series F SPA) and authorized the sale and issuance of up to an aggregate of 18,633,312 shares of both its Series F-1 Preferred and its Series F-2 Preferred, for an aggregate investment amount of up to approximately $153.8 million. In conjunction with entering the Series F SPA in October 2020, the Company issued 1,730,995 shares of its Series F-1 Preferred at a purchase price of $8.55 per share, resulting in total net proceeds of $14.4 million, net of issuance costs of $0.4 million (Series F Initial Closing).

The Company held additional closings to sell up to the aggregate number of Series F-1 Preferred or Series F-2 Preferred shares remaining following the Series F Initial Closing. In November 2020, the Company issued and sold an additional 3,128,902 shares of its Series F-1 Preferred and 9,958,539 shares of its Series F-2 Preferred each at a purchase price of $8.55 per share, resulting in total net proceeds of $109.1 million, net of issuance costs of $2.8 million. Among the proceeds received from this financing, $92.0 million was from existing investors.

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 (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 historical 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 historical convertible preferred stock were converted into 7,555,432 shares of common stock. As of December 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):


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		121,757		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 authorized and outstanding as of December 31, 2021 and the convertible preferred stock authorized and outstanding as of December 31, 2020 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 convertible preferred stock and Series 2 non-voting convertible preferred stock as of December 31, 2021 and the Company's convertible preferred stock as of December 31, 2020 are as follows:

Voting

As of December 31, 2021, 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 non-voting convertible preferred stock have no voting rights except as required by law or as set forth in our amended and restated certificate of incorporation.

As of December 31, 2020, the holders of Series C-1 Preferred, Series D-1 Preferred, Series E-1 Preferred and Series F-1 Preferred (Voting Preferred Stock), voting as a separate class, shall be entitled to elect four members of the Board at each meeting or pursuant to each consent of the Company’s stockholders for the election of directors. The Series C-2 Preferred, Series D-2 Preferred, Series E-2 Preferred and Series F-2 Preferred (Non-Voting Preferred Stock) is non-voting. Any additional members of the Board shall be elected by the holders of common stock and Voting Preferred Stock, voting together as a single class. Each holder of the Voting Preferred Stock shall be entitled to the number of votes equal to the applicable number of shares of common stock into which the shares convert.

Conversion

As of December 31, 2021, the Series 1 convertible preferred stock is convertible, at the election of the holder, into Series 2 non-voting 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 non-voting convertible preferred stock is prohibited if the holder exceeds a specified threshold of voting security ownership. The Series 2 non-voting 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 non-voting 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 non-voting 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 non-voting convertible preferred stock.

As of December 31, 2020, each share of the Company’s historical convertible preferred stock shall be convertible, at the option of the holder, into the number of common shares determined by dividing their original issuance by the conversion price then in effect for each series (Conversion Rate). Upon any increase or decrease in the conversion price for any series of convertible preferred stock, the Conversion Rates are appropriately increased or decreased. As of December 31, 2020, the conversion price was $7.84 per share for Series C-1 Preferred and Series C-2 Preferred, $3.92 per share for Series D-1 Preferred and Series D-2 Preferred, $10.62 per share for Series E-1 Preferred and Series E-2 Preferred and $12.23 per shares for Series F-1 Preferred and Series F-2 Preferred.

Each share of the Company’s historical convertible preferred stock shall be automatically converted into fully-paid, non-assessable shares of common stock, in the sole and absolute discretion of such holder, as of December 31, 2020 at the then effective Conversion Rate of each such share (i) immediately prior to the closing of a firm commitment underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (Securities Act), covering the offer and sale of the common stock, provided that the offering price per share is not less than $7.82, as adjusted for recapitalizations as defined in the Series C-1 and D-1 SPA, the aggregate gross proceeds to the Company are not less than $50.0 million, and the shares of common stock are listed for trading on the New York Stock Exchange or Nasdaq, or (ii) upon the receipt by the Company of a written request for such conversion from the holders of a majority of the Company’s historical convertible preferred stock then outstanding (voting as a single class and on an as-converted basis), or, if later, the effective date for conversion specified in such requests.

In the event of automatic conversion of the Company’s historical convertible preferred stock, each holder of convertible preferred who, together with its affiliates, hold in excess of 9.99% of the number of shares of common stock outstanding immediately following such automatic conversion, shall have the option to convert any shares of the convertible preferred into either common stock or Series 1 convertible preferred stock, in the discretion of the holder.

Subject to minimum outstanding share requirements and in addition to any other vote or consent required herein or by law, the vote or written consent of the holders of a majority of the outstanding convertible preferred shares and historical convertible preferred stock shall be necessary for approving certain actions, primarily those that may adversely impact the voting or other powers, preferences, or other special rights, privileges or restrictions of the Company’s convertible preferred stock.

Dividends

As of December 31, 2021, 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. As of December 31, 2021 no such dividends had been declared or accrued.

As of December 31, 2020, the Series C-1 Preferred, Series D-1 Preferred, Series D-2 Preferred, Series E-1 Preferred, Series E-2 Preferred, Series F-1 Preferred, and Series F-2 Preferred outstanding as of December 31, 2020 do not have rights to receive dividends nor participate in the Company’s earnings distribution. However, any such dividend or distribution is subject to the prior approval of these preferred stockholders. As of December 31, and 2020 no such dividends had been declared or accrued.

Liquidation preference

As of December 31, 2021, 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.

As of December 31, 2020, in the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of Series C-1 Preferred, Series C-2 Preferred, Series D-1 Preferred, Series D-2 Preferred, Series E-1 Preferred, Series E-2 Preferred, Series F-1 Preferred and Series F-2 Preferred at December 31, 2020 shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to

the holders of the common stock by reason of their ownership of such stock, the greater of (i) an amount per share of $5.48 per share of Series C-1 Preferred and Series C-2 Preferred, $2.74 per share of Series D-1 Preferred and Series D-2 Preferred, $7.42 per share of Series E-1 Preferred and Series E-2 Preferred and $8.55 per share of Series F-1 Preferred and Series F-2 Preferred plus any declared but unpaid dividends as of December 31, 2020 or (ii) such amount per share as would have been payable had all shares of such series of Series C-1 Preferred, Series C-2 Preferred, Series D-1 Preferred, Series D-2 Preferred, Series E-1 Preferred, Series E-2 Preferred, Series F-1 Preferred and Series F-2 Preferred had been converted into common stock immediately prior to such liquidation, dissolution or winding up of the Company. If upon the liquidation, dissolution or winding up of the Company, the assets of the Company legally available for distribution to the holders of the Series C-1 Preferred, Series C-2 Preferred, Series D-1 Preferred, Series D-2 Preferred, Series E-1 Preferred , Series E-2 Preferred, Series F-1 Preferred and Series F-2 Preferred are insufficient to permit the payment to such holders of the full amounts, then the entire assets of the Company legally available for distribution shall be distributed with equal priority and pro rata among the holders of the Series C-1 Preferred, Series C-2 Preferred, Series D-1 Preferred, Series D-2 Preferred, Series E-1 Preferred, Series E-2 Preferred, Series F-1 Preferred and Series F-2 Preferred in proportion to the full amounts they would otherwise be entitled to receive.

Unless stockholders representing a majority of the then-outstanding Voting Preferred Stock, voting together as a single class, elect otherwise, a liquidation event is defined in the Company’s amended and restated certificate of incorporation to include (i) any liquidation, dissolution, or winding up of the Company, (ii) the merger or consolidation of the Company in which the holders of capital stock of the Company outstanding immediately prior to such merger or consolidation do not continue to represent immediately following such merger or consolidation at least 50%, by voting power, of the outstanding capital stock of the resulting or surviving entity or (iii) a sale, lease, transfer or other disposition of all or substantially all of the Company’s assets. The Company classifies its historical convertible preferred stock outside of stockholders’ deficit because the shares contain liquidation features that are not solely within the Company’s control.

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.

Redemption rights

As of December 31, 2021 no shares of Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are unilaterally redeemable by either the stockholders or the Company; however, the Company’s amended and restated certificate of incorporation provides that upon any liquidation event such shares shall be entitled to receive the applicable liquidation preference.

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 the Company’s 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. No dividends have been declared or paid during the years ended December 31, 2021 or 2020.

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


	December 31,
	2021		2020
Shares reserved for conversion of outstanding Series C-1 Preferred Stock		—		9,373,556
Shares reserved for conversion of outstanding Series D-1 Preferred Stock		—		1,005,013
Shares reserved for conversion of outstanding Series D-2 Preferred Stock		—		7,253,461
Shares reserved for conversion of outstanding Series E-1 Preferred Stock		—		1,601,316
Shares reserved for conversion of outstanding Series E-2 Preferred Stock		—		7,823,208
Shares reserved for conversion of outstanding Series F-1 Preferred Stock		—		3,398,514
Shares reserved for conversion of outstanding Series F-2 Preferred Stock		—		6,964,012
Shares reserved for conversion of outstanding Series 1 convertible Preferred Stock		29,863,674		—
Shares reserved for options to purchase common stock under the 2013 Equity Incentive Plan		5,939,604		7,737,095
Shares reserved for options to purchase common stock under the 2021 Equity Incentive Plan		2,650,807		—
Shares reserved for issuance under the 2021 Equity Incentive Plan		3,842,773		—
Shares reserved for settlement of restricted stock units under the 2021 Equity Incentive Plan		407,720		—
Shares reserved for issuance under the 2021 Employee Stock Purchase Plan		482,880		1,928,256
Total		43,187,458		47,084,431

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

8. Stock-based compensation

2013 Equity Incentive Plan

The 2013 Equity Incentive Plan (2013 Plan) provides the Board of Directors the discretion to grant stock options and other equity-based awards to employees, directors, and consultants of the Company. The Board of Directors 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 have been 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.

2021 Equity Incentive Plan

In February 2021, the Board of Directors adopted the 2021 Equity Incentive Plan (2021 Plan), and our stockholders approved the 2021 Plan. The 2021 Plan is a successor to and continuation of the 2013 Plan. To date, the Company has only granted ISOs, NSOs and Restricted Stock Units (RSUs) to employees and directors. Therefore, the below discussion is limited to the terms applicable to ISOs and NSOs (collectively, stock options or options), and RSUs.

2021 Employee Stock Purchase Plan (ESPP)

In February 2021, the Company’s Board of Directors adopted the ESPP, and our stockholders approved the 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 December 31, 2021, there were 67,120 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 $0.4 million related to the ESPP has been recorded for the year ended December 31, 2021.

Stock option activity

A summary of option activity during the year ended December 31, 2021 is as follows:


	Number of Units Outstanding			Weighted Average Exercise 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		3,953,160		$	7.31
Exercised		(789,225	)	$	1.83
Forfeited		(2,243,260	)	$	5.70
Expired		(67,359	)	$	5.18
Outstanding at December 31, 2021		8,590,411		$	5.48		8.8	$	6,196
Exercisable at December 31, 2021		2,538,244		$	4.78		8.6	$	2,634
Nonvested at December 31, 2021		6,052,167		$	5.77		9.0	$	3,590

As of December 31, 2021, the total unrecognized stock-based compensation related to stock options, excluding the stock option granted to the Company’s former Chief Executive Officer (CEO) with the performance condition (discussed further below), was $20.8 million, which is expected be recognized over a weighted-average period of approximately 3 years.

On August 30, 2021, the Company entered into a separation and consulting agreement with the Company’s former CEO. As a result of the agreement, the Company determined that 271,347 options belonging to the former CEO were modified. During the twelve months ended December 31, 2021, the incremental expense recorded for this modification was $0.5 million.

During 2020, the former CEO 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 December 31, 2021, there was $1.8 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not deemed probable.

In March 2020, the Company offered to reprice the unexercised stock options of each employee or non-employee director with an exercise price of $6.38 or higher per share to the estimated fair market value of the Company’s common stock of $1.51. The repriced options were subject to the same terms as the original granted options, except for the new exercise price. The Company modified the exercise price of stock options for the purchase of 407,415 shares of common stock with a weighted average exercise price of $15.55 per share, by cancelling these options and reissuing stock options with exercise price of $1.51 per share to purchase 407,415 shares of common stock. The calculation of the incremental compensation expense is based on the excess of the fair value of the award measured immediately before and after the modification. As a result of the modification, the Company recognized an incremental compensation expense of $0.3 million for the twelve months ended December 31, 2020.

The weighted-average assumptions that the Company used in Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows:


	Year ended December 31,
	2021	2020
Expected term (in years)	5.8	6.3
Expected Volatility	73.1%	80.0%
Risk-free interest rate	1.1%	1.7%
Expected Dividend yield	—%	—%

The weighted-average grant date fair value per share was $4.51 and $2.80 for options granted during the years ended December 31, 2021 and 2020, respectively.

The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of guideline companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

Restricted stock units

A summary of RSU activity during the year ended December 31, 2021 is as follows:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		—		$	—
Granted		1,043,720		$	4.97
Vested		—		$	—
Forfeited		(636,000	)	$	4.49
Outstanding at December 31, 2021		407,720		$	5.72

As of December 31, 2021, the total unrecognized stock-based compensation related to RSUs was $2.2 million, which is expected to be recognized over a weighted average period of approximately 4.0 years.

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):


	Year ended December 31,
	2021		2020
Research and development	$	2,388	$	1,480
Selling, general and administrative		6,819		2,203
Total stock-based compensation	$	9,207	$	3,683

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income taxes

The Company had no income tax expense for the year ended December 31, 2021 and 2020, due to its history of operating losses. During the years ended December 31, 2021 and 2020 the Company recorded a net loss of $192.0 million and $91.1 million, respectively.

The effective tax rate for the years ended December 31, 2021 and 2020 is different from the federal statutory rate primarily due to the tax benefit of the Company’s net loss and comprehensive loss not being more likely than not to be realized. The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate:


	December 31,
Effective income tax rate:	2021			2020
Expected income tax benefit at the federal statutory rate		21.0	%		21.0	%
State taxes, net of federal benefit		7.7			7.7
Research and development tax credits		0.8			1.5
Permanent differences		(0.2	)		(0.8	)
Change in valuation allowance		(29.3	)		(29.4	)
Total provision for income taxes	—%			—%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred income taxes are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Federal and state operating loss carryforwards	$	60,966		$	31,700
Research and development tax credits		6,655			4,444
Lease liabilities		4,221			208
Manufacturing line and production equipment		29,153			12,201
Inventory related costs		11,076			1,890
Compensation related items		2,877			—
Other accruals		141			1,070
Total gross deferred tax asset		115,089			51,513
Valuation allowance		(111,024	)		(51,291	)
Net deferred tax asset		4,065			222
Deferred tax liabilities:
Property and equipment		(167	)		(53	)
Operating lease right-of-use asset		(3,898	)		(169	)
Total deferred tax liabilities		(4,065	)		(222	)
Net deferred tax asset	$	—		$	—

The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence in order to ascertain whether it is more likely than not that deferred tax assets will be realized. Realization of deferred tax assets is dependent upon the generation of future taxable income. Because of the Company's history of operating losses, the Company believes that the realization of its deferred tax assets is not more likely than not to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $59.7

million and $28.7 million for the years ended December 31, 2021 and 2020, respectively, primarily due to the increase in the Company's net loss and comprehensive loss.

NOLs and tax credit carryforwards as of December 31, 2021 are as follows (in thousands):


	Amount		Expiration Years
NOLs, federal (post December 31, 2017)	$	181,135	Do not expire
NOLs, federal (pre January 1, 2018)		30,901	2033 - 2037
NOLs, state		188,733	2033 to 2041
Research and development tax credits, federal		7,652	2035 to 2041
Research and development tax credits, state		6,247	Do not expire

Utilization of the NOL carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 as amended (Section 382) due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the NOL carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company's stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL carryforwards or research and development tax credit carryforwards before utilization. Until a study is completed and any limitation is known.

Uncertain tax positions

A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits is as follows (in thousands):


	December 31,
	2021		2020
Unrecognized tax benefits at the beginning of the period	$	4,841	$	2,395
Additions for current tax positions		2,403		2,446
Changes for previous tax positions		—		—
Unrecognized tax benefits at the end of the period	$	7,244	$	4,841

During the years ended December 31, 2021 and 2020, the Company recognized no interest and penalties associated with unrecognized tax benefits. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date.

The Company files income tax returns in the U.S. federal and various tax jurisdictions. The federal and state income tax returns from inception through December 31, 2021 remain subject to examination by federal and state authorities, where applicable. There are currently no pending income tax examinations.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

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

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

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

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

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

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

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Segment Information

Segment information

Use of Estimates

Use of estimates

Reclassifications

Fair Value Measurements

Fair value measurements

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Cash and Cash Equivalents

Cash and cash equivalents

Restricted Cash

Restricted cash

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of credit risk and other risks and uncertainties

Property and Equipment

Property and equipment


		Estimated Useful Life (in years)
Lab equipment		5 years
Furnitures and fixtures		5 years
Office and computer equipment		3 years
Leasehold improvements		Shorter of life of the asset or remaining lease term

Impairment of Long-Lived Assets

Impairment of long-lived assets

Leases

Research and Development Costs

Research and development costs

Grant Revenue and Receivables

Grant revenue and receivables

Preferred Stock

Preferred stock

Income Taxes

Income taxes

Stock-based Compensation

Stock-based compensation

Net Loss Per Share Attributable to Common Stockholders

Net loss per share attributable to common stockholders

Comprehensive Loss

Comprehensive loss

Deferred Initial Public Offering Costs

Deferred initial public offering costs

Emerging Growth Company Status

Emerging growth company status

New Accounting Pronouncements

Recently Adopted Accounting Standards

Accounting standards issued but not yet adopted

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

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Convertible Preferred Stock

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


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		121,757		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:


	December 31,
	2021		2020
Shares reserved for conversion of outstanding Series C-1 Preferred Stock		—		9,373,556
Shares reserved for conversion of outstanding Series D-1 Preferred Stock		—		1,005,013
Shares reserved for conversion of outstanding Series D-2 Preferred Stock		—		7,253,461
Shares reserved for conversion of outstanding Series E-1 Preferred Stock		—		1,601,316
Shares reserved for conversion of outstanding Series E-2 Preferred Stock		—		7,823,208
Shares reserved for conversion of outstanding Series F-1 Preferred Stock		—		3,398,514
Shares reserved for conversion of outstanding Series F-2 Preferred Stock		—		6,964,012
Shares reserved for conversion of outstanding Series 1 convertible Preferred Stock		29,863,674		—
Shares reserved for options to purchase common stock under the 2013 Equity Incentive Plan		5,939,604		7,737,095
Shares reserved for options to purchase common stock under the 2021 Equity Incentive Plan		2,650,807		—
Shares reserved for issuance under the 2021 Equity Incentive Plan		3,842,773		—
Shares reserved for settlement of restricted stock units under the 2021 Equity Incentive Plan		407,720		—
Shares reserved for issuance under the 2021 Employee Stock Purchase Plan		482,880		1,928,256
Total		43,187,458		47,084,431

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Option Activity

A summary of option activity during the year ended December 31, 2021 is as follows:


	Number of Units Outstanding			Weighted Average Exercise 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		3,953,160		$	7.31
Exercised		(789,225	)	$	1.83
Forfeited		(2,243,260	)	$	5.70
Expired		(67,359	)	$	5.18
Outstanding at December 31, 2021		8,590,411		$	5.48		8.8	$	6,196
Exercisable at December 31, 2021		2,538,244		$	4.78		8.6	$	2,634
Nonvested at December 31, 2021		6,052,167		$	5.77		9.0	$	3,590

Summary of Weighted-average Assumptions Used to Determine Grant Date Fair Value of Stock Options


	Year ended December 31,
	2021	2020
Expected term (in years)	5.8	6.3
Expected Volatility	73.1%	80.0%
Risk-free interest rate	1.1%	1.7%
Expected Dividend yield	—%	—%

Summary of Restricted Stock Unit Activity

A summary of RSU activity during the year ended December 31, 2021 is as follows:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		—		$	—
Granted		1,043,720		$	4.97
Vested		—		$	—
Forfeited		(636,000	)	$	4.49
Outstanding at December 31, 2021		407,720		$	5.72

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):


	Year ended December 31,
	2021		2020
Research and development	$	2,388	$	1,480
Selling, general and administrative		6,819		2,203
Total stock-based compensation	$	9,207	$	3,683

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Statutory Federal Income Tax Rate Effective Tax

The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate:


	December 31,
Effective income tax rate:	2021			2020
Expected income tax benefit at the federal statutory rate		21.0	%		21.0	%
State taxes, net of federal benefit		7.7			7.7
Research and development tax credits		0.8			1.5
Permanent differences		(0.2	)		(0.8	)
Change in valuation allowance		(29.3	)		(29.4	)
Total provision for income taxes	—%			—%

Significant Components of Deferred Income Taxes

Significant components of the Company's deferred income taxes are as follows (in thousands):


	December 31,
	2021			2020
Deferred tax assets:
Federal and state operating loss carryforwards	$	60,966		$	31,700
Research and development tax credits		6,655			4,444
Lease liabilities		4,221			208
Manufacturing line and production equipment		29,153			12,201
Inventory related costs		11,076			1,890
Compensation related items		2,877			—
Other accruals		141			1,070
Total gross deferred tax asset		115,089			51,513
Valuation allowance		(111,024	)		(51,291	)
Net deferred tax asset		4,065			222
Deferred tax liabilities:
Property and equipment		(167	)		(53	)
Operating lease right-of-use asset		(3,898	)		(169	)
Total deferred tax liabilities		(4,065	)		(222	)
Net deferred tax asset	$	—		$	—

Summary of NOLs and Tax Credit Carryforwards

NOLs and tax credit carryforwards as of December 31, 2021 are as follows (in thousands):


	Amount		Expiration Years
NOLs, federal (post December 31, 2017)	$	181,135	Do not expire
NOLs, federal (pre January 1, 2018)		30,901	2033 - 2037
NOLs, state		188,733	2033 to 2041
Research and development tax credits, federal		7,652	2035 to 2041
Research and development tax credits, state		6,247	Do not expire

Reconciliation of Beginning and Ending Balance of Total Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of total gross unrecognized tax benefits is as follows (in thousands):


	December 31,
	2021		2020
Unrecognized tax benefits at the beginning of the period	$	4,841	$	2,395
Additions for current tax positions		2,403		2,446
Changes for previous tax positions		—		—
Unrecognized tax benefits at the end of the period	$	7,244	$	4,841

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 17, 2021	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020
Organization And Nature Of Business [Line Items]
Net loss			$ 192,036	$ 91,130
Cash and cash equivalents			232,545	$ 138,483
Restricted cash			$ 800
Convertible Preferred Stock
Organization And Nature Of Business [Line Items]
Conversion of Stock, Amount Converted	$ 225,300	$ 225,400
IPO \| Series 1 Convertible Preferred Stock
Organization And Nature Of Business [Line Items]
Preferred shares converted	29,863,674
Common Stock
Organization And Nature Of Business [Line Items]
Common stock issued and sold			15,870,000
Proceeds received from IPO	$ 232,500
Common Stock \| IPO
Organization And Nature Of Business [Line Items]
Common stock issued and sold	13,800,000
Shares issued, price per share	$ 16.00
Stock issuance costs	$ 21,300
Preferred shares converted	7,555,432
Common Stock \| Underwriter's Option
Organization And Nature Of Business [Line Items]
Common stock issued and sold	2,070,000

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1
Cash equivalents			$ 0
Research and development	$ 157,591,000	$ 89,019,000
Asset impairment	$ 0	0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage Of Tax Benefit Realized Upon Uncertain Resolution Of Contingency	50.00%
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
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
Change in accounting principle, accounting standards update, adopted	true
IPO \| Prepaid And Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs		2,400,000
COVID-19 \| High Capacity Production Equipment \| Talis One Cartridges
Summary Of Significant Accounting Policies [Line Items]
Research and development	$ 110,500,000
Pre launch inventory relating to cartridges	11,800,000	0
Pre launch inventory to instrument components research and development expense	21,700,000	$ 7,700,000
Cost incurred during the period for high capacity production	69,600,000
Production equipment acquired not to have alternative future use	$ 96,500,000

Commitments and Contingencies - Additional Information (Details)	1 Months Ended						3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jul. 31, 2021 USD ($)	Apr. 30, 2021	Jan. 31, 2021 USD ($) Option	Jun. 30, 2020	Dec. 31, 2015	Dec. 31, 2021 USD ($) Option	Dec. 31, 2021 USD ($) Option
Commitments And Contingencies [Line Items]
Existence of option to extend operating lease	true		true		true
Renewal term	2 months		2 months		6 months
Lease extending date	Mar. 31, 2022		Dec. 31, 2021		Oct. 31, 2021
Unconditional purchase obligation							$ 15,800,000	$ 15,800,000
Standby Letters of Credit
Commitments And Contingencies [Line Items]
letter of credit facility		$ 33,000,000.0
Letter of Credit
Commitments And Contingencies [Line Items]
Payment to contract manufacturing organization		$ 29,600,000
Cash collateral for line of credit facility				$ 800,000
Chicago, IL \| Letter of Credit
Commitments And Contingencies [Line Items]
letter of credit facility				$ 800,000
Laboratory and Office Space \| Chicago, IL
Commitments And Contingencies [Line Items]
Operating lease commencement month and year				2021-05
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	10 years 6 months
Existence of option to extend operating lease								true
Renewal term							5 years	5 years
Annual minimum commitment							$ 2,600,000	$ 2,600,000
Fixed escalations percentage per annum							3.00%	3.00%
Number of options to extend Lease term \| Option							2	2
Security deposit							$ 1,000,000.0	$ 1,000,000.0
Payment to landlord for lease payments							$ 4,500,000
Laboratory and Office Space \| Menlo Park, California
Commitments And Contingencies [Line Items]
Operating lease commencement date						May 01, 2016
Lease expiration date						Apr. 30, 2021

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details)		1 Months Ended				2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 17, 2021 USD ($) shares	Feb. 28, 2021 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) $ / shares shares	Oct. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2020 $ / shares shares	Jul. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 shares
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									53,509,351
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $			$ 109,100,000
Convertible preferred stock, shares authorized				229,296,908	77,427,646		77,427,646		229,296,908
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $									$ 248,189,000
Aggregate investment amount \| $				$ 153,800,000
Issuance cost \| $			2,800,000				$ 100,000
Preferred stock, shares authorized								170,000,000
Preferred stock, par value \| $ / shares								$ 0.0001
Convertible preferred stock, shares outstanding									53,509,351
Shares issued on conversion of convertible preferred shares									37,419,080
Preferred stock dividend declared or accrued \| $								$ 0	$ 0
Percentage of voting rights								50.00%
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
Common stock, shares, issued								26,408,031	2,126,254
Common stock, shares, outstanding								26,408,031	2,126,254
Conversion Into Common Stock
Class Of Stock [Line Items]
Offering price of convertible preferred stock \| $ / shares									$ 7.82
Common Stock
Class Of Stock [Line Items]
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares								15,870,000
Shares issued on conversion of convertible preferred shares		7,555,432
Preferred stock dividend declared or accrued \| $								$ 0	$ 0
Proceeds received from IPO \| $	$ 232,500,000
Common stock, shares, outstanding								26,408,031	2,126,254	2,115,583
Common Stock \| IPO
Class Of Stock [Line Items]
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares	13,800,000
Stock issuance costs \| $	$ 21,300,000
Common Stock \| Underwriter's Option
Class Of Stock [Line Items]
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares	2,070,000
Existing Investors
Class Of Stock [Line Items]
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $			$ 92,000,000.0
Share-based Payment Arrangement, Tranche Two
Class Of Stock [Line Items]
Purchase price \| $ / shares					$ 0.81		$ 0.81
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $							$ 24,900,000
Minimum \| Conversion Into Common Stock
Class Of Stock [Line Items]
Gross proceeds from recapitalization \| $									$ 50,000,000.0
Series C-1 Preferred Stock
Class Of Stock [Line Items]
Cancellation of third tranche convertible preferred stock					9,314,766
Series D-1 Preferred Stock
Class Of Stock [Line Items]
Cancellation of third tranche convertible preferred stock					955,666
Series C-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									13,404,197
Stock issuance costs \| $									$ 24,000
Cancellation of third tranche convertible preferred stock									9,314,766
Convertible preferred stock, shares authorized				13,404,197	13,404,197		13,404,197		13,404,197
Convertible preferred stock, shares outstanding									13,404,197
Shares issued on conversion of convertible preferred shares									9,373,556
Preferred stock liquidation preference \| $ / shares									$ 5.48
Convertible preferred stock, conversion price \| $ / shares									$ 7.84
Series D-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									1,437,178
Stock issuance costs \| $									$ 3,000
Cancellation of third tranche convertible preferred stock									955,666
Convertible preferred stock, shares authorized				11,809,630	11,809,626		11,809,626		11,809,630
Convertible preferred stock, shares outstanding									1,437,178
Shares issued on conversion of convertible preferred shares									1,005,013
Preferred stock liquidation preference \| $ / shares									$ 2.74
Convertible preferred stock, conversion price \| $ / shares									$ 3.92
Series D-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									10,372,452
Stock issuance costs \| $									$ 6,000
Cancellation of third tranche convertible preferred stock					2,387,171				2,387,171
Convertible preferred stock, shares authorized				11,809,630	11,809,626		11,809,626		11,809,630
Convertible preferred stock, shares outstanding									10,372,452
Shares issued on conversion of convertible preferred shares									7,253,461
Preferred stock liquidation preference \| $ / shares									$ 2.74
Convertible preferred stock, conversion price \| $ / shares									$ 3.92
Series C-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				13,404,197	13,404,197		13,404,197		13,404,197
Preferred stock liquidation preference \| $ / shares									$ 5.48
Convertible preferred stock, conversion price \| $ / shares									$ 7.84
Series E-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									2,289,899
Stock issuance costs \| $									$ 48,000
Convertible preferred stock, shares authorized				13,477,088	13,500,000		13,500,000		13,477,088
Preferred stock, shares issued						2,289,899
Rights offering purchased						1,035,932
Issuance of convertible preferred stock, net of issuance costs, Shares									2,289,899
Convertible preferred stock, shares outstanding									2,289,899
Shares issued on conversion of convertible preferred shares									1,601,316
Preferred stock liquidation preference \| $ / shares									$ 7.42
Convertible preferred stock, conversion price \| $ / shares									$ 10.62
Series E-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									11,187,189
Stock issuance costs \| $						$ 300,000			$ 233,000
Convertible preferred stock, shares authorized				13,477,088	13,500,000		13,500,000		13,477,088
Preferred stock, shares issued						11,187,189
Preferred stock value per share \| $ / shares						$ 7.42
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $						$ 99,700,000
Gross proceeds from issue of shares \| $						$ 90,700,000
Issuance of convertible preferred stock, net of issuance costs, Shares									11,187,189
Convertible preferred stock, shares outstanding									11,187,189
Shares issued on conversion of convertible preferred shares									7,823,208
Preferred stock liquidation preference \| $ / shares									$ 7.42
Convertible preferred stock, conversion price \| $ / shares									$ 10.62
Series F-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Proceeds from the issuance of convertible preferred stock, net of issuance costs \| $				$ 14,400,000
Stock issuance costs \| $									$ 3,056,000
Convertible preferred stock, shares authorized				18,633,312
Issuance of convertible preferred stock, net of issuance costs, Shares			3,128,902	1,730,995					4,859,897
Purchase price per share \| $ / shares				$ 8.55
Issuance cost \| $				$ 400,000
Preferred stock liquidation preference \| $ / shares									$ 8.55
Series F-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Stock issuance costs \| $									$ 88,000
Convertible preferred stock, shares authorized				18,633,312
Issuance of convertible preferred stock, net of issuance costs, Shares			9,958,539						9,958,539
Preferred stock liquidation preference \| $ / shares									$ 8.55
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				57,324,227
Shares issued on conversion of convertible preferred shares		29,863,674
Series 2
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				57,324,227
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized									57,324,227
Preferred stock, shares issued								29,863,674	0
Preferred stock value per share \| $ / shares								$ 0.0001	$ 0.0001
Preferred stock, shares authorized								60,000,000	57,324,227
Preferred stock, shares outstanding								29,863,674	0
Series 1 Convertible Preferred Stock \| Conversion Into Series2 Non-voting 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									57,324,227
Preferred stock value per share \| $ / shares								$ 0.0001
Preferred stock, shares authorized		60,000,000
Preferred stock, shares outstanding								0
Conversion ratio								1
Notice period								61 days
Series 2 Non-voting Convertible 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%
Historical Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued								0	53,509,351
Convertible preferred stock, shares authorized								0	229,296,908
Convertible preferred stock, shares outstanding								0	53,509,351	37,871,430
Shares issued on conversion of convertible preferred shares		10,804,295
Conversion of Stock, Amount Converted \| $	$ 225,300,000	$ 225,400,000
Percentage of number of issued and outstanding shares of common stock beneficially owned by holder									9.99%
Historical Convertible Preferred Stock \| IPO
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares		42,705,056
Series F-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									4,859,897
Convertible preferred stock, shares authorized									18,633,312
Purchase price per share \| $ / shares			$ 8.55
Convertible preferred stock, shares outstanding									4,859,897
Shares issued on conversion of convertible preferred shares									3,398,514
Convertible preferred stock, conversion price \| $ / shares									$ 12.23
Series F-2 convertible preferred stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued									9,958,539
Convertible preferred stock, shares authorized									18,633,312
Purchase price per share \| $ / shares			$ 8.55
Convertible preferred stock, shares outstanding									9,958,539
Shares issued on conversion of convertible preferred shares									6,964,012
Convertible preferred stock, conversion price \| $ / shares									$ 12.23

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Convertible Preferred Stock (Details) - USD ($)	Dec. 31, 2020	Oct. 31, 2020	Jun. 30, 2020
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 290,945,000
Temporary Equity, Liquidation Preference	$ 475,617,000
Common shares issuable upon conversion	37,419,080
Temporary Equity, preferred authorized	229,296,908	229,296,908	77,427,646
Temporary Equity, preferred shares issued	53,509,351
Temporary Equity, preferred shares outstanding	53,509,351
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, preferred authorized	57,324,227
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, preferred authorized	57,324,227
Series C-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 39,756,000
Temporary Equity, Liquidation Preference	$ 105,041,000
Common shares issuable upon conversion	9,373,556
Temporary Equity, preferred authorized	13,404,197	13,404,197	13,404,197
Temporary Equity, preferred shares issued	13,404,197
Temporary Equity, preferred shares outstanding	13,404,197
Series C-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, preferred authorized	13,404,197	13,404,197	13,404,197
Series D-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 3,561,000
Temporary Equity, Liquidation Preference	$ 5,631,000
Common shares issuable upon conversion	1,005,013
Temporary Equity, preferred authorized	11,809,630	11,809,630	11,809,626
Temporary Equity, preferred shares issued	1,437,178
Temporary Equity, preferred shares outstanding	1,437,178
Series D-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 24,365,000
Temporary Equity, Liquidation Preference	$ 40,641,000
Common shares issuable upon conversion	7,253,461
Temporary Equity, preferred authorized	11,809,630	11,809,630	11,809,626
Temporary Equity, preferred shares issued	10,372,452
Temporary Equity, preferred shares outstanding	10,372,452
Series E-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 16,943,000
Temporary Equity, Liquidation Preference	$ 24,319,000
Common shares issuable upon conversion	1,601,316
Temporary Equity, preferred authorized	13,477,088	13,477,088	13,500,000
Temporary Equity, preferred shares issued	2,289,899
Temporary Equity, preferred shares outstanding	2,289,899
Series E-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 82,766,000
Temporary Equity, Liquidation Preference	$ 118,808,000
Common shares issuable upon conversion	7,823,208
Temporary Equity, preferred authorized	13,477,088	13,477,088	13,500,000
Temporary Equity, preferred shares issued	11,187,189
Temporary Equity, preferred shares outstanding	11,187,189
Series F-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 38,496,000
Temporary Equity, Liquidation Preference	$ 59,420,000
Common shares issuable upon conversion	3,398,514
Temporary Equity, preferred authorized	18,633,312
Temporary Equity, preferred shares issued	4,859,897
Temporary Equity, preferred shares outstanding	4,859,897
Series F-2 convertible preferred stock
Class Of Stock [Line Items]
Temporary Equity, Carrying value	$ 85,058,000
Temporary Equity, Liquidation Preference	$ 121,757,000
Common shares issuable upon conversion	6,964,012
Temporary Equity, preferred authorized	18,633,312
Temporary Equity, preferred shares issued	9,958,539
Temporary Equity, preferred shares outstanding	9,958,539

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 9,207	$ 3,683
Incremental expense recorded for modification			$ 300
Weighted-average grant date fair value per share for options granted		$ 4.51	$ 2.80
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unexercised stock options, exercise price	$ 6.38
Estimated fair market value of common stock	$ 1.51
Purchase of common stock	407,415
Share-based compensation, weighted average exercise price per share	$ 15.55
Reissuing stock options exercise price per share	$ 1.51
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option		$ 20,800
Expected weighted-average period for recognition of compensation expense related		3 years
Options \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options accounted for as modification		271,347
Incremental expense recorded for modification		$ 500
Performance
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options		1,800
Performance \| Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued			241,958
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option		$ 2,200
Expected weighted-average period for recognition of compensation expense related		4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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		67,120
Stock-based compensation expense		$ 400

Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 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	3,953,160
Number of Units, Exercised	(789,225)
Number of Units, Forfeited	(2,243,260)
Number of Units, Expired	(67,359)
Number of Units Outstanding, Ending Balance	8,590,411	7,737,095
Number of Units, Exercisable	2,538,244
Number of Units, Nonvested	6,052,167
Number of Units Outstanding, Weighted Average Exercise Price per Unit, Beginning Balance	$ 4.22
Number of Units, Granted, Weighted Average Exercise Price per Unit	7.31
Number of Units, Exercised, Weighted Average Exercise Price per Unit	1.83
Number of Units, Forfeited, Weighted Average Exercise Price per Unit	5.70
Number of Units, Expired, Weighted Average Exercise Price per Unit	5.18
Number of Units Outstanding, Weighted Average Exercise Price per Unit, Ending Balance	5.48	$ 4.22
Number of Units, Exercisable, Weighted Average Exercise Price per Unit	4.78
Number of Units, Nonvested, Weighted Average Exercise Price per Unit	$ 5.77
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 9 months 18 days	9 years 3 months 18 days
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 7 months 6 days
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years)	9 years
Number of Units Outstanding, Aggregate Intrinsic Value	$ 6,196	$ 16,374
Number of Units, Exercisable, Aggregate Intrinsic Value	2,634
Number of Units, Nonvested, Aggregate Intrinsic Value	$ 3,590

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0
Net loss	192,036,000	91,130,000
Valuation allowance increased	$ 59,700,000	28,700,000
Percentage of NOLs and tax credit carryforwards utilization subject to substantial annual limitation	50.00%
NOLs and tax credit carryforwards utilization period	3 years
Interest and penalties associated with unrecognized tax benefits	$ 0	$ 0
Pending income tax examination	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

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+ Details

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (192,036)	$ (91,130)
Denominator:
Weighted Average Number Of Share Outstanding Basic And Diluted	22,655,339	2,120,322
Net loss per share, basic and diluted	$ (8.48)	$ (42.98)

- Definition

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

+ References

+ Details

Condensed Statements of Cash Flows (Parenthetical) $ in Thousands	Dec. 31, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 232,545
Restricted cash - other long term assets	767
Total cash, cash equivalent and restricted cash	$ 233,312

Summary of Significant Accounting Policies - Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2021
Lab Equipment
Property Plant And Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated Useful Life (in years)	Shorter of life ofthe asset or remaininglease term

Fair Value Measurements - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total assets measured at fair value		$ 0
Fair Value Measurements, Recurring
Assets:
Total assets measured at fair value	$ 205,071,000
Fair Value Measurements, Recurring \| Level 1
Assets:
Total assets measured at fair value	205,071,000
Fair Value Measurements, Recurring \| Money Market Funds
Assets:
Cash equivalents	205,071,000
Fair Value Measurements, Recurring \| Money Market Funds \| Level 1
Assets:
Cash equivalents	$ 205,071,000

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Assets measured at fair value	$ 0
Liabilities measured at fair value	$ 0

Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment	$ 9,805	$ 5,536
Less accumulated depreciation	(3,992)	(2,998)
Total	5,813	2,538
Construction in progress	4,715	6,576
Property and equipment, net	10,528	9,114
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	8,077	3,874
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	507	456
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	407	392
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 814	$ 814

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Stock issuance costs		$ 21,349
Series C-1 Convertible Preferred Stock
Stock issuance costs			$ 24
Series D-1 Convertible Preferred Stock
Stock issuance costs			3
Series D-2 Convertible Preferred Stock
Stock issuance costs			6
Series E-1 Convertible Preferred Stock
Stock issuance costs			48
Series E-2 Convertible Preferred Stock
Stock issuance costs	$ 300		233
Series F-1 Convertible Preferred Stock
Stock issuance costs			3,056
Series F-2 Convertible Preferred Stock
Stock issuance costs			$ 88

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development costs	$ 5,303	$ 6,360
Other liabilities	1,080	1,333
Total accrued liabilities	$ 6,383	$ 7,693

Grants Revenue and Receivable - Additional Information (Details) - USD ($)		1 Months Ended				9 Months Ended	12 Months Ended			18 Months Ended
	Jun. 30, 2021	Oct. 31, 2021	Jul. 31, 2021	Jul. 31, 2020	May 31, 2018	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2019	Sep. 30, 2019
CARB-X
Disaggregation Of Revenue [Line Items]
Initial funding received										$ 4,400,000
Additional funding received						$ 1,200,000
Grant revenue recognized							$ 0	$ 600,000
NIH
Disaggregation Of Revenue [Line Items]
Initial funding received									$ 1,300,000
Grant revenue recognized							500,000	1,100,000
Additional funding available under grant							1,800,000
Additional funding					$ 4,400,000
RADx Initiative
Disaggregation Of Revenue [Line Items]
Potential milestone payment	$ 8,000,000.0	$ 2,000,000.0	$ 4,000,000.0	$ 400,000
Term of contract		Jan. 30, 2022	Oct. 31, 2021
Terms and milestone conditions of final three stages amount								15,300,000
Terms and milestone conditions of first two stages amount				10,100,000
RADx Initiative 2
Disaggregation Of Revenue [Line Items]
Revenue received in completion of first stage								$ 8,900,000
Potential milestone payment				$ 25,400,000
Revenue received in completion of second stage							$ 7,700,000

Commitments and Contingencies - Summary of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease Costs
Operating lease costs	$ 1,984	$ 626
Variable lease costs	110	22
Total operating lease costs	2,094	648
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 1,050	$ 811

Commitments and Contingencies - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	10 years 2 months 12 days	10 months 24 days
Weighted-average discount rate	5.20%	1.20%

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
2022	$ 1,265
2023	1,644
2024	1,684
2025	1,725
2026	1,766
2027 and thereafter	10,335
Total future minimum lease payments	18,419
Less: imputed interest	(4,442)
Present value of operating lease liabilities	13,977
Less: current portion of lease liabilities	(1,232)	$ (693)
Operating lease liabilities, long-term portion	$ 12,745

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Instances (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares reserved	43,187,458	47,084,431
2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	3,842,773
2021 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved	482,880	1,928,256
Options \| 2013 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	5,939,604	7,737,095
Options to Purchase Common Stock \| 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	2,650,807
Restricted Stock Unit \| 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	407,720
Series C-1 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		9,373,556
Series D-1 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		1,005,013
Series D-2 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		7,253,461
Series E-1 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		1,601,316
Series E-2 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		7,823,208
Series F-1 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		3,398,514
Series F-2 Preferred Stock
Class Of Stock [Line Items]
Shares reserved		6,964,012
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Shares reserved	29,863,674

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted \| shares	1,043,720
Forfeited \| shares	(636,000)
Outstanding at December 31, 2021 \| shares	407,720
Granted \| $ / shares	$ 4.97
Forfeited \| $ / shares	4.49
Outstanding at December 31, 2021 \| $ / shares	$ 5.72

Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,207	$ 3,683
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,388	1,480
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,819	$ 2,203

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Proceeds from issuance of preferred stock		$ 248,189
Research And Development Consulting Services
Related Party Transaction [Line Items]
Payments to related party for services received	$ 100	100
Granted stock options with grant date fair value		300
Stockholders
Related Party Transaction [Line Items]
Proceeds from issuance of preferred stock		$ 180,300

Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate Effective Tax (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective income tax rate:
Expected income tax benefit at the federal statutory rate	21.00%	21.00%
State taxes, net of federal benefit	7.70%	7.70%
Research and development tax credits	0.80%	1.50%
Permanent differences	(0.20%)	(0.80%)
Change in valuation allowance	(29.30%)	(29.40%)

Income Taxes - Significant Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal and state operating loss carryforwards	$ 60,966	$ 31,700
Research and development tax credits	6,655	4,444
Lease liabilities	4,221	208
Manufacturing line and production equipment	29,153	12,201
Inventory related costs	11,076	1,890
Compensation related items	2,877
Other accruals	141	1,070
Total gross deferred tax asset	115,089	51,513
Valuation allowance	(111,024)	(51,291)
Net deferred tax asset	4,065	222
Deferred tax liabilities:
Property and equipment	(167)	(53)
Operating lease right-of-use asset	(3,898)	(169)
Total deferred tax liabilities	$ (4,065)	$ (222)

Income Taxes - Summary of NOLs and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Federal \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits, Amount	$ 7,652
Federal \| Minimum \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits, Expiration Years	2035
Federal \| Maximum \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits, Expiration Years	2041
Federal \| Post December 31, 2017
Operating Loss Carryforwards [Line Items]
NOLs, Amount	$ 181,135
NOLs, Expiration Years	Do not expire
Federal \| Pre January 1, 2018
Operating Loss Carryforwards [Line Items]
NOLs, Amount	$ 30,901
Federal \| Pre January 1, 2018 \| Minimum
Operating Loss Carryforwards [Line Items]
NOLs, Expiration Years	2033
Federal \| Pre January 1, 2018 \| Maximum
Operating Loss Carryforwards [Line Items]
NOLs, Expiration Years	2037
State
Operating Loss Carryforwards [Line Items]
NOLs, Amount	$ 188,733
State \| Research and Development Tax Credits
Operating Loss Carryforwards [Line Items]
Tax credits, Amount	$ 6,247
Tax credits, Expiration Years	Do not expire
State \| Minimum
Operating Loss Carryforwards [Line Items]
NOLs, Expiration Years	2033
State \| Maximum
Operating Loss Carryforwards [Line Items]
NOLs, Expiration Years	2041

Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share	39,058,363	45,156,222
2021 Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share	196,558
Series 1 Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share	29,863,674
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share	8,590,411	7,737,095
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share	407,720
Historical Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted net loss per share		37,419,127

Subsequent Event - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Jan. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Operating lease, held as restricted cash						$ 34,650,000
Forecast
Subsequent Event [Line Items]
Expense related to reduction in force expects to recognize	$ 1,000,000.0
Standby Letters of Credit
Subsequent Event [Line Items]
letter of credit facility				$ 33,000,000.0
Letter of Credit
Subsequent Event [Line Items]
Cash collateral for line of credit facility					$ 800,000
Subsequent Event \| Letter of Credit
Subsequent Event [Line Items]
Cash collateral for line of credit facility		$ 1,000,000.0
Redwood City, CA
Subsequent Event [Line Items]
Funds held as long-term deposit			$ 1,000,000.0
Redwood City, CA \| Subsequent Event \| Standby Letters of Credit
Subsequent Event [Line Items]
letter of credit facility		$ 1,000,000.0