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Condensed Statements of Cash Flows
3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Operating Activities      
Net loss   $ (26,857,000) $ (1,826,000)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation $ 65,000 99,000 2,300
Non-cash operating lease expense   566,000 42,000
Stock-based compensation expense   4,303,000  
Net amortization of premiums and accretion of discounts on investments   361,000  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets   (1,170,000) (147,000)
Other assets   (11,000)  
Accounts payable   419,000 118,000
Accrued expenses and other current liabilities   3,205,000 112,000
Lease liabilities   (454,000) (24,000)
Net cash used in operating activities   (19,539,000) (1,723,000)
Investing Activities      
Purchase of property and equipment   (2,878,000) (12,000)
Purchase of investments   (38,492,000)  
Maturities of investments   3,465,000  
Net cash used in investing activities   (37,905,000) (12,000)
Financing Activities      
Proceeds from issuance of common stock from seed series     9,542,000
Series A financing costs incurred   (3,000)  
Net proceeds from issuance of common stock from initial public offering   152,753,000  
Proceeds from stock option exercise   225,000  
Proceeds (payment) from Paycheck Protection Program loan   (36,000) 36,000
Net cash provided by financing activities   152,939,000 9,578,000
Net increase in cash, cash equivalents, and restricted cash   95,495,000 7,843,000
Cash, cash equivalents, and restricted cash at the beginning of the period   61,695,000 239,000
Cash, cash equivalents, and restricted cash at the end of the period 157,190,000 157,190,000 8,082,000
Non-cash financing and investing activities:      
Conversion of convertible preferred stock into common stock   55,735,000  
Acquisition of right of use asset   3,216,000 334,000
Acquisition of fixed assets in accounts payable and accrued liabilities   103,000 12,000
Change in unrealized gain on investments   2,000  
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 156,974,000 156,974,000 8,082,000
Restricted cash 216,000 216,000  
Cash, cash equivalents, and restricted cash at the end of the period $ 157,190,000 $ 157,190,000 $ 8,082,000