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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Collaboration revenue $ 0 $ 42,000
Grant revenue 1,430 0
Total revenue 1,430 42,000
Operating expenses:    
Research and development 19,956 21,832
General and administrative 13,371 4,349
Total operating expenses 33,327 26,181
Operating (loss) income (31,897) 15,819
Other income (expense)    
Interest income 6 67
Interest expense (1,764) (1,333)
Other income (expense), net 1,035 9
Change in fair value of earn-out liability 48,910 0
Loss on debt extinguishment (492) 0
Total other income (expense) 47,695 (1,257)
Income before income taxes 15,798 14,562
Income tax expense 0 351
Net income and comprehensive income [1] 15,798 14,211
Income allocable to participating securities 0 (14,045)
Net income attributable to common shareholders $ 15,798 $ 166
Net income per share attributable to common shareholders:    
Basic $ 1.05 $ 0.12
Diluted $ 0.44 $ 0.11
Weighted-average common shares outstanding:    
Basic 15,105,851 1,410,549
Diluted 36,004,063 2,654,849
[1] Historical shares and capital amounts have been retroactively restated for the reverse recapitalization as described in Note 1.