0001564590-21-027607 | 10-Q | XBRL Viewer

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and equipment as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Computer equipment	$	39		$	—
Lab equipment		122			81
Office furniture and fixtures		203			—
Leasehold improvement		2,563			—
Construction in progress		154			2,639
Property and equipment, as cost		3,081			2,720
Less: accumulated depreciation		(183	)		(71	)
Property and equipment, net	$	2,898		$	2,649

Convertible Preferred Stock - Additional Information (Details) - USD ($)	2 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Sep. 30, 2020
Class Of Stock [Line Items]
Convertible preferred stock terms of conversion		The Series B convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible promissory notes into 512,858 shares of Series B-1 convertible preferred stock based on a price of $7.752 per share (85% of the $9.12 original issuance price of the Series B convertible preferred stock).
Common Stock \| IPO
Class Of Stock [Line Items]
Convertible preferred stock shares issued upon conversion			12,503,009
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Shares issued	9,372,765
Purchase price per share	$ 9.12
Proceeds from issuance of convertible preferred stock	$ 81,600,000
Warrants to purchase preferred stock	2,343,168
Warrants to purchase preferred stock exercised	688,067
Convertible preferred stock issuance for net proceeds	$ 55,000
Series B Convertible Preferred Stock \| Purchase Price $1.15 Per Share
Class Of Stock [Line Items]
Warrants to purchase preferred stock	127,481
Class of warrant or right, exercise price	$ 9.12
Series B-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Class of warrant or right, exercise price	$ 9.12
Convertible preferred stock shares issued upon conversion	512,858
Convertible preferred stock conversion price	$ 7.752
Convertible preferred stock conversion price percentage	85.00%

Debt - Additional Information (Details) - Unsecured Convertible Notes - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2020	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 1,700,000	$ 0.9	$ 1,300,000
Debt instrument, interest rate		5.00%
Debt instrument, maturity month and year		2021-12
Debt instrument, payment terms		No principal or interest was payable prior to maturity as the convertible notes and any accrued interest would automatically convert upon a qualified financing event at a conversion price equal to 85% of the price per share of the qualified financing.
Debt instrument, conversion price, percentage		85.00%
Debt instrument, repurchase price, percentage		200.00%
Debt conversion, converted instrument, amount	$ 3,800,000
Debt instrument, accrued interest	160,000
Gain on extinguishment of debt	$ 199,000
Series B-1 Convertible Preferred Stock
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued	512,858

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Grant Income in the Accompanying Statements of Operations

Grant income in the accompanying statements of operations consisted of the following for the three-month periods ended (in thousands):

	Three Months Ended March 31,
	2021		2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	22
National Institutes of Health Grant		1,831		—
Total grant income	$	1,831	$	22

Summary of Amounts Recorded in the Accompanying Balance Sheets as Receivables from the Granting Agencies

Amounts recorded in the accompanying balance sheets as receivables from these granting agencies were as follows (in thousands):

	March 31, 2021		December 31, 2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	224
National Institutes of Health Grant		2,906		1,076
Total grant income	$	2,906	$	1,300

Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Beginning Balance	1,974,870
Shares, Granted	597,892
Shares, Exercised	(62,951)
Shares, Ending Balance	2,509,811	1,974,870
Shares, Expected to vest	1,840,595
Shares, Options exercisable	669,216
Weighted-Average Exercise price per Share, Beginning Balance	$ 9.31
Weighted-Average Exercise price per Share, Granted	21.07
Weighted-Average Exercise price per Share, Exercised	1.11
Weighted-Average Exercise price per Share, Ending Balance	12.32	$ 9.31
Weighted-Average Exercise price per Share, Expected to vest	16.26
Weighted-Average Exercise price per Share, Options exercisable	$ 1.46
Weighted-Average Remaining Contractual Term (in years)	8 years 3 months 7 days	7 years 11 months 23 days
Weighted-Average Remaining Contractual Term, Expected to vest (in years)	9 years 4 months 20 days
Weighted-Average Remaining Contractual Term, Options exercisable (in years)	5 years 2 months 8 days
Aggregate Intrinsic Value, Beginning Balance	$ 17,291	$ 49,275
Aggregate Intrinsic Value, Expected to vest	5,933
Aggregate Intrinsic Value, Options exercisable	$ 11,359

Fair Value - Schedule of Fair Value Liabilities, Activity for Derivative Liability (Details) - Derivative Liability $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at beginning of period	$ 999
Derivative liability recorded upon issuance of convertible notes	774
Change in fair value of liability	132
Settlement	$ (1,905)

Common Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Common Stock

11. Common Stock

Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and if declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No cash dividends have been declared by the board of directors from inception.

The Company has reserved the following shares of common stock for future issuance, on an as-converted basis, as follows:

	March 31, 2021		December 31, 2020
Convertible preferred stock		—		—
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		2,511,387		1,974,870
Shares available for future grant under the 2020 Equity Incentive Plan		4,765,450		3,742,235
Shares available for future grant under the Employee Stock Purchase Plan		647,851		323,000
Common stock warrants		—		—
Total		7,924,688		6,040,105

The Company’s 2020 Equity Incentive Plan (“2020 Plan”) provides for annual increases in the number of shares that may be issued under the 2020 Plan on January 1, 2021 and each subsequent January 1, thereafter, by a number of shares equal to the least of (a) 3,230,000 shares, (b) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (c) an amount determined by the Company’s board of directors.

The Company’s 2020 Employee Stock Purchase Plan (“ESPP”) provides for annual increases in the number of shares that may be issued under the ESPP on January 1, 2021 and each subsequent January 1, thereafter, by a number of shares equal to the least of (a) 646,000 shares, (b) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (c) an amount determined by the Company’s board of directors.

Effective January 1, 2021, the Company’s 2020 Plan and ESPP reserves increased by 1,624,259 shares and 324,851 shares, respectively.

Fair Value - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Fair Value - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Grant Liability
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Additional grant liability	$ 464,000	$ 464,000
Total grant liability	$ 1,500,000		$ 1,036,000
Recurring Basis \| Minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term investments effective maturity date	1 year
Recurring Basis \| Maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Short-term investments effective maturity date	1 year
Long-term investments effective maturity date	2 years

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

8. Convertible Notes

The Company issued unsecured convertible notes with an aggregate principal amount of $1.7 million in 2020. Previously, the Company issued unsecured convertible notes with aggregate principal amounts of $0.9 million and $1.3 million and in 2019 and 2018, respectively. The notes accrued interest at a rate of 5% per year and mature in December 2021, unless earlier converted. No principal or interest was payable prior to maturity as the convertible notes and any accrued interest would automatically convert upon a qualified financing event at a conversion price equal to 85% of the price per share of the qualified financing. Holders may have also elected to convert their notes to shares of common stock upon the maturity of the notes at the then fair value of common stock. If the Company experienced a change in control, holders may have either converted the outstanding principal amount plus any accrued interest into shares of common stock at the then fair value of common stock or may have required the Company to repurchase the notes in cash at a price equal to 200% of the outstanding principal amount plus any accrued interest.

Certain conversion and redemption features as described above were determined to be an embedded derivative requiring bifurcation and separate accounting in accordance with ASC 815, Derivatives and Hedging. The fair value of the embedded derivative was determined using a discounted cash flow simulation methodology that assigns probabilities to the timing and likelihood of each event. The discount rate was determined based on market interest rate data for securities with similar durations and credit ratings to the convertible notes. The fair value of the embedded derivative was recorded as a liability with an offsetting amount recorded as a discount on the convertible notes at each issuance. The discount is being amortized to interest expense using the effective interest method over the contractual term of the notes.

In May 2020, the outstanding principal balance of the convertible notes of $3.8 million and accrued interest of $160,000 converted into 512,858 shares of Series B-1 convertible preferred stock.

The excess of the carrying value of the convertible notes and the derivative liability over the fair value of the Series B-1 convertible preferred stock at conversion resulted in a gain upon extinguishment of $199,000.

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

The following outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2021		2020
Convertible preferred stock on an as-converted basis		—		2,617,386
Non-vested RSAs		4,204		8,407
Non-vested RSUs		1,576		—
Stock options to purchase common stock		2,509,811		1,339,492
Employee stock purchase plan		2,943		—
Common stock warrants		—		3,310
Total		2,518,534		3,968,595

Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate to Determine the Operating Lease Liability (Details)	Mar. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (years)	6 years 4 months 24 days
Weighted average discount rate	8.10%

Accrued Expenses

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Employee compensation and benefits	$	478	$	1,624
Research and development expenses		1,760		1,169
Professional services and other		372		330
Total accrued expenses	$	2,610	$	3,123

Significant Accounting Policies - Summary of Grant Income in the Accompanying Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grant income	$ 1,831	$ 22
Alzheimer's Association Part the Cloud Research Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grant income		$ 22
National Institutes of Health Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grant income	$ 1,831

Fair Value - Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	$ 127,823	$ 60,625
Recurring Basis \| Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	118,378	53,772
Cash equivalents, Unrealized Losses	(3)	(2)
Cash equivalents, Fair Value	118,375	53,770
Recurring Basis \| Cash Equivalents \| Money Market Fund \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	54,549	5
Cash equivalents, Fair Value	54,549	5
Recurring Basis \| Cash Equivalents \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	63,829	44,318
Cash equivalents, Unrealized Losses	(3)	(2)
Cash equivalents, Fair Value	63,826	44,316
Recurring Basis \| Cash Equivalents \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost		4,999
Cash equivalents, Fair Value		4,999
Recurring Basis \| Cash Equivalents \| U.S. Treasury Bills \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost		4,450
Cash equivalents, Fair Value		4,450
Recurring Basis \| Short-term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	176,367	124,056
Investments, Unrealized Gains	21	8
Investments, Unrealized Losses	(21)	(7)
Investments, Fair Value	176,367	124,057
Recurring Basis \| Short-term Investments \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	116,581	77,272
Investments, Unrealized Gains		1
Investments, Unrealized Losses	(15)	(4)
Investments, Fair Value	116,566	77,269
Recurring Basis \| Short-term Investments \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	49,258	31,835
Investments, Unrealized Gains	21	7
Investments, Fair Value	49,279	31,842
Recurring Basis \| Short-term Investments \| Corporate Bonds \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	10,528	920
Investments, Unrealized Losses	(6)
Investments, Fair Value	10,522	920
Recurring Basis \| Short-term Investments \| U.S. Treasury Bills \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost		14,029
Investments, Unrealized Losses		(3)
Investments, Fair Value		14,026
Recurring Basis \| Long Term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	53,436	83,475
Investments, Unrealized Gains	31	34
Investments, Fair Value	53,467	83,509
Recurring Basis \| Long Term Investments \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	53,436	78,924
Investments, Unrealized Gains	31	32
Investments, Fair Value	$ 53,467	78,956
Recurring Basis \| Long Term Investments \| U.S. Treasury Bills \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost		4,551
Investments, Unrealized Gains		2
Investments, Fair Value		$ 4,553

Common Stock (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Future Issuance

The Company has reserved the following shares of common stock for future issuance, on an as-converted basis, as follows:

	March 31, 2021		December 31, 2020
Convertible preferred stock		—		—
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		2,511,387		1,974,870
Shares available for future grant under the 2020 Equity Incentive Plan		4,765,450		3,742,235
Shares available for future grant under the Employee Stock Purchase Plan		647,851		323,000
Common stock warrants		—		—
Total		7,924,688		6,040,105

Property and Equipment, Net

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Computer equipment	$	39		$	—
Lab equipment		122			81
Office furniture and fixtures		203			—
Leasehold improvement		2,563			—
Construction in progress		154			2,639
Property and equipment, as cost		3,081			2,720
Less: accumulated depreciation		(183	)		(71	)
Property and equipment, net	$	2,898		$	2,649

Depreciation expense was $112,000 for the three months ended March 31, 2021. The Company did not incur depreciation expense during the three months ended March 31, 2020.

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments

The following tables reflect the Company’s financial asset balances measured on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	54,549	$	—	$	—		$	54,549
Commercial paper	2		63,829		—		(3	)		63,826
Total cash equivalents		$	118,378	$	—	$	(3	)	$	118,375
Short-term investments:
Commercial paper	2		116,581		—		(15	)		116,566
U.S. government debt and agency securities	2		49,258		21		—			49,279
Corporate bonds	2		10,528		—		(6	)		10,522
Total short-term investments		$	176,367	$	21	$	(21	)	$	176,367
Long-term investments:
U.S. government debt and agency securities	2		53,436		31		—			53,467
Total long-term investments		$	53,436	$	31	$	—		$	53,467

	December 31, 2020
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	5	$	—	$	—		$	5
Commercial paper	2		44,318		—		(2	)		44,316
U.S. government debt and agency securities	2		4,999		—		—			4,999
U.S. treasury bills	2		4,450		—		—			4,450
Total cash equivalents		$	53,772	$	—	$	(2	)	$	53,770
Short-term investments:
Commercial paper	2		77,272		1		(4	)		77,269
U.S. government debt and agency securities	2		31,835		7		—			31,842
U.S. treasury bills	2		14,029		—		(3	)		14,026
Corporate bonds	2		920		—		—			920
Total short-term investments		$	124,056	$	8	$	(7	)	$	124,057
Long-term investments:
U.S. government debt and agency securities	2		78,924		32		—			78,956
U.S. treasury bills	2		4,551		2		—			4,553
Total long-term investments		$	83,475	$	34	$	—		$	83,509

Grant Liability

Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the grant liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	1,036
Change in fair value of grant liability		464
Grant liability settled upon completion of IPO		(1,500	)
Fair value at end of period	$	—

Derivative Liability

Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the derivative liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	999
Derivative liability recorded upon issuance of convertible notes		774
Change in fair value of derivative liability		132
Derivative liability settled upon conversion of convertible notes		(1,905	)
Fair value at end of period	$	—

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Securities excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	2,518,534	3,968,595
Convertible Preferred Stock on An as-converted Basis
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share		2,617,386
Non-vested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	4,204	8,407
Non-vested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	1,576
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	2,509,811	1,339,492
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share		3,310
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	2,943

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, as cost	$ 3,081	$ 2,720
Less: accumulated depreciation	(183)	(71)
Property and equipment, net	2,898	2,649
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, as cost	39
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, as cost	122	81
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, as cost	203
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment, as cost	2,563
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, as cost	$ 154	$ 2,639

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 127,823	$ 60,625
Short-term investments	176,367	124,057
Unbilled grant receivable	2,906	1,300
Prepaid expenses and other current assets	4,472	6,355
Total current assets	311,568	192,337
Property and equipment, net	2,898	2,649
Operating lease right-of-use asset	1,426	936
Long-term investments	53,467	83,509
Other long-term assets	55	132
Total assets	369,414	279,563
Current liabilities:
Accounts payable	1,687	1,158
Accrued liabilities	2,610	3,123
Current operating lease liability	200	124
Total current liabilities	4,497	4,405
Operating lease liability, less current portion	1,700	876
Total liabilities	6,197	5,281
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at March 31, 2021 and December 31, 2020; 37,150,311 and 32,485,784 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	4	3
Additional paid-in capital	413,093	315,288
Accumulated other comprehensive income	28	33
Accumulated deficit	(49,908)	(41,042)
Total stockholders' equity	363,217	274,282
Total liabilities and stockholders' equity	$ 369,414	$ 279,563

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 112,000	$ 0

Significant Accounting Policies - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) Segment	Dec. 31, 2019 USD ($)	Jan. 31, 2019 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of operating segments \| Segment		1
Operating lease right-of-use asset	$ 936,000	$ 1,426,000
Operating lease liabilities		$ 1,900,000
ASU 2016-02
Basis Of Presentation And Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
ASU 2018-07
Basis Of Presentation And Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Alzheimers Association
Basis Of Presentation And Significant Accounting Policies [Line Items]
Research grant awarded				$ 1,000,000.0
Grants received		$ 224,000	$ 776,000
National Institute on Aging of the National Institutes of Health
Basis Of Presentation And Significant Accounting Policies [Line Items]
Research grant awarded	15,200,000
Grants received	7,800,000
Remaining grant to be received	$ 7,400,000

Stock-based Compensation - Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.79%	1.34%
Expected volatility	89.13%	78.17%
Expected term (in years)	6 years 2 months 1 day	6 years 10 months 13 days
Expected dividend yield	0.00%

Stock-based Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	2,509,811	1,974,870
Shares Exercisable	669,216
Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	2,099,989
Shares Exercisable	489,525
Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	409,822
Shares Exercisable	179,691
Exercise Price $0.16
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 0.16
Exercise Price $0.16 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	75,660
Shares Exercisable	75,660
Exercise Price $0.16 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	12,610
Shares Exercisable	12,610
Exercise Price $0.48
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 0.48
Exercise Price $0.48 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	151,320
Shares Exercisable	151,320
Exercise Price $1.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.00
Exercise Price $1.00 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	37,830
Shares Exercisable	37,830
Exercise Price $1.04
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.04
Exercise Price $1.04 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	66,931
Shares Exercisable	66,931
Exercise Price $1.04 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	31,525
Shares Exercisable	31,525
Exercise Price $1.19
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.19
Exercise Price $1.19 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	26,825
Shares Exercisable	21,465
Exercise Price $1.19 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	34,677
Shares Exercisable	34,677
Exercise Price $1.31
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.31
Exercise Price $1.31 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	63,050
Shares Exercisable	63,050
Exercise Price $1.35
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.35
Exercise Price $1.35 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	290,974
Shares Exercisable	68,509
Exercise Price $1.35 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	97,727
Shares Exercisable	63,049
Exercise Price $1.49
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.49
Exercise Price $1.49 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	31,525
Shares Exercisable	21,016
Exercise Price $17.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 17.00
Exercise Price $17.00 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	737,052
Shares Exercisable	19,263
Exercise Price $17.00 \| Non-employees
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	195,453
Exercise Price $19.29
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 19.29
Exercise Price $19.29 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	27,742
Exercise Price $21.5
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 21.15
Exercise Price $21.5 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	558,150
Exercise Price $21.40
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 21.40
Exercise Price $21.40 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	9,600
Exercise Price $21.62
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 21.62
Exercise Price $21.62 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	2,400
Exercise Price $22.22
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 22.22
Exercise Price $22.22 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	29,618
Exercise Price $23.79
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 23.79
Exercise Price $23.79 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	1,400
Exercise Price $29.41
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 29.41
Exercise Price $29.41 \| Employees and Directors
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	27,742
Shares Exercisable	2,311

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). During the third quarter of 2020, the Company incorporated Athira Pharma Australia PTY LTD in Australia and since its creation, the Australian subsidiary’s financial position and results of operations are consolidated in the accompanying consolidated financial statements.

Unaudited Interim Condensed Financial Statements [Policy Text Block]

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying unaudited condensed balance sheet as of March 31, 2021, and condensed statements of operations and comprehensive loss, condensed statements of cash flows, and condensed statements of convertible preferred stock and stockholders’ deficit for the three months ended March 31, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from the audited financial statements as of and for the year ended December 31, 2020. The unaudited interim condensed financial statements have been prepared on a basis consistent with the audited

annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2021, and the condensed results of its operations and its cash flows for the three months ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The condensed results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2020 included in its Annual Report on Form 10-K filed with the SEC on March 25, 2021.

Fair Value Measurements

The carrying amounts of certain financial instruments, including cash, cash equivalents, investments, accounts payable and accrued expenses approximate their fair values due to the short-term nature of those amounts. The fair values of the grant liability to Washington Life Sciences Discovery Fund (“LSDF”), currently managed by the Washington State Department of Commerce, the derivative liability, and the convertible preferred stock warrant liability were estimated using level 3 unobservable inputs.

Convertible Preferred Stock Warrant Liability

Freestanding warrants to purchase shares of the Company’s convertible preferred stock were accounted for as liabilities at fair value, because the shares underlying the warrants contained contingent redemption features outside the control of the Company. Warrants classified as liabilities are recorded on the Company’s balance sheets at their fair value on the date of issuance and remeasured to fair value on each subsequent reporting period, with the changes in fair value recognized as a component of other income (expense), net in the accompanying statements of operations. The Company adjusted the liability for the final change in the fair value of these warrants immediately preceding their automatic exercise in connection with the Company’s IPO. Subsequent to the Company’s IPO, the corresponding liability was reclassified to additional paid in capital.

Grant Income

Grant income in the accompanying statements of operations consisted of the following for the three-month periods ended (in thousands):

	Three Months Ended March 31,
	2021		2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	22
National Institutes of Health Grant		1,831		—
Total grant income	$	1,831	$	22

Amounts recorded in the accompanying balance sheets as receivables from these granting agencies were as follows (in thousands):

	March 31, 2021		December 31, 2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	224
National Institutes of Health Grant		2,906		1,076
Total grant income	$	2,906	$	1,300

In January 2019, the Alzheimer’s Association awarded the Company a $1.0 million Part the Cloud research grant. Grant proceeds must be used to advance the Company’s ATH-1017 product candidate in the Alzheimer’s disease setting. Reporting of expenses incurred supported by the grant as well as research updates are sent to the Alzheimer’s Association semi-annually. Under the terms of the agreement, the Company received $776,000 in 2019 and received the remaining $224,000 in March 2021 after having completed certain development milestones in October 2020. The Company recognized income related to the Part the Cloud research grant as qualifying expenses under the grant agreement were incurred.

In December 2020, the Company accepted a grant from the National Institute on Aging (“NIA”) of the National Institutes of Health (“NIH”) to support its ACT-AD Phase 2 clinical trial for ATH-1017, the Company’s lead therapeutic candidate being developed for the treatment of individual with mild-to-moderate Alzheimer’s disease. Under the terms of the agreement, the Company may potentially receive $7.8 million with the potential for an additional $7.4 million, up to an aggregate of $15.2 million. The Company recognizes income related to the NIH grant as qualifying expenses under the grant agreement are incurred.

Short-term and Long-term Investments

The Company generally invests its excess cash in investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term investments, and long-term investments on the consolidated balance sheets, classified as available-for-sale, and reported at fair value with unrealized gains and losses included in accumulated other comprehensive loss. Realized gains and losses on the sale of these securities are recognized in net loss.

The Company periodically evaluates whether declines in fair values of its investments below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any investment before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the investments, duration and severity of the decline in value, and our strategy and intentions for holding the investment.

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 of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates include those used for fair value of assets and liabilities, accrued liabilities, valuation allowance for deferred tax assets, and stock-based compensation. Management evaluates related 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 those estimates.

Research and Development Expenses

Research and development expenses consist primarily of direct and indirect costs incurred for research activities, including development of the pipeline from the Company’s proprietary drug discovery platform (“ATH platform”). The Company’s drug discovery efforts and the development of its product candidates. Direct costs include laboratory materials and supplies, contracted research and manufacturing, clinical trial costs, consulting fees, and other expenses incurred to sustain the Company’s research and development program. Indirect costs include personnel-related expenses, consisting of employee salaries, related benefits, and stock-based compensation expense for employees engaged in research and development activities, and facilities and other expenses consisting of direct and allocated expenses for rent and depreciation and lab consumables.

Research and development costs are expensed as incurred. In-licensing fees and other costs to acquire technologies used in research and development that have not yet received regulatory approval and that are not expected to have an alternative future use are expensed when incurred. Non-refundable advance payments for goods and services that will be used over time for research and development are capitalized and recognized as goods are delivered or as the related services are performed. The Company estimates the period over which such services will be performed and the level of effort to be expended in each period. If actual timing of performance or the level of effort varies from the estimate, the Company adjusts the amounts recorded accordingly. The Company has not experienced any material differences between accrued or prepaid costs and actual costs since inception.

Leases

The Company adopted Accounting Standards Codification (“ASC”) Topic 842 - Leases, on July 1, 2020, effective January 1, 2020. The Company determines if an arrangement contains a lease at inception. The Company performed an evaluation of contracts in accordance with ASC 842 and has determined it has an operating lease agreement for the laboratory and office facilities that the Company occupies. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the date the underlying asset becomes available for the Company’s use. Operating lease liabilities are based on the present value of the future minimum lease payments over the lease term. ROU assets are measured at the amount of the lease liability, adjusted for any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. As the Company’s leases generally do not provide an implicit interest rate, the present value of the future minimum lease payments is determined using the Company’s incremental borrowing rate. This rate is an estimate of the collateralized borrowing rate the Company would incur on its future lease payments over a similar term and is based on the information available to the Company at the lease commencement date, discussed in more detail below.

The Company’s leases contain options to extend the leases; lease terms are adjusted for these options only when it is reasonably certain the Company will exercise these options. The Company’s lease agreements do not contain residual value guarantees or covenants.

The Company has made a policy election regarding its real estate leases not to separate nonlease components from lease components, to the extent they are fixed. Nonlease components that are not fixed are expensed as incurred as variable lease expense. The Company’s lease includes variable nonlease components, such as common-area maintenance costs. The Company has elected not to record on the balance sheet a lease that has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise. The Company accounts for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term.

Lease expense is recognized within operating expenses on a straight-line basis over the terms of the lease. Incentives granted under the Company’s facilities lease, including rent holidays, are recognized as adjustments to lease expense on a straight-line basis over the term of the lease.

Stock-based Compensation

The Company measures compensation expense for all stock-based payments to employees, officers and directors based on the estimated fair value of the award at the grant date. For stock options, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. Compensation expense is recognized over the requisite service period on a straight-line basis. Forfeitures are recognized as they occur.

The Company records compensation expense for stock option grants subject to performance-based milestone vesting using the accelerated attribution method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date.

The Company adopted Accounting Standards Update (“ASU”) 2018-07 as of January 1, 2020. As a result, stock-based payments issued to non-employees prior to January 1, 2020 have been recorded at their fair values as of the transition date and are no longer subject to periodic adjustments as the underlying equity instruments vest. Any remaining compensation expense is recognized over the remaining vesting term on a straight-line basis, which reflects the service period, based on the fair value as of January 1, 2020.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company.

Segments

The Company has determined that it operates and manages one operating segment, which is the business of developing and commercializing therapeutics. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for the purpose of allocating resources.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (a) no longer an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act, unless early adoption is permitted. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements Adopted and Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments: Credit Losses (Topic 326) as clarified in ASU 2019-04, ASU 2019-05, and ASU 2020-02. The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than-temporary impairments on investment securities are recorded. The ASU will become effective beginning January 1, 2023, with early adoption permitted. The Company is currently evaluating the potential impacts of the ASU on its financial condition, results of operations, cash flows and financial statement disclosures.

Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of these have had or will have material impact on its condensed consolidated financial statements.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ (19,723)			$ 1,364		$ (21,087)
Temporary equity, beginning balance, shares at Dec. 31, 2019		2,617,386
Temporary equity, beginning balance at Dec. 31, 2019		$ 17,051
Beginning balance, shares at Dec. 31, 2019			3,641,449
Issuance of common stock upon exercise of common stock options	176			176
Issuance of common stock upon exercise of common stock options, shares			220,043
Stock-based compensation	58			58
Net loss	(1,805)					(1,805)
Ending balance at Mar. 31, 2020	(21,294)			1,598		(22,892)
Temporary equity, ending balance, shares at Mar. 31, 2020		2,617,386
Temporary equity, ending balance at Mar. 31, 2020		$ 17,051
Ending balance, shares at Mar. 31, 2020			3,861,492
Beginning balance at Dec. 31, 2020	$ 274,282		$ 3	315,288	$ 33	(41,042)
Beginning balance, shares at Dec. 31, 2020			32,485,784
Issuance of common stock upon exercise of common stock options, shares	62,951
Issuance of common stock upon exercise of common stock options and vesting of restricted stock units	$ 70			70
Issuance of common stock upon exercise of common stock options and vesting of restricted stock units, Shares			64,527
Proceeds from follow-on public offering, net of underwriters' discounts and commissions and issuance costs	96,762		$ 1	96,761
Proceeds from follow-on public offering, net of underwriters' discounts and commissions and issuance costs, Shares			4,600,000
Stock-based compensation	974			974
Other comprehensive income	(5)				(5)
Net loss	(8,866)					(8,866)
Ending balance at Mar. 31, 2021	$ 363,217		$ 4	$ 413,093	$ 28	$ (49,908)
Ending balance, shares at Mar. 31, 2021			37,150,311

Significant Agreements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2021	Sep. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of grant liability	$ (97,000)
Washington State University License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments payable upon marketing approval			$ 600,000
Annual minimum royalty payments			25,000
Net sales exempt from royalty payment			100,000
Royalty obligation					$ 0
Washington State University License Agreement \| Phase 2 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments on development milestone achieved		$ 50,000
Washington State University License Agreement \| Phase 3 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments, amount payable			300,000
Washington Life Services Discovery Fund Grant Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Grant received			500,000	$ 250,000
Grant liability payable amount, maximum			$ 1,500,000
Estimated fair value of the grant liability						$ 1,500,000
Washington Life Services Discovery Fund Grant Agreement \| Other Income (Expense), Net
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of grant liability		$ 464,000

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	37,150,311	32,485,784
Common stock, shares outstanding	37,150,311	32,485,784

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Athira Pharma, Inc.
Entity Central Index Key	0001620463
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		37,222,666
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39503
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3368487
Entity Address, Address Line One	18706 North Creek Parkway,
Entity Address, Address Line Two	Suite 104
Entity Address, City or Town	Bothell,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98011
City Area Code	425
Local Phone Number	620-8501
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common Stock, $0.0001 par value per share
Trading Symbol	ATHA
Security Exchange Name	NASDAQ

Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 974	$ 58
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	260	10
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 714	$ 48

Significant Agreements

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Significant Agreements

7. Significant Agreements

Washington State University (“WSU”) License Agreement

In December 2011, the Company entered into an exclusive license agreement with sublicensing terms with Washington State University Research Fund (“WSURF”), which, after the dissolution of WSURF in 2013, was superseded by an amended and restated exclusive license agreement with sublicensing terms between the Company and Washington State University (“WSU”) in 2015. Under this agreement, the Company has an exclusive license to make, use, sell, and offer for sale a chemical compound that forms the underlying technology of the drug therapies being developed by the Company.

To keep in good standing, the agreement requires the Company to meet certain development milestones and pay an annual maintenance fee. All contractual requirements have been met as of March 31, 2021.

During the year ended December 31, 2020, the Phase 2 clinical trial milestone had been reached and a payment of $50,000 to WSU was recorded.

The Company may also be obligated to pay the following if the related milestones are reached:

•

$300,000 – At initiation of the first Phase 3 clinical trial in the United States, European Union or Japan for the first licensed product.

•

$600,000 – Marketing approval in the United States, European Union or Japan for the first licensed product.

Under the terms of the agreement, the Company will pay a royalty in the mid-single digits of net sales, with the first $100,000 of net sales being exempt from royalty payment, and annual minimum royalty payments of $25,000 beginning after the first commercial sale of a licensed product. As of March 31, 2021, the Company had not incurred a royalty obligation under this agreement.

Additionally, the agreement allows the Company to sublicense the rights conveyed by the agreement, subject to additional payments to WSU for sublicense consideration received. Such amounts are dependent on the terms of the underlying sublicense and range from the mid-single digits to mid-teens of any non-sales based payments received, and low twenties of net sales based sublicense royalties. As of March 31, 2021, the Company has not entered into or incurred any liability from a sublicense agreement.

Grant Liability

In 2014 and 2015, the Company received $250,000 and $500,000, respectively, from LSDF under the terms of two matching grant award agreements. In connection with the agreements, LSDF retained the right to receive cash payments of 2.0 times the amounts received, or $1.5 million, upon the occurrence of specified triggering events, including:

•

receipt of license revenue, sales revenue, or consideration related to the underlying IP;

•

transfers the underlying IP without receiving consideration;

•

relocation of the Company from Washington state;

•

completion of an initial public offering;

•

a third-party acquisition of a controlling interest in the Company, and;

•

termination of the agreements.

To appropriately capture the economics of this arrangement, the grant liability is accounted for under ASC 825-10, Financial Instruments −Overall. The estimated fair value of the grant liability is reassessed at each balance sheet date, with changes in fair value reflected in other income (expense), net. To determine the estimated fair value of the grant liability, the Company used a discounted cash flow simulation methodology that assigns probabilities to the timing and likelihood of each triggering event, a discount rate based on market data for securities with similar durations and credit ratings to the Company, and the expected payment amount. The assumptions used to calculate the fair value of the grant liability are subject to significant judgment, and payment may be in an amount different from the liability that the Company estimates. However, total payments under the agreements will not exceed $1.5 million.

The consummation of the Company’s IPO in September 2020 was a triggering event under the terms of the grant and the liability was remeasured to the pay-off amount of $1.5 million prior to settlement. The change in the fair value of the liability resulted in expense of approximately $464,000 for the year ended December 31, 2020, which was included in other income (expense), net in the accompanying consolidated statements of operations and comprehensive loss.

Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Mar. 31, 2021
Description Of Business [Line Items]
Entity incorporation, date of Incorporation			Mar. 31, 2011
Entity reincorporation, date of reincorporation			Oct. 27, 2015
Net cash proceeds from issuance of convertible preferred stock, common stock warrants, and convertible notes			$ 407.4
Cash, cash equivalents, and investments			$ 357.7
Follow-on Public Offering
Description Of Business [Line Items]
Number of shares issued and sold		4,000,000
Public offering price per share		$ 22.50
Net proceeds from public offering		$ 84.1
Underwriters’ Option
Description Of Business [Line Items]
Number of shares issued and sold	600,000
Public offering price per share	$ 22.50
Net proceeds from public offering	$ 12.7

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Convertible Preferred Stock

10. Convertible Preferred Stock

In May and June 2020, the Company issued an aggregate of 9,372,765 shares of its Series B convertible preferred stock at a purchase price of $9.12 per share for aggregate proceeds of $81.6 million, net of offering costs. The Company issued warrants to purchase 2,343,168 shares of its common stock, of which 688,067 were exercised concurrently with the shares of Series B convertible preferred stock issuance, for net proceeds of $55,000. In addition, the Company issued warrants to purchase 127,481 shares of its Series B convertible preferred stock at a purchase price of $9.12 per share. The Series B convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible promissory notes into 512,858 shares of Series B-1 convertible preferred stock based on a price of $7.752 per share (85% of the $9.12 original issuance price of the Series B convertible preferred stock).

In September 2020, upon the consummation of the Company’s IPO, all outstanding shares of convertible preferred stock converted into 12,503,009 shares of common stock.

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Fair value of options vested	$ 133,000	$ 86,000
Aggregate intrinsic value of options exercised	1,100,000	0.1
Unrecognized compensation cost	$ 12,400,000
Remaining weighted-average period expected to recognize unrecognized compensation cost	1 year 9 months 29 days
Restricted Stock Award (RSA)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Employees and Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair value of options granted	$ 9,300,000	32,000
Fair value of options vested	113,000	58,000
Advisors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair value of options granted	0	17,000
Fair value of options vested	$ 20,000	$ 28,000
Non-employees \| Restricted Stock Award (RSA)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares subject to repurchase upon discontinued service	4,204		4,204

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments

The following table reconciles the Company’s undiscounted operating lease cash flows to its operating lease liability (in thousands):

	March 31, 2021
Remaining 2021	$	262
2022		406
2023		418
2024		430
2025		443
Thereafter		767
Total undiscounted lease payments		2,726
Present value adjustment for minimum lease commitments		(615	)
Tenant improvement allowance receivable		(211	)
Net lease liability	$	1,900

Weighted Average Remaining Lease Term and Weighted Average Discount Rate to Determine the Operating Lease Liability

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:

March 31,

2021

Weighted average remaining lease term (years)

6.4

Weighted average discount rate

8.1

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13. Net Loss Per Share Attributable to Common Stockholders

	Three Months Ended March 31,
	2021		2020
Convertible preferred stock on an as-converted basis		—		2,617,386
Non-vested RSAs		4,204		8,407
Non-vested RSUs		1,576		—
Stock options to purchase common stock		2,509,811		1,339,492
Employee stock purchase plan		2,943		—
Common stock warrants		—		3,310
Total		2,518,534		3,968,595

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2021

Other Income And Expenses [Abstract]

Schedule of Other Income (Expense), Net

Other income (expense), net consisted of the following (in thousands):

	Three Months Ended March 31,
	2021		2020
Interest and other income	$	84	$	6
Interest expense		—		(218	)
Change in fair value of derivative liability		—		(445	)
Change in fair value of grant liability		—		97
Total other income (expense), net	$	84	$	(560	)

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 7,445	$ 592
General and administrative	3,336	675
Total operating expenses	10,781	1,267
Loss from operations	(10,781)	(1,267)
Grant income	1,831	22
Other income (expense), net	84	(560)
Net loss	(8,866)	(1,805)
Unrealized (loss) on available-for-sale securities	(5)
Comprehensive loss attributable to common stockholders	$ (8,871)	$ (1,805)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.25)	$ (0.48)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	35,775,454	3,747,356

Stock-based Compensation - Summary of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted Stock Award (RSA)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Equivalent, Non-vested, Beginning Balance \| shares	4,204
Share Equivalent, Non-vested, Ending Balance \| shares	4,204
Weighted-Average Grant Date Fair Value, Non-vested, Beginning Balance \| $ / shares	$ 1.35
Weighted-Average Grant Date Fair Value, Non-vested, Ending Balance \| $ / shares	$ 1.35
Restricted Stock Unit (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Equivalent, Granted \| shares	3,152
Share Equivalent, Vested \| shares	(1,576)
Share Equivalent, Non-vested, Ending Balance \| shares	1,576
Weighted-Average Grant Date Fair Value, Non-vested, Granted \| $ / shares	$ 21.15
Weighted-Average Grant Date Fair Value, Non-vested, Vested \| $ / shares	21.15
Weighted-Average Grant Date Fair Value, Non-vested, Ending Balance \| $ / shares	$ 21.15

Description of Business

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business

1. Description of Business

Organization

Athira Pharma, Inc. (the “Company”) was incorporated as M3 Biotechnology, Inc. in the state of Washington on March 31, 2011 and reincorporated in the state of Delaware on October 27, 2015. In April 2019, the Company changed its name to Athira Pharma, Inc. The Company currently has office and laboratory space in Seattle and Bothell Washington. The Company is a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration.

Follow-on Public Offering

In January 2021, the Company completed a follow-on public offering of its common stock. As part of the follow-on offering, the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $22.50 per share. The Company received net proceeds of approximately $84.1 million from the follow-on offering, after deducting underwriting discounts and commissions and offering costs. In February 2021, the Company sold an additional 600,000 shares of common stock to the underwriters of the follow-on public offering upon full exercise of the underwriters’ option to purchase additional shares at the follow-on public offering price of $22.50 per share, less underwriting discounts and commissions and offering costs resulting in net proceeds to the Company of approximately $12.7 million.

Liquidity and Capital Resources

Since the Company’s inception, it has funded its operations primarily with proceeds from the sale and issuance of common stock, convertible preferred stock, common stock warrants, and convertible notes, and to a lesser extent from grant income and stock option exercises. From the Company’s inception through March 31, 2021, it has raised aggregate net cash proceeds of $407.4 million primarily from the issuance of its common stock, convertible preferred stock, common stock warrants, and convertible notes. As of March 31, 2021, the Company had $357.7 million in cash, cash equivalents, and investments and had not generated positive cash flows from operations. Since the Company’s inception, it has devoted substantially all of its resources to its research and development efforts such as small molecule compound discovery, nonclinical studies and clinical trials, as well as manufacturing activities, establishing and maintaining the Company’s intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations.

Based upon the Company’s current operating plan, it estimates that its $357.7 million of cash, cash equivalents, and investments at March 31, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this Quarterly Report on Form 10-Q.

Common Stock - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	7,924,688	6,040,105
Shares Issuable Upon Exercise of Outstanding Common Stock Options and Vesting of Outstanding Common Restricted Stock Units Granted
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	2,511,387	1,974,870
Shares available for Future Grant under 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	4,765,450	3,742,235
Shares available for Future Grant under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	647,851	323,000

Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income And Expenses [Abstract]
Interest and other income	$ 84	$ 6
Interest expense		(218)
Change in fair value of derivative liability		(445)
Change in fair value of grant liability		97
Total other income (expense), net	$ 84	$ (560)

Stock-based Compensation - Summary of Option Activity Changes in Shares Available for Grant (Details)	3 Months Ended
	Mar. 31, 2021 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Available for Grant, Beginning Balance	3,742,235
2020 Plan reserve increase on January 1, 2021	1,624,259
Options and restricted stock units granted	(601,044)
Available for Grant, Ending Balance	4,765,450

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2021

Other Income And Expenses [Abstract]

Other Income (Expense), Net

6. Other Income (Expense), Net

Other income (expense), net consisted of the following (in thousands):

	Three Months Ended March 31,
	2021		2020
Interest and other income	$	84	$	6
Interest expense		—		(218	)
Change in fair value of derivative liability		—		(445	)
Change in fair value of grant liability		—		97
Total other income (expense), net	$	84	$	(560	)

Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

Fair Value Measurements

Convertible Preferred Stock Warrant Liability

Grant Income

Grant income in the accompanying statements of operations consisted of the following for the three-month periods ended (in thousands):

	Three Months Ended March 31,
	2021		2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	22
National Institutes of Health Grant		1,831		—
Total grant income	$	1,831	$	22

Amounts recorded in the accompanying balance sheets as receivables from these granting agencies were as follows (in thousands):

	March 31, 2021		December 31, 2020
Alzheimer's Association Part the Cloud Research Grant	$	—	$	224
National Institutes of Health Grant		2,906		1,076
Total grant income	$	2,906	$	1,300

Short-term and Long-term Investments

Use of Estimates

Research and Development Expenses

Leases

Stock-based Compensation

Net Loss Per Share Attributable to Common Stockholders

Segments

Emerging Growth Company Status

Recent Accounting Pronouncements Not Yet Adopted

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

9. Leases

Operating Leases

The Company has operating leases for laboratory and office facilities in Bothell, Washington that expire in August 2027. The initial terms of the leases range from 6.5 to 7 years and the Company has options to extend the leases for an additional five years that it is not reasonably certain to exercise. Additionally, the Company has a lease agreement for laboratory and office facilities at the University of Washington in Seattle, Washington with an initial term of 12 months for which the Company recognizes expense on a straight-line basis within operating expenses. As of March 31, 2021, the Company was not party to any finance leases.

The following table reconciles the Company’s undiscounted operating lease cash flows to its operating lease liability (in thousands):

	March 31, 2021
Remaining 2021	$	262
2022		406
2023		418
2024		430
2025		443
Thereafter		767
Total undiscounted lease payments		2,726
Present value adjustment for minimum lease commitments		(615	)
Tenant improvement allowance receivable		(211	)
Net lease liability	$	1,900

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:

March 31,

2021

Weighted average remaining lease term (years)

6.4

Weighted average discount rate

8.1

Operating lease expense was $61,000 for the three months ended March 31, 2021. Variable lease expense was $20,000 for operating leases during the three months ended March 31, 2021. Rent expense recognized for short term leases was $13,000 and $27,000 for the three months ended March 31, 2021 and 2020, respectively.

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value

3. Fair Value

The Company has certain assets and liabilities that are measured at fair value on a recurring basis according to a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3—Inputs are generally unobservable and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques, including probability-based simulation methodologies.

The determination of a financial instrument’s level within the fair value hierarchy is based on an assessment of the lowest level of any input that is significant to the fair value measurement. The Company considers observable data to be market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following tables reflect the Company’s financial asset balances measured on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	54,549	$	—	$	—		$	54,549
Commercial paper	2		63,829		—		(3	)		63,826
Total cash equivalents		$	118,378	$	—	$	(3	)	$	118,375
Short-term investments:
Commercial paper	2		116,581		—		(15	)		116,566
U.S. government debt and agency securities	2		49,258		21		—			49,279
Corporate bonds	2		10,528		—		(6	)		10,522
Total short-term investments		$	176,367	$	21	$	(21	)	$	176,367
Long-term investments:
U.S. government debt and agency securities	2		53,436		31		—			53,467
Total long-term investments		$	53,436	$	31	$	—		$	53,467

	December 31, 2020
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	5	$	—	$	—		$	5
Commercial paper	2		44,318		—		(2	)		44,316
U.S. government debt and agency securities	2		4,999		—		—			4,999
U.S. treasury bills	2		4,450		—		—			4,450
Total cash equivalents		$	53,772	$	—	$	(2	)	$	53,770
Short-term investments:
Commercial paper	2		77,272		1		(4	)		77,269
U.S. government debt and agency securities	2		31,835		7		—			31,842
U.S. treasury bills	2		14,029		—		(3	)		14,026
Corporate bonds	2		920		—		—			920
Total short-term investments		$	124,056	$	8	$	(7	)	$	124,057
Long-term investments:
U.S. government debt and agency securities	2		78,924		32		—			78,956
U.S. treasury bills	2		4,551		2		—			4,553
Total long-term investments		$	83,475	$	34	$	—		$	83,509

All the commercial paper, U.S. government debt and agency securities, U.S. treasury bills, and corporate bonds designated as short-term investments have an effective maturity date that is equal to or less than one year from the respective balance sheet date. Those that are designated as long-term investments have an effective maturity date that is more than one year, but less than two years, from the respective balance sheet date.

The Company evaluated its investments for other-than-temporary impairment and considers the decline in market value for the securities to be primarily attributable to current economic and market conditions. For the investments, it is not more-likely-than-not that the Company will be required to sell the investments, and the Company does not intend to do so prior to the recovery of the amortized cost basis.

Prior to the IPO, the Company’s level 3 financial liabilities carried at fair value and remeasured on a recurring basis are the grant liability, derivative liability, and the convertible preferred stock warrant liability. In the third quarter of 2020, the Company recorded an additional $464,000 to bring the total grant liability to $1.5 million as the Company’s IPO triggered the repayment obligation (see Note 7), and the derivative was settled upon the Company’s conversion of its convertible notes in May 2020 (see Note 8). The losses resulting from the change in fair value of the grant liability, the bifurcated conversion and redemption features related to the derivative liability, and the convertible preferred stock warrant liability are classified as other income (expense), net in the accompanying condensed consolidated statements of operations and comprehensive loss. Changes in any of the assumptions related to the unobservable inputs identified may change the fair value of these instruments. For example, an increase in interest rates would generally correspond to a decrease in the fair value of the liabilities.

The following table presents the activity for the grant liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	1,036
Change in fair value of grant liability		464
Grant liability settled upon completion of IPO		(1,500	)
Fair value at end of period	$	—

The following table presents the activity for the derivative liability for the year ended December 31, 2020 (in thousands):

	Year Ended December 31, 2020
Fair value at beginning of period	$	999
Derivative liability recorded upon issuance of convertible notes		774
Change in fair value of derivative liability		132
Derivative liability settled upon conversion of convertible notes		(1,905	)
Fair value at end of period	$	—

- 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

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee compensation and benefits	$ 478	$ 1,624
Research and development expenses	1,760	1,169
Professional services and other	372	330
Total accrued expenses	$ 2,610	$ 3,123

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	7,924,688	6,040,105
2020 Equity Incentive Plan
Class Of Stock [Line Items]
Share based compensation maximum annual increase in number of shares that may be issued under the plan	3,230,000
Share based compensation percentage of number shares of common stock issued and outstanding on immediate proceeding	5.00%
Reserved shares of common stock for future issuance	1,624,259
2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Share based compensation maximum annual increase in number of shares that may be issued under the plan	646,000
Share based compensation percentage of number shares of common stock issued and outstanding on immediate proceeding	1.00%
Reserved shares of common stock for future issuance	324,851

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating activities
Net loss	$ (8,866,000)	$ (1,805,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	974,000	58,000
Depreciation expense	112,000	0
Change in fair value of derivative liability		445,000
Change in fair value of grant liability		(97,000)
Accretion of discounts on convertible notes		172,000
Non-cash interest expense		46,000
Amortization of premiums and accretion of discounts on available-for-sale securities, net	131,000
Changes in operating assets and liabilities:
Unbilled grant receivables, prepaid expenses and other current assets	308,000	(57,000)
Accounts payable and accrued expenses	(374,000)	63,000
Operating lease liability	410,000
Net cash (used in) operating activities	(7,305,000)	(1,175,000)
Investing activities
Purchases of available-for-sale securities	(93,143,000)
Maturities of available-for-sale securities	70,739,000
Purchases of property and equipment	(304,000)
Principal payments received on stockholder note receivable		1,000
Net cash (used in) provided by investing activities	(22,708,000)	1,000
Financing activities
Proceeds from exercise of common stock options	39,000	176,000
Proceeds from follow-on public offering, net of issuance costs	97,172,000
Proceeds from issuance of convertible notes, including derivative, net of issuance costs		1,664,000
Net cash provided by financing activities	97,211,000	1,840,000
Net increase (decrease) in cash and cash equivalents	67,198,000	666,000
Cash and cash equivalents, beginning of period	60,625,000	2,056,000	$ 2,056,000
Cash and cash equivalents, end of period	127,823,000	$ 2,722,000	$ 60,625,000
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in accounts payable and accrued liabilities	57,000
Right-of-use asset obtained in exchange for new operating lease liability	$ 518,000

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Stock-based Compensation Expense Recognized

Stock‑based compensation expense recognized was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	260	$	10
General and administrative		714		48
Total stock-based compensation expense	$	974	$	58

Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model

The fair value of each stock option was estimated using the Black‑Scholes option‑pricing model with the following weighted-average assumptions:

	Three Months Ended March 31,
	2021			2020
Risk-free interest rate		0.79	%		1.34	%
Expected volatility		89.13	%		78.17	%
Expected term (in years)		6.17			6.87
Expected dividend yield		—			—

Summary of Option Activity Changes in Shares Available for Grant

Changes in shares available for grant during the three months ended March 31, 2021 were as follows:

	Shares Available for Grant
Shares available for grant at December 31, 2020		3,742,235
2020 Plan reserve increase on January 1, 2021		1,624,259
Options and restricted stock units granted		(601,044	)
Shares available for grant at March 31, 2021		4,765,450

Summary of Option Activity

A summary of stock option activity for the three months ended March 31, 2021 was as follows:

	Shares			Weighted- Average Exercise price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2020		1,974,870		$	9.31	7.98		$	49,275
Granted		597,892			21.07
Exercised		(62,951	)		1.11
Forfeited/expired		—			—
Balance at March 31, 2021		2,509,811		$	12.32		8.27	$	17,291
Expected to vest		1,840,595		$	16.26		9.39	$	5,933
Options exercisable		669,216		$	1.46		5.19	$	11,359

Summary of Stock Options Outstanding and Exercisable

Stock options outstanding and exercisable consisted of the following at March 31, 2021:

	Employees and Directors				Non-employees
Exercise Price ($)	Shares Outstanding		Shares Exercisable		Shares Outstanding		Shares Exercisable
0.16		75,660		75,660		12,610		12,610
0.48		151,320		151,320		—		—
1.00		—		—		37,830		37,830
1.04		66,931		66,931		31,525		31,525
1.19		26,825		21,465		34,677		34,677
1.31		63,050		63,050		—		—
1.35		290,974		68,509		97,727		63,049
1.49		31,525		21,016		—		—
17.00		737,052		19,263		195,453		—
19.29		27,742		—		—		—
21.15		558,150		—		—		—
21.40		9,600		—		—		—
21.62		2,400		—		—		—
22.22		29,618		—		—		—
23.79		1,400		—		—		—
29.41		27,742		2,311		—		—
Total		2,099,989		489,525		409,822		179,691

Restricted Stock Award (RSA)

Summary of Restricted Stock Activity

A summary of RSA activity for the three months ended March 31, 2021 was as follows:

	Share Equivalent		Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2020		4,204	$	1.35
Granted		—		—
Vested		—		—
Non-vested at March 31, 2021		4,204	$	1.35

Restricted Stock Unit (RSUs)

Summary of Restricted Stock Activity

A summary of RSU activity for the three months ended March 31, 2021 was as follows:

	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2020		—		$	—
Granted		3,152			21.15
Vested		(1,576	)		21.15
Non-vested at March 31, 2021		1,576		$	21.15

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Employee compensation and benefits	$	478	$	1,624
Research and development expenses		1,760		1,169
Professional services and other		372		330
Total accrued expenses	$	2,610	$	3,123

Leases - Additional Information (Details) - USD ($)	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Lessee Lease Description [Line Items]
Operating lease expense	$ 61,000
Variable lease expense	20,000
Short term leases, rent expense	$ 13,000	$ 27,000
Laboratory and Office Facilities \| Bothell, Washington
Lessee Lease Description [Line Items]
Operating lease expiration month and year	2027-08
Operating lease existence of option to extend	true
Operating lease, additional term of contract	5 years
Laboratory and Office Facilities \| Bothell, Washington \| Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease initial term	6 years 6 months
Laboratory and Office Facilities \| Bothell, Washington \| Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease initial term	7 years
Laboratory and Office Facilities \| University of Washington, Seattle
Lessee Lease Description [Line Items]
Operating lease initial term	12 months

Leases - Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
Remaining 2021	$ 262
2022	406
2023	418
2024	430
2025	443
Thereafter	767
Total undiscounted lease payments	2,726
Present value adjustment for minimum lease commitments	(615)
Tenant improvement allowance receivable	(211)
Net lease liability	$ 1,900

Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

12. Stock-based Compensation

Stock‑based compensation expense recognized was as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Research and development	$	260	$	10
General and administrative		714		48
Total stock-based compensation expense	$	974	$	58

Valuation Assumptions

The fair value of stock options was determined using the Black-Scholes option-pricing model and the assumptions below. Each of these inputs is subjective and generally required significant judgment.

•

Fair Value of Common Stock—The grant date fair market value of the shares of common stock underlying stock options has historically been determined by the Company’s board of directors. Because previously there was no public market for the Company’s common stock, the board of directors exercised reasonable judgment and considered a number of objective and subjective factors to determine the best estimate of the fair market value, which include contemporaneous valuations performed by an independent third party, important developments in the Company’s operations, sales of convertible preferred stock, the rights, preferences and privileges of its convertible preferred stock relative to those of its common stock, lack of marketability of its common stock, actual operating results, financial performance, the progress of clinical development, the likelihood of achieving a liquidity event for its security holders, the trends, development and conditions in the life sciences and biotechnology sectors, the economy in general, and the stock price performance and volatility of comparable public companies.

•

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

•

Expected Volatility—Because the Company was previously privately held and did not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded life sciences companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in life cycle or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

•

Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding and is determined using the simplified method (based on the midpoint between the vesting date and the end of the contractual term) as the Company has limited history of relevant stock option exercise activity.

•

Expected Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends going forward. Therefore, it used an expected dividend yield of zero.

The fair value of each stock option was estimated using the Black‑Scholes option‑pricing model with the following weighted-average assumptions:

	Three Months Ended March 31,
	2021			2020
Risk-free interest rate		0.79	%		1.34	%
Expected volatility		89.13	%		78.17	%
Expected term (in years)		6.17			6.87
Expected dividend yield		—			—

The weighted-average grant-date fair value of options granted to employees and directors during the three months ended March 31, 2021 and 2020 were $9.3 million and $32,000 respectively. No options were granted to advisors during the three months ended March 31, 2021. The remeasured weighted-average fair value of options granted to advisors during the three months ended March 31, 2020 was $17,000.

Stock Option Activity

Changes in shares available for grant during the three months ended March 31, 2021 were as follows:

	Shares Available for Grant
Shares available for grant at December 31, 2020		3,742,235
2020 Plan reserve increase on January 1, 2021		1,624,259
Options and restricted stock units granted		(601,044	)
Shares available for grant at March 31, 2021		4,765,450

A summary of stock option activity for the three months ended March 31, 2021 was as follows:

	Shares			Weighted- Average Exercise price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2020		1,974,870		$	9.31	7.98		$	49,275
Granted		597,892			21.07
Exercised		(62,951	)		1.11
Forfeited/expired		—			—
Balance at March 31, 2021		2,509,811		$	12.32		8.27	$	17,291
Expected to vest		1,840,595		$	16.26		9.39	$	5,933
Options exercisable		669,216		$	1.46		5.19	$	11,359

The total fair value of options granted to employees, directors, and advisors that vested during the three months ended March 31, 2021 was $133,000, which included $113,000 for options granted to employees and directors and $20,000 for options granted to advisors. The total fair value of options that vested during the three months ended March 31, 2020 was $86,000, which included $58,000 for options granted to employees and directors and $28,000 for options granted to advisors.

The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the Company’s common stock underlying all options that were in-the-money at March 31, 2021. The aggregate intrinsic value of options exercised was $1.1 million and $0.1 million during the three months ended March 31, 2021 and 2020, respectively, determined as of the date of option exercise. As of March 31, 2021, there was $12.4 million of total unrecognized compensation cost related to unvested stock options. The Company expects to recognize this cost over a remaining weighted-average period of 1.83 years. The Company utilizes newly issued shares to satisfy option exercises.

Stock options outstanding and exercisable consisted of the following at March 31, 2021:

	Employees and Directors				Non-employees
Exercise Price ($)	Shares Outstanding		Shares Exercisable		Shares Outstanding		Shares Exercisable
0.16		75,660		75,660		12,610		12,610
0.48		151,320		151,320		—		—
1.00		—		—		37,830		37,830
1.04		66,931		66,931		31,525		31,525
1.19		26,825		21,465		34,677		34,677
1.31		63,050		63,050		—		—
1.35		290,974		68,509		97,727		63,049
1.49		31,525		21,016		—		—
17.00		737,052		19,263		195,453		—
19.29		27,742		—		—		—
21.15		558,150		—		—		—
21.40		9,600		—		—		—
21.62		2,400		—		—		—
22.22		29,618		—		—		—
23.79		1,400		—		—		—
29.41		27,742		2,311		—		—
Total		2,099,989		489,525		409,822		179,691

Restricted Stock Award Activity

In 2018, the Company issued a restricted stock award (“RSA”) to an advisor under the 2014 Plan. The restricted stock award vests over three years and requires continued service to the Company during the vesting period. The vesting provisions of individual awards may vary as approved by the board of directors. If continued service terminates for any reason, the Company has the right to repurchase the unvested shares for no consideration. There were 4,204 shares subject to repurchase as of March 31, 2021 and December 31, 2020, all of which were related to non-employee RSAs.

A summary of RSA activity for the three months ended March 31, 2021 was as follows:

	Share Equivalent		Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2020		4,204	$	1.35
Granted		—		—
Vested		—		—
Non-vested at March 31, 2021		4,204	$	1.35

Restricted Stock Unit Activity

During the three months ended March 31, 2021, the Company issued a restricted stock unit (“RSU”) award to an advisor under the 2020 Plan. The restricted stock units will vest in full on August 3, 2021, subject to continued service to the Company during the vesting period.

A summary of RSU activity for the three months ended March 31, 2021 was as follows:

	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2020		—		$	—
Granted		3,152			21.15
Vested		(1,576	)		21.15
Non-vested at March 31, 2021		1,576		$	21.15

Significant Accounting Policies - Summary of Amounts Recorded in the Accompanying Balance Sheets as Receivables from the Granting Agencies (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Basis Of Presentation And Significant Accounting Policies [Line Items]
Unbilled grant receivable	$ 2,906	$ 1,300
Alzheimer's Association Part the Cloud Research Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Unbilled grant receivable		224
National Institutes of Health Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Unbilled grant receivable	$ 2,906	$ 1,076

Fair Value - Schedule of Fair Value Liabilities, Activity for Grant Liability (Details) - Grant Liability - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at beginning of period		$ 1,036,000
Change in fair value of liability	$ 464,000	464,000
Settlement		$ (1,500,000)
Fair value at end of period	$ 1,500,000