0000950170-22-005243 | 10-K | XBRL Viewer | Finch Therapeutics Group INC

Print Document View Excel Document

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 133,481	$ 99,710
Accounts receivable	494	1,034
Due from related party	0	61
Prepaid expenses and other current assets	8,576	5,359
Total current assets	142,551	106,164
Property and equipment, net	19,635	7,004
Operating right-of-use assets	5,053	0
In-process research and development	32,900	32,900
Goodwill	18,057	18,057
Deferred initial public offering costs	0	1,013
Restricted cash, non-current	2,268	0
Other assets	4,905	200
TOTAL ASSETS	225,369	165,338
CURRENT LIABILITIES:
Accounts payable	3,737	2,621
Accrued expenses and other current liabilities	9,925	5,228
Operating lease liabilities, current	1,128	0
Due to related party	0	266
Deferred revenue, current portion	0	3,371
Total current liabilities	14,790	11,486
Deferred tax liability	3,461	3,461
Deferred revenue, net of current portion	0	10,260
Loan payable	0	1,808
Deferred rent	0	766
Operating lease liabilities, non-current	4,887	0
Other liabilities	7	221
Total liabilities	23,145	28,002
COMMITMENTS AND CONTINGENCIES (Note 9)
Redeemable convertible preferred stock		233,054
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.001 par value; 200,000,000 and 598,232,153 shares authorized as of December 31, 2021 and December 31, 2020, respectively; 47,512,182 and 8,391,793 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	47	8
Additional paid-in capital	363,172	7,109
Accumulated deficit	(160,995)	(102,835)
Total stockholders’ equity (deficit)	202,224	(95,718)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)	225,369	165,338
Series A Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock	0	53,593
Series B Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock	0	36,336
Series C Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock	0	53,221
Series D Redeemable Convertible Preferred Stock
CURRENT LIABILITIES:
Redeemable convertible preferred stock	$ 0	$ 89,904

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Temporary equity, shares authorized		451,427,842
Temporary equity, shares issued		31,253,609
Temporary Equity Shares Outstanding		31,253,609
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	598,232,153
Common stock, shares, issued	47,512,182	8,391,793
Common stock, shares, outstanding	47,512,182	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

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Total revenue	$ 18,532	$ 7,719
OPERATING EXPENSES:
Research and development	(57,279)	(33,144)
General and administrative	(21,238)	(14,011)
Total operating expenses	(78,517)	(47,155)
Net loss from operations	(59,985)	(39,436)
OTHER INCOME, NET:
Gain on extinguishment of PPP Loan	1,827
Interest income	22	106
Gain (loss) on disposal of fixed assets	28	(13)
Other (expense) income, net	(52)	2
Total other income, net	1,825	95
Loss before income taxes	(58,160)	(39,341)
Income tax provision	0	0
Net loss	(58,160)	(39,341)
Net loss attributable to common stockholders - basic and diluted (Note 15)	$ (58,160)	$ (39,341)
Net loss per share attributable to common stockholders—basic and diluted	$ (1.48)	$ (4.83)
Weighted-average common stock outstanding—basic and diluted	39,202,086	8,144,855
Collaboration Revenue
REVENUE:
Total revenue	$ 18,532	$ 7,376
Royalty Revenue From Related Party
REVENUE:
Total revenue	$ 0	$ 343

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Series A Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock	Series C Redeemable Convertible Preferred Stock	Series D Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ (59,535)					$ 8	$ 3,951	$ (63,494)
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 at Dec. 31, 2019						7,778,552
Issuance of series D redeemable convertible preferred stock, net of issuance costs of $96	59				$ 89,904
Issuance of series D redeemable convertible preferred stock net of issuance costs of $96 share					6,902,872
Exercise of common stock options							(59)
SHARES, Exercised \| shares						(65,881)
Vesting of restricted stock, Shares						547,360
Vesting of restricted stock	8						8
Stock-based compensation	3,091						3,091
Net loss	$ (39,341)							39,341
Ending Balance , Shares at Dec. 31, 2020	31,253,609	11,596,280	5,166,203	7,588,254	6,902,872
Ending Balance at Dec. 31, 2020	$ 233,054	$ 53,593	$ 36,336	$ 53,221	$ 89,904
Ending Balance, Shares at Dec. 31, 2020						8,391,793
Ending Balance at Dec. 31, 2020	(95,718)					$ 8	7,109	(102,835)
Exercise of common stock options	(181)						(181)
SHARES, Exercised \| shares						(155,821)
Stock-based compensation	4,161						4,161
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
Conversion of redeemable convertible preferred stock into common stock 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
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786						7,500,000
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786	$ 115,714					$ 8	$ 115,706
Underwriters' exercise of overallotment option, net of underwriting discounts, commissions and initial public offering costs of $276, Shares						192,877
Underwriters' exercise of overallotment option, net of underwriting discounts, commissions and initial public offering costs of $276	3,003						3,003
Shares repurchased for cashless exercise	$ 10					$ 1,221	$ 10
Exercise of common stock warrants	19,303
Net loss	$ (58,160)							(58,160)
Ending Balance , Shares at Dec. 31, 2021		0	0	0	0
Ending Balance at Dec. 31, 2021		$ 0	$ 0	$ 0	$ 0
Ending Balance, Shares at Dec. 31, 2021						47,512,182
Ending Balance at Dec. 31, 2021	$ 202,224					$ 47	$ 363,172	$ (160,995)

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock issuance costs	$ 2,659	$ 249
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
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B
Temporary equity, par value	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C
Temporary equity, par value	0.001	$ 0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D
Stock issuance costs		$ 96
Temporary equity, par value	$ 0.001	$ 0.001

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (58,160)	$ (39,341)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,301	790
Stock-based compensation expense	4,161	3,099
Gain on extinguishment of PPP Loan	(1,808)	0
(Gain) loss on sale of property and equipment	(28)	13
Other non-cash operating lease cost	913	0
Changes in operating assets and liabilities:
Accounts receivable	540	143
Due from related party	61	3,507
Prepaid expenses and other current assets	(3,217)	(3,665)
Other non-current assets	(4,689)	0
Accounts payable	2,261	440
Accrued expenses and other current liabilities	5,435	481
Due to related party	(266)	(68)
Deferred revenue	(13,631)	2,963
Deferred rent	0	309
Operating lease liabilities	(1,006)	0
Net cash used in operating activities	(67,133)	(31,329)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(15,983)	(2,633)
Proceeds from sale of property and equipment	62	0
Net cash used in investing activities	(15,921)	(2,633)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs	118,576	0
Proceeds from issuance of Series D convertible preferred stock	0	90,000
Payment of Series D redeemable convertible preferred stock issuance costs	0	(96)
Proceeds from underwriters' exercise of overallotment option, net of underwriting discounts and commissions and initial public offering costs	3,049	0
Principal payments on finance lease obligation	(27)	(47)
Proceeds from exercise of stock options, net	171	59
Proceeds from PPP Loan	0	1,808
Payment of deferred offering costs	(2,659)	(249)
Net cash provided by financing activities	119,110	91,475
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	36,056	57,513
Cash, cash equivalents and restricted cash at beginning of period	99,909	42,396
Cash, cash equivalents and restricted cash at end of period	135,965	99,909
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	9	11
Cash paid in connection with operating lease liabilities	1,434	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment in accounts payable and accrued liabilities	381	1,398
Conversion of redeemable convertible preferred stock into common stock	233,053	0
Operating right-of-use assets obtained in exchange for new operating leases upon adoption of ASC 842	5,965	0
Deferred initial public offering costs in AP and accruals	$ 0	$ 764

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 133,481	$ 99,710
Restricted cash	2,484	199
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Total	$ 135,965	$ 99,909

Nature of Operations

12 Months Ended

Dec. 31, 2021

Disclosure Text Block [Abstract]

Nature of Operations

1. NATURE OF OPERATIONS

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, is an orally administered complete microbiome therapeutic in development for the prevention of 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 and proceeds of $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 audited 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.

Risks and Uncertainties

The Company is subject to a number of risks similar to other companies in its industry, including rapid technological change, the risk that its products will fail to demonstrate efficacy in clinical trials, uncertainty of market acceptance of its products, competition from larger pharmaceutical and biotechnology companies and dependence on key personnel.

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

The Company has incurred recurring losses since its inception, including net losses of $58.2 million and $39.3 million for the years ended December 31, 2021 and 2020, respectively. In addition, as of December 31, 2021, the Company had an accumulated deficit of $161.0 million. The Company expects to continue to generate operating losses for the foreseeable future as it continues to develop its product candidates. The Company expects that its cash and cash equivalents of $133.5 million as of December 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months beyond the date of issuance the annual consolidated financial statements.

The Company will not generate any future revenue from product sales unless and until it successfully completes clinical development and obtains regulatory approval for one or more of its product candidates. If the Company obtains regulatory approval for any of its product candidates, it expects to incur significant expenses related to developing its internal commercialization capability to support manufacturing, product sales, marketing and distribution. As a result, the Company will need substantial additional funding to support its operating activities as it advances its product candidates through clinical development, seeks regulatory approval, and if any of its product candidates are approved, proceeds to commercialization.

Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operating activities through a combination of equity offerings, debt financings, and license and development agreements in connection with any future collaborations. Adequate funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to obtain funding, the Company will 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. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the operations of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the pattern and method of recognizing revenue, the accrual of research and development costs, and the annual assessment of impairment of goodwill and in-process research and development assets. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.

Fair Value Measurements

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company has no assets or liabilities classified as Level 3 on its consolidated balance sheets as of December 31, 2021 and 2020.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed the federal insurance limit.

The Company’s cash equivalents, which are funds held in a money market account, are measured at fair value on a recurring basis. The carrying amount of cash and cash equivalents was $133.5 million and $99.7 million as of December 31, 2021 and 2020, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1.

Restricted Cash

The Company had restricted cash of $2.5 million and $0.2 million as of December 31, 2021 and 2020, respectively, primarily related to a security deposit on its operating leases for its offices in Somerville and Charlestown, Massachusetts for the year ended December 31, 2021, and for its operating lease for its offices in Somerville, Massachusetts for the year ended December 31, 2020. This is included in restricted cash, non-current and other assets on the Company’s consolidated balance sheets.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. As of December 31, 2021 and 2020, the Company’s cash and cash equivalents were held with one financial institution. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.

Accounts Receivable

Accounts receivable are carried at the invoiced amount less an allowance for doubtful accounts. Doubtful accounts are provided for on the basis of anticipated collection losses. The estimated losses are determined from historical collection experience and a review of outstanding accounts receivable. A receivable is considered past due if the Company has not received payment within the stated payment terms. After all attempts to collect a receivable have failed, the receivable is

written off against the allowance. Based on historical receipts and collections history, management has determined that an allowance for doubtful accounts is not necessary as of December 31, 2021 and 2020.

Property and Equipment

Property and equipment are recorded at cost. Expenditures for repairs and maintenance are expensed as incurred, while any additions or improvements are capitalized. When assets are retired or disposed of, the assets and related accumulated depreciation are derecognized from the accounts, and any resulting gain or loss is included in the determination of net loss. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows:


		ESTIMATED USEFUL LIFE
Computer equipment and software		3 years
Laboratory equipment		5 years
Office furniture		5 years
Leasehold improvements		Shorter of useful life or lease term

Goodwill and In-Process Research and Development

Goodwill is the amount by which the cost of the acquired net assets in a business combination exceeds the fair value of the identifiable net assets on the date of purchase or valuation. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles—Goodwill and Other.

Acquired In-Process Research and Development (“IPR&D”) represents the fair value assigned to research and development assets that the Company acquired that had not been completed at the date of acquisition and is accounted for as an indefinite lived intangible asset in accordance with ASC Topic 350, Intangibles—Goodwill and Other. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. The Company’s IPR&D is comprised of Crestovo’s research and development asset related to CP101, which was acquired in the Merger.

Goodwill and IPR&D are evaluated for impairment annually on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors the Company considers important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired asset or the strategy for its overall business, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period, or a reduction of its market capitalization relative to net book value.

To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its fair value. The Company’s annual assessments for impairment of goodwill as of October 1, 2021 and October 1, 2020 indicated that the fair value of its reporting unit exceeded the carrying value of the reporting unit.

To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. The Company estimates the fair value of IPR&D using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not limited to, estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. The Company’s annual assessment for impairment of IPR&D indicated that the fair value of its IPR&D asset as of October 1, 2021 and October 1, 2020 exceeded the respective carrying value.

Any impairments are recognized as a loss in the year the goodwill and/or IPR&D are determined to be impaired. Impairment of IPR&D is recorded as research and development expense and impairment of goodwill is recorded separately as a loss in other income (expense) on the Company’s consolidated statements of operations. To date, no impairment loss has been recognized. Additionally, there has been no change to the carrying value of goodwill and IPR&D for the years ended December 31, 2021 and 2020.

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 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, and 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 consolidated balance sheet. Accordingly, there were no deferred offering costs as of December 31, 2021. Deferred offering costs on the accompanying consolidated balance sheet as of December 31, 2020 were $1.0 million.

Leases

In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842), as subsequently amended, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors), and replaces the existing guidance in ASC 840, Leases. The FASB subsequently issued amendments to ASC 842, which have the same effective date of January 1, 2019: (i) ASU 2018-10, Codification Improvements to Topic 842, Leases, which amends certain narrow aspects of the guidance issued in ASU 2016-02; and (ii) ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows for a transition approach to initially apply ASU 2016-02 at the adoption date and not restate prior periods presented. ASC 842 requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine the recognition pattern of lease expense over the term of the lease. The Company adopted ASC 842 during the quarter ended December 31, 2021, with an effective date of January 1, 2021, using the modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior period financial statements continue to be presented in accordance with ASC 840.

The adoption of this standard resulted in the recognition of operating lease right-of-use assets of $5.8 million and current and noncurrent operating lease liabilities of $0.9 million and $5.9 million, respectively, and the derecognition of deferred rent liabilities and unamortized lease incentives of $0.8 million and $0.2 million, respectively, on the Company’s Balance Sheets as of January 1, 2021 relating to its office leases in Somerville, MA. The adoption of this standard did not have a significant impact on the Company’s consolidated Statements of Operations or Statements of Cash Flows.

Prior to January 1, 2021, the Company accounted for leases under Accounting Standards Codification 840, Leases (‘‘ASC 840’’). At lease inception, the Company determined if an arrangement was an operating or capital lease. For operating leases, the Company recognized rent expense, inclusive of rent escalations, holidays and lease incentives, on a straight-line basis over the lease term. The difference between rent expense recorded and the amount paid was recorded as deferred rent. The Company presented lease incentives as deferred rent and amortized the incentives as a reduction to rent expense on a straight-line basis over the lease term. The Company classified deferred rent as current and noncurrent liabilities based on the portion of the deferred rent that was scheduled to mature within the next twelve months.

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement including the use of an identified asset(s) and the Company’s control over the use of that identified asset. The Company classifies leases with a term greater than one year as either operating or finance leases at the lease commencement date and records a right-of-use (“ROU”) asset and current and non-current lease liabilities, as applicable on the balance sheet. The Company elected, as allowed under ASC 842, to not recognize leases with a lease term of one year or less on its balance sheet. When an option to extend the lease exists, a determination is made whether that option is reasonably certain of exercise based on economic factors present at the measurement date and as circumstances may change.

The Company measures and records its lease liabilities based on the present value of lease payments over the expected remaining lease term. The present value of future lease payments are discounted using the interest rate implicit in the lease contracts if that rate is readily available. As the implicit rate has not historically been readily determinable, the Company utilizes its incremental borrowing rate (“IBR”), which reflects the fixed rate at which the Company could borrow on a

collateralized basis over a similar term to fund the amount of lease payments to be made in a similar economic environment. Management determines the appropriate IBR to use based on the Company’s credit standing and market environment at lease commencement. The Company measures its ROU assets as the lease liability plus initial direct costs and prepaid lease payments, less lease incentives granted by the lessor.

In accordance with ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.) , non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated, based on the respective relative fair values, to the lease components and non-lease components. However, the Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only.

After lease commencement and the establishment of a ROU asset and operating lease liability, lease expense is recorded on a straight-line basis over the lease term. Variable costs associated with a lease, such as maintenance and utilities, are not included in the measurement of the lease liabilities and right-of-use assets but rather are expensed when the events determining the amount of variable consideration to be paid have occurred.

When a lease is modified and the modification is not accounted for as a separate contract, the Company remeasures its ROU assets and lease liabilities. A modification is accounted for as a separate contract if the modification grants the Company an additional right of use not included in the original lease arrangement and the increase in lease payments is commensurate with the additional right of use. The Company assesses its right-of-use assets for impairment in a manner consistent with its assessment for long-lived assets held and used in operations.

Impairment of Long-lived Assets

The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. To date, no impairments have been recognized for these assets.

Research and Development Expenses

Research and development costs are charged to expense as incurred. Research and development costs consist of expenses incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, facilities, and other outside expenses. Costs for external development activities are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid expense or accrued research and development expense.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses and expensed as the related goods are delivered or the services are performed.

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is made available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The CODM is the Company’s Chief Executive Officer. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions.

Redeemable Convertible Preferred Stock

In connection with the IPO, 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 audited 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.

Stock-based Compensation

The Company accounts for all stock-based payment awards granted to employees and non-employees as stock-based compensation expense at fair value. The Company’s stock-based payments are comprised of stock options. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is the vesting period, on a straight-line basis. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation expense is classified in the accompanying consolidated statements of operations based on the function to which the related services are provided. The Company recognizes stock-based compensation expense for the portion of awards that have vested. Forfeitures are recorded as they occur.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company has historically been a private company until its IPO in March 2021 and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.

Income Taxes

The Company is primarily subject to U.S. federal and Massachusetts state income tax. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes.

As of December 31, 2021 and 2020, the Company maintains a reserve against certain federal and state research and development credits that are recorded net in deferred taxes. The Company has no accruals for interest or penalties related to income tax matters. Tax years since inception remain open to examination by federal and state tax authorities.

Revenue Recognition

The Company has historically generated revenue from the following sources: (1) collaboration revenue from the collaboration agreement with Takeda Pharmaceutical Company Limited (see Note 7) and (2) royalty revenue from OpenBiome’s sales of a licensed product under the Asset Purchase and License Agreement with OpenBiome (see Note 7).

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs the following five steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it expects to be entitled to in exchange for the goods or services it transfers to the customer.

The promised goods or services in the Company’s arrangements typically consist of (1) a license, or option to license, rights to the Company’s intellectual property or research and development services; (2) an obligation to transfer FMT materials; or (3) an obligation to provide pre-clinical and clinical research and support services. Under the collaboration agreement, the Company provides options to additional items, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer.

Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer and are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on its own or whether the required expertise is readily available, and whether the goods or services are integral or dependent to other goods or services in the contract. For performance obligations which consist of FMT materials, shipping and distribution activities occur prior to the transfer of control of FMT materials and are considered activities to fulfill the Company’s promise to deliver goods to the customers.

The Company estimates the transaction price based on the amount expected to be entitled to for transferring the promised goods or services in the contract. The consideration may include fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of potential payment and the likelihood that the underlying constraint will be released. The Company utilizes either the most likely amount method or expected value method to estimate the amount expected to be received based on which method best predicts the amount expected to be received. Variable consideration may be constrained and is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period.

The Company’s contracts often include development and regulatory milestone payments that are assessed under the most likely amount method and are included in the transaction price only to the extent it is probable that a significant revenue reversal would not occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of such development and regulatory milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are added to the transaction price with a corresponding adjustment being made to the measure of progress, and, as necessary, recorded on a cumulative catch-up basis, which would affect collaboration revenue in the period of adjustment.

For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

For contracts which have more than one performance obligation, the total contract consideration is allocated based on observable standalone selling prices or, if standalone selling prices are not readily observable, based on management’s estimate of each performance obligation’s standalone selling price. The Company must develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the standalone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction and the estimated costs. Variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated are consistent with the amounts the Company would expect to be entitled to for the satisfaction of each performance obligation.

The consideration allocated to each performance obligation is recognized as revenue when control is transferred for the related goods or services. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. For performance obligations, revenue is recognized when control of the product is transferred to the customer and the related performance obligation is satisfied, which typically occurs upon delivery of the product to the customer, for an amount that reflects the consideration the Company expects to be entitled to receive in exchange for delivering the product. For performance obligations which consist of clinical trial participation and related support services, revenue is recognized over time as the customer simultaneously receives and consumes the benefits of the services provided.

Disaggregation of Revenue

The following table provides revenue disaggregated by timing of revenue recognition (in thousands):


	YEAR ENDED DECEMBER 31,
	2021		2020
Transferred at a point in time	$	—	$	343
Transferred over time		18,532		7,376
Total	$	18,532	$	7,719

Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares outstanding during the period and, if dilutive, the weighted-average number of potential shares of common stock. Net loss per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net loss per share for the holders of the Company’s common shares and participating securities. The Company’s preferred stock contains participation rights in any dividend paid by the Company and is deemed to be a participating security. Net loss attributable to common stockholders and participating preferred shares are allocated to each share on an as-converted basis as if all of the earnings for the period had been distributed. The participating securities do not include a contractual obligation to share in losses of the Company and are not included in the calculation of net loss per share in the periods in which a net loss is recorded.

Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. The Company allocates earnings first to preferred stockholders based on dividend rights and then to common and preferred stockholders based on ownership interests. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and preferred stock.

Common stock equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is generally the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2021 and 2020.

Recently Issued and Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board FASB or other accounting standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have or may have a material impact on our consolidated statements or disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic
350- 40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. ASU 2018-15 aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the guidance for capitalizing costs associated with developing or obtaining internal-use software (and hosting arrangements that include an internal-use software license). The Company adopted the standards on a prospective basis on January 1, 2021.The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes, enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively and certain others to be made retrospectively. The Company adopted this standard on January 1, 2021, and this standard did not have a material impact on its consolidated financial statements and related disclosures for the year ended December 31, 2021.

Fair Value Measurements

12 Months Ended

Dec. 31, 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	DECEMBER 31, 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	$	132,275	$	132,275	$	—	$	—
Total financial assets	$	132,275	$	132,275	$	—	$	—


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 have been no transfers between fair value levels during the years ended December 31, 2021 and 2020. The carrying values of 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

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 (in thousands):


	DECEMBER 31, 2021			DECEMBER 31, 2020
Lab equipment	$	3,850		$	2,363
Office furniture and fixtures		537			537
Leasehold improvements		13,894			2,143
Construction work-in-progress		329			2,635
Software		4,883			1,150
Computer equipment		368			205
Total	$	23,861		$	9,033
Less: Accumulated depreciation		(4,226	)		(2,029	)
Property and equipment, net	$	19,635		$	7,004

Depreciation and amortization expense was $2.3 million and $0.8 million for the years ended December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, the Company purchased $3.9 million and $1.2 million, respectively, of software, property, and equipment from a related party, under the OpenBiome Agreement.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

5. LEASES

200 Inner Belt Road Lease

In December 2015, the Company entered into a 10-year lease agreement (the "Inner Belt Road Lease") for approximately 25,785 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. 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 (the "200 Inner Belt Road Sublease") 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 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. 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 13), which occurred on March 1, 2021. The sublease was further amended on January 15, 2021 and June 22, 2021 and terminated on December 31, 2021.

The Company's lease expense under the Inner Belt Road Lease was $1.3 million for each of the years ended December 31, 2021 and 2020. The Company recognizes sublease income under the sublease to OpenBiome as rent is received over the sublease term. Gross lease income under the sublease to OpenBiome for each of the years ended December 31, 2021 and 2020 was $0.1 million and $0.4 million, respectively, and is presented as an offset to lease expense on the consolidated statements of operations.

Cherry Street Lease

On March 1, 2021, the Company assumed a lease agreement (the “Cherry Street Lease”) in conjunction with the closing of the OpenBiome Agreement. The lease term is from March 2021 through February 2023. The Company’s lease expense under the Cherry Street Lease for the years ended December 31, 2021 and 2020 was $0.1 million and $0, respectively.

Concord Avenue Lease

On May 25, 2021, the Company entered into a lease agreement (the "Concord Avenue Lease") from May 2021 through February 2022. The Company’s lease expense under the Concord Avenue Lease for the years ended December 31, 2021 and 2020 was $0.2 million and $0, respectively. On August 17, 2021 Finch extended the term of the lease for an additional two-month period through April 2022 and on February 4, 2022 Finch further extended the lease for an additional month through May 2022. The Concord Avenue Lease qualifies as a short-term lease and will be excluded from the balance sheet.

100 Hood Park Drive

On August 3, 2021 (the "Execution Date"), the Company entered into a 10-year lease agreement (the "Hood Lease") with Hood Park LLC (the "Landlord"), pursuant to which the Company will lease approximately 61,139 square feet of office and laboratory space (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 improvement on the Premises is substantially completed and Finch has commenced business operations in the Premises (the “Rent Commencement Date”). As of December 31, 2021, the Rent Commencement Date had not occurred and no lease expense, right-of-use asset, or lease liability was recognized under the Hood Lease.

The Hood Lease 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, and the lease contains annual rent escalations. The Hood Lease provides for a tenant improvement allowance of approximately $14.8 million for the cost of Finch’s work on the Premises. As of December 31, 2021, $5.3 million of lessor owned tenant improvements were completed by the Company and are recorded in other current assets on the consolidated balance sheet.

The Company posted 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. This is included in restricted cash, non-current on the consolidated balance sheet as of December 31, 2021.

The following table presents the classification of right-of-use assets and lease liabilities as of December 31, 2021:


	BALANCE SHEET CLASSIFICATION	DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	5,053
Finance lease assets	Property and equipment, net		22
Total lease assets			5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	1,128
Finance lease liabilities	Other current liabilities		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		4,887
Finance	Other liabilities		7
Total lease liabilities		$	6,041

The following table represents the components of lease cost, which are included in general and administrative and research and development expense on the statement of operations, for the year ended December 31, 2021:


LEASE COST	DECEMBER 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$	27
Interest on lease liabilities		10
Operating lease cost		1,336
Short-term lease cost		254
Variable lease cost		525
Sublease income		(88	)
Total lease cost	$	2,064

The weighted-average remaining lease term and discount rate were as follows:


LEASE TERM AND DISCOUNT RATE		DECEMBER 31, 2021
Weighted-average remining lease term (years)
Operating leases		4.6
Finance Leases		1.2
Weighted-average discount rate
Operating leases		6.7%
Finance Leases		30.6%

Supplemental disclosure of cash flow information related to leases was as follows:


SUPPLEMENTAL CASH FLOW INFORMATION	DECEMBER 31, 2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	1,006
Financing cash flows from finance leases	$	27

The following table represents a summary of the Company’s future lease payments required as of December 31, 2021:


	OPERATING LEASE OBLIGATIONS			HOOD PARK LEASE OBLIGATIONS		FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	1,487		$	4,535	$	24		$	6,046
2023		1,440			4,663		6			6,109
2024		1,460			4,795		—			6,255
2025		1,496			4,931		—			6,427
2026		1,116			5,071		—			6,187
Thereafter		—			27,605		—			27,605
Total future minimum lease payments	$	6,999		$	51,600	$	30		$	58,629
Less: amount representing interest		(984	)		—		(5	)		(989	)
Present value of future minimum lease payments	$	6,015		$	51,600	$	25		$	57,640

The following represents a summary of the Company's future minimum lease payments under non-cancelable lease agreements, presented in accordance with ASC 840, as of December 31, 2020:


	OPERATING LEASE OBLIGATIONS		FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2021	$	1,351	$	36		$	1,387
2022		1,387		24			1,411
2023		1,424		6			1,430
2024		1,460		—			1,460
2025		1,496		—			1,496
Thereafter		1,115		—			1,115
Total minimum lease payments	$	8,233	$	66		$	8,299
Less: amount representing interest		—		(14	)		(14	)
Present value of minimum lease payments	$	8,233	$	52		$	8,285

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities Current [Abstract]

Accrued Expenses and Other Current Liabilities

6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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


	DECEMBER 31, 2021		DECEMBER 31, 2020
Accrued research and development	$	1,345	$	81
Accrued legal and professional fees		1,117		711
Accrued compensation and benefits		4,401		3,532
Accrued other		3,062		904
Total accrued expenses and other current liabilities	$	9,925	$	5,228

Revenue

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue

7. REVENUE

Takeda Pharmaceutical Company Limited

In January 2017, the Company entered into an agreement (the “Takeda Agreement”) with 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, now known as TAK-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. The Company further amended the Takeda Agreement in August 2021 to transition primary responsibility for further development and manufacturing activities with respect to TAK-524 from the Company to Takeda in accordance with a transition plan, and Takeda assumed sole responsibility for regulatory matters with respect to TAK-524. In November 2021, Takeda Agreement was amended again to enable the Company to carry out certain FIN-525 preliminary evaluation activities.

Under the terms of the Takeda Agreement, the Company agreed to design TAK-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 program to develop a live biotherapeutic product optimized for the treatment of Crohn’s disease. The Company assessed this arrangement in accordance with ASC 606, and concluded that the contract counterparty, Takeda, is a customer. The Company identified the following material promises at the outset of the Takeda Agreement: (1) an exclusive license to use the Company’s rights in intellectual property to conduct research activities; (2) R&D services for activities under the development plan; (3) two options to pursue different indications of research for the Company’s right in product candidates; (4) manufacturing and supply for the Company’s clinical trials; and (5) participation on a joint steering and joint development committee (“JSC” and “JDC”). The options were considered distinct from the other promises in the arrangement and analyzed for material rights; the Company concluded these were not material rights and the consideration related to them should be excluded as a performance obligation until the option is exercised. The Company determined that the remaining promises were not capable of being distinct from one another and were not distinct in the context of the contract. In accordance with the Company’s ASC 606 assessment, the Takeda Agreement was determined to contain a single combined performance obligation made up of the promises above, excluding the options. The FIN-525 feasibility study was determined to be part of the single combined performance obligation due to its connection to the original license and research and development activities. The FIN-525 feasibility study was completed in March 2021.

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 R&D costs in the transaction price and is recognizing revenue associated with it over the period it expects to perform R&D services. Under the original agreement the estimated term for the R&D and manufacturing services for which the Company had primary responsibility, was through Phase 1 clinical trials.

On August 9, 2021, the Company and Takeda entered into an amendment to the amended and restated Takeda Agreement (the “Amendment”). Pursuant to the Amendment, Finch and Takeda transitioned primary responsibility for such development and manufacturing activities from Finch to Takeda in accordance with an agreed upon transition plan, and Takeda also assumed sole responsibility for regulatory matters with respect to TAK-524. The Company accounted for the Amendment as a modification to the existing contract under ASC 606, as the Amendment significantly reduced the remaining performance obligations, which were then completed by September 30, 2021. As a result, the remaining revenue that had been deferred under the Takeda Agreement was recognized in the third quarter of 2021.

In November 2021, Takeda and Finch entered into an amendment to the amended and restated Takeda Agreement ("Amendment #2"). Pursuant to Amendment #2, Finch is performing certain additional research activities related to the feasibility of the FIN-525 program prior to Takeda making the decision to initiate the full development program. Under the amendment, Takeda shall pay Finch for pass-through costs incurred and research services performed at the agreed-upon full-time equivalent (“FTE”) rate. The additional feasibility work is expected to be completed in the first quarter of 2022 at which point Takeda can determine whether to initiate a full product specific development plan for FIN-525 following its review of the data.

The Company recognized revenue related to the Takeda Agreement of $18.5 million and $7.4 million in the years ended December 31, 2021 and 2020, respectively, which is included under collaboration revenue in the consolidated statements of operations.

Takeda reimburses the Company for certain R&D costs on a quarterly basis. The Company recorded accounts receivable of $0.5 million and $1.0 million on its consolidated balance sheets as of December 31, 2021, and December 31, 2020, respectively. As of December 31, 2021, there is no remaining deferred revenue due to the Company's satisfaction of the performance obligation. As of December 31, 2020, the Company recorded deferred revenue of $13.6 million related to the Takeda Agreement.

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. As of December 31, 2021, the Company has earned and received $4.0 million in milestone payments.

The Company is still eligible to receive royalties under the Amendment and 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 years ended December 31, 2021 and 2020.

OpenBiome

The Company and OpenBiome entered into an Asset Purchase and License Agreement (the “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 13).

The Company earned $0 and $0.3 million in royalty revenue related to the APL Agreement in the years ended December 31, 2021 and 2020, respectively, which is recorded as royalty revenue from related party on the Company’s consolidated statements of operations.

On November 19, 2020, the Company entered into the LMIC 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 to OpenBiome 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 asset purchase agreement with OpenBiome (the "OpenBiome Agreement") (see Note 13) and the license granted under the LMIC Agreement is unrelated to the assets acquired under the OpenBiome Agreement. 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 December 31, 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.

The Company did not recognize any revenue related to the LMIC Agreement for the years ended December 31, 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

For the years ended December 31, 2021 and 2020, the Company did not record a current or deferred income tax expense or benefit due to current and historical losses incurred by the Company.

The effective income tax rate differed from the statutory federal income tax rate due to the following:


	YEAR ENDED DECEMBER 31,
	2021			2020
Federal income taxes at 21%		21.00	%		21.00	%
State income taxes, net of federal benefit and tax credits	6.90				6.04
Permanent differences	(0.19)				(1.60	)
Research and development credit	2.12				2.03
Change in valuation allowance	(29.30)				(26.96	)
Other adjustments	(0.53)				(0.51	)
		0.00	%		0.00	%

Significant components of the Company’s net deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2021			2020
Deferred Tax Assets:
Net operating losses	$	48,419		$	30,192
Tax credits		4,376			2,921
Deferred revenue		—			3,057
Accrued expenses		859			225
Right of Use Liabilities		1,633			0
Other		548			289
Total deferred tax assets		55,835			36,684
Valuation allowance		(49,079	)		(31,963	)
Total net deferred tax assets		6,756			4,721
Deferred Tax Liabilities:
Intangibles assets		7,952			7,891
Fixed assets		563			253
Right of Use Assets		1,372			0
Other		330			38
Total deferred tax liabilities		10,217			8,182
Total net deferred tax liabilities		(3,461	)	$	(3,461	)

The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, the Company considers taxable income in prior carryback years, as permitted under the tax law, forecasted taxable earnings, tax planning strategies, and the expected timing of the reversal of temporary differences. This determination requires significant judgment, including assumptions about future taxable income that are based on historical and projected information and is performed on a jurisdiction-by-jurisdiction basis.

The Company continues to maintain a partial valuation allowance against its deferred tax assets. During the years ended December 31, 2021 and 2020, management assessed the positive and negative evidence in its U.S. operations, and concluded that it is more likely than not that a portion of its deferred tax assets as of December 31, 2021 and 2020 will not be realized given the Company’s history of operating losses. In determining the amount of the valuation allowance to record, the Company considered the reversal of existing taxable temporary differences as a source of taxable income against which a portion of its deferred tax assets is benefitted. The Company recorded a full valuation allowance against the remaining U.S. deferred tax assets in excess of this source of taxable income. The valuation allowance against deferred tax assets increased by approximately $17.1 million during 2021 related to a full valuation allowance recorded against additional net operating losses and tax credits generated in the year.

As of December 31, 2021, the Company had federal net operating losses of $181.9 million, which may be available to offset future federal income tax liabilities.

As of December 31, 2020, the Company had federal net operating losses of $114.4 million, which may be available to offset future federal income tax liabilities. The Company’s federal net operating losses incurred prior to 2018, $37.2 million, expire through 2037, while its federal net operating losses incurred in 2018 and onwards, $144.7 million, can be carried forward indefinitely.

As of December 31, 2021, the Company had post-apportioned state net operating losses of $10.2 million that can generally be carried forward 20 years. As of December 31, 2020, the Company had post-apportioned state net operating losses of $6.1 million that can generally be carried forward 20 years.

As of December 31, 2021, the Company had $3.8 million and $0.4 million of federal and state research and development credits, respectively, which will expire at various dates through 2041. As of December 31, 2020, the Company had $2.6 million and $0.3 million of federal and state research and development credits, respectively, which will expire at various dates through 2040.

Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The Company has not, yet, conducted a study to determine if any such changes have occurred that could limit its ability to use the net operating loss and tax credit carryforward.

The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. As of December 31, 2021 and 2020, the total amount of uncertain tax liabilities relates to federal and state tax credit carryforwards and are all recorded net in deferred taxes.

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


	YEAR ENDED DECEMBER 31,
	2021			2020
Balance, beginning of year	$	1,318		$	1,004
Additions for tax positions of current year		507			—
Additions for tax positions of prior years		(3	)		314
Balance, end of year	$	1,822		$	1,318

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of December 31, 2021 and 2020, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheet.

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. There are currently no pending income tax examinations. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service and state tax authorities to the extent utilized in a future period.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Legal contingencies

On December 1, 2021, Rebiotix Inc. and Ferring Pharmaceuticals Inc. (collectively, “Rebiotix”) filed a complaint against the Company in the U.S. District Court for the District of Delaware. The complaint seeks a declaratory judgment of non-infringement and invalidity with respect to seven United States Patents owned by the Company: U.S. Patent Nos. 10,675,309 (the “‘309 patent”); 10,463,702 (the “‘702 patent”); 10,328,107 (the “‘107 patent”); 10,064,899; 10,022,406; 9,962,413; and 9,308,226. On February 7, 2022, the Company filed an answer and counterclaims against Rebiotix for infringement of the ’107, ’702, and ’309 patents. On March 7, 2022, the Company filed an amended answer and counterclaims, in which the Company, together with the Regents of the University of Minnesota (“UMN”), alleged infringement by Rebiotix of three U.S. Patents owned by UMN and exclusively licensed to the Company: U.S. Patent Nos. 10,251,914, 10,286,011, and 10,286,012. The U.S District Court for the District of Delaware set a trial date for a five-day trial beginning on May 20, 2024. The pending lawsuit is subject to inherent uncertainties, and the actual legal fees and costs will depend upon many unknown factors. The outcome of the pending lawsuit cannot be predicted with certainty. The Company has determined under ASC 450, Contingencies, that there is no probable or estimable loss contingency that is required to be recorded as of December 31, 2021.

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 13) 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 the obligations under the Material Access License Agreement (the “MAL Agreement”), which the Company entered into with OpenBiome in December 2016.

Under the APL Agreement, which was entered into in 2019 and 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 13).

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 13).

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 and guaranteed by the 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 consolidated statements of operations for the year ended December 31, 2021.

Leases

The Company's commitments under its lease agreements are described in Note 5.

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED STOCK

10. REDEEMABLE CONVERTIBLE PREFERRED STOCK

In September 2020, the Company sold an aggregate of 6,902,872 shares of its series D redeemable convertible preferred stock (“Series D”) at a purchase price of $13.0381 per share, for gross proceeds of $90.0 million. The Company incurred issuance costs of $0.1 million associated with the Series D issuance.

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 December 31, 2021, there were no shares of preferred stock authorized, issued, or outstanding.

As of December 31, 2020, preferred stock consisted of the following (in thousands, except share amounts):


	DECEMBER 31, 2020
	PREFERRED STOCK AUTHORIZED		PREFERRED STOCK ISSUED AND OUTSTANDING		CARRYING VALUE		LIQUIDATION VALUE		COMMON STOCK ISSUABLE UPON CONVERSION
Series A		167,496,750		11,596,280	$	53,593	$	40,115		11,596,280
Series B		74,620,739		5,166,203		36,336		36,400		5,166,203
Series C		109,604,994		7,588,254		53,221		53,465		7,588,254
Series D		99,705,359		6,902,872		89,904		90,000		6,902,872
		451,427,842		31,253,609	$	233,054	$	219,980		31,253,609

Stockholder's Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

11. 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 December 31, 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 December 31, 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 December 31, 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, common stock warrants, and shares under the employee stock purchase plan:


	DECEMBER 31, 2021		DECEMBER 31, 2020
Redeemable convertible preferred stock		—		31,253,609
Options to purchase common stock		3,264,770		1,053,874
Common stock warrants1		—		19,346
Shares issuable under employee stock purchase plan		45,195		—
		3,309,965		32,326,829

_________________________

1 During the fourth quarter of 2021, 19,346 common stock warrants were net exercised, resulting in 19,303 net shares.

Secondary Sale

In October 2020, certain of the Company’s stockholders sold shares of the Company’s common stock at a price of $13.0381 per share to an investor. The investor purchased 412,323 shares of the Company’s common stock from these stockholders for an aggregate purchase price of $5.4 million, of which 258,924 shares of the Company’s common stock, or an aggregate purchase price of $3.4 million, were sold by affiliates of the Company, who are considered to be related parties. The shares were sold above fair value and the excess of the price paid over the fair value was recognized as $2.8 million of stock-based compensation expense. The Company recognized the $2.8 million as general and administrative expense in the consolidated statement of operations for the year ended December 31, 2020 (see Note 12).

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

12. 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 December 31, 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, which occurred in March 2021. There were 698,601 shares of common stock available for future grants under the 2017 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 to employees, including employees of any parent or subsidiary of the Company, 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 December 31, 2021, there were 3,264,770 shares of common stock issuable upon the exercise of outstanding options and there were 2,569,454 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. The first offering period of the plan commenced on December 1, 2021 under the 2021 ESPP.

Each offering to employees to purchase shares will begin on each June 1 and December 1 and will end on the following November 30 and May 31, respectively. On each purchase date, which will fall on the last date of each offering period, ESPP participants will purchase ordinary shares at a price per share equal to 85% of the lesser of (1) the fair market value of the shares on the offering date or (2) the fair market value of the shares on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s compensation committee. As of December 31, 2021, no shares were issued under the 2021 ESPP in 2021 and 500,000 shares were available for future issuance.

Stock Option Valuation

The assumptions that the Company used in Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the years ended December 31, 2021 and 2020 were as follows:


	2021	2020
Risk-free interest rate	0.88%	0.46%
Expected term (in years)	5.1 - 6.3	5.5 - 6.1
Expected volatility	77.7% - 93.0%	74.6% - 76.6%
Expected dividend yield	0.0%	0.0%

The following table summarizes the activity of the Company’s stock options under the 2021 Plan for the year ended December 31, 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		7.5	$	4,964
Granted		2,602,643			14.49
Exercised		(155,821	)		1.21
Cancelled or forfeited		(211,987	)		13.24
Expired		(23,939	)		12.18
Outstanding as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228
Options exercisable as of December 31, 2021		846,024		$	4.03		6.7	$	5,589
Options vested or expected to vest as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228

The options granted during the years ended December 31, 2021 and 2020 were granted to employees and consultants of the Company. As of December 31, 2021, there was approximately $19.9 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 3.24 years.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The intrinsic value of options exercised in 2021 and 2020 was $1.7 million and $0.4 million, respectively. The weighted-average grant date fair value of stock options granted in the years ended December 31, 2021 and 2020 under the Black-Scholes option pricing model was $9.87 per option and $0.87 per option, respectively.

Restricted Stock

The restricted stock was granted to the founders of the Company, as well as employees and consultants of the Company. There was approximately $8,000 of stock-based compensation expense recognized for the 547,360 shares of restricted stock vested during the year ended December 31, 2020. All restricted stock was vested as of December 31, 2020 and there is no remaining stock-compensation expense related to restricted stock to be recognized for the year ended December 31, 2021.

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 during the years ended December 31, 2021 and 2020 is as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2021		2020
Research and development	$	1,605	$	179
General and administrative		2,556		2,920
Total	$	4,161	$	3,099

The stock-based compensation expense for the year ended December 31, 2020 includes the $2.8 million recorded in relation to the secondary sale of common stock (see Note 11).

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

13. 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 the Board is the spouse of the co-founder and former Executive Director of OpenBiome, and certain of the OpenBiome directors are stockholders of the Company.

For the years ended December 31, 2021 and 2020, the Company reimbursed OpenBiome $0.1 million and $0.3 million, respectively, under the Strategic Agreement. Also under the Strategic Agreement, OpenBiome reimbursed the Company $0.1 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, respectively the Company had no payable balance due to OpenBiome, and recorded a balance of zero and less than $0.1 million due from OpenBiome as of December 31, 2021 and 2020, respectively.

Until December 31, 2021, OpenBiome subleased office and lab space from the Company. The Company’s rent income under the sublease was $0.1 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021 the Company no longer had an outstanding receivable due from OpenBiome. As of 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 consolidated balance sheets. This lease was amended as of March 1, 2021 (see Note 5).

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 (the “CSA”) with OpenBiome, which terminated upon closing of the OpenBiome Agreement in March 2021. 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 year ended December 31, 2021, and $3.8 million for the year ended December 31, 2020, including the security deposit that was returned. The Company had no outstanding payable balance due to OpenBiome under the CSA as of December 31, 2021, and recorded $0.2 million due to OpenBiome as of December 31, 2020, respectively, which is classified as due to related party in the Company’s consolidated balance sheets.

OpenBiome Purchase Agreement

On November 19, 2020, the Company entered into the OpenBiome Agreement 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 (the “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 from 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 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 R&D 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	12 Months Ended
Retirement Plan	Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	14. 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 at the beginning of the next full quarter subsequent to their hire date. 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 $0.8 million and $0.4 million in the years ended December 31, 2021 and 2020, respectively.

Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Loss per Share

15. 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 YEAR ENDED DECEMBER 31,
	2021			2020
Numerator:
Net loss	$	(58,160	)	$	(39,341	)
Net loss attributable to common stockholders—basic and diluted		(58,160	)		(39,341	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		39,202,086			8,144,855
Net loss per share attributable to common stockholders—basic and diluted	$	(1.48	)	$	(4.83	)

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 December 31, 2021 and 2020 because including them would have had an anti-dilutive effect:


	YEAR ENDED DECEMBER 31,
	2021		2020
Preferred stock		—		31,253,609
Options to purchase common stock		3,264,770		1,053,874
Common stock warrants		—		19,346
Shares issuable under employee stock purchase plan		45,195		-
		3,309,965		32,326,829

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Fair Value Measurements

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

Cash and Cash Equivalents

Restricted Cash

Concentrations of Credit Risk

Accounts Receivable

Property and Equipment


		ESTIMATED USEFUL LIFE
Computer equipment and software		3 years
Laboratory equipment		5 years
Office furniture		5 years
Leasehold improvements		Shorter of useful life or lease term

Goodwill and In-Process Research and Development

Deferred Initial Public Offering Costs

Leases

Impairment of Long-lived Assets

Research and Development Expenses

Segment Information

Share-based Compensation

Stock-based Compensation

Income Taxes

Revenue Recognition

Disaggregation of Revenue

The following table provides revenue disaggregated by timing of revenue recognition (in thousands):


	YEAR ENDED DECEMBER 31,
	2021		2020
Transferred at a point in time	$	—	$	343
Transferred over time		18,532		7,376
Total	$	18,532	$	7,719

Net Loss Per Share

Recently Issued and Adopted Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Property and Equipment Estimated Useful Lives

Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows:


		ESTIMATED USEFUL LIFE
Computer equipment and software		3 years
Laboratory equipment		5 years
Office furniture		5 years
Leasehold improvements		Shorter of useful life or lease term

Schedule of Disaggregation of Revenue by Timing of Revenue Recognition

The following table provides revenue disaggregated by timing of revenue recognition (in thousands):


	YEAR ENDED DECEMBER 31,
	2021		2020
Transferred at a point in time	$	—	$	343
Transferred over time		18,532		7,376
Total	$	18,532	$	7,719

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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


DESCRIPTION	DECEMBER 31, 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	$	132,275	$	132,275	$	—	$	—
Total financial assets	$	132,275	$	132,275	$	—	$	—


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)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	DECEMBER 31, 2021			DECEMBER 31, 2020
Lab equipment	$	3,850		$	2,363
Office furniture and fixtures		537			537
Leasehold improvements		13,894			2,143
Construction work-in-progress		329			2,635
Software		4,883			1,150
Computer equipment		368			205
Total	$	23,861		$	9,033
Less: Accumulated depreciation		(4,226	)		(2,029	)
Property and equipment, net	$	19,635		$	7,004

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases Balance Sheet Information

The following table presents the classification of right-of-use assets and lease liabilities as of December 31, 2021:


	BALANCE SHEET CLASSIFICATION	DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	5,053
Finance lease assets	Property and equipment, net		22
Total lease assets			5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	1,128
Finance lease liabilities	Other current liabilities		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		4,887
Finance	Other liabilities		7
Total lease liabilities		$	6,041

Summary of Components of Lease Cost


LEASE COST	DECEMBER 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$	27
Interest on lease liabilities		10
Operating lease cost		1,336
Short-term lease cost		254
Variable lease cost		525
Sublease income		(88	)
Total lease cost	$	2,064

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate were as follows:


LEASE TERM AND DISCOUNT RATE		DECEMBER 31, 2021
Weighted-average remining lease term (years)
Operating leases		4.6
Finance Leases		1.2
Weighted-average discount rate
Operating leases		6.7%
Finance Leases		30.6%

Schedule of Supplemental Cash Flow Information

Supplemental disclosure of cash flow information related to leases was as follows:


SUPPLEMENTAL CASH FLOW INFORMATION	DECEMBER 31, 2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	1,006
Financing cash flows from finance leases	$	27

Schedule of Future Lease Payments

The following table represents a summary of the Company’s future lease payments required as of December 31, 2021:


	OPERATING LEASE OBLIGATIONS			HOOD PARK LEASE OBLIGATIONS		FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	1,487		$	4,535	$	24		$	6,046
2023		1,440			4,663		6			6,109
2024		1,460			4,795		—			6,255
2025		1,496			4,931		—			6,427
2026		1,116			5,071		—			6,187
Thereafter		—			27,605		—			27,605
Total future minimum lease payments	$	6,999		$	51,600	$	30		$	58,629
Less: amount representing interest		(984	)		—		(5	)		(989	)
Present value of future minimum lease payments	$	6,015		$	51,600	$	25		$	57,640

Schedule of Future Minimum Lease Payments

The following represents a summary of the Company's future minimum lease payments under non-cancelable lease agreements, presented in accordance with ASC 840, as of December 31, 2020:


	OPERATING LEASE OBLIGATIONS		FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2021	$	1,351	$	36		$	1,387
2022		1,387		24			1,411
2023		1,424		6			1,430
2024		1,460		—			1,460
2025		1,496		—			1,496
Thereafter		1,115		—			1,115
Total minimum lease payments	$	8,233	$	66		$	8,299
Less: amount representing interest		—		(14	)		(14	)
Present value of minimum lease payments	$	8,233	$	52		$	8,285

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 (in thousands):


	DECEMBER 31, 2021		DECEMBER 31, 2020
Accrued research and development	$	1,345	$	81
Accrued legal and professional fees		1,117		711
Accrued compensation and benefits		4,401		3,532
Accrued other		3,062		904
Total accrued expenses and other current liabilities	$	9,925	$	5,228

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the statutory federal income tax rate due to the following:


	YEAR ENDED DECEMBER 31,
	2021			2020
Federal income taxes at 21%		21.00	%		21.00	%
State income taxes, net of federal benefit and tax credits	6.90				6.04
Permanent differences	(0.19)				(1.60	)
Research and development credit	2.12				2.03
Change in valuation allowance	(29.30)				(26.96	)
Other adjustments	(0.53)				(0.51	)
		0.00	%		0.00	%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2021			2020
Deferred Tax Assets:
Net operating losses	$	48,419		$	30,192
Tax credits		4,376			2,921
Deferred revenue		—			3,057
Accrued expenses		859			225
Right of Use Liabilities		1,633			0
Other		548			289
Total deferred tax assets		55,835			36,684
Valuation allowance		(49,079	)		(31,963	)
Total net deferred tax assets		6,756			4,721
Deferred Tax Liabilities:
Intangibles assets		7,952			7,891
Fixed assets		563			253
Right of Use Assets		1,372			0
Other		330			38
Total deferred tax liabilities		10,217			8,182
Total net deferred tax liabilities		(3,461	)	$	(3,461	)

Schedule of Reconciliation of Total Unrecognized Tax Benefits

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


	YEAR ENDED DECEMBER 31,
	2021			2020
Balance, beginning of year	$	1,318		$	1,004
Additions for tax positions of current year		507			—
Additions for tax positions of prior years		(3	)		314
Balance, end of year	$	1,822		$	1,318

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Preferred Stock

As of December 31, 2020, preferred stock consisted of the following (in thousands, except share amounts):


	DECEMBER 31, 2020
	PREFERRED STOCK AUTHORIZED		PREFERRED STOCK ISSUED AND OUTSTANDING		CARRYING VALUE		LIQUIDATION VALUE		COMMON STOCK ISSUABLE UPON CONVERSION
Series A		167,496,750		11,596,280	$	53,593	$	40,115		11,596,280
Series B		74,620,739		5,166,203		36,336		36,400		5,166,203
Series C		109,604,994		7,588,254		53,221		53,465		7,588,254
Series D		99,705,359		6,902,872		89,904		90,000		6,902,872
		451,427,842		31,253,609	$	233,054	$	219,980		31,253,609

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options, Common Stock Warrants, and Shares Under the Employee Stock Purchase Plan


	DECEMBER 31, 2021		DECEMBER 31, 2020
Redeemable convertible preferred stock		—		31,253,609
Options to purchase common stock		3,264,770		1,053,874
Common stock warrants1		—		19,346
Shares issuable under employee stock purchase plan		45,195		—
		3,309,965		32,326,829

_________________________

1 During the fourth quarter of 2021, 19,346 common stock warrants were net exercised, resulting in 19,303 net shares.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Assumptions Used to Value Stock Options Granted


	2021	2020
Risk-free interest rate	0.88%	0.46%
Expected term (in years)	5.1 - 6.3	5.5 - 6.1
Expected volatility	77.7% - 93.0%	74.6% - 76.6%
Expected dividend yield	0.0%	0.0%

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s stock options under the 2021 Plan for the year ended December 31, 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		7.5	$	4,964
Granted		2,602,643			14.49
Exercised		(155,821	)		1.21
Cancelled or forfeited		(211,987	)		13.24
Expired		(23,939	)		12.18
Outstanding as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228
Options exercisable as of December 31, 2021		846,024		$	4.03		6.7	$	5,589
Options vested or expected to vest as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228

Summary of Total Stock-Based Compensation Expense

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share Attributable to Common Stockholders


	FOR THE YEAR ENDED DECEMBER 31,
	2021			2020
Numerator:
Net loss	$	(58,160	)	$	(39,341	)
Net loss attributable to common stockholders—basic and diluted		(58,160	)		(39,341	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		39,202,086			8,144,855
Net loss per share attributable to common stockholders—basic and diluted	$	(1.48	)	$	(4.83	)

Computation of Diluted Loss per Share Attributable to Common Stockholders

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at December 31, 2021 and 2020 because including them would have had an anti-dilutive effect:


	YEAR ENDED DECEMBER 31,
	2021		2020
Preferred stock		—		31,253,609
Options to purchase common stock		3,264,770		1,053,874
Common stock warrants		—		19,346
Shares issuable under employee stock purchase plan		45,195		-
		3,309,965		32,326,829

Nature of Operations and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Apr. 20, 2021 USD ($) $ / shares shares	Mar. 18, 2021 USD ($) $ / shares shares	Mar. 12, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs				$ 118,576	$ 0
Convertible preferred stock outstanding \| shares \| shares					31,253,609
Net loss				(58,160)	$ (39,341)
Accumulated deficit				(160,995)	(102,835)
Cash and cash equivalents				$ 133,481	$ 99,710
Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period, shares \| shares \| shares	192,877	7,500,000		7,500,000
Net proceeds after deducting underwriting discounts, commissions and offering costs \| $	$ 3,000	$ 115,700
Number shares issued upon conversion of redeemable convertible preferred stock \| shares \| shares \| shares					31,253,609
Initial Public Offering
Organization Consolidation And Presentation Of Financial Statements [Line Items]
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		69.000
Convertible preferred stock outstanding \| shares \| shares			0
Initial Public Offering \| Common Stock
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period, shares \| shares \| shares		7,500,000
Number shares issued upon conversion of redeemable convertible preferred stock \| shares \| shares \| shares			31,253,609
OverAllotment Option
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during period, shares \| shares \| 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]
Stock issued during period, shares \| shares \| shares	192,877

Significant Accounting Policies - Additional Information (Details)			12 Months Ended
	Apr. 20, 2021 USD ($) shares	Mar. 18, 2021 USD ($) shares	Dec. 31, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($)	Feb. 29, 2016 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents			$ 133,500,000	$ 99,700,000
Restricted cash			2,500,000	200,000
Goodwill impairment			0
Change in goodwill			0	0
Deferred offering costs			$ 0	1,000,000.0
Number of operating segments \| Segment			1
Effective income tax rate reconciliation, percent			50.00%
Income tax, accruals for interest or penalties			$ 0
Operating right-of-use assets			5,053,000	0	$ 5,800,000
Operating lease liabilities, current			1,128,000	0	900,000
Operating lease liabilities, non-current			4,887,000	0	$ 5,900,000
Derecognition of deferred rent liabilities			800,000
Unamortization of lease incentives			$ 200,000
Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786 \| shares	192,877	7,500,000	7,500,000
OverAllotment Option
Summary Of Significant Accounting Policies [Line Items]
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786 \| shares	192,877
OverAllotment Option \| Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786 \| shares	192,877
OverAllotment Option \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs	$ 100,000
I P O [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs		$ 2,900,000
I P O [Member] \| Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786 \| shares		7,500,000
Significant Observevable Inputs (Level 3)
Summary Of Significant Accounting Policies [Line Items]
Assets			$ 0	0
Liabilities			$ 0	$ 0

Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	Shorter of useful life or lease term

Significant Accounting Policies - Schedule of Disaggregation of Revenue by Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 18,532	$ 7,719
Transferred at a Point in Time
Disaggregation Of Revenue [Line Items]
Total revenue	0	343
Transferred over Time
Disaggregation Of Revenue [Line Items]
Total revenue	$ 18,532	$ 7,376

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Total financial assets	$ 225,369	$ 165,338
Fair Value, Measurements, Recurring
ASSETS
Total financial assets	132,275	98,677
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	132,275	98,677
Fair Value, Measurements, Recurring \| Money Market Funds
ASSETS
Total financial assets	132,275	98,677
Fair Value, Measurements, Recurring \| Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	$ 132,275	$ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: 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))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-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 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 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	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total	$ 23,861	$ 9,033
Less: Accumulated depreciation	(4,226)	(2,029)
Property and equipment, net	19,635	7,004
Lab Equipment
Property Plant And Equipment [Line Items]
Total	3,850	2,363
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	537	537
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	13,894	2,143
Construction Work-In-Progress
Property Plant And Equipment [Line Items]
Total	329	2,635
Software
Property Plant And Equipment [Line Items]
Total	4,883	1,150
Computer Equipment
Property Plant And Equipment [Line Items]
Total	$ 368	$ 205

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 2,300	$ 800
Property and equipment held	23,861	9,033
Software, Property and Equipment \| Open Biome
Property Plant And Equipment [Line Items]
Property and equipment held	$ 3,900	$ 1,200

Leases - Additional Information (Details)						1 Months Ended		12 Months Ended
Leases - Additional Information (Details)	Aug. 17, 2021	Aug. 03, 2021 USD ($) ft²	May 25, 2021	Mar. 18, 2021	Mar. 01, 2021	Jan. 31, 2017 USD ($) ft²	Dec. 31, 2015 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2016	Feb. 29, 2016 USD ($)
Capital Leased Assets [Line Items]
Sublease income								$ 88,000
Lease term description					The lease term is from March 2021 through February 2023
Operating right-of-use assets								5,053,000	$ 0		$ 5,800,000
Letter of Credit
Capital Leased Assets [Line Items]
Decrease in security deposit		$ 2,300,000
Inner Belt Road Lease
Capital Leased Assets [Line Items]
Lease agreement term							10 years			10 years
Office and laboratory space for lease \| ft²							25,785
Rental charges							$ 100,000
Sublease agreement term							10 years			10 years
Additional Space for primary office and laboratory \| ft²						10,500
Rent for additional space						$ 33,000
Lease expense								1,300,000	1,300,000
Open Biome
Capital Leased Assets [Line Items]
Sublease income								100,000	400,000
Cherry Street Lease
Capital Leased Assets [Line Items]
Lease expense								100,000	0
Concord Avenue Lease
Capital Leased Assets [Line Items]
Lease expense								200,000	$ 0
Lease term description	On August 17, 2021 Finch extended the term of the lease for an additional two-month period through April 2022 and on February 4, 2022 Finch further extended the lease for an additional month through May 2022.		May 2021 through February 2022
100 Hood Park Drive
Capital Leased Assets [Line Items]
Lease agreement term		10 years
Office and laboratory space for lease \| ft²		61,139
Rental charges		$ 4,500,000
Sublease agreement term		10 years
Lease expense								0
Lease term description				The Hood Lease provides Finch with an option to extend the lease for one additional five-year term
Operating right-of-use assets								0
Lease liability								0
Tenant improvement allowance		$ 14,800,000
Tenant Improvements								$ 5,300

Leases - Leases Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Feb. 29, 2016
Leases [Abstract]
Operating right-of-use assets	$ 5,053	$ 0	$ 5,800
Finance lease assets	$ 22
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property Plant And Equipment Net	Property Plant And Equipment Net
Property Plant And Equipment Net	$ 19,635	$ 7,004
Lease Assets, Total	5,075
Operating lease liabilities, current	1,128	$ 0	900
Finance lease liabilities	$ 19
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities Current	Liabilities Current
Liabilities Current	$ 14,790	$ 11,486
Operating lease liabilities, non-current	4,887	$ 0	$ 5,900
Finance Lease, Liability, Noncurrent	$ 7
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Noncurrent	Other Liabilities Noncurrent
Other Liabilities Noncurrent	$ 7	$ 221
Total lease liabilities	$ 6,041

Leases - Summary of Components of Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Lease, Cost [Abstract]
Amortization of right-of-use assets	$ 27
Interest on lease liabilities	10
Operating lease cost	1,336
Short-term lease cost	254
Variable lease cost	525
Sublease income	(88)
Total lease cost	$ 2,064

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2021
Lease, Cost [Abstract]
Weighted-average remaining lease term, Operating leases	4 years 7 months 6 days
Weighted-average remaining lease term, Financing leases	1 year 2 months 12 days
Weighted-average discount rate, Operating leases	6.70%
Weighted-average discount rate, Finance leases	30.60%

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ (1,006)	$ 0
Financing cash flows from finance leases	$ 27	$ 47

Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 6,046	$ 1,387
2023	6,109	1,411
2024	6,255	1,430
2025	6,427	1,460
2026	6,187	1,496
Thereafter	27,605	1,115
Total minimum lease payments	58,629	8,299
Less: amount representing interest	989	(14)
Present value of minimum lease payments	57,640	8,285
Operating Lease Obligations [Abstract]
2022	1,487	1,351
2023	1,440	1,387
2024	1,460	1,424
2025	1,496	1,460
2026	1,116	1,496
Thereafter	0	1,115
Total future minimum lease payments	6,999	8,233
Less: amount representing interest	(984)	0
Present value of future minimum lease payments	6,015	8,233
Hood Park Lease Obligations [Abstract]
2022	4,535
2023	4,663
2024	4,795
2025	4,931
2026	5,071
Thereafter	27,605
Total future minimum lease payments	51,600
Less: amount representing interest	0
Present value of future minimum lease payments	51,600
Finance Lease Obligation [Abstract]
2022	24	36
2023	6	24
2024	0	6
2025	0	0
2026	0	0
Thereafter	0	0
Total future minimum lease payments	30	66
Less: amount representing interest	(5)	(14)
Present value of future minimum lease payments	$ 25	$ 52

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 6,046	$ 1,387
2022	6,109	1,411
2023	6,255	1,430
2024	6,427	1,460
2025	6,187	1,496
Thereafter	27,605	1,115
Total minimum lease payments	58,629	8,299
Less: amount representing interest	989	(14)
Present value of minimum lease payments	57,640	8,285
Operating Lease Obligations [Abstract]
2021	1,487	1,351
2022	1,440	1,387
2023	1,460	1,424
2024	1,496	1,460
2025	1,116	1,496
Thereafter	0	1,115
Total future minimum lease payments	6,999	8,233
Less: amount representing interest	(984)	0
Present Value of Future Minimum Lease Payments	6,015	8,233
Finance Lease Obligation [Abstract]
2021	24	36
2022	6	24
2023	0	6
2024	0	0
2025	0	0
Thereafter	0	0
Total future minimum lease payments	30	66
Less: amount representing interest	(5)	(14)
Present value of future minimum lease payments	$ 25	$ 52

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development	$ 1,345	$ 81
Accrued legal and professional fees	1,117	711
Accrued compensation and benefits	4,401	3,532
Accrued other	3,062	904
Total accrued expenses and other current liabilities	$ 9,925	$ 5,228

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable	$ 494	$ 1,034
Takeda Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalties received	0	0
Takeda Pharmaceutical Company Limited \| Takeda Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 10,000
Accounts receivable	500	1,000
Deferred revenue		13,600
Maximum milestone payment associated with development and commercialization upon milestone to be achieved	180,000
Milestone payments received under agreement	4,000
Remaining revenue performance obligation	0
Takeda Pharmaceutical Company Limited \| Takeda Agreement \| Collaboration Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized	18,500	7,400
Open Biome \| Asset Purchase And License Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty revenue	0	300
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]
Royalty revenue	$ 0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income taxes at 21%	21.00%	21.00%
State income taxes, net of federal benefit and tax credits	6.90%	6.04%
Permanent differences	(0.19%)	(1.60%)
Research and development credit	2.12%	2.03%
Change in valuation allowance	(29.30%)	(26.96%)
Other adjustments	(0.53%)	(0.51%)
Effective tax rate	0.00%	0.00%

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Net operating losses	$ 48,419	$ 30,192
Tax credits	4,376	2,921
Deferred revenue		3,057
Accrued expenses	859	225
Right of use liabilities	1,633	0
Other	548	289
Total deferred tax assets	55,835	36,684
Valuation allowance	(49,079)	(31,963)
Total net deferred tax assets	6,756	4,721
Deferred Tax Liabilities:
Intangibles assets	7,952	7,891
Fixed assets	563	253
Right of Use Assets	1,372	0
Other	330	38
Total deferred tax liabilities	10,217	8,182
Total net deferred tax liabilities	$ (3,461)	$ (3,461)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 49,079,000	$ 31,963,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	17,100,000
Net Operating Losses	$ 181,900,000
Operating Loss Carryforwards, Expiration Year		2037
Research and development credit	2.12%	2.03%
Research And Development Expense	$ 57,279,000	$ 33,144,000
Research and Development Credits, Expiration year	which will expire at various dates through 2041	which will expire at various dates through 2040
Income Tax Examination, Penalties and Interest Accrued	$ 0	$ 0
Tax credit carryforward percent	6.90%	6.04%
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Losses		$ 114,400,000	$ 144,700,000
Operating Loss Carry forwards Prior Period	$ 37,200,000
Research And Development Expense	3,800,000	2,600,000
state [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 10,200,000	$ 6,100,000
Operating Loss Carry Forwards Expiration Period	20 years	20 years
Research And Development Expense	$ 400,000	$ 300,000
Tax credit carryforward percent	50.00%

Income Taxes - Schedule of Reconciliation of Total Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance, beginning of year	$ 1,318	$ 1,004
Additions for tax positions of current year	507	0
Additions for tax positions of prior years	3	314
Accrued penalties and interest	$ 1,822	1,318
Balance, end of year		$ 1,318

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	May 08, 2021	Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2021
Paycheck Protection Program C A R E S [Member]
Loss Contingencies [Line Items]
Proceeds from loan		$ 1,800
Debt instrument, face amount	$ 1,800
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 \| Asset Purchase And License Agreement
Loss Contingencies [Line Items]
Regulatory milestone payments				$ 2,500
Sales-based milestone payments				$ 23,300
Milestone payments paid			$ 100
Open Biome \| Material Access And License Agreement
Loss Contingencies [Line Items]
Royalty payments paid			200
Remaining royalty amount due			300
Additional royalty amount due			$ 100

Redeemable Convertible Preferred Stock - Additional Informations (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Mar. 18, 2021	Mar. 12, 2021	Dec. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Temporary equity, shares authorized					451,427,842
Temporary Equity, Shares Issued					31,253,609
Temporary Equity Shares Outstanding					31,253,609
Beginning Balance, Share at January 1, 2020					31,253,609
Preferred stock, shares outstanding		0
Common stock, shares, outstanding		47,512,182			8,391,793
Preferred Stock Shares Outstanding		0
Initial Public Offering
Class Of Stock [Line Items]
Temporary Equity Shares Outstanding				0
Beginning Balance, Share at January 1, 2020				0
Preferred stock, shares outstanding		31,253,609
Redeemable convertible preferred stock purchase price per share			$ 17.00
Preferred Stock Shares Outstanding		31,253,609
Initial Public Offering \| Common Stock [Member]
Class Of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion		31,253,609
Series A Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares authorized		0			167,496,750
Temporary Equity, Shares Issued		0			11,596,280
Temporary equity, par value		$ 0.001			$ 0.001
Temporary Equity Shares Outstanding		0			11,596,280	11,596,280
Beginning Balance, Share at January 1, 2020		0			11,596,280	11,596,280
Series B Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares authorized		0			74,620,739
Temporary Equity, Shares Issued		0			5,166,203
Temporary equity, par value		$ 0.001			$ 0.001
Temporary Equity Shares Outstanding		0			5,166,203	5,166,203
Beginning Balance, Share at January 1, 2020		0			5,166,203	5,166,203
Series C Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares authorized		0			109,604,994
Temporary Equity, Shares Issued		0			7,588,254
Temporary equity, par value		$ 0.001			$ 0.001
Temporary Equity Shares Outstanding		0			7,588,254	7,588,254
Beginning Balance, Share at January 1, 2020		0			7,588,254	7,588,254
Series D Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Temporary equity, shares authorized		0			99,705,359
Temporary Equity, Shares Issued	6,902,872	0			6,902,872
Temporary equity, par value		$ 0.001			$ 0.001
Temporary Equity Shares Outstanding		0			6,902,872
Proceeds from issuance of redeemable preferred stock	$ 90.0
Preferred stock issuance cost	$ 0.1
Beginning Balance, Share at January 1, 2020		0			6,902,872
Redeemable convertible preferred stock purchase price per share	$ 13.0381

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Sep. 30, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Temporary equity, shares authorized	451,427,842
Temporary Equity, Shares Issued	31,253,609
Temporary Equity Shares Outstanding	31,253,609
Redeemable convertible preferred stock	$ 233,054
LIQUIDATION VALUE	$ 219,980
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity, shares authorized	167,496,750	0
Temporary Equity, Shares Issued	11,596,280	0
Temporary Equity Shares Outstanding	11,596,280	0		11,596,280
Redeemable convertible preferred stock	$ 53,593	$ 0		$ 53,593
LIQUIDATION VALUE	$ 40,115
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity, shares authorized	74,620,739	0
Temporary Equity, Shares Issued	5,166,203	0
Temporary Equity Shares Outstanding	5,166,203	0		5,166,203
Redeemable convertible preferred stock	$ 36,336	$ 0		$ 36,336
LIQUIDATION VALUE	$ 36,400
Series C Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity, shares authorized	109,604,994	0
Temporary Equity, Shares Issued	7,588,254	0
Temporary Equity Shares Outstanding	7,588,254	0		7,588,254
Redeemable convertible preferred stock	$ 53,221	$ 0		$ 53,221
LIQUIDATION VALUE	$ 53,465
Series D Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity, shares authorized	99,705,359	0
Temporary Equity, Shares Issued	6,902,872	0	6,902,872
Temporary Equity Shares Outstanding	6,902,872	0
Redeemable convertible preferred stock	$ 89,904	$ 0
LIQUIDATION VALUE	$ 90,000
Common Stock [Member]
Temporary Equity [Line Items]
COMMON STOCK ISSUABLE UPON CONVERSION	31,253,609
Common Stock [Member] \| Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
COMMON STOCK ISSUABLE UPON CONVERSION	11,596,280
Common Stock [Member] \| Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
COMMON STOCK ISSUABLE UPON CONVERSION	5,166,203
Common Stock [Member] \| Series C Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
COMMON STOCK ISSUABLE UPON CONVERSION	7,588,254
Common Stock [Member] \| Series D Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
COMMON STOCK ISSUABLE UPON CONVERSION	6,902,872

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Apr. 20, 2021	Mar. 18, 2021	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Oct. 01, 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
Stock purchase price				$ 115,714
General and administrative expense				21,238	$ 14,011
Secondary Sale
Class Of Stock [Line Items]
Stock issued during period, shares			412,323
Stock purchase price			$ 5,400
Stock-based compensation expense			$ 2,800	$ 2,800
General and administrative expense					$ 2,800
Secondary Sale \| Affiliated Entity
Class Of Stock [Line Items]
Stock issued during period, shares			258,924
Stock purchase price			$ 3,400
Common Stock
Class Of Stock [Line Items]
Common stock par value		$ 0.001
Stock issued during period, shares	192,877	7,500,000		7,500,000
Offering price per share	$ 17.00	$ 17.00
Net proceeds from issuance of common stock	$ 3,000	$ 115,700
Conversion of stock, shares issued		31,253,609
Gross proceeds from issuance of common stock	$ 3,300
Stock purchase price				$ 8
Common Stock \| Secondary Sale
Class Of Stock [Line Items]
Common stock selling price per share						$ 13.0381
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, Common Stock Warrants, and Shares Under the Employee Stock Purchase Plan (Details) - shares

Dec. 31, 2021

Dec. 31, 2020

Class Of Stock [Line Items]

Shares of common stock for potential conversion

3,309,965

32,326,829

Redeemable Convertible Preferred Stock

Class Of Stock [Line Items]

Shares of common stock for potential conversion

31,253,609

Options to Purchase Common Stock

Class Of Stock [Line Items]

Shares of common stock for potential conversion

3,264,770

1,053,874

Common Stock Warrants

Class Of Stock [Line Items]

Shares of common stock for potential conversion

^[1]

19,346

Employee Stock Option [Member]

Class Of Stock [Line Items]

Shares of common stock for potential conversion

45,195

[1]	During the fourth quarter of 2021, 19,346 common stock warrants were net exercised, resulting in 19,303 net shares.

Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options, Common Stock Warrants, and Shares Under the Employee Stock Purchase Plan (Parenthetical) (Details) - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock warrants exercised net		19,303
Common Stock [Member]
Class Of Stock [Line Items]
Common stock warrants exercised gross	19,346
Common stock warrants exercised net	19,303

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 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
Shares of common stock for potential conversion		3,309,965	32,326,829
Intrinsic value of options exercised		$ 1,700,000	$ 400,000
Weighted average grant date fair value		$ 9.87	$ 0.87
Stock-based compensation expense		$ 4,161,000	$ 3,099,000
Restricted stock vested			547,360
Remaining stock compensation expense		0
Secondary Sale
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Initial public offering, net of underwriting discounts, commissions and net of offering costs of $11,786	412,323
Stock-based compensation expense	$ 2,800,000	$ 2,800,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 8,000,000
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, period		3 years 2 months 26 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		2,569,454
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		3,264,770
Unrecognized compensation expense remaining to be recognized		$ 19,900,000
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 - Assumptions Used to Value Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	0.88%	0.46%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 1 month 6 days	5 years 6 months
Expected volatility	77.70%	74.60%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months 18 days	6 years 1 month 6 days
Expected volatility	93.00%	76.60%

Stock Based Compensation - Summary of Activity of Stock Options (Details) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance \| shares	1,053,874
SHARES, Granted \| shares	2,602,643
SHARES, Exercised \| shares	(155,821)
SHARES, Cancelled or forfeited \| shares	(211,987)
SHARES, Expired \| shares	(23,939)
SHARES, Outstanding, Ending Balance \| shares	3,264,770	1,053,874
SHARES, Options exercisable \| shares	846,024
SHARES, Options vested or expected to vest \| shares	3,264,770
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance \| $ / shares	$ 1.51
WEIGHTED AVERAGE EXERCISE PRICE, Granted \| $ / shares	14.49
WEIGHTED AVERAGE EXERCISE PRICE, Exercised \| $ / shares	1.21
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited \| $ / shares	13.24
WEIGHTED AVERAGE EXERCISE PRICE, Expired \| $ / shares	12.18
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance \| $ / shares	11.04	$ 1.51
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable \| $ / shares	4.03
WEIGHTED AVERAGE EXERCISE PRICE, Options vested or expected to vest	$ 11.04
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding	8 years 4 months 24 days	7 years 6 months
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable	6 years 8 months 12 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options vested or expected to vest	8 years 4 months 24 days
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance \| $	$ 7,228	$ 4,964
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance \| $	7,228	$ 4,964
AGGREGATE INTRINSIC VALUE, Options exercisable \| $	5,589
AGGREGATE INTRINSIC VALUE, Options vested or expected to vest \| $	$ 7,228

Stock Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,161	$ 3,099
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,605	179
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,556	$ 2,920

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 01, 2021	Feb. 10, 2020	Nov. 30, 2020	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related party					$ 0	$ 61
Due to related party					0	266
Open Biome
Related Party Transaction [Line Items]
Rent income under sublease					100	400
Open Biome \| Maximum
Related Party Transaction [Line Items]
Receivable from related party					0	100
Strategic Agreement \| Open Biome
Related Party Transaction [Line Items]
Reimbursed to related party					100	300
Reimbursed from related party					100	300
Due to related party					0
Strategic Agreement \| Open Biome \| Maximum
Related Party Transaction [Line Items]
Due from related party					0	0
Due to related party						100
Clinical Supply and Services Agreement \| Open Biome
Related Party Transaction [Line Items]
Due to related party					0	200
Payment of monthly platform fee		$ 200
Security deposit		500
Prepaid fees		1,600
Security deposit returned		$ 500
Payment to related party					1,100	$ 3,800
Asset Purchase Agreement \| Open Biome
Related Party Transaction [Line Items]
Payment to acquire certain assets			$ 1,200
Payment to acquire remaining assets	$ 3,800
Property and equipment				$ 5,000
Required to pay certain milestones					$ 26,000

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Company's contribution to plan	$ 0.8	$ 0.4

Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (58,160)	$ (39,341)
Net loss attributable to common stockholders— basic and diluted	$ (58,160)	$ (39,341)
Denominator:
Weighted-average common stock outstanding—basic and diluted	39,202,086	8,144,855
Net loss per share attributable to common stockholders—basic and diluted	$ (1.48)	$ (4.83)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: 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))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	3,309,965	32,326,829
Employee Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	45,195
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		31,253,609
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	3,264,770	1,053,874
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