0000950170-22-021904 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Summary of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease Costs
Operating lease costs	$ 1,285	$ 663	$ 2,927	$ 1,311
Variable lease costs	321	28	515	80
Total operating lease costs	1,606	691	3,442	1,391
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 343	$ 289	$ 954	$ 755

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	26,781,915	26,408,031
Common stock, shares, outstanding	26,781,915	26,408,031
Series 1 Convertible Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	60,000,000	60,000,000
Convertible preferred stock, shares issued	29,863,674	29,863,674
Convertible preferred stock, shares outstanding	29,863,674	29,863,674
Convertible preferred stock, aggregate liquidation preference	$ 3	$ 3

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity during the nine months ended September 30, 2022 is as follows:


	Number of Units Outstanding			Weighted Average Strike Price per Unit		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		8,590,411		$	5.48		8.8	$	6,196
Granted		4,367,446		$	1.08
Exercised		(65,862	)	$	1.50
Forfeited		(2,966,759	)	$	4.87
Expired		(1,207,313	)	$	4.63
Outstanding at September 30, 2022		8,717,923		$	3.63		4.5	$	—
Exercisable at September 30, 2022		2,562,679		$	5.39		8.1	$	—
Nonvested at September 30, 2022		6,155,244		$	2.91		3.0	$	—

Summary of Restricted Stock Unit Activity

A summary of RSU activity during the nine months ended September 30, 2022 is as follows:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value (per RSU)
Outstanding at December 31, 2021		407,720		$	5.74
Granted		337,700		$	1.23
Vested		(46,675	)	$	6.14
Forfeited		(354,568	)	$	4.10
Outstanding at September 30, 2022		344,177		$	2.94

Components of Stock-based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	243	$	528	$	1,052	$	1,709
Selling, general and administrative		1,053		1,948		3,034		4,330
Total stock-based compensation	$	1,296	$	2,476	$	4,086	$	6,039

Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	39,088,535	38,462,450
Series 1 Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	29,863,674	29,863,674
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	8,717,923	8,162,144
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	344,177	310,520
Shares Estimated to be Purchased Under 2021 ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	162,761	126,112

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,296	$ 2,476	$ 4,086	$ 6,039
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation related to stock options	11,200		$ 11,200
Expected weighted-average period for recognition of compensation expense related			3 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation related to restricted stock units	$ 900		$ 900
Expected weighted-average period for recognition of compensation expense related			3 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%		15.00%
Maximum number of shares an employee may purchase			4,750
Number of shares issued			332,342
Stock-based compensation expense			$ 100	$ 400
2021 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance					3,000,000

Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions

8. Related-party transactions

Financing activity

During the nine months ended September 30, 2021, the Company received proceeds of $106.2 million from the issuance of common stock to related parties as part of the Company’s IPO, including the Company’s majority shareholder, the Baker Funds, six officers and two members of the Board of Directors.

Registration rights

In March 2021, the Company entered into the Registration Rights Agreement with the Baker Funds, holders of Series 1 convertible preferred stock and related parties (see Note 6).

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (86,083)	$ (163,382)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,086	6,039
Depreciation and amortization	5,268	641
Non-cash lease expense	1,953	1,013
Changes in operating assets and liabilities:
Accounts receivable	(250)	252
Inventory	(2,027)	0
Prepaid expenses and other current assets	(747)	309
Prepaid research and development	0	11,076
Other long-term assets	980	(981)
Accounts payable	(1,009)	482
Accrued expenses and other liabilities	(8,525)	14,365
Lease liabilities	(239)	(457)
Net cash used in operating activities	(86,593)	(130,643)
Investing activities
Purchase of property and equipment	(1,566)	(1,879)
Net cash used in investing activities	(1,566)	(1,879)
Financing activities
Proceeds from initial public offering, net of issuance costs	0	232,546
Proceeds from stock option exercises	98	774
Proceeds from stock issuances pursuant to employee stock purchase plan	308	439
Net cash provided by financing activities	406	233,759
Net (decrease) increase in cash, cash equivalents and restricted cash	(87,753)	101,237
Cash, cash equivalents and restricted cash at beginning of period	233,312	173,133
Cash, cash equivalents and restricted cash at end of period	145,559	274,370
Supplemental disclosure of noncash investing and financing activities
Right-of-use assets obtained in exchange for lease liability	19,245	13,499
Property and equipment purchases included in accounts payable and accrued expenses	44	39
Remeasurement of operating lease right-of-use asset for lease modification	$ 0	$ 342

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. 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 September 30, 2022, there were 332,342 shares issued under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. Stock-based compensation expense of $0.1 million and $0.4 million related to the ESPP has been recognized during the nine months ended September 30, 2022 and 2021, respectively.

2021 Inducement Plan

In November 2021, the Company's Board of Directors adopted the 2021 Inducement Plan (Inducement Plan). The Inducement Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). Under the Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other awards to individuals not previously employees or directors of the Company, as an inducement toward entering into employment with the Company. The maximum number of shares of common stock that may be issued under the Inducement Plan is 3,000,000 shares.

Stock options

A summary of stock option activity during the nine months ended September 30, 2022 is as follows:


	Number of Units Outstanding			Weighted Average Strike Price per Unit		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		8,590,411		$	5.48		8.8	$	6,196
Granted		4,367,446		$	1.08
Exercised		(65,862	)	$	1.50
Forfeited		(2,966,759	)	$	4.87
Expired		(1,207,313	)	$	4.63
Outstanding at September 30, 2022		8,717,923		$	3.63		4.5	$	—
Exercisable at September 30, 2022		2,562,679		$	5.39		8.1	$	—
Nonvested at September 30, 2022		6,155,244		$	2.91		3.0	$	—

As of September 30, 2022, the total unrecognized stock-based compensation related to stock options was $11.2 million, which is expected be recognized over a weighted-average period of approximately 3 years.

As of September 30, 2022, the Company has granted service-based stock option awards which may accelerate vesting upon performance-based or market-based conditions. For awards that vest based on multiple conditions, the Company estimates the fair value on its grant date using the Black-Scholes option valuation model or the Monte Carlo Simulation valuation model, depending on the terms and conditions of the particular award. For awards where vesting occurs based on a service condition only, the Company recognizes compensation expense using the straight-line method over the requisite service period. For awards where vesting occurs based on either a service condition or a performance condition, 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. For awards where vesting occurs based on either a service condition or a market condition, compensation expense is recognized over the requisite service period. If the market condition is satisfied prior to the completion of the requisite service period, any remaining unrecognized compensation expense will be accelerated at that time.

Restricted stock units

A summary of RSU activity during the nine months ended September 30, 2022 is as follows:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value (per RSU)
Outstanding at December 31, 2021		407,720		$	5.74
Granted		337,700		$	1.23
Vested		(46,675	)	$	6.14
Forfeited		(354,568	)	$	4.10
Outstanding at September 30, 2022		344,177		$	2.94

As of September 30, 2022, the total unrecognized stock-based compensation related to RSUs was $0.9 million, which is expected to be recognized over a weighted average period of approximately 3 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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	243	$	528	$	1,052	$	1,709
Selling, general and administrative		1,053		1,948		3,034		4,330
Total stock-based compensation	$	1,296	$	2,476	$	4,086	$	6,039

Revenue - Additional Information (Details)	1 Months Ended		3 Months Ended		9 Months Ended
Revenue - Additional Information (Details)	Oct. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)	Apr. 30, 2022 USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segments \| Segment					1
Revenues					$ 0
RADx Initiative
Disaggregation Of Revenue [Line Items]
Revenue received in completion of second stage			$ 0	$ 100,000	700,000	$ 7,000,000.0
Potential milestone payment	$ 2,000,000.0	$ 4,000,000.0
Term of contract	Jan. 30, 2022
NIH
Disaggregation Of Revenue [Line Items]
Additional funding available under extension							$ 1,000,000.0
Grant revenue recognized			$ 100,000	$ 100,000	$ 300,000	$ 300,000
Minimum
Disaggregation Of Revenue [Line Items]
Percentage of product revenue					10.00%

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022(reminder)	$ 406
2023	3,782
2024	4,374
2025	4,496
2026	4,621
2027 and thereafter	29,698
Total future minimum lease payments	47,377
Less: imputed interest	(14,052)
Present value of operating lease liabilities	33,325
Less: current portion of lease liabilities	(2,995)	$ (1,232)
Operating lease liabilities, long-term portion	$ 30,330	$ 12,745

Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,296	$ 2,476	$ 4,086	$ 6,039
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	243	528	1,052	1,709
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,053	$ 1,948	$ 3,034	$ 4,330

Fair Value Measurement - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Total assets measured at fair value	$ 136,170	$ 205,071
Level 1
Assets:
Total assets measured at fair value	136,170	205,071
Money Market Funds
Assets:
Cash equivalents	136,170	205,071
Money Market Funds \| Level 1
Assets:
Cash equivalents	$ 136,170	$ 205,071

Commitments and Contingencies - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	10 years 1 month 6 days	10 years 2 months 12 days
Weighted-average discount rate	7.00%	5.10%

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Lease Costs and Supplemental Cash Flow Information

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Costs	2022		2021		2022		2021
Operating lease costs	$	1,285	$	663	$	2,927	$	1,311
Variable lease costs		321		28		515		80
Total operating lease costs	$	1,606	$	691	$	3,442	$	1,391
Cash Flows
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	343	$	289	$	954	$	755

Summary of Weighted Average Remaining Lease Terms and Discount Rates


	September 30,
	2022			2021
Weighted-average remaining lease term	10.1 years			10.2 years
Weighted-average discount rate		7.0	%		5.1	%

Schedule of Undiscounted Future Lease Payments

The undiscounted future lease payments for operating leases as of September 30, 2022 were as follows (in thousands):


	Operating Leases
2022 (remainder)		406
2023		3,782
2024		4,374
2025		4,496
2026		4,621
2027 and thereafter		29,698
Total future minimum lease payments		47,377
Less: imputed interest		(14,052	)
Present value of operating lease liabilities		33,325
Less: current portion of lease liabilities		(2,995	)
Noncurrent portion of lease liabilities	$	30,330

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

Product revenue, net

The Company currently operates in one reportable segment. There were no sales to customers outside of the United States during the nine months ended September 30, 2022. The Company had one customer that individually comprised over 10% of product revenues, net for the nine months ended September 30, 2022.

Grant revenue and receivables

NIH grant

In May 2018, the Company was awarded a grant from the NIH for the Diagnostics via Rapid Enrichment, Identification, and Phenotypic Antibiotic Susceptibility Testing of Pathogens from Blood project. In April 2022, the Company exercised its fourth one-year option under the grant, extending the term through April 2023 with $1.0 million in additional funding available under the extension. During each of the three months ended September 30, 2022 and 2021, the Company recognized $0.1 million of revenue related to this grant. During each of the nine months ended September 30, 2022 and 2021, the Company recognized $0.3 million of revenue related to this grant.

NIH Rapid Acceleration of Diagnostics - RADx Initiative contracts

In July 2020, the Company was awarded a subaward grant from the University of Massachusetts Medical School for Phase 1 of the NIH’s RADx initiative and a contract from the NIH directly for Phase 2 of the RADx initiative. The RADx initiative aims to speed the development, validation, and commercialization of innovative, rapid tests that can directly detect COVID-19. In 2021, the Company and the NIH amended the contract for the completion of the RADx initiative, extending the term of the contract to January 30, 2022 and decreased the potential milestone payment from $4.0 million to $2.0 million. The contract expired on January 30, 2022. The Company recognized nil and $0.1 million in revenue related to this grant during the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized revenue of $0.7 million and $7.0 million related to the RADx initiative, respectively.

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Units Outstanding, Beginning Balance	8,590,411
Number of Units, Granted	4,367,446
Number of Units, Exercised	(65,862)
Number of Units, Forfeited	(2,966,759)
Number of Units, Expired	(1,207,313)
Number of Units Outstanding, Ending Balance	8,717,923	8,590,411
Number of Units, Exercisable	2,562,679
Number of Units, Nonvested	6,155,244
Number of Units Outstanding, Weighted Average Strike Price per Unit, Beginning Balance	$ 5.48
Number of Units, Granted, Weighted Average Strike Price per Unit	1.08
Number of Units, Exercised, Weighted Average Strike Price per Unit	1.50
Number of Units, Forfeited, Weighted Average Exercise Price per Unit	4.87
Number of Units, Expired, Weighted Average Exercise Price per Unit	4.63
Number of Units Outstanding, Weighted Average Strike Price per Unit, Ending Balance	3.63	$ 5.48
Number of Units, Exercisable, Weighted Average Strike Price per Unit	5.39
Number of Units, Nonvested, Weighted Average Strike Price per Unit	$ 2.91
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years)	4 years 6 months	8 years 9 months 18 days
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 1 month 6 days
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years)	3 years
Number of Units Outstanding, Aggregate Intrinsic Value	$ 0	$ 6,196
Number of Units, Exercisable, Aggregate Intrinsic Value	0
Number of Units, Nonvested, Aggregate Intrinsic Value	$ 0

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net revenues collection period		30 days
Accelerated depreciation expense	$ 3.3	$ 3.3
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption	true	true
Change in accounting principle, accounting standards update, adopted	true	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL122642865-165497

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-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL122642865-165497

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Total accrued liabilities	$ 789	$ 6,383

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Feb. 17, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization And Nature Of Business [Line Items]
Net losses		$ 26,021	$ 27,011	$ 33,051	$ 38,418	$ 64,472	$ 60,492	$ 86,083	$ 163,382
Cash and cash equivalents		143,783			$ 273,603			143,783	$ 273,603	$ 232,545
Restricted cash		1,800						1,800
Expense related to reduction in force		$ 1,500						1,000
Convertible Preferred Stock [Member]
Organization And Nature Of Business [Line Items]
Conversion of Stock, Amount Converted	$ 225,400							$ 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, net of issuance costs							$ 21,349
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
Common stock, net of 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

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis

The following table summarizes the Company's financial assets carried at fair value and measured on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	136,170	$	—	$	—	$	136,170
Total assets measured at fair value	$	136,170	$	—	$	—	$	136,170


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	205,071	$	—	$	—	$	205,071
Total assets measured at fair value	$	205,071	$	—	$	—	$	205,071

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 143,783	$ 232,545
Accounts receivable, net	433	183
Inventory	2,027	0
Prepaid expenses and other current assets	4,134	3,387
Total current assets	150,377	236,115
Property and equipment, net	6,869	10,528
Operating lease right-of-use-assets	35,072	12,907
Other long-term assets	1,776	6,278
Total assets	194,094	265,828
Current liabilities:
Accounts payable	4,111	5,122
Accrued compensation	3,483	6,369
Accrued liabilities	789	6,383
Operating lease liabilities, current portion	2,995	1,232
Total current liabilities	11,378	19,106
Operating lease liabilities, long-term portion	30,330	12,745
Total liabilities	41,708	31,851
Commitments and contingencies (Note 5)
Stockholders equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 26,781,615 and 26,408,031 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	603,405	598,913
Accumulated deficit	(451,025)	(364,942)
Total stockholders' equity	152,386	233,977
Total liabilities and stockholders equity	194,094	265,828
Series 1 Convertible Preferred Stock
Stockholders equity:
Series 1 convertible preferred stock, $0.0001 par value - 60,000,000 shares authorized and 29,863,674 shares issued and outstanding as of September 30, 2022 and December 31, 2021; aggregate liquidation preference of $3 as of September 30, 2022 and December 31, 2021	$ 3	$ 3

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' equity

6. Stockholders’ equity

Convertible preferred stock

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 September 30, 2022 and December 31, 2021, there were no shares of Series 2 non-voting convertible preferred stock outstanding.

The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock authorized and outstanding 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 are as follows:

Voting

The holders of our Series 1 convertible preferred stock are entitled to one vote per share. Holders of shares of our common stock and Series 1 convertible preferred stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders. 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.

Conversion

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 into common 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.

Dividends

The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have the right to receive dividends first or simultaneously with payment of dividends on common stock. As of September 30, 2022, no such dividends had been declared or accrued.

Liquidation preference

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

Protective provisions

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

Redemption rights

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 Agreement 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. On May 10, 2022, the Company filed a registration statement on Form S-3 with the SEC to register the registrable securities pursuant to the Registration Rights Agreement, which registration statement was declared effective on May 24, 2022. 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 nine months ended September 30, 2022.

On July 27, 2022, the Company received a notice (the “Notice”) from the Nasdaq Stock Market (“Nasdaq”) that the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1), as the minimum bid price of the Company’s common stock had been below $1.00 per share for thirty-one (31) consecutive business days as of the date of the Notice. The Notice has no immediate effect on the listing of the Company’s common stock, which will continue to trade at this time on the Nasdaq Global Market under the symbol “TLIS.”

- Definition

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

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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Numerator:
Net loss - basic and diluted	$	(26,021	)	$	(38,418	)	$	(86,083	)	$	(163,382	)
Denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted		26,646,205			25,787,101			26,553,603			19,427,730
Net loss per share - basic and diluted	$	(0.98	)	$	(1.49	)	$	(3.24	)	$	(8.41	)

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

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


	As of September 30,
	2022		2021
Series 1 convertible preferred stock		29,863,674		29,863,674
Options to purchase common stock		8,717,923		8,162,144
Shares estimated to be purchased under 2021 ESPP		162,761		126,112
Unvested RSUs		344,177		310,520
Total		39,088,535		38,462,450

Commitments and Contingencies - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Option	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)
Commitments And Contingencies [Line Items]
Operating lease right-of-use-assets	$ 35,072		$ 12,907
Operating lease liability	33,325
Unconditional purchase obligation	3,900
Standby Letters of Credit
Commitments And Contingencies [Line Items]
LineOfCredit			$ 1,000
Letter of Credit
Commitments And Contingencies [Line Items]
letter of credit facility				$ 800
Cash collateral for line of credit facility		$ 1,000
Chicago, IL \| Letter of Credit
Commitments And Contingencies [Line Items]
Cash collateral for line of credit facility				$ 800
Redwood City, CA \| Letter of Credit
Commitments And Contingencies [Line Items]
letter of credit facility		$ 1,000
Laboratory and Office Space \| Chicago, IL
Commitments And Contingencies [Line Items]
Renewal term				11 years
Annual minimum commitment				$ 1,700
Fixed escalations percentage per annum				2.50%
Laboratory and Office Space \| Redwood City, CA
Commitments And Contingencies [Line Items]
Operating lease right-of-use-assets	23,900
Payment to Landlord	$ 4,700
Initial term of operating lease	10 years 6 months
Existence of option to extend operating lease	true
Renewal term	5 years
Annual minimum commitment	$ 2,600
Fixed escalations percentage per annum	3.00%
Number of options to extend Lease term \| Option	2

Related Party Transactions - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Majority Shareholder, The Baker Funds, Six Officers and Two Members of the Board of Directors
Related Party Transaction [Line Items]
Proceeds from related parties in initial public offering	$ 106.2

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Talis Biomedical Corporation
Entity Central Index Key	0001584751
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-40047
Entity Tax Identification Number	46-3122255
Entity Address, Address Line One	3400 Bridge Parkway
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	433-3000
Entity Incorporation State Country Code	DE
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TLIS
Security Exchange Name	NASDAQ
Entity Stock, Shares Outstanding		56,645,589
Common Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		26,781,915
Series 1 Convertible Preferred Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		29,863,674

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total revenue, net	$ 796	$ 218	$ 4,555	$ 7,335
Cost of product sold	1,236	0	6,059	0
Gross profit (loss)	(440)	218	(1,504)	7,335
Operating expenses:
Research and development	17,521	25,841	55,589	140,529
Selling, general and administrative	8,825	12,792	29,933	30,102
Total operating expenses	26,346	38,633	85,522	170,631
Loss from operations	(26,786)	(38,415)	(87,026)	(163,296)
Other income (expense), net	765	(3)	943	(86)
Net loss and comprehensive loss	$ (26,021)	$ (38,418)	$ (86,083)	$ (163,382)
Net loss per share - basic	$ (0.98)	$ (1.49)	$ (3.24)	$ (8.41)
Net loss per share - diluted	$ (0.98)	$ (1.49)	$ (3.24)	$ (8.41)
Weighted average shares basic	26,646,205	25,787,101	26,553,603	19,427,730
Weighted average shares diluted	26,646,205	25,787,101	26,553,603	19,427,730
Grant
Revenue	$ 66	$ 218	$ 1,010	$ 7,335
Product revenue, net
Revenue	$ 730	$ 0	$ 3,545	$ 0

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (26,021)	$ (27,011)	$ (33,051)	$ (38,418)	$ (64,472)	$ (60,492)	$ (86,083)	$ (163,382)
Denominator:
Weighted-average number of shares of common stock outstanding - basic	26,646,205			25,787,101			26,553,603	19,427,730
Weighted-average number of shares of common stock outstanding - diluted	26,646,205			25,787,101			26,553,603	19,427,730
Net loss per share - basic	$ (0.98)			$ (1.49)			$ (3.24)	$ (8.41)
Net loss per share - diluted	$ (0.98)			$ (1.49)			$ (3.24)	$ (8.41)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, these unaudited condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. The results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period.

The condensed balance sheet presented as of December 31, 2021 has been derived from the audited financial statements as of that date. The condensed financial statements and notes as presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this Quarterly Report should be read in conjunction with the financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (Annual Report) filed with the SEC.

The significant accounting policies used in preparation of these condensed financial statements as of and for the three and nine months ended September 30, 2022 are consistent with those described in our Annual Report.

Use of estimates

The preparation of financial statements in conformity with 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, inventory valuation reserves, estimation of variable consideration, stock-based compensation expense, the measurement of right-of-use assets and lease liabilities, allowance for doubtful accounts, and uncertain tax positions. Actual results could vary from the amounts derived from management’s estimates and assumptions.

During the third quarter of 2022, the Company shortened the useful life of certain lab equipment as a result of manufacturing changes brought about by the decision to no longer pursue the commercialization of the stand-alone Talis One COVID 19 assay in the United States. This change in estimate resulted in $3.3 million of accelerated depreciation expense during the three and nine-months ended September 30, 2022.

Reclassifications

The accompanying condensed statement of cash flows for the nine-month period ended September 30, 2021 and the accompanying condensed balance sheet for the year ended December 31, 2021 reflects the Company's reclassification of grants receivables and unbilled grants receivables to accounts receivable, to conform to the presentation of the current period.

Accounts receivable, net

Accounts receivable include trade receivables, unbilled receivables and grant receivables. The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. The Company considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends and specific exposures related to particular customers. Accounts receivable are charged off after all reasonable means to collect the full amount have been exhausted. The Company has an immaterial allowance for doubtful accounts as of September 30, 2022.

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 accounts 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.

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.

Global economic conditions remain volatile resulting from the continuing and evolving effects of the COVID-19 pandemic, inflationary pressures, rising interest rates, the ongoing military conflict between Russian and Ukraine and related sanctions imposed against Russia and otherwise. The Company continues to evaluate the potential impact of these global issues on our current and future business operations, including our expenses, clinical trials and addressable markets as well as on our industry and healthcare system.

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.

Inventory

Inventory, which consists of finished goods, is valued at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first-out method. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration and other factors.

In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. The Company periodically reviews its inventories for shelf life, excess or obsolescence and writes-down obsolete or otherwise unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than the carrying value, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Inventory write-downs are recorded in cost of product sold and a new lower-cost basis for the inventory is established. Excess and obsolete inventory is primarily based on estimated forecasted sales, usage levels, and expiration dates.

Revenue Recognition

Product revenue, net

The Company generates revenues from its sales of third-party Antigen Tests. The Company obtains control of the product and assumes inventory risk before it is transferred to the customer and therefore reports revenue on the gross amount billed to the customer. The Company has recognized sales from two primary customer types: (i) direct customers including hospitals, urgent care centers, physician, public health and retail clinics, and (ii) sub-distributors.

The Company recognizes revenue under Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, when a customer obtains control of promised goods or services, with a transaction price that reflects the consideration which the entity expects to receive in exchange for those goods or services. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. If necessary, revenue is recorded net of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The Company estimates the amount of its product sales that may result in returns or in price adjustments and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The returned assets cannot be re-sold and have no value to the Company.

The Company identifies the contract with a customer and determines the performance obligations and the contract price. The contract price is allocated to the distinct performance obligations in the contract and revenue is recognized when the performance obligations have been satisfied. A performance obligation is considered to be satisfied once the control of a product is transferred to the customer or the service is provided to the customer, meaning the customer has the ability to use and obtain the benefit of the goods or service, generally at product shipment.

The Company recognizes receivables in an amount expected to be collected in a transaction. The Company’s payment terms are generally net 30 days of billing. Contracts do not contain significant financing components based on the typical period of time between delivery of products and collection of contract consideration. Certain types of customers may pay in advance of product delivery. In those instances, payment and delivery typically occur in the same month. The Company invoices its customers upon shipment of product and records its sales upon shipment in accordance with its standard terms and conditions, unless underlying customer contracts specify otherwise. When necessary, the Company invoices and collects sales tax from its customers for sales of products. The Company has elected to exclude sales tax from the measurement of the transaction price.

Contract balances

A receivable is recognized in the period the Company delivers goods or provides services or when the Company’s right to consideration is unconditional. The Company usually does not record contract assets because the Company has an unconditional right to payment upon satisfaction of the performance obligation, and therefore, a receivable is more commonly recorded than a contract asset. Receivables from contracts with customers are included within accounts receivable, net on the condensed balance sheets.

Contract liabilities include payments received in advance of performance under a contract and are satisfied as the associated revenue is recognized. When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with the amount allocated to those performance obligations is reflected as contract liabilities on the condensed balance sheets and is deferred until control of these performance obligations is transferred to the customer. There are no contract liabilities as of September 30, 2022.

Contract costs

Under ASC 606, the Company is required to capitalize incremental costs to obtain customer contracts if the costs relate directly to a contract that can be specifically identified and expect to be recovered. These costs are required to be amortized to expense consistent with the transfer of the goods or services to the customer to which the asset relates. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. The Company did not have any capitalized contract costs as of and for the nine months ended September 30, 2022.

Costs of product sold

Costs of product sold include material costs, direct labor, provisions for inventory write-downs and shipping and handling costs incurred. The Company reports product shipment costs within cost of products sold in the accompanying statements of operations.

New accounting pronouncements

Recently adopted accounting standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses 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. The Company early adopted ASU 2016-13 on January 1, 2022 with no impact on its accumulated deficit, current financial position, results of operations and comprehensive loss or cash flows.

Organization and Nature of Business

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and nature of business

Talis Biomedical Corporation (the Company) is a molecular diagnostic company focused on advancing health equity and outcomes through the delivery of accurate infectious disease testing in the moment of need, at the point of care. The Company plans to develop and commercialize innovative products on its sample-to-answer Talis One system to enable accurate, low cost, and rapid molecular testing. In November 2021, the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for use of the stand-alone Talis One COVID-19 assay in a variety of healthcare settings, and on May 12, 2022, we received the CE Mark certification under the European In-Vitro Diagnostic Devices Directive (IVDD) for the stand-alone Talis One COVID-19 assay. On August 23, 2022, in response to our withdrawal request filed on August 12, 2022, the FDA revoked our EUA for the stand-alone Talis One COVID-19 assay, as we no longer plan to pursue commercialization of the stand-alone Talis One COVID-19 assay in the United States. In January 2022, the Company began to act as an authorized distributor for third-party COVID-19 antigen tests (Antigen Tests). The Company intends to conclude this program, upon the earlier of (i) selling its limited remaining Antigen Tests and (ii) the expiration date of the Antigen Tests. The Company was incorporated in 2013 under the general laws of the State of Delaware and is based in Redwood City, California (CA) and Chicago, Illinois (IL).

Initial Public Offering

In February 2021, the Company completed an initial public offering (IPO) in which the Company issued and sold 13,800,000 shares of common stock at a public offering price of $16.00 per share, with an additional 2,070,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares. The aggregate proceeds received by the Company from the IPO was $232.5 million after deducting underwriting discounts, commissions and offering expenses of approximately $21.3 million. Upon the closing of the IPO, affiliated preferred shares with a carrying value of $225.4 million were converted into 29,863,674 Series 1 convertible preferred stock. The remaining outstanding convertible preferred shares were converted into 7,555,432 shares of common stock.

Liquidity

The Company has incurred significant losses and negative cash flows since inception, including a net loss of $86.1 million for the nine months ended September 30, 2022. As of September 30, 2022, the Company had unrestricted cash and cash equivalents of $143.8 million and $1.8 million of restricted cash held within other long-term assets on the condensed balance sheet.

Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities and commercialization of the Talis One system. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue to operationalize the Company’s current technology and to advance the development of its products. The Company expects its existing unrestricted cash and cash equivalents as of September 30, 2022 will be sufficient to fund its operations through at least one year from the date these condensed financial statements are issued. The Company expects to finance its future operations with its existing unrestricted cash and cash equivalents and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, grant agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. The Company’s ability to raise additional capital through either the issuance of equity or debt, is dependent on a number of factors including, but not limited to, the demand for the Company, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

In March 2022, we implemented a reduction in force (RIF) designed to reduce our operating expenses, preserve cash and align our remaining resources to focus on, among other things, developing internal manufacturing expertise to support the commercial launch of the Talis One system. We incurred $1.0 million of expenses during the nine months ended September 30, 2022 related to this RIF, substantially all of which consisted of charges related to the staff reduction, including cash expenditures and other costs.

In August 2022, we implemented a separate RIF designed to further reduce our operating expenses, preserve cash and align our remaining resources to focus on, among other things, developing women's health and STI assays on the Talis One system and internal manufacturing expertise to support our strategic plans. We incurred $1.5 million of expenses related to this RIF during the three months ended September 30, 2022, substantially all of which consisted of charges related to the staff reduction, including cash expenditures and other costs.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, these unaudited condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. The results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The condensed balance sheet presented as of December 31, 2021 has been derived from the audited financial statements as of that date. The condensed financial statements and notes as presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this Quarterly Report should be read in conjunction with the financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (Annual Report) filed with the SEC. The significant accounting policies used in preparation of these condensed financial statements as of and for the three and nine months ended September 30, 2022 are consistent with those described in our Annual Report.
Use of Estimates	Use of estimates The preparation of financial statements in conformity with 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, inventory valuation reserves, estimation of variable consideration, stock-based compensation expense, the measurement of right-of-use assets and lease liabilities, allowance for doubtful accounts, and uncertain tax positions. Actual results could vary from the amounts derived from management’s estimates and assumptions. During the third quarter of 2022, the Company shortened the useful life of certain lab equipment as a result of manufacturing changes brought about by the decision to no longer pursue the commercialization of the stand-alone Talis One COVID 19 assay in the United States. This change in estimate resulted in $3.3 million of accelerated depreciation expense during the three and nine-months ended September 30, 2022.
Reclassifications	Reclassifications The accompanying condensed statement of cash flows for the nine-month period ended September 30, 2021 and the accompanying condensed balance sheet for the year ended December 31, 2021 reflects the Company's reclassification of grants receivables and unbilled grants receivables to accounts receivable, to conform to the presentation of the current period.
Allowance receivable, net	Accounts receivable, net Accounts receivable include trade receivables, unbilled receivables and grant receivables. The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. The Company considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends and specific exposures related to particular customers. Accounts receivable are charged off after all reasonable means to collect the full amount have been exhausted. The Company has an immaterial allowance for doubtful accounts as of September 30, 2022.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts 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. 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. Global economic conditions remain volatile resulting from the continuing and evolving effects of the COVID-19 pandemic, inflationary pressures, rising interest rates, the ongoing military conflict between Russian and Ukraine and related sanctions imposed against Russia and otherwise. The Company continues to evaluate the potential impact of these global issues on our current and future business operations, including our expenses, clinical trials and addressable markets as well as on our industry and healthcare system. 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.
Inventory	Inventory Inventory, which consists of finished goods, is valued at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first-out method. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration and other factors. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. The Company periodically reviews its inventories for shelf life, excess or obsolescence and writes-down obsolete or otherwise unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than the carrying value, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Inventory write-downs are recorded in cost of product sold and a new lower-cost basis for the inventory is established. Excess and obsolete inventory is primarily based on estimated forecasted sales, usage levels, and expiration dates.
Revenue Recognition	Revenue Recognition Product revenue, net The Company generates revenues from its sales of third-party Antigen Tests. The Company obtains control of the product and assumes inventory risk before it is transferred to the customer and therefore reports revenue on the gross amount billed to the customer. The Company has recognized sales from two primary customer types: (i) direct customers including hospitals, urgent care centers, physician, public health and retail clinics, and (ii) sub-distributors. The Company recognizes revenue under Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, when a customer obtains control of promised goods or services, with a transaction price that reflects the consideration which the entity expects to receive in exchange for those goods or services. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. If necessary, revenue is recorded net of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The Company estimates the amount of its product sales that may result in returns or in price adjustments and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The returned assets cannot be re-sold and have no value to the Company. The Company identifies the contract with a customer and determines the performance obligations and the contract price. The contract price is allocated to the distinct performance obligations in the contract and revenue is recognized when the performance obligations have been satisfied. A performance obligation is considered to be satisfied once the control of a product is transferred to the customer or the service is provided to the customer, meaning the customer has the ability to use and obtain the benefit of the goods or service, generally at product shipment. The Company recognizes receivables in an amount expected to be collected in a transaction. The Company’s payment terms are generally net 30 days of billing. Contracts do not contain significant financing components based on the typical period of time between delivery of products and collection of contract consideration. Certain types of customers may pay in advance of product delivery. In those instances, payment and delivery typically occur in the same month. The Company invoices its customers upon shipment of product and records its sales upon shipment in accordance with its standard terms and conditions, unless underlying customer contracts specify otherwise. When necessary, the Company invoices and collects sales tax from its customers for sales of products. The Company has elected to exclude sales tax from the measurement of the transaction price. Contract balances A receivable is recognized in the period the Company delivers goods or provides services or when the Company’s right to consideration is unconditional. The Company usually does not record contract assets because the Company has an unconditional right to payment upon satisfaction of the performance obligation, and therefore, a receivable is more commonly recorded than a contract asset. Receivables from contracts with customers are included within accounts receivable, net on the condensed balance sheets. Contract liabilities include payments received in advance of performance under a contract and are satisfied as the associated revenue is recognized. When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with the amount allocated to those performance obligations is reflected as contract liabilities on the condensed balance sheets and is deferred until control of these performance obligations is transferred to the customer. There are no contract liabilities as of September 30, 2022. Contract costs Under ASC 606, the Company is required to capitalize incremental costs to obtain customer contracts if the costs relate directly to a contract that can be specifically identified and expect to be recovered. These costs are required to be amortized to expense consistent with the transfer of the goods or services to the customer to which the asset relates. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. The Company did not have any capitalized contract costs as of and for the nine months ended September 30, 2022.
Costs of product sold	Costs of product sold Costs of product sold include material costs, direct labor, provisions for inventory write-downs and shipping and handling costs incurred. The Company reports product shipment costs within cost of products sold in the accompanying statements of operations.
New Accounting Pronouncements	New accounting pronouncements Recently adopted accounting standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses 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. The Company early adopted ASU 2016-13 on January 1, 2022 with no impact on its accumulated deficit, current financial position, results of operations and comprehensive loss or cash flows.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and contingencies

Operating leases

In January 2021, the Company entered an 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 lease is approximately $1.7 million annually with fixed escalations of 2.5% per annum.

In January 2021, the Company entered an operating lease for laboratory and office space in Redwood City, CA. The Company received access to the premises and the lease commenced in June 2022. As of September 30, 2022, the Company recorded a right-of-use asset of $23.9 million on the Company's condensed balance sheet, including $4.7 million for a prepayment made to the landlord in 2021. The lease is classified as an operating lease and 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 lease is approximately $2.6 million annually with fixed escalations of 3.0% per annum.

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Costs	2022		2021		2022		2021
Operating lease costs	$	1,285	$	663	$	2,927	$	1,311
Variable lease costs		321		28		515		80
Total operating lease costs	$	1,606	$	691	$	3,442	$	1,391
Cash Flows
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	343	$	289	$	954	$	755


	September 30,
	2022			2021
Weighted-average remaining lease term	10.1 years			10.2 years
Weighted-average discount rate		7.0	%		5.1	%

The undiscounted future lease payments for operating leases as of September 30, 2022 were as follows (in thousands):


	Operating Leases
2022 (remainder)		406
2023		3,782
2024		4,374
2025		4,496
2026		4,621
2027 and thereafter		29,698
Total future minimum lease payments		47,377
Less: imputed interest		(14,052	)
Present value of operating lease liabilities		33,325
Less: current portion of lease liabilities		(2,995	)
Noncurrent portion of lease liabilities	$	30,330

Standby letters of credit

In January 2022, in conjunction with the Company’s Redwood City, CA operating lease, the Company entered into a standby letter of credit (LOC) in the amount of $1.0 million to secure the lease through its expiration. The Company is required to maintain a cash balance of $1.0 million as collateral for the LOC, which has been classified in other long-term assets on the balance sheet. In exchange, $1.0 million in funds held with the landlord as a long-term deposit in other long-term assets on the balance sheet as of December 31, 2021, was released.

In conjunction with the Chicago, IL laboratory and office space lease, 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 September 30, 2022, because it is unavailable for a period longer than one year from the balance sheet date. The LOC had not been drawn upon through September 30, 2022.

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 indemnification 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. As of September 30, 2022, the Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Unconditional purchase obligations

In the normal course of business, the Company enters into various firm purchase commitments. As of September 30, 2022, these commitments totaled approximately $3.9 million, all of which are expected to be incurred by 2023.

Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 143,783	$ 273,603
Restricted cash	0	0
Restricted cash – other long-term assets	1,776	767
Total cash, cash equivalents and restricted cash	$ 145,559	$ 274,370

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

Fair Value Measurement

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair value measurement

The following table summarizes the Company's financial assets carried at fair value and measured on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	136,170	$	—	$	—	$	136,170
Total assets measured at fair value	$	136,170	$	—	$	—	$	136,170


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market funds)	$	205,071	$	—	$	—	$	205,071
Total assets measured at fair value	$	205,071	$	—	$	—	$	205,071

- Definition

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

+ References + Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net loss per share

Net loss per share

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Numerator:
Net loss - basic and diluted	$	(26,021	)	$	(38,418	)	$	(86,083	)	$	(163,382	)
Denominator:
Weighted-average number of shares of common stock outstanding - basic and diluted		26,646,205			25,787,101			26,553,603			19,427,730
Net loss per share - basic and diluted	$	(0.98	)	$	(1.49	)	$	(3.24	)	$	(8.41	)


	As of September 30,
	2022		2021
Series 1 convertible preferred stock		29,863,674		29,863,674
Options to purchase common stock		8,717,923		8,162,144
Shares estimated to be purchased under 2021 ESPP		162,761		126,112
Unvested RSUs		344,177		310,520
Total		39,088,535		38,462,450

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 17, 2021 USD ($) shares	Feb. 28, 2021 $ / shares shares	Mar. 31, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Jul. 27, 2022 $ / shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Class Of Stock [Line Items]
Preferred stock dividend declared or accrued \| $				$ 0
Common stock, shares authorized		200,000,000		200,000,000		200,000,000
Common stock, par value \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Minimum bid price \| $ / shares					$ 1.00
Common stock, voting rights		one vote per share
Common Stock
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares				7,555,432
Preferred stock dividend declared or accrued \| $				$ 0
Common stock issued and sold			15,870,000
Proceeds received from IPO \| $	$ 232,500
Common Stock \| IPO
Class Of Stock [Line Items]
Common stock issued and sold	13,800,000
Common Stock \| Underwriter's Option
Class Of Stock [Line Items]
Common stock issued and sold	2,070,000
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				60,000,000		60,000,000
Shares issued on conversion of convertible preferred shares				29,863,674
Convertible preferred stock outstanding				29,863,674		29,863,674
Liquidation preference of convertible preferred stock \| $ / shares				$ 0.0001		$ 0.0001
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 outstanding				0		0
Conversion ratio				1
Notice period				61 days
Liquidation preference of convertible preferred stock \| $ / shares				$ 0.0001
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%
Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock outstanding							53,509,351
Shares issued on conversion of convertible preferred shares				10,804,295
Convertible preferred shares carrying value, converted \| $	$ 225,400			$ 225,400
Convertible Preferred Stock \| IPO
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares				42,705,056

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	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, 2020	$ (108,571)					$ 64,335	$ (172,906)
Temporary Equity Balance, Shares at Dec. 31, 2020		53,509,351
Temporary Equity Balance at Dec. 31, 2020		$ 290,945
Balance, Shares at Dec. 31, 2020					2,126,254
Issuance of Common Stock upon exercise of stock options	131					131
Issuance of Common Stock upon exercise of stock options, Shares					85,895
Issuance of Common Stock upon initial public offering, net of issuance costs of $21,349	232,548				$ 2	232,546
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares					15,870,000
Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering	290,945	$ (290,945)		$ 3		290,942
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	1,772					1,772
Net loss	(60,492)						(60,492)
Balance at Mar. 31, 2021	356,333			$ 3	$ 2	589,726	(233,398)
Balance, Shares at Mar. 31, 2021					25,637,581
Balance, Shares at Mar. 31, 2021				29,863,674
Balance at Dec. 31, 2020	(108,571)					64,335	(172,906)
Temporary Equity Balance, Shares at Dec. 31, 2020		53,509,351
Temporary Equity Balance at Dec. 31, 2020		$ 290,945
Balance, Shares at Dec. 31, 2020					2,126,254
Net loss	(163,382)
Balance at Sep. 30, 2021	258,792			$ 3	$ 2	595,075	(336,288)
Balance, Shares at Sep. 30, 2021					25,963,014
Balance, Shares at Sep. 30, 2021				29,863,674
Balance at Mar. 31, 2021	356,333			$ 3	$ 2	589,726	(233,398)
Balance, Shares at Mar. 31, 2021				29,863,674
Balance, Shares at Mar. 31, 2021					25,637,581
Issuance of Common Stock upon exercise of stock options	80					80
Issuance of Common Stock upon exercise of stock options, Shares					52,792
Stock-based compensation expense	1,791					1,791
Net loss	(64,472)						(64,472)
Balance at Jun. 30, 2021	293,732			$ 3	$ 2	591,597	(297,870)
Balance, Shares at Jun. 30, 2021					25,690,373
Balance, Shares at Jun. 30, 2021				29,863,674
Issuance of Common Stock upon exercise of stock options	563					563
Issuance of Common Stock upon exercise of stock options, Shares					205,521
Issuance of Common Stock pursuant to employee stock purchase plan	439					439
Issuance of Common Stock pursuant to employee stock purchase plan, Shares					67,120
Stock-based compensation expense	2,476					2,476
Net loss	(38,418)						(38,418)
Balance at Sep. 30, 2021	258,792			$ 3	$ 2	595,075	(336,288)
Balance, Shares at Sep. 30, 2021					25,963,014
Balance, Shares at Sep. 30, 2021				29,863,674
Balance at Dec. 31, 2021	$ 233,977			$ 3	$ 3	598,913	(364,942)
Balance, Shares at Dec. 31, 2021			29,863,674	29,863,674
Balance, Shares at Dec. 31, 2021	26,408,031				26,408,031
Issuance of Common Stock upon exercise of stock options	$ 98					98
Issuance of Common Stock upon exercise of stock options, Shares					65,862
Issuance of Common Stock pursuant to employee stock purchase plan	216					216
Issuance of Common Stock pursuant to employee stock purchase plan, Shares					145,027
Stock-based compensation expense	1,545					1,545
Net loss	(33,051)						(33,051)
Balance at Mar. 31, 2022	202,785			$ 3	$ 3	600,772	(397,993)
Balance, Shares at Mar. 31, 2022					26,618,920
Balance, Shares at Mar. 31, 2022				29,863,674
Balance at Dec. 31, 2021	$ 233,977			$ 3	$ 3	598,913	(364,942)
Balance, Shares at Dec. 31, 2021			29,863,674	29,863,674
Balance, Shares at Dec. 31, 2021	26,408,031				26,408,031
Issuance of Common Stock upon exercise of stock options, Shares	65,862
Net loss	$ (86,083)
Balance at Sep. 30, 2022	$ 152,386			$ 3	$ 3	603,405	(451,025)
Balance, Shares at Sep. 30, 2022	26,781,915				26,781,915
Balance, Shares at Sep. 30, 2022			29,863,674	29,863,674
Balance at Mar. 31, 2022	$ 202,785			$ 3	$ 3	600,772	(397,993)
Balance, Shares at Mar. 31, 2022				29,863,674
Balance, Shares at Mar. 31, 2022					26,618,920
Stock-based compensation expense	1,245					1,245
Net loss	(27,011)						(27,011)
Balance at Jun. 30, 2022	177,019			$ 3	$ 3	602,017	(425,004)
Balance, Shares at Jun. 30, 2022					26,618,920
Balance, Shares at Jun. 30, 2022				29,863,674
Issuance of Common Stock pursuant to employee stock purchase plan	92					92
Issuance of Common Stock pursuant to employee stock purchase plan, Shares					120,195
Issuance of Common Stock pursuant to vesting of awards under equity incentive plan					42,800
Stock-based compensation expense	1,296					1,296
Net loss	(26,021)						(26,021)
Balance at Sep. 30, 2022	$ 152,386			$ 3	$ 3	$ 603,405	$ (451,025)
Balance, Shares at Sep. 30, 2022	26,781,915				26,781,915
Balance, Shares at Sep. 30, 2022			29,863,674	29,863,674

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at December 31, 2021 \| shares	407,720
Granted \| shares	337,700
Vested \| shares	(46,675)
Forfeited \| shares	(354,568)
Outstanding at September 30, 2022 \| shares	344,177
Outstanding at December 31, 2021 \| $ / shares	$ 5.74
Granted \| $ / shares	1.23
Vested \| $ / shares	6.14
Forfeited \| $ / shares	4.10
Outstanding at September 30, 2022 \| $ / shares	$ 2.94