0001564590-21-043094 | 10-Q | XBRL Viewer | Finch Therapeutics Group INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Entity Central Index Key	0001733257
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Period End Date	Jun. 30, 2021
Entity File Number	001-40227
Entity Registrant Name	FINCH THERAPEUTICS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3433558
Entity Address, Address Line One	200 Inner Belt Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Somerville
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02143
City Area Code	617
Local Phone Number	229-6499
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FNCH
Security Exchange Name	NASDAQ
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
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,449,147

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 168,136	$ 99,710
Accounts receivable	2,245	1,034
Due from related party	5	61
Prepaid expenses and other current assets	6,617	5,359
Total current assets	177,003	106,164
Property and equipment, net	18,327	7,004
In-process research and development	32,900	32,900
Goodwill	18,057	18,057
Deferred initial public offering costs		1,013
Other assets	4,041	200
TOTAL ASSETS	250,328	165,338
CURRENT LIABILITIES:
Accounts payable	1,719	2,621
Accrued expenses and other current liabilities	5,222	5,228
Due to related party	8	266
Deferred revenue, current portion	2,575	3,371
Total current liabilities	9,524	11,486
Deferred tax liability	3,461	3,461
Deferred revenue, net of current portion	8,235	10,260
Loan payable		1,808
Deferred rent	724	766
Other liabilities	191	221
Total liabilities	22,135	28,002
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.001 par value; 200,000,000 and 598,232,153 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 47,425,752 and 8,391,793 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	47	8
Additional paid-in capital	360,131	7,109
Accumulated deficit	(131,985)	(102,835)
Total stockholders’ equity (deficit)	228,193	(95,718)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 250,328	165,338
Series A Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock		53,593
Series B Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock		36,336
Series C Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock		53,221
Series D Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock		$ 89,904

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Temporary equity, shares outstanding	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	598,232,153
Common stock, shares, issued	47,425,752	8,391,793
Common stock, shares, outstanding	47,425,752	8,391,793
Series A Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	167,496,750
Temporary equity, shares issued	0	11,596,280
Temporary equity, shares outstanding	0	11,596,280
Series B Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	74,620,739
Temporary equity, shares issued	0	5,166,203
Temporary equity, shares outstanding	0	5,166,203
Series C Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	109,604,994
Temporary equity, shares issued	0	7,588,254
Temporary equity, shares outstanding	0	7,588,254
Series D Redeemable Convertible Preferred Stock
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	99,705,359
Temporary equity, shares issued	0	6,902,872
Temporary equity, shares outstanding	0	6,902,872

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUE:
Total revenue	$ 2,830	$ 2,349	$ 6,383	$ 4,141
OPERATING EXPENSES:
Research and development	(13,964)	(8,135)	(26,939)	(15,532)
General and administrative	(5,882)	(2,574)	(10,433)	(4,832)
Total operating expenses	(19,846)	(10,709)	(37,372)	(20,364)
Net loss from operations	(17,016)	(8,360)	(30,989)	(16,223)
OTHER INCOME (EXPENSE), NET:
Gain on extinguishment of PPP Loan	1,827		1,827
Interest income	7	21	6	112
Other income (expense), net	13	80	6	(49)
Total other income (expense), net	1,847	101	1,839	63
Loss before income taxes	(15,169)	(8,259)	(29,150)	(16,160)
Net loss	(15,169)	(8,259)	(29,150)	(16,160)
Net loss attributable to common stockholders—basic and diluted (Note 14)	$ (15,169)	$ (8,259)	$ (29,150)	$ (16,160)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.32)	$ (1.02)	$ (0.95)	$ (2.03)
Weighted-average common stock outstanding—basic and diluted	47,379,887	8,069,304	30,798,698	7,968,267
Collaboration Revenue
REVENUE:
Total revenue	$ 2,830	$ 2,237	$ 6,383	$ 3,849
Royalties Revenue From Related Party
REVENUE:
Total revenue		$ 112		$ 292

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering	OverAllotment Option	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D	Common Stock	Common Stock Initial Public Offering	Common Stock OverAllotment Option	Additional Paid-in Capital	Additional Paid-in Capital Initial Public Offering	Additional Paid-in Capital OverAllotment Option	Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2019				11,596,280	5,166,203	7,588,254
Beginning Balance at Dec. 31, 2019				$ 53,593	$ 36,336	$ 53,221
Beginning Balance, Shares at Dec. 31, 2019								7,778,552
Beginning Balance at Dec. 31, 2019	$ (59,535)							$ 8			$ 3,951			$ (63,494)
Exercise of common stock options	15										15
Exercise of common stock options, Shares								14,826
Vesting of restricted stock	3										3
Vesting of restricted stock, Shares								183,744
Stock-based compensation	75										75
Net loss	(7,901)													(7,901)
Ending Balance, Shares at Mar. 31, 2020				11,596,280	5,166,203	7,588,254
Ending Balance at Mar. 31, 2020				$ 53,593	$ 36,336	$ 53,221
Ending Balance, Shares at Mar. 31, 2020								7,977,122
Ending Balance at Mar. 31, 2020	(67,343)							$ 8			4,044			(71,395)
Beginning Balance, Shares at Dec. 31, 2019				11,596,280	5,166,203	7,588,254
Beginning Balance at Dec. 31, 2019				$ 53,593	$ 36,336	$ 53,221
Beginning Balance, Shares at Dec. 31, 2019								7,778,552
Beginning Balance at Dec. 31, 2019	(59,535)							$ 8			3,951			(63,494)
Net loss	(16,160)
Ending Balance, Shares at Jun. 30, 2020				11,596,280	5,166,203	7,588,254
Ending Balance at Jun. 30, 2020				$ 53,593	$ 36,336	$ 53,221
Ending Balance, Shares at Jun. 30, 2020								8,174,379
Ending Balance at Jun. 30, 2020	(75,510)							$ 8			4,136			(79,654)
Beginning Balance, Shares at Mar. 31, 2020				11,596,280	5,166,203	7,588,254
Beginning Balance at Mar. 31, 2020				$ 53,593	$ 36,336	$ 53,221
Beginning Balance, Shares at Mar. 31, 2020								7,977,122
Beginning Balance at Mar. 31, 2020	(67,343)							$ 8			4,044			(71,395)
Exercise of common stock options	4										4
Exercise of common stock options, Shares								15,447
Vesting of restricted stock	3										3
Vesting of restricted stock, Shares								181,810
Stock-based compensation	85										85
Net loss	(8,259)													(8,259)
Ending Balance, Shares at Jun. 30, 2020				11,596,280	5,166,203	7,588,254
Ending Balance at Jun. 30, 2020				$ 53,593	$ 36,336	$ 53,221
Ending Balance, Shares at Jun. 30, 2020								8,174,379
Ending Balance at Jun. 30, 2020	(75,510)							$ 8			4,136			(79,654)
Beginning Balance, Shares at Dec. 31, 2020				11,596,280	5,166,203	7,588,254	6,902,872
Beginning Balance at Dec. 31, 2020				$ 53,593	$ 36,336	$ 53,221	$ 89,904
Beginning Balance, Shares at Dec. 31, 2020								8,391,793
Beginning Balance at Dec. 31, 2020	(95,718)							$ 8			7,109			(102,835)
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares				(11,596,280)	(5,166,203)	(7,588,254)	(6,902,872)
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering				$ (53,593)	$ (36,336)	$ (53,221)	$ (89,904)
Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares								31,253,609
Conversion of redeemable convertible preferred stock into common stock upon initial public offering	233,053							$ 31			233,022
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs		$ 115,714							$ 8			$ 115,706
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs, Shares									7,500,000
Exercise of common stock options	54										54
Exercise of common stock options, Shares								81,901
Stock-based compensation	335										335
Net loss	(13,981)													(13,981)
Ending Balance, Shares at Mar. 31, 2021								47,227,303
Ending Balance at Mar. 31, 2021	239,457							$ 47			356,226			(116,816)
Beginning Balance, Shares at Dec. 31, 2020				11,596,280	5,166,203	7,588,254	6,902,872
Beginning Balance at Dec. 31, 2020				$ 53,593	$ 36,336	$ 53,221	$ 89,904
Beginning Balance, Shares at Dec. 31, 2020								8,391,793
Beginning Balance at Dec. 31, 2020	(95,718)							$ 8			7,109			(102,835)
Net loss	$ (29,150)
Ending Balance, Shares at Jun. 30, 2021	0			0	0	0	0
Ending Balance, Shares at Jun. 30, 2021								47,425,752
Ending Balance at Jun. 30, 2021	$ 228,193							$ 47			360,131			(131,985)
Beginning Balance, Shares at Mar. 31, 2021								47,227,303
Beginning Balance at Mar. 31, 2021	239,457							$ 47			356,226			(116,816)
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs			$ 3,003										$ 3,003
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs, Shares										192,877
Exercise of common stock options	7										7
Exercise of common stock options, Shares								6,793
Shares repurchased for cashless exercise	(10)										(10)
Shares repurchased for cashless exercise, Shares								(1,221)
Stock-based compensation	905										905
Net loss	$ (15,169)													(15,169)
Ending Balance, Shares at Jun. 30, 2021	0			0	0	0	0
Ending Balance, Shares at Jun. 30, 2021								47,425,752
Ending Balance at Jun. 30, 2021	$ 228,193							$ 47			$ 360,131			$ (131,985)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Initial Public Offering
Initial public offering costs		$ 11,786
OverAllotment Option
Initial public offering costs	$ 276
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B
Temporary equity, par value	0.001	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C
Temporary equity, par value	0.001	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (29,150)	$ (16,160)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	985	369
Stock-based compensation expense	1,240	166
Gain on extinguishment of PPP Loan	(1,808)
(Gain) loss on sale of property and equipment	(28)	13
Changes in operating assets and liabilities:
Accounts receivable	(1,211)	427
Due from related party	56	2,442
Prepaid expenses and other current assets	(1,258)	(2,082)
Other non-current assets	(3,824)
Accounts payable	(1,467)	491
Accrued expenses and other current liabilities	572	(1,627)
Due to related party	(258)	(200)
Deferred revenue	(2,821)	1,697
Deferred rent	(24)	331
Net cash used in operating activities	(38,996)	(14,133)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(11,617)	(270)
Proceeds from sale of property and equipment	62
Net cash used in investing activities	(11,555)	(270)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs	118,575
Proceeds from underwriters' exercise of overallotment option, net of underwriting discounts and commissions and initial public offering costs	3,049
Principal payments on capital lease obligation	(21)	(28)
Proceeds from exercise of stock options, net	51	19
Proceeds from PPP Loan		1,808
Payment of deferred offering costs	(2,659)
Net cash provided by financing activities	118,995	1,799
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	68,444	(12,604)
Cash, cash equivalents and restricted cash at beginning of period	99,908	42,396
Cash, cash equivalents and restricted cash at end of period	168,352	29,792
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	5	4
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment in accounts payable and accrued liabilities	724	$ 9
Conversion of redeemable convertible preferred stock into common stock	233,053
Forgiveness of PPP Loan	$ 1,808

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 168,136	$ 29,592
Restricted cash	216	200
Total cash, cash equivalents and restricted cash	$ 168,352	$ 29,792

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Business

Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017 (the “Merger”), in which the former owners of Finch and Crestovo were issued equivalent stakes in the newly formed company, FTG. Crestovo was renamed Finch Therapeutics Holdings LLC in November 2020 (“Finch Holdings”). Finch and Finch Holdings are both wholly-owned subsidiaries of FTG.

The Company is a clinical-stage microbiome therapeutics company leveraging its Human-First Discovery® platform to develop a novel class of orally administered biological drugs. It is developing novel therapeutics designed to deliver missing microbes and their clinically relevant biochemical functions to correct dysbiosis and the diseases that emerge from it. The Company’s Human-First Discovery platform uses reverse translation to identify diseases of dysbiosis and to design microbiome therapeutics that address them. Its lead product candidate, CP101, delivers a complete microbiome and is being developed initially for the treatment of patients with recurrent Clostridioides difficile infection, or CDI.

Initial Public Offering

On March 18, 2021, the Company completed its initial public offering (“IPO”) in which the Company issued and sold 7,500,000 shares of its common stock at a public offering price of $17.00 per share, for aggregate gross proceeds of $127.5 million. The net proceeds from the IPO were $115.7 million after deducting underwriting discounts and commissions of $8.9 million and offering costs of $2.9 million. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, at a public offering price of $17.00 per share for aggregate gross proceeds of $3.3 million and net proceeds of $3.0 million after deducting underwriting discounts, commissions and offering costs.

In connection with the IPO, the Company’s board of directors (the “Board”) and stockholders approved an amended and restated certificate of incorporation to, among other things, effect a one-for-14.444 reverse stock split of the Company’s issued and outstanding shares of common stock and redeemable convertible preferred stock, as well as to effect a proportional adjustment to the existing conversion ratios for the Company’s redeemable convertible preferred stock. The reverse stock split was effected on March 12, 2021. Accordingly, all share and per share amounts of common stock for all periods presented in the accompanying unaudited interim condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this reverse stock split and adjustment of preferred stock conversion ratios. Upon the closing of the IPO, all of the then-outstanding shares of redeemable convertible preferred stock automatically converted into 31,253,609 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding.

COVID-19 Impact

The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and clinical development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak, including with respect to variants of the virus, and its impact on clinical trial enrollment, trial sites, contract research organizations, contract manufacturing organizations, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and its key scientific and management personnel. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations ultimately could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy.

At this time, it is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company.

Liquidity and Capital Resources

Management believes that the Company’s existing cash and cash equivalents, together with the net proceeds from the IPO, will allow the Company to continue its operations for at least the next 12 months from the date these financial statements are issued and therefore the conditions raising substantial doubt raised in prior periods have been alleviated. In the absence of a significant source of recurring

revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated March 18, 2021, filed with the SEC on March 22, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020, condensed consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and condensed consolidated cash flows for the six months ended June 30, 2021 and 2020. Such adjustments are of a normal and recurring nature. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

The significant accounting policies and estimates used in preparation of the unaudited interim consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 and the notes thereto, which are included in the Prospectus. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2021.

Deferred Initial Public Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred initial public offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred initial public offering costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. On March 18, 2021, the Company completed the IPO; accordingly, the Company recognized the deferred initial public offering costs of approximately $2.9 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, the Company recognized offering costs of less than $0.1 million as a reduction from gross proceeds associated with the overallotment through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there were no deferred offering costs as of June 30, 2021. Deferred offering costs on the accompanying condensed consolidated balance sheet as of December 31, 2020 were $1.0 million.

Recently Issued Accounting Pronouncements

There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the six months ended June 30, 2021, as compared to the recent accounting pronouncements described in Note 2 of the Company’s audited financial statements as of and for the year ended December 31, 2020, which are included in the Prospectus.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

DESCRIPTION	JUNE 30, 2021		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	167,134	$	167,134	$	—	$	—
Total financial assets	$	167,134	$	167,134	$	—	$	—

DESCRIPTION	DECEMBER 31, 2020		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	98,677	$	98,677	$	—	$	—
Total financial assets	$	98,677	$	98,677	$	—	$	—

There were no transfers between fair value levels during the six months ended June 30, 2021 and the year ended December 31, 2020. The carrying values of accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

- 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

Property and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	JUNE 30, 2021			DECEMBER 31, 2020
Lab equipment	$	3,417		$	2,363
Office furniture and fixtures		537			537
Leasehold improvements		2,143			2,143
Construction work-in-progress		9,921			2,635
Software		4,852			1,150
Computer equipment		367			205
Total		21,237		$	9,033
Less: Accumulated depreciation		(2,910	)		(2,029	)
Property and equipment, net	$	18,327		$	7,004

Depreciation expense was $1.0 million and $0.4 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company held $4.8 million of software and $0.2 million of lab equipment that were purchased from OpenBiome (See Note 12). As of December 31, 2020, the Company held $1.2 million of software that was purchased from a related party.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses and Other Current Liabilities

5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	JUNE 30, 2021		DECEMBER 31, 2020
Accrued research and development	$	725	$	81
Accrued legal and professional fees		965		711
Accrued compensation and benefits		2,730		3,532
Accrued other		802		904
Total accrued expenses and other current liabilities	$	5,222	$	5,228

Revenue

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

6. REVENUE

Takeda Pharmaceutical Company Limited

In January 2017, the Company entered into an agreement (the “Takeda Agreement”) with Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), pursuant to which the Company granted Takeda a worldwide, exclusive license, with the right to grant sublicenses, under certain of its patents, patent applications and know-how to develop the Company’s microbiome therapeutic candidate FIN-524 for the prevention, diagnosis, theragnosis or treatment of diseases in humans. The Company subsequently amended and restated the Takeda Agreement in October 2019 to provide for the Company to allocate certain resources towards determining the feasibility of developing a second microbiome therapeutic candidate, FIN-525.

Under the terms of the Takeda Agreement, the Company has agreed to design FIN-524, a product candidate optimized for ulcerative colitis, for Takeda based on selection criteria within a product-specific development plan. The Company also agreed to conduct a feasibility study to potentially further develop FIN-525, a product candidate optimized for the treatment of Crohn’s disease. Takeda can determine whether to initiate a full product-specific development plan for FIN-525 following its review of the data from the Company’s feasibility study.

The Company assessed this arrangement in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) and concluded that the contract counterparty, Takeda, is a customer. In accordance with the Company’s ASC 606 assessment, the Takeda Agreement was determined to contain a single combined performance obligation.

The Company received an upfront payment from Takeda of $10.0 million in the year ended December 31, 2017 in exchange for the exclusive license of the Company’s intellectual property. The Company has included the upfront payment and the estimable reimbursable research and development (“R&D”) costs in the transaction price and is recognizing revenue associated with it over the period it expects to perform R&D services. All of the components of the combined performance obligation are recognized using the same measure of progress.

Takeda reimburses the Company for certain research and development costs under the Takeda Agreement on a quarterly basis, which are agreed upon by both parties through their participation on the joint steering committee and joint development committee and included in the transaction price and recognized according to the cost input method, as they are deemed to represent estimable variable consideration that is not expected to result in a significant reversal of revenue. The Company recorded accounts receivable of $2.2 million and $1.0 million on its condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the Company recorded deferred revenue of $10.8 million ($2.6 million of which is classified as current) related to the Takeda Agreement, which represents the portion of the combined performance obligation that is considered partially unsatisfied as of June 30, 2021. As of December 31, 2020, the Company recorded deferred revenue of $13.6 million related to the Takeda Agreement. Deferred revenue will be recognized over the period the Company will perform research and development services, through the end of Phase 1 clinical trials.

The Takeda Agreement contains various milestone payments associated with development and commercialization efforts that provide for a maximum available amount of $180.0 million should all of the milestones be achieved. These milestones are constrained until the Company determines it is probable that the cumulative revenue related to the milestones will not be reversed, at which point the Company adds the consideration to the transaction price and recognizes the milestone revenue over the remaining performance period, according to the measure of progress, with a catch-up in the period it becomes probable that a significant reversal of revenue will not occur. As of June 30, 2021, the Company has earned and received $4.0 million in milestone payments.

The Company recognized revenue related to the Takeda Agreement of $6.4 million and $3.9 million in the six months ended June 30, 2021 and 2020, respectively, which is included under collaboration revenue in the condensed consolidated statements of operations.

Under the Takeda Agreement, Takeda is obligated to pay the Company mid-to-high single digit royalties based on annual aggregate net sales of the licensed products, on a product-by-product basis, subject to certain restrictions. The Company did not receive any payments or record any revenues related to sales-based royalties under the Takeda Agreement in the six months ended June 30, 2021 and June 30, 2020.

OpenBiome

The Company and OpenBiome entered into an Asset Purchase and License Agreement (“APL Agreement”) in February 2019 that was effective through November 2020. Under the APL Agreement, the Company licensed certain intellectual property and sold certain fecal microbiota transplantation, or FMT, materials and equipment to OpenBiome (see Note 8).

The Company earned $0 and $0.3 million in royalty revenue related to the APL Agreement in the six months ended June 30, 2021 and 2020, respectively, which is recorded as royalties revenue from related party on the Company’s condensed consolidated statements of operations.

On November 19, 2020, the Company entered into the license agreement (“LMIC Agreement”) with OpenBiome, pursuant to which the Company granted OpenBiome a non-exclusive license, with the right to grant sublicenses, under certain patents, patent applications, and know-how that are reasonably necessary or useful for the exploitation of products manufactured directly from donor-sourced stool without the use of culturing or replication, or certain natural products (“OpenBiome Royalty Products”). The license granted excludes a license under the Company’s intellectual property to exploit a lyophilized natural product (such as CP101) where processed stool is lyophilized. The Company owns all improvements and modifications made to the licensed intellectual property throughout the term of the LMIC Agreement, while OpenBiome is responsible for all manufacturing efforts and all expenses associated with these efforts.

The LMIC Agreement was entered into separately from the OpenBiome Agreement (See Note 12) and the license granted under the LMIC Agreement is unrelated to those assets acquired. The only consideration provided to the Company under the LMIC Agreement is in the form of future royalties on net sales of OpenBiome Royalty Products. The Company is entitled to receive tiered royalties on net sales of certain products, ranging from mid single digit to low second decile digits on a product-by-product and country-by-country basis. In the event that OpenBiome is required to pay a royalty to a third party to obtain rights under patents owned or controlled by such third party that are necessary for the exercise of its rights under the Company’s intellectual property pursuant to the LMIC Agreement, then OpenBiome shall have the right to deduct a portion of the amount of the royalty due to the third party against the royalties that are due from OpenBiome to the Company. The Company has not earned any of these royalty payments as of June 30, 2021.

The LMIC Agreement will continue in perpetuity until the last royalty is earned under the LMIC Agreement unless otherwise terminated by either party. OpenBiome has the right to terminate the LMIC Agreement for convenience upon 90 days’ specified prior written notice to the Company. Either party may terminate the LMIC Agreement in the event of an uncured material breach by the other party of the LMIC Agreement.

The Company did not recognize any revenue related to the LMIC Agreement for the six months ended June 30, 2021 and 2020, as there are currently no marketable OpenBiome Royalty Products.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

7. INCOME TAXES

During the six months ended June 30, 2021 and the year ended December 31, 2020, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. There were no material changes in the Company’s tax position in the six months ended June 30, 2021 as compared to the year ended December 31, 2020.

- 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 + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

Operating lease commitments

200 Inner Belt Rd

In December 2015, the Company entered into a 10-year lease agreement (“Inner Belt Road Lease”) for approximately 25,785 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The Inner Belt Road Lease provided for a two-month rent holiday in the first year of the lease and rent abatements for the first two years of the lease. The monthly rental payments under the Inner Belt Road Lease, which include base rent charges of $0.1 million, are subject to periodic rent increases through September 2026.

In July 2016, the Company entered into a 10-year sublease agreement to share its leased space under the Inner Belt Road Lease with OpenBiome, a related party, as sub-tenant. The sublease with OpenBiome is coterminous with the Inner Belt Road Lease and provides for an allocation, based on OpenBiome’s proportionate share, of base rent and other expenses under the Inner Belt Road Lease, which is subject to change each year based on current headcount and space used. OpenBiome’s proportionate share is reassessed on a quarterly basis over the term of the sublease.

In January 2017, the Company amended the Inner Belt Road Lease to lease an additional 10,500 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The term of the Inner Belt Road Lease and the sublease with OpenBiome were not affected as a result of the amendment, although OpenBiome does occupy some of this additional space. The amendment to the Inner Belt Road Lease provided for leasehold improvement incentives of approximately $0.4 million related to the additional office and laboratory space. The rental payments for the additional space under the amended Inner Belt Road Lease, which include base rent charges of approximately $33,000 per month, are subject to periodic rent increases through September 2026. OpenBiome did not occupy any of the Company’s premises between August 2018 and February 2019, and resumed occupancy and rental payments to the Company beginning in February 2019 when the APL Agreement was executed (see Note 12). In November 2020, pursuant to the OpenBiome Agreement, the Company and OpenBiome amended the terms of the sublease to provide for a reduction in the size of the subleased premises upon the closing of the OpenBiome Agreement (see Note 12), which occurred on March 1, 2021.

The Company recognizes rent expense, inclusive of a reduction to reflect the impact of lease incentives, under the Inner Belt Road Lease on a straight-line basis over the respective lease term and records deferred rent for rent expense incurred but not yet paid. The Company recognizes rent income under the sublease to OpenBiome on a straight-line basis over the sublease term and records prepaid rent for rent income received but not yet earned in due from related party on its condensed consolidated balance sheets. Gross rent expense under the Inner Belt Road Lease was $0.6 million for each of the six months ended June 30, 2021 and 2020. Gross rent income under the sublease to OpenBiome for each of the six months ended June 30, 2021 and 2020 was $0.1 million and $0.2 million, respectively, and is presented as an offset to rent expense on the condensed consolidated statements of operations.

Cherry Street

On March 1, 2021, the Company assumed a lease agreement (the “Cherry Street Lease”) in conjunction with the closing of the OpenBiome Agreement. The Company’s rent expense under the Cherry Street Lease for the six months ended June 30, 2021 and 2020 was approximately $33,000 and $0, respectively.

Concord Street

On June 9, 2021, the Company entered into a lease agreement (the “Concord Street Lease”). The Company’s rent expense under the Concord Street Lease for the six months ended June 30, 2021 and 2020 was approximately $32,400 and $0, respectively.

A summary of the Company’s future minimum lease payments required under non-cancellable lease agreements as of June 30, 2021 is as follows (in thousands):


2021	$	924
2022		1,552
2023		1,440
2024		1,460
2025		1,496
Thereafter		1,115
	$	7,987

Legal Contingencies

Legal claims may arise from time to time in the normal course of business. There are no such claims as of June 30, 2021 that will have a material effect on the Company’s accompanying condensed consolidated financial statements.

License Payments

The Company enters into contracts in the normal course of business with contract research organizations and other third parties for preclinical studies, clinical studies, and testing and manufacturing services. Most contracts do not contain minimum purchase commitments and are cancelable by the Company upon prior written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including non-cancelable obligations of our service providers up to one year after the date of

cancellation. Under these agreements, in exchange for access to intellectual property the Company may be obligated to provide future minimum royalty payments and milestone payments related to regulatory approvals and sales-based events. The Company entered into the OpenBiome Agreement in November 2020 (see Note 12) and the closing of the OpenBiome Agreement occurred on March 1, 2021. Under the terms of the OpenBiome Agreement, the Company is required to make certain milestone and royalty payments to OpenBiome in conjunction with the license and purchase of certain intellectual property related to the underlying CMC process used to manufacture materials for its clinical trials. The OpenBiome Agreement also effectively terminated the APL Agreement and Material Access License Agreement (the “MAL Agreement”) obligations.

Under the APL Agreement entered into in 2019 that was effective through November 2020, the Company was obligated to make certain contingent payments for milestones and royalties to OpenBiome, subject to the occurrence of specific underlying criteria that were dependent on regulatory approvals and sales-based events. The Company was obligated to make regulatory milestone payments to OpenBiome aggregating up to $2.5 million upon the achievement of regulatory approvals, and sales-based milestone payments of up to $23.3 million in sales-based milestone payments upon the achievement of certain net sales criteria. The Company paid $0.1 million to OpenBiome associated with milestones in 2020. The APL Agreement was terminated in November 2020 upon the execution of the OpenBiome Agreement (see Note 12).

Under the MAL Agreement, the Company was also obligated to pay to OpenBiome, a low single digit royalty on net sales of certain cultured products and a high single digit percentage of certain sublicensing revenue (including royalties) of licensed cultured products. These royalties were calculated on a product-by-product and country-by-country basis. The Company paid $0.2 million to OpenBiome under the MAL Agreement in 2020 related to royalty payments. During the year ended December 31, 2020, the Company recorded an additional $0.3 million owed to OpenBiome under the MAL Agreement, of which $0.1 million remained due as of December 31, 2020. The MAL Agreement was terminated in November 2020 upon the execution of the OpenBiome Agreement (see Note 12).

PPP Loan

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to, amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. The CARES Act includes a Paycheck Protection Program (“PPP”) administered through the Small Business Association (“SBA”). Under the PPP, beginning April 3, 2020, small businesses and other entities and individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria.

In April 2020, the Company issued a promissory note to Silicon Valley Bank, pursuant to which it received loan proceeds of $1.8 million (the “PPP Loan”) provided under the PPP established under the CARES Act and guaranteed by the U.S. Small Business Administration (“SBA”). On May 8, 2021, the Company received notice from the SBA that the entirely of the PPP Loan was forgiven. Accordingly, the Company is no longer required to repay the $1.8 million in principal and approximately $19,000 in accrued interest borrowed under the PPP Loan. Gain on extinguishment of the PPP Loan is recorded in the condensed consolidated statements of operations for the six months ended June 30, 2021.

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

9. REDEEMABLE CONVERTIBLE PREFERRED STOCK

Upon the completion of the IPO, all 31,253,609 shares of outstanding preferred stock automatically converted into 31,253,609 shares of common stock. As of June 30, 2021, there were no shares of preferred stock outstanding.

Stockholder's Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

10. STOCKHOLDERS’ EQUITY

On February 24, 2021, the Board and the Company’s stockholders approved the Company’s amended and restated certificate of incorporation, which became effective immediately prior to the closing of the IPO on March 18, 2021. The certificate authorizes the issuance of up to 200,000,000 shares of $0.001 par value common stock and up to 10,000,000 shares of $0.001 par value undesignated preferred stock. The Board may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on our common stock, diluting the voting power of our common stock, impairing the liquidation rights of our common stock, or delaying or preventing a change in control. As of June 30, 2021, no shares of preferred stock were outstanding.

In conjunction with the IPO, the Company issued and sold 7,500,000 shares of common stock at a public offering price of $17.00 per share, for aggregate net proceeds of $115.7 million after deducting underwriting discounts and commissions and initial public offering costs. In connection with the IPO, all then outstanding shares of preferred stock were converted into 31,253,609 shares of common stock.

On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, at a public offering price of $17.00 per share for aggregate gross proceeds of $3.3 million and net proceeds of $3.0 million after deducting underwriters’ discounts, commissions and offering costs.

Each share of common stock entitles the holder to one vote, together with the holders of preferred stock, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of June 30, 2021, no cash dividends have been declared or paid.

The Company has issued restricted stock to founders, employees and consultants. All restricted stock was fully vested and all expense related to these shares was recognized prior to 2020.

As of June 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding preferred stock, the vesting of restricted stock and exercise of stock options and common stock warrants:

	JUNE 30, 2021		DECEMBER 31, 2020
Redeemable convertible preferred stock		-		31,253,609
Options to purchase common stock		2,965,264		1,053,874
Common stock warrants		19,346		19,346
		2,984,610		32,326,829

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11. STOCK-BASED COMPENSATION

2017 Equity Incentive Plan

The Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”) in February 2017 for the issuance of stock options and other stock-based awards to employees, consultants, officers and directors. As of June 30, 2021, there were no shares available for future issuance since all shares in the 2017 Plan ceased to be available upon the effective date of the 2021 Equity Incentive Plan. There were 698,601 shares of common stock available for future grants under the Plan as of December 31, 2020.

2021 Equity Incentive Plan

In March 2021, the Board adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan became effective on the date of the underwriting agreement related to the IPO and no further grants will be made under the 2017 Plan.

The 2021 Plan provides for the grant of incentive stock options, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates.

Initially, the maximum number of shares of the Company’s common stock that may be issued under the 2021 Plan will not exceed 5,291,446 shares of common stock, which is the sum of (1) 4,700,000 new shares, plus (2) an additional number of shares equal to the number of shares of common stock subject to outstanding stock options or other stock awards granted under the 2017 Plan that, on or after the 2021 Plan became effective, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time. In addition, the number of shares of common stock reserved for issuance under our 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (i) 5.0% of the total number of shares of common stock outstanding on December 31 of the year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. The maximum number of shares of common stock that may be issued on the exercise of incentive stock options under the 2021 Plan will be 14,100,000 shares. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full or that are paid out in cash rather than in shares will not reduce the number of shares available for issuance under the 2021 Plan.

As of June 30, 2021, there were 1,735,240 shares of common stock issuable upon the exercise of outstanding options and there were 2,964,760 shares available for future issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

In March 2021, the Board adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on the date of the underwriting agreement related to the IPO. The 2021 ESPP is administered by the Board or by a committee appointed by the Board. The 2021 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 500,000 shares of common stock. As of June 30, 2021, no offering periods had commenced under the 2021 ESPP and no shares were available for issuance.

Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2021:

	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2020		1,053,874		$	1.51		7.49	$	4,964
Granted		2,012,026		$	14.97
Exercised		(88,694	)	$	0.77
Cancelled or forfeited		(10,104	)	$	3.41
Expired		(1,838	)	$	1.73
Outstanding as of June 30, 2021		2,965,264		$	10.65		8.98	$	12,515

Options exercisable as of December 31, 2020		652,549		$	1.37		7.12	$	3,205
Options exercisable as of June 30, 2021		681,216		$	1.84		7.07	$	8,333

As of June 30, 2021, there was approximately $19.6 million of unrecognized compensation expense related to the stock-based compensation arrangements granted under the 2021 Plan remaining to be recognized. The Company expects to recognize this cost over a weighted average period of 3.09 years.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands):

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2021		2020		2021		2020
Research and development	$	238	$	63	$	404	$	115
General and administrative		667		25		836		51
Total	$	905	$	88	$	1,240	$	166

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

12. RELATED PARTY TRANSACTIONS

OpenBiome Historical Agreements

Under Master Strategic Affiliation Agreement with OpenBiome (the “Strategic Agreement”), OpenBiome and the Company reimbursed one another for certain administrative expenses. The Company’s Chief Executive Officer and a member of its board of

directors, is the spouse of the Executive Director and co-founder of OpenBiome, and certain of the OpenBiome directors are shareholders of the Company.

For the six months ended June 30, 2021 and 2020, the Company reimbursed OpenBiome $0.1 million and approximately $0.3 million, respectively, under the Strategic Agreement. Also under the Strategic Agreement, OpenBiome reimbursed the Company $0.1 million for the six months ended June 30, 2021 and 2020. The Company recorded less than $0.1 million due to OpenBiome and less than $0.1 million due from OpenBiome as of June 30, 2021 and December 31, 2020.

OpenBiome subleases office and lab space from the Company. The Company’s rent income under the sublease was $0.1 million and $0.2 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had less than $0.1 million receivable from OpenBiome related to the sublease recorded as due from related party in the condensed consolidated balance sheets. This lease was amended as of March 1, 2021 (see Note 8).

The Company also earned a low single digit royalty on net sales of OpenBiome’s FMT materials under the Quality System and Supply Agreement with OpenBiome (the “QSS Agreement”), which was partially terminated on February 1, 2019 and, ultimately, was fully terminated in November 2020 in connection with the Company’s execution of the OpenBiome Agreement (see OpenBiome 2020 Agreements below), which closed on March 1, 2021.

OpenBiome 2020 Agreements

Clinical Supply and Services Agreement

On February 10, 2020, the Company entered into a Clinical Supply and Services Agreement (“CSA”) with OpenBiome, the term of which is one year, as the CSA terminated upon closing of the OpenBiome Agreement. In accordance with the CSA, OpenBiome agreed to supply the Company with certain manufactured material and to provide additional support services to the Company. In consideration for these materials and services, the Company agreed to pay a monthly platform fee of $0.2 million, all direct employee overhead costs, and variable costs for consumables. Under a related payment agreement executed concurrently with the CSA, the Company paid a $0.5 million security deposit in the event of cost overruns under the CSA arrangement and approximately $1.6 million in prepaid fees. The $0.5 million security deposit was returned to the Company during the same period. The Company paid $1.1 million in total to OpenBiome under the CSA for the six months ended June 30, 2021, and $2.1 million for the six months ended June 30, 2020, including the security deposit that was returned. The Company recorded $0 and $0.2 million due to OpenBiome under the CSA as of June 30, 2021, and December 31, 2020, respectively, which is classified as due to related party in the Company’s condensed consolidated balance sheets.

OpenBiome Purchase Agreement

On November 19, 2020, the Company entered into an asset purchase agreement (the “OpenBiome Agreement”) with OpenBiome in order to obtain OpenBiome’s CMC manufacturing process to enhance its current manufacturing capabilities for its lead program, CP101; the OpenBiome Agreement was fully executed and closed on March 1, 2021. Simultaneously with entering into the OpenBiome Agreement, the Company terminated the Strategic Agreement, the MAL Agreement, the QSS Agreement and the APL Agreement, as well as certain subject matter agreements. Upon closing of the OpenBiome Agreement on March 1, 2021, the CSA was also terminated and the Company will not incur any additional expense to be paid to OpenBiome. The Company also amended the Strategic Agreement as part of the OpenBiome Agreement (“A&R Strategic Agreement”).

Pursuant to the OpenBiome Agreement, the Company acquired certain biological samples, software, and a non-exclusive license to OpenBiome’s CMC technology upon signing in November 2020, and acquired certain biological samples, a commercial lease, contract services intellectual property and capital equipment upon the closing of the transaction in March 2021. The Company previously licensed the biological samples and OpenBiome’s CMC technology under various historical agreements with OpenBiome which terminated upon signing of the OpenBiome Agreement. As such, the acquisition of the CMC technology license was a continuation of previously granted rights. The OpenBiome Agreement also releases, for a one-year period upon signing, a hiring restriction under the A&R Strategic Agreement (i.e. non-solicitation) such that the Company may hire, at its discretion, certain OpenBiome employees. The Company did not acquire any such employees as part of the transaction.

In connection with the OpenBiome Agreement, the Company paid $1.2 million for the acquisition of certain assets in November 2020, which was capitalized as property and equipment as software on the Company’s consolidated balance sheet as of December 31, 2020, and paid $3.8 million upon the closing of the OpenBiome Agreement on March 1, 2021, for the remaining assets. The Company accounted for the OpenBiome Agreement as an asset acquisition, and capitalized $5.0 million of property and equipment on the condensed consolidated balance sheet as of March 31, 2021 for the acquired software and property and equipment. The Company did not assign any value to biological samples, contract services intellectual property, or the CMC technology license, as the Company did not acquire any additional rights that were not previously granted under the legacy agreements.

The Company is also required to pay certain milestones up to $26.0 million upon the occurrence of certain research and development events, regulatory approvals, and commercial sales, and low single digit royalties on net sales of products on a product-by-product and country-by-country basis, as well as a mid single digit royalties on sublicensing revenue related to such products.

The Company previously granted OpenBiome a royalty-bearing, non-exclusive license to its intellectual property under the APL Agreement, which terminated upon the signing of the OpenBiome Agreement. The Company will continue to earn royalties under the OpenBiome Agreement based on sales of FMT materials.

Retirement Plan

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plan

13. RETIREMENT PLAN

The Company has adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right to make additional contributions to this plan. The Company made contributions to the plan of $0.4 million and $0.2 million in the six months ended June 30, 2021 and 2020, respectively.

Loss per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Loss per Share

14. LOSS PER SHARE

Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data):

	FOR THE THREE MONTHS ENDED JUNE 30,						FOR THE SIX MONTHS ENDED JUNE 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(15,169	)	$	(8,259	)	$	(29,150	)	$	(16,160	)
Net loss attributable to common stockholders—basic and diluted		(15,169	)		(8,259	)		(29,150	)		(16,160	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,379,887			8,069,304			30,798,698			7,968,267
Net loss per share attributable to common stockholders— basic and diluted	$	(0.32	)	$	(1.02	)	$	(0.95	)	$	(2.03	)

The Company’s potentially dilutive securities, which include preferred stock, restricted stock, stock options, and warrants, 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 common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2021 and 2020 because including them would have had an anti-dilutive effect:

	SIX MONTHS ENDED JUNE 30,
	2021		2020
Preferred stock		-		24,350,737
Options to purchase common stock		2,965,264		1,104,704
Common stock warrants		19,346		19,346
		2,984,610		25,474,787

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

Hood Lease

On August 3, 2021 (the “Execution Date”), Finch entered into a lease (the “Hood Lease”) with Hood Park LLC (the “Landlord”), pursuant to which Finch will lease approximately 61,139 square feet of office and laboratory space on the second floor of a building located at 100 Hood Park Drive, Charlestown, Massachusetts 02129 (the “Premises”).

The term of the Hood Lease commenced on the Execution Date, and Finch will become responsible for paying rent under the Hood Lease on the earlier of (i) January 1, 2022 and (ii) the date Finch’s work on the Premises is substantially completed and Finch has commenced business operations in the Premises (the “Rent Commencement Date”).

The initial term of the Hood Lease will be for a period commencing on the Execution Date and expiring on the date that is ten years from the Rent Commencement Date, unless earlier terminated. The Hood Lease also provides Finch with an option to extend the Lease for one additional five-year term. Finch’s annual base rent for the Premises will start at approximately $4.5 million, commencing on the Rent Commencement Date and will increase on each anniversary of the Rent Commencement Date by approximately 2.8% per annum, up to a maximum annual base rent during the initial term of approximately $5.8 million. The Hood Lease provides for a tenant improvement allowance of approximately $14.8 million for the cost of Finch’s work on the Premises.

Finch is required to post a customary letter of credit in the amount of approximately $2.3 million, subject to decrease on a set schedule, as a security deposit pursuant to the Hood Lease.

Takeda Amendment

On August 9, 2021, Finch and Takeda Development Center Americas, Inc., a wholly owned subsidiary of Takeda, entered into an amendment (the “Amendment”) to the Takeda Agreement.

Under the terms of the Takeda Agreement, among other things, Finch and Takeda agreed to jointly develop the microbiome therapeutic candidate FIN-524, with Finch primarily responsible for early-stage development and manufacturing activities. Pursuant to the Amendment, Finch and Takeda will transition primary responsibility for such development and manufacturing activities from Finch to Takeda in accordance with a transition plan, and Takeda will assume sole responsibility for regulatory matters with respect to FIN-524. Finch will have the right to provide input with respect to the design of the first Phase 1 and Phase 2 clinical trials of FIN-524 in ulcerative colitis in the United States. Further, Finch will remain responsible for certain development activities designated in the FIN-524 development plan, for which Finch will continue to receive reimbursement from Takeda.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Deferred Initial Public Offering Costs	Deferred Initial Public Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred initial public offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred initial public offering costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. On March 18, 2021, the Company completed the IPO; accordingly, the Company recognized the deferred initial public offering costs of approximately $2.9 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, the Company recognized offering costs of less than $0.1 million as a reduction from gross proceeds associated with the overallotment through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there were no deferred offering costs as of June 30, 2021. Deferred offering costs on the accompanying condensed consolidated balance sheet as of December 31, 2020 were $1.0 million.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the six months ended June 30, 2021, as compared to the recent accounting pronouncements described in Note 2 of the Company’s audited financial statements as of and for the year ended December 31, 2020, which are included in the Prospectus.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

DESCRIPTION	JUNE 30, 2021		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	167,134	$	167,134	$	—	$	—
Total financial assets	$	167,134	$	167,134	$	—	$	—

DESCRIPTION	DECEMBER 31, 2020		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	98,677	$	98,677	$	—	$	—
Total financial assets	$	98,677	$	98,677	$	—	$	—

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	JUNE 30, 2021			DECEMBER 31, 2020
Lab equipment	$	3,417		$	2,363
Office furniture and fixtures		537			537
Leasehold improvements		2,143			2,143
Construction work-in-progress		9,921			2,635
Software		4,852			1,150
Computer equipment		367			205
Total		21,237		$	9,033
Less: Accumulated depreciation		(2,910	)		(2,029	)
Property and equipment, net	$	18,327		$	7,004

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	JUNE 30, 2021		DECEMBER 31, 2020
Accrued research and development	$	725	$	81
Accrued legal and professional fees		965		711
Accrued compensation and benefits		2,730		3,532
Accrued other		802		904
Total accrued expenses and other current liabilities	$	5,222	$	5,228

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments Under Non-Cancellable Leases

A summary of the Company’s future minimum lease payments required under non-cancellable lease agreements as of June 30, 2021 is as follows (in thousands):


2021	$	924
2022		1,552
2023		1,440
2024		1,460
2025		1,496
Thereafter		1,115
	$	7,987

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants

	JUNE 30, 2021		DECEMBER 31, 2020
Redeemable convertible preferred stock		-		31,253,609
Options to purchase common stock		2,965,264		1,053,874
Common stock warrants		19,346		19,346
		2,984,610		32,326,829

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2021:

	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2020		1,053,874		$	1.51		7.49	$	4,964
Granted		2,012,026		$	14.97
Exercised		(88,694	)	$	0.77
Cancelled or forfeited		(10,104	)	$	3.41
Expired		(1,838	)	$	1.73
Outstanding as of June 30, 2021		2,965,264		$	10.65		8.98	$	12,515

Options exercisable as of December 31, 2020		652,549		$	1.37		7.12	$	3,205
Options exercisable as of June 30, 2021		681,216		$	1.84		7.07	$	8,333

Summary of Total Stock-Based Compensation Expense

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2021		2020		2021		2020
Research and development	$	238	$	63	$	404	$	115
General and administrative		667		25		836		51
Total	$	905	$	88	$	1,240	$	166

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share Attributable to Common Stockholders

	FOR THE THREE MONTHS ENDED JUNE 30,						FOR THE SIX MONTHS ENDED JUNE 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(15,169	)	$	(8,259	)	$	(29,150	)	$	(16,160	)
Net loss attributable to common stockholders—basic and diluted		(15,169	)		(8,259	)		(29,150	)		(16,160	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,379,887			8,069,304			30,798,698			7,968,267
Net loss per share attributable to common stockholders— basic and diluted	$	(0.32	)	$	(1.02	)	$	(0.95	)	$	(2.03	)

Computation of Diluted Loss per Share Attributable to Common Stockholders

	SIX MONTHS ENDED JUNE 30,
	2021		2020
Preferred stock		-		24,350,737
Options to purchase common stock		2,965,264		1,104,704
Common stock warrants		19,346		19,346
		2,984,610		25,474,787

Nature of Operations and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Apr. 20, 2021 USD ($) $ / shares shares	Mar. 19, 2021 shares	Mar. 18, 2021 USD ($) $ / shares shares	Mar. 12, 2021 shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Jun. 30, 2021 USD ($) shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs \| $							$ 118,575
Convertible preferred stock outstanding \| shares					0		0
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued \| shares	192,877		7,500,000
Net proceeds after deducting underwriting discounts, commissions and offering costs \| $	$ 3,000		$ 115,700
Initial Public Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued \| shares			7,500,000
Public offering price per share \| $ / shares			$ 17.00
Aggregate gross proceeds \| $			$ 127,500
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs \| $			115,700
Payments for underwriting discounts and commissions \| $			8,900
Offering costs \| $			$ 2,900
Reverse stock split ratio			0.069
Convertible preferred stock outstanding \| shares				0
Initial Public Offering \| Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued \| shares						7,500,000
Number shares issued upon conversion of redeemable convertible preferred stock \| shares		31,253,609		31,253,609
OverAllotment Option
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued \| shares	192,877
Public offering price per share \| $ / shares	$ 17.00
Aggregate gross proceeds \| $	$ 3,300
Net proceeds after deducting underwriting discounts, commissions and offering costs \| $	$ 3,000
OverAllotment Option \| Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of shares issued \| shares					192,877

Summary Of Significant Accounting Policies - Additional Information (Details) - USD ($)	Apr. 20, 2021	Jun. 30, 2021	Mar. 18, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs		$ 0	$ 2,900,000	$ 1,000,000.0
OverAllotment Option
Summary Of Significant Accounting Policies [Line Items]
Number of shares issued	192,877
Maximum \| OverAllotment Option
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs	$ 100,000

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Total financial assets	$ 250,328	$ 165,338
Fair Value, Measurements, Recurring
ASSETS
Total financial assets	167,134	98,677
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	167,134	98,677
Fair Value, Measurements, Recurring \| Money Market Funds
ASSETS
Total financial assets	167,134	98,677
Fair Value, Measurements, Recurring \| Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	$ 167,134	$ 98,677

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
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Reference 2: 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(g)(1)(ii))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 28
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Transfers between fair value levels	$ 0	$ 0

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 21,237	$ 9,033
Less: Accumulated depreciation	(2,910)	(2,029)
Property and equipment, net	18,327	7,004
Lab Equipment
Property, Plant and Equipment [Line Items]
Total	3,417	2,363
Office Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total	537	537
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	2,143	2,143
Construction Work-In-Progress
Property, Plant and Equipment [Line Items]
Total	9,921	2,635
Software
Property, Plant and Equipment [Line Items]
Total	4,852	1,150
Computer Equipment
Property, Plant and Equipment [Line Items]
Total	$ 367	$ 205

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,000	$ 400
Property and equipment held	21,237		$ 9,033
Software
Property, Plant and Equipment [Line Items]
Property and equipment held	4,852		1,150
Software \| Open Biome
Property, Plant and Equipment [Line Items]
Property and equipment held	4,800		1,200
Lab Equipment
Property, Plant and Equipment [Line Items]
Property and equipment held	3,417		$ 2,363
Lab Equipment \| Open Biome
Property, Plant and Equipment [Line Items]
Property and equipment held	$ 200

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development	$ 725	$ 81
Accrued legal and professional fees	965	711
Accrued compensation and benefits	2,730	3,532
Accrued other	802	904
Total accrued expenses and other current liabilities	$ 5,222	$ 5,228

Revenue - Additional Information (Details) - USD ($)	6 Months Ended
Revenue - Additional Information (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable	$ 2,245,000		$ 1,034,000
Deferred revenue, current portion	2,575,000		3,371,000
Takeda Pharmaceutical Company Limited \| Takeda Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received				$ 10,000,000.0
Accounts receivable	2,200,000		1,000,000.0
Deferred revenue	10,800,000		$ 13,600,000
Deferred revenue, current portion	2,600,000
Maximum milestone payment associated with development and commercialization upon milestone to be achieved	180,000,000.0
Milestone payments received under agreement	4,000,000.0
Takeda Pharmaceutical Company Limited \| Takeda Agreement \| Collaboration Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized	6,400,000	$ 3,900,000
Takeda Pharmaceutical Company Limited \| Takeda Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based royalties revenues	0	0
Royalties received	0	0
Open Biome \| APL Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based royalties revenues	0	300,000
Open Biome \| LMIC Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized	0	$ 0
Open Biome \| LMIC Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based royalties revenues	$ 0

Commitments and Contingencies - Additional Information (Details)		1 Months Ended				6 Months Ended		12 Months Ended
	May 08, 2021 USD ($)	Apr. 30, 2020 USD ($)	Jan. 31, 2017 USD ($) ft²	Jul. 31, 2016	Dec. 31, 2015 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)
Loss Contingencies [Line Items]
Rent expense						$ 600,000	$ 600,000
Rent income						100,000	200,000
Legal claims						0
Paycheck Protection Program
Loss Contingencies [Line Items]
Proceeds from loan		$ 1,800,000
Debt instrument, face amount	$ 1,800,000
Accrued interest borrowed	$ 19,000
Debt instrument forgiven, description	On May 8, 2021, the Company received notice from the SBA that the entirely of the PPP Loan was forgiven. Accordingly, the Company is no longer required to repay the $1.8 million in principal and approximately $19,000 in accrued interest borrowed under the PPP Loan.
Open Biome
Loss Contingencies [Line Items]
Rent income						100,000	200,000
Open Biome \| APL Agreement
Loss Contingencies [Line Items]
Regulatory milestone payments									$ 2,500,000
Sales-based milestone payments									$ 23,300,000
Milestone payments paid								$ 100,000
Open Biome \| MAL Agreement
Loss Contingencies [Line Items]
Royalty payments paid								200,000
Remaining royalty amount due								300,000
Additional royalty amount due								$ 100,000
Inner Belt Road Lease
Loss Contingencies [Line Items]
Lease agreement term					10 years
Rentable office space under operating lease \| ft²					25,785
Rent holiday term in first year of lease					2 months
Rent abatement period					2 years
Base rent charges			$ 33,000,000		$ 100,000
Additional rentable office space under operating lease amendment \| ft²			10,500
Leasehold improvement incentives related to additional office and laboratory space			$ 400,000
Inner Belt Road Lease \| Open Biome
Loss Contingencies [Line Items]
Sub lease agreement term				10 years
Cherry Street Lease
Loss Contingencies [Line Items]
Rent expense						33,000	0
Concord Street Lease
Loss Contingencies [Line Items]
Rent expense						$ 32,400	$ 0

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 924
2022	1,552
2023	1,440
2024	1,460
2025	1,496
Thereafter	1,115
Total minimum lease payments	$ 7,987

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Mar. 19, 2021	Mar. 12, 2021	Jun. 30, 2021
Temporary Equity [Line Items]
Convertible preferred stock outstanding			0
Initial Public Offering
Temporary Equity [Line Items]
Preferred stock outstanding shares converted	31,253,609
Convertible preferred stock outstanding		0
Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Outstanding preferred stock converted to common stock	31,253,609	31,253,609

Stockholders' Equity - Additional Information (Details) - USD ($)			6 Months Ended
	Apr. 20, 2021	Mar. 18, 2021	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common shares authorized for issuance			200,000,000	598,232,153
Common stock par value			$ 0.001	$ 0.001
Preferred stock, shares outstanding			0
Cash dividends declared or paid			$ 0
Common stock voting rights			Each share of common stock entitles the holder to one vote
Common Stock
Class Of Stock [Line Items]
Common stock par value		$ 0.001
Stock issued during period, shares	192,877	7,500,000
Offering price per share	$ 17.00	$ 17.00
Net proceeds from issuance of common stock	$ 3,000,000.0	$ 115,700,000
Conversion of stock, shares issued		31,253,609
Gross proceeds from issuance of common stock	$ 3,300,000
Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value		$ 0.001
Maximum \| Common Stock
Class Of Stock [Line Items]
Common shares authorized for issuance		200,000,000
Maximum \| Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred shares authorized for issuance		10,000,000

Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares of common stock for potential conversion	2,984,610	32,326,829
Options to Purchase Common Stock
Class Of Stock [Line Items]
Shares of common stock for potential conversion	2,965,264	1,053,874
Common Stock Warrants
Class Of Stock [Line Items]
Shares of common stock for potential conversion	19,346	19,346
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Shares of common stock for potential conversion		31,253,609

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants	0
Aggregate purchase of common stock	500,000
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants	0	698,601
Maximum number of common stock to be issued	4,700,000
Unrecognized compensation expense remaining to be recognized	$ 19.6
Unrecognized compensation expense remaining to be recognized, period	3 years 1 month 2 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants	2,964,760
Maximum number of common stock to be issued	5,291,446
Percentage of increase in shares of common stock reserved for issuance	5.00%
Number of shares issuable upon the exercise of outstanding options	1,735,240
2021 Equity Incentive Plan \| Incentive Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of common stock to be issued	14,100,000

Stock-Based Compensation - Summary of Activity of Stock Options (Details) - 2017 and 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance \| shares	1,053,874
SHARES, Granted \| shares	2,012,026
SHARES, Exercised \| shares	(88,694)
SHARES, Cancelled or forfeited \| shares	(10,104)
SHARES, Expired \| shares	(1,838)
SHARES, Outstanding, Ending Balance \| shares	2,965,264	1,053,874
SHARES, Options exercisable \| shares	681,216	652,549
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance \| $ / shares	$ 1.51
WEIGHTED AVERAGE EXERCISE PRICE, Granted \| $ / shares	14.97
WEIGHTED AVERAGE EXERCISE PRICE, Exercised \| $ / shares	0.77
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited \| $ / shares	3.41
WEIGHTED AVERAGE EXERCISE PRICE, Expired \| $ / shares	1.73
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance \| $ / shares	10.65	$ 1.51
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable \| $ / shares	$ 1.84	$ 1.37
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding	8 years 11 months 23 days	7 years 5 months 26 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable	7 years 25 days	7 years 1 month 13 days
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance \| $	$ 4,964
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance \| $	12,515	$ 4,964
AGGREGATE INTRINSIC VALUE, Options exercisable \| $	$ 8,333	$ 3,205

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 905	$ 88	$ 1,240	$ 166
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	238	63	404	115
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 667	$ 25	$ 836	$ 51

Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 01, 2021	Feb. 10, 2020	Nov. 30, 2020	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related party					$ 5,000		$ 61,000
Due to related party					8,000		266,000
Rent income under sublease					100,000	$ 200,000
Open Biome
Related Party Transaction [Line Items]
Rent income under sublease					100,000	200,000
Open Biome \| Maximum
Related Party Transaction [Line Items]
Receivable from related party					100,000		100,000
Strategic Agreement \| Open Biome
Related Party Transaction [Line Items]
Reimbursed to related party					100,000	300,000
Reimbursed from related party					100,000	100,000
Strategic Agreement \| Open Biome \| Maximum
Related Party Transaction [Line Items]
Due from related party					100,000		100,000
Due to related party					100,000		100,000
Clinical Supply and Services Agreement \| Open Biome
Related Party Transaction [Line Items]
Due to related party					0		$ 200,000
Agreement term		1 year
Payment of monthly platform fee		$ 200,000
Security deposit		500,000
Prepaid fees		1,600,000
Security deposit returned		$ 500,000
Payment to related party					1,100,000	$ 2,100,000
Asset Purchase Agreement \| Open Biome
Related Party Transaction [Line Items]
Payment to acquire certain assets			$ 1,200,000
Payment to acquire remaining assets	$ 3,800,000
Property and equipment				$ 5,000,000.0
Required to pay certain milestones					$ 26,000,000.0

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Company's contribution to plan	$ 0.4	$ 0.2

Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (15,169)	$ (13,981)	$ (8,259)	$ (7,901)	$ (29,150)	$ (16,160)
Net loss attributable to common stockholders—basic and diluted	$ (15,169)		$ (8,259)		$ (29,150)	$ (16,160)
Denominator:
Weighted-average common stock outstanding—basic and diluted	47,379,887		8,069,304		30,798,698	7,968,267
Net loss per share attributable to common stockholders—basic and diluted	$ (0.32)		$ (1.02)		$ (0.95)	$ (2.03)

- Definition

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

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

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Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	2,984,610	25,474,787
Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share		24,350,737
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	2,965,264	1,104,704
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	19,346	19,346

Subsequent Events - Additional Information (Details) - Finch - Hood Lease - Subsequent Event	Aug. 03, 2021 USD ($) ft²
Subsequent Event [Line Items]
Rentable office space under operating lease \| ft²	61,139
Lease agreement term	10 years
Lease, option to extend	one additional five-year term
Renewal term of lease	5 years
Annual base rent	$ 4,500,000
Increase percentage on each anniversary of rent commencement date	2.80%
Tenant improvement allowances	$ 14,800,000
Letter of Credit
Subsequent Event [Line Items]
Security deposit pursuant to lease	$ 2,300,000
Maximum
Subsequent Event [Line Items]
Rent commencement date	Jan. 01, 2022
Annual base rent	$ 5,800,000