0000950170-22-024152 | 10-Q | XBRL Viewer | Finch Therapeutics Group INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 07, 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	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Period End Date	Sep. 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		47,897,675

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 85,292	$ 133,481
Accounts receivable	0	494
Prepaid expenses and other current assets	5,324	8,576
Total current assets	90,616	142,551
Property and equipment, net	17,280	19,635
Operating right-of-use assets	40,355	5,053
In-process research and development	32,900	32,900
Goodwill	0	18,057
Restricted cash, non-current	2,568	2,268
Other assets	4,249	4,905
TOTAL ASSETS	187,968	225,369
CURRENT LIABILITIES:
Accounts payable	1,060	3,737
Accrued expenses and other current liabilities	10,107	9,925
Operating lease liabilities, current	2,641	1,128
Total current liabilities	13,808	14,790
Deferred tax liability	3,461	3,461
Loan payable, non-current	14,636	0
Operating lease liabilities, non-current	35,072	4,887
Other liabilities	125	7
Total liabilities	67,102	23,145
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 200,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 47,826,506 and 47,512,182 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	48	47
Additional paid-in capital	369,451	363,172
Accumulated deficit	(248,633)	(160,995)
Total stockholders' equity	120,866	202,224
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 187,968	$ 225,369

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 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	47,826,506	47,512,182
Common stock, shares, outstanding	47,826,506	47,512,182

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE:
Total revenue	$ 138	$ 11,343	$ 853	$ 17,726
OPERATING EXPENSES:
Research and development	(11,859)	(15,537)	(41,312)	(42,476)
General and administrative	(9,584)	(5,739)	(27,152)	(16,173)
Impairment of goodwill	(18,057)	0	(18,057)	0
Restructuring expense	(1,270)	0	(2,173)	0
Total operating expenses	(40,770)	(21,276)	(88,694)	(58,649)
Net loss from operations	(40,632)	(9,933)	(87,841)	(40,923)
OTHER INCOME (EXPENSE), NET:
Gain on extinguishment of PPP Loan	0	0	0	1,827
Interest income (expense), net	45	8	(7)	14
(Loss) gain on disposal of fixed assets, net	0	0	(6)	28
Other income (expense), net	216	(30)	216	(51)
Total other income (expense), net	261	(22)	203	1,818
Loss before income taxes	(40,371)	(9,955)	(87,638)	(39,105)
Income tax provision	0	0	0	0
Net loss	(40,371)	(9,955)	(87,638)	(39,105)
Net loss attributable to common stockholders-basic and diluted (Note 17)	$ (40,371)	$ (9,955)	$ (87,638)	$ (39,105)
Net loss per share attributable to common stockholders, basic	$ (0.85)	$ (0.21)	$ (1.84)	$ (1.07)
Net loss per share attributable to common stockholders, diluted	$ (0.85)	$ (0.21)	$ (1.84)	$ (1.07)
Weighted-average common stock outstanding, basic	47,728,130	47,445,195	47,611,872	36,408,506
Weighted-average common stock outstanding, diluted	47,728,130	47,445,195	47,611,872	36,408,506
Collaboration Revenue
REVENUE:
Total revenue	$ 138	$ 11,343	$ 853	$ 17,726

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	(39,105)
Ending Balance, Shares at Sep. 30, 2021						47,454,962
Ending Balance at Sep. 30, 2021	219,801					$ 47		361,694		(141,940)
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)
Exercise of common stock options	48							48
Exercise of common stock options, Shares						29,210
Stock-based compensation	1,515							1,515
Net loss	(9,955)									(9,955)
Ending Balance, Shares at Sep. 30, 2021						47,454,962
Ending Balance at Sep. 30, 2021	219,801					$ 47		361,694		(141,940)
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	$ (87,638)
Ending Balance, Shares at Sep. 30, 2022	0
Ending Balance, Shares at Sep. 30, 2022						47,826,506
Ending Balance at Sep. 30, 2022	$ 120,866					$ 48		369,451		(248,633)
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						47,685,713
Ending Balance at Jun. 30, 2022	$ 159,092					$ 48		$ 367,306		(208,262)
Exercise of common stock options, Shares	44					40,328		44
Vesting of restricted stock, Shares						100,465
Stock-based compensation	$ 2,101							$ 2,101
Net loss	$ (40,371)									(40,371)
Ending Balance, Shares at Sep. 30, 2022	0
Ending Balance, Shares at Sep. 30, 2022						47,826,506
Ending Balance at Sep. 30, 2022	$ 120,866					$ 48		$ 369,451		$ (248,633)

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	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Initial Public Offering
Initial public offering costs		$ 11,786
OverAllotment Option
Initial public offering costs	$ 276
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B
Temporary equity, par value	0.001	0.001	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C
Temporary equity, par value	0.001	0.001	0.001	0.001	0.001	0.001
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D
Temporary equity, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (87,638)	$ (39,105)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	4,099	1,623
Stock-based compensation expense	6,051	2,755
Impairment of goodwill	18,057	0
Gain on extinguishment of PPP Loan	0	(1,808)
Non-cash interest expense	105	0
Loss (gain) on sale of property and equipment	6	(28)
Other non-cash operating lease cost	1,898	674
Changes in operating assets and liabilities:
Accounts receivable	494	(1,365)
Due from related party	0	61
Prepaid expenses and other current assets	(4,484)	791
Other non-current assets	656	(3,824)
Accounts payable	(2,296)	(1,297)
Accrued expenses and other current liabilities	189	2,811
Other non-current liabilities	50	0
Due to related party	0	(266)
Deferred revenue	0	(13,630)
Operating lease liabilities	2,234	(738)
Net cash used in operating activities	(60,579)	(53,346)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,131)	(13,981)
Proceeds from sale of property and equipment	0	62
Net cash used in investing activities	(2,131)	(13,919)
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	(14)	(25)
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	229	100
Proceeds from borrowings under loan agreement, net	14,738	0
Payment of deferred offering costs	(132)	(2,659)
Net cash provided by financing activities	14,821	119,040
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(47,889)	51,775
Cash, cash equivalents and restricted cash at beginning of period	135,965	99,909
Cash, cash equivalents and restricted cash at end of period	88,076	151,684
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	407	7
Cash received (paid) in connection with operating lease liabilities	809	(1,064)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment in accounts payable and accrued liabilities	0	218
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
Remeasurement of right-of-use asset	106	0
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	824
Forgiveness Of PPP Loan	$ 0	$ 1,808

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 85,292	$ 149,200
Restricted cash	2,784	2,484
Total cash, cash equivalents and restricted cash	$ 88,076	$ 151,684

Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 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 $85.3 million as of September 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 its ongoing research and development ("R&D") efforts, 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 September 30, 2022 and December 31, 2021, condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2022 and 2021, and condensed consolidated cash flows for the nine months ended September 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. The results of operations for the nine months ended September 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

9 Months Ended

Sep. 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 nine months ended September 30, 2022.

Goodwill and Acquired In-Process Research and Development

Goodwill and in-process research and development ("IPR&D") are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its fair value.

To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. We estimate the fair value for our IPR&D asset using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates.

In connection with its preparation of the financial statements for the third quarter of 2022, management identified factors that could trigger impairment including a sustained decline in the Company's stock price throughout the third quarter of 2022, resulting in a reduction of the Company's market capitalization below net book value. As a result of the triggering event identified, management concluded that this impairment indicator required the Company to perform an interim impairment test of goodwill and IPR&D as of September 30, 2022.

Management utilized the discounted cash flow (“DCF”) and multi-period excess earnings method (“MPEEM”), both variations of the income approach, to derive the fair values of the Company and the CP101 IPR&D asset as of September 30, 2022, respectively. The DCF method was leveraged to calculate the fair value of the Company on an equity level basis for Management’s use in goodwill impairment testing procedures. The MPEEM was leveraged to calculate the fair value of the CP101 IPR&D for Management’s use in IPR&D impairment testing procedures. The MPEEM approach calculates the fair value of an asset or entity by estimating the after-tax cash-flows attributable to an asset or entity, applying contributory asset charges to reflect other tangible and intangible assets being in place to help achieve the subject item’s future cash flows, and then discounting the net cash flows to a present value using a risk-adjusted discount rate.

The cash flow projections in these fair value analyses for the Company and the CP101 IPR&D are considered Level 3 inputs, and consist of Management's estimates of revenue growth rates and operating margins, taking into consideration historical results in addition to applicable industry and market conditions. The discount rate used in the fair value analysis for the Company is based on a weighted average cost of capital, which represents the weighted average rate a business must pay its providers of debt and equity. The

discount rate used in the fair value analysis for the CP101 IPR&D is based on the weighted average cost of capital in addition to consideration of various industry resources for venture capital rates of return.

Management's assessment for the impairment of goodwill indicated that the fair value of the Company's reporting unit was less than its carrying value at September 30, 2022, resulting in a full impairment charge of $18.1 million included as impairment of goodwill on the Company's statement of operations.

Management's assessment for the impairment of IPR&D indicated that the fair value of the Company's IPR&D asset at September 30, 2022 exceeded its carrying value, resulting in no impairment to IPR&D as of September 30, 2022.

The assumptions related to the development of fair value for IPR&D could deviate materially from actual results and forecasts used to support the asset's carrying value and may change in the future, which could result in impairment charges that would adversely affect financial results of operations.

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 nine months ended September 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

9 Months Ended

Sep. 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	SEPTEMBER 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	$	83,885	$	83,885	$	—	$	—
Total financial assets	$	83,885	$	83,885	$	—	$	—


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 nine months ended September 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

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):


	SEPTEMBER 30, 2022			DECEMBER 31, 2021
Lab equipment	$	4,460		$	3,850
Office furniture and fixtures		1,354			537
Leasehold improvements		13,972			13,894
Construction work-in-progress		564			329
Software		4,883			4,883
Computer equipment		368			368
Total	$	25,601		$	23,861
Less: Accumulated depreciation		(8,321	)		(4,226	)
Property and equipment, net	$	17,280		$	19,635

Depreciation expense was $4.1 million and $1.6 million for the nine months ended September 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 September 30, 2022, the Company held $2.3 million of the assets purchased from OpenBiome. For additional information on the OpenBiome Agreement, see Note 15.

Leases

9 Months Ended

Sep. 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 sheet as of January 1, 2021 relating to its office lease 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 September 30, 2021 the adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $5.3 million and current and noncurrent operating lease liabilities of $1.1 million and $5.2 million, respectively, and the derecognition of deferred rent liabilities and unamortized lease incentives of $0.7 million and $0.2 million, respectively, on the Company’s condensed consolidated balance sheet, relating to its office lease in Somerville, Massachusetts. The adoption of ASC 842 for the nine months ended September 30, 2021 resulted in an impact to the condensed consolidated statement of cash flows of an increase of $0.7 million in other non-cash operating lease cost, a decrease of $0.7 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 $1.1 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 nine months ended September 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 15), 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 $0.9 million and $1.0 million for the nine months ended September 30, 2022 and 2021, respectively. 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 nine months ended September 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 nine months ended September 30, 2022 and 2021 was $74,700 and approximately $58,000, 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 was $0.1 million for each of the nine months ended September 30, 2022 and 2021. 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 commenced business operations in the Premises in the second quarter of 2022, which triggered recognition of the lease for accounting purposes. The Company recognized a right-of-use asset totaling $37.1 million and lease liability of $29.4 million upon the commencement of the lease. Lease expense related to the Hood Lease of $2.3 million was recorded for the nine months ended September 30, 2022.

The Hood Lease provided for a tenant improvement allowance of approximately $14.8 million for the cost of Finch’s work on the Premises. As of September 30, 2022, $14.8 million of lessor owned tenant improvements were completed by the Company, $0.5 million of which is the outstanding remaining balance owed to the Company by the lessor as of September 30, 2022.

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 September 30, 2022 and December 31, 2021.

In the third quarter of 2022, Finch 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. In the fourth quarter of 2022, Finch entered into a second sublease agreement to sublet the remainder of its leased space under the Hood Lease for a three-year term. For the nine months ended September 30, 2022, Finch recognized sublease income of $0.2 million, which is presented as other income in the condensed consolidated statements of operations.

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


	BALANCE SHEET CLASSIFICATION	SEPTEMBER 30, 2022		DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	40,355	$	5,053
Finance lease assets	Property and equipment, net		5		22
Total lease assets			40,360		5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	2,641	$	1,128
Finance lease liabilities	Other current liabilities		11		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		35,072		4,887
Finance lease liabilities	Other liabilities		—		7
Total lease liabilities		$	37,724	$	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 three and nine months ended September 30, 2022 and 2021 (in thousands):


	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
LEASE COST	2022			2021			2022			2021
Finance lease cost:
Amortization of right-of-use assets	$	3		$	4		$	14		$	25
Interest on lease liabilities		1			2			4			7
Operating lease cost		1,724			435			3,374			1,122
Short-term lease cost		18			11			157			25
Variable lease cost		481			131			1,445			271
Sublease income		(216	)		(9	)		(216	)		(79	)
Total lease cost	$	2,011		$	574		$	4,778		$	1,371

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


LEASE TERM AND DISCOUNT RATE	SEPTEMBER 30, 2022			DECEMBER 31, 2021
Weighted-average remaining lease term (years)
Operating leases		8.7			4.6
Finance Leases		0.5			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 nine months ended September 30, 2022 and 2021 was as follows (in thousands):


	NINE MONTHS ENDED SEPTEMBER 30,
SUPPLEMENTAL CASH FLOW INFORMATION	2022			2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	(2,234	)	$	738
Financing cash flows from finance leases		14			25

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


	OPERATING LEASE OBLIGATIONS			FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	1,065		$	12		$	1,077
2023		6,103			—			6,103
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	$	53,642		$	12		$	53,654
Less: amount representing interest		(15,929	)		(1	)		(15,930	)
Present value of future minimum lease payments	$	37,713		$	11		$	37,724

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):


	SEPTEMBER 30, 2022		DECEMBER 31, 2021
Accrued research and development	$	907	$	1,345
Accrued legal and professional fees		5,087		1,117
Accrued compensation and benefits		2,553		4,401
Accrued other		1,560		3,062
Total accrued expenses and other current liabilities	$	10,107	$	9,925

Loan Payable

9 Months Ended

Sep. 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 and conditioned upon the Company's compliance with certain operating covenants contained therein, the Loan Agreement provides for an additional $20.0 million under the first tranche of the Term Loan, and an additional $20.0 million from the second tranche subject to certain milestones and conditions. Although the Company is currently in compliance with its obligations under the Loan Agreement, following Takeda's election to terminate the Takeda Agreement, the Company is unable to draw future amounts under the Loan Agreement without the consent of the lender.

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 or a portion 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 September 30, 2022 consisted of the following (in thousands):


	SEPTEMBER 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		(242	)
Unamortized issuance costs		(122	)
Loan payable, including accretion, net of current portion	$	14,636

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


	SEPTEMBER 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-Name Accounting Standards Codification
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+ Details

Restructuring

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

8. RESTRUCTURING

During the three and nine months ended September 30, 2022 the Company recognized restructuring charges of $1.3 million and $2.2 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 "April Restructuring") and September 2022 restructuring action (the "September Restructuring"). The April Restructuring was substantially completed by the end of the second quarter of 2022 and the remaining charges were incurred in the third quarter of 2022.

The September Restructuring began in the third quarter of 2022 and is expected to be substantially complete in the fourth quarter of 2022, and the Company expects to incur approximately $0.3 million in future periods related to this restructuring action. The accrued restructuring liability is included in accrued compensation and benefits as of September 30, 2022.

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


	SEVERANCE AND RELATED BENEFITS
Accrued restructuring liability as of December 31, 2021	$	—
Restructuring charges		2,173
Cash payments		(1,161	)
Accrued restructuring liability as of September 30, 2022	$	1,012

Revenue

9 Months Ended

Sep. 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, FIN-524 (formerly known as "TAK-524"), for the prevention, diagnosis, theragnosis or treatment of diseases in humans. The Company subsequently amended and restated the Takeda Agreement in October 2019 to provide for the Company to allocate certain resources towards determining the feasibility of developing a second microbiome therapeutic candidate, FIN-525. The Company further amended the Takeda Agreement in August 2021 to transition primary responsibility for further development and manufacturing activities with respect to FIN-524 from the Company to Takeda in accordance with a transition plan, and Takeda assumed sole responsibility for regulatory matters with respect to FIN-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. In August of 2022, Takeda elected to terminate the Takeda Agreement and in October of 2022, the Takeda Agreement was amended to reflect the parties' transition plans.

Under the terms of the Takeda Agreement, the Company agreed to design FIN-524, a product candidate optimized for ulcerative colitis, for Takeda based on selection criteria within a product-specific development plan. The Company also agreed to conduct a feasibility study to potentially further develop FIN-525, a 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 FIN-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 was 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 paid 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.

In August 2022, the Company received written notice from Takeda that, following a review of its pipeline, Takeda had elected to exercise its right to terminate the Takeda Agreement, including the associated amendments. In accordance with the terms of the Takeda Agreement, the termination will be effective on November 17, 2022 (the “Termination Effective Date”). Pursuant to a further amendment to the Takeda Agreement, dated October 19, 2022 (“Amendment #3”), the Company is in the process of winding down and transitioning activities under the Takeda Agreement. As of the Termination Effective Date, the license rights granted to Takeda will terminate, Takeda will cease to accrue any financial obligations to the Company and the Company will be entitled to pursue FIN-524 and FIN-525, and any other microbiome product candidates for inflammatory bowel disease, in all fields worldwide.

The Company recognized revenue related to the Takeda Agreement of $0.1 million and $11.3 million in the three months ended September 30, 2022 and 2021, respectively, and $0.9 million and $17.7 million in the nine months ended September 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, and will continue to do so for any applicable costs incurred through the Termination Effective Date. The Company recorded accounts receivable of zero and $0.5 million on its condensed consolidated balance sheets as of September 30, 2022, and December 31, 2021, respectively. As of September 30, 2022, there is no remaining deferred revenue due to the Company's satisfaction of the performance obligation.

The Takeda Agreement contained various milestone payments associated with development and commercialization efforts that provided for a maximum available amount of $180.0 million had all of the milestones been achieved. Upon the Termination Effective Date, the Company will no longer be eligible to receive future milestones. As of September 30, 2022, the Company had earned and received $4.0 million in milestone payments.

The Company was previously eligible to receive royalties under the Amendment and Takeda was 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 nine months ended September 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 15) 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 September 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 nine months ended September 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
-Topic 606
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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. INCOME TAXES

During the nine months ended September 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 nine months ended September 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

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 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 September 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 was 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.

Leases

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

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 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 September 30, 2022, there were no shares of preferred stock outstanding.

Stockholder's Equity

9 Months Ended

Sep. 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 September 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 September 30, 2022, no cash dividends have been declared or paid.

As of September 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:


	SEPTEMBER 30, 2022		DECEMBER 31, 2021
Options to purchase common stock		4,097,094		3,264,770
Unvested restricted stock units		486,244		—
Shares issuable under employee stock purchase plan		7,926		45,195
		4,591,264		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.

+ References

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 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 September 30, 2022, there were 4,097,094 shares of common stock issuable upon the exercise of outstanding options and there were 1,004,574 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 provided 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 September 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 nine months ended September 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		2,114,394			7.12
Exercised		(159,104	)		0.74
Cancelled or forfeited		(1,042,040	)		10.34
Expired		(80,926	)		11.76
Outstanding as of September 30, 2022		4,097,094		$	9.58		7.3	$	187
Options exercisable as of September 30, 2022		1,492,213		$	8.42		5.5	$	171
Options vested or expected to vest as of September 30, 2022		4,097,094		$	9.58		7.3	$	187

As of September 30, 2022, there was approximately $19.5 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 2.71 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 nine months ended September 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
Vested and distributed		(100,465	)		2.79
Forfeited		(36,551	)		2.79
Unvested as of September 30, 2022		486,244		$	2.79	$	812

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 SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2022		2021		2022		2021
Research and development	$	886	$	712	$	2,655	$	1,115
General and administrative		1,215		803		3,396		1,640
Total	$	2,101	$	1,515	$	6,051	$	2,755

Related Party Transactions

9 Months Ended

Sep. 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 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").

The Company did not record any reimbursements to or from OpenBiome under the A&R Strategic Agreement during the nine months ended September 30, 2022. For the nine months ended September 30, 2021, the Company reimbursed OpenBiome $0.1 million, and OpenBiome reimbursed the Company $0.1 million under the A&R Strategic Agreement. As of September 30, 2022 and December 31, 2021, the Company recorded zero payable balance due to OpenBiome.

OpenBiome subleased office and lab space from the Company through December 31, 2021 (see Note 5). The Company’s rent income under the sublease was $0.1 million for the nine months ended September 30, 2021.

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 nine months ended September 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 the Company's then 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 Material Access License Agreement ("MAL Agreement"), the CSA and the Asset Purchase and License Agreement ("APL Agreement"), as well as certain subject matter agreements, and executed the A&R Strategic Agreement.

Pursuant to the OpenBiome Agreement, the Company acquired certain biological samples, software, and a non-exclusive license to OpenBiome’s CMC technology upon signing in November 2020, and acquired certain biological samples, a commercial lease, contract services, intellectual property and capital equipment upon the closing of the transaction in March 2021.

Under the OpenBiome Agreement, 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 will continue to earn royalties under the OpenBiome Agreement, which serve as reimbursement for third party license fees, based on sales of fecal microbiota transplantation ("FMT") materials.

Retirement Plan

9 Months Ended

Sep. 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 $0.6 million in each of the nine months ended September 30, 2022 and 2021.

Loss per Share

9 Months Ended

Sep. 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 SEPTEMBER 30,						FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(40,371	)	$	(9,955	)	$	(87,638	)	$	(39,105	)
Net loss attributable to common stockholders—basic and diluted		(40,371	)		(9,955	)		(87,638	)		(39,105	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,728,130			47,445,195			47,611,872			36,408,506
Net loss per share attributable to common stockholders—basic and diluted	$	(0.85	)	$	(0.21	)	$	(1.84	)	$	(1.07	)

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


	NINE MONTHS ENDED SEPTEMBER 30,
	2022		2021
Options to purchase common stock		4,097,094		3,172,369
Common stock warrants		—		19,346
Unvested restricted stock units		486,244		—
Shares issuable under employee stock purchase plan		7,926		—
		4,591,264		3,191,715

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its fair value. To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. We estimate the fair value for our IPR&D asset using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. In connection with its preparation of the financial statements for the third quarter of 2022, management identified factors that could trigger impairment including a sustained decline in the Company's stock price throughout the third quarter of 2022, resulting in a reduction of the Company's market capitalization below net book value. As a result of the triggering event identified, management concluded that this impairment indicator required the Company to perform an interim impairment test of goodwill and IPR&D as of September 30, 2022. Management utilized the discounted cash flow (“DCF”) and multi-period excess earnings method (“MPEEM”), both variations of the income approach, to derive the fair values of the Company and the CP101 IPR&D asset as of September 30, 2022, respectively. The DCF method was leveraged to calculate the fair value of the Company on an equity level basis for Management’s use in goodwill impairment testing procedures. The MPEEM was leveraged to calculate the fair value of the CP101 IPR&D for Management’s use in IPR&D impairment testing procedures. The MPEEM approach calculates the fair value of an asset or entity by estimating the after-tax cash-flows attributable to an asset or entity, applying contributory asset charges to reflect other tangible and intangible assets being in place to help achieve the subject item’s future cash flows, and then discounting the net cash flows to a present value using a risk-adjusted discount rate. The cash flow projections in these fair value analyses for the Company and the CP101 IPR&D are considered Level 3 inputs, and consist of Management's estimates of revenue growth rates and operating margins, taking into consideration historical results in addition to applicable industry and market conditions. The discount rate used in the fair value analysis for the Company is based on a weighted average cost of capital, which represents the weighted average rate a business must pay its providers of debt and equity. The discount rate used in the fair value analysis for the CP101 IPR&D is based on the weighted average cost of capital in addition to consideration of various industry resources for venture capital rates of return. Management's assessment for the impairment of goodwill indicated that the fair value of the Company's reporting unit was less than its carrying value at September 30, 2022, resulting in a full impairment charge of $18.1 million included as impairment of goodwill on the Company's statement of operations. Management's assessment for the impairment of IPR&D indicated that the fair value of the Company's IPR&D asset at September 30, 2022 exceeded its carrying value, resulting in no impairment to IPR&D as of September 30, 2022. The assumptions related to the development of fair value for IPR&D could deviate materially from actual results and forecasts used to support the asset's carrying value and may change in the future, which could result in impairment charges that would adversely affect financial results of operations.
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 nine months ended September 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)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


DESCRIPTION	SEPTEMBER 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	$	83,885	$	83,885	$	—	$	—
Total financial assets	$	83,885	$	83,885	$	—	$	—


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)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	SEPTEMBER 30, 2022			DECEMBER 31, 2021
Lab equipment	$	4,460		$	3,850
Office furniture and fixtures		1,354			537
Leasehold improvements		13,972			13,894
Construction work-in-progress		564			329
Software		4,883			4,883
Computer equipment		368			368
Total	$	25,601		$	23,861
Less: Accumulated depreciation		(8,321	)		(4,226	)
Property and equipment, net	$	17,280		$	19,635

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases Balance Sheet Information

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


	BALANCE SHEET CLASSIFICATION	SEPTEMBER 30, 2022		DECEMBER 31, 2021
ASSETS
Operating lease assets	Operating right-of-use assets	$	40,355	$	5,053
Finance lease assets	Property and equipment, net		5		22
Total lease assets			40,360		5,075
Liabilities
Current
Operating lease liabilities	Operating lease liabilities, current	$	2,641	$	1,128
Finance lease liabilities	Other current liabilities		11		19
Noncurrent
Operating lease liabilities	Operating lease liabilities, non-current		35,072		4,887
Finance lease liabilities	Other liabilities		—		7
Total lease liabilities		$	37,724	$	6,041

Summary of Components of Lease Cost


	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
LEASE COST	2022			2021			2022			2021
Finance lease cost:
Amortization of right-of-use assets	$	3		$	4		$	14		$	25
Interest on lease liabilities		1			2			4			7
Operating lease cost		1,724			435			3,374			1,122
Short-term lease cost		18			11			157			25
Variable lease cost		481			131			1,445			271
Sublease income		(216	)		(9	)		(216	)		(79	)
Total lease cost	$	2,011		$	574		$	4,778		$	1,371

Summary of Weighted Average Remaining Lease Term and Discount Rate

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


LEASE TERM AND DISCOUNT RATE	SEPTEMBER 30, 2022			DECEMBER 31, 2021
Weighted-average remaining lease term (years)
Operating leases		8.7			4.6
Finance Leases		0.5			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 nine months ended September 30, 2022 and 2021 was as follows (in thousands):


	NINE MONTHS ENDED SEPTEMBER 30,
SUPPLEMENTAL CASH FLOW INFORMATION	2022			2021
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	(2,234	)	$	738
Financing cash flows from finance leases		14			25

Schedule of Future Lease Payments

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


	OPERATING LEASE OBLIGATIONS			FINANCE LEASE OBLIGATIONS			TOTAL LEASE OBLIGATIONS
2022	$	1,065		$	12		$	1,077
2023		6,103			—			6,103
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	$	53,642		$	12		$	53,654
Less: amount representing interest		(15,929	)		(1	)		(15,930	)
Present value of future minimum lease payments	$	37,713		$	11		$	37,724

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):


	SEPTEMBER 30, 2022		DECEMBER 31, 2021
Accrued research and development	$	907	$	1,345
Accrued legal and professional fees		5,087		1,117
Accrued compensation and benefits		2,553		4,401
Accrued other		1,560		3,062
Total accrued expenses and other current liabilities	$	10,107	$	9,925

Loan Payable (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Loan Payable

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


	SEPTEMBER 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		(242	)
Unamortized issuance costs		(122	)
Loan payable, including accretion, net of current portion	$	14,636

Schedule of Estimated future principal payments

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


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

Restructuring (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activity

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


	SEVERANCE AND RELATED BENEFITS
Accrued restructuring liability as of December 31, 2021	$	—
Restructuring charges		2,173
Cash payments		(1,161	)
Accrued restructuring liability as of September 30, 2022	$	1,012

Stockholders' Equity (Tables)

9 Months Ended

Sep. 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


	SEPTEMBER 30, 2022		DECEMBER 31, 2021
Options to purchase common stock		4,097,094		3,264,770
Unvested restricted stock units		486,244		—
Shares issuable under employee stock purchase plan		7,926		45,195
		4,591,264		3,309,965

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

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

Summary of Total Stock-Based Compensation Expense


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2022		2021		2022		2021
Research and development	$	886	$	712	$	2,655	$	1,115
General and administrative		1,215		803		3,396		1,640
Total	$	2,101	$	1,515	$	6,051	$	2,755

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 nine months ended September 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
Vested and distributed		(100,465	)		2.79
Forfeited		(36,551	)		2.79
Unvested as of September 30, 2022		486,244		$	2.79	$	812

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 nine months ended September 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		2,114,394			7.12
Exercised		(159,104	)		0.74
Cancelled or forfeited		(1,042,040	)		10.34
Expired		(80,926	)		11.76
Outstanding as of September 30, 2022		4,097,094		$	9.58		7.3	$	187
Options exercisable as of September 30, 2022		1,492,213		$	8.42		5.5	$	171
Options vested or expected to vest as of September 30, 2022		4,097,094		$	9.58		7.3	$	187

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share Attributable to Common Stockholders


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,						FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(40,371	)	$	(9,955	)	$	(87,638	)	$	(39,105	)
Net loss attributable to common stockholders—basic and diluted		(40,371	)		(9,955	)		(87,638	)		(39,105	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		47,728,130			47,445,195			47,611,872			36,408,506
Net loss per share attributable to common stockholders—basic and diluted	$	(0.85	)	$	(0.21	)	$	(1.84	)	$	(1.07	)

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


	NINE MONTHS ENDED SEPTEMBER 30,
	2022		2021
Options to purchase common stock		4,097,094		3,172,369
Common stock warrants		—		19,346
Unvested restricted stock units		486,244		—
Shares issuable under employee stock purchase plan		7,926		—
		4,591,264		3,191,715

Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash and cash equivalents	$ 85,292	$ 133,481	$ 149,200

Summary Of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Impairment charges	$ 18,057	$ 0	$ 18,057	$ 0

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Total financial assets	$ 187,968	$ 225,369
Fair Value, Measurements, Recurring
ASSETS
Total financial assets	83,885	132,275
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	83,885	132,275
Fair Value, Measurements, Recurring \| Money Market Funds
ASSETS
Total financial assets	83,885	132,275
Fair Value, Measurements, Recurring \| Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	$ 83,885	$ 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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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 25,601	$ 23,861
Less: Accumulated depreciation	(8,321)	(4,226)
Property and equipment, net	17,280	19,635
Lab Equipment
Property, Plant and Equipment [Line Items]
Total	4,460	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	564	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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4,100	$ 1,600
Property and equipment held	25,601		$ 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	$ 2,300
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		9 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	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	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									$ 1,898,000	$ 674,000
Operating cash flows from operating leases									(2,234,000)	738,000
Accrued expenses and other current liabilities									189,000	2,811,000
Cash received (paid) in connection with operating lease liabilities										1,100,000
Operating right-of-use assets obtained in exchange for new operating leases upon adoption of ASC 842									0	5,965,000
Sublease income							$ 216,000	$ 9,000	216,000	79,000
Lease term description					The lease term is from March 2021 through February 2023
Operating right-of-use assets							40,355,000	5,300,000	40,355,000	5,300,000		$ 5,053,000	$ 5,800,000
Operating lease liabilities, current							2,641,000	1,100,000	2,641,000	1,100,000		1,128,000	900,000
Operating lease liabilities, non-current							35,072,000	5,200,000	35,072,000	5,200,000		$ 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	$ 200,000	200,000	200,000
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									900,000	1,000,000.0
Open Biome
Capital Leased Assets [Line Items]
Sublease income										100,000
Cherry Street Lease
Capital Leased Assets [Line Items]
Lease expense									74,700	58,000,000
Concord Avenue Lease
Capital Leased Assets [Line Items]
Lease expense									100,000	$ 100,000
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									2,300,000
Sublease income									200,000
Lease term description				The Hood Lease provides Finch with an option to extend the lease for one additional five-year term
Lease liability							29,400,000		29,400,000
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							$ 500,000		$ 500,000
Letter of Credit
Capital Leased Assets [Line Items]
Decrease in security deposit		$ 2,300,000

Leases - Leases Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jan. 31, 2021
Leases [Abstract]
Operating right-of-use assets	$ 40,355	$ 5,053	$ 5,300	$ 5,800
Finance lease assets	$ 5	$ 22
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Lease Assets, Total	$ 40,360	$ 5,075
Operating lease liabilities, current	2,641	1,128	1,100	900
Finance lease liabilities	$ 11	$ 19
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities Current	Liabilities Current
Operating lease liabilities, non-current	$ 35,072	$ 4,887	$ 5,200	$ 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	$ 37,724	$ 6,041

Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 3	$ 4	$ 14	$ 25
Interest on lease liabilities	1	2	4	7
Operating lease cost	1,724	435	3,374	1,122
Short-term lease cost	18	11	157	25
Variable lease cost	481	131	1,445	271
Sublease income	(216)	(9)	(216)	(79)
Total lease cost	$ 2,011	$ 574	$ 4,778	$ 1,371

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Weighted-average remaining lease term, Operating leases	8 years 8 months 12 days	4 years 7 months 6 days
Weighted-average remaining lease term, Financing leases	6 months	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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ (2,234)	$ 738
Financing cash flows from finance leases	$ 14	$ 25

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Lease Obligations [Abstract]
2022	$ 1,065
2023	6,103
2024	6,255
2025	6,427
2026	6,187
Thereafter	27,605
Total future minimum lease payments	53,642
Less: amount representing interest	(15,929)
Present value of future minimum lease payments	37,713
Finance Lease Obligation [Abstract]
2022	12
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total future minimum lease payments	12
Less: amount representing interest	(1)
Present value of future minimum lease payments	11
2022	1,077
2023	6,103
2024	6,255
2025	6,427
2026	6,187
Thereafter	27,605
Total future minimum lease payments	53,654
Less: amount representing interest	(15,930)
Present value of minimum lease payments	$ 37,724

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued research and development	$ 907	$ 1,345
Accrued legal and professional fees	5,087	1,117
Accrued compensation and benefits	2,553	4,401
Accrued other	1,560	3,062
Total accrued expenses and other current liabilities	$ 10,107	$ 9,925

Loan Payable - Additional Information (Details) - USD ($)	May 11, 2022	Sep. 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
Additional loan 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 or a portion 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	Sep. 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	(242)
Unamortized issuance costs	(122)
Loan payable, including accretion, net of current portion	$ 14,636

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

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

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges recognized	$ 1,270	$ 0	$ 2,173	$ 0
Restructuring action	$ 300

Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,270	$ 0	$ 2,173	$ 0
Severance and Related Benefits
Restructuring Cost and Reserve [Line Items]
Accrued restructuring liability as of December 31, 2021			0
Restructuring charges			2,173
Cash payments			(1,161)
Accrued restructuring liability as of September 30, 2022	$ 1,012		$ 1,012

Revenue - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue - Additional Information (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable	$ 0		$ 0		$ 494,000
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						$ 10,000,000.0
Accounts receivable	0		0		$ 500,000
Remaining revenue performance obligation	0		0
Maximum milestone payment associated with development and commercialization upon milestone to be achieved			180,000,000.0
Milestone payments received under agreement			4,000,000.0
Takeda Pharmaceutical Company Limited \| Takeda Agreement \| Collaboration Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized	$ 100,000	$ 11,300,000	900,000	17,700,000
Open Biome \| LMIC Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized			0	$ 0
Open Biome \| LMIC Agreement \| Sales-Based Royalties
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales-based royalties revenues			$ 0

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Mar. 19, 2021	Sep. 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	9 Months Ended
	Apr. 20, 2021	Mar. 18, 2021	Mar. 31, 2021	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Shares of common stock for potential conversion	4,591,264	3,309,965
Options to Purchase Common Stock
Class Of Stock [Line Items]
Shares of common stock for potential conversion	4,097,094	3,264,770
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock for potential conversion	486,244	0
Employee Stock Option Member
Class Of Stock [Line Items]
Shares of common stock for potential conversion	7,926	45,195

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate purchase of common stock		500,000
Common Stock, Shares, Issued		47,826,506	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 8 months 15 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		1,004,574
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		4,097,094
Unrecognized compensation expense remaining to be recognized		$ 19.5
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]
Number of common stock shares available for future grants		920,366
Common Stock, Shares, Issued		475,121
Stock Issued During Period, Shares, New Issues		54,755

Stock-Based Compensation - Summary of Activity of Stock Options (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Exercised	(44)
2017 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance		3,264,770
SHARES, Granted		2,114,394
SHARES, Exercised		(159,104)
SHARES, Cancelled or forfeited		(1,042,040)
SHARES, Expired		(80,926)
SHARES, Outstanding, Ending Balance	4,097,094	4,097,094	3,264,770
SHARES, Options exercisable	1,492,213	1,492,213
SHARES, Options vested or expected to vest \| shares	4,097,094	4,097,094
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance		$ 11.04
WEIGHTED AVERAGE EXERCISE PRICE, Granted		7.12
WEIGHTED AVERAGE EXERCISE PRICE, Exercised		0.74
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited		10.34
WEIGHTED AVERAGE EXERCISE PRICE, Expired		11.76
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance	$ 9.58	9.58	$ 11.04
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable	8.42	8.42
WEIGHTED AVERAGE EXERCISE PRICE, Options vested or expected to vest	$ 9.58	$ 9.58
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding		7 years 3 months 18 days	8 years 4 months 24 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable		5 years 6 months
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options vested or expected to vest		7 years 3 months 18 days
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance		$ 7,228,000
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance	$ 187,000	187,000	$ 7,228,000
AGGREGATE INTRINSIC VALUE, Options exercisable	171,000	171,000
AGGREGATE INTRINSIC VALUE, Options vested or expected to vest \| $	$ 187,000	$ 187,000
2021 Equity Incentive Plan \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance		0
SHARES, Granted		623,260
SHARES, Vested and distributed		$ (100,465)
SHARES, Cancelled or forfeited		(36,551)
SHARES, Outstanding, Ending Balance	486,244	486,244	0
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Outstanding, Beginning Balance		$ 0
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Granted		2.79
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Vested and distributed		2.79
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Forfeited		2.79
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Ending Balance	$ 2.79	$ 2.79	$ 0
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance		$ 0
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance	$ 812,000	$ 812,000	$ 0

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,101	$ 1,515	$ 6,051	$ 2,755
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	886	712	2,655	1,115
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,215	$ 803	$ 3,396	$ 1,640

Related Party Transactions - Additional Information (Details) - Open Biome - USD ($) $ in Thousands		9 Months Ended
	Feb. 10, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Rent income under sublease			$ 100
Strategic Agreement
Related Party Transaction [Line Items]
Reimbursed to related party		$ 0	100
Reimbursed from related party			100
Due from related party		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]
Required to pay certain milestones		$ 26,000

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Company's contribution to plan	$ 0.6	$ 0.6

Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (40,371)	$ (22,700)	$ (24,567)	$ (9,955)	$ (15,169)	$ (13,981)	$ (87,638)	$ (39,105)
Net loss attributable to common stockholders—basic and diluted	$ (40,371)			$ (9,955)			$ (87,638)	$ (39,105)
Denominator:
Weighted-average common stock outstanding, basic	47,728,130			47,445,195			47,611,872	36,408,506
Weighted-average common stock outstanding, diluted	47,728,130			47,445,195			47,611,872	36,408,506
Net loss per share attributable to common stockholders, basic	$ (0.85)			$ (0.21)			$ (1.84)	$ (1.07)
Net loss per share attributable to common stockholders, diluted	$ (0.85)			$ (0.21)			$ (1.84)	$ (1.07)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 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	4,591,264	3,191,715
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	4,097,094	3,172,369
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	7,926	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	486,244	0