0001798749-23-000015 | 10-K | XBRL Viewer | Aerovate Therapeutics INC

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Mar. 27, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40544
Entity Registrant Name	Aerovate Therapeutics, Inc.
Entity Central Index Key	0001798749
Entity Tax Identification Number	83-1377888
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	930 Winter Street
Entity Address, Address Line Two	Suite M-500
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	443-2400
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AVTE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 157.3
Entity Common Stock, Shares Outstanding		24,812,418
Documents Incorporated By Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A relating to the 2023 Annual Meeting of Stockholders within 120 days of the end of the registrant’s fiscal year ended December 31, 2022. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
ICFR Auditor Attestation Flag	false
Auditor Name	KPMG LLP
Auditor Location	San Diego, California
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 22,397	$ 54,197
Short-term investments	106,823	113,178
Prepaid expenses and other current assets	2,276	6,958
Total current assets	131,496	174,333
Property and equipment, net	242	186
Operating lease right-of-use assets	1,003	542
Other long-term assets	2,560	302
Total assets	135,301	175,363
Current liabilities:
Accounts payable	2,575	1,208
Accrued and other current liabilities	4,822	1,150
Operating lease liabilities	385	192
Total current liabilities	7,782	2,550
Operating lease liabilities, net of current portion	705	382
Other liabilities	71	13
Total liabilities	8,558	2,945
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively; no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively; 24,722,974 and 24,410,393 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	215,110	208,867
Accumulated other comprehensive loss	(466)	(59)
Accumulated deficit	(87,903)	(36,392)
Total stockholders' equity	126,743	172,418
Total liabilities and stockholders' equity	$ 135,301	$ 175,363

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 38,622	$ 14,987
General and administrative	14,615	8,035
Total operating expenses	53,237	23,022
Loss from operations	(53,237)	(23,022)
Other income (expense):
Interest income	1,830	65
Other expense	(79)	(3)
Total other income	1,751	62
Net loss before income taxes	(51,486)	(22,960)
Provision for income taxes	25	3
Net loss	(51,511)	(22,963)
Comprehensive loss:
Net loss	(51,511)	(22,963)
Other comprehensive loss:
Unrealized loss on securities	(407)	(59)
Comprehensive loss	$ (51,918)	$ (23,022)
Net loss per share, basic	$ (2.10)	$ (1.87)
Net loss per share, diluted	$ (2.10)	$ (1.87)
Weighted-average shares of common stock outstanding, basic	24,472,104	12,293,629
Weighted-average shares of common stock outstanding, diluted	24,472,104	12,293,629

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Preferred Stock Series Seed Redeemable Convertible Preferred Stock	Preferred Stock Series A Redeemable Convertible Preferred Stock	Common Stock ESPP	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2020	4,000,000	6,489,534
Beginning balance at Dec. 31, 2020	$ 4,000	$ 12,285
Beginning balance, shares at Dec. 31, 2020				243,076
Beginning balance at Dec. 31, 2020					$ 63		$ (13,407)	$ (13,344)
Issuance of Series A redeemable convertible preferred stock per share, net of issuance costs		$ 63,512
Issuance of Series A redeemable convertible preferred stock per share, net of issuance costs, shares		33,562,620
Issuance of Series A redeemable convertible preferred stock per share, net of issuance costs
Accretion of Series A redeemable convertible preferred stock to redemption value		$ 22					(22)	(22)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (4,000)	$ (75,819)		$ 1	79,817			79,818
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, shares	(4,000,000)	(40,052,154)		14,182,854
Issuance of common stock upon initial public offering, net of issuance costs				$ 1	126,944			126,945
Issuance of common stock upon initial public offering, net of issuance costs, shares				9,984,463
Unrealized loss on investments						(59)		(59)
Stock based compensation					2,043			2,043
Net loss							(22,963)	(22,963)
Ending balance, shares at Dec. 31, 2021
Ending balance at Dec. 31, 2021
Ending balance, shares at Dec. 31, 2021				24,410,393
Ending balance at Dec. 31, 2021				$ 2	208,867	(59)	(36,392)	172,418
Unrealized loss on investments						(407)		(407)
Stock based compensation					5,476			5,476
Issuance of common stock upon exercise of stock options					617			$ 617
Issuance of common stock upon exercise of stock options, shares				298,712				298,712
Issuance of common stock under ESPP					150			$ 150
Issuance of common stock under ESPP, shares			13,869
Net loss							(51,511)	(51,511)
Ending balance, shares at Dec. 31, 2022
Ending balance at Dec. 31, 2022
Ending balance, shares at Dec. 31, 2022				24,722,974
Ending balance at Dec. 31, 2022				$ 2	$ 215,110	$ (466)	$ (87,903)	$ 126,743

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net loss	$ (51,511)	$ (22,963)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,476	2,043
Depreciation and amortization expense	68	15
Accretion of discounts and amortization of premiums on investments, net	(910)	16
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,677	(6,855)
Other long-term assets	(1,872)	(302)
Accounts payable	1,368	609
Accrued and other liabilities	3,672	(6)
Operating lease assets and liabilities, net	43	32
Other liabilities	(133)	12
Net cash used in operating activities	(39,122)	(27,399)
Cash flow from investing activities:
Purchases of short-term investments	(147,623)	(113,253)
Sales and maturities of short-term investments	154,744
Purchases of property and equipment	(195)	(181)
Net cash provided by (used in) investing activities	6,926	(113,434)
Cash flow from financing activities:
Proceeds from sale of Series A redeemable convertible preferred stock, net of issuance costs		63,512
Payments for deferred offering costs	(371)
Proceeds from issuance of common stock under ESPP	150
Proceeds from exercise of stock options	617
Proceeds from issuance of common stock, net of issuance costs		126,945
Net cash provided by financing activities	396	190,457
Net (decrease) increase in cash and cash equivalents	(31,800)	49,624
Cash and cash equivalents at the beginning of the year	54,197	4,573
Cash and cash equivalents at the end of the period	22,397	54,197
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability	765	542
Deferred offering costs included in accounts payable	$ 15
Purchases of property and equipment in accounts payable		21
Conversion of redeemable convertible preferred stock to common stock upon initial public offering		$ 79,818

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES.

(2)BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company’s wholly owned subsidiary, Aerovate Securities Corporation. All intercompany transactions and balances have been eliminated in consolidation.

(b)

Reverse Stock Split

On June 22, 2021, the Company effected a 1-for-3.1060103 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock. Accordingly, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

(c)

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

(d)

Cash and Cash Equivalents

Cash and cash equivalents include cash in readily available checking accounts, money market funds and commercial paper. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents.

(e)

Short-term Investments

Short-term investments consist of corporate debt securities, commercial paper and U.S. Treasury bills, classified as available-for-sale securities and have maturities of greater than three months. The Company has classified all of its available-for-sale investment securities as current assets on the consolidated balance sheets because these are considered highly liquid securities and are available for use in current operations. The Company carries these securities at fair value and reports unrealized gains and losses as a separate component of accumulated other comprehensive loss. The cost of debt securities is adjusted for amortization of purchase premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the consolidated statements of operations and comprehensive loss. Realized gains and losses on sales of securities are determined

using the specific identification method and recorded in other income (expense), net in the consolidated statement of operations and comprehensive loss.

(f)

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and short-term investments. The Company maintains cash, cash equivalents and short-term investments with various high credit quality banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception.

(g)

Comprehensive Loss

Comprehensive loss consists of net loss and unrealized gains or losses on available-for-sale investments. The Company displays comprehensive loss and its components as part of the consolidated statements of operations and comprehensive loss.

(h)

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of prepaid expenses and other current assets, accounts payable, accrued liabilities and other current liabilities are reasonable estimates of their fair value due to the short-term nature of these accounts.

(i)

Prepaid Expenses and Other Current Assets

Any expenses paid prior to the related services rendered are recorded as prepaid expenses. Such prepaid expenses are expensed in the period the expense is incurred. If the expense is for a service covering multiple periods, it is expensed from the date the services begin and over the period of the service rendered (or contract service period if services rendered dates are not defined).

(j)

Property and Equipment, Net

Property and equipment, which consist of leasehold improvements, furniture and fixtures, research equipment, computers and construction-in-progress are stated at cost less accumulated depreciation or accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to five years. Leasehold improvements are amortized over the remaining life of the lease for leasehold improvements at the time the asset is placed into service.

(k)

Impairment of Long-lived Assets

The carrying value of long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the asset may not be recoverable. An impairment loss is recognized when the total of estimated future undiscounted cash flows, expected to result from the use of the asset and its eventual disposition, are less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. Through December 31, 2022, there has been no such impairment losses recorded by the Company.

(l)

Leases

At the commencement date of a lease, the Company recognizes lease liabilities which represent its obligation to make lease payments, and right-of-use assets (“ROU assets”) which represent its right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The ROU asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. ROU assets are recorded in operating lease ROU assets and lease liabilities are recorded in operating lease liabilities, current and noncurrent in the consolidated balance sheets.

Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has elected not to separate lease and non-lease components and not recognize lease liabilities and ROU assets for short-term leases with terms of twelve months or less.

(m)

Convertible Preferred Stock

The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Upon the occurrence of certain events that are outside the Company’s control, including a deemed liquidation event, holders of the convertible preferred stock can cause redemption for cash. Therefore, convertible preferred stock is classified outside of stockholders’ deficit on the balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the convertible preferred stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.

(n)

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and other benefits of research and development personnel, including associated share-based compensation, costs related to research activities, preclinical studies, clinical trial, drug manufacturing and allocated overhead and facility-related expenses. The Company accounts for non-refundable advance payments for goods or services that will be used in future research and development activities as expenses when the goods have been received or when the service has been performed rather than when the payment is made.

Clinical trial costs are a component of research and development expenses. The Company expenses costs for its clinical trial activities performed by third parties, including clinical research organizations and other service providers, as they are incurred, based upon estimates of the work completed over the life of the individual study in accordance with associated agreements. The Company uses information it receives from internal personnel and outside service providers to estimate the clinical trial costs incurred.

(o)

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant-date fair value of employee, officer, director, and non-employee stock option grants and restricted stock units, estimated in accordance with the applicable

accounting guidance, recognized using the straight-line method over the vesting period for service-based options and using the graded vesting method for performance-based options. The vesting period generally approximates the expected service period of the awards. Forfeitures are recognized and accounted for as they occur.

The fair value of stock options is estimated using a Black-Scholes option pricing model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, expected dividend yield, and a risk-free interest rate. Options and awards granted during the year have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the average of the contractual term of the stock option and its weighted-average vesting period. The expected volatility of stock options is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future. The risk-free interest rates used are based on the U.S. Department of Treasury (“U.S. Treasury”) yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock options.

(p)

Income Taxes

Income taxes are accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss (“NOL”) and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

(q)

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment.

(r)

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

The following table summarizes the Company’s net loss per share:


	Year Ended December 31,
	2022		2021
Numerator:
Net loss	$	(51,511)	$	(22,963)
Accretion of Series A redeemable convertible preferred stock to redemption value		—		(22)
Net loss available to common stockholders	$	(51,511)	$	(22,985)

Denominator:
Weighted-average common stock outstanding, basic and diluted		24,472,104		12,293,629
Net loss per share, basic and diluted	$	(2.10)	$	(1.87)

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares):


	As of December 31,
	2022	2021
Options to purchase common stock	4,110,219	3,454,374
Unvested restricted stock units	28,881	—
	4,139,100	3,454,374

(p)

Recently Issued Accounting Pronouncements

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This standard will be effective for the Company on January 1, 2024, and is not expected to have an impact on the Company’s financial position or results of operations upon adoption.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS.

FAIR VALUE OF FINANCIAL INSTRUMENTS

(3) FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,436	$	18,436	$	—	$	—
Total cash equivalents		18,436		18,436		—		—

Short-term investments
Commercial paper		55,577		—		55,577		—
U.S. Treasury bills		26,841		26,841		—		—
Agency bonds		24,405		—		24,405		—
Total short-term investments		106,823		26,841		79,982		—

Total fair value of assets	$	125,259	$	45,277	$	79,982	$	—


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	39,653	$	39,653	$	—	$	—
Commercial paper		14,448		—		14,448		—
Total cash equivalents		54,101		39,653		14,448		—

Short-term investments
U.S. Treasury bills		25,135		25,135		—		—
Corporate debt securities		10,715		—		10,715		—
Commercial paper		77,328		—		77,328		—
Total short-term investments		113,178		25,135		88,043		—

Total fair value of assets	$	167,279	$	64,788	$	102,491	$	—

Cash Equivalents and Short-Term Investments

Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of cash, money market funds and commercial paper, and short-term investments consisted of U.S. Treasury bills, agency bonds, corporate debt securities and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers.

The following tables summarize the Company’s short-term investments (in thousands):


		As of December 31, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		55,645		16		(84)		55,577
U.S. Treasury bills	2 years or less		27,108		—		(267)		26,841
Agency bond	2 years or less		24,536		2		(133)		24,405
		$	107,289	$	18	$	(484)	$	106,823


		As of December 31, 2021
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Corporate debt securities	1 year or less	$	10,726	$	—	$	(11)	$	10,715
Commercial paper	1 year or less		77,328		9		(9)		77,328
U.S. Treasury bills	2 years or less		25,183		—		(48)		25,135
		$	113,237	$	9	$	(68)	$	113,178

The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater:


		As of December 31, 2022
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	34,928	$	(84)	$	—	$	—	$	34,928	$	(84)
U.S. Treasury bills		1,971		(6)		24,833		(261)		26,804		(267)
Agency bond		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)


		As of December 31, 2021
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	10,757	$	(11)	$	—	$	—	$	10,757	$	(11)
Commercial paper		33,204		(9)		—		—		33,204		(9)
U.S. Treasury bills		25,194		(48)		—		—		25,194		(48)
	$	69,155	$	(68)	$	—	$	—	$	69,155	$	(68)

The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of December 31, 2022 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of December 31, 2022. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive loss.

Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. Accrued interest receivable related to short-term investments was $0.3 million and $0.1 million as of December 31, 2022 and December 31, 2021, respectively.

- 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

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

(6) STOCKHOLDERS’ EQUITY

Under the Company’s Amended and Restated Certificates of Incorporation dated August 3, 2020, the Company had a total of 94,052,154 shares of capital stock authorized for issuance, consisting of 50,000,000 shares of common stock, par value of $0.0001 per share, and 44,052,154 shares of convertible preferred stock, par value of $0.0001 per share. Shares of authorized convertible preferred stock were designated as 4,000,000 shares of Series Seed redeemable convertible preferred stock and 40,052,154 shares of Series A redeemable convertible preferred stock.

Following the Reverse Stock Split, the Company filed a Second Amended and Restated Certificate of Incorporation, which provided for 150,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of undesignated preferred stock with a par value of $0.0001 per share, effective upon completion of the Company’s IPO.

(a) Redeemable Convertible Preferred Stock

In August 2018, the Company sold to RA Capital Health Care Fund, L.P. an aggregate of 4,000,000 shares of Series Seed redeemable preferred stock at a purchase price of $1.00 per share, for net proceeds of $4.0 million. On August 5, 2020, the Company entered into the Stock Purchase Agreement. The Company’s initial closing of its Series A redeemable convertible preferred stock occurred on this date. The Company issued 3,468,536 shares of Series A redeemable convertible preferred shares for gross proceeds of $6.6 million at a price per share of $1.893. In addition to the cash proceeds, 3,020,998 shares of Series A redeemable convertible preferred stock were issued in connection with the conversion of the 2019 Notes and the 2020 Notes.

The Stock Purchase Agreement contained provisions that potentially obligate the Company to sell, outside of its control, an additional 33,562,620 shares of Series A redeemable convertible preferred stock at $1.893 per share for expected gross proceeds of $63.5 million, upon the occurrence of three subsequent Milestone Closings or earlier, at the option of any holder of the Series A redeemable convertible preferred stock. If the defined milestones were not achieved prior to the Company’s initial public offering, the holders had the right to purchase these shares prior to the completion of the initial public offering. If the shares were not purchased prior to the completion of the initial public offering, then this right to purchase these shares would have automatically expired.

On February 1, 2021, upon the completion of the First Milestone Closing, the Company sold 4,224,274 shares of Series A redeemable convertible preferred stock at the Series A Original Issue Price for aggregate gross proceeds of $8.0 million. On June 4, 2021, upon the completion of the Second Milestone Closing and the Third Milestone

Closing, the Company sold 29,338,346 shares of Series A redeemable convertible preferred stock at the Series A Original Issue Price for aggregate gross proceeds of $55.5 million.

Immediately prior to the closing of the Company’s IPO on July 2, 2021, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 14,182,854 shares of the Company’s common stock.

(b) Common Stock

In August 2018, the Company issued 241,467 shares of common stock to RA Capital Healthcare Fund, L.P. at a price of $0.0012 per share. On July 2, 2021, in conjunction with the Company’s IPO, the Company issued 9,984,463 shares of its common stock and all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock.

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

As of December 31, 2022, the Company had reserved the following shares of common stock for future issuance:


		December 31, 2022
Common stock options granted and outstanding		4,110,219
Shares reserved for issuance under the 2021 Plan		1,077,557
Reserved for vesting of outstanding restricted stock units		28,881
Reserved for future ESPP issuances		216,131
Total		5,432,788

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

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-Name Accounting Standards Codification
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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

(7) SHARE-BASED COMPENSATION

(a) Stock Option Plan

The Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors and approved by the Company’s stockholders in June 2021 and became effective as of June 29, 2021. Upon the effectiveness of the 2021 Plan, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) was terminated and no further grants may be made thereunder. The Company’s 2021 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors.

As of December 31, 2022, a total of 3,576,415 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 4% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 976,415 and 988,918 shares, effective January 1, 2022 and January 1, 2023, respectively, as determined by the Company’s board of directors. Any shares subject to awards granted under the 2021 Plan or the 2018 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2021 Plan.

As of December 31, 2022, 2,467,977 options had been granted and 28,881 restricted stock units awarded under the 2021 Plan, with 1,077,557 shares authorized for future issuance. As of December 31, 2022, a total of 1,642,242 options had been granted and were outstanding under the 2018 Plan.

The options that are granted under the 2021 Plan and the 2018 Plan are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant. The vesting period generally occurs over three to four years.

The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the year ended December 31, 2022:


				Weighted-
				Average
				Remaining	Aggregate
		Weighted-Average		Contractual Term	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Vested and expected to vest at December 31, 2021	3,454,374	$	6.85	9.42	$	19,378
Granted	954,557		15.62
Exercised	(298,712)		2.09
Cancelled/Forfeited	—		—
Outstanding at December 31, 2022	4,110,219	$	9.23	9.23		82,490
Vested and exercisable at December 31, 2022	1,044,465		7.58	8.11		22,682
Vested and expected to vest at December 31, 2022	4,110,219		9.23	8.46		82,490

The weighted-average grant date fair value of stock option grants was $10.48 and $4.46 per share for the years ended December 31, 2022 and December 31, 2021, respectively. All exercisable options are vested and all outstanding options are vested or expected to vest.

As of December 31, 2022 there was approximately $17.2 million of unrecognized stock-based compensation expense related to nonvested stock-based compensation arrangements granted under the 2021 Plan and 2018 Plan, which is expected to be recognized over a weighted-average period of 2.7 years

(b) Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board of directors and stockholders in June 2021 and became effective upon the consummation of the IPO. A total of 230,000 shares of the Company’s common stock is initially available for issuance under the ESPP. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 1% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 247,229 shares effective January 1, 2023 as determined by the Company’s board of directors. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of December 31, 2022, 13,869 shares had been issued under the ESPP, and 216,131 shares authorized under the ESPP Plan were available for issuance.

As of December 31, 2022, 28,881 restricted stock units had been awarded under the 2021 Plan. A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the nine months ended December 31, 2022 was as follows:


		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2021	—		—
Granted	28,881	$	21.62
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of December 31, 2022	28,881	$	21.62

Stock-based compensation of restricted stock units is based on the fair value of the Company’s common stock on the date of grant and recognized over the vesting period. The vesting period generally occurs over one to four years.

As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.3 years. The Company did not incur or have any unrecognized stock-based compensation related to restricted stock units as of December 31, 2021.

(d) Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions:


	Year Ended December 31,
	2022		2021
Expected term (in years)	5.5 - 6.1		5.2 - 6.1
Expected volatility	73.5 - 76.5	%	68.7 - 69.8	%
Risk-free interest rate	1.6 - 4.3	%	0.9 - 1.4	%
Expected dividend	—		—

Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2022		2021
General and administrative	$	3,347	$	1,673
Research and development		2,129		370
Total	$	5,476	$	2,043

Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive (loss) income was as follows:


	Year Ended December 31,
	2022		2021
Stock options	$	5,316	$	2,043
Employee stock purchase plan awards		98		—
Restricted stock awards and units		63		—
Total	$	5,476	$	2,043

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

(9) INCOME TAXES

Significant components of the Company’s net deferred tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred income tax assets:
NOL carryforwards	$	11,781	$	7,498
Research credit carryforwards		1,601		530
Capitalized R&D		8,490		—
Other		1,713		615
Gross deferred tax assets		23,585		8,643
Less: valuation allowance		(23,283)		(8,517)
Total deferred tax assets		302		126
Deferred income tax liabilities:
Other		(302)		(126)
Total deferred tax liabilities		(302)		(126)
Net deferred tax assets (liabilities)	$	—	$	—

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):


	Years ended December 31,
	2022		2021
U.S. Federal statutory income tax rate	$	(10,829)	$	(4,821)
State taxes		(2,828)		(520)
Permanent and other differences		563		3
Stock-based compensation		(787)		115
Research and development credits		(757)		(392)
Change in valuation allowance		14,663		5,618
Total tax provision	$	25	$	3

The Company had federal NOL carryforwards available of $46.6 million and $32.6 million as of December 31, 2022 and December 31, 2021, respectively, before consideration of limitations under Section 382 of the Internal Revenue Code or Section 382, as further described below. The NOL generated from 2018 onwards of $46.6 million will carryforward indefinitely and be available to offset up to 80% of future taxable income each year. Additionally, the Company had state NOL carryforwards available of $34.4 million and $20.3 million as of December 31, 2022 and December 31, 2021, respectively. The state NOLs may be used to offset future taxable income and will begin to expire in 2038. At December 31, 2022 the Company had federal and state research and development credit carryforwards available of $1.8 million and $0.6 million, respectively. The federal credit carryforwards will begin to expire in 2038, unless previously utilized. The Massachusetts credit carryforwards will begin expiring in 2036, unless previously utilized. The California credits carry forward indefinitely.

The Company has established a full valuation allowance for its deferred tax assets due to uncertainties that preclude it from determining that it is more likely than not that the Company will be able to generate sufficient taxable income to realize such assets. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred since inception. Such objective evidence limits the ability to consider other subjective evidence such as the Company’s projections for future growth. Based on this evaluation, as of December 31, 2022 and December 31, 2021, a valuation allowance of $23.3 million and $8.5 million, respectively, has been recorded against all of the Company’s net deferred tax assets, as the Company has determined that none of the Company’s balance of net deferred tax assets is more likely than not to be realized. The amount of the deferred tax assets considered realizable, however, could be adjusted in the future if objective negative evidence in the form of cumulative losses is no longer present and

additional weight may be given to subjective evidence, such as estimates of future taxable income during carryforward periods and the Company’s projections for growth.

The future utilization of the Company’s NOL and tax credit carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result of changes in ownership by stockholders that hold 5% or more of the Company’s common stock. An assessment of such ownership changes under Section 382 and 383 was not completed through December 31, 2022. Utilization of our net operating loss and income tax credit carryforwards may be subject to a substantial annual limitation due to ownership changes that may have occurred or that could occur in the future. These ownership changes may limit the amount of the net operating loss and income tax credit carryover that can be utilized annually to offset future taxable income. The Company will examine the impact of any potential ownership changes in the future.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2022 and December 31, 2021 (in thousands):


	Years ended December 31,
	2022		2021
Beginning balance of unrecognized tax benefits	$	529	$	276
Additions based on tax positions related to the current year		461		253
Additions based on tax positions related to the prior year		3		—
Ending balance of unrecognized tax benefits	$	993	$	529

The unrecognized tax benefit amounts are reflected in the determination of the Company’s deferred tax assets. If recognized, none of these amounts would affect the Company’s effective tax rate, since it would be offset by an equal corresponding adjustment in the deferred tax asset valuation allowance. The Company does not foresee material changes to its liability for uncertain tax benefits within the next twelve months.

The Company is subject to taxation in the United States and various states. The Company’s Federal and state returns are subject to examination, as 2018 was the first year of operations for the Company.

- 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
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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

(a)

Basis of Presentation

Reverse Stock Split

(b)

Reverse Stock Split

Use of Estimates

(c)

Use of Estimates

Cash and Cash Equivalents

(d)

Cash and Cash Equivalents

Short-term Investments

(e)

Short-term Investments

using the specific identification method and recorded in other income (expense), net in the consolidated statement of operations and comprehensive loss.

Concentration of Credit Risk

(f)

Concentration of Credit Risk

Comprehensive Loss

(g)

Comprehensive Loss

Fair Value Measurements

(h)

Fair Value Measurements

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Prepaid Expenses and Other Current Assets

(i)

Prepaid Expenses and Other Current Assets

Property and Equipment, Net

(j)

Property and Equipment, Net

Impairment of Long-lived Assets

(k)

Impairment of Long-lived Assets

Leases

(l)

Leases

Convertible Preferred Stock

(m)

Convertible Preferred Stock

Research and Development Expenses

(n)

Research and Development Expenses

Stock-Based Compensation

(o)

Stock-Based Compensation

Income Taxes

(p)

Income Taxes

Segment Reporting

(q)

Segment Reporting

Net Loss Per Share

(r)

Net Loss Per Share

The following table summarizes the Company’s net loss per share:


	Year Ended December 31,
	2022		2021
Numerator:
Net loss	$	(51,511)	$	(22,963)
Accretion of Series A redeemable convertible preferred stock to redemption value		—		(22)
Net loss available to common stockholders	$	(51,511)	$	(22,985)

Denominator:
Weighted-average common stock outstanding, basic and diluted		24,472,104		12,293,629
Net loss per share, basic and diluted	$	(2.10)	$	(1.87)


	As of December 31,
	2022	2021
Options to purchase common stock	4,110,219	3,454,374
Unvested restricted stock units	28,881	—
	4,139,100	3,454,374

Recently Issued Accounting Pronouncements

(p)

Recently Issued Accounting Pronouncements

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS.

SCHEDULE OF FAIR VALUE INSTRUMENTS

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,436	$	18,436	$	—	$	—
Total cash equivalents		18,436		18,436		—		—

Short-term investments
Commercial paper		55,577		—		55,577		—
U.S. Treasury bills		26,841		26,841		—		—
Agency bonds		24,405		—		24,405		—
Total short-term investments		106,823		26,841		79,982		—

Total fair value of assets	$	125,259	$	45,277	$	79,982	$	—


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	39,653	$	39,653	$	—	$	—
Commercial paper		14,448		—		14,448		—
Total cash equivalents		54,101		39,653		14,448		—

Short-term investments
U.S. Treasury bills		25,135		25,135		—		—
Corporate debt securities		10,715		—		10,715		—
Commercial paper		77,328		—		77,328		—
Total short-term investments		113,178		25,135		88,043		—

Total fair value of assets	$	167,279	$	64,788	$	102,491	$	—

SUMMARY OF SHORT TERM INVESTMENT

The following tables summarize the Company’s short-term investments (in thousands):


		As of December 31, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		55,645		16		(84)		55,577
U.S. Treasury bills	2 years or less		27,108		—		(267)		26,841
Agency bond	2 years or less		24,536		2		(133)		24,405
		$	107,289	$	18	$	(484)	$	106,823


		As of December 31, 2021
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Corporate debt securities	1 year or less	$	10,726	$	—	$	(11)	$	10,715
Commercial paper	1 year or less		77,328		9		(9)		77,328
U.S. Treasury bills	2 years or less		25,183		—		(48)		25,135
		$	113,237	$	9	$	(68)	$	113,178

SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES


		As of December 31, 2022
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	34,928	$	(84)	$	—	$	—	$	34,928	$	(84)
U.S. Treasury bills		1,971		(6)		24,833		(261)		26,804		(267)
Agency bond		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)


		As of December 31, 2021
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	10,757	$	(11)	$	—	$	—	$	10,757	$	(11)
Commercial paper		33,204		(9)		—		—		33,204		(9)
U.S. Treasury bills		25,194		(48)		—		—		25,194		(48)
	$	69,155	$	(68)	$	—	$	—	$	69,155	$	(68)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION

SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN

The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the year ended December 31, 2022:


				Weighted-
				Average
				Remaining	Aggregate
		Weighted-Average		Contractual Term	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Vested and expected to vest at December 31, 2021	3,454,374	$	6.85	9.42	$	19,378
Granted	954,557		15.62
Exercised	(298,712)		2.09
Cancelled/Forfeited	—		—
Outstanding at December 31, 2022	4,110,219	$	9.23	9.23		82,490
Vested and exercisable at December 31, 2022	1,044,465		7.58	8.11		22,682
Vested and expected to vest at December 31, 2022	4,110,219		9.23	8.46		82,490

SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY


		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2021	—		—
Granted	28,881	$	21.62
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of December 31, 2022	28,881	$	21.62

SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS


	Year Ended December 31,
	2022		2021
Expected term (in years)	5.5 - 6.1		5.2 - 6.1
Expected volatility	73.5 - 76.5	%	68.7 - 69.8	%
Risk-free interest rate	1.6 - 4.3	%	0.9 - 1.4	%
Expected dividend	—		—

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED AND EXPENSE BY AWARD TYPE

Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Year Ended December 31,
	2022		2021
General and administrative	$	3,347	$	1,673
Research and development		2,129		370
Total	$	5,476	$	2,043

Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive (loss) income was as follows:


	Year Ended December 31,
	2022		2021
Stock options	$	5,316	$	2,043
Employee stock purchase plan awards		98		—
Restricted stock awards and units		63		—
Total	$	5,476	$	2,043

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS

Significant components of the Company’s net deferred tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred income tax assets:
NOL carryforwards	$	11,781	$	7,498
Research credit carryforwards		1,601		530
Capitalized R&D		8,490		—
Other		1,713		615
Gross deferred tax assets		23,585		8,643
Less: valuation allowance		(23,283)		(8,517)
Total deferred tax assets		302		126
Deferred income tax liabilities:
Other		(302)		(126)
Total deferred tax liabilities		(302)		(126)
Net deferred tax assets (liabilities)	$	—	$	—

SUMMARY OF RECONCILIATION OF FEDERAL INCOME TAX RATE

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):


	Years ended December 31,
	2022		2021
U.S. Federal statutory income tax rate	$	(10,829)	$	(4,821)
State taxes		(2,828)		(520)
Permanent and other differences		563		3
Stock-based compensation		(787)		115
Research and development credits		(757)		(392)
Change in valuation allowance		14,663		5,618
Total tax provision	$	25	$	3

SUMMARY OF GROSS UNRECOGNIZED TAX BENEFITS


	Years ended December 31,
	2022		2021
Beginning balance of unrecognized tax benefits	$	529	$	276
Additions based on tax positions related to the current year		461		253
Additions based on tax positions related to the prior year		3		—
Ending balance of unrecognized tax benefits	$	993	$	529

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net loss	$ (51,511)	$ (22,963)
Accretion of Series A redeemable convertible preferred stock to redemption value		(22)
Net loss available to common stockholders	$ (51,511)	$ (22,985)
Weighted-average common stock outstanding, basic	24,472,104	12,293,629
Weighted-average common stock outstanding, diluted	24,472,104	12,293,629
Net loss per share, basic	$ (2.10)	$ (1.87)
Net loss per share, diluted	$ (2.10)	$ (1.87)
Series A Redeemable Convertible Preferred Stock
Accretion of Series A redeemable convertible preferred stock to redemption value		$ (22)

- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions					1 Months Ended
	Jul. 02, 2021 shares	Jun. 04, 2021 USD ($) shares	Feb. 01, 2021 USD ($) shares	Aug. 05, 2020 USD ($) $ / shares shares	Aug. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jun. 22, 2021 $ / shares shares	Aug. 03, 2020 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Capital stock shares authorized									94,052,154
Common Stock, Shares Authorized						150,000,000	150,000,000	150,000,000	50,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares						$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized						10,000,000	10,000,000
Preferred stock, par value \| $ / shares						$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized								10,000,000	44,052,154
Temporary Equity, Par or Stated Value Per Share \| $ / shares								$ 0.0001	$ 0.0001
Common stock issued						24,722,974	24,410,393
IPO
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price \| $ / shares					$ 0.0012
Conversion of stock shares issued	14,182,854
Common stock issued					241,467
Number of votes for each share of common stock \| Vote						1
Series Seed Redeemable Convertible Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary Equity, Shares Authorized									4,000,000
Series Seed Redeemable Convertible Preferred Stock \| RA Capital Healthcare Fund, L.P
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary Equity, Shares Authorized					4,000,000
Temporary Equity, Par or Stated Value Per Share \| $ / shares					$ 1.00
Temporary equity shares issued .value \| $					$ 4.0
Series A Redeemable Convertible Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary Equity, Shares Authorized									40,052,154
Temporary equity shares issued .value \| $				$ 6.6
Temporary equity, shares issued				3,468,536
Shares issued, price per share \| $ / shares				$ 1.893
Temporary equity shares issued				3,020,998
Series A Redeemable Convertible Preferred Stock \| Stock Purchase Agreement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary equity shares issued .value \| $				$ 63.5
Temporary equity, shares issued				33,562,620
Share price \| $ / shares				$ 1.893
Series A Redeemable Convertible Preferred Stock \| Stock Purchase Agreement \| First Milestone
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary equity shares issued .value \| $			$ 8.0
Temporary equity, shares issued			4,224,274
Series A Redeemable Convertible Preferred Stock \| Stock Purchase Agreement \| Second and Third Milestone
Accumulated Other Comprehensive Income (Loss) [Line Items]
Temporary equity shares issued .value \| $		$ 55.5
Temporary equity, shares issued		29,338,346

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	Jan. 01, 2023	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units award			28,881
Unrecognized stock based compensation			$ 17.2
Unrecognized stock-based compensation weighted-average period			2 years 8 months 12 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding common stock			4.00%
Common stock available for issuance	988,918		3,576,415		976,415
Common stock available for issuance, awards granted			2,467,977
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Stock options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance			1,077,557
Stock options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance, awards granted			1,642,242
Stock options \| 2021 Plan and 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Stock options \| Minimum \| 2021 Plan and 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested term			3 years
Stock options \| Maximum \| 2021 Plan and 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested term			4 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation			$ 0.6
Unrecognized stock-based compensation weighted-average period			3 years 3 months 18 days
Restricted stock units \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units award			28,881
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested term			1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested term			4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance		230,000	216,131
Additional common stock available for issuance	247,229
Percentage of common stock purchase price		15.00%		1.00%
Offering period			6 months
Discount percentage on marker price		85.00%
Shares issued			13,869

SHARE-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Options Outstanding, beginning balance	3,454,374
Weighted-Average Exercise Price Outstanding, beginning balance	$ 6.85
Weighted- Average Remaining Contractual Term, Outstanding	9 years 2 months 23 days	9 years 5 months 1 day
Aggregate Intrinsic Value Outstanding, beginning balance	$ 19,378
Options Granted	954,557
Weighted-Average Exercise Price, Granted	$ 15.62
Options Exercised	(298,712)
Weighted-Average Exercise Price, Exercised	$ 2.09
Options Outstanding, ending balance	4,110,219	3,454,374
Weighted-Average Exercise Price Outstanding, ending balance	$ 9.23	$ 6.85
Aggregate Intrinsic Value Outstanding, ending balance	$ 82,490	$ 19,378
Options, Vested and exercisable	1,044,465
Weighted-Average Exercise Price, Vested and exercisable	$ 7.58
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 1 month 9 days
Aggregate Intrinsic Value, Vested and exercisable	$ 22,682
Options, Vested and expected to vest	4,110,219
Weighted-Average Exercise Price, Vested and expected to vest	$ 9.23
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 5 months 15 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 82,490
weighted-average grant date fair value of stock option grants	$ 10.48	$ 4.46
Unrecognized stock based compensation	$ 17,200
Unrecognized stock-based compensation weighted-average period	2 years 8 months 12 days

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)			12 Months Ended
	Aug. 15, 2022	Jul. 02, 2021	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents and short term investment			$ 129,200,000
Jefferies
Subsidiary, Sale of Stock [Line Items]
Aggregate amount of shares	$ 75,000,000.0
Shares sold			0
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		9,984,463
Number of shares conversion securities		14,182,854
Proceeds from issuance of public offering		$ 126,900,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		1,302,321
Sale of price per share		$ 14.00

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 107,289	$ 113,237
Gross unrealized gains	18	9
Gross unrealized loss	(484)	(68)
Estimated fair value	$ 106,823	113,178
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Short-Term Investments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Accrued interest receivable	$ 300	100
Corporate Debt Securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amortized cost		10,726
Gross unrealized loss		(11)
Estimated fair value		10,715
Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amortized cost	55,645	77,328
Gross unrealized gains	16	9
Gross unrealized loss	(84)	(9)
Estimated fair value	55,577	77,328
U.S. Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amortized cost	27,108	25,183
Gross unrealized gains
Gross unrealized loss	(267)	(48)
Estimated fair value	26,841	$ 25,135
Agency bond
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amortized cost	24,536
Gross unrealized gains	2
Gross unrealized loss	(133)
Estimated fair value	$ 24,405
Maximum \| Corporate Debt Securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Maturity term		1 year
Maximum \| Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Maturity term	1 year	1 year
Maximum \| U.S. Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years	2 years
Maximum \| Agency bond
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
BALANCE SHEET COMPONENTS
Prepaid expenses	$ 1,503	$ 1,485
Prepaid research and development	478	5,233
Other current assets	295	240
Total prepaid expenses and other current assets	$ 2,276	$ 6,958

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
BALANCE SHEET COMPONENTS
Accrued research and development	$ 2,751	$ 217
Accrued payroll and other employee benefits	1,691	790
Other	380	143
Total accrued and other current liabilities	$ 4,822	$ 1,150

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease, option to extend			true
Operating lease right-of-use assets			$ 1,003,000	$ 542,000
Operating lease liability			1,090,000	574,000
Total operating lease expenses			$ 400,000	$ 100,000
Waltham Lease
Lessee, Lease, Description [Line Items]
Area of land \| ft²		5,000
Operating lease term		39 months
Renewal term		3 years
Payment for rent		$ 18,000
Lease rent percentage		2.00%
Foster City Lease
Lessee, Lease, Description [Line Items]
Area of land \| ft²	3,500
Operating lease term	39 months
Renewal term	1 year
Payment for rent	$ 22,600
Lease rent percentage	3.00%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
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	150,000,000	150,000,000
Common stock, shares issued	24,722,974	24,410,393
Common stock, shares outstanding	24,722,974	24,410,393

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Accretion of Series A redeemable convertible preferred stock	$ 22
Preferred Stock \| Series A Redeemable Convertible Preferred Stock
Share price \| $ / shares	$ 1.893
Accretion of Series A redeemable convertible preferred stock	$ (22)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)		12 Months Ended
	Jun. 22, 2021	Dec. 31, 2022 USD ($) segment
Stockholders' equity, reverse stock split	0.321956
Impairment losses \| $		$ 0
Number of Operating Segments \| segment		1
Minimum
Leasehold improvements are amortized over the remaining life		3 years
Maximum
Leasehold improvements are amortized over the remaining life		5 years
Expiration period		10 years

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	4,139,100	3,454,374
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	4,110,219	3,454,374
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	28,881

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 106,823	$ 113,178
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	18,436	54,101
Total short-term investments	106,823	113,178
Total fair value of assets	125,259	167,279
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	18,436	39,653
Total short-term investments	26,841	25,135
Total fair value of assets	45,277	64,788
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	79,982	88,043
Total fair value of assets	79,982	102,491
Money market funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	18,436	39,653
Money market funds \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	18,436	39,653
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	55,577	77,328
Commercial paper \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,448
Total short-term investments	55,577	77,328
U.S. Treasury bills \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	26,841	25,135
U.S. Treasury bills \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	26,841	25,135
Corporate Debt Securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments		10,715
Corporate Debt Securities \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments		$ 10,715
Agency bond \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	24,405
Agency bond \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 24,405

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	$ 59,863	$ 69,155
Short-term investments, Less than 12 months, Unrealized Losses	(223)	(68)
Short-term investments, 12 months or Greater, Fair Value	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(261)
Short-term investments, Total Fair Value	84,696	69,155
Short-term investments, Total Unrealized Losses	(484)	(68)
Corporate Debt Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value		10,757
Short-term investments, Less than 12 months, Unrealized Losses		(11)
Short-term investments, Total Fair Value		10,757
Short-term investments, Total Unrealized Losses		(11)
Commercial paper
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	34,928	33,204
Short-term investments, Less than 12 months, Unrealized Losses	(84)	(9)
Short-term investments, Total Fair Value	34,928	33,204
Short-term investments, Total Unrealized Losses	(84)	(9)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	1,971	25,194
Short-term investments, Less than 12 months, Unrealized Losses	(6)	(48)
Short-term investments, 12 months or Greater, Fair Value	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(261)
Short-term investments, Total Fair Value	26,804	25,194
Short-term investments, Total Unrealized Losses	(267)	$ (48)
Agency bond
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	22,964
Short-term investments, Less than 12 months, Unrealized Losses	(133)
Short-term investments, Total Fair Value	22,964
Short-term investments, Total Unrealized Losses	$ (133)

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
2023	$ 426
2024	508
2025	242
Total operating lease payments	1,176
Less: Amount representing interest	(86)
Present value of net minimum lease payments	1,090	$ 574
Operating lease liabilities:
Current	385	192
Non-current	$ 705	$ 382
Weighted-average remaining lease term (in years)	2 years 4 months 24 days	3 years
Weighted-average incremental borrowing rate	6.00%	6.00%

STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details)	Dec. 31, 2022 shares
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	5,432,788
2021 Plan
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	1,077,557
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	4,110,219
Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	28,881
ESPP
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	216,131

SHARE-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, Granted \| shares	28,881
Weighted Average Grant date fair value, Granted \| $ / shares	$ 21.62
Number of units, Ending \| shares	28,881
Weighted Average Grant date fair value, Ending \| $ / shares	$ 21.62

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 5,476	$ 2,043
Research and Development Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,129	370
General and Administrative Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 3,347	$ 1,673

RELATED PARTY TRANSACTIONS (Details) - Service agreement with carnot LLC - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2019	Aug. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Term of service agreement	2 years	2 years
Termination notice period		30 days
Material breach correction period		30 days
Amount payable to related parties			$ 0	$ 2,000
Research and development and general and administrative expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 100,000
Research and development and general and administrative expenses \| Maximum
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 100,000

INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 23,283	$ 8,517
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	46,600	32,600
Domestic Tax Authority \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,800
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 34,400	20,300
State and Local Jurisdiction \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 600

INCOME TAXES - SUMMARY OF COMPONENTS OF NET DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
NOL carryforwards	$ 11,781	$ 7,498
Research credit carryforwards	1,601	530
Capitalized R&D	8,490
Other	1,713	615
Gross deferred tax assets	23,585	8,643
Less: valuation allowance	(23,283)	(8,517)
Total deferred tax assets	302	126
Other	(302)	(126)
Total deferred tax liabilities	$ (302)	(126)
Net deferred tax assets (liabilities)