0000950170-22-016637 | 10-Q | XBRL Viewer | Finch Therapeutics Group INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 08, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Entity Central Index Key	0001733257
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Period End Date	Jun. 30, 2022
Entity File Number	001-40227
Entity Registrant Name	FINCH THERAPEUTICS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3433558
Entity Address, Address Line One	200 Inner Belt Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Somerville
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02143
City Area Code	617
Local Phone Number	229-6499
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FNCH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,688,433

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 104,673	$ 133,481
Accounts receivable	174	494
Prepaid expenses and other current assets	5,698	8,576
Total current assets	110,545	142,551
Property and equipment, net	18,445	19,635
Operating right-of-use assets	41,189	5,053
In-process research and development	32,900	32,900
Goodwill	18,057	18,057
Restricted cash, non-current	2,568	2,268
Other assets	4,597	4,905
TOTAL ASSETS	228,301	225,369
CURRENT LIABILITIES:
Accounts payable	1,013	3,737
Accrued expenses and other current liabilities	9,415	9,925
Operating lease liabilities, current	4,755	1,128
Total current liabilities	15,183	14,790
Deferred tax liability	3,461	3,461
Loan payable, non-current	14,620	0
Operating lease liabilities, non-current	35,865	4,887
Other liabilities	80	7
Total liabilities	69,209	23,145
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 47,685,713 and 47,512,182 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	48	47
Additional paid-in capital	367,306	363,172
Accumulated deficit	(208,262)	(160,995)
Total stockholders' equity	159,092	202,224
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 228,301	$ 225,369

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	47,685,713	47,512,182
Common stock, shares, outstanding	47,685,713	47,512,182

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE:
Total revenue	$ 361	$ 2,830	$ 715	$ 6,383
OPERATING EXPENSES:
Research and development	(13,923)	(13,964)	(29,453)	(26,939)
General and administrative	(8,164)	(5,882)	(17,568)	(10,433)
Restructuring expense	(903)	0	(903)	0
Total operating expenses	(22,990)	(19,846)	(47,924)	(37,372)
Net loss from operations	(22,629)	(17,016)	(47,209)	(30,989)
OTHER (EXPENSE) INCOME, NET:
Gain on extinguishment of PPP Loan	0	1,827	0	1,827
Interest (expense) income,net	(65)	7	(52)	6
(Loss) gain on disposal of fixed assets, net	(6)	28	(6)	28
Other expense, net	0	(15)		(22)
Total other (expense) income, net	(71)	1,847	(58)	1,839
Loss before income taxes	(22,700)	(15,169)	(47,267)	(29,150)
Income tax provision	0	0	0	0
Net loss	(22,700)	(15,169)	(47,267)	(29,150)
Net loss attributable to common stockholders-basic and diluted (Note 17)	$ (22,700)	$ (15,169)	$ (47,267)	$ (29,150)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.48)	$ (0.32)	$ (0.99)	$ (0.95)
Weighted-average common stock outstanding—basic and diluted	47,576,349	47,379,887	47,552,780	30,798,698
Collaboration Revenue
REVENUE:
Total revenue	$ 361	$ 2,830	$ 715	$ 6,383

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C	Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D	Common Stock	Common Stock OverAllotment Option	Additional Paid-in Capital	Additional Paid-in Capital OverAllotment Option	Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2020		11,596,280	5,166,203	7,588,254	6,902,872
Beginning Balance at Dec. 31, 2020		$ 53,593	$ 36,336	$ 53,221	$ 89,904
Beginning Balance, Shares at Dec. 31, 2020						8,391,793
Beginning Balance at Dec. 31, 2020	$ (95,718)					$ 8		$ 7,109		$ (102,835)
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares		11,596,280	5,166,203	7,588,254	6,902,872
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering		$ 53,593	$ 36,336	$ 53,221	$ 89,904
Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares						31,253,609
Conversion of redeemable convertible preferred stock into common stock upon initial public offering	233,053					$ 31		233,022
Initial public offering, net of underwriting discounts, commissions and net of offering costs	115,714					$ 8		115,706
Initial public offering, net of underwriting discounts, commissions and net of offering costs, Shares						7,500,000
Exercise of common stock options	54							54
Exercise of common stock options, Shares						81,901
Stock-based compensation	335							335
Net loss	(13,981)									(13,981)
Ending Balance, Shares at Mar. 31, 2021						47,227,303
Ending Balance at Mar. 31, 2021	239,457					$ 47		356,226		(116,816)
Beginning Balance, Shares at Dec. 31, 2020		11,596,280	5,166,203	7,588,254	6,902,872
Beginning Balance at Dec. 31, 2020		$ 53,593	$ 36,336	$ 53,221	$ 89,904
Beginning Balance, Shares at Dec. 31, 2020						8,391,793
Beginning Balance at Dec. 31, 2020	(95,718)					$ 8		7,109		(102,835)
Net loss	(29,150)
Ending Balance, Shares at Jun. 30, 2021						47,425,752
Ending Balance at Jun. 30, 2021	228,193					$ 47		360,131		(131,985)
Beginning Balance, Shares at Mar. 31, 2021						47,227,303
Beginning Balance at Mar. 31, 2021	239,457					$ 47		356,226		(116,816)
Underwriters' exercise of overallotment option, net of underwriting discounts, commissions and initial public offering costs	3,003								$ 3,003
Underwriters' exercise of overallotment option, net of underwriting discounts, commissions and initial public offering costs, Shares							192,877
Exercise of common stock options	7							7
Exercise of common stock options, Shares						6,793
Shares repurchased for cashless exercise	(10)							10
Shares repurchased for cashless exercise, Shares						1,221
Stock-based compensation	905							905
Net loss	(15,169)									(15,169)
Ending Balance, Shares at Jun. 30, 2021						47,425,752
Ending Balance at Jun. 30, 2021	228,193					$ 47		360,131		(131,985)
Beginning Balance, Shares at Dec. 31, 2021						47,512,182
Beginning Balance at Dec. 31, 2021	202,224					$ 47		363,172		(160,995)
Exercise of common stock options	14					$ 1		13
Exercise of common stock options, Shares						20,406
Stock-based compensation	2,120							2,120
Net loss	(24,567)									(24,567)
Ending Balance, Shares at Mar. 31, 2022						47,532,588
Ending Balance at Mar. 31, 2022	179,791					$ 48		365,305		(185,562)
Beginning Balance, Shares at Dec. 31, 2021						47,512,182
Beginning Balance at Dec. 31, 2021	202,224					$ 47		363,172		(160,995)
Net loss	$ (47,267)
Ending Balance, Shares at Jun. 30, 2022	0
Ending Balance, Shares at Jun. 30, 2022						47,685,713
Ending Balance at Jun. 30, 2022	$ 159,092					$ 48		367,306		(208,262)
Beginning Balance, Shares at Mar. 31, 2022						47,532,588
Beginning Balance at Mar. 31, 2022	179,791					$ 48		365,305		(185,562)
Exercise of common stock options	61							61
Exercise of common stock options, Shares						98,370
Issuance of common stock under employee stock purchase plan	110							110
Issuance of common stock under employee stock purchase plan, Shares						54,755
Stock-based compensation	1,830							1,830
Net loss	$ (22,700)									(22,700)
Ending Balance, Shares at Jun. 30, 2022	0
Ending Balance, Shares at Jun. 30, 2022						47,685,713
Ending Balance at Jun. 30, 2022	$ 159,092					$ 48		$ 367,306		$ (208,262)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Mar. 31, 2022
Initial Public Offering
Initial public offering costs		$ 11,786
OverAllotment Option
Initial public offering costs	$ 276
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B
Temporary equity, par value	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C
Temporary equity, par value	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (47,267)	$ (29,150)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,694	985
Stock-based compensation expense	3,950	1,240
Gain on extinguishment of PPP Loan	0	(1,808)
Non-cash interest expense	44
Loss (gain) on sale of property and equipment	6	(28)
Other non-cash operating lease cost	959	440
Changes in operating assets and liabilities:
Accounts receivable	320	(1,211)
Due from related party	0	56
Prepaid expenses and other current assets	(4,858)	(1,258)
Other non-current assets	308	(3,824)
Accounts payable	(2,431)	(1,467)
Accrued expenses and other current liabilities	(506)	591
Other non-current liabilities	50
Due to related party	0	(258)
Deferred revenue	0	(2,821)
Operating lease liabilities	5,246	(484)
Net cash used in operating activities	(41,485)	(38,997)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,803)	(11,617)
Proceeds from sale of property and equipment	0	62
Net cash used in investing activities	(1,803)	(11,555)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs	0	118,575
Proceeds from underwriters' exercise of overallotment option, net of underwriting discounts and commissions and initial public offering costs	0	3,049
Principal payments on finance lease obligation	(11)	(21)
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	185	51
Proceeds from borrowings under loan agreement, net	14,738
Payment of deferred offering costs	(132)	(2,659)
Net cash provided by financing activities	14,780	118,995
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(28,508)	68,443
Cash, cash equivalents and restricted cash at beginning of period	135,965	99,909
Cash, cash equivalents and restricted cash at end of period	107,457	168,352
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	73	5
Cash paid in connection with operating lease liabilities	4,606	704
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment in accounts payable and accrued liabilities	88	724
Conversion of redeemable convertible preferred stock into common stock	0	233,053
Operating right-of-use assets obtained in exchange for new operating leases upon adoption of ASC 842	0	5,965
Right-of-use assets obtained in exchange for new operating lease liabilities	37,094	0
Prepaid rent reclassified to right-of-use assets	7,736	0
Forgiveness Of PPP Loan	$ 0	$ 1,808

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 104,673	$ 168,136
Restricted cash	2,784	216
Total cash, cash equivalents and restricted cash	$ 107,457	$ 168,352

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Business

Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017, 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 ("CDI").

COVID-19 Impact

The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and clinical development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak, including due to the emergence of variants of the virus, and the impact of the ongoing pandemic on clinical trial enrollment, trial sites, contract research organizations, contract manufacturing organizations, and other third parties with which 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 risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations ultimately could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy.

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

Liquidity and Capital Resources

Management believes that the Company’s cash and cash equivalents of $104.7 million as of June 30, 2022, will allow the Company to continue its operations for at least the next 12 months from the date these financial statements are issued. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development ("R&D") programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act of 1933, as amended, published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 31, 2022.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, condensed consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2022 and 2021, and condensed consolidated cash flows for the six months ended June 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

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

The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 31, 2022. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2022.

Goodwill and Acquired In-Process Research and Development

Goodwill and in-process research and development ("IPR&D") are evaluated annually for impairment, or more frequently if events or changes in circumstances indicate that the asset might be impaired. In the second quarter of 2022, management identified factors that could trigger impairment including a significant decline in the Company's stock price for a sustained period, resulting in a reduction of the Company's market capitalization relative to net book value. As a result, management performed an impairment assessment of goodwill and IPR&D as of June 30, 2022. Management's assessment for the impairment of goodwill indicated that the fair value of the Company's reporting unit exceeded the carrying value of the reporting unit at June 30, 2022. Management's assessment for the impairment of IPR&D indicated that the fair values of the Company's IPR&D assets at June 30, 2022 exceeded their respective carrying values. As the fair values of both goodwill and IPR&D exceeded their respective carrying values, no impairment was noted as of June 30, 2022.

Management continues to monitor and evaluate the financial performance of the Company's business, including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its book value. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded.

Recently Issued Accounting Pronouncements

There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the six months ended June 30, 2022, as compared to the recent accounting pronouncements described in Note 2 of the Company’s condensed consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

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


DESCRIPTION	JUNE 30, 2022		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	103,398	$	103,398	$	—	$	—
Total financial assets	$	103,398	$	103,398	$	—	$	—


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	$	—	$	—

There were no transfers between fair value levels during the six months ended June 30, 2022 and the year ended December 31, 2021. The carrying values of accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the loan payable on the Company's balance sheet is estimated to approximate its fair value as the interest rate approximates the market rate for loans with similar terms and risk characteristics.

- Definition

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

+ References + Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):


	JUNE 30, 2022			DECEMBER 31, 2021
Lab equipment	$	4,119		$	3,850
Office furniture and fixtures		1,354			537
Leasehold improvements		13,972			13,894
Construction work-in-progress		666			329
Software		4,883			4,883
Computer equipment		368			368
Total		25,362		$	23,861
Less: Accumulated depreciation		(6,917	)		(4,226	)
Property and equipment, net	$	18,445		$	19,635

Depreciation expense was $2.7 million and $1.0 million for the six months ended June 30, 2022 and 2021, respectively. During the year ended December 31, 2021, the Company purchased $3.9 million of software, property, and equipment from Microbiome Health Research Institute Inc. doing business as OpenBiome ("OpenBiome"), under the Asset Purchase Agreement, dated as of November 19, 2020 between the Company and OpenBiome (the “OpenBiome Agreement”). As of June 30, 2022 the Company held $2.7 million of the assets purchased from OpenBiome. For additional information on the OpenBiome Agreement, see Note 15.

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

5. LEASES

The Company adopted Accounting Standards Codification ("ASC") 842, Leases, 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. The Company's condensed consolidated financial statements presented for fiscal year 2021 have been adjusted to reflect the impact of adoption of ASC 842 as of the effective date of January 1, 2021. 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, Massachusetts. The adoption of this standard did not have a significant impact on the Company’s consolidated Statements of Operations or Statements of Cash Flows as of January 1, 2021.

As of June 30, 2021 the adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $5.5 million and current and noncurrent operating lease liabilities of $1.1 million and $5.5 million, respectively, and the derecognition of deferred rent liabilities and unamortized lease incentives of $0.7 million and $0.1 million, respectively, on the Company’s condensed consolidated balance sheet, relating to its office leases in Somerville, Massachusetts. The adoption of ASC 842 for the six months ended June 30, 2021 resulted in an impact to the condensed consolidated statement of cash flows of an increase of $0.4 million in other non-cash operating lease cost, a decrease of $0.5 million in operating lease liabilities and a net change in both accrued expenses and other liabilities and deferred rent of less than $0.1 million, respectively. Additionally, in the supplemental disclosure of cash flow information, the Company recognized $0.7 million in cash paid in connection with operating lease liabilities and $6.0 million in operating right-of use assets obtained in exchange for new operating leases upon adoption of ASC 842. The adoption of ASC 842 had no material impact to the condensed consolidated statement of operations for the six months ended June 30, 2021.

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 "Inner Belt Road Sublease") to share its leased space under the Inner Belt Road Lease with OpenBiome, a related party, as sub-tenant. The Inner Belt Road Sublease provided for an allocation, based on OpenBiome’s proportionate share, of base rent and other expenses under the Inner Belt Road Lease, which was subject to change each year based on headcount and space used. In November 2020, pursuant to the OpenBiome Agreement, the Company and OpenBiome amended the terms of the Inner Belt Road 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 Inner Belt Road 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 $0.6 million for each of the six months ended June 30, 2022 and 2021. The Company recognized sublease income under the sublease to OpenBiome as rent was received over the sublease term. Gross lease income under the sublease to OpenBiome for the six months ended June 30, 2021 was $0.1 million and is presented as an offset to lease expense on the condensed 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 six months ended June 30, 2022 and 2021 was $49,800 and $33,000, respectively.

Concord Avenue Lease

On May 25, 2021, Finch 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 six months ended June 30, 2022 and 2021 was $129,600 and $32,400, 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.

Hood Lease

On August 3, 2021, Finch entered into a 10-year lease agreement (the "Hood Lease") with Hood Park LLC, pursuant to which Finch will lease approximately 61,139 square feet of office and laboratory space (the "Premises"). 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 started at approximately $4.5 million, and the lease contains annual rent escalations. Finch became responsible for paying rent under the Hood Lease on January 1, 2022; and in the second quarter of 2022, Finch’s improvement on the Premises was substantially completed and Finch commenced business operations in the Premises, which triggered recognition of the lease for accounting purposes. Therefore, Finch recognized a right-of-use asset totaling $37.1 million and lease liability of $29.4 million, and recorded lease expense of $0.9 million related to the Hood Lease.

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 June 30, 2022, $14.8 million of lessor owned tenant improvements were completed by the Company, $0.6 million of which are the outstanding remaining balance owed to the Company by the lessor.

Finch 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 condensed consolidated balance sheet as of June 30, 2022 and December 31, 2021.

Finch recently entered into a sublease agreement to sublet approximately one third of its leased space under the Hood Lease, which commenced on August 10, 2022, for an initial term of two years, with an option for Finch to extend the sublease for up to one additional year.

The following table presents the classification of right-of-use assets and lease liabilities as of June 30, 2022 and December 31, 2021 (in thousands):


	BALANCE SHEET CLASSIFICATION	JUNE 30, 2022		DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	41,189	$	5,053
Finance lease assets	Property and equipment, net		10		22
Total lease assets			41,199		5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	4,755	$	1,128
Finance lease liabilities	Other current liabilities		16		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		35,865		4,887
Finance lease liabilities	Other liabilities		—		7
Total lease liabilities		$	40,636	$	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 six months ended June 30, 2022 and 2021 (in thousands):


	THREE MONTHS ENDED JUNE 30,					SIX MONTHS ENDED JUNE 30,
LEASE COST	2022		2021			2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	2	$	13		$	11	$	21
Interest on lease liabilities		1		2			3		5
Operating lease cost		1,311		370			1,650		687
Short-term lease cost		31		9			139		14
Variable lease cost		469		72			964		140
Sublease income		-		(13	)		-		(70	)
Total lease cost	$	1,814	$	453		$	2,767	$	797

The weighted-average remaining lease term and discount rate as of June 30, 2022 and December 31, 2021 were as follows (in thousands):


LEASE TERM AND DISCOUNT RATE	JUNE 30, 2022			DECEMBER 31, 2021
Weighted-average remaining lease term (years)
Operating leases		8.9			4.6
Finance Leases		0.8			1.2
Weighted-average discount rate
Operating leases		8.3	%		6.7	%
Finance Leases		30.6	%		30.6	%

Supplemental disclosure of cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands):


	SIX MONTHS ENDED JUNE 30,
SUPPLEMENTAL CASH FLOW INFORMATION	2022			2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	(5,246	)	$	484
Financing cash flows from finance leases		11			21

The following table represents a summary of the Company’s future lease payments required as of June 30, 2022 (in thousands):


	OPERATING LEASE OBLIGATIONS			FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	4,761		$	12		$	4,773
2023		6,103			6		$	6,109
2024		6,255			—		$	6,255
2025		6,427			—		$	6,427
2026		6,187			—		$	6,187
Thereafter		27,605			—		$	27,605
Total future minimum lease payments	$	57,338		$	18		$	57,356
Less: amount representing interest		(16,718	)		(2	)		(16,720	)
Present value of future minimum lease payments	$	40,620		$	16		$	40,636

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021 (in thousands):


	JUNE 30, 2022		DECEMBER 31, 2021
Accrued research and development	$	1,316	$	1,345
Accrued legal and professional fees		3,202		1,117
Accrued compensation and benefits		3,352		4,401
Accrued other		1,545		3,062
Total accrued expenses and other current liabilities	$	9,415	$	9,925

Loan Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Loan Payable

7. LOAN PAYABLE

Hercules Loan and Security Agreement

On May 11, 2022 (the "Closing Date") the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., which provides for a term loan with aggregate maximum borrowings of up to $55.0 million (the “Term Loan”). Under the Loan Agreement, the Company borrowed an initial amount of $15.0 million, and, subject to the terms of the Loan Agreement, the Company may draw down an additional $20.0 million under the first tranche of the Term Loan at its discretion, and an additional $20.0 million from the second tranche subject to certain milestones and conditions.

The Term Loan bears interest at a variable annual rate equal to the greater of (i)(a) 4.05% plus (b) the Prime Rate (as reported in the Wall Street Journal) and (ii) 7.55%. Borrowings under the Loan Agreement are repayable in monthly interest-only payments through December 1, 2024, or December 1, 2025 if certain conditions have been achieved prior to December 1, 2024. After the interest-only payment period, borrowings under the Loan Agreement are repayable in equal monthly payments of principal and accrued interest until November 1, 2026. At the Company's option, the Company may prepay all, but not less than all, of the outstanding borrowings, subject to a prepayment fee of 3.0% of the principal amount if prepayment occurs during the 12 months following the Closing Date, 2.0% after 12 months following the Closing Date and 1.0% after 24 months but on or prior to 36 months following the Closing Date.

The Company paid a $0.3 million facility charge upon closing and will pay a facility charge in connection with a draw under the second tranche of the Term Loan equal to 0.75% of the amount drawn. The Loan Agreement also provides for a final payment, payable upon maturity or the repayment of the obligations in full or in part (on a pro rata basis), equal to 5.50% of the aggregate principal amount of Term Loans advanced to the Borrower and repaid on such date, which is being accrued to other liabilities. The Loan Agreement includes a minimum cash covenant of $12.5 million that applies commencing on the date the principal amount borrowed under the Term Loan exceeds $25.0 million, subject to waiver upon satisfaction of certain conditions as set forth in the Loan Agreement. Borrowings under the Loan Agreement are collateralized by substantially all of the Company’s personal property and other assets, other than its intellectual property. In addition, the Loan Agreement includes certain customary affirmative and restrictive covenants, representations and warranties, and requires the Company to maintain its cash in controlled deposit accounts.

The loan payable balance as of June 30, 2022 consisted of the following (in thousands):


	JUNE 30, 2022
Principal amount of loan payable	$	15,000
Less: current portion of loan payable		—
Loan payable, net of current portion		15,000
Facility charge		(253	)
Unamortized issuance costs		(127	)
Loan payable, including accretion, net of current portion	$	14,620

The estimated future principal payments as of June 30, 2022 were due as follows (in thousands):


	JUNE 30, 2022
2022	$	—
2023		—
2024		574
2025		7,210
2026		7,216
Total	$	15,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Restructuring

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

8. RESTRUCTURING

During the three and six months ended June 30, 2022 the Company recognized restructuring charges of $0.9 million consisting of one-time severance payments, healthcare coverage, outplacement services and related expenses in connection with the Company's April 2022 restructuring action (the "Restructuring"). The Restructuring was substantially completed by the end of the second quarter of 2022 and the remaining charges are expected to be incurred in the third quarter of 2022. The accrued restructuring liability is included in accrued compensation and benefits as of June 30, 2022. The Company does not expect any material charges to be incurred in future periods related to this initiative.

The following table summarizes the restructuring accrual activity for the six months ended June 30, 2022 (in thousands):


	SEVERANCE AND RELATED BENEFITS
Accrued restructuring liability as of December 31, 2021	$	—
Restructuring charges		903
Cash payments		(555	)
Accrued restructuring liability as of June 30, 2022	$	348

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

9. REVENUE

Takeda Pharmaceutical Company Limited

In January 2017, the Company entered into an agreement (as amended, 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, 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, the Takeda Agreement was amended again to enable the Company to carry out certain preliminary evaluation activities with respect to FIN-525.

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, Revenue from Contracts with Customers, 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 committee and joint development committee. 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 included the upfront payment and the estimable reimbursable R&D costs in the transaction price and recognized revenue associated with it over the period it expected 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 Takeda Agreement ("Amendment #2"). Pursuant to Amendment #2, Finch is obligated to perform 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 Amendment #2, Takeda shall pay Finch for pass-through costs incurred and research services performed at the agreed-upon full-time equivalent rate. The additional feasibility work was completed in the second quarter of 2022.

The Company recognized revenue related to the Takeda Agreement of $0.4 million and $2.8 million in the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $6.4 million in the six months ended June 30, 2022 and 2021, respectively, which is included under collaboration revenue in the condensed consolidated statements of operations.

Takeda reimburses the Company for certain R&D costs on a quarterly basis. The Company recorded accounts receivable of $0.2 million and $0.5 million on its condensed consolidated balance sheets as of June 30, 2022, and December 31, 2021, respectively. As of June 30, 2022, there is no remaining deferred revenue due to the Company's satisfaction of the performance obligation.

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 June 30, 2022, 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 six months ended June 30, 2022 and 2021.

OpenBiome

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 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 had not earned any of these royalty payments pursuant to the LMIC Agreement as of June 30, 2022.

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 six months ended June 30, 2022 and 2021, as there were no marketable OpenBiome Royalty Products in these periods.

- 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
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. INCOME TAXES

During the six months ended June 30, 2022 and the year ended December 31, 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. There were no material changes in the Company’s tax position in the six months ended June 30, 2022 as compared to the year ended December 31, 2021.

- 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
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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. 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 (the “’406 Patent”); 9,962,413 (the “’413 Patent”); 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. In June 2022, Finch alleged infringement of the ’406 and ’413 Patents by Rebiotix. 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, (collectively, the “UMN Patents). On April 4, 2022, Rebiotix filed counterclaims for declaratory judgment of non-infringement and invalidity of the UMN Patents. On May 2, 2022, the Company and UMN responded, denying such counterclaims. 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 June 30, 2022.

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 the Company's 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 15) 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 chemistry, manufacturing, and controls ("CMC") process used to manufacture materials for its clinical trials. The OpenBiome Agreement also effectively terminated the Asset Purchase and License Agreement (the "APL Agreement"), which the Company entered into with OpenBiome in February 2019, and the obligations under the Material Access License Agreement (the “MAL Agreement”), which the Company entered into with OpenBiome in December 2016.

Leases

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

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2022

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

12. REDEEMABLE CONVERTIBLE PREFERRED STOCK

Upon the completion of the Company’s initial public offering (the “IPO”), all 31,253,609 shares of outstanding preferred stock automatically converted into 31,253,609 shares of common stock. As of June 30, 2022, there were no shares of preferred stock outstanding.

Stockholder's Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

13. STOCKHOLDERS’ EQUITY

On February 24, 2021, the board of directors of the Company ("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 the Company's common stock, diluting the voting power of the Company's common stock, impairing the liquidation rights of the Company's common stock, or delaying or preventing a change in control. As of June 30, 2022, 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 any preferred stock outstanding, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of June 30, 2022, no cash dividends have been declared or paid.

As of June 30, 2022 and December 31, 2021 the Company has reserved the following shares of common stock for the exercise of stock options, common stock warrants, vesting of restricted stock and shares issuable under the employee stock purchase plan:


	JUNE 30, 2022		DECEMBER 31, 2021
Options to purchase common stock		4,485,651		3,264,770
Unvested restricted stock units		618,525		—
Shares issuable under employee stock purchase plan		6,998		45,195
		5,111,174		3,309,965

- Definition

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

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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

14. STOCK-BASED COMPENSATION

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 as a result no further grants will be made under the 2017 Equity Incentive Plan (the "2017 Plan"). However, any outstanding grants made under the 2017 Plan remain effective.

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 the 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.

On March 31, 2022, the Company registered 2,375,609 additional shares of common stock under the 2021 Plan, pursuant to the provisions of the 2021 Plan providing for an automatic increase in the number of shares common stock reserved and available for issuance under the 2021 Plan on January 1, 2022.

As of June 30, 2022, there were 4,485,651 shares of common stock issuable upon the exercise of outstanding options and there were 624,529 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 under the 2021 ESPP commenced on December 1, 2021.

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, participants in the 2021 ESPP will purchase shares of common stock 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 2021 ESPP are subject to the determinations of the compensation committee of the Board. On March 31, 2022, the Company registered 475,121 additional shares of its common stock under the 2021 ESPP, pursuant to the provisions of the 2021 ESPP, providing for an automatic increase in the number of shares of common stock reserved and available for issuance under the 2021 ESPP on January 1, 2022. As of June 30, 2022, 54,755 shares were issued under the 2021 ESPP in 2022 and 920,366 shares were available for future issuance.

Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2022:


	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228
Granted		2,044,494			7.28
Exercised		(118,776	)		0.62
Cancelled or forfeited		(666,237	)		10.66
Expired		(38,600	)		13.35
Outstanding as of June 30, 2022		4,485,651		$	9.64		8.0	$	792
Options exercisable as of June 30, 2022		1,264,319		$	7.94		5.6	$	678
Options vested or expected to vest as of June 30, 2022		4,485,651		$	9.64		8.0	$	792

As of June 30, 2022, there was approximately $23.2 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 2.89 years.

Restricted Stock Unit Awards

In June 2022 the Company issued restricted stock unit ("RSU") awards with time-based vesting conditions to employees. The fair value of an RSU award is equal to the fair market value of the Company's ordinary shares on the date of grant and the expense is recognized on a straight-line basis over the requisite service period. The RSUs primarily vest over one year from the grant date.

The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the six months ended June 30, 2022:


	RSUs			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2021		—		$	—	$	—
Granted		623,260			2.79
Forfeited		(4,735	)		2.79
Unvested as of June 30, 2022		618,525		$	2.79	$	1,757

Stock-Based Compensation Expense

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


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Research and development	$	760	$	238	$	1,769	$	404
General and administrative		1,070		667		2,181		836
Total	$	1,830	$	905	$	3,950	$	1,240

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

15. RELATED PARTY TRANSACTIONS

Master Strategic Affiliation Agreement

Under the 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.

The Company did not record any reimbursements to or from OpenBiome under the Strategic Agreement during the three months ended June 30, 2022. For the three months ended June 30, 2021, the Company reimbursed OpenBiome $0.1 million, and OpenBiome reimbursed the Company $0.1 million under the Strategic Agreement. As of June 30, 2022 and December 31, 2021, the Company recorded zero payable balance due to OpenBiome. The Strategic Agreement was amended and restated in its entirety upon execution of the OpenBiome Agreement in November 2020 (as amended, the "A&R Strategic Agreement").

Until December 31, 2021, OpenBiome subleased office and lab space from the Company (see Note 5). The Company’s rent income under the sublease was $0.1 million for the six months ended June 30, 2021. As of June 30, 2022 the Company had not recorded rent income under the sublease and no longer had an outstanding receivable due from OpenBiome.

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 OpenBiome $1.1 million under the CSA for the six months ended June 30, 2021.

OpenBiome 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 MAL Agreement and the APL Agreement, as well as certain subject matter agreements, and executed the A&R Strategic Agreement. Upon the 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.

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

The Company is also required to pay certain milestones of 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 fecal microbiota transplantation ("FMT") materials.

Retirement Plan

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Retirement Plan

16. 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 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 $0.4 million in each of the six months ended June 30, 2022 and 2021.

Loss per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Loss per Share

17. LOSS PER SHARE

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


	FOR THE THREE MONTHS ENDED JUNE 30,						FOR THE SIX MONTHS ENDED JUNE 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(22,700	)	$	(15,169	)	$	(47,267	)	$	(29,150	)
Net loss attributable to common stockholders—basic and diluted		(22,700	)		(15,169	)		(47,267	)		(29,150	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,576,349			47,379,887			47,552,780			30,798,698
Net loss per share attributable to common stockholders—basic and diluted	$	(0.48	)	$	(0.32	)	$	(0.99	)	$	(0.95	)

The Company’s potentially dilutive securities, which include stock options, warrants, RSU awards and shares issuable under the employee stock purchase plan have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2022 and 2021 because including them would have had an anti-dilutive effect:


	SIX MONTHS ENDED JUNE 30,
	2022		2021
Options to purchase common stock		4,485,651		2,965,264
Common stock warrants		—		19,346
Unvested restricted stock units		618,525		—
Shares issuable under employee stock purchase plan		6,998		—
		5,111,174		2,984,610

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Goodwill and Acquired In-Process Research and Development	Goodwill and Acquired In-Process Research and Development Goodwill and in-process research and development ("IPR&D") are evaluated annually for impairment, or more frequently if events or changes in circumstances indicate that the asset might be impaired. In the second quarter of 2022, management identified factors that could trigger impairment including a significant decline in the Company's stock price for a sustained period, resulting in a reduction of the Company's market capitalization relative to net book value. As a result, management performed an impairment assessment of goodwill and IPR&D as of June 30, 2022. Management's assessment for the impairment of goodwill indicated that the fair value of the Company's reporting unit exceeded the carrying value of the reporting unit at June 30, 2022. Management's assessment for the impairment of IPR&D indicated that the fair values of the Company's IPR&D assets at June 30, 2022 exceeded their respective carrying values. As the fair values of both goodwill and IPR&D exceeded their respective carrying values, no impairment was noted as of June 30, 2022. Management continues to monitor and evaluate the financial performance of the Company's business, including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its book value. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the six months ended June 30, 2022, as compared to the recent accounting pronouncements described in Note 2 of the Company’s condensed consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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


DESCRIPTION	JUNE 30, 2022		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Asset
Money market funds	$	103,398	$	103,398	$	—	$	—
Total financial assets	$	103,398	$	103,398	$	—	$	—


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	$	—	$	—

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):


	JUNE 30, 2022			DECEMBER 31, 2021
Lab equipment	$	4,119		$	3,850
Office furniture and fixtures		1,354			537
Leasehold improvements		13,972			13,894
Construction work-in-progress		666			329
Software		4,883			4,883
Computer equipment		368			368
Total		25,362		$	23,861
Less: Accumulated depreciation		(6,917	)		(4,226	)
Property and equipment, net	$	18,445		$	19,635

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases Balance Sheet Information

The following table presents the classification of right-of-use assets and lease liabilities as of June 30, 2022 and December 31, 2021 (in thousands):


	BALANCE SHEET CLASSIFICATION	JUNE 30, 2022		DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	41,189	$	5,053
Finance lease assets	Property and equipment, net		10		22
Total lease assets			41,199		5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	4,755	$	1,128
Finance lease liabilities	Other current liabilities		16		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		35,865		4,887
Finance lease liabilities	Other liabilities		—		7
Total lease liabilities		$	40,636	$	6,041

Summary of Components of Lease Cost


	THREE MONTHS ENDED JUNE 30,					SIX MONTHS ENDED JUNE 30,
LEASE COST	2022		2021			2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	2	$	13		$	11	$	21
Interest on lease liabilities		1		2			3		5
Operating lease cost		1,311		370			1,650		687
Short-term lease cost		31		9			139		14
Variable lease cost		469		72			964		140
Sublease income		-		(13	)		-		(70	)
Total lease cost	$	1,814	$	453		$	2,767	$	797

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate as of June 30, 2022 and December 31, 2021 were as follows (in thousands):


LEASE TERM AND DISCOUNT RATE	JUNE 30, 2022			DECEMBER 31, 2021
Weighted-average remaining lease term (years)
Operating leases		8.9			4.6
Finance Leases		0.8			1.2
Weighted-average discount rate
Operating leases		8.3	%		6.7	%
Finance Leases		30.6	%		30.6	%

Schedule of Supplemental Cash Flow Information

Supplemental disclosure of cash flow information related to leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands):


	SIX MONTHS ENDED JUNE 30,
SUPPLEMENTAL CASH FLOW INFORMATION	2022			2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	(5,246	)	$	484
Financing cash flows from finance leases		11			21

Schedule of Future Lease Payments

The following table represents a summary of the Company’s future lease payments required as of June 30, 2022 (in thousands):


	OPERATING LEASE OBLIGATIONS			FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	4,761		$	12		$	4,773
2023		6,103			6		$	6,109
2024		6,255			—		$	6,255
2025		6,427			—		$	6,427
2026		6,187			—		$	6,187
Thereafter		27,605			—		$	27,605
Total future minimum lease payments	$	57,338		$	18		$	57,356
Less: amount representing interest		(16,718	)		(2	)		(16,720	)
Present value of future minimum lease payments	$	40,620		$	16		$	40,636

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):


	JUNE 30, 2022		DECEMBER 31, 2021
Accrued research and development	$	1,316	$	1,345
Accrued legal and professional fees		3,202		1,117
Accrued compensation and benefits		3,352		4,401
Accrued other		1,545		3,062
Total accrued expenses and other current liabilities	$	9,415	$	9,925

Loan Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Loan Payable

The loan payable balance as of June 30, 2022 consisted of the following (in thousands):


	JUNE 30, 2022
Principal amount of loan payable	$	15,000
Less: current portion of loan payable		—
Loan payable, net of current portion		15,000
Facility charge		(253	)
Unamortized issuance costs		(127	)
Loan payable, including accretion, net of current portion	$	14,620

Schedule of Estimated future principal payments

The estimated future principal payments as of June 30, 2022 were due as follows (in thousands):


	JUNE 30, 2022
2022	$	—
2023		—
2024		574
2025		7,210
2026		7,216
Total	$	15,000

Restructuring (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activity

The following table summarizes the restructuring accrual activity for the six months ended June 30, 2022 (in thousands):


	SEVERANCE AND RELATED BENEFITS
Accrued restructuring liability as of December 31, 2021	$	—
Restructuring charges		903
Cash payments		(555	)
Accrued restructuring liability as of June 30, 2022	$	348

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

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


	JUNE 30, 2022		DECEMBER 31, 2021
Options to purchase common stock		4,485,651		3,264,770
Unvested restricted stock units		618,525		—
Shares issuable under employee stock purchase plan		6,998		45,195
		5,111,174		3,309,965

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Total Stock-Based Compensation Expense


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Research and development	$	760	$	238	$	1,769	$	404
General and administrative		1,070		667		2,181		836
Total	$	1,830	$	905	$	3,950	$	1,240

Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the six months ended June 30, 2022:


	RSUs			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2021		—		$	—	$	—
Granted		623,260			2.79
Forfeited		(4,735	)		2.79
Unvested as of June 30, 2022		618,525		$	2.79	$	1,757

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2022:


	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2021		3,264,770		$	11.04		8.4	$	7,228
Granted		2,044,494			7.28
Exercised		(118,776	)		0.62
Cancelled or forfeited		(666,237	)		10.66
Expired		(38,600	)		13.35
Outstanding as of June 30, 2022		4,485,651		$	9.64		8.0	$	792
Options exercisable as of June 30, 2022		1,264,319		$	7.94		5.6	$	678
Options vested or expected to vest as of June 30, 2022		4,485,651		$	9.64		8.0	$	792

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share Attributable to Common Stockholders


	FOR THE THREE MONTHS ENDED JUNE 30,						FOR THE SIX MONTHS ENDED JUNE 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(22,700	)	$	(15,169	)	$	(47,267	)	$	(29,150	)
Net loss attributable to common stockholders—basic and diluted		(22,700	)		(15,169	)		(47,267	)		(29,150	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,576,349			47,379,887			47,552,780			30,798,698
Net loss per share attributable to common stockholders—basic and diluted	$	(0.48	)	$	(0.32	)	$	(0.99	)	$	(0.95	)

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 June 30, 2022 and 2021 because including them would have had an anti-dilutive effect:


	SIX MONTHS ENDED JUNE 30,
	2022		2021
Options to purchase common stock		4,485,651		2,965,264
Common stock warrants		—		19,346
Unvested restricted stock units		618,525		—
Shares issuable under employee stock purchase plan		6,998		—
		5,111,174		2,984,610

Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash and cash equivalents	$ 104,673	$ 133,481	$ 168,136

Summary Of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment charges	$ 0

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Total financial assets	$ 228,301	$ 225,369
Fair Value, Measurements, Recurring
ASSETS
Total financial assets	103,398	132,275
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	103,398	132,275
Fair Value, Measurements, Recurring \| Money Market Funds
ASSETS
Total financial assets	103,398	132,275
Fair Value, Measurements, Recurring \| Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	$ 103,398	$ 132,275

- 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

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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Transfers between fair value levels	$ 0	$ 0

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 25,362	$ 23,861
Less: Accumulated depreciation	(6,917)	(4,226)
Property and equipment, net	18,445	19,635
Lab Equipment
Property, Plant and Equipment [Line Items]
Total	4,119	3,850
Office Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total	1,354	537
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	13,972	13,894
Construction Work-In-Progress
Property, Plant and Equipment [Line Items]
Total	666	329
Software
Property, Plant and Equipment [Line Items]
Total	4,883	4,883
Computer Equipment
Property, Plant and Equipment [Line Items]
Total	$ 368	$ 368

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2,700	$ 1,000
Property and equipment held	25,362		$ 23,861
Software
Property, Plant and Equipment [Line Items]
Property and equipment held	4,883		4,883
Software \| Open Biome
Property, Plant and Equipment [Line Items]
Property and equipment held	2,700
Lab Equipment
Property, Plant and Equipment [Line Items]
Property and equipment held	$ 4,119		3,850
Property Plant And Equipment Other Types Member \| Open Biome
Property, Plant and Equipment [Line Items]
Property and equipment held			$ 3,900

Leases - Additional Information (Details)						1 Months Ended	3 Months Ended		6 Months Ended
Leases - Additional Information (Details)	Aug. 17, 2021	Aug. 03, 2021 USD ($) ft²	May 25, 2021	Mar. 18, 2021	Mar. 01, 2021	Dec. 31, 2015 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jul. 15, 2022	Dec. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jul. 31, 2016
Capital Leased Assets [Line Items]
Sublease agreement term											2 years
Office and laboratory space for lease \| ft²						25,785
Other Cost and Expense, Operating									$ 959,000	$ 440,000
Operating cash flows from operating leases									(5,246,000)	484,000
Accrued expenses and other current liabilities									(506,000)	591,000
Cash paid in connection with operating lease liabilities									4,606,000	704,000
Operating right-of-use assets obtained in exchange for new operating leases upon adoption of ASC 842									0	5,965,000
Sublease income							$ 0	$ 13,000	0	70,000
Lease term description					The lease term is from March 2021 through February 2023
Operating right-of-use assets							41,189,000	5,500,000	41,189,000	5,500,000		$ 5,053,000	$ 5,800,000
Operating lease liabilities, current							4,755,000	1,100,000	4,755,000	1,100,000		1,128,000	900,000
Operating lease liabilities, non-current							35,865,000	5,500,000	35,865,000	5,500,000		$ 4,887,000	$ 5,900,000
Derecognition of deferred rent liabilities							800,000	700,000	800,000	700,000
Unamortization of lease incentives							200,000	$ 100,000	200,000	100,000
Maximum
Capital Leased Assets [Line Items]
Accrued expenses and other current liabilities										100,000
Deferred rent										100,000
Inner Belt Road Lease
Capital Leased Assets [Line Items]
Sublease agreement term						10 years								10 years
Rental charges						$ 100,000
Lease expense									600,000	600,000
Open Biome
Capital Leased Assets [Line Items]
Sublease income										100,000
Cherry Street Lease
Capital Leased Assets [Line Items]
Lease expense									49,800,000	33,000,000
Concord Avenue Lease
Capital Leased Assets [Line Items]
Lease expense									129,600,000,000	$ 32,400,000
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
Hood Park Lease
Capital Leased Assets [Line Items]
Sublease agreement term		10 years
Office and laboratory space for lease \| ft²		61,139
Rental charges		$ 4,500,000
Lease expense							900,000
Lease term description				The Hood Lease provides Finch with an option to extend the lease for one additional five-year term
Lease liability							29,400		29,400
Tenant improvement allowance		14,800,000
Tenant Improvements							14,800,000		14,800,000
Operating right-of-use assets							37,100,000		37,100,000
Hood Park Lease \| Other Current Assets
Capital Leased Assets [Line Items]
Tenant Improvements							$ 600,000		$ 600,000
Letter of Credit
Capital Leased Assets [Line Items]
Decrease in security deposit		$ 2,300,000

Leases - Leases Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jan. 31, 2021
Leases [Abstract]
Operating right-of-use assets	$ 41,189	$ 5,053	$ 5,500	$ 5,800
Finance lease assets	$ 10	$ 22
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Lease Assets, Total	$ 41,199	$ 5,075
Operating lease liabilities, current	4,755	1,128	1,100	900
Finance lease liabilities	$ 16	$ 19
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities Current	Liabilities Current
Operating lease liabilities, non-current	$ 35,865	$ 4,887	$ 5,500	$ 5,900
Finance lease liabilities, noncurrent	$ 0	$ 7
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 40,636	$ 6,041

Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 2	$ 13	$ 11	$ 21
Interest on lease liabilities	1	2	3	5
Operating lease cost	1,311	370	1,650	687
Short-term lease cost	31	9	139	14
Variable lease cost	469	72	964	140
Sublease income	0	(13)	0	(70)
Total lease cost	$ 1,814	$ 453	$ 2,767	$ 797

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Weighted-average remaining lease term, Operating leases	8 years 10 months 24 days	4 years 7 months 6 days
Weighted-average remaining lease term, Financing leases	9 months 18 days	1 year 2 months 12 days
Weighted-average discount rate, Operating leases	8.30%	6.70%
Weighted-average discount rate, Finance leases	30.60%	30.60%

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ (5,246)	$ 484
Financing cash flows from finance leases	$ 11	$ 21

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Operating Lease Obligations [Abstract]
2022	$ 4,761
2023	6,103
2024	6,255
2025	6,427
2026	6,187
Thereafter	27,605
Total future minimum lease payments	57,338
Less: amount representing interest	(16,718)
Present value of future minimum lease payments	40,620
Finance Lease Obligation [Abstract]
2022	12
2023	6
2024	0
2025	0
2026	0
Thereafter	0
Total future minimum lease payments	18
Less: amount representing interest	(2)
Present value of future minimum lease payments	16
2022	4,773
2023	6,109
2024	6,255
2025	6,427
2026	6,187
Thereafter	27,605
Total future minimum lease payments	57,356
Less: amount representing interest	(16,720)
Present value of minimum lease payments	$ 40,636

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued research and development	$ 1,316	$ 1,345
Accrued legal and professional fees	3,202	1,117
Accrued compensation and benefits	3,352	4,401
Accrued other	1,545	3,062
Total accrued expenses and other current liabilities	$ 9,415	$ 9,925

Loan Payable - Additional Information (Details) - USD ($)	May 11, 2022	Jun. 30, 2022
Short-term Debt [Line Items]
Initial amount borrowed		$ 15,000,000
Term Loan
Short-term Debt [Line Items]
Initial amount borrowed		$ 15,000,000
Loan and Security Agreement
Short-term Debt [Line Items]
Aggregate maximum borrowing capacity	$ 55,000,000.0
Initial amount borrowed	15,000,000.0
Option To Draw Down An Additional Amount	20,000,000.0
Additional amount second tranche subject to milestones and conditions	20,000,000.0
Payment Of Facility Charges	$ 300,000
Percentage Of Repayment On Aggregate Principal Amount Of Term Loan Advances	0.75%
Loan and Security Agreement \| Term Loan
Short-term Debt [Line Items]
Debt instrument, description	The Term Loan bears interest at a variable annual rate equal to the greater of (i)(a) 4.05% plus (b) the Prime Rate (as reported in the Wall Street Journal) and (ii) 7.55%. Borrowings under the Loan Agreement are repayable in monthly interest-only payments through December 1, 2024, or December 1, 2025 if certain conditions have been achieved prior to December 1, 2024. After the interest-only payment period, borrowings under the Loan Agreement are repayable in equal monthly payments of principal and accrued interest until November 1, 2026. At the Company's option, the Company may prepay all, but not less than all, of the outstanding borrowings, subject to a prepayment fee of 3.0% of the principal amount if prepayment occurs during the 12 months following the Closing Date, 2.0% after 12 months following the Closing Date and 1.0% after 24 months but on or prior to 36 months following the Closing Date.
Percentage of amount drawn	5.50%
Minimum cash covenant	$ 12,500,000
Exceeding Principal Amount Borrowed Under Term Loan	$ 25,000.0
Loan and Security Agreement \| Term Loan \| During Twelve Months
Short-term Debt [Line Items]
Term loan prepayment fee, Percentage	3.00%
Loan and Security Agreement \| Term Loan \| After Twelve Months
Short-term Debt [Line Items]
Term loan prepayment fee, Percentage	2.00%
Loan and Security Agreement \| Term Loan \| After Twenty Four Months
Short-term Debt [Line Items]
Term loan prepayment fee, Percentage	1.00%
Loan and Security Agreement \| Term Loan \| Prime Rate [Member]
Short-term Debt [Line Items]
Term loan annual rate of interest	4.05%
Loan and Security Agreement \| Term Loan \| Base Rate [Member]
Short-term Debt [Line Items]
Term loan annual rate of interest	7.55%

Loan Payable - Schedule of Loan Payable (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Principal amount of loan payable	$ 15,000
Term Loan
Debt Instrument [Line Items]
Principal amount of loan payable	15,000
Less: current portion of loan payable	0
Loan payable, net of current portion	15,000
Facility charge	(253)
Unamortized issuance costs	(127)
Loan payable, including accretion, net of current portion	$ 14,620

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Loan Payable - Schedule of Estimated Future Principal Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Registration Payment Arrangement [Line Items]
2022	$ 0
2023	0
2024	574
2025	7,210
2026	7,216
Total	$ 15,000

- Definition

+ References + Details

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges recognized	$ 903	$ 0	$ 903	$ 0

Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 903	$ 0	$ 903	$ 0
Severance and Related Benefits
Restructuring Cost and Reserve [Line Items]
Accrued restructuring liability as of December 31, 2021			0
Restructuring charges			903
Cash payments			(555)
Accrued restructuring liability as of June 30, 2022	$ 348		$ 348

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable	$ 174		$ 174		$ 494
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	200		200		$ 500
Remaining revenue performance obligation	0		0
Maximum milestone payment associated with development and commercialization upon milestone to be achieved			180,000
Milestone payments received under agreement			4,000
Takeda Pharmaceutical Company Limited \| Takeda Agreement \| Collaboration Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized	$ 400	$ 2,800	700	6,400
Open Biome \| LMIC Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized			0	$ 0
Open Biome \| LMIC Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based royalties revenues			$ 0

Commitments and Contingencies - Additional Information (Details)	Jul. 15, 2022
Loss Contingencies [Line Items]
Lease agreement term	2 years

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Mar. 19, 2021	Jun. 30, 2022
Temporary Equity [Line Items]
Convertible preferred stock outstanding		0
Initial Public Offering
Temporary Equity [Line Items]
Preferred stock outstanding shares converted	31,253,609
Outstanding preferred stock converted to common stock	31,253,609

Stockholders' Equity - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
	Apr. 20, 2021	Mar. 18, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common shares authorized for issuance				200,000,000	200,000,000
Common stock par value				$ 0.001	$ 0.001
Preferred stock, shares outstanding				0
Cash dividends declared or paid				$ 0
Common stock voting rights				Each share of common stock entitles the holder to one vote
Common Stock
Class Of Stock [Line Items]
Common stock par value		$ 0.001
Stock issued during period, shares	192,877	7,500,000	7,500,000
Offering price per share	$ 17.00	$ 17.00
Net proceeds from issuance of common stock	$ 3,000,000.0	$ 115,700,000
Conversion of stock, shares issued		31,253,609
Gross proceeds from issuance of common stock	$ 3,300,000
Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value		$ 0.001
Maximum \| Common Stock
Class Of Stock [Line Items]
Common shares authorized for issuance		200,000,000
Maximum \| Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred shares authorized for issuance		10,000,000

Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Shares of common stock for potential conversion	5,111,174	3,309,965
Options to Purchase Common Stock
Class Of Stock [Line Items]
Shares of common stock for potential conversion	4,485,651	3,264,770
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock for potential conversion	618,525	0
Employee Stock Option Member
Class Of Stock [Line Items]
Shares of common stock for potential conversion	6,998	45,195

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants		54,755
Aggregate purchase of common stock		500,000
Common Stock, Shares, Issued		47,685,713	47,512,182
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of common stock to be issued		4,700,000
Unrecognized compensation expense remaining to be recognized, period		2 years 10 months 20 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		624,529
Maximum number of common stock to be issued		5,291,446
Percentage of increase in shares of common stock reserved for issuance		5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	2,375,609
Number of shares issuable upon the exercise of outstanding options		4,485,651
Unrecognized compensation expense remaining to be recognized		$ 23.2
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
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Shares, Issued		475,121
Stock Issued During Period, Shares, New Issues		920,366

Stock-Based Compensation - Summary of Activity of Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
2017 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance \| shares	3,264,770
SHARES, Granted \| shares	2,044,494
SHARES, Exercised \| shares	(118,776)
SHARES, Cancelled or forfeited \| shares	(666,237)
SHARES, Expired \| shares	(38,600)
SHARES, Outstanding, Ending Balance \| shares	4,485,651	3,264,770
SHARES, Options exercisable \| shares	1,264,319
SHARES, Options vested or expected to vest \| shares \| shares	4,485,651
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance \| $ / shares	$ 11.04
WEIGHTED AVERAGE EXERCISE PRICE, Granted \| $ / shares	7.28
WEIGHTED AVERAGE EXERCISE PRICE, Exercised \| $ / shares	0.62
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited \| $ / shares	10.66
WEIGHTED AVERAGE EXERCISE PRICE, Expired \| $ / shares	13.35
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance \| $ / shares	9.64	$ 11.04
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable \| $ / shares	7.94
WEIGHTED AVERAGE EXERCISE PRICE, Options vested or expected to vest \| $ / shares	$ 9.64
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding	8 years	8 years 4 months 24 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable	5 years 7 months 6 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options vested or expected to vest	8 years
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance \| $	$ 7,228
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance \| $	792	$ 7,228
AGGREGATE INTRINSIC VALUE, Options exercisable \| $	678
AGGREGATE INTRINSIC VALUE, Options vested or expected to vest \| $ \| $	$ 792
2021 Equity Incentive Plan \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance \| shares	0
SHARES, Granted \| shares	623,260
SHARES, Cancelled or forfeited \| shares	(4,735)
SHARES, Outstanding, Ending Balance \| shares	618,525	0
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Outstanding, Beginning Balance \| $ / shares	$ 0
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Granted \| $ / shares	2.79
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Forfeited \| $ / shares	2.79
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Ending Balance \| $ / shares	$ 2.79	$ 0
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance \| $	$ 0
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance \| $	$ 1,757	$ 0

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,830	$ 905	$ 3,950	$ 1,240
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	760	238	1,769	404
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,070	$ 667	$ 2,181	$ 836

Related Party Transactions - Additional Information (Details) - Open Biome - USD ($) $ in Thousands			1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 01, 2021	Feb. 10, 2020	Nov. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Rent income under sublease							$ 0	$ 100
Maximum
Related Party Transaction [Line Items]
Receivable from related party				$ 0			0
Strategic Agreement
Related Party Transaction [Line Items]
Reimbursed to related party				0	$ 100
Reimbursed from related party					$ 100
Due from related party				$ 0			0		$ 0
Clinical Supply and Services Agreement
Related Party Transaction [Line Items]
Payment of monthly platform fee		$ 200
Security deposit		500
Prepaid fees		1,600
Security deposit returned		$ 500
Payment to related party								$ 1,100
Asset Purchase Agreement
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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Company's contribution to plan	$ 0.4	$ 0.4

Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (22,700)	$ (24,567)	$ (15,169)	$ (13,981)	$ (47,267)	$ (29,150)
Net loss attributable to common stockholders—basic and diluted	$ (22,700)		$ (15,169)		$ (47,267)	$ (29,150)
Denominator:
Weighted-average common stock outstanding—basic and diluted	47,576,349		47,379,887		47,552,780	30,798,698
Net loss per share attributable to common stockholders—basic and diluted	$ (0.48)		$ (0.32)		$ (0.99)	$ (0.95)

- Definition

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

+ References

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- Definition

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

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+ Details

Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	5,111,174	2,984,610
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	4,485,651	2,965,264
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	0	19,346
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	6,998	0
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	618,525	0