0000950170-22-003365 | 10-K | XBRL Viewer

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Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 186,816	$ 220,383
Restricted cash	164	560
Short-term investments	3,918	23,130
Other current assets	13,526	5,944
Total current assets	204,424	250,017
Operating lease right-of-use assets	8,789	6,901
Property and equipment, net	6,180	8,007
Long-term investments	15,110
Other assets	866	377
Total assets	235,369	265,302
Current liabilities:
Accounts payable	3,015	3,313
Accrued liabilities	25,394	16,564
Operating lease liabilities, current	2,769	2,442
Finance lease liabilities, current	138	64
Deferred Revenue from collaborations, current	7,641	7,891
Total current liabilities	38,957	30,274
Operating lease liabilities, net of current portion	11,287	10,371
Finance lease liabilities, net of current portion	261	130
Long term liabilities	133	379
Deferred revenue from collaborations		4,109
Total liabilities	50,638	45,263
Stockholders’ equity:
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of December 31, 2021 and 2020, respectively.
Common stock, $0.0001 par value; 320,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 42,690,229 and 38,120,606 shares issued and outstanding as of December 31, 2021 and 2020, respectively	4	4
Additional paid-in capital	487,347	394,963
Accumulated deficit	(303,072)	(174,740)
Accumulated other comprehensive income (loss)	452	(188)
Total stockholders’ equity	184,731	220,039
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$ 235,369	$ 265,302

Consolidated balance sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	320,000,000	320,000,000
Common Stock, Shares, Issued	42,690,229	38,120,606
Common Stock, Shares, Outstanding	42,690,229	38,120,606

Consolidated statements of operations and comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from collaborations	$ 4,359
Operating expenses:
Research and development	104,153	$ 79,890
General and administrative	28,527	17,944
Total operating expenses	132,680	97,834
Loss from operations	(128,321)	(97,834)
Interest and other (expense) income, net	132	(10,548)
Loss before income tax expense	(128,189)	(108,382)
Income tax expense	(143)	(161)
Net loss	(128,332)	(108,543)
Other comprehensive (loss) and income:
Gain (loss) on pension plans	749	(141)
(Loss) gain on available for sale investments	(109)	68
Comprehensive loss	$ (127,692)	$ (108,616)
Net loss per share, basic and diluted	$ (3.22)	$ (10.87)
Weighted average shares of common stock, basic and diluted	39,855,403	9,988,191

Consolidated statements of changes in redeemable convertible preferred stock and stockholders' equity (deficit) - USD ($) $ in Thousands	Total	Initial Public Offering	Green House Initial Public Offering	Series A	Series A Initial Public Offering	Series B-1	Series B-1 Initial Public Offering	Series B-2	Series B-2 Initial Public Offering	Common Stock	Common Stock Initial Public Offering	Common Stock Green House Initial Public Offering	Additional Paid-in Capital	Additional Paid-in Capital Initial Public Offering	Additional Paid-in Capital Green House Initial Public Offering	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ (64,891)									$ 0			$ 1,421			$ (66,197)	$ (115)
Beginning balance, Shares at Dec. 31, 2019	10,819,843					8,344,034
Beginning balance at Dec. 31, 2019	$ 100,695					$ 81,384
Beginning balance, Shares at Dec. 31, 2019										3,927,803
Issuance of common stock upon exercise of stock options	261									$ 0			261
Issuance of common stock upon exercise of stock options, shares										188,594
Vesting of early exercised common stock	363												363
Issuance of Series A redeemable convertible stock upon exercise of Series A warrants				$ 1,262
Issuance of Series A redeemable convertible stock upon exercise of Series A warrants, shares				120,702
Issuance of redeemable convertible preferred stock								$ 40,000
Issuance of redeemable convertible preferred stock, shares								3,569,630
Reclassification of Series A warrant and convertible preferred stock liabilities to equity				$ 620				$ 14,560
Reclassification of Series A warrant and convertible preferred stock liabilities to equity, shares					(10,940,545)
Conversion of redeemable convertible preferred stock to common stock		$ 238,523			$ (102,577)		$ (81,384)		$ (54,560)		$ 3			$ 238,520
Conversion of redeemable convertible preferred stock to common stock, shares							(8,344,034)		(3,569,630)		22,854,209
Issuance of common stock		$ 139,500	$ 16,043								$ 1	$ 0		$ 139,499	$ 16,042
Issuance of common stock, shares											10,000,000	1,150,000
Costs related to the follow-on offering	(4,116)												(4,116)
Stock-based compensation	2,975												2,975
Other comprehensive loss	(73)																(73)
Net loss	(108,543)															(108,543)
Ending balance at Dec. 31, 2020	220,039									$ 4			394,963			(174,740)	(188)
Ending balance, Shares at Dec. 31, 2020										38,120,606
Issuance of common stock upon exercise of stock options	394												394
Issuance of common stock upon exercise of stock options, shares										124,013
Stock Issued During Period, Value, Employee Stock Purchase Plan	653												653
Stock Issued During Period, Shares, Employee Stock Purchase Plans										45,610
Stock-based compensation expense related to employee stock awards	12,541												12,541
Stock-based compensation expense related to employee stock purchases	795												795
Vesting of early exercised common stock	292												292
Issuance of common stock	78,584												78,584
Issuance of common stock, shares										4,400,000
Costs related to the follow-on offering	(875)												(875)
Other comprehensive loss	640																640
Net loss	(128,332)															(128,332)
Ending balance at Dec. 31, 2021	$ 184,731									$ 4			$ 487,347			$ (303,072)	$ 452
Ending balance, Shares at Dec. 31, 2021										42,690,229

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (128,332)	$ (108,543)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on short term investments	86	234
Amortization of right of use assets	759	590
Depreciation expense	3,019	2,735
Stock-based compensation	13,457	2,975
Change in fair value of derivative liability		296
Change in fair value of convertible preferred stock liabilities		11,387
Changes in operating assets and liabilities:
Other assets	(8,072)	(4,107)
Accounts payable	(313)	(130)
Accrued liabilities	9,742	9,566
Operating lease liabilities	(1,404)	(1,266)
Other liabilities	(245)
Deferred revenue from collaborations	(4,359)	12,000
Net cash and cash equivalents used in operating activities	(115,662)	(74,263)
Cash flows from investing activities:
Purchases of short-term investments	(2,696)	(32,097)
Purchases of long-term investments	(16,390)	(13,184)
Maturities of short-term investments	23,000	80,100
Purchases of property and equipment	(892)	(2,064)
Net cash and cash equivalents provided by investing activities	3,022	32,755
Cash flows from financing activities:
Payments on finance lease	(79)	(58)
Payments of deferred offering costs	(875)	(4,116)
Proceeds from exercise of warrants for series A redeemable convertible preferred stock		1,125
Proceeds from issuance of redeemable convertible preferred stock Series B-1, net of $37 issuance costs paid		40,000
Payments of series B-1 issuance cost		(405)
Net cash and cash equivalents provided by financing activities	78,677	192,348
Net increase in cash, cash equivalents, and restricted cash	(33,963)	150,840
Cash, cash equivalents, and restricted cash, beginning of period	220,943	70,103
Cash, cash equivalents, and restricted cash, end of period	186,980	220,943
Reconciliation to amounts on the consolidated balance sheet:
Cash and cash equivalents	186,816	220,383
Restricted cash	164	560
Cash, cash equivalents, and restricted cash, end of period	186,980	220,943
Supplemental disclosures of noncash financing and investing activities:
Leasehold improvement directly paid by landlord		79
Liability in connection to the issuance of redeemable convertible preferred stock series B-1		14,560
Mark to market adjustments for available-for-sale investments	(109)	68
Equipment acquired through finance lease	284
Vesting of early exercised options	292	363
Acquisition of right-of-use asset through operating lease obligation	2,647
PP&E Purchase still in Accounts Payable	15	82
Change in pension obligation	749	(141)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering		238,522
Change in fair value of derivative liability upon exercise of warrants		757
Follow-on Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	78,584
Employee Stock
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 1,047	260
Initial Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock		139,500
Over-Allotment Option
Cash flows from financing activities:
Proceeds from issuance of common stock		$ 16,042

Consolidated statements of cash flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Redeemable Convertible Preferred Stock Series B-1
Issuance costs	$ 37

Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Description of business

Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (the Subsidiary or Aligos-Belgium). On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the Company or Aligos.

Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including chronic hepatitis B and coronaviruses and therapeutics for nonalcoholic steatohepatitis (NASH).

The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its preclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals.

Reverse stock split

On October 8, 2020, the Company’s board of directors approved a 1-for-9.3197 reverse stock split (the Reverse Stock Split) of the Company’s common stock and redeemable convertible preferred stock to be consummated prior to the effectiveness of the Company’s planned initial public offering (IPO). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. The Company filed an amended and restated certificate of incorporation in Delaware on October 9, 2020 that automatically effectuated the Reverse Stock Split without any further action required.

Initial public offering

On October 20, 2020, the Company closed its IPO and issued 10,000,000 shares of its common stock at a public offering price of $15.00 per share for net proceeds of $135.4 million, after deducting underwriting discounts and commissions of $10.5 million and expenses of $4.1 million. In connection with the IPO, all shares of Series A redeemable convertible preferred stock (Series A), Series B-1 redeemable convertible preferred stock (Series B‑1) and Series B-2 redeemable convertible preferred stock (Series B-2) converted into 19,761,870 shares of voting common stock and 3,092,338 shares of non-voting common stock. On November 5, 2020, the underwriters of the IPO partially exercised their overallotment option by purchasing an additional 1,150,000 shares from the Company, resulting in an additional $16.0 million in net proceeds, after deducting underwriting discounts and commissions of $1.2 million.

Liquidity

The Company has incurred losses and negative cash flows from operations since its inception. As of December 31, 2021 and 2020, the Company has an accumulated deficit of approximately $303.1 million and $174.7 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities.

As of December 31, 2021, the Company has unrestricted cash, cash equivalent and investments of approximately $205.8 million, which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop.

The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, it is expected that the Company’s existing cash, cash equivalents and investments, will enable the Company to fund its operations for at least 12 months following the date the consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally.

The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. In particular, the COVID-19 pandemic continues to rapidly evolve and has already resulted in a significant disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

The accompanying consolidated financial statements have been prepared on a basis that contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

Risks and uncertainties

The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. As a result, the Company is unable to predict the timing or amount of increased expenses or when or if the Company will be able to achieve or maintain profitability. Drug candidates currently under development will require significant additional research and development efforts, including extensive nonclinical and clinical testing and regulatory approval.

Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally.

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include all adjustments necessary for the fair presentation of the

Company’s financial position for the periods presented. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB).

Principles of consolidation

The accompanying consolidated financial statements include Aligos-US and its wholly owned subsidiaries Aligos-Belgium, Aligos-Australia and Aligos-Shanghai. All intercompany balances and transactions have been eliminated.

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP generally requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses subjective judgments include, but are not limited to, right-of-use assets, lease obligations, impairment of long-lived assets, stock-based compensation, accrued research and development costs, revenue from collaborations, deferred revenue, redeemable convertible preferred stock liability and pension liabilities in the accompanying consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Deferred offering costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated, including the Company’s July 2021 follow-on offering and issuance of 4,400,000 shares of the Company’s common stock at a price to the public of $19.00 per share for net proceeds of $77.7 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. There were no deferred offering costs recorded within other assets on the Company’s consolidated balance sheets as at each of December 31, 2021 and 2020.

Foreign currency

The Company’s foreign subsidiaries use the U.S. dollar as their functional currency, and they initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and non-monetary assets and liabilities are converted at historical rates. A re-measurement loss was recognized during the year ended December 31, 2021 of $6,000, and a re-measurement gain was recognized during the year ended December 31, 2020 of $121,000, and are reflected within interest and other income (expense), net on the consolidated statements of operations and comprehensive loss.

Segment information

The Company has determined that the Chief Executive Officer is its Chief Operating Decision Maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. No revenue has been generated since inception.

The Company has $5.0 million and $1.2 million of fixed assets in Aligos-US and Aligos-Belgium, respectively, as of December 31, 2021 and $6.6 million and $1.4 million of fixed assets in Aligos-US and Aligos‑Belgium, respectively as of December 31, 2020.

Cash equivalents

The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents.

Restricted cash

As of December 31, 2021 and 2020, the restricted cash balance was $0.2 million and $0.6 million, respectively, and was used primarily to secure letters of credit in relation to the Company’s operating leases and deposits on rental assets (Note 6), as well as employee withholdings for the employee stock purchase plan.

Investments

The Company generally invests its excess cash in money market funds and investment grade short-to-intermediate-term fixed income securities. Such investments are included in cash, cash equivalents, short-term and long-term investments on the consolidated Balance Sheets.

The Company determines the appropriate classification of short-term and long-term securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity, otherwise securities are classified as available-for sale. Held-to-maturity securities are carried at amortized cost. Available-for-sale debt securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in interest and other income (expense), net within the consolidated statements of operations and comprehensive loss.

For both held-to-maturity and available-for-sale investments, the Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as other income (expense), net, in the Company’s consolidated statements of operations and a new cost basis in the investment is established. No impairment charges were recorded during the years ended December 31, 2021 and 2020.

As of December 31, 2021 and 2020, investments consisted of Certificates of Deposit and U.S. Treasury securities, with original maturities of up to 1.50 years.

Concentrations of credit risk and significant suppliers

The Company has no significant off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, restricted cash and investments. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company generally invests its excess capital in money market funds, U.S. treasury bonds, U.S. treasury bills and certificates of deposit that are subject to minimal credit and market risks.

The Company is dependent on various third parties to manufacture compounds for the Company to conduct research and studies for its programs. These programs would be adversely delayed by a significant interruption in the supply of active pharmaceutical ingredients.

Leases

The Company determines if an arrangement is a lease at the inception of the lease. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheet. Finance leases are included in property and equipment and finance lease liabilities in the consolidated balance sheet.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the

Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement dates in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU assets also include any lease payments made and excludes lease incentives when paid by the Company or on the Company’s behalf. The Company’s lease terms may include the period covered by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

The Company has lease agreements with lease and non-lease components. The Company elected to not separate lease and non-lease components for all of its building leases. For vehicle leases, lease and non-lease components are accounted for separately. The Company also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight-line basis over the lease term and not recognize ROU assets or lease liabilities for such leases.

Property and equipment

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows:


Lab equipment		3 years
Computer equipment		3 years
Furniture and office equipment		3-8 years
Vehicles		4 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Impairment of long-lived assets

The Company regularly reviews the carrying amount of its property, equipment and intangible assets to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. If indications of impairment exist, projected future undiscounted cash flows associated with the asset are compared to the carrying amount to determine whether the asset’s value is recoverable. If the carrying value of the asset exceeds such projected undiscounted cash flows, the asset will be written down to its estimated fair value. No impairment charges were recorded during the years ended December 31, 2021 or 2020.

Research and development expenses

Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, and third-party license fees. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized.

In-process research and development (IPR&D) expense represents the costs to acquire technologies to be used in research and development that have not reached technological feasibility or have no alternative future uses and thus are expensed as incurred. IPR&D expense also includes upfront license fees and milestones paid to collaborators for technologies with no alternative use.

Collaborative arrangements

The Company enters into collaboration arrangements with pharmaceutical and other partners, under which the Company may grant licenses to its collaboration partners to research and develop potential drug candidates. Consideration under these contracts may include an upfront payment, development, regulatory, sales and other

milestone payments. Contractual payments received for research and development activities performed are recognized on a gross basis in revenue from collaboration arrangements.

The Company may also perform research and development activities under the collaboration agreements where the Company may be granted licenses from its collaboration partners. Contractual payments to the other party in collaboration agreements and costs incurred by the Company are recognized on a gross basis in research and development expenses. Royalties and license payments are recorded as due.

When the Company enters into collaboration arrangements, the Company assesses whether the arrangement falls within the scope of ASC 808, Collaborative Arrangements (ASC 808) based on whether the arrangement involves joint operating activities and whether both parties would be active participants and would be exposed to significant risks and rewards of the arrangement. To the extent that the arrangement falls within the scope of ASC 808, the Company assesses whether the payments between the parties fall within the scope of other accounting literature such as ASC 606, Revenue from Contracts with Customers (ASC 606).

During the year ended December 31, 2021, the Company made a milestone payment of $0.5 million. No royalties were due; therefore, the Company did not pay or expense any royalties. During the year ended December 31, 2020, a development milestone was met as the first patient dosing occurred and so the Company made a payment of $4.5 million. The milestone payments were included in research and development in the consolidated statement of operations. The upfront payment received during the year ended December 31, 2020 was recorded on the consolidated balance sheet as deferred revenue from collaborations.

Fair value measurements

Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

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

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

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

Stock-based compensation

The Company’s stock-based awards consist of restricted stock awards and stock options. For stock-based awards issued to employees and nonemployees, the Company measures the estimated fair value of the stock-based awards on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective awards. The Company records expense for awards with service-based vesting using the straight-line method. The Company accounts for forfeitures as they occur.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s cash compensation costs are classified.

The fair value of each restricted stock award is determined based on the number of shares granted and the value of the Company’s common stock on the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use of a number of assumptions including the fair value of the common stock, expected volatility, risk-free interest rate, expected dividends, and expected term of the option.

The Company determined the expected stock volatility using a weighted-average of the historical volatility of a group of guideline companies that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical data regarding the volatility of its own traded stock price.

The expected term of the Company’s stock options has been determined utilizing the simplified method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero.

The fair value of the Company’s 2020 Employee Stock Purchase Plan (the ESPP) is determined on the date the offering period begins using a Black-Scholes option-pricing model and similar assumptions for stock options as described above.

See Note 9 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a summary of the stock-based award activity under the Company’s stock-based compensation plan for years ended December 31, 2021 and 2020.

Income taxes

Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established.

The Company accounts for uncertain tax positions recognized in the consolidated financial statements by prescribing a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related interest and penalties.

Net loss per share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.

Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, unvested restricted stock subject to repurchase, warrants and convertible notes are considered to be potentially dilutive securities.

Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Benefit plans

The Company has established a defined contribution savings plan for its employees in Aligos-US under Section 401(k) of the Internal Revenue Code, and a defined benefits plan for its employees in Aligos-Belgium.

The Company uses the standard method for the recognition of the actuarial results as described in ASC 715. This means application of a 10% corridor and amortization over the expected average remaining working lives of the employees. The plan contains benefits to the plan participant on the normal plan retirement date and benefits to the partner after death of the plan participant. This plan is recognized under ASC 715.

Recently issued accounting standards

In June 2016, the FASB issued ASU No. 2016-13. Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. Currently, U.S. GAAP delays recognition of the full amount of credit losses until the loss is probable of occurring. Under this ASU, the income statement will reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses will be based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19,

Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19), which clarifies that receivables from operating leases are accounted for using the lease guidance and not as financial instruments. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2019-04), which clarifies the new expected credit loss methodology for loans, receivables and other financial assets, including recoveries and accrued interest on receivables. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2019-11), which clarifies guidance around how to report expected recoveries. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). The guidance removes specific exceptions to the general principles in ASC 740, improves application of income tax-related guidance and reduces complexity related to the accounting for income taxes. The standard is effective for fiscal years beginning after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements.

From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

Property and equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment

3. Property and equipment

The components of property and equipment were as follows as of December 31, 2021 and 2020:


(in thousands)	2021			2020
Leasehold improvements	$	5,940		$	5,655
Lab equipment		5,709			4,833
Computer equipment		994			942
Furniture and office equipment		472			459
Vehicles		305			296
Asset under construction		22			65
Total, at cost		13,442			12,250
Accumulated depreciation		(7,262	)		(4,243	)
Total, net	$	6,180		$	8,007

During the years ended December 31, 2021 and December 31, 2020, depreciation expense was $3.0 million and $2.7 million, respectively. Finance leases for vehicles and lab equipment are also included in property and equipment on the consolidated balance sheets (Note 6).

Investments

12 Months Ended

Dec. 31, 2021

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]

Investments

4. Investments

As of December 31, 2021 and 2020, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows:


	December 31, 2020
	Amortized		Gross Unrealized		Gross Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Held-to-maturity securities:
U.S. Treasury bonds	$	10,002	$	14	$	-	$	10,016
Available-for-sale securities:
U.S. Treasury bonds	$	13,060	$	68	$	-	$	13,128
	$	23,062	$	82	$	-	$	23,144


	December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Estimated
(in thousands)	Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	$	15,146	$	-	$	(36	)	$	15,110
Certificates of deposit		3,922		-		(4	)		3,918
	$	19,068	$	-	$	(40	)	$	19,028

Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments.

Amortized cost and estimated fair value of fixed-maturity securities at December 31, 2021 by contractual maturity were as follows:


	2021
(in thousands)	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	3,922	$	3,918
More than one year		15,146		15,110
Total investments	$	19,068	$	19,028

The Company recorded interest income of $0.2 million and $1.3 million, respectively, during the years ended December 31, 2021, and 2020, as a component of interest and other income (expense), net on the Company’s consolidated statement of operations and comprehensive loss.

Accrued liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued liabilities

5. Accrued liabilities

Accrued liabilities consisted of the following as of December 31:


(in thousands)	2021		2020
Accrued compensation	$	6,329	$	7,274
Accrued payables		17,554		8,554
Liability for early exercised stock options		276		569
Other		1,235		167
Total	$	25,394	$	16,564

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

6. Leases

The Company has operating and finance leases for corporate offices, research and development facilities, and certain vehicles and lab equipment. These leases have remaining lease terms of four to six years, some of which

include options to extend the leases for five to eight years. The Company has determined that it is not reasonably certain to exercise the options under any leases. The lease of research and development facilities includes costs for utilities and common area maintenance which have been included in the calculation of lease payments. Differences between lease payments as measured at lease inception and variations in monthly payments will be recognized as operating expenses in the period in which the obligation is incurred. The Company entered into a new 5-year lease in the fourth quarter of 2021. The lease is for approximately 12,000 square feet of office space in South San Francisco to accommodate growth, with a renewal option for an additional 5-years, which we are not certain to renew at this time. The rental payments under the lease agreement are approximately $2.5 million over the lease term.

Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. Leases with terms greater than 12 months are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets as of December 31, 2021 and 2020. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Maturities of lease liabilities as of December 31, 2021, were as follows:


(in thousands)	Operating Lease			Finance Lease
Year ending December 31:
2022	$	3,116		$	144
2023		3,361			109
2024		3,305			70
2025		3,418			68
2026		3,534			51
Thereafter		1,113			—
		17,847			442
Less: imputed interest		(3,791	)		(43	)
Present value of lease liabilities		14,056			399
Less: current portion		(2,769	)		(138	)
Lease liabilities net of current portion	$	11,287		$	261

The components of lease expense were as follows for the years ended December 31, 2021 and 2020:


(in thousands)	2021		2020
Operating lease cost	$	1,990	$	1,847
Finance lease cost:
Amortization of right-of-use assets		107		60
Interest on lease liabilities		15		9
Total finance lease cost	$	122	$	69
Short-term lease cost	$	89	$	15

The Company made payments of $2.8 million and $2.5 million during the years ended December 31, 2021, and 2020, respectively, which are included as cash flow from operations on the consolidated statements of cash flows.

As of December 31, 2021 and 2020, $608,000 and $296,000 of finance lease ROU assets, respectively, were presented as part of property and equipment on the consolidated balance sheet with accumulated amortization of $214,000 and $107,000, respectively.

Additional information related to the Company’s leases was as follows as of December 31:


	2021			2020
Operating Lease:
Weighted-average remaining lease term (years)		5.18			5.97
Weighted-average discount rate		9.08	%		9.35	%
Finance Lease:
Weighted-average remaining lease term (years)		3.83			2.68
Weighted-average discount rate		4.86	%		3.15	%

Derivative liabilities and redeemable convertible preferred stock liability

12 Months Ended

Dec. 31, 2021

Derivative Liabilities And Redeemable Convertible Preferred Stock Liability [Abstract]

Derivative liabilities and redeemable convertible preferred stock liability

7. Derivative liabilities and redeemable convertible preferred stock liability

Warrants

In connection with the issuance of the Notes, Lenders were issued Warrants to purchase 134,112 shares of the Company’s capital stock. The Warrants have a coverage percentage of 25% of the principal amount of the Notes and have a ten-year expiration date from the applicable closing date of April 20, 2018 or June 6, 2018.

The underlying shares issuable upon the exercise of the Warrants were eligible to be converted into the next round of equity financing. The Warrants became exercisable into shares of Series A for an exercise price of $9.32 per share.

The Company recorded the Warrants initially at fair value (Note 10) as derivative liabilities on the consolidated balance sheet with the remaining value being allocated to the Notes as a debt discount. The fair value of the Warrants upon issuance on April 20, 2018 and June 6, 2018, was $0.7 million and $238,000, respectively. Due to the IPO in October 2020, all outstanding warrants as of December 31, 2020 were automatically exercised for the issuance of Common Stock, and following that exercise, such warrants were no longer outstanding.

As Series A contains a conditional obligation for the Company to repurchase the shares for cash consideration, the Warrants remain outstanding as derivative liabilities with changes in fair value being recorded on the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2020, the Company recorded a change in fair value of derivative liabilities $296,000.

Redeemable convertible preferred stock liability

In connection with the issuance of Series B-1 Redeemable Convertible Preferred Stock (the Series B-1) (Note 8), the Series B-1 preferred stockholders committed to purchase and the Company committed to sell 3,569,630 shares of Series B-2 Redeemable Convertible Preferred Stock (the Series B-2) at a price of $11.20563 per share in a subsequent closing, contingent upon the achievement of certain developmental milestones or a receipt of a waiver of achievement of the milestones. The Redeemable Convertible Preferred Stock Liability is considered a freestanding instrument that qualifies as a liability under ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480) as the Company is committed to issue an instrument that ultimately may require a transfer of assets. The liability is accounted for at fair value and re-measured at each reporting date (Note 10). On the date of the initial closing, the Company recorded the Redeemable Convertible Preferred Stock Liability at a fair value of $3.2 million.

As of December 31, 2020, all Series B-2 shares were issued. As a result of the IPO, the Series B-2 shares converted to shares of common stock. The Company recorded a change in fair value of the liability of $11.4 million for the year ended December 31, 2020 included in interest and other (expense) income, net. The convertible preferred stock liability was retired as of the IPO.

Capital stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital stock

8. Capital stock

Common stock

On October 20, 2020, the certificate of incorporation was amended to increase the total shares of Common Stock authorized for issuance to 320,000,000 and decrease the total shares of preferred stock authorized for issuance to 10,000,000 with a par value of $0.0001 per share. 300,000,000 shares of the Common Stock were designated as “Voting Common Stock” and 20,000,000 shares of the Common Stock were designated as “Non-Voting Common Stock”.

The holders of shares of voting Common Stock are entitled to one vote for each share of Common Stock at all meetings of stockholders.

Redeemable convertible preferred stock

On August 16, 2018, the Company entered into the Series A Preferred Stock Purchase Agreement for the purchase and sale of Series A preferred stock for $9.32 per share. The Company received $75.0 million in cash proceeds from the initial purchasers. On September 19, 2018, the Company received an additional $20.0 million in cash proceeds from subsequent purchasers. Additionally, on the initial closing date, $5.6 million in convertible notes plus accrued interest converted into shares of Series A and the notes were subsequently cancelled. The Warrants associated with the convertible notes became exercisable into Series A. Each share of Series A is convertible into Common Stock on a one-for-one basis. In connection with the issuance of Series A, the Company incurred $194,000 in issuance costs which have offset amounts reported as temporary equity as of December 31, 2019. As of December 31, 2020, in connection with the Company’s IPO, all shares of Series A converted into Common Stock.

On December 23, 2019, the Company entered into the Series B-1 and Series B-2 Preferred Stock Purchase Agreement, pursuant to which the investors committed to invest an aggregate amount of up to $125.0 million for the issuance and sale of shares of Series B-1 and Series B-2 (collectively, the Series B), at a price of $10.18690 and $11.20563 per share, respectively. The Company issued 8,344,034 shares of Series B-1 for cash proceeds of $85.0 million at the initial closing on December 23, 2019. The investors also committed to purchase and the Company committed to sell 3,569,630 shares of Series B-2 in a subsequent closing (the Second Closing), contingent upon achievement by the Company of certain development milestones or a receipt of a waiver of achievement of the milestones. No shares of Series B-2 were issued as of December 31, 2019. In connection with the issuance of Series B-1, the Company incurred $442,000 in issuance costs which have offset amounts reported as temporary equity as of December 31, 2019.

Prior to the IPO, the Company issued 3,569,630 shares of Series B-2, which upon the closing of the IPO converted into common stock. In connection with the Company’s IPO, all shares of Series B-1 converted into common stock. As of December 31, 2020, there was 10,000,000 shares of preferred stock authorized and no preferred stock issued.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 505
-SubTopic 10
-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-based compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based compensation

9. Stock-based compensation

2018 Equity incentive plan

The Company’s 2018 Equity Incentive Plan (the 2018 Plan) allows the Company to issue restricted stock awards and restricted stock units, and to grant incentive stock options or non-qualified stock options. Incentive stock options may be granted only to the Company’s employees including officers and members of the Board who are also employees. Restricted stock awards, restricted stock units and non-qualified stock options may be granted to employees, members of the Board, outside advisors, and consultants of the Company (the Participants). The Company is authorized to issue awards for 4,913,665 shares of Common Stock under the 2018 Plan. The Company has granted awards of common stock in the form of 4,279,693 shares as of December 31, 2021 with none remaining available for future grant. Following the Company’s IPO in October 2020, all remaining shares from the 2018 Plan will be available for issuance under the 2020 Plan (as defined below).

2020 Incentive award plan

The Company adopted the 2020 Incentive Award Plan (the 2020 Plan) effective October 15, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. The Company has granted 3,867,000 shares subject to awards as of December 31, 2021 with 2,637,000 remaining available for future grant.

Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2018 Plan. However, the 2018 Plan will continue to govern the terms and conditions of the outstanding awards granted under this plan. Shares of common stock subject to awards granted under the 2018 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2018 Plan will be available for issuance under the 2020 Plan.

2020 Employee stock purchase plan

The Company adopted the 2020 Employee Stock Purchase Plan (the 2020 ESPP) effective on October 15, 2020. The 2020 ESPP enables eligible employees of the Company to purchase shares of common stock at a discount

to fair market value. The Company has initially reserved for issuance 368,901 shares of common stock pursuant to the 2020 ESPP. As of December 31, 2021, 45,610 grants of awards under this plan have been made.

During the year ended December 31, 2021, the Company's 2020 ESPP compensation expense was $0.9 million. The first purchase in connection with our employee stock purchase plan was in 2021, therefore there was no expense in 2020. The assumptions that the Company used to determine the grant-date fair value of shares granted to participants were as follows, disclosed on a grant date basis:


	2021

Expected term (in years)	0.5 - 2.0 years
Risk-free interest rate	0.03% - 0.54%
Dividend yield		—
Volatility	50.41% - 97.14%
Weighted-average estimated fair value of purchase rights	$4.13 - $13.49

Stock options

The exercise price for incentive stock options is at least 100% of the fair market value on the date of grant for stockholders owning less than 10% of the voting power of all classes of stock, or at least 110% of the fair market value for stockholders owning more than 10% of the voting power of all classes of stock. Options generally expire in 10 years and vest over periods determined by the Board, generally 48 months. Certain stock options referred to as “early exercise stock options” permit the holders to exercise the option in whole or in part prior to the full vesting of the option in exchange for unvested shares of Restricted Stock with respect to any unvested portion of the option so exercised.

During the years ended December 31, 2021 and December 31, 2020, the Company’s stock option compensation expense was approximately $12.2 million and $2.6 million, respectively, and there was no recognized tax benefit in either year. As of December 31, 2021, the unamortized expense balance was $33.6 million, to be amortized over a weighted-average period of 2.56 years.

The assumptions that the Company used to determine the grant-date fair value of stock options granted to Participants were as follows, presented on a weighted-average basis:


	2021			2020
Expected term (in years)		5.72			5.79
Risk-free interest rate		0.99	%		0.93	%
Dividend yield		—			—
Volatility		81.21	%		77.14	%

Stock option activity during the year ended December 31, 2021 and 2020 was as follows:


	Number of Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in $000)

Outstanding as of December 31, 2019		346,872		$	1.30		9.01	$	744

Granted		5,382,362		$	11.42
Exercised		(188,990	)	$	2.33				810
Forfeited		(52,096	)	$	1.76
Outstanding as of December 31, 2020		5,488,148		$	11.19		9.57	$	90,335

Granted		482,380		$	20.31
Exercised		(123,621	)	$	3.16				2,338
Forfeited or expired		(154,393	)	$	13.66
Outstanding as of December 31, 2021		5,692,514		$	12.07		8.63	$	16,763

Options vested and expected to vest as of December 31, 2021		5,652,622		$	12.13		8.63	$	16,427
Options vested and exercisable as of December 31, 2021		1,788,095		$	9.48		8.40	$	8,072

The weighted-average grant date fair value of stock options granted was $13.76 per share during the year ended December 31, 2021. The weighted-average grant date fair value of stock options granted was $7.50 per share during the year ended December 31, 2020.

During the year ended December 31, 2021 the Company did not issue shares for unvested stock options, and in the year ended December 31, 2020, the Company issued 371,939 shares of Common Stock upon the exercise of unvested stock options or purchases for unvested restricted stock awards. As of December 31, 2021 and 2020, there were 163,855 and 396,522 shares of Common Stock, respectively, held by employees subject to repurchase at an aggregate price of $0.3 million and $0.6 million, respectively. A corresponding liability was recorded and included in accrued expenses on the consolidated balance sheet as of December 31, 2021 and 2020.

Restricted stock awards

The Company may grant restricted stock purchase awards to the Participants to purchase restricted stock under the Company’s Plan, which are subject to vesting conditions. The purchase prices of the restricted stock are determined by the Board. The Company has a right to repurchase the shares if the Participant’s service period is not fulfilled or upon termination of service at the original per share issuance price. The right of repurchase lapses over a service period which is typically four years with 25% vesting on the first anniversary of the vesting commencement date and 1/48 each month thereafter.

Before the adoption of the Company’s Plan, the Company granted 502,964 restricted stock awards to employees and founders. These restricted stock awards have similar characteristics to the restricted stock awards granted under the Company’s Plan, other than the right of repurchase, which typically lapses over three years with 33% vesting on the first anniversary of the vesting commencement date and 1/36 each month thereafter.

During the years ended December 31, 2021 and December 31, 2020, the Company recorded a total stock-based compensation expense of $357,000 and $361,000, respectively, related to the restricted stock awards. As of December 31, 2021, unrecognized stock-based compensation costs related to outstanding unvested restricted stock awards that are expected to vest were approximately $95,000, expected to be recognized over a weighted-average period of 0.3 years.

The following table summarizes the Company’s restricted common stock activity for years ended December 31, 2021 and 2020:


	Number of Awards			Weighted- Average Grant Date Fair Value per Share		Aggregate Fair Value (in $000)

Issued and unvested as of December 31, 2019		827,187		$	1.01	$	834

Restricted stock awards granted		—					—
Restricted stock awards vested		(418,776	)	$	0.86		(361	)
Issued and unvested as of December 31, 2020		408,411		$	1.16	$	473

Restricted stock awards granted		—					—
Restricted stock awards vested		(319,357	)	$	1.12		(356	)

Issued and unvested as of December 31, 2021		89,054		$	1.30	$	117

Stock-based compensation expense was allocated as follows for the years ended December 31, 2021 and December 31, 2020:


(in thousands)	2021		2020
Research and development	$	7,554	$	1,041
General and administrative		5,903		1,934
Total	$	13,457	$	2,975

Fair value measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

10. Fair value measurements

The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	186,816	$	—	$	—
Certificates of deposit		3,918		—		—
U.S. Treasury bonds		15,110		—		—
	$	205,844	$	—	$	—


	Fair Value Measurements as of December 31, 2020
(in thousands)	Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	220,383	$	—	$	—
U.S. Treasury bonds		23,144		—		—
	$	243,527	$	—	$	—

In order to determine the fair value of the Warrants, the Company utilized a probability-weighted multi-scenario Black-Scholes option-pricing model to determine the fair value of the Warrants by accounting for the probability of multiple possible outcomes, including deemed liquidation events, as best estimated by management.

Estimates and assumptions impacting the fair value measurement including the fair value of the underlying shares of Series A, the remaining contractual or expected term of the Warrants, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying preferred stock on an as converted basis. The Company considered the probability of a deemed liquidation event in determining the remaining expected term of the Warrants, which was used as an input to the probability-weighted multi-scenario Black-Scholes option-pricing model adopted in 2019. The Company lacked company-specific historical and implied volatility information of its stock since there was no market prior to the IPO. Therefore, it estimated its expected stock volatility based on the historical volatility of publicly traded guideline companies for a term equal to the remaining contractual or expected term of the Warrants. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual or expected term of the Warrants. The Company estimated no expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future.

The Warrants were converted into shares of Series A stock immediately prior to the IPO and therefore they were retired as of December 31, 2020. The Warrants were measured at fair value under the following assumption immediately prior to retirement:


	2020
Exercise price	$	9.32
Term (in years)		0.32
Risk-free interest rate		0.10	%
Dividend yield		—
Volatility		120.00	%

The following table sets forth a summary of changes in fair value of the Company’s derivative liability for which fair value was determined by Level 3 inputs:


	Warrants			Redeemable Convertible Preferred Stock Liability
Balance as of December 31, 2019	$	461		$	3,174
Exercise of warrants		(137	)		—
Change in fair value		296			11,386
Retirement of liability		(620	)		(14,560	)
Balance as of December 31, 2020	$	—		$	—

Immediately prior to the IPO, the Redeemable Convertible Preferred Stock Liability was converted in shares of Series B-2 Preferred Stock, which then converted into shares of common stock. As of December 31, 2020, the liability was retired.

The Redeemable Convertible Preferred Stock Liability was measured at fair value under the following assumptions through redemption on October 6, 2020:


	2020
Exercise price	$	11.21
Term (in years)	0.02-0.75
Risk-free interest rate	0.08%-0.11%
Dividend yield		—
Volatility		—	%

The significant unobservable inputs that were used in the fair value measurement of the Redeemable Convertible Preferred Stock Liability included the probability of milestone achievement and/or milestone achievement waiver, the Series B-2 value estimate under each scenario, the term, and the equity volatility, which was a statistical measure of the dispersion of returns for a given security. Significant increases (decreases) in the milestone achievement and/or milestone waiver would have resulted in a significantly higher (lower) fair value

measurement. Significant decreases (increases) in assumed current or future Series B-2 value would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the term would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the volatility would have resulted in significantly higher (lower) fair value measurements.

- 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

License and collaboration agreements

12 Months Ended

Dec. 31, 2021

License And Collaboration Agreements [Abstract]

License and collaboration agreements

11. License and collaboration agreements

Agreement with Emory University (Emory)

In June 2018, the Company entered into a license agreement with Emory (the Emory License Agreement), pursuant to which Emory granted the Company a worldwide, sublicenseable license under certain of its intellectual property rights to make, have made, develop, use, offer to sell, sell, import and export products containing certain compounds relating to Emory’s hepatitis B virus capsid assembly modulator technology, for all therapeutic and prophylactic uses. Such license is initially exclusive with respect to specified licensed patents owned by Emory and non-exclusive with respect to certain of Emory’s specified know-how. Beginning in June 2022, the license to such patents will become non-exclusive with respect to all fields except for the treatment and prevention of HBV; however, the Company may select up to six compounds which will maintain exclusivity with respect to all therapeutic and prophylactic uses. With respect to all other compounds that are enabled by the licensed patents, those which are jointly invented by the Company and Emory or inventors in the Schinazi laboratory, or which are disclosed in a specified licensed patent, are licensed to the Company exclusively including as to Emory; whereas all other such compounds are licensed to the Company non-exclusively. Under the terms of the Emory License Agreement, the Company is obligated to use commercially reasonable efforts to bring licensed products to market in accordance with a mutually agreed upon development plan. Unless terminated earlier by either party in accordance with the provisions thereof, the Emory License Agreement shall continue until the expiration of the last–to-expire of the patents licensed to the Company thereunder.

In June 2020, the Company amended the license agreement with Emory. Pursuant to the amended license agreement, Emory granted the Company additional patent rights to certain compounds targeting the treatment or prevention of HBV. As consideration for the additional rights, the Company made a one-time, non-refundable payment to Emory in the amount of $150,000, with an additional obligation to pay up to a maximum of $35,000. On the same date, the Company entered into a collaboration agreement with Emory, with the initial research plan pertaining to the synthesis and evaluation of the compounds licensed through the additional patent rights granted in the amended license agreement. The research plan terminates one year from the effective date, with the Company having an option to extend for a second year. In connection with the research plan, the Company will provide Emory funding up to $270,000 per year.

The Company has agreed to pay Emory up to an aggregate of $125.0 million upon the achievement of specified development, regulatory, and commercial milestones, and all ongoing patent costs. During the year ended December 31, 2021, the Company had $195,000 expenses related to milestone payments. During the year ended December 31, 2020, the Company made a payment of $4.5 million in relation to the first patient dosing in a clinical trial which was the first development milestone per the contract. The Company also agreed to pay Emory tiered single-digit royalties on worldwide annual net sales of licensed products, on a quarterly basis and calculated on a product-by-product basis. With respect to licensed products containing any of a specified subset of the licensed compounds, such royalties range from a mid-single digit to a high-single digit percentage rate. With respect to licensed products which do not contain such compounds, the royalties span a range of percentage rates within the mid-single digits if a Phase 1 clinical trial is initiated for the product within three years of the effective date of the Emory License Agreement, and range from a low-single digit to a mid-single digit rate if a Phase 1 clinical trial is initiated more than three years after the effective date. During the years ended December 31, 2021 and December 31, 2020, the Company made no payments associated with royalties.

Agreement with Luxna Biotech Co., Ltd. (Luxna)

On December 19, 2018, the Company entered into a license agreement with Luxna, pursuant to which Luxna granted the Company an exclusive, worldwide, sublicenseable license under certain of Luxna’s intellectual property rights to research, develop, make, have made, and commercialize for all therapeutic and prophylactic uses, (i) products containing oligonucleotides targeting the hepatitis B virus genome, (ii) products containing certain oligonucleotides targeting up to three genes which contribute to NASH, which the Company may select at any time during the first eight years of the term, to the extent not licensed to a third party, and (iii) products containing

oligonucleotides targeting up to three genes which contribute to hepatocellular carcinoma, which the Company may select at any time during the first three years of the term. As consideration for this agreement, the Company paid an upfront license fee of $600,000.

In April 2020, the Company amended the license agreement with Luxna. Pursuant to the amended license agreement, Luxna granted the Company an exclusive, worldwide license under the licensed patents to research, develop, make, have made and commercialize products containing oligonucleotides targeting three families of viruses: orthomyxoviridae, paramyxoviridae, and coronaviridae (a family which includes SARS-CoV-2). As consideration for the amended license agreement, the Company paid Luxna a one-time non-refundable fee of $200,000 on April 2020.

The Company is obligated to make payments to Luxna, in aggregate, totaling up to but no more than $55.5 million upon the achievement of specified development, regulatory, and commercial milestones. During the year ended December 31, 2021, the Company recognized $500,000 related to milestone payments, and in the year ended December 31, 2020, the Company recognized no milestone payments. The Company is also required to pay Luxna a low-single digit royalty percentage on net sale of applicable products, if any. During the years ended December 31, 2021 and December 31, 2020, the Company made no payments associated with royalties.

Agreement with Katholieke Universiteit Leuven (KU Leuven)

On June 25, 2020, the Company entered into a Research, Licensing and Commercialization Agreement (KU Leuven Agreement) with KU Leuven, under which the Company is collaborating with KU Leuven’s Rega Institute for Medical Research, as well as its Centre for Drug Design and Discovery, to research and develop potential protease inhibitors for the treatment, diagnosis or prevention of coronaviruses, including of SARS-CoV-2. Unless terminated earlier by either party in accordance with provisions in the agreement, the collaboration period will terminate at the earlier of completion of all collaboration activities or 2.5 years. In connection with the KU Leuven Agreement, KU Leuven and the Company granted each other exclusive cross-licenses to use certain know-how and existing patents of the other party as well as certain joint know-how and joint patents to carry out research and development collaboration activities during the collaboration period. KU Leuven granted to the Company an exclusive (including as to KU Leuven), worldwide license under certain of KU Leuven’s know-how and existing patents, and certain joint patents and joint know-how, to manufacture and commercialize the licensed products for the treatment, diagnosis or detection of viral infections in humans. KU Leuven reserved the right to use all KU Leuven knowhow, existing KU Leuven patents, joint patents and joint know-how for academic and non-commercial research and teaching purposes. As consideration for this license, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to but no more than $30.0 million upon the achievement of certain commercial sales milestones. For each licensed product developed through KU Leuven and the Company’s collaborative effort, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to $32.0 million upon the achievement of certain development and regulatory milestones. The Company is also required to pay KU Leuven a low-to-mid-single digit royalty percentage, subject to certain adjustments, on net sales of applicable products, if any. Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. During the years ended December 31, 2021 and December 31, 2020, the Company recognized no expenses related to milestone payments.

Agreement with Merck

In December 2020, the Company and Merck & Co. entered into an exclusive License and Research Collaboration Agreement under which Merck and the Company agreed to apply the Company’s oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a NASH target and up to one additional liver-targeted cardiometabolic and/or fibrosis target. Under the terms of the agreement, the Company received an upfront payment from Merck and may receive an additional upfront payment after finalization of a research plan for such additional target. With respect to each collaboration target, the Company will be eligible for up to $458.0 million in development and commercialization milestones as well as tiered royalties on net sales. The Company will be primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck will be responsible for subsequent research, clinical development and commercialization efforts. The Company determined that the Merck agreement falls within the scope of ASC 808 and we analogized to ASC 606 for the accounting of payments such as upfront payments and other milestones. Revenue is recognized based on percentage of completion of the overall project. During the year

ended December 31, 2021, the Company recognized $4.4 million in revenue from collaborative arrangements related to milestone payments. During the year ending December 31, 2020 the Company recognized no revenue from collaborative arrangements related to milestone payments. The unrecognized portion of the upfront payment received during 2020 is recorded on the consolidated balance sheet as Deferred Revenue from Collaborations.

Income taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income taxes

12. Income taxes

The components of the current provision for income taxes were as follows for the years ended December 31, 2021 and 2020:


(in thousands)	2021		2020
Current:
State	$	—	$	1
Federal		—		—
Foreign		143		160
Total current provision for income taxes	$	143	$	161

Deferred:
State	$	—	$	—
Federal		—		—
Foreign		—		—
Total deferred provision for income taxes	$	—	$	—

The Company did not have any deferred provision for income taxes for the years ended December 31, 2021 and 2020.

A reconciliation of the expected income tax (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2021 and 2020:


	2021			2020
Income tax computed at federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		6.91	%		6.90	%
R&D credit carryovers		0.90	%		1.40	%
Change in valuation allowance		-27.42	%		-27.24	%
Stock based compensation		-1.19	%		-0.24	%
Permanent differences		-0.31	%		0.27	%
Change in fair value of derivatives		0.00	%		-2.25	%
Effective income tax rate		-0.11	%		-0.15	%

The components of the deferred tax assets and liabilities were as follows at December 31:


(in thousands)	2021			2020
Deferred tax assets:
Net operating loss carryforward	$	72,425		$	41,930
Operating lease liabilities		4,622			4,453
Tax credits		6,177			4,639
Other accruals and reserves		1,461			1,558
Stock-based compensation		1,216			209
Deferred revenue		2,140			—
Other		22			10
		88,063			52,799
Valuation allowance		(84,288	)		(49,133	)
Net deferred tax assets	$	3,775		$	3,666
Deferred tax liabilities:
Right of use assets	$	(3,205	)	$	(2,857	)
Stock-based compensation		—			—
Property and equipment		(570	)		(809	)
Total deferred tax liabilities	$	(3,775	)	$	(3,666	)
Total deferred income taxes	$	—		$	—

Management believes that, based on a number of factors, including the Company’s historical operating performance and accumulated deficit, it is more likely than not that the deferred tax assets will not be utilized, such that a full valuation allowance has been recorded against the Company’s deferred tax assets. In assessing the reliability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized on a jurisdiction by jurisdiction basis. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The valuation allowance increased by $35.2 million and $29.7 million during the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, the Company had $255.9 million of federal and $263.0 million of state net operating loss (NOL) carryforwards available to offset future taxable income. The Company’s federal NOL carryforwards can be carried forward indefinitely while state NOL carryforwards, if not utilized, will begin expiring in 2038. As of December 31, 2021, the Company had $1.5 million of Australia NOL carryforwards, which carryforward indefinitely. As of December 31, 2021, the Company had research and development credit carryforwards of $6.1 million and $3.0 million available to reduce future taxable income, if any, for federal and state income tax purposes, respectively. If not utilized, the federal credit carryforwards will begin expiring in 2038. The California credit carryforwards have no expiration. Under Sections 382 and 383 of the Code, and corresponding provisions of state law, if a corporation undergoes an “ownership change” (generally defined as a greater than 50 percentage point change (by value) in its equity ownership over a rolling three-year period), the Company’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. We performed an IRC Section 382 analysis in 2021 and determined there was an ownership change that resulted in Section 382 limitations. The ownership change limited our ability to utilize net operating losses against future taxable income but will not result in the expiration of any NOLs. We may in the future experience ownership changes as a result of changes in our stock ownership (some of which are not in our control). In addition, under current tax law, federal NOL carryforwards generated in periods after December 31, 2017, may be carried forward indefinitely but, in taxable years beginning after December 31, 2020, may only be used to offset 80% of our taxable income. For these reasons, our ability to utilize our NOL carryforwards and other tax attributes to reduce future tax liabilities may be limited.

The Company adopted the provisions of FASB Accounting Standards Codification (ASC 740-10), Accounting for Uncertainty in Income Taxes, upon the date of incorporation. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be taken on a tax return. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary.

During the years ended December 31, 2021 and 2020, the Company had not recognized any tax-related penalties or interest. No liability related to uncertain tax positions is recorded on the financial statements related to uncertain tax positions. It is the Company's policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary:


(in thousands)	2021		2020
Balance, beginning of the period	$	1,536	$	637
Increase related to prior year positions		63		131
Increase related to current year positions		842		768
Balance, ending of the period	$	2,441	$	1,536

The Company does not expect that its uncertain tax positions will materially change in the next twelve months. The reversal of the uncertain tax benefits would not impact the Company's effective tax rate as the Company continues to maintain a full valuation allowance against its deferred tax assets.

The Company files income tax returns in the United States, including California, and other states, Australia, Belgium, and China. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. All tax returns will remain open for examination by the federal, state and foreign authorities for three or four years, from the date of utilization of any net operating loss or credits.

In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (GILTI) provisions of the Tax Reform Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance allows companies to make an accounting policy election to either (i) account for GILTI as a component of tax expense in the period in which they are subject to the rules (the period cost method), or (ii) account for GILTI in the Company’s measurement of deferred taxes (the deferred method). After completing the analysis of the GILTI provisions, the Company elected to account for GILTI using the period cost method.

On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” (the “Act”) was signed into law. The Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company analyzed the provisions of the Act and determined there was no significant impact to its income taxes for the year ended December 31, 2021.

On June 29, 2020, the California Governor signed Assembly Bill 85 (A.B. 85), which now becomes California law. A.B. 85, which includes several tax measures, provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5 million of tax per year. Generally, A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021, and 2022 for taxpayers with taxable income of $1 million or more.” Since the Company is not expected to generate California source taxable income of more than $1 million, no material impact is anticipated at this time.

On December 27, 2020, the “Consolidated Appropriations Act, 2021” (the CAA) was signed into law. The CAA includes provisions meant to clarify and modify certain items put forth in CARES Act, while providing aid to businesses affected by the pandemic. The CAA allows deductions for expenses paid for by Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program, clarifies forgiveness of EIDL advances, and other business provisions. The Company analyzed the provisions of the CAA and determined there was no significant impact to its 2021 tax provision.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

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

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

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

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

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

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

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

+ Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

13. Commitments and contingencies

From time to time, the Company may have certain contingent liabilities, including legal matters that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company had no contingent liabilities requiring accrual as of December 31, 2021 and 2020. The Company enters into contracts in the normal course of business that includes arrangements with clinical research organizations, vendors for preclinical research and vendors for manufacturing. These agreements generally allow for cancellation with notice. As of December 31, 2021, the Company had non-cancellable purchase commitments of approximately $1.9 million related

to the discontinued development of STOPSTM drug candidate. Refer to note 16, Subsequent Events, for further details.

Benefit plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Benefit plans

14. Benefit plans

Defined contribution plans

The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company made matching contributions of $690,000 and $432,000 to the plan during the years ended December 31, 2021 and 2020, respectively.

Defined benefit plans—regular pension plan

ASC Topic 715, Compensation—Retirement Benefits, requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s overfunded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit post retirement plan in the year in which the changes occur. Accordingly, the Company is required to report changes in its funded status on its consolidated statement of stockholders’ deficit and consolidated statement of operations and comprehensive loss.

Aligos-Belgium offers its employees a regular pension plan in the form of a defined contribution plan (the Regular Pension Plan), which contains a 1.75% legally required minimum rate of return for the participants. The Regular Pension Plan does not meet all the requirements that are needed for recognition of the plans as a defined contribution plan. The Company therefore recognizes the Regular Pension Plan as a defined benefit plan.

The Company measures the fair value of the Regular Plan assets by using Level 3 inputs, unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of assets, including pricing models, discounted cash flow methodologies and similar techniques.

The net periodic benefit cost of the Pension Plan was $249,000 and $268,000, and is recognized in accrued liabilities on the consolidated balance sheet as of December 31, 2021 and 2020, respectively. At December 31, 2021, the projected benefit obligation was $1.0 million, the plan assets were $886,000 and the net pension liability was $116,000. As of December 31, 2020, the projected benefit obligation was $897,000, the plan assets were $636,000, and the net pension liability was $261,000. The Company has recorded the unfunded amount as a liability in its consolidated balance sheet at December 31, 2021 and 2020, under the accrued liabilities caption. The unrealized actuarial gain and loss on pension benefits, net of tax, at December 31, 2021 and 2020 was $127,000 and $84,000, respectively. These amounts were reflected in other comprehensive loss under the caption gain (loss) on pension plans. The Company expects to make contributions to the Pension Plan of approximately $272,000 during 2022. The Company estimates future benefit payments from 2022 to 2026 to be $411,000, and from 2027 thereafter to be $538,000.

Defined benefit plans—Top Hat Plan

In Aligos-Belgium, the Company established a pension bonus complementary plan (the Top Hat Plan), where the bonus payments to each participant are added to the Top Hat Plan. The annual contributions to this plan are based on performance and determined on a discretionary basis by the Company. The Top Hat Plan contains a legal yield guarantee of 1.75%. The Top Hat Plan became effective as of January 1, 2019.

In 2019, the Company accounted for the Top Hat Plan in accordance with ASC 715—Compensation—Retirement Benefits, once it became effective. The Top Hat Plan does not meet all the requirements that are needed for recognition as a defined contribution plan. The Company therefore recognizes the Top Hat Plan as a defined benefit plan.

The net periodic benefit cost of the Top Hat Plan was $389,000 and $916,000, and is recognized in accrued liabilities on the consolidated balance sheet as of December 31, 2021 and 2020, respectively. At December 31, 2021, the projected benefit obligation was $1.7 million, the plan assets were $1.2 million and the net pension liability was $463,000. As of December 31, 2020, the projected benefit obligation was $1.7 million, the plan assets were $629,000, and the net pension liability was $1.1 million. The Company has recorded the unfunded amount as a liability in its consolidated balance sheet at December 31, 2021 and 2020, under the accrued liabilities caption. The

unrealized actuarial gain and loss on pension benefits, net of tax, at December 31, 2021 and 2020 was $472,000 and $52,000, respectively. These amounts were reflected in other comprehensive loss under the caption gain (loss) on pension plans. The Company expects to make contributions to the Pension Plan of approximately $382,000 during 2022. The Company estimates future benefit payments from 2022 to 2026 to be $79,000, and from 2027 thereafter to be $281,000.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Net loss per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net loss per share

15. Net loss per share

The following table summarizes the computation of basic and diluted net loss per share of the Company:


		Year Ended December 31,
	2021				2020
Net loss		$	(128,332	)	$	(108,543	)
Weighted average common stock outstanding, basic and diluted			39,855,403			9,988,191
Net loss per share – basic and diluted		$	(3.22	)	$	(10.87	)

The Company’s potentially dilutive securities, which include redeemable convertible preferred stock, forward contracts to issue Preferred Stock, options to purchase common stock and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


		Year Ended December 31,
	2021			2020
Options to purchase common stock			5,692,514		3,344,765
Unvested restricted stock			89,054		408,396
			5,781,568		3,753,161

Subsequent events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent events

16. Subsequent events

Discontinued Development of STOPSTM drug candidate

On January 6, 2022, the Company announced that it had halted further development of its STOPSTM drug candidate, ALG-010133, in development to address chronic hepatitis B (CHB). This decision was based on emerging data from the Phase 1 Study ALG-010133-101, that indicated that at the projected efficacious dose (400 mg, estimated to achieve liver exposures >3 x EC90 for HBsAg inhibition) there was no meaningful HBsAg reduction. Furthermore, higher dosage levels (maximum feasible dose is 600 mg) that were planned to be evaluated in a subsequent cohort are very unlikely to reach the 1 log10 IU/mL HBsAg reduction level that the Company had previously defined as necessary to advance the program. No dose limiting safety findings have been identified in CHB subjects dosed at any dose level. In early January, based on this information, the Company's management reviewed the data with members of the study’s Study Review Committee, and jointly concluded that the data was not sufficient to support further development of ALG-010133. The halt of ALG-010133 will result in a charge of approximately $1.9 million related to non-cancelable purchase obligations to be recognized in the first quarter of 2022.

Merck Collaboration Agreement

In January 2022, the Company and Merck & Co. entered into a First Amendment to the Exclusive License and Research Collaboration Agreement. The agreement was expanded to include the in-license by Merck of an early-stage program with respect to a second undisclosed NASH target, on which the Company had previously been working independently on. In addition, under this expanded arrangement, Merck has the ability to add an additional

third target of interest in the cardiometabolic/fibrosis space to the collaboration. Under the expanded agreement, the Company will receive a payment from Merck for the in-license of the program directed at a second undisclosed NASH target. Moreover, the Company will receive an additional payment if a third target is designated for the collaboration. With respect to each target in the collaboration, the Company will be eligible to receive up to approximately $460.0 million in development and commercialization milestones as well as tiered royalties on net sales.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Risks and uncertainties

Basis of presentation

Principles of consolidation

Use of estimates

Deferred offering costs

Foreign currency

Segment information

Cash equivalents

The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents.

Restricted cash

Investments

As of December 31, 2021 and 2020, investments consisted of Certificates of Deposit and U.S. Treasury securities, with original maturities of up to 1.50 years.

Concentrations of credit risk and significant suppliers

Leases

Property and equipment

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows:


Lab equipment		3 years
Computer equipment		3 years
Furniture and office equipment		3-8 years
Vehicles		4 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Impairment of long-lived assets

Research and development expenses

Collaborative arrangements

milestone payments. Contractual payments received for research and development activities performed are recognized on a gross basis in revenue from collaboration arrangements.

Fair value measurements

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

Stock-based compensation

Income taxes

Net loss per share

Benefit plans

Recently issued accounting standards

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Estimated Useful Life of Asset

Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows:


Lab equipment		3 years
Computer equipment		3 years
Furniture and office equipment		3-8 years
Vehicles		4 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

The components of property and equipment were as follows as of December 31, 2021 and 2020:


(in thousands)	2021			2020
Leasehold improvements	$	5,940		$	5,655
Lab equipment		5,709			4,833
Computer equipment		994			942
Furniture and office equipment		472			459
Vehicles		305			296
Asset under construction		22			65
Total, at cost		13,442			12,250
Accumulated depreciation		(7,262	)		(4,243	)
Total, net	$	6,180		$	8,007

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]

Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value

As of December 31, 2021 and 2020, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows:


	December 31, 2020
	Amortized		Gross Unrealized		Gross Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Held-to-maturity securities:
U.S. Treasury bonds	$	10,002	$	14	$	-	$	10,016
Available-for-sale securities:
U.S. Treasury bonds	$	13,060	$	68	$	-	$	13,128
	$	23,062	$	82	$	-	$	23,144


	December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Estimated
(in thousands)	Cost		Gain		Loss			Fair Value
Available-for-sale securities:
U.S. Treasury bonds	$	15,146	$	-	$	(36	)	$	15,110
Certificates of deposit		3,922		-		(4	)		3,918
	$	19,068	$	-	$	(40	)	$	19,028

Summary of Amortized Cost and Estimated Fair Value of Fixed-maturity Securities

Amortized cost and estimated fair value of fixed-maturity securities at December 31, 2021 by contractual maturity were as follows:


	2021
(in thousands)	Amortized Cost		Estimated Fair Value
Amounts maturing in:
One year or less	$	3,922	$	3,918
More than one year		15,146		15,110
Total investments	$	19,068	$	19,028

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

Accrued liabilities consisted of the following as of December 31:


(in thousands)	2021		2020
Accrued compensation	$	6,329	$	7,274
Accrued payables		17,554		8,554
Liability for early exercised stock options		276		569
Other		1,235		167
Total	$	25,394	$	16,564

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2021, were as follows:


(in thousands)	Operating Lease			Finance Lease
Year ending December 31:
2022	$	3,116		$	144
2023		3,361			109
2024		3,305			70
2025		3,418			68
2026		3,534			51
Thereafter		1,113			—
		17,847			442
Less: imputed interest		(3,791	)		(43	)
Present value of lease liabilities		14,056			399
Less: current portion		(2,769	)		(138	)
Lease liabilities net of current portion	$	11,287		$	261

Summary of Components of lease Expense

The components of lease expense were as follows for the years ended December 31, 2021 and 2020:


(in thousands)	2021		2020
Operating lease cost	$	1,990	$	1,847
Finance lease cost:
Amortization of right-of-use assets		107		60
Interest on lease liabilities		15		9
Total finance lease cost	$	122	$	69
Short-term lease cost	$	89	$	15

Summary of Additional Information Related to the Leases

Additional information related to the Company’s leases was as follows as of December 31:


	2021			2020
Operating Lease:
Weighted-average remaining lease term (years)		5.18			5.97
Weighted-average discount rate		9.08	%		9.35	%
Finance Lease:
Weighted-average remaining lease term (years)		3.83			2.68
Weighted-average discount rate		4.86	%		3.15	%

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Stock Options

Stock option activity during the year ended December 31, 2021 and 2020 was as follows:


	Number of Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in $000)

Outstanding as of December 31, 2019		346,872		$	1.30		9.01	$	744

Granted		5,382,362		$	11.42
Exercised		(188,990	)	$	2.33				810
Forfeited		(52,096	)	$	1.76
Outstanding as of December 31, 2020		5,488,148		$	11.19		9.57	$	90,335

Granted		482,380		$	20.31
Exercised		(123,621	)	$	3.16				2,338
Forfeited or expired		(154,393	)	$	13.66
Outstanding as of December 31, 2021		5,692,514		$	12.07		8.63	$	16,763

Options vested and expected to vest as of December 31, 2021		5,652,622		$	12.13		8.63	$	16,427
Options vested and exercisable as of December 31, 2021		1,788,095		$	9.48		8.40	$	8,072

Summary of Stock Based Compensation Expense Was Allocated

Stock-based compensation expense was allocated as follows for the years ended December 31, 2021 and December 31, 2020:


(in thousands)	2021		2020
Research and development	$	7,554	$	1,041
General and administrative		5,903		1,934
Total	$	13,457	$	2,975

2020 Employee Stock Purchase Plan [Member]

Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options

The assumptions that the Company used to determine the grant-date fair value of shares granted to participants were as follows, disclosed on a grant date basis:


	2021

Expected term (in years)	0.5 - 2.0 years
Risk-free interest rate	0.03% - 0.54%
Dividend yield		—
Volatility	50.41% - 97.14%
Weighted-average estimated fair value of purchase rights	$4.13 - $13.49

Restricted Stock [Member]

Summary of Stock Options

The following table summarizes the Company’s restricted common stock activity for years ended December 31, 2021 and 2020:


	Number of Awards			Weighted- Average Grant Date Fair Value per Share		Aggregate Fair Value (in $000)

Issued and unvested as of December 31, 2019		827,187		$	1.01	$	834

Restricted stock awards granted		—					—
Restricted stock awards vested		(418,776	)	$	0.86		(361	)
Issued and unvested as of December 31, 2020		408,411		$	1.16	$	473

Restricted stock awards granted		—					—
Restricted stock awards vested		(319,357	)	$	1.12		(356	)

Issued and unvested as of December 31, 2021		89,054		$	1.30	$	117

Stock Option [Member]

Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options

The assumptions that the Company used to determine the grant-date fair value of stock options granted to Participants were as follows, presented on a weighted-average basis:


	2021			2020
Expected term (in years)		5.72			5.79
Risk-free interest rate		0.99	%		0.93	%
Dividend yield		—			—
Volatility		81.21	%		77.14	%

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Summary of fair value of the financial instruments that are measured at fair value on a recurring basis

The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis:


	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	186,816	$	—	$	—
Certificates of deposit		3,918		—		—
U.S. Treasury bonds		15,110		—		—
	$	205,844	$	—	$	—


	Fair Value Measurements as of December 31, 2020
(in thousands)	Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	220,383	$	—	$	—
U.S. Treasury bonds		23,144		—		—
	$	243,527	$	—	$	—

Summary of changes in fair value for which fair value was determined by Level 3 inputs

The following table sets forth a summary of changes in fair value of the Company’s derivative liability for which fair value was determined by Level 3 inputs:


	Warrants			Redeemable Convertible Preferred Stock Liability
Balance as of December 31, 2019	$	461		$	3,174
Exercise of warrants		(137	)		—
Change in fair value		296			11,386
Retirement of liability		(620	)		(14,560	)
Balance as of December 31, 2020	$	—		$	—

Mandatorily Redeemable Preferred Stock [Member]

Schedule of Fair Value Measurement Valuation Assumptions

The Redeemable Convertible Preferred Stock Liability was measured at fair value under the following assumptions through redemption on October 6, 2020:


	2020
Exercise price	$	11.21
Term (in years)	0.02-0.75
Risk-free interest rate	0.08%-0.11%
Dividend yield		—
Volatility		—	%

Warrant [Member]

Schedule of Fair Value Measurement Valuation Assumptions

The Warrants were measured at fair value under the following assumption immediately prior to retirement:


	2020
Exercise price	$	9.32
Term (in years)		0.32
Risk-free interest rate		0.10	%
Dividend yield		—
Volatility		120.00	%

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Current Provision for Income Taxes

The components of the current provision for income taxes were as follows for the years ended December 31, 2021 and 2020:


(in thousands)	2021		2020
Current:
State	$	—	$	1
Federal		—		—
Foreign		143		160
Total current provision for income taxes	$	143	$	161

Deferred:
State	$	—	$	—
Federal		—		—
Foreign		—		—
Total deferred provision for income taxes	$	—	$	—

Schedule of Expected Income Tax (Benefit) Computed Using Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate


	2021			2020
Income tax computed at federal statutory rate		21.00	%		21.00	%
State taxes, net of federal benefit		6.91	%		6.90	%
R&D credit carryovers		0.90	%		1.40	%
Change in valuation allowance		-27.42	%		-27.24	%
Stock based compensation		-1.19	%		-0.24	%
Permanent differences		-0.31	%		0.27	%
Change in fair value of derivatives		0.00	%		-2.25	%
Effective income tax rate		-0.11	%		-0.15	%

Schedule of Deferred Tax Assets And Liabilities

The components of the deferred tax assets and liabilities were as follows at December 31:


(in thousands)	2021			2020
Deferred tax assets:
Net operating loss carryforward	$	72,425		$	41,930
Operating lease liabilities		4,622			4,453
Tax credits		6,177			4,639
Other accruals and reserves		1,461			1,558
Stock-based compensation		1,216			209
Deferred revenue		2,140			—
Other		22			10
		88,063			52,799
Valuation allowance		(84,288	)		(49,133	)
Net deferred tax assets	$	3,775		$	3,666
Deferred tax liabilities:
Right of use assets	$	(3,205	)	$	(2,857	)
Stock-based compensation		—			—
Property and equipment		(570	)		(809	)
Total deferred tax liabilities	$	(3,775	)	$	(3,666	)
Total deferred income taxes	$	—		$	—

Summary of Changes to Unrecognized Tax Benefits


(in thousands)	2021		2020
Balance, beginning of the period	$	1,536	$	637
Increase related to prior year positions		63		131
Increase related to current year positions		842		768
Balance, ending of the period	$	2,441	$	1,536

Net loss per share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per share of the Company:


		Year Ended December 31,
	2021				2020
Net loss		$	(128,332	)	$	(108,543	)
Weighted average common stock outstanding, basic and diluted			39,855,403			9,988,191
Net loss per share – basic and diluted		$	(3.22	)	$	(10.87	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


		Year Ended December 31,
	2021			2020
Options to purchase common stock			5,692,514		3,344,765
Unvested restricted stock			89,054		408,396
			5,781,568		3,753,161

Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2020	Oct. 20, 2020	Oct. 20, 2020	Oct. 08, 2020	Dec. 31, 2021	Dec. 31, 2020
Nature Of Operations [Line Items]
Reverse stock split				1-for-9.3197
Common Stock, Shares, Issued					42,690,229	38,120,606
Accumulated deficit					$ 303,072	$ 174,740
Unrestricted cash, Cash equivalent and investment					$ 205,800
Conversion Of Stock Voting Shares [Member]
Nature Of Operations [Line Items]
Temporary equity shares converted into permanent equity			19,761,870
Conversion Of Stock Non Voting Shares [Member]
Nature Of Operations [Line Items]
Temporary equity shares converted into permanent equity			3,092,338
IPO
Nature Of Operations [Line Items]
Stock issued during the period new issues shares		10,000,000
Sale of stock issue price per share		$ 15.00	$ 15.00
Sale of stock net consideration received on the transaction		$ 135,400
Underwriting discounts and commissions		10,500
Offer expenses		$ 4,100
Over-Allotment Option [Member]
Nature Of Operations [Line Items]
Sale of stock net consideration received on the transaction	$ 16,000
Underwriting discounts and commissions	$ 1,200
Common Stock, Shares, Issued	1,150,000

Summary of significant accounting policies - Additional Information (Detail)		12 Months Ended
	Jul. 06, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
Financing Sources [Line Items]
Re-measurement gain (loss)		$ (6,000)	$ 121,000
Number of reportable segments \| Segment		1
Revenue from collaborations		$ 4,359,000
Revenue		0
Property and equipment, net		$ 6,180,000	8,007,000
Cash equivalent qualification, description		The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents.
Restricted cash		$ 164,000	$ 560,000
Investments, maturity period		1 year 6 months	1 year 6 months
Other than temporary impairment losses, investments		$ 0	$ 0
Impairment of long lived assets		0	0
Royalties due		0
Expenses on milestone payments		500,000
Dividends, common stock, cash		$ 0
Expected dividend yield		0.00%
Percentage of expected average remaining working lives of employees		10.00%
Research and Development
Financing Sources [Line Items]
Expenses on milestone payments			4,500,000
Follow-on Offering
Financing Sources [Line Items]
Stock issued during the period new issues shares \| shares	4,400,000
Sale of stock issue price per share \| $ / shares	$ 19.00
Sale of stock net consideration received on the transaction	$ 7,770,000
Follow-on Offering \| Other Noncurrent Assets [Member]
Financing Sources [Line Items]
Deferred offering costs		$ 0	0
US
Financing Sources [Line Items]
Property and equipment, net		5,000,000.0	6,600,000
Belgium
Financing Sources [Line Items]
Property and equipment, net		$ 1,200,000	$ 1,400,000

Summary of significant accounting policies - Summary of Estimated Useful Life of Asset (Detail)	12 Months Ended
	Dec. 31, 2021
Lab Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	3 years
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	3 years
Vehicles [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	4 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	Shorter ofthe usefullife orremaininglease term
Minimum [Member] \| Furniture and Office Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	3 years
Maximum [Member] \| Furniture and Office Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful life of asset	8 years

Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total, at cost	$ 13,442	$ 12,250
Accumulated depreciation	(7,262)	(4,243)
Total, net	6,180	8,007
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	5,940	5,655
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	5,709	4,833
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	994	942
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	472	459
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	305	296
Asset under construction [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 22	$ 65

Property and equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,019	$ 2,735

Investments - Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale And Held To Maturity Securities Amortised Cost Gross Unrealised Gains Losses And Fair Value [Line Items]
Fixed-Maturity Securities, Amortized Cost, Total investments	$ 19,068
Held-to-maturity securities, Estimated Fair Value	19,028
Total Held-to-maturity securities and Available for-sale securities Amortized Cost	19,068	$ 23,062
Total Held-to-maturity securities and Available for-sale securities Gross Unrealized Gain		82
Total Held-to-maturity securities and Available for-sale securities Gross Unrealized Loss	(40)
Total Held-to-maturity securities and Available for-sale securities Estimated Fair Value	19,028	23,144
U.S. Treasury bonds [Member]
Schedule Of Available For Sale And Held To Maturity Securities Amortised Cost Gross Unrealised Gains Losses And Fair Value [Line Items]
Fixed-Maturity Securities, Amortized Cost, Total investments		10,002
Held-to-maturity securities, Gross Unrealized Gain		14
Held-to-maturity securities, Estimated Fair Value		10,016
Available-for-sale securities, Amortized Cost	15,146	13,060
Available-for-sale securities, Gross Unrealized Gain		68
Available-for-sale securities, Gross Unrealized Loss	(36)
Available-for-sale securities, Estimated Fair Value	15,110	$ 13,128
Certificates of deposit [Member]
Schedule Of Available For Sale And Held To Maturity Securities Amortised Cost Gross Unrealised Gains Losses And Fair Value [Line Items]
Available-for-sale securities, Amortized Cost	3,922
Available-for-sale securities, Gross Unrealized Loss	(4)
Available-for-sale securities, Estimated Fair Value	$ 3,918

Investments - Summary of Amortized Cost and Estimated Fair Value of Fixed-maturity Securities (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract]
Fixed-Maturity Securities, Amortized Cost, One year or less	$ 3,922
Fixed-Maturity Securities, Estimated Fair Value, More than one year	15,110
Fixed-Maturity Securities, Amortized Cost, More than one year	15,146
Fixed-Maturity Securities, Amortized Cost, Total investments	19,068
Fixed-Maturity Securities, Estimated Fair Value, One year or less	3,918
Fixed-Maturity Securities, Estimated Fair Value, Total investments	$ 19,028

Investments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed-Maturity Securities [Member]
Investment In Available For Sale And Held To Maturity Securities [Line Items]
Interest income	$ 0.2	$ 1.3

Accrued liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation	$ 6,329	$ 7,274
Accrued payables	17,554	8,554
Liability for early exercised stock options	276	569
Other	1,235	167
Total	$ 25,394	$ 16,564

Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($)
Lessee Lease Description [Line Items]
Operating lease, payments	$ 2,800	$ 2,500
Finance lease right of use assets	608,000	296,000
Finance lease right of use assets accumulated amortization	$ 214,000	$ 107,000
Operating lease, term of contract	5 years
Operating lease area of office space \| ft²	12,000
Operating lease renewal option	5 years
Operating lease rental payments	$ 2,500
Minimum [Member]
Lessee Lease Description [Line Items]
Operating and finance lease remaining lease term	4 years
Operating lease option to extend	5 years
Maximum [Member]
Lessee Lease Description [Line Items]
Operating and finance lease remaining lease term	6 years
Operating lease option to extend	8 years

Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Lease
2022	$ 3,116
2023	3,361
2024	3,305
2025	3,418
2026	3,534
Thereafter	1,113
Lessee, Operating Lease, Liability, to be Paid	17,847
Less: imputed interest	(3,791)
Present value of lease liabilities	14,056
Less: current portion	(2,769)	$ (2,442)
Lease liabilities net of current portion	11,287	10,371
Finance Lease
2022	144
2023	109
2024	70
2025	68
2026	51
Finance Lease, Liability, Payment, Due	442
Less: imputed interest	(43)
Present value of lease liabilities	399
Less: current portion	(138)	(64)
Lease liabilities net of current portion	$ 261	$ 130

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 1,990	$ 1,847
Finance lease cost:
Amortization of right-of-use assets	107	60
Interest on lease liabilities	15	9
Total finance lease cost	122	69
Short-term lease cost	$ 89	$ 15

Leases - Summary of Additional Information Related to the leases (Detail)	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Additional Information Related To The Leases [Abstract]
Weighted-average remaining lease term (years)	5 years 2 months 4 days	5 years 11 months 19 days
Weighted-average discount rate	9.08%	9.35%
Weighted-average remaining lease term (years)	3 years 9 months 29 days	2 years 8 months 4 days
Weighted-average discount rate	4.86%	3.15%

Derivative liabilities and redeemable convertible preferred stock liability - Additional Information (Detail) - USD ($)			12 Months Ended
	Oct. 19, 2020	Dec. 23, 2019	Dec. 31, 2021	Dec. 31, 2020	Aug. 16, 2018	Jun. 06, 2018	Apr. 20, 2018
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Class of warrant or right, number of securities called by warrants or rights			134,112
Percentage of principal amount of notes covered by warrants			25.00%
Warrants issued expiry period			10 years
Warrants issued closing date			Apr. 20, 2018
Change in fair value				$ 757,000
Preferred Stock, Shares Issued			0	0
Derivative Financial Instruments, Liabilities [Member]
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Change in fair value				$ 296,000
Derivative Financial Instruments, Liabilities [Member] \| Warrant [Member]
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Fair value of warrants upon issuance						$ 238,000,000	$ 700,000
Mandatorily Redeemable Preferred Stock [Member]
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Redeemable convertible preferred stock liability at a fair value		$ 3,200,000
Series A
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Warrants exercise price per share			$ 9.32
Sale of stock issue price per share					$ 9.32
Series B Two Preferred Stock [Member]
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	3,569,630	3,569,630
Sale of stock issue price per share		$ 11.20563
Change in fair value of liability				$ 11,400,000
Maximum [Member]
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items]
Warrants issued closing date			Jun. 06, 2018

Capital stock - Additional Information (Detail) - USD ($)						12 Months Ended
	Oct. 19, 2020	Oct. 08, 2020	Dec. 23, 2019	Sep. 19, 2018	Aug. 16, 2018	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Oct. 20, 2020
Number of shares of common stock authorized							320,000,000	320,000,000	320,000,000
Common Stock, Par Value							$ 0.0001	$ 0.0001
Common Stock, Shares, Issued							42,690,229	38,120,606
Number of shares of preferred stock authorized								10,000,000	10,000,000
Preferred stock authorized par value							$ 0.0001	$ 0.0001	$ 0.0001
Reverse stock split		1-for-9.3197
Common stock voting right			one
Preferred Stock, Conversion split					one-for-one
Temporary Equity, Shares Issued								0
Series A Preferred Stock [Member]
Sale of stock issue price per share					$ 9.32
Sale of stock, consideration received on transaction				$ 20,000,000.0	$ 75,000,000.0
Series B One Preferred Stock [Member]
Sale of stock issue price per share			$ 10.18690
Sale of stock, consideration received on transaction			$ 85,000,000.0
Stock issuance costs						$ 442,000
Sale of Stock, Number of Shares Issued in Transaction			8,344,034
Series B Preferred Stock [Member]
Sale of stock, consideration received on transaction			$ 125,000,000.0
Voting Common Stock [Member]
Number of shares of common stock authorized									300,000,000
Non-Voting Common Stock [Member]
Number of shares of common stock authorized									20,000,000
Series A [Member]
Conversion of convertible notes to redeemable convertible preferred stock					5,600,000
Stock issuance costs					$ 194,000
Series B Two Preferred Stock [Member]
Sale of stock issue price per share			$ 11.20563
Sale of Stock, Number of Shares Issued in Transaction	3,569,630		3,569,630
Cummulative stock issued			0

Stock-based Compensation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2018 shares	Oct. 15, 2020 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment exercise price description	The exercise price for incentive stock options is at least 100% of the fair market value on the date of grant for stockholders owning less than 10% of the voting power of all classes of stock, or at least 110% of the fair market value for stockholders owning more than 10% of the voting power of all classes of stock. Options generally expire in 10 years and vest over periods determined by the Board, generally 48 months.
Share based compensation expense \| $	$ 13,457,000	$ 2,975,000
Share based compensation expense recognized tax benefit \| $	$ 0	$ 0
Shares of common stock held by employees subject to repurchase	163,855	396,522
Aggregate price for share repurchase \| $	$ 300,000	$ 600,000
Less than 10% [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price for incentive stock options as of fair market value	1
More Than 10% [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price for incentive stock options as of fair market value	1.10
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period	10 years
Common stock vesting period	48 months
Share based compensation expense \| $	$ 12,200,000	$ 2,600,000
Share based payment unamortised share based payment expenses \| $	$ 33,600,000
Share based payment expenses amortized over a weighted average period	2 years 6 months 21 days
Share based payments weighted-average grant date fair value \| $ / shares	$ 13.76	$ 7.50
Common stock issued upon exercise of stock options		371,939
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period	3 years
Share based compensation expense \| $	$ 357,000	$ 361,000
Share based payment unamortised share based payment expenses \| $	$ 95,000
Share based payment expenses amortized over a weighted average period	3 months 18 days
Restricted stock awards rights vesting percentage	33.00%
Restricted stock awards rights vesting	1/36
Restricted stock awards granted			502,964
2018 Equity incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment Common stock shares authorised	4,913,665
Share based payment awards granted	4,279,693
Common stock available for future grant	0
2018 Equity incentive Plan [Member] \| Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period	4 years
Restricted stock awards rights vesting percentage	25.00%
Restricted stock awards rights vesting	1/48
2020 Incentive Award Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment awards granted	3,867,000
Common stock available for future grant	2,637,000
2020 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for future grant	45,610			368,901
Share based compensation expense \| $	$ 900,000

Stock-based Compensation - Summary of Assumptions Used to Determine Grant-date Fair Value of Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%
2020 Employee Stock Purchase Plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield
2020 Employee Stock Purchase Plan [Member] \| Minimum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 months
Risk-free interest rate, minimum	0.03%
Volatility, minimum	50.41%
Weighted-average estimated fair value of purchase rights	$ 4.13
2020 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	2 years
Risk-free interest rate, maximum	0.54%
Volatility, maximum	97.14%
Weighted-average estimated fair value of purchase rights	$ 13.49
Stock Option [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	5 years 8 months 19 days	5 years 9 months 14 days
Risk-free interest rate	0.99%	0.93%
Expected dividend yield
Volatility	81.21%	77.14%

Stock-based Compensation - Summary of Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Option [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of options - Beginning balance	5,488,148	346,872
Number of options, Granted	482,380	5,382,362
Number of options, Exercised	(123,621)	(188,990)
Number of options, Forfeited or expired	(154,393)	(52,096)
Number of options - Ending balance	5,692,514	5,488,148	346,872
Number of options vested and expected to vest	5,652,622
Number of options vested and exercisable	1,788,095
Weighted average exercise price per share - Beginning balance	$ 11.19	$ 1.30
Weighted average exercise price per share Granted	20.31	11.42
Weighted average exercise price per share Exercised	3.16	2.33
Weighted average exercise price per share Forfeited or expired	13.66	1.76
Weighted Average Exercise Price Per Share - Ending balance	12.07	$ 11.19	$ 1.30
Weighted average exercise price Options per share vested and expected to vest	12.13
Weighted average exercise price options per share vested and exercisable	$ 9.48
Weighted- Average Remaining Contractual Term, Outstanding	8 years 7 months 17 days	9 years 6 months 25 days	9 years 3 days
Weighted- Average Remaining Contractual Term, Options vested and expected to vest	8 years 7 months 17 days
Weighted- Average Remaining Contractual Term, Options vested and exercisable	8 years 4 months 24 days
Aggregate Intrinsic Value - Options outstanding	$ 16,763	$ 90,335	$ 744
Aggregate Intrinsic Value - Exercised	2,338	$ 810
Aggregate Intrinsic Value, options vested and expected to vest	16,427
Aggregate Intrinsic Value, Options vested and exercisable	$ 8,072
Restricted Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of awards - Beginning balance	408,411	827,187
Restricted stock awards granted				502,964
Number of awards, vested	(319,357)	(418,776)
Number of awards - Ending balance	89,054	408,411	827,187
Weighted average granted fair date value per share - Beginning balance	$ 1.16	$ 1.01
Weighted average granted fair date value per share, vested	1.12	0.86
Weighted average granted fair date value per share - Ending balance	$ 1.30	$ 1.16	$ 1.01
Aggregate Fair Value, Beginning balance	$ 473	$ 834
Aggregate Fair Value, vested	(356)	(361)
Aggregate Fair Value, Ending balance	$ 117	$ 473	$ 834

Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 13,457	$ 2,975
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	7,554	1,041
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated Share Based Compensation Expense	$ 5,903	$ 1,934

Fair value measurements - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Level 1 [Member]
Assets:
Cash equivalents	$ 186,816	$ 220,383
Fair value, assets	205,844	243,527
Level 2 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0
Level 3 [Member]
Assets:
Cash equivalents	0	0
Fair value, assets	0	0
U.S. Treasury bonds [Member] \| Level 1 [Member]
Assets:
Fair value, assets	15,110	23,144
U.S. Treasury bonds [Member] \| Level 2 [Member]
Assets:
Fair value, assets	0	0
Fair value, assets		0
U.S. Treasury bonds [Member] \| Level 3 [Member]
Assets:
Fair value, assets	0	$ 0
Certificates of deposit [Member] \| Level 1 [Member]
Assets:
Fair value, assets	3,918
Certificates of deposit [Member] \| Level 2 [Member]
Assets:
Fair value, assets	0
Certificates of deposit [Member] \| Level 3 [Member]
Assets:
Fair value, assets	$ 0

Fair value measurements - Summary of Warrants Measured at Fair Value (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Warrants Were Measured at Fair Value [Line Items]
Dividend yield	0.00%
Warrant [Member]
Schedule Of Warrants Were Measured at Fair Value [Line Items]
Exercise price		$ 9.32
Term (in years)		3 months 25 days
Risk-free interest rate		0.10%
Dividend yield		0.00%
Volatility		120.00%

Fair value measurements - Summary of Changes in Fair Value for Fair Value was Determined by Level 3 Inputs (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Schedule Of Changes In Fair Value [Line Items]
Change in fair value	$ 757
Level 3 [Member] \| Warrants [Member]
Schedule Of Changes In Fair Value [Line Items]
Beginning balance-Derivative Liabilities	461
Exercise of warrants	(137)
Change in fair value	296
Retirement of liability	(620)
Ending balance-Derivative Liabilities	0
Level 3 [Member] \| Mandatorily Redeemable Preferred Stock [Member]
Schedule Of Changes In Fair Value [Line Items]
Beginning balance- Redeemable Convertible Preferred Stock Liability	3,174
Exercise of warrants	0
Change in fair value	11,386
Retirement of liability	(14,560)
Ending balance -Redeemable Convertible Preferred Stock Liability	$ 0

Fair value measurements - Summary of Redeemable Convertible Preferred Stock Liability Measured at Fair Value (Detail) - $ / shares		12 Months Ended
	Oct. 06, 2020	Dec. 31, 2021
Schedule of redeemable convertible preferred stock liability measured at fair value [Line Items]
Dividend yield		0.00%
Mandatorily Redeemable Preferred Stock [Member]
Schedule of redeemable convertible preferred stock liability measured at fair value [Line Items]
Exercise price	$ 11.21
Dividend yield	0.00%
Volatility	0.00%
Mandatorily Redeemable Preferred Stock [Member] \| Minimum [Member]
Schedule of redeemable convertible preferred stock liability measured at fair value [Line Items]
Term (in years)	7 days
Risk-free interest rate	0.08%
Mandatorily Redeemable Preferred Stock [Member] \| Maximum [Member]
Schedule of redeemable convertible preferred stock liability measured at fair value [Line Items]
Term (in years)	9 months
Risk-free interest rate	0.11%

License and collaboration agreements - Additional Information (Detail) - USD ($)			1 Months Ended		12 Months Ended
	Jun. 25, 2020	Dec. 19, 2018	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2018
Expense related to milestone payments					$ 0	$ 0
KU Leuven [Member]
Collaboration expire period	2 years 6 months
Emory license agreement [Member] \| Emory university [Member]
Non-refundable payment			$ 150,000
Long term purchase commitment additional obligation to be paid			35,000
Research plan funding amount			$ 270,000
Research plan expiry period			1 year
Long term purchase commitment period description					The research plan terminates one year from the effective date, with the Company having an option to extend for a second year
Expense related to milestone payments					$ 195,000	4,500,000
Payments for royalties					0	0
Emory license agreement [Member] \| Emory university [Member] \| Maximum [Member]
Aggregate payments							$ 125,000,000.0
Luxna license agreement [Member] \| Luxna biotech Co Ltd [Member]
Expense related to milestone payments					500,000	0
Payments for royalties					$ 0	0
Luxna license agreement [Member] \| Luxna biotech Co Ltd [Member] \| Maximum [Member]
Aggregate payments		$ 55,500,000
Luxna license agreement [Member] \| Research and Development [Member] \| Luxna biotech Co Ltd [Member]
Upfront license fees paid		$ 600,000
Non-refundable payment				$ 200,000
Katholieke Universiteit Leuven License Agreement [Member] \| Katholieke Universiteit Leuven [Member]
Non-refundable payment	$ 30,000,000.0
Long term purchase commitment period description					Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product.
First commercial sale of a licensed product period	10 years
Katholieke Universiteit Leuven License Agreement [Member] \| Katholieke Universiteit Leuven [Member] \| Maximum [Member]
Non-refundable payment	$ 32,000,000.0
Merck License and Research Collaboration \| Merck
Revenue recognized from collaborative arrangements					$ 4,400,000	0
Merck License and Research Collaboration \| Merck \| Maximum [Member]
Milestone payments and royalties receivable						$ 458,000,000.0

Income Taxes - Schedule of Components of Current Provision for Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
State		$ 1,000
Foreign	$ 143,000	160,000
Total current provision for income taxes	143,000	161,000
Deferred:
Total deferred provision for income taxes	$ 0	$ 0

Income Taxes - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 29, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 27, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred provision for income taxes		$ 0	$ 0
Increase in valuation allowance		$ 35,200,000	29,700,000
Deferred tax assets net operating loss carryforwards ownership change in percentage		50.00%
Offset percentage of taxable income		80.00%
Unrecognized tax benefits, income tax penalties and interest expense		$ 0	0
Unrecognized tax benefits		2,441,000	$ 1,536,000		$ 637,000
Impact of CARES Act to Income Taxes		0
Suspension period	3 years
Cap period	3 years
Incentive tax credits offset amount of tax	$ 5,000,000
Taxable income	$ 1,000,000
CAA impact to tax provision				$ 0
Uncertain tax positions related to liability		0
Australia
Income Tax Contingency [Line Items]
Net operating loss carryforwards		1,500,000
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 255,900,000
Deferred tax assets net operating loss carryforwards expiration year		2038
Deferred tax assets, research and development tax credit carryforwards		$ 6,100,000
Tax credit research and development carryforward expiration year		2038
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		$ 263,000,000.0
Deferred tax assets, research and development tax credit carryforwards		$ 3,000,000.0

Income Taxes - Schedule of Expected Income Tax (Benefit) Computed Using Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax computed at federal statutory rate	21.00%	21.00%
State taxes, net of federal benefit	6.91%	6.90%
R&D credit carryovers	0.90%	1.40%
Change in valuation allowance	(27.42%)	(27.24%)
Stock based compensation	(1.19%)	(0.24%)
Permanent differences	(0.31%)	0.27%
Change in fair value of derivatives	0.00%	(2.25%)
Effective income tax rate	(0.11%)	(0.15%)

Income Taxes - Components of Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforward	$ 72,425	$ 41,930
Operating lease liabilities	4,622	4,453
Tax credits	6,177	4,639
Other accruals and reserves	1,461	1,558
Stock-based compensation	1,216	209
Deferred revenue	2,140
Other	22	10
Total deferred tax assets	88,063	52,799
Valuation allowance	(84,288)	(49,133)
Net deferred tax assets	3,775	3,666
Deferred tax liabilities:
Right of use assets	(3,205)	(2,857)
Property and equipment	(570)	(809)
Total deferred tax liabilities	$ (3,775)	$ (3,666)

Income Taxes - Summary of Changes to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 1,536	$ 637
Increase related to prior year positions	63	131
Increase related to current year positions	842	768
Ending balance	$ 2,441	$ 1,536

Commitments and contingencies - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Contingent liabilities	$ 0	$ 0
STOPS
Loss Contingencies [Line Items]
Non-cancellable purchase commitments	$ 1,900,000

Benefit plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, matching amount		$ 690,000	$ 432,000
Regular Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, matching percentage		1.75%
Net periodic benefit cost		$ 249,000	268,000
Projected benefit obligation		1,000,000.0	897,000
Projected benefit obligation, plan assets		886,000	636,000
Net pension liability		116,000	261,000
Actuarial gain (loss)		127,000	(84,000)
Estimates future benefit payments from 2022 to 2026		411,000
Estimates future benefit payments, 2027 and thereafter		538,000
Regular Pension Plan [Member] \| Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 272,000
Top Hat Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan legal yield guarantee percent				1.75%
Net periodic benefit cost		389,000	916,000
Projected benefit obligation		1,700,000	1,700,000
Projected benefit obligation, plan assets		1,200,000	629,000
Net pension liability		463,000	1,100,000
Actuarial gain (loss)		472,000	$ (52,000)
Estimates future benefit payments from 2022 to 2026		79,000
Estimates future benefit payments, 2027 and thereafter		$ 281,000
Top Hat Plan [Member] \| Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 382,000

Net loss per share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Net loss	$ (128,332)	$ (108,543)
Weighted average common stock outstanding, basic and diluted	39,855,403	9,988,191
Net loss per share – basic and diluted	$ (3.22)	$ (10.87)

- Definition

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

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net loss per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,781,568	3,753,161
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,692,514	3,344,765
Unvested restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	89,054	408,396

Subsequent events - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Jan. 31, 2022	Dec. 31, 2021
STOPS
Subsequent Event [Line Items]
Non-cancellable purchase commitments			$ 1.9
Subsequent Event \| STOPS
Subsequent Event [Line Items]
Non-cancellable purchase commitments	$ 1.9
Subsequent Event \| Merck License and Research Collaboration \| Merck
Subsequent Event [Line Items]
Milestone payments and royalties receivable		$ 460.0