0000950170-22-009683 | 10-Q | XBRL Viewer

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Stock-based Compensation - Summary of Option Activity Changes in Shares Available for Grant under the 2020 Plan (Details)	3 Months Ended
	Mar. 31, 2022 shares
Share-based Payment Arrangement [Abstract]
Available for Grant, Beginning Balance	4,442,315
2020 Plan reserve increase on January 1, 2022	1,868,953
Options and restricted stock units granted	(1,522,614)
Options and restricted stock units forfeited, cancelled, or expired	124,835
Available for Grant, Ending Balance	4,913,489

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Research and development expenses	$	4,938	$	5,723
Employee compensation and benefits		1,229		1,907
Professional services and other		1,576		807
Total accrued liabilities	$	7,743	$	8,437

Commitments and Contingencies - Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2022	$ 340
2023	466
2024	480
2025	494
Thereafter	856
Total undiscounted lease payments	2,636
Present value adjustment for minimum lease commitments	(505)
Tenant improvement allowance receivable	(280)
Net lease liability	$ 1,851

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development expenses	$ 4,938	$ 5,723
Employee compensation and benefits	1,229	1,907
Professional services and other	1,576	807
Total accrued Liabilities	$ 7,743	$ 8,437

Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,731	$ 974
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	785	260
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,946	$ 714

Common Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common Stock

9. 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 Company’s 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,		December 31,
	2022		2021
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		3,785,194		2,632,396
Shares available for future grant under the 2020 Equity Incentive Plan		4,913,489		4,442,315
Shares available for future grant under the Employee Stock Purchase Plan		995,001		621,211
Total		9,693,684		7,695,922

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.

Effective January 1, 2022, the Company’s 2020 Plan and ESPP reserves increased by 1,868,953 shares and 373,790 shares, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed 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 unaudited condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation.

Unaudited Interim Condensed Financial Statements

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying unaudited condensed consolidated balance sheet as of March 31, 2022, and condensed consolidated statements of operations and comprehensive loss, cash flows, and stockholders’ equity for the three months ended March 31, 2022 and 2021, are unaudited. The balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2021. The unaudited interim condensed

consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2021, 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, 2022, and the condensed consolidated results of its operations and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are also unaudited. The condensed consolidated results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other period. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021 included in its Annual Report on Form 10-K filed with the SEC on March 28, 2022.

Fair Value Measurements

The carrying amounts of certain financial instruments, including cash, cash equivalents, restricted cash, investments, accounts payable and accrued expenses approximate their fair values due to the short-term nature of those amounts.

Restricted Cash

Restricted cash consists of collateral pledged in connection with the Company's corporate credit cards. The table below reconciles the balances of cash and cash equivalents and restricted cash reported on the condensed consolidated balance sheets to the balances of cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows.


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	117,811	$	110,537
Restricted cash		210		—
Cash, cash equivalents and restricted cash	$	118,021	$	110,537

Grant Income

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 fosgonimeton (then-named ATH-1017), the Company’s lead therapeutic candidate being developed for the treatment of individuals 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 in the accompanying condensed consolidated statements of operations and comprehensive loss as qualifying expenses under the grant agreement are incurred.

During the three months ended March 31, 2022 and 2021, the Company recognized grant income of $2.2 million and $1.8 million, respectively, in connection with the NIH grant. As of March 31, 2022 and December 31, 2021, the Company incurred qualifying expenses in excess of cash received of approximately $2.2 million and $2.3 million, respectively, which is included in unbilled grant receivable on the condensed consolidated balance sheets. The Company received cash of $2.3 million related to the NIH grant during the three months ended March 31, 2022.

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 income or 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 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 non-lease components from lease components, to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease expense. The Company’s lease includes variable non-lease 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. The grant date fair value of restricted stock units is based upon the fair market value of the Company’s common stock based on its closing price as reported on the date of grant on the Nasdaq Global Select Market. 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 and restricted stock unit grants subject to performance-based milestone vesting over the remaining implicit 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.

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.

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11. 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,
	2022		2021
Non-vested Restricted Stock Awards		—		4,204
Non-vested Restricted Stock Units		359,750		1,576
Stock options to purchase common stock		3,425,444		2,509,811
Employee stock purchase plan		2,955		2,943
Total		3,788,149		2,518,534

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 154,000	$ 112,000

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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

Stock-based Compensation Expense Recognized

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


	Three Months Ended March 31,
	2022		2021
Research and development	$	785	$	260
General and administrative		1,946		714
Total stock-based compensation expense	$	2,731	$	974

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,
	2022			2021
Risk-free interest rate		1.73	%		0.79	%
Expected volatility		92.65	%		89.13	%
Expected term (in years)		6.01			6.17
Expected dividend yield		—			—

Summary of Option Activity Changes in Shares Available for Grant under the 2020 Plan

Changes in shares available for grant under the 2020 Plan during the three months ended March 31, 2022 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2021		4,442,315
2020 Plan reserve increase on January 1, 2022		1,868,953
Options and restricted stock units granted		(1,522,614	)
Options and restricted stock units forfeited, cancelled, or expired		124,835
Shares available for grant at March 31, 2022		4,913,489

Summary of Option Activity under the 2020 Plan

A summary of stock option activity under the 2020 Plan for the three months ended March 31, 2022 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, 2021		2,270,896		$	12.76	7.22		$	8,306
Granted		1,510,364			10.44
Exercised		(244,981	)		0.86
Forfeited/expired		(110,835	)		17.12
Balance at March 31, 2022		3,425,444		$	12.44		8.88	$	10,137
Expected to vest		2,721,431		$	13.05		9.33	$	6,035
Options exercisable		704,013		$	10.11		7.14	$	4,102

Summary of Stock Options Outstanding and Exercisable under the 2020 Plan

Stock options outstanding and exercisable under the 2020 Plan consisted of the following at March 31, 2022:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 1.35		439,813		312,133
9.91 to 19.94		2,602,710		288,677
20.55 to 29.41		382,921		103,203
Total		3,425,444		704,013

Restricted Stock Units (RSUs)

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

Summary of Restricted Stock Activity

A summary of RSU activity for the three months ended March 31, 2022 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2021		361,500		$	15.32
Granted		12,250			10.54
Cancelled		(14,000	)		15.34
Vested		—			—
Non-vested at March 31, 2022		359,750		$	15.15

Fair Value - Additional Information (Details) - Recurring Basis	3 Months Ended
	Mar. 31, 2022
Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term investments effective maturity date	1 year
Maximum
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

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	37,624,058	37,379,077
Common stock, shares outstanding	37,624,058	37,379,077

Stock-based Compensation - Summary of Stock Options Outstanding and Exercisable under the 2020 Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	3,425,444	2,270,896
Shares Exercisable	704,013
Exercise Price $0.16 to 1.35
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	439,813
Shares Exercisable	312,133
Exercise Price $0.16 to 1.35 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 0.16
Exercise Price $0.16 to 1.35 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 1.35
Exercise Price $9.91 to 19.94
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	2,602,710
Shares Exercisable	288,677
Exercise Price $9.91 to 19.94 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 9.91
Exercise Price $9.91 to 19.94 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 19.94
Exercise Price $20.55 to 29.41
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	382,921
Shares Exercisable	103,203
Exercise Price $20.55 to 29.41 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 20.55
Exercise Price $20.55 to 29.41 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 29.41

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (20,980,000)	$ (8,866,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,731,000	974,000
Depreciation expense	154,000	112,000
Non-cash lease expense	45,000	28,000
Amortization of premiums and accretion of discounts on available-for-sale securities, net	140,000	131,000
Changes in operating assets and liabilities:
Unbilled grant receivable	102,000	(1,606,000)
Prepaid expenses and other current assets	1,141,000	1,914,000
Accounts payable and accrued liabilities	164,000	(374,000)
Operating lease liability	(69,000)	382,000
Net cash used in operating activities	(16,572,000)	(7,305,000)
Investing activities
Purchases of available-for-sale securities	(17,828,000)	(93,143,000)
Maturities of available-for-sale securities	42,419,000	70,739,000
Purchases of property and equipment	(745,000)	(304,000)
Net cash used in investing activities	23,846,000	(22,708,000)
Financing activities
Proceeds from exercise of common stock options	210,000	39,000
Proceeds from initial public offering, net of issuance costs		97,172,000
Net cash provided by financing activities	210,000	97,211,000
Net increase in cash and cash equivalents	7,484,000	67,198,000
Cash and cash equivalents, beginning of period	110,537,000	60,625,000
Cash and cash equivalents, end of period	118,021,000	127,823,000
Supplemental disclosures of cash flow information:
Purchases of property and equipment included in accounts payable and accrued liabilities	$ 6,000	57,000
Right-of-use asset obtained in exchange for new operating lease liability		$ 518,000

Common Stock (Tables)

3 Months Ended

Mar. 31, 2022

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,		December 31,
	2022		2021
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		3,785,194		2,632,396
Shares available for future grant under the 2020 Equity Incentive Plan		4,913,489		4,442,315
Shares available for future grant under the Employee Stock Purchase Plan		995,001		621,211
Total		9,693,684		7,695,922

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
	2022		2021
Non-vested Restricted Stock Awards		—		4,204
Non-vested Restricted Stock Units		359,750		1,576
Stock options to purchase common stock		3,425,444		2,509,811
Employee stock purchase plan		2,955		2,943
Total		3,788,149		2,518,534

Significant Agreements

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

7. Significant Agreements

Washington State University (“WSU”) License Agreement

The Company is party to an amended and restated exclusive license agreement with sublicensing terms between the Company and Washington State University (“WSU”) that the Company entered into in 2015. Under this agreement, the Company has an exclusive license to make, use, sell, and offer for sale products covered by certain licensed patents, including dihexa, the chemical compound into which fosgonimeton metabolizes following administration.

To keep in good standing, the agreement requires the Company to meet certain development milestones and pay annual maintenance fees. All contractual requirements have been met as of March 31, 2022.

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; and

•

$600,000 – Upon receipt of 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, 2022, no sales of any licensed products had occurred and 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 based upon the sublicense consideration received in such event. 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, 2022, the Company has not entered into or incurred any liability from a sublicense agreement.

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Fair value of options granted	$ 11,900,000	$ 9,300,000
Fair value of restricted stock units granted	129,000	67,000
Fair value of options vested	1,900,000	133,000
Aggregate intrinsic value of options exercised	2,700,000	$ 1,100,000
Unrecognized compensation cost	$ 20,200,000
Remaining weighted-average period expected to recognize unrecognized compensation cost	3 years 3 months 7 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining weighted-average period expected to recognize unrecognized compensation cost	1 year 3 months 3 days
Unrecognized stock-based compensation expense related to non-vested restricted stock units	$ 3,600,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 117,811	$ 110,537
Short-term investments	145,715	143,222
Unbilled grant receivable	2,234	2,336
Prepaid expenses and other current assets	3,394	4,704
Total current assets	269,154	260,799
Restricted cash	210
Property and equipment, net	4,354	3,757
Operating lease right-of-use asset	1,415	1,460
Long-term investments	37,644	65,936
Other long-term assets	225	56
Total assets	313,002	332,008
Current liabilities:
Accounts payable	1,431	567
Accrued liabilities	7,743	8,437
Current operating lease liability	297	288
Total current liabilities	9,471	9,292
Operating lease liability, less current portion	1,554	1,632
Total liabilities	11,025	10,924
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively; 37,624,058 and 37,379,077 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	420,304	417,363
Accumulated other comprehensive loss	(1,456)	(388)
Accumulated deficit	(116,875)	(95,895)
Total stockholders' equity	301,977	321,084
Total liabilities and stockholders' equity	$ 313,002	$ 332,008

Fair Value - Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	$ 117,811	$ 110,537
Recurring Basis \| Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	107,075	96,177
Cash equivalents, Unrealized Gains	5
Cash equivalents, Unrealized Losses	(6)	(5)
Cash equivalents, Fair Value	107,074	96,172
Recurring Basis \| Cash Equivalents \| Money Market Fund \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	71	57
Cash equivalents, Fair Value	71	57
Recurring Basis \| Cash Equivalents \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	107,004	96,120
Cash equivalents, Unrealized Gains	5
Cash equivalents, Unrealized Losses	(6)	(5)
Cash equivalents, Fair Value	107,003	96,115
Recurring Basis \| Short-term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	146,447	143,323
Investments, Unrealized Gains	2	2
Investments, Unrealized Losses	(734)	(103)
Investments, Fair Value	145,715	143,222
Recurring Basis \| Short-term Investments \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	57,069	74,170
Investments, Unrealized Gains	2
Investments, Unrealized Losses	(100)	(35)
Investments, Fair Value	56,971	74,135
Recurring Basis \| Short-term Investments \| U.S. government debt, municipal bonds, and agency securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	82,399	62,149
Investments, Unrealized Gains		2
Investments, Unrealized Losses	(603)	(59)
Investments, Fair Value	81,796	62,092
Recurring Basis \| Short-term Investments \| Corporate Bonds \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	6,979	7,004
Investments, Unrealized Losses	(31)	(9)
Investments, Fair Value	6,948	6,995
Recurring Basis \| Long Term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	38,367	66,218
Investments, Unrealized Losses	(723)	(282)
Investments, Fair Value	37,644	65,936
Recurring Basis \| Long Term Investments \| Corporate Bonds \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	3,305	3,307
Investments, Unrealized Losses	(70)	(20)
Investments, Fair Value	3,235	3,287
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	35,062	62,911
Investments, Unrealized Losses	(653)	(262)
Investments, Fair Value	$ 34,409	$ 62,649

Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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 (in thousands):


	March 31, 2022
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	71	$	—	$	—		$	71
Commercial paper	2		107,004		5		(6	)		107,003
Total cash equivalents		$	107,075	$	5	$	(6	)	$	107,074
Short-term investments:
Commercial paper	2		57,069		2		(100	)		56,971
U.S. government debt, municipal bonds, and agency securities	2		82,399		—		(603	)		81,796
Corporate bonds	2		6,979		—		(31	)		6,948
Total short-term investments		$	146,447	$	2	$	(734	)	$	145,715
Long-term investments:
Corporate bonds	2		3,305		—		(70	)		3,235
U.S. government debt and agency securities	2		35,062		—		(653	)		34,409
Total long-term investments		$	38,367	$	—	$	(723	)	$	37,644


	December 31, 2021
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	57	$	—	$	—		$	57
Commercial paper	2		96,120		—		(5	)		96,115
Total cash equivalents		$	96,177	$	—	$	(5	)	$	96,172
Short-term investments:
Commercial paper	2		74,170		—		(35	)		74,135
U.S. government debt, municipal bonds, and agency securities	2		62,149		2		(59	)		62,092
Corporate bonds	2		7,004		—		(9	)		6,995
Total short-term investments		$	143,323	$	2	$	(103	)	$	143,222
Long-term investments:
Corporate bonds	2		3,307		—		(20	)		3,287
U.S. government debt and agency securities	2		62,911		—		(262	)		62,649
Total long-term investments		$	66,218	$	—	$	(282	)	$	65,936

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2022			2021
Lab equipment	$	279		$	268
Office furniture, fixtures, and computer equipment		530			325
Leasehold improvement		4,222			2,563
Construction in progress		—			1,124
Property and equipment, at cost		5,031			4,280
Less: accumulated depreciation		(677	)		(523	)
Property and equipment, net	$	4,354		$	3,757

Depreciation expense was $154,000 and $112,000 for the three months ended March 31, 2022 and 2021, respectively.

Commitments and Contingencies - Weighted Average Remaining Lease Term and Weighted Average Discount Rate to Determine the Operating Lease Liability (Details)	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (years)	5 years 10 months 24 days
Weighted average discount rate	8.10%

Other Income, Net

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Other Income, Net

6. Other Income, Net

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


	Three Months Ended March 31,
	2022			2021
Interest and other income	$	175		$	84
Interest expense		(2	)		—
Total other income, net	$	173		$	84

Stock-based Compensation - Summary of Option Activity under the 2020 Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Shares, Beginning Balance	2,270,896
Shares, Granted	1,510,364
Shares, Exercised	(244,981)
Shares, Forfeited/expired	(110,835)
Shares, Ending Balance	3,425,444	2,270,896
Shares, Expected to vest	2,721,431
Shares, Options exercisable	704,013
Weighted-Average Exercise price per Share, Beginning Balance	$ 12.76
Weighted-Average Exercise price per Share, Granted	10.44
Weighted-Average Exercise price per Share, Exercised	0.86
Weighted-Average Exercise price per Share, Forfeited/expired	17.12
Weighted-Average Exercise price per Share, Ending Balance	12.44	$ 12.76
Weighted-Average Exercise price per Share, Expected to vest	13.05
Weighted-Average Exercise price per Share, Options exercisable	$ 10.11
Weighted-Average Remaining Contractual Term (in years)	8 years 10 months 17 days	7 years 2 months 19 days
Weighted-Average Remaining Contractual Term, Expected to vest (in years)	9 years 3 months 29 days
Weighted-Average Remaining Contractual Term, Options exercisable (in years)	7 years 1 month 20 days
Aggregate Intrinsic Value, Outstanding Balance	$ 10,137	$ 8,306
Aggregate Intrinsic Value, Expected to vest	6,035
Aggregate Intrinsic Value, Options exercisable	$ 4,102

Other Income, Net (Tables)

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Income, Net

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


	Three Months Ended March 31,
	2022			2021
Interest and other income	$	175		$	84
Interest expense		(2	)		—
Total other income, net	$	173		$	84

Description of Business

3 Months Ended

Mar. 31, 2022

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 Bothell and Seattle, 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, 2022, 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, 2022, the Company had $301.2 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 $301.2 million of cash, cash equivalents and investments at March 31, 2022 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.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is subject to various legal proceedings or claims that arise in the ordinary course of business. The Company accrues a liability when the Company's management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated, and as of March 31, 2022, the Company has not recorded any such liabilities. The following is a brief description of the more significant legal proceedings.

Securities Class Actions

On June 25, 2021, plaintiffs Fan Wang and Hang Gao filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company and the Company’s former Chief Executive Officer Dr. Leen Kawas, captioned Wang v. Athira Pharma, Inc., et al., No. 2:21-cv-00861. Plaintiffs Wang and Gao assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, alleging that the defendants made materially false and misleading statements and omitted material adverse facts regarding the Company’s business. Specifically, the Wang plaintiffs allege that the Company failed to disclose to investors that certain research conducted by Dr. Kawas was allegedly tainted by scientific misconduct during her doctoral work at WSU, including the manipulation of data, and that as a result, the defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading. The Wang plaintiffs seek unspecified compensatory and punitive damages, and reasonable costs and expenses, including attorneys’ fees.

That same day, on June 25, 2021, plaintiff Harshdeep Jawandha filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company, Dr. Kawas, the Company’s Chief Financial Officer, certain members of the Company’s board of directors at the time of the Company’s IPO, as well as the IPO underwriters, captioned Jawandha v. Athira Pharma, Inc., et al., No. 2:21-cv-00862. The Jawandha complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933, alleging that that the Company’s IPO registration statement was materially false and misleading because it omitted to state that certain of Dr. Kawas’s published doctoral research papers at WSU contained allegedly improperly altered images, that the research was allegedly foundational to the Company’s efforts to develop treatments for Alzheimer’s disease, and that the defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading. The plaintiff seeks unspecified compensatory damages, and reasonable costs and expenses, including attorneys’ fees.

Also on June 25, 2021, plaintiffs Timothy Slyne and Tai Slyne filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company, Dr. Kawas, the Company’s Chief Financial Officer, and the same members of the Company’s board of directors and underwriters as in the Jawandha complaint, captioned Slyne v. Athira Pharma, Inc. et al., No. 2:21-cv-00864. The Slyne complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933, alleging that purported issues with Dr. Kawas’s doctoral research at WSU should have been disclosed in the Company’s IPO registration statement. The Slyne plaintiffs seek unspecified compensatory damages, reasonable costs and expenses, including attorneys’ fees, and injunctive and other equitable relief.

On August 9, 2021, the district court judge presiding over Wang v. Athira Pharma, Inc., et al., No. 2:21-cv-00861, issued an order consolidating the three cases under that case number. On October 5, 2021, the district court issued an order appointing lead plaintiffs and approved their selection of lead and liaison counsel.

On January 7, 2022, lead plaintiffs filed a consolidated amended complaint, which asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 and Sections 11, 12, and 15 of the Securities Act of 1933. The consolidated amended complaint is brought against the Company, Dr. Kawas, the Company’s chief financial officer, certain members of the Company's board of directors at the time of the Company's IPO and secondary public offering (SPO), and the IPO and SPO underwriters. As with the previous complaints, it is based on allegations that the IPO and SPO registration statements and/or other public statements were materially false and misleading because they omitted to state that certain of Dr. Kawas’s published doctoral research papers at WSU contained allegedly improperly altered images. Lead plaintiffs seek unspecified compensatory damages, as well as equitable and injunctive relief on behalf of themselves and the purported class. On March 8, 2022, the defendants filed a motion to dismiss lead plaintiffs’ consolidated amended complaint for failure to state a claim under the federal securities laws. Lead plaintiffs filed an opposition to the defendants’ motion to dismiss on May 6, 2022. The defendants’ reply in support of their motion to dismiss is due to be filed on June 6, 2022.

Shareholder Derivative Actions

On April 14, 2022, a shareholder derivative action was filed by plaintiff Stephen Bushansky in the U.S. District Court for the Western District of Washington against certain current and former members of the Company’s board of directors, titled Bushansky v. Kawas et al., No. 2:22-cv-497. Plaintiff purports to bring the action derivatively on behalf of the Company, which is a nominal defendant to the action. The derivative complaint alleges that the Company’s board of directors breached its fiduciary duties by failing to prevent alleged misstatements in the Company’s public filings, failing to discover altered images in certain research papers, and failing to take appropriate action. The derivative complaint asserts claims for violations of Section 14(a) of the Exchange Act as well as claims for breach of fiduciary duty, contribution and indemnification, aiding and abetting, and waste of corporate assets. The derivative complaint seeks unspecified damages, disgorgement of profits, benefits, and other compensation received by the individual defendants, restitution, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees.

On May 6, 2022, a second shareholder derivative action was filed by plaintiff Thomas Houlihan in the U.S. District Court for the Western District of Washington against certain current and former directors and officers of the Company, titled Houlihan v. Kawas et al., No. 2:22-cv-620. Plaintiff purports to bring the action derivatively on behalf of the Company, which is a nominal defendant to the action. The derivative complaint alleges that certain of the Company’s current and former directors and officers breached their fiduciary duties by failing to prevent alleged misstatements in the Company’s public filings and failing to take appropriate action regarding altered images in certain research papers. The derivative complaint asserts claims for violations of Section 14(a) of the Exchange Act as well as claims for breach of fiduciary duties, contribution, and indemnification. The derivative complaint seeks unspecified damages, unspecified corporate governance reforms, restitution, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees.

The Company cannot predict the outcome of these suits, and failure by the Company to obtain a favorable resolution of these suits could have a material adverse effect on its business, results of operations and financial condition. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated and as such the Company has not recorded a liability as of March 31, 2022.

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 6.3 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. As of March 31, 2022, 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, 2022
Remaining 2022	$	340
2023		466
2024		480
2025		494
Thereafter		856
Total undiscounted lease payments		2,636
Present value adjustment for minimum lease commitments		(505	)
Tenant improvement allowance receivable		(280	)
Net lease liability	$	1,851

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


	March 31, 2022
Weighted average remaining lease term (years)		5.9
Weighted average discount rate		8.1	%

Operating lease expense was $89,000 and $61,000 for the three months ended March 31, 2022 and 2021, respectively. Variable lease expense was $44,000 and $20,000 for operating leases during the three months ended March 31, 2022 and 2021, respectively.

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, 2022	Mar. 31, 2021
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	3,788,149	2,518,534
Non-vested Restricted Stock Awards
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
Non-vested Restricted Stock Units
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	359,750	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	3,425,444	2,509,811
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	2,955	2,943

Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

10. Stock-based Compensation

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


	Three Months Ended March 31,
	2022		2021
Research and development	$	785	$	260
General and administrative		1,946		714
Total stock-based compensation expense	$	2,731	$	974

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—Prior to the closing of the Company’s initial public offering, the grant date fair market value of the shares of common stock underlying stock options had 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. For valuations of grants made after the closing of the Company’s initial public offering, the fair value of each share of common stock is based on the closing price of the Company’s common stock on the date of grant, or other relevant determination date, as reported on The Nasdaq Global Select Market.

•

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,
	2022			2021
Risk-free interest rate		1.73	%		0.79	%
Expected volatility		92.65	%		89.13	%
Expected term (in years)		6.01			6.17
Expected dividend yield		—			—

The grant date fair value of restricted stock units is based upon the fair market value of the Company’s common stock based on its closing price as reported on the date of grant on the Nasdaq Global Select Market.

The fair value of options granted during the three months ended March 31, 2022 and 2021 was $11.9 million and $9.3 million, respectively. The fair value of restricted stock units granted during the three months ended March 31, 2022 and 2021 was $129,000 and $67,000, respectively.

Stock Option Activity

Changes in shares available for grant under the 2020 Plan during the three months ended March 31, 2022 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2021		4,442,315
2020 Plan reserve increase on January 1, 2022		1,868,953
Options and restricted stock units granted		(1,522,614	)
Options and restricted stock units forfeited, cancelled, or expired		124,835
Shares available for grant at March 31, 2022		4,913,489

A summary of stock option activity under the 2020 Plan for the three months ended March 31, 2022 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, 2021		2,270,896		$	12.76	7.22		$	8,306
Granted		1,510,364			10.44
Exercised		(244,981	)		0.86
Forfeited/expired		(110,835	)		17.12
Balance at March 31, 2022		3,425,444		$	12.44		8.88	$	10,137
Expected to vest		2,721,431		$	13.05		9.33	$	6,035
Options exercisable		704,013		$	10.11		7.14	$	4,102

The total fair value of options granted that vested during the three months ended March 31, 2022 and 2021 was $1.9 million and $133,000, respectively.

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, 2022. The aggregate intrinsic value of options exercised was $2.7 million and $1.1 million during the three months ended March 31, 2022 and 2021, respectively, determined as of the date of option exercise. As of March 31, 2022, there was $20.2 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 3.27 years. The Company utilizes newly issued shares to satisfy option exercises.

Stock options outstanding and exercisable under the 2020 Plan consisted of the following at March 31, 2022:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 1.35		439,813		312,133
9.91 to 19.94		2,602,710		288,677
20.55 to 29.41		382,921		103,203
Total		3,425,444		704,013

Restricted Stock Unit Activity

A summary of RSU activity for the three months ended March 31, 2022 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2021		361,500		$	15.32
Granted		12,250			10.54
Cancelled		(14,000	)		15.34
Vested		—			—
Non-vested at March 31, 2022		359,750		$	15.15

The RSUs will vest upon achievement of certain clinical development milestones, subject to continued service to the Company during the vesting period. As of March 31, 2022, there was $3.6 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 1.26 years.

Accrued Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Research and development expenses	$	4,938	$	5,723
Employee compensation and benefits		1,229		1,907
Professional services and other		1,576		807
Total accrued liabilities	$	7,743	$	8,437

Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested at December 31, 2021 \| shares	361,500
Share Equivalent, Granted \| shares	12,250
Share Equivalent, Cancelled \| shares	(14,000)
Non-vested at March 31, 2022 \| shares	359,750
Weighted-Average Grant Date Fair Value, Non-vested, Beginning Balance \| $ / shares	$ 15.32
Weighted-Average Grant Date Fair Value, Non-vested, Granted \| $ / shares	10.54
Weighted-Average Grant Date Fair Value, Non-vested, Cancelled \| $ / shares	15.34
Weighted-Average Grant Date Fair Value, Non-vested, Ending Balance \| $ / shares	$ 15.15

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, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.73%	0.79%
Expected volatility	92.65%	89.13%
Expected term (in years)	6 years 3 days	6 years 2 months 1 day
Expected dividend yield	0.00%

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [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, 2022
Remaining 2022	$	340
2023		466
2024		480
2025		494
Thereafter		856
Total undiscounted lease payments		2,636
Present value adjustment for minimum lease commitments		(505	)
Tenant improvement allowance receivable		(280	)
Net lease liability	$	1,851

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, 2022
Weighted average remaining lease term (years)		5.9
Weighted average discount rate		8.1	%

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The table below reconciles the balances of cash and cash equivalents and restricted cash reported on the condensed consolidated balance sheets to the balances of cash, cash equivalents and restricted cash reported on the condensed consolidated statements of cash flows.


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	117,811	$	110,537
Restricted cash		210		—
Cash, cash equivalents and restricted cash	$	118,021	$	110,537

Significant Accounting Policies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 31, 2022 USD ($) Segment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grant income		$ 2,234	$ 1,831
Unbilled grant receivable		$ 2,234		$ 2,336
Number of operating segments \| Segment		1
National Institutes of Health Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grants received		$ 2,300
Grant income		2,200	$ 1,800
Unbilled grant receivable		$ 2,200		$ 2,300
National Institute on Aging of the National Institutes of Health
Basis Of Presentation And Significant Accounting Policies [Line Items]
Research grant awarded	$ 15,200
Grants received	7,800
Remaining grant to be received	$ 7,400

Common Stock - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	9,693,684	7,695,922
Shares Issuable Upon the Exercise of Outstanding Common Stock Options and the Vesting of Outstanding Common Restricted Stock Units Granted
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	3,785,194	2,632,396
Shares available for Future Grant under 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	4,913,489	4,442,315
Shares available for Future Grant under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	995,001	621,211

Fair Value

3 Months Ended

Mar. 31, 2022

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 (in thousands):


	March 31, 2022
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	71	$	—	$	—		$	71
Commercial paper	2		107,004		5		(6	)		107,003
Total cash equivalents		$	107,075	$	5	$	(6	)	$	107,074
Short-term investments:
Commercial paper	2		57,069		2		(100	)		56,971
U.S. government debt, municipal bonds, and agency securities	2		82,399		—		(603	)		81,796
Corporate bonds	2		6,979		—		(31	)		6,948
Total short-term investments		$	146,447	$	2	$	(734	)	$	145,715
Long-term investments:
Corporate bonds	2		3,305		—		(70	)		3,235
U.S. government debt and agency securities	2		35,062		—		(653	)		34,409
Total long-term investments		$	38,367	$	—	$	(723	)	$	37,644


	December 31, 2021
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	57	$	—	$	—		$	57
Commercial paper	2		96,120		—		(5	)		96,115
Total cash equivalents		$	96,177	$	—	$	(5	)	$	96,172
Short-term investments:
Commercial paper	2		74,170		—		(35	)		74,135
U.S. government debt, municipal bonds, and agency securities	2		62,149		2		(59	)		62,092
Corporate bonds	2		7,004		—		(9	)		6,995
Total short-term investments		$	143,323	$	2	$	(103	)	$	143,222
Long-term investments:
Corporate bonds	2		3,307		—		(20	)		3,287
U.S. government debt and agency securities	2		62,911		—		(262	)		62,649
Total long-term investments		$	66,218	$	—	$	(282	)	$	65,936

All the commercial paper, U.S. government debt, municipal bonds 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.

- 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

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 14,460	$ 7,445
General and administrative	8,927	3,336
Total operating expenses	23,387	10,781
Loss from operations	(23,387)	(10,781)
Grant income	2,234	1,831
Other income, net	173	84
Net loss	(20,980)	(8,866)
Unrealized loss on available-for-sale securities	(1,068)	(5)
Comprehensive loss attributable to common stockholders	$ (22,048)	$ (8,871)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.56)	$ (0.25)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	37,593,328	35,775,454

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2022			2021
Lab equipment	$	279		$	268
Office furniture, fixtures, and computer equipment		530			325
Leasehold improvement		4,222			2,563
Construction in progress		—			1,124
Property and equipment, at cost		5,031			4,280
Less: accumulated depreciation		(677	)		(523	)
Property and equipment, net	$	4,354		$	3,757

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 5,031	$ 4,280
Less: accumulated depreciation	(677)	(523)
Property and equipment, net	4,354	3,757
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	279	268
Office Furniture, Fixtures, and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	530	325
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 4,222	2,563
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, at cost		$ 1,124

Significant Agreements - Additional Information (Details) - Washington State University License Agreement - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Dec. 31, 2015
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
Licensed Products [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales	$ 0
Phase 2 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments on development milestone achieved		$ 50,000
Phase 3 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments, amount payable			$ 300,000

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Jan. 01, 2021
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	9,693,684		7,695,922
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		1,868,953		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		373,790		324,851

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments And Contingencies [Line Items]
Operating lease expense	$ 89,000	$ 61,000
Variable lease expense	$ 44,000	$ 20,000
Wang V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date	June 25, 2021
Name of plaintiff	Fan Wang and Hang Gao
Jawandha V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date	June 25, 2021
Name of plaintiff	Harshdeep Jawandha
Slyne V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date	June 25, 2021
Name of plaintiff	Timothy Slyne and Tai Slyne
Laboratory and Office Facilities \| Bothell, Washington
Commitments And Contingencies [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
Commitments And Contingencies [Line Items]
Operating lease initial term	6 years 3 months 18 days
Laboratory and Office Facilities \| Bothell, Washington \| Maximum
Commitments And Contingencies [Line Items]
Operating lease initial term	7 years

Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

Fair Value Measurements

Restricted Cash


	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	117,811	$	110,537
Restricted cash		210		—
Cash, cash equivalents and restricted cash	$	118,021	$	110,537

Grant Income

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

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
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 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
Unrealized loss on available-for-sale securities	(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
Beginning balance at Dec. 31, 2021	321,084	$ 4	417,363	(388)	(95,895)
Beginning balance, shares at Dec. 31, 2021		37,379,077
Issuance of common stock upon exercise of common stock options	$ 210		210
Issuance of common stock upon exercise of common stock options, shares	244,981	244,981
Stock-based compensation	$ 2,731		2,731
Unrealized loss on available-for-sale securities	(1,068)			(1,068)
Net loss	(20,980)				(20,980)
Ending balance at Mar. 31, 2022	$ 301,977	$ 4	$ 420,304	$ (1,456)	$ (116,875)
Ending balance, shares at Mar. 31, 2022		37,624,058

Other Income, Net - Schedule of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Interest and other income	$ 175	$ 84
Interest expense	(2)
Total other income, net	$ 173	$ 84

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 117,811	$ 110,537
Restricted cash	210
Cash, cash equivalents and restricted cash	$ 118,021	$ 110,537	$ 127,823	$ 60,625

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, 2022
Description Of Business [Line Items]
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			$ 301.2
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