0000950170-22-004847 | 10-K | XBRL Viewer

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 11,730,677	$ 8,455,834
Short-term investments	24,983,520
Accounts receivable, net	133,000	2,500,000
Prepaid expenses	2,196,557	538,306
Other current assets	1,436,617	654,528
Total current assets	40,480,371	12,148,668
Investments	11,522,050	1,599,750
Property and equipment, net	1,119,090	1,615,426
Other assets	393,318	34,242
Total assets	53,514,829	15,398,086
Current liabilities:
Accounts payable	223,664	155,343
Accrued liabilities and other current liabilities	2,097,925	845,741
Total current liabilities	2,321,589	1,001,084
Commitments and contingencies (Note 14)
Redeemable preferred stock:
Total redeemable preferred stock		31,115,399
Common stock:
Additional paid-in capital	81,827,006	0
Accumulated deficit	(30,637,343)	(16,718,877)
Total stockholders’ (deficit) equity	51,193,240	(16,718,397)
Total liabilities, redeemable preferred stock and stockholders’ (deficit) equity	53,514,829	15,398,086
Series A Redeemable preferred stock [Member]
Redeemable preferred stock:
Total redeemable preferred stock		6,140,792
Series B Redeemable preferred stock [Member]
Redeemable preferred stock:
Total redeemable preferred stock		13,680,306
Series C Redeemable preferred stock [Member]
Redeemable preferred stock:
Total redeemable preferred stock		11,294,301
Class B Convertible Common Stock [Member]
Common stock:
Common Stock, Value, Issued	0	429
Common Stock [Member]
Common stock:
Common Stock, Value, Issued	$ 3,577

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues		$ 4,099,750
Revenues, Total		4,099,750
Operating expenses:
Research and development	8,173,624	7,255,227
General and administrative	5,194,210	2,669,048
Total operating expenses	13,367,834	9,924,275
Loss from operations	(13,367,834)	(5,824,525)
Interest and other income, net	505,366	22,324
Net loss	(12,862,468)	(5,802,201)
Less: cumulative preferred dividends earned in the period, net of forfeitures	0	(1,271,675)
Net loss available for distribution to common stockholders	$ (12,862,468)	$ (7,073,876)
Net loss per share, basic and diluted	$ (0.69)	$ (1.49)
Weighted average shares outstanding, basic and diluted	18,770,935	4,739,285

Statement of Changes in Redeemable Preferred Stock and Stockholders' (Deficit) Equity - USD ($)	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Series A Redeemable preferred stock [Member]	Series A Redeemable preferred stock [Member] Conversion Of Series A Redeemable Preferred Stock [Member]	Series A Redeemable preferred stock [Member] Common Stock [Member]	Series A Redeemable preferred stock [Member] Preferred Stock [Member]	Series A Redeemable preferred stock [Member] Additional Paid-in Capital [Member]	Series A Redeemable preferred stock [Member] Retained Earnings [Member]	Series B Redeemable preferred stock [Member]	Series B Redeemable preferred stock [Member] Conversion Of Series B Redeemable Preferred Stock [Member]	Series B Redeemable preferred stock [Member] Common Stock [Member]	Series B Redeemable preferred stock [Member] Preferred Stock [Member]	Series B Redeemable preferred stock [Member] Additional Paid-in Capital [Member]	Series B Redeemable preferred stock [Member] Retained Earnings [Member]	Series C Redeemable preferred stock [Member]	Series C Redeemable preferred stock [Member] Conversion Of Series C Redeemable Preferred Stock [Member]	Series C Redeemable preferred stock [Member] Common Stock [Member]	Series C Redeemable preferred stock [Member] Preferred Stock [Member]	Series C Redeemable preferred stock [Member] Additional Paid-in Capital [Member]	Series C Redeemable preferred stock [Member] Retained Earnings [Member]
Beginning balance , Value at Dec. 31, 2019	$ (9,676,294)	$ 472			$ (9,676,766)				$ 5,792,302						$ 12,883,859
Beginning balance (in shares) at Dec. 31, 2019		4,717,542	0			6,316,691						12,012,617
Issuance of Class A Common Stock upon exercise of stock options , Value	$ 9,903	$ 8		$ 9,895
Issuance of Class A Common Stock upon exercise of stock options , Shares	75,851	75,851
Issuance of Series C Redeemable Preferred Stock net of issuance costs share																		5,439,112
Issuance of Series C Redeemable Preferred Stock, net of issuance costs value																		$ 11,144,520
6% cumulative dividends on redeemable preferred stock , Value	$ (1,271,676)			(31,766)	(1,239,910)
Cumulative dividends on redeemable preferred stock , Value						$ 348,490						$ 776,804						146,381
Redeemable Preferred Stock , Accretion of issuance costs , Value												$ 19,643						$ 3,400
Stock-based compensation , Value	21,871			21,871
Net loss	(5,802,201)				(5,802,201)
Ending balance , Value at Dec. 31, 2020	(16,718,397)	$ 480			(16,718,877)				$ 6,140,792						$ 13,680,306						$ 11,294,301
Ending balance (in shares) at Dec. 31, 2020		4,793,393				6,316,691						12,012,617						5,439,112
Issuance of Class A Common Stock upon exercise of stock options , Value	$ 29,537	$ 20		29,517
Issuance of Class A Common Stock upon exercise of stock options , Shares	206,455	206,455
6% cumulative dividends on redeemable preferred stock , Value	$ (960,019)			(33,053)	(926,966)
Cumulative dividends on redeemable preferred stock , Value						$ 193,050						$ 430,319						$ 336,651
Redeemable Preferred Stock , Accretion of issuance costs , Value												7,858						20,398
Issuance of common stock upon initial public offering, net of issuance cost, Value	49,239,947	$ 700		49,239,247
Issuance of common stock upon initial public offering, net of issuance cost, Shares		7,000,000
Conversion of Redeemable Preferred Stock, with forfeited cumulative dividends, Value						$ (6,333,842)	$ 6,333,841	$ 632		$ 6,353,474	$ (20,265)	$ (14,118,483)	$ 14,118,483	$ 1,201		$ 14,170,312	$ (53,030)	$ (11,651,350)	$ 11,651,341	$ 544		$ 11,706,534	$ (55,737)
Conversion of Redeemable Preferred Stock, with forfeited cumulative dividends, Shares						(6,316,691)		6,316,691				(12,012,617)		12,012,613				(5,439,112)		5,439,112
Stock-based compensation , Value	360,975			360,975
Net loss	(12,862,468)				(12,862,468)
Ending balance , Value at Dec. 31, 2021	$ 51,193,240	$ 3,577		$ 81,827,006	$ (30,637,343)
Ending balance (in shares) at Dec. 31, 2021		35,768,264

Statement of Cash Flows - USD ($)	12 Months Ended
Statement of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (12,862,468)	$ (5,802,201)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	543,598	572,868
Stock-based compensation	360,975	21,875
Gain on extinguishment of debt	(567,311)	0
Unrealized gain (loss) on investments, net	65,832	0
Accretion of issuance costs	28,256	23,043
Changes in operating assets and liabilities:
Accounts receivable	2,367,000	(2,500,000)
Prepaid expenses and other assets	(2,799,415)	(2,118,264)
Accounts payable and other liabilities	1,887,816	(628,647)
Net cash used in operating activities	(10,975,717)	(10,431,326)
Cash flows from investing activities:
Purchases of property and equipment	(47,263)	(186,682)
Purchases of short-term investments	(24,987,277)	0
Purchases of long-term investments	(9,984,375)	0
Net cash used in investing activities	(35,018,915)	(186,682)
Cash flows from financing activities:
Proceeds from PPP loan	0	563,590
Proceeds from the sale of Series C Preferred Stock	0	11,144,520
Proceeds from initial public offering	56,000,000	0
Issuance costs of initial public offering	(6,760,053)	0
Proceeds from issuance of common stock	29,528	9,898
Net cash provided by financing activities	49,269,475	11,718,008
Net changes in cash and cash equivalents	3,274,843	1,100,000
Cash and cash equivalents at the beginning of the period	8,455,834	7,355,834
Cash and cash equivalents at the end of the period	11,730,677	8,455,834
Non-cash operating, investing and financing activities:
In-kind payment for license fee	0	1,599,750
Cumulative dividends earned, accrued and forfeited in the reporting period	0	1,271,676
Forfeiture of cumulative dividends, upon conversion of Preferred Stock	2,822,081	0
PPP loan forgiveness	$ 567,311

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

HCW Biologics Inc. (the “Company”) is a biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen health span by disrupting the link between chronic, low-grade inflammation and age-related diseases. The Company believes age-related low-grade chronic inflammation, or “inflammaging,” is a significant contributing factor to several chronic diseases and conditions, such as cancer, cardiovascular disease, diabetes, neurodegenerative diseases, and autoimmune diseases. The Company is located in Miramar, Florida and was incorporated in the state of Delaware in April 2018.

Reverse Stock Split

In June 2021, the Company’s board of directors and stockholders approved an amendment to the Company’s certificate of incorporation to effect a 3-for-7 reverse stock split for all issued and outstanding common stock, redeemable preferred stock, and stock options, that was effective on June 25, 2021 (the “Reverse Stock Split”). The number of authorized shares and the par values of the common stock and redeemable preferred stock were not adjusted as a result of the Reverse Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the Reverse Stock Split for all periods presented.

Liquidity

On December 24, 2020, the Company entered into the Exclusive Worldwide License Agreement with Wugen Inc. (“Wugen License”). As a result of this transaction, as of December 31, 2020 and 2021, the Company holds a minority interest in Wugen Inc. (“Wugen”) carried at $1.6 million, the fair value on the effective date of the Wugen License. The underlying shares of common stock are not currently traded on any public market and thus have limited marketability. These shares were subject to an anti-dilution provision based on the terms of a subsequent financing. During the year ended December 31, 2021, the Company received additional shares in Wugen under the terms of the anti-dilution provision for no additional consideration. The Company deemed the additional shares to be a similar instrument to those shares already held. During the year ended December 31, 2021, the Company received cash payments of $2.5 million for amounts due under the terms of the Wugen License.

As of December 31, 2021, the Company had not generated any revenue from sales of its immunotherapeutic products. In the course of its development activities, the Company has sustained operating losses and expects to continue to incur operating losses for the foreseeable future. Since inception, substantially all the Company’s activities have consisted of research, development, establishing large-scale cGMP production for clinical trials, and raising capital.

On July 19, 2021, the Company’s registration statement on Form S-1 for its initial public offering (“IPO”) was declared effective by the Securities and Exchange Commission (the “SEC”). On July 22, 2021, the Company closed its IPO with the sale of 7,000,000 shares of common stock, at a public offering price of $8.00 per share, resulting in net proceeds of approximately $49.2 million, after deducting underwriting discounts and commissions and estimated offering expenses paid by the Company. The IPO met the provisions for mandatory conversion of all shares of redeemable preferred stock according to the designations for these securities. As a result of the conversion, the Company issued 23,768,416 shares of common stock to the former holders of redeemable preferred stock. In addition, as a result of conditions for mandatory conversion, the Company was relieved of its obligation to pay $2.8 million in cumulative dividends that were accrued and unpaid on the conversion date.

As of December 31, 2021, the Company had cash and cash equivalents of $11.7 million, short-term investments of $25.0 million held in U.S. government-backed securities, and long-term investments of $9.9 million held in U.S. government-backed securities. Since inception to December 31, 2021, the Company incurred cumulative net losses of $27.9 million. Management expects to incur additional losses in the future to conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise capital through the issuance of additional equity financing, sale of investment, and/or third-party collaboration funding. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of some of its products. The Company expects its cash and cash equivalents and current and long-term investments in government-backed securities as of December 31, 2021 will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the issuance date of the financial statements.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Segment Reporting

The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for allocating capital and evaluating performance.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management must apply significant judgment in this process. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement (“Topic 820”), establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions.

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, as disclosed in Note 3, takes into account the market for the Company’s financial assets and liabilities, the associated credit risk, and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, accounts receivable, and investments. The Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.

Currently all of the Company's revenues are derived from the Wugen License. For the year ended December 31, 2020, the Company recognized revenues of $4.1 million, $1.6 million of which was consideration received in the form of shares of Wugen common stock. These shares have limited marketability, and there was no public market on which to trade these shares as of December 31, 2021. As of December 31, 2021, the Company received cash payments of $1.8 million for the sale of research and clinical-grade material, which are currently recognized as deferred revenue on the accompanying balance sheet since the criteria for revenue recognition have not been met.

The Company is highly dependent on a third-party manufacturer to supply drug products for its research and development activities of its programs, including clinical and non-clinical studies. These programs could be adversely affected by a significant interruption in the supply of such drug products. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Property and Equipment, Net

Property and equipment is stated at cost less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, which range from 3 to 7 years. Leasehold improvements are amortized on a straight-line method over the shorter of the useful life of the leasehold improvement or the term of the lease. Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the accompanying balance sheets and the resulting gain or loss is recorded to the statements of operations. Repairs and maintenance are expensed as incurred.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. Impairment losses, if any, are recognized in earnings. There were no impairment losses for any of the periods presented.

Redeemable Preferred Stock

The Company applied the relevant accounting standards to distinguish liabilities from equity when we assessed the classification and measurement of preferred stock. Preferred Stock subject to mandatory redemptions was considered a liability and measured at fair value. Conditionally redeemable preferred stock issued by the Company was considered mezzanine or temporary equity and presented outside of the equity section of the accompanying balance sheet as of December 31, 2020.

Cumulative Dividends on Preferred Stock

The Company’s Preferred Stock earned a 6% cumulative dividend that compounded annually, whether or not declared by the Board of Directors. The Company considered cumulative dividends a legal obligation that should be recognized and accrued until such time as the dividends were declared and paid or liquidation occurred.

If Preferred Stock was classified as other than equity, this obligation was presented within Redeemable preferred stock. If Preferred Stock was included within equity, this obligation was treated as a long-term liability and presented within other liabilities in the accompanying balance sheet. As of December 31, 2020, all of the Company’s Preferred Stock was classified as other than equity, or mezzanine equity. Holders of Preferred Stock earned cumulative dividends beginning on June 7, 2019, with the original issuance of Series B Preferred Stock. During the year ended December 31, 2020, Series A Preferred Stock earned $348,490 in cumulative dividends; Series B Preferred Stock earned $776,804 in cumulative dividends; and Series C Preferred Stock earned $146,381 in cumulative dividends. Upon the IPO, all of the Company’s preferred stock converted to common stock. At that time, Series A Preferred Stock forfeited $753,307 of cumulative dividends; Series B Preferred Stock forfeited $1,550,403 of cumulative dividends; and Series C Preferred Stock forfeited $518,371 of cumulative dividends. No dividends were declared as of the conversion date.

Collaborative Arrangements

When the Company enters into collaboration arrangements, it assesses whether the arrangements fall within the scope of FASB issued ASC 808, Collaborative Arrangements, based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. If the payments from the collaboration partner to the Company represent consideration from a customer, such as license fees and contract research and development activities, the Company accounts for those payments within the scope of FASB issued ASC 606, Revenue from Contracts with Customers (“Topic 606”). However, if the Company concludes that the payments are not from a customer, for certain activities and associated payments, such as for certain collaborative research, development, manufacturing, and commercial activities, these payments are presented as a reduction of research and development expense or general and administrative expense, based on where the Company presents the underlying expense.

Revenue Recognition

The Company recognizes revenue when its customer or collaborator obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services.

To determine revenue recognition for arrangements that are within the scope of Topic 606, it performs the following five steps:

identify the contract(s) with a customer;

ii.

identify the performance obligations in the contract;

iii.

determine the transaction price;

iv.

allocate the transaction price to the performance obligations within the contract; and

recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of Topic 606 and it is probable of collection, the Company assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. The promised goods or services in the Company’s arrangements may consist of a license, or options to license, the Company’s intellectual property and research, development, and manufacturing services. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. Goods or services that are not individually distinct performance obligations are combined with other promised goods or services until such combined group of promises meet the requirements of a performance obligation.

The Company determines the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue.

Deferred Revenue

Deferred revenue represents amounts billed, or in certain cases, yet to be billed to the Company’s customer for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligations. As December 31, 2021, current deferred revenue includes amounts of $1.8 million allocated to the development supply agreement performance obligation under the Wugen License that is included within Accrued liabilities and other current liabilities.

Investments

The Company holds a minority interest in Wugen. The underlying shares of common stock are not traded on any public market and thus have limited marketability. The Company does not have significant influence over the operating and financial policies of Wugen. As a result, the Company has accounted for this investment using the measurement alternative whereby the investment is recorded at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same investee. No impairment was recognized during the years ended December 31, 2020 and 2021.

The Company invests net proceeds of its IPO in bills and notes issued by the U.S. Treasury which are classified as trading securities. As of December 31, 2021, the Company holds, $25.0 million in U.S. Treasury bills included in Short-term investments and $9.9 million in U.S. Treasury notes included in Investments in the accompanying balance sheet.

Research and Development Expenses

Research and development costs are expensed as incurred and include salaries, benefits, and other operating costs such as outside services, supplies and allocated overhead expenses. The Company may perform research and development for its own proprietary drug candidates and technology development or for certain third parties under collaborative arrangements. For its proprietary drug candidates and its internal technology development programs, the Company invests its own funds without reimbursement from a third party. Where the Company performs research and development activities under a clinical joint development collaboration, it records the partner’s share of collaboration expenses as a reduction to research and development expense when reimbursement amounts are due under the agreement.

The Company records an accrued expense for the estimated costs of its contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, the Company assesses whether the production process is sufficiently defined to be considered the delivery of a good, as evidenced by predictive or contractually required yields in the production process, or the delivery of a service, where processes and yields are developing and less certain. If the Company considers the process to be the delivery of a good, the Company recognizes the expense when the drug product is delivered, or otherwise bears risk of loss. If the Company considers the process to be the delivery of a service, the expense is recognized based on its best estimates of the contract manufacturer’s progress towards completion of the stages in the contracts. The Company recognizes and amortizes upfront payments and accrues for liabilities based on the specific terms of each arrangement. Arrangements may provide upfront payments for certain stages of the arrangement and milestone payments for the completion of certain stages, and, accordingly, may result in advance payments for services that have not been completed or goods not delivered and liabilities for stages where the contract manufacturer is entitled to a milestone payment.

Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as expense as the related goods are delivered or the related services are performed. The Company bases its estimates on the best information available at the time. However, additional information may become available to the Company which may allow it to make a more accurate estimate in future periods. In this event, the Company may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Such increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expenses in the accompanying statements of operations, and expensed as incurred since recoverability of such expenditures is uncertain.

Stock-based Compensation

The Company measures its stock-based awards granted to employees and directors based on the estimated fair value of the option on the date of grant (grant date fair value) and recognizes compensation expense over the vesting period. Compensation expense is recorded as either research and development or general and administrative expenses in the accompanying statements of operations based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The Company has granted options with service-based and performance-based vesting conditions.

The Company uses the Black-Scholes option pricing model for the respective grant to determine the grant date fair value. The Black-Scholes option pricing model requires the input of highly subjective assumptions. These variables include, but are not limited to, its stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Management will continue to assess the assumptions and methodologies used to calculate the estimated grant date fair value of stock-based compensation. Circumstances may change and additional data may become available over time, which could result in changes to these assumptions and methodologies and materially impact the Company’s grant date fair value determination.

For stock option grants with service-based vesting, stock-based compensation expense represents the portion of the grant date fair value of employee stock option grants recognized over the requisite service period of the awards on a straight-line basis, net of estimated forfeitures. For options that vest upon the achievement of performance milestones, the Company estimates fair value at the date of grant and compensation expense is recognized using the accelerated attribution method when it is determined that the performance criteria is probable of being met.

Deferred Offering Costs

The Company defers offering costs consisting of legal, accounting and other fees and costs directly attributable to its IPO. The deferred offering costs will be offset against the proceeds received upon the completion of the IPO. Deferred offering costs will be recorded under other non-current assets on the accompanying balance sheets. In the event the IPO is terminated, all of the deferred offering costs will be expensed within the Company’s statements of operations. As of December 31, 2020, there were no deferred offering costs recorded on the accompanying balance sheets. As of December 31, 2021, deferred offering costs related to underwriting discounts and commissions and offering expenses of $6.8 million were offset against IPO proceeds upon the consummation of the IPO.

Income Taxes

The Company accounts for income taxes using an asset and liability approach in accordance with applicable guidance prescribed by FASB issued ASC 740, Income Taxes (“Topic 740”). Topic 740 requires that the deferred tax consequences of temporary differences between the amounts recorded in the financial statements and the amounts included in the federal and state income tax returns to be recognized in the balance sheet.

The Company makes judgments regarding the realizability of its deferred tax assets. The balance sheet carrying value of its deferred tax assets is based on whether the Company believes it is more likely than not that the Company will generate sufficient future taxable income to realize these deferred tax assets after consideration of all available evidence. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. Generally, cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome in determining that a valuation allowance is not needed.

The Company’s tax positions may be subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties.

Tax Credit Receivable

The Company is eligible for research and development credits for its research and development activities, in accordance with Internal Revenue Code (“I.R.C.”) § 41(c). The credits are generally available to offset income tax liabilities. The Company has applied approximately $250,000 of research and development credits to offset its federal payroll tax expenses for both years ended December 31, 2020 and 2021, due to its small business status. As of December 31, 2020 and 2021, the current portion of outstanding payroll tax receivables is recorded in Other current assets in the accompanying balance sheets and the noncurrent portion is recorded in Other noncurrent assets.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is anti-dilutive. The Company’s potentially dilutive securities, which include convertible redeemable preferred stock and outstanding stock options under the 2019 Equity Incentive Plan (“2019 Plan”) and the 2021 Equity Incentive Plan (“2021 Plan”), have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

Recently Issued Accounting Pronouncements

In June 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, as clarified in subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecast. The Company adopted Topic 326 using a modified retrospective approach which requires a cumulative effect adjustment as of the beginning of the reporting period in which the guidance is adopted. Topic 326 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted Topic 326 effective January 1, 2020. The adoption did not have a material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (“Topic 842”), which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 is effective for the Company in the fiscal years beginning after December 15, 2021, with early adoption permitted. The Company will adopt Topic 842 for the fiscal year ended December 31, 2022. The Company plans to use a practical expedient provided by FASB, and it will not recast comparative periods to reflect the impact of the new lease standard. Effective March 1, 2022, the Company entered into a non-cancelable operating lease for its current location with a two-year term. This is the only lease in scope of Topic 842. The Company expects accounting for the new lease under Topic 842 will materially affect the reported amount of total assets and total liabilities within the balance sheet, but it does not expect a material impact to the statement of operations

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, U.S. government backed securities with maturity dates up to one year, accounts payable and accrued liabilities, approximate fair value due to their short-term maturities.

Money market funds included in cash and cash equivalents and U.S. government backed securities are measured at fair value based on quoted prices in active markets, which are considered Level 1 inputs. No transfers between levels occurred during the periods presented. The following table presents the Company’s assets which were measured at fair value at December 31, 2020 and 2021:


	At December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	6,752,266	$	—	$	—	$	6,752,266
Investment in Wugen		—		—		1,599,750		—
Total	$	6,752,266	$	—	$	1,599,750	$	6,752,266


	At December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	9,506,499	$	—	$	—	$	9,506,499
Treasury bills		24,983,520		—		—		24,983,520
Treasury notes		9,922,300		—		—		9,922,300
Total	$	44,412,319	$	—	$	—	$	44,412,319

- 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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10. Stock-based Compensation

On June 21, 2021, the 2021 Plan was adopted by the Company’s board of directors and approved by the Company’s stockholders. As of the adoption date, the 2019 Plan was terminated. No terms were changed for grants previously awarded under the 2019 Plan, and the Company concluded a modification did not occur. Under the 2019 Plan, the Company primarily granted employees incentive stock options, which had a maximum term of ten years from the date of the grant. Generally, the incentive stock options granted under the 2019 Plan have a four year, service-based vesting period. All of the options granted under the 2019 Plan had an exercise price equal to the fair value of a share of common stock on the date of the grant, according to Company policy.

The 2021 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and stock bonus awards. The 2021 Plan initially reserved 3,444,343 shares of Common Stock, including the transfer of remaining shares reserved under the 2019 Plan. In addition, the number of shares reserved for issuance under the 2021 Plan will increase automatically on the first day of each fiscal year beginning with the 2022 fiscal year.

Under the 2021 Plan, the term of each stock option must be stated in the stock award agreement. In the case of an incentive stock option, the term will be ten years from the date of grant, or such shorter term as may be provided in the stock award agreement. Moreover, in the case of an incentive stock option granted to a participant who owns stock representing more than 10% of the total combined voting power of all classes of our stock or the stock of any of our affiliates, the term of the incentive stock option will be five years from the date of grant or such shorter term as may be provided in the stock award agreement. Under the 2021 Plan, the Company continues to have a policy to grant options with an exercise price equal to the fair value of a share of common stock, as determined by the closing price on NASDAQ on the grant date.

The following summarizes the Company’s stock option activity for the year ended December 31, 2021:


	Shares			Weighted	Weighted Average
	Issuable			Average	Remaining	Aggregate
	under			Exercise	Contract	Intrinsic
	Options			Price	Term	Value
Outstanding at December 31, 2019		586,662		0.13	9.6 years	$	5,500
Granted		263,976		0.20
Exercised		(75,851	)	0.13
Forfeited or cancelled		(32,740	)	0.12
Outstanding at December 31, 2020		742,047		0.16	9.1 years	$	39,078
Exercisable at December 31, 2020		88,531		0.15	9.0 years	$	5,413

Outstanding at December 31, 2020		742,047		0.16	9.1 years	$	39,078
Granted		1,249,287		4.16
Exercised		(206,455	)	0.13
Forfeited or cancelled		(14,140	)	0.19
Outstanding at December 31, 2021		1,770,739		2.96	9.0 years	$	1,124,215
Exercisable at December 31, 2021		41,084		0.17	7.9 years	$	87,522

The aggregate intrinsic value is calculated based on the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options as of the reporting date. The intrinsic value of stock options exercised during the years ended December 31, 2020 and 2021 was $6,032 and $447,115, respectively. The weighted-average fair value of options granted during the years ended December 31, 2020 and 2021 was $0.20 and $4.16 per share, respectively.

In determining the grant date fair value of the stock-based awards, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and its determination generally requires significant judgment.

Fair Value of Common Stock—Prior to our initial public offering, the estimated fair value of our common stock was determined by our board of directors as of the date of each option grant, with input from management, considering our most recently available third-party valuation of our common stock as well as our board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation to the date of the grant. Since the completion of our initial public offering on July 19, 2021, the fair value of each share of common stock underlying stock option grants is based the quoted market price on the primary stock exchange on which our common stock is traded on the day the stock award or option is granted.

Expected term—The expected term of stock options is determined using the “simplified” method, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data.

Expected volatility—We have limited information on the income volatility of our stock as shares of our common stock were not actively traded on any public markets prior to July 19, 2021. The expected volatility was derived from the historical stock volatilities of comparable peer public companies within our industry.

Risk-free interest rate—The risk-free interest rate is based on the U.S. Treasury Bond in effect at the time of grant for periods corresponding with the expected term.

Dividend yield—The expected dividend yield is 0% because the Company has not historically paid, and does not expect, for the foreseeable future, to pay a dividend on its common stock.

For the years ended December 31, 2020 and 2021, the fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Years Ended December 31,
	2020	2021
Expected term (years)	6.25	6.24
Expected volatility	87.30%	83.18%
Risk-free interest rate	0.50%	1.02%
Dividend yield	—	—
Fair value underlying common stock	$0.18	$2.95

For the year ended December 31, 2020, for options with service-based vesting conditions, the Company recognized $9,590 of employee stock-based compensation expense in research and development expenses and $12,285 of employee stock-based compensation in general and administrative expenses in the accompanying statements of operations. For the year ended December 31, 2021, for options with service-based vesting conditions, the Company recognized $25,239 of employee stock-based compensation expense in research and development expenses and $335,736 of employee stock-based compensation in general and administrative expenses in the accompanying statements of operations.

As of December 31, 2020, the Company had an aggregate of $103,045 of unrecognized employee stock-based compensation cost for options with service-based vesting, which is expected to be recognized over a weighted average vesting period of 5.12 years.

As of December 31, 2020 and 2021, there was no unrecognized employee stock-based compensation cost for options with performance-based vesting conditions, as no performance-based options were unvested. For the years ended December 31, 2020 and 2021, the Company recognized an aggregate of $6,750 and nil of employee stock-based compensation cost, respectively, for options with performance-based vesting conditions which vested immediately upon achieving the performance target, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company did not have a provision for income taxes (current or deferred tax expense) for tax years ended December 31, 2020 and 2021.

The following table summarizes the differences between the statutory federal income tax rate and the Company's effective income tax rate (percent data):


Rate Reconciliation	2020					2021
Net Loss Before Taxes	$	(5,802,201	)			$	(12,862,468	)
Benefit at statutory rate		(1,218,462	)	21.00	%		(2,701,118	)	21.00	%
State tax benefit net of federal benefit		(264,152	)	4.55	%		(590,728	)	4.59	%
Permanent book/tax differences		10,161		(0.18	%)		(85,678	)	0.67	%
Other adjustments		(34,591	)	0.60	%		2,093		(0.02	%)
R&D credit carryforward		(46,608	)	0.80	%		(85,000	)	0.66	%
Change in valuation allowance		1,555,740		(26.81	%)		3,460,431		(26.90	%)
Other		(2,088	)	0.04	%		—		0.00	%
Income tax expense/(benefit)	$	—		0.00	%	$	—		0.00	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2021 are presented below:


	2020			2021
Deferred tax assets:
Federal net operating loss carryforward	$	3,102,649		$	5,479,664
State net operating loss carryforward		658,595			1,164,970
Accrued expenses		24,585			12,356
Stock-based compensation		2,821			84,612
Deferred rent		2,089			307
R&D credit		133,015			218,015
Unrealized gain/loss		—			16,708
Deferred revenue		—			397,464
Net deferred tax assets		3,923,754			7,374,096
Deferred tax liabilities:
Depreciable assets		(10,054	)		35
Net deferred tax liabilities		(10,054	)		35
Less: valuation allowance		(3,913,700	)		(7,374,131	)
Net deferred tax asset (after valuation allowance)	$	—		$	—

A valuation allowance is recorded to reduce the deferred tax asset if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of December 31, 2021, after consideration of all the evidence, both positive and negative, management has determined that a valuation allowance of $7.4 million is necessary to reduce the deferred tax asset to the amount that will more likely than not be realized. During the year ended December 31, 2021, the valuation allowance increased by $3.5 million.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into law. Certain provisions of the CARES Act could impact the 2019 income tax provision computations of the Company and will be reflected in the period of enactment (tax year 2020). The CARES Act, among other things, contains modifications on the limitation of business interest expense under Section 163(j), allow for net operating loss ("NOL") carryovers and carrybacks to offset 100% of taxable income for taxable years before 2021, and includes a technical correction to the TCJA with respect to Qualified Improvement Property ("QIP") where such property has a 15-year recovery period for purposes of the general depreciation system of Section 168(a). The Company is currently evaluating the impact of the CARES Act, and aside from the 15-year QIP technical correction, it believes that none of other modifications or tax law changes will result in any material benefit or apply.

As of December 31, 2020 and 2021, the Company had available federal NOL carryforwards of $14.8 million and $26.1 million. The Company also has available state NOLs carryforwards of approximately $15.2 million and $26.8 million, as of December 31, 2020 and 2021, respectively. The federal and state NOLs will carry forward indefinitely and be available to offset up to 100% of taxable income for taxable years before 2021 and 80% of taxable years staring after 2020. In addition, the Company had federal research and development credits carryforwards of $133,015 and $218,015, as of December 31, 2020 and 2021, respectively, to reduce future federal income taxes, if any. These carryforwards expire from 2038 through 2041 and are subject to review and possible adjustment.

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, (the Code), substantial changes in the Company’s ownership may limit the amount of net operating loss and research and development credit carryforwards that could be used annually in the future to offset taxable income. A formal Section 382 study has not been completed to determine if an ownership change has occurred and if its net operating losses are subject to an annual limitation. Such annual limitations could affect the utilization of NOL and tax credit carryforwards in the future.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Segment Reporting	Segment Reporting The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for allocating capital and evaluating performance.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management must apply significant judgment in this process. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement (“Topic 820”), establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require a reporting entity to develop its own assumptions. Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, as disclosed in Note 3, takes into account the market for the Company’s financial assets and liabilities, the associated credit risk, and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, accounts receivable, and investments. The Company’s cash and cash equivalents are deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Currently all of the Company's revenues are derived from the Wugen License. For the year ended December 31, 2020, the Company recognized revenues of $4.1 million, $1.6 million of which was consideration received in the form of shares of Wugen common stock. These shares have limited marketability, and there was no public market on which to trade these shares as of December 31, 2021. As of December 31, 2021, the Company received cash payments of $1.8 million for the sale of research and clinical-grade material, which are currently recognized as deferred revenue on the accompanying balance sheet since the criteria for revenue recognition have not been met. The Company is highly dependent on a third-party manufacturer to supply drug products for its research and development activities of its programs, including clinical and non-clinical studies. These programs could be adversely affected by a significant interruption in the supply of such drug products. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Property and Equipment, Net	Property and Equipment, Net Property and equipment is stated at cost less accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, which range from 3 to 7 years. Leasehold improvements are amortized on a straight-line method over the shorter of the useful life of the leasehold improvement or the term of the lease. Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the accompanying balance sheets and the resulting gain or loss is recorded to the statements of operations. Repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. Impairment losses, if any, are recognized in earnings. There were no impairment losses for any of the periods presented.
Redeemable Preferred Stock	Redeemable Preferred Stock The Company applied the relevant accounting standards to distinguish liabilities from equity when we assessed the classification and measurement of preferred stock. Preferred Stock subject to mandatory redemptions was considered a liability and measured at fair value. Conditionally redeemable preferred stock issued by the Company was considered mezzanine or temporary equity and presented outside of the equity section of the accompanying balance sheet as of December 31, 2020.
Cumulative Dividends on Preferred Stock	Cumulative Dividends on Preferred Stock The Company’s Preferred Stock earned a 6% cumulative dividend that compounded annually, whether or not declared by the Board of Directors. The Company considered cumulative dividends a legal obligation that should be recognized and accrued until such time as the dividends were declared and paid or liquidation occurred. If Preferred Stock was classified as other than equity, this obligation was presented within Redeemable preferred stock. If Preferred Stock was included within equity, this obligation was treated as a long-term liability and presented within other liabilities in the accompanying balance sheet. As of December 31, 2020, all of the Company’s Preferred Stock was classified as other than equity, or mezzanine equity. Holders of Preferred Stock earned cumulative dividends beginning on June 7, 2019, with the original issuance of Series B Preferred Stock. During the year ended December 31, 2020, Series A Preferred Stock earned $348,490 in cumulative dividends; Series B Preferred Stock earned $776,804 in cumulative dividends; and Series C Preferred Stock earned $146,381 in cumulative dividends. Upon the IPO, all of the Company’s preferred stock converted to common stock. At that time, Series A Preferred Stock forfeited $753,307 of cumulative dividends; Series B Preferred Stock forfeited $1,550,403 of cumulative dividends; and Series C Preferred Stock forfeited $518,371 of cumulative dividends. No dividends were declared as of the conversion date.
Collaborative Arrangements	Collaborative Arrangements When the Company enters into collaboration arrangements, it assesses whether the arrangements fall within the scope of FASB issued ASC 808, Collaborative Arrangements, based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. If the payments from the collaboration partner to the Company represent consideration from a customer, such as license fees and contract research and development activities, the Company accounts for those payments within the scope of FASB issued ASC 606, Revenue from Contracts with Customers (“Topic 606”). However, if the Company concludes that the payments are not from a customer, for certain activities and associated payments, such as for certain collaborative research, development, manufacturing, and commercial activities, these payments are presented as a reduction of research and development expense or general and administrative expense, based on where the Company presents the underlying expense.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when its customer or collaborator obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of Topic 606, it performs the following five steps: i. identify the contract(s) with a customer; ii. identify the performance obligations in the contract; iii. determine the transaction price; iv. allocate the transaction price to the performance obligations within the contract; and v. recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606 and it is probable of collection, the Company assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. The promised goods or services in the Company’s arrangements may consist of a license, or options to license, the Company’s intellectual property and research, development, and manufacturing services. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. Goods or services that are not individually distinct performance obligations are combined with other promised goods or services until such combined group of promises meet the requirements of a performance obligation. The Company determines the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue.
Deferred Revenue	Deferred Revenue Deferred revenue represents amounts billed, or in certain cases, yet to be billed to the Company’s customer for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligations. As December 31, 2021, current deferred revenue includes amounts of $1.8 million allocated to the development supply agreement performance obligation under the Wugen License that is included within Accrued liabilities and other current liabilities.
Investments	Investments The Company holds a minority interest in Wugen. The underlying shares of common stock are not traded on any public market and thus have limited marketability. The Company does not have significant influence over the operating and financial policies of Wugen. As a result, the Company has accounted for this investment using the measurement alternative whereby the investment is recorded at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same investee. No impairment was recognized during the years ended December 31, 2020 and 2021. The Company invests net proceeds of its IPO in bills and notes issued by the U.S. Treasury which are classified as trading securities. As of December 31, 2021, the Company holds, $25.0 million in U.S. Treasury bills included in Short-term investments and $9.9 million in U.S. Treasury notes included in Investments in the accompanying balance sheet.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred and include salaries, benefits, and other operating costs such as outside services, supplies and allocated overhead expenses. The Company may perform research and development for its own proprietary drug candidates and technology development or for certain third parties under collaborative arrangements. For its proprietary drug candidates and its internal technology development programs, the Company invests its own funds without reimbursement from a third party. Where the Company performs research and development activities under a clinical joint development collaboration, it records the partner’s share of collaboration expenses as a reduction to research and development expense when reimbursement amounts are due under the agreement. The Company records an accrued expense for the estimated costs of its contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, the Company assesses whether the production process is sufficiently defined to be considered the delivery of a good, as evidenced by predictive or contractually required yields in the production process, or the delivery of a service, where processes and yields are developing and less certain. If the Company considers the process to be the delivery of a good, the Company recognizes the expense when the drug product is delivered, or otherwise bears risk of loss. If the Company considers the process to be the delivery of a service, the expense is recognized based on its best estimates of the contract manufacturer’s progress towards completion of the stages in the contracts. The Company recognizes and amortizes upfront payments and accrues for liabilities based on the specific terms of each arrangement. Arrangements may provide upfront payments for certain stages of the arrangement and milestone payments for the completion of certain stages, and, accordingly, may result in advance payments for services that have not been completed or goods not delivered and liabilities for stages where the contract manufacturer is entitled to a milestone payment. Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as expense as the related goods are delivered or the related services are performed. The Company bases its estimates on the best information available at the time. However, additional information may become available to the Company which may allow it to make a more accurate estimate in future periods. In this event, the Company may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Such increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified.
Patent Costs	Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expenses in the accompanying statements of operations, and expensed as incurred since recoverability of such expenditures is uncertain.
Stock-based Compensation	Stock-based Compensation The Company measures its stock-based awards granted to employees and directors based on the estimated fair value of the option on the date of grant (grant date fair value) and recognizes compensation expense over the vesting period. Compensation expense is recorded as either research and development or general and administrative expenses in the accompanying statements of operations based on the function to which the related services are provided. Forfeitures are accounted for as they occur. The Company has granted options with service-based and performance-based vesting conditions. The Company uses the Black-Scholes option pricing model for the respective grant to determine the grant date fair value. The Black-Scholes option pricing model requires the input of highly subjective assumptions. These variables include, but are not limited to, its stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. Management will continue to assess the assumptions and methodologies used to calculate the estimated grant date fair value of stock-based compensation. Circumstances may change and additional data may become available over time, which could result in changes to these assumptions and methodologies and materially impact the Company’s grant date fair value determination. For stock option grants with service-based vesting, stock-based compensation expense represents the portion of the grant date fair value of employee stock option grants recognized over the requisite service period of the awards on a straight-line basis, net of estimated forfeitures. For options that vest upon the achievement of performance milestones, the Company estimates fair value at the date of grant and compensation expense is recognized using the accelerated attribution method when it is determined that the performance criteria is probable of being met.
Deferred Offering Costs	Deferred Offering Costs The Company defers offering costs consisting of legal, accounting and other fees and costs directly attributable to its IPO. The deferred offering costs will be offset against the proceeds received upon the completion of the IPO. Deferred offering costs will be recorded under other non-current assets on the accompanying balance sheets. In the event the IPO is terminated, all of the deferred offering costs will be expensed within the Company’s statements of operations. As of December 31, 2020, there were no deferred offering costs recorded on the accompanying balance sheets. As of December 31, 2021, deferred offering costs related to underwriting discounts and commissions and offering expenses of $6.8 million were offset against IPO proceeds upon the consummation of the IPO.
Income Taxes	Income Taxes The Company accounts for income taxes using an asset and liability approach in accordance with applicable guidance prescribed by FASB issued ASC 740, Income Taxes (“Topic 740”). Topic 740 requires that the deferred tax consequences of temporary differences between the amounts recorded in the financial statements and the amounts included in the federal and state income tax returns to be recognized in the balance sheet. The Company makes judgments regarding the realizability of its deferred tax assets. The balance sheet carrying value of its deferred tax assets is based on whether the Company believes it is more likely than not that the Company will generate sufficient future taxable income to realize these deferred tax assets after consideration of all available evidence. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. Generally, cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome in determining that a valuation allowance is not needed. The Company’s tax positions may be subject to income tax audits. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. The Company recognizes interest accrued and penalties related to unrecognized tax benefits in its tax provision. The Company evaluates uncertain tax positions on a regular basis. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues. The provision for income taxes includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties.
Tax Credit Receivable	Tax Credit Receivable The Company is eligible for research and development credits for its research and development activities, in accordance with Internal Revenue Code (“I.R.C.”) § 41(c). The credits are generally available to offset income tax liabilities. The Company has applied approximately $250,000 of research and development credits to offset its federal payroll tax expenses for both years ended December 31, 2020 and 2021, due to its small business status. As of December 31, 2020 and 2021, the current portion of outstanding payroll tax receivables is recorded in Other current assets in the accompanying balance sheets and the noncurrent portion is recorded in Other noncurrent assets.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is anti-dilutive. The Company’s potentially dilutive securities, which include convertible redeemable preferred stock and outstanding stock options under the 2019 Equity Incentive Plan (“2019 Plan”) and the 2021 Equity Incentive Plan (“2021 Plan”), have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, as clarified in subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecast. The Company adopted Topic 326 using a modified retrospective approach which requires a cumulative effect adjustment as of the beginning of the reporting period in which the guidance is adopted. Topic 326 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted Topic 326 effective January 1, 2020. The adoption did not have a material impact on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“Topic 842”), which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 is effective for the Company in the fiscal years beginning after December 15, 2021, with early adoption permitted. The Company will adopt Topic 842 for the fiscal year ended December 31, 2022. The Company plans to use a practical expedient provided by FASB, and it will not recast comparative periods to reflect the impact of the new lease standard. Effective March 1, 2022, the Company entered into a non-cancelable operating lease for its current location with a two-year term. This is the only lease in scope of Topic 842. The Company expects accounting for the new lease under Topic 842 will materially affect the reported amount of total assets and total liabilities within the balance sheet, but it does not expect a material impact to the statement of operations

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of assets and liabilities that are measured at fair value on a recurring basis

The following table presents the Company’s assets which were measured at fair value at December 31, 2020 and 2021:


	At December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	6,752,266	$	—	$	—	$	6,752,266
Investment in Wugen		—		—		1,599,750		—
Total	$	6,752,266	$	—	$	1,599,750	$	6,752,266


	At December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	9,506,499	$	—	$	—	$	9,506,499
Treasury bills		24,983,520		—		—		24,983,520
Treasury notes		9,922,300		—		—		9,922,300
Total	$	44,412,319	$	—	$	—	$	44,412,319

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activities

The following summarizes the Company’s stock option activity for the year ended December 31, 2021:


	Shares			Weighted	Weighted Average
	Issuable			Average	Remaining	Aggregate
	under			Exercise	Contract	Intrinsic
	Options			Price	Term	Value
Outstanding at December 31, 2019		586,662		0.13	9.6 years	$	5,500
Granted		263,976		0.20
Exercised		(75,851	)	0.13
Forfeited or cancelled		(32,740	)	0.12
Outstanding at December 31, 2020		742,047		0.16	9.1 years	$	39,078
Exercisable at December 31, 2020		88,531		0.15	9.0 years	$	5,413

Outstanding at December 31, 2020		742,047		0.16	9.1 years	$	39,078
Granted		1,249,287		4.16
Exercised		(206,455	)	0.13
Forfeited or cancelled		(14,140	)	0.19
Outstanding at December 31, 2021		1,770,739		2.96	9.0 years	$	1,124,215
Exercisable at December 31, 2021		41,084		0.17	7.9 years	$	87,522

Summary of Assumptions Used in Black-Scholes Model


	Years Ended December 31,
	2020	2021
Expected term (years)	6.25	6.24
Expected volatility	87.30%	83.18%
Risk-free interest rate	0.50%	1.02%
Dividend yield	—	—
Fair value underlying common stock	$0.18	$2.95

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the differences between the statutory federal income tax rate and the Company's effective income tax rate (percent data):


Rate Reconciliation	2020					2021
Net Loss Before Taxes	$	(5,802,201	)			$	(12,862,468	)
Benefit at statutory rate		(1,218,462	)	21.00	%		(2,701,118	)	21.00	%
State tax benefit net of federal benefit		(264,152	)	4.55	%		(590,728	)	4.59	%
Permanent book/tax differences		10,161		(0.18	%)		(85,678	)	0.67	%
Other adjustments		(34,591	)	0.60	%		2,093		(0.02	%)
R&D credit carryforward		(46,608	)	0.80	%		(85,000	)	0.66	%
Change in valuation allowance		1,555,740		(26.81	%)		3,460,431		(26.90	%)
Other		(2,088	)	0.04	%		—		0.00	%
Income tax expense/(benefit)	$	—		0.00	%	$	—		0.00	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2021 are presented below:


	2020			2021
Deferred tax assets:
Federal net operating loss carryforward	$	3,102,649		$	5,479,664
State net operating loss carryforward		658,595			1,164,970
Accrued expenses		24,585			12,356
Stock-based compensation		2,821			84,612
Deferred rent		2,089			307
R&D credit		133,015			218,015
Unrealized gain/loss		—			16,708
Deferred revenue		—			397,464
Net deferred tax assets		3,923,754			7,374,096
Deferred tax liabilities:
Depreciable assets		(10,054	)		35
Net deferred tax liabilities		(10,054	)		35
Less: valuation allowance		(3,913,700	)		(7,374,131	)
Net deferred tax asset (after valuation allowance)	$	—		$	—

Organization and Summary of Significant Accounting Policies - Additional information (Details) - USD ($)			12 Months Ended
	Jul. 22, 2021	Jun. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stockholders' Equity, Reverse Stock Split		a 3-for-7 reverse stock split for all issued and outstanding common stock
Investments			$ 11,522,050	$ 1,599,750
Accounts receivable, net			133,000	2,500,000
Proceeds from initial public offering			$ 56,000,000	0
Common stock issued to holder of redeemable preferred stock	23,768,416
Cumulative Dividends	$ 2,800,000
Percentage of Cumulative Dividends			6.00%
Cash and cash equivalents			$ 11,730,677	8,455,834	$ 7,355,834
Short-term investments			24,983,520
Long Term Investments			11,522,050	1,599,750
Research and development			27,900,000
Revenue recognized				4,099,750
Forfeiture Of Cumulative Dividends			2,822,081	0
Deferred offering costs reclassified to stockholders equity			6,800,000
federal payroll taxes			250,000	250,000
Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cumulative Dividends				348,490
Forfeiture Of Cumulative Dividends			753,307
Series B Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cumulative Dividends				776,804
Forfeiture Of Cumulative Dividends			1,550,403
Series C Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cumulative Dividends				146,381
Forfeiture Of Cumulative Dividends			$ 518,371
Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property, Plant and Equipment, Useful Life			7 years
U S Government Backed Securities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Investments			$ 9,900,000
Short-term investments			25,000,000.0
Long Term Investments			9,900,000
IPO \| US Treasury Notes Securities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from initial public offering			9,900,000
IPO \| US Treasury Bill Securities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from initial public offering			$ 25,000,000.0
Common Stock [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock upon initial public offering, net of issuance cost, Shares			7,000,000
Common Stock [Member] \| IPO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock upon initial public offering, net of issuance cost, Shares	7,000,000
Share Price	$ 8.00
Proceeds from initial public offering	$ 49,200,000
Accounts Payable and Accrued Liabilities [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, Current			$ 1,800,000
Wugen License
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Investments			1,600,000	1,600,000
Accounts receivable, net			2,500,000
Long Term Investments			1,600,000	1,600,000
Revenue recognized				4,100,000
Consideration received in shares of common stock				$ 1,600,000
Deferred Revenue			$ 1,800,000

Net Loss Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (12,862,468)	$ (5,802,201)
Less: cumulative preferred dividends earned in the period, net of forfeitures	0	(1,271,675)
Net loss available for distribution to common stockholders	$ (12,862,468)	$ (7,073,876)
Denominator:
Weighted average shares outstanding, basic and diluted	18,770,935	4,739,285
Net loss per share, basic and diluted	$ (0.69)	$ (1.49)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($)		12 Months Ended
	Jun. 21, 2021	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield		0.00%	0.00%
Intrinsic value exercised		$ 447,115	$ 6,032
Weighted average fair value of options granted		$ 4.16	$ 0.20
Employee Benefits and Share-based Compensation			$ 6,750
Unrecognized employee stock based compensation			$ 103,045
Unrecognized compensation, weighted average amortization period			5 years 1 month 13 days
Unrecognized employee stock based compensation cost		0	$ 0
Research and Development Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employee Benefits and Share-based Compensation		25,239	9,590
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employee Benefits and Share-based Compensation		$ 335,736	$ 12,285
2019 Plan [Member] \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive stock option period	10 years
2019 Plan [Member] \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive stock option period	4 years
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive stock option period	10 years
2021 Plan [Member] \| Series of Individually Immaterial Business Acquisitions [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Voting Power percentage	10.00%
2021 Plan [Member] \| Common Class A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved	3,444,343

Stock-Based Compensation - Summary of Stock Option Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of options outstanding, beginning of period	742,047	586,662
Number of options granted	1,249,287	263,976
Number of options exercised	(206,455)	(75,851)
Number of options, forfeited or cancelled	(14,140)	(32,740)
Number of options outstanding, ending of period	1,770,739	742,047	586,662
Number of options exercisable, end of period	41,084	88,531
Weighted average exercise price outstanding, beginning of period	$ 0.16	$ 0.13
Weighted average exercise price, options granted	4.16	0.20
Weighted average exercise price, options exercised	0.13	0.13
Weighted average exercise price, options forfeited or cancelled	0.19	0.12
Weighted average exercise price outstanding, end of period	2.96	0.16	$ 0.13
Weighted average exercise price, options exercisable	$ 0.17	$ 0.15
Weighted average remaining contracted terms (in years) outstanding, beginning of period		9 years 1 month 6 days	9 years 7 months 6 days
Weighted average remaining contracted terms (in years) outstanding, ending of period	9 years	9 years 1 month 6 days
Weighted average remaining contracted terms (in years) exercisable	7 years 10 months 24 days	9 years
Aggregate intrinsic value outstanding, beginning of period	$ 39,078	$ 5,500
Aggregate intrinsic value outstanding, end of period	1,124,215	39,078	$ 5,500
Aggregate intrinsic value options exercisable	$ 87,522	$ 5,413

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Effective Income Tax Rate [Line Items]
Net Loss Before Taxes	$ (12,862,468)	$ (5,802,201)
Benefit at statutory rate	(2,701,118)	(1,218,462)
State tax benefit net of federal benefit	(590,728)	(264,152)
Permanent book/tax differences	(85,678)	10,161
Other adjustments	2,093	(34,591)
R&D credit carryforward	85,000	46,608
Change in valuation allowance	3,460,431	1,555,740
Other	0	2,088
Income Tax Expense (Benefit), Total	$ 0	$ 0
Benefit at statutory rate	21.00%	21.00%
State tax benefit net of federal benefit	4.59%	4.55%
Permanent book/tax differences	0.67%	(0.18%)
Other adjustments	(0.02%)	0.60%
R&D credit carryforward	0.66%	0.80%
Change in valuation allowance	(26.90%)	(26.81%)
Other	0.00%	0.04%
Income tax expense/(benefit)	0.00%	0.00%

Income Taxes - Components of Net Deferred Taxes (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal net operating loss carryforward	$ 5,479,664	$ 3,102,649
State net operating loss carryforward	1,164,970	658,595
Accrued expenses	12,356	24,585
Stock option compensation	84,612	2,821
Deferred rent	307	2,089
R&D credit	218,015	133,015
Unrealized Gain/Loss	16,708
Deferred revenue	397,464
Net deferred tax assets	7,374,096	3,923,754
Deferred tax liabilities:
Depreciable assets	35	(10,054)
Net deferred tax liabilities	35	10,054
Less: valuation allowance	(7,374,131)	(3,913,700)
Net deferred tax asset (after valuation allowance)	$ 0	$ 0

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common Stock, Shares, Issued		4,285,714
Series A Redeemable preferred stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	14,738,948
Temporary Equity, Shares Issued	0	6,316,691
Series B Redeemable preferred stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	28,029,449
Temporary Equity, Shares Issued	0	12,012,617
Series C Redeemable preferred stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	18,181,818
Temporary Equity, Shares Issued	0	5,439,112
Class B Convertible Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	0	10,000,000
Common Stock, Shares, Issued	0
Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	250,000,000	74,950,215
Common Stock, Shares, Issued	35,768,264	507,680

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,766,704	$ 2,719,441
Less: Accumulated depreciation and amortization	(1,647,614)	(1,104,015)
Property and equipment, net	1,119,090	1,615,426
Laboratory equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,949,318	1,924,596
Office Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	175,245	152,003
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	292,165	292,866
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 349,976	$ 349,976

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 543,598	$ 572,867
Research and development expense	$ 353,388	$ 362,892

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets:
Assets	$ 44,412,319	$ 6,752,266
Money Market Funds [Member]
Assets:
Assets	9,506,499	6,752,266
Treasury bills [Member]
Assets:
Assets	24,983,520
Treasury notes [Member]
Assets:
Assets	9,922,300
Investments [Member]
Assets:
Investment (Note 4)		0
Level 1 [Member]
Assets:
Assets	44,412,319	6,752,266
Level 1 [Member] \| Money Market Funds [Member]
Assets:
Assets	9,506,499	6,752,266
Level 1 [Member] \| Treasury bills [Member]
Assets:
Assets	24,983,520
Level 1 [Member] \| Treasury notes [Member]
Assets:
Assets	9,922,300
Level 1 [Member] \| Investments [Member]
Assets:
Investment (Note 4)		0
Level 2 [Member]
Assets:
Assets	0	0
Level 2 [Member] \| Money Market Funds [Member]
Assets:
Assets	0	0
Level 2 [Member] \| Treasury bills [Member]
Assets:
Assets	0
Level 2 [Member] \| Treasury notes [Member]
Assets:
Assets	0
Level 2 [Member] \| Investments [Member]
Assets:
Investment (Note 4)		0
Level 3 [Member]
Assets:
Assets	0	1,599,750
Level 3 [Member] \| Money Market Funds [Member]
Assets:
Assets	0	0
Level 3 [Member] \| Treasury bills [Member]
Assets:
Assets	0
Level 3 [Member] \| Treasury notes [Member]
Assets:
Assets	$ 0
Level 3 [Member] \| Investments [Member]
Assets:
Assets		$ 1,599,750

Accrued Liabilities and Other Current Liabilities - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 08, 2021	Dec. 31, 2021	Dec. 31, 2020	May 20, 2020
Payables And Accruals [Line Items]
Accrued liabilities and other current liabilities		$ 2,097,925	$ 845,741
Debt instrument, decrease, forgiveness		567,311
Accounts payable and accrued liabilities, current		2,100,000
Accounts Payable and Accrued Liabilities [Member]
Payables And Accruals [Line Items]
Deferred revenue, Current		1,800,000
Manufacturing materials		48,750
Legal fees		51,000
Other expense		$ 50,000
SBA Paycheck Protection Loan [Member]
Payables And Accruals [Line Items]
Short-term debt			567,311	$ 563,590
Accrued Expenses Current [Member]
Payables And Accruals [Line Items]
Accrued expenses current			$ 273,907
Debt instrument, decrease, forgiveness	$ 567,311

Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investments	$ 11,522,050	$ 1,599,750
Consideration received on fair value of securities	1,600,000
Proceeds from initial public offering	56,000,000	0
Wugen License
Net Investment Income [Line Items]
Investments	1,600,000	$ 1,600,000
US Treasury Bill Securities [Member] \| I P O [Member]
Net Investment Income [Line Items]
Proceeds from initial public offering	25,000,000.0
U S Treasury Notes Securities [Member] \| I P O [Member]
Net Investment Income [Line Items]
Proceeds from initial public offering	$ 9,900,000

License Agreement - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure - License Agreement - (Details) [Line Items]
Amount Considered For Performance Obligations		$ 4.1
Selling Price	$ 2.5
License Agreement Description	For revenue-based royalties, including milestone payments based on the level of sales, the Company will include royalties in the transaction price at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty is allocated has been satisfied (or partially satisfied).
Residual Approach [Member]
Disclosure - License Agreement - (Details) [Line Items]
Selling Price	$ 1.6

Redeemable Preferred Stock - Additional Information (Details) - USD ($)	Dec. 31, 2021	Jul. 22, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Total redeemable preferred stock			$ 31,115,399
Cumulative Dividends		$ 2,800,000
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Series C Redeemable preferred stock [Member]
Class Of Stock [Line Items]
Temporary Equity, Shares Issued	0		5,439,112
Share Price			$ 2.05
Total redeemable preferred stock			$ 11,294,301
Series C Redeemable preferred stock [Member] \| Proceeds From Issuance Of Preferred Stock
Class Of Stock [Line Items]
Total redeemable preferred stock			$ 11,200,000

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially diluted securities	1,770,739	24,510,530
Redeemable Preferred Stocks
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially diluted securities		23,768,416
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially diluted securities	1,770,739	742,114

Employee Benefit Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 146,400	$ 173,400

Income Taxes - Additional Information (Details) - USD ($)		12 Months Ended
	Mar. 27, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Income tax expense/(benefit)		$ 0	$ 0
Income tax provisions under CARES Act		The CARES Act, among other things, contains modifications on the limitation of business interest expense under Section 163(j), allow for net operating loss ("NOL") carryovers and carrybacks to offset 100% of taxable income for taxable years before 2021, and includes a technical correction to the TCJA with respect to Qualified Improvement Property ("QIP") where such property has a 15-year recovery period for purposes of the general depreciation system of Section 168(a). The Company is currently evaluating the impact of the CARES Act, and aside from the 15-year QIP technical correction, it believes that none of other modifications or tax law changes will result in any material benefit or apply.
Increase in valuation allowance		$ 3,500,000
Taxable income utilization percentage under CARES Act	100.00%
Federal and state NOL taxable income offset percentage		80.00%	100.00%
Federal research and development credits carryforwards		$ 218,015	$ 133,015
Carryforwards expiration term		2038 through 2041
Valuation allowance available to reduce deferred tax asset		$ 7,400,000
Federal [Member]
Income Tax Examination [Line Items]
Net operating loss carryforwards		26,100,000	14,800,000
State [Member]
Income Tax Examination [Line Items]
Net operating loss carryforwards		$ 26,800,000	$ 15,200,000

Commitments and Contingencies - Summary of the Future Minimum Payments for the Lease and Sublease Agreements (Detail)	Dec. 31, 2021 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2022 (remaining 3 months)	$ 36,000

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022
Operating Leased Assets [Line Items]
Operating leases, rent expense	$ 208,348	$ 183,943
Contractual obligation	2,500,000	3,900,000	$ 181,600
Research and Development Expense [Member]
Operating Leased Assets [Line Items]
Operating leases, rent expense	$ 100,457	$ 82,971

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($)	24 Months Ended
	Feb. 29, 2024	Jan. 31, 2022
Subsequent Event [Line Items]
Term of agreements renewal periods	2 years
Future minimum payments		$ 339,300