0001564590-21-055778 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Entity Registrant Name	Lyra Therapeutics, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		13,004,578
Amendment Flag	false
Entity Central Index Key	0001327273
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39273
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1700838
Entity Address, Address Line One	480 Arsenal Way
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	393-4600
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LYRA
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 58,131	$ 74,593
Prepaid expenses and other current assets	2,755	1,324
Total current assets	60,886	75,917
Property and equipment, net	4,706	2,165
Operating lease right-of-use assets	1,596	2,301
Restricted cash	329	329
Other assets	245	118
Total assets	67,762	80,830
Current liabilities:
Accounts payable	2,912	922
Accrued expenses and other current liabilities	3,968	2,977
Operating lease liabilities	1,052	985
Deferred revenue	9,841
Total current liabilities	17,773	4,884
Operating lease liabilities, net of current portion	656	1,454
Deferred revenue, net of current portion	2,145
Total liabilities	20,574	6,338
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value; 200,000,000 shares authorized at September 30, 2021 and December 31, 2020; 13,004,578 and 12,932,377 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	13	13
Additional paid-in capital	226,955	224,363
Accumulated deficit	(179,780)	(149,884)
Total stockholders’ equity	47,188	74,492
Total liabilities and stockholders’ equity	$ 67,762	$ 80,830

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	13,004,578	12,932,377
Common stock shares outstanding	13,004,578	12,932,377

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Collaboration revenue	$ 14		$ 14
Operating expenses:
Research and development	7,077	$ 3,712	19,352	$ 8,779
General and administrative	4,018	2,651	10,639	6,377
Total operating expenses	11,095	6,363	29,991	15,156
Loss from operations	(11,081)	(6,363)	(29,977)	(15,156)
Other income:
Interest income	26	29	81	50
Total other income	26	29	81	50
Net loss	(11,055)	(6,334)	(29,896)	(15,106)
Comprehensive loss	$ (11,055)	$ (6,334)	$ (29,896)	$ (15,106)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.85)	$ (0.49)	$ (2.30)	$ (2.13)
Weighted-average common shares outstanding—basic and diluted	13,001,514	12,924,682	12,979,837	7,133,967

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ (123,338)	$ 130,666		$ 4,419	$ (127,757)
Balance, Shares at Dec. 31, 2019		209,119,674	230,860
Issuance of Series C redeemable convertible preferred stock, net of issuance costs		$ 29,446
Issuance of Series C redeemable convertible preferred stock, net of issuance costs, Shares		78,306,611
Accretion of convertible preferred stock to redemption value	(115)			(115)
Temporary equity, Accretion of convertible preferred stock to redemption value		$ 115
Issuance of common stock warrants in conjunction with sale of Series C redeemable convertible preferred stock	740			740
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering	160,227	$ (160,227)	$ 8	160,219
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering, Shares		(287,426,285)	8,335,248
Issuance of common stock from initial public offering, net of issuance costs	57,284		$ 4	57,280
Issuance of common stock from initial public offering, net of issuance costs, Shares			4,025,000
Vesting of restricted common stock			19,661
Issuance of common stock upon exercise of warrants			$ 1	(1)
Issuance of common stock upon exercise of warrants, Shares			313,794
Exercise of common stock options	1			1
Exercise of common stock options, Shares			254
Stock-based compensation	1,221			1,221
Net loss	(15,106)				(15,106)
Balance at Sep. 30, 2020	80,914		$ 13	223,764	(142,863)
Balance, Shares at Sep. 30, 2020			12,924,817
Balance at Jun. 30, 2020	86,823		$ 13	223,339	(136,529)
Balance, Shares at Jun. 30, 2020			12,924,563
Issuance of common stock from initial public offering, net of issuance costs	(44)			(44)
Exercise of common stock options	1			1
Exercise of common stock options, Shares			254
Stock-based compensation	468			468
Net loss	(6,334)				(6,334)
Balance at Sep. 30, 2020	80,914		$ 13	223,764	(142,863)
Balance, Shares at Sep. 30, 2020			12,924,817
Balance at Dec. 31, 2020	74,492		$ 13	224,363	(149,884)
Balance, Shares at Dec. 31, 2020			12,932,377
Exercise of common stock options	$ 604			604
Exercise of common stock options, Shares	72,201		72,201
Stock-based compensation	$ 1,988			1,988
Net loss	(29,896)				(29,896)
Balance at Sep. 30, 2021	47,188		$ 13	226,955	(179,780)
Balance, Shares at Sep. 30, 2021			13,004,578
Balance at Jun. 30, 2021	57,499		$ 13	226,211	(168,725)
Balance, Shares at Jun. 30, 2021			13,001,105
Exercise of common stock options	11			11
Exercise of common stock options, Shares			3,473
Stock-based compensation	733			733
Net loss	(11,055)				(11,055)
Balance at Sep. 30, 2021	$ 47,188		$ 13	$ 226,955	$ (179,780)
Balance, Shares at Sep. 30, 2021			13,004,578

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Payments of Stock Issuance Costs	$ 241
Common Stock
Payments of Stock Issuance Costs	7,072
Series C Redeemable Convertible Preferred Stock
Temporary equity, issuance costs	$ 201

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (29,896,000)	$ (15,106,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,988,000	1,221,000
Depreciation expense	723,000	54,000
Gain on disposal of assets		(45,000)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,431,000)	(1,689,000)
Operating lease right-of-use assets	705,000	666,000
Accounts payable	1,167,000	141,000
Accrued expenses and other current liabilities	966,000	150,000
Operating lease liabilities	(731,000)	(667,000)
Deferred revenue	11,986,000
Net cash used in operating activities	(14,523,000)	(15,275,000)
Cash flows from investing activities:
Purchases of property and equipment	(2,302,000)	(674,000)
Net cash used in investing activities	(2,302,000)	(674,000)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts		59,892,000
Payment of initial public offering costs		(2,383,000)
Payment of deferred offering expenses	(241,000)
Proceeds from exercise of stock options	604,000	1,000
Net cash provided by financing activities	363,000	87,696,000
Net (decrease) increase in cash and cash equivalents	(16,462,000)	71,747,000
Cash and cash equivalents and restricted cash, beginning of period	74,922,000	10,137,000
Cash and cash equivalents and restricted cash, end of period	58,460,000	81,884,000
Supplemental disclosure of non-cash financing and investing activities:
Property and equipment purchases included in accounts payable	1,049,000	17,000
Conversion of redeemable convertible preferred stock		160,227,000
Accretion of redeemable convertible preferred stock to redemption value		115,000
Right-of-use asset obtained in exchange of operating lease obligations		13,000
Deferred offering costs included in accounts payable and accrued expense	$ 4,000
Series C Preferred Stock
Cash flows from financing activities:
Proceeds from the sale of Series C redeemable convertible preferred stock		30,392,000
Payment of offering costs related to sale of Series C redeemable convertible preferred stock		(206,000)
Supplemental disclosure of non-cash financing and investing activities:
Allocation of Series C redeemable convertible preferred stock to common stock warrant		740,000
Series C redeemable convertible preferred stock stock issuance costs included in accounts payable and accrued expense		$ 1,000

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Lyra Therapeutics, Inc. (the “Company”) is a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat (“ENT”) diseases. The Company’s proprietary technology platform, XTreo, is designed to precisely and consistently deliver medicines directly to the affected tissue for sustained periods with a single administration. The Company’s initial product candidates, LYR-210 and LYR-220, are bioresorbable polymeric matrices designed to be administered in a brief, non-invasive, in-office procedure and intended to deliver up to six months of continuous drug therapy to the sinonasal passages for the treatment of chronic rhinosinusitis (“CRS”). The Company was incorporated as a Delaware corporation on November 21, 2005 and is located in Watertown, Massachusetts.

The Company is subject to risks common to companies in the therapeutics and pharmaceutical industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, reliance on third party manufacturers, ability to transition from pilot-scale manufacturing to large-scale production of products and the need to obtain adequate additional financing to fund the development of its product candidates.

Prior to our initial public offering (“IPO”), the Company has funded its operations with proceeds from sales of redeemable convertible preferred stock and funding from government contracts. The Company has incurred recurring net losses since inception and had net losses of approximately $29.9 million and $15.1 million for the nine months ended September 30, 2021 and 2020, respectively. In addition, the Company has an accumulated deficit of approximately $179.8 million at September 30, 2021. The Company expects to continue to generate operating losses for the foreseeable future. At September 30, 2021, the Company had approximately $58.1 million of cash and cash equivalents.

On May 5, 2020, the Company completed its IPO, in which the Company issued and sold 4,025,000 shares of its common stock, including 525,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate gross proceeds of $64.4 million. The Company received approximately $57.3 million in net proceeds after deducting underwriting discounts and offering expenses paid by the Company.

The Company believes that its cash and cash equivalents as of September 30, 2021 will be sufficient to fund the Company’s operating plan for a period of at least one year from the issuance date of the condensed consolidated financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity or debt financings, collaboration agreements, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to obtain funding as and when needed would have a negative impact on the Company’s financial condition and ability to pursue its business strategies. If the Company is unable to obtain funding when needed, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Upon the completion of the IPO of its common stock in May 2020, all outstanding redeemable convertible preferred stock of the Company converted into shares of common stock and all outstanding warrants to purchase common stock were automatically cashless exercised.

COVID-19 Pandemic and CARES Act

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus subsequently spread globally beyond its point of origin. On March 11, 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies, including by causing disruptions in the supply of the Company’s product candidates and the conduct of current and future clinical trials. In addition, the COVID-19 pandemic may affect the operations of the Food and Drug Administration and other health authorities, which could result in delays of reviews and approvals, including with respect to the Company’s product candidates. In light of developments relating to the COVID-19 pandemic, the Company discontinued enrollment at 67 patients in its Phase 2 LANTERN clinical trial and did not enroll patients in the United States. Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change, including the length of time needed to vaccinate a significant segment of the global population and effectiveness of the vaccines with respect to the new variants of the virus. The Company does not yet know the full extent of potential delays or impacts on its business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The Company deferred the employer side social security payments of which 50% are due on December 31, 2021 and the remainder on December 31, 2022. The CARES Act also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law in order to provide further stimulus and support to those affected by the COVID-19 pandemic. The Company has not and does not plan on obtaining funding from such loans. The Company does not believe the CARES Act or the Consolidated Appropriations Act, 2021 will have a material impact on its financial condition, results of operations, or liquidity.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

The condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2021 and the results of its operations and its cash flows for the three and nine months ended September 30, 2021 and 2020. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. These condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2021.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2021. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of revenue recognition, operating lease right-of-use assets, operating lease liabilities, accrued expenses, fair value of common stock, valuation of share-based awards, warrants to purchase common stock and deferred income taxes. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.

The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies to estimate the fair value of its common stock. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.

Restricted Cash

The Company had restricted cash of approximately $0.3 million as of September 30, 2021 and December 31, 2020, which was held in certificates of deposit at the Company’s financial institution to secure the Company’s letter of credit for its facility lease.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains all its cash and cash equivalents at a single accredited financial institution, in amounts that exceed federally insured limits.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Revenue Recognition

Under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good or service relative to the option exercise price. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct.

The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the SSP for performance obligations by evaluating whether changes in the key assumptions used to determine the SSP will have a significant effect on the allocation of arrangement consideration between multiple performance obligations.

If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed its revenue generating arrangement in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist.

The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time, and if over time recognition is based on the use of an output or input method.

Collaborative arrangement revenue

On May 31, 2021, the Company entered into a License and Collaboration Agreement (“LianBio License Agreement”) with LianBio Inflammatory Limited (“LianBio”) to develop and commercialize LYR-210 in Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore and Thailand. See Note 10 for further discussion of the arrangement.

Net Loss per Share

The Company has reported losses since inception and has computed basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, warrants to purchase common stock and redeemable convertible preferred stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same.

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,106	)
Accretion of redeemable convertible preferred stock		—			—			—			(115	)
Net loss attributable to common stockholders	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,221	)
Denominator:
Weighted-average common shares—basic and diluted		13,001,514			12,924,682			12,979,837			7,133,967
Net loss per share attributable to common stockholders—basic and diluted	$	(0.85	)	$	(0.49	)	$	(2.30	)	$	(2.13	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares retroactively adjusted):

	Nine Months Ended September 30,
	2021		2020
Stock options		1,850,313		1,375,307
Total		1,850,313		1,375,307

Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date.

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 606, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and creates a new topic, ASC 606. In 2015 and 2016, the FASB issued additional ASUs related to ASC 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identification performance obligations and licensing, and other improvements and practical expedients. The Company adopted ASU 606 on January 1, 2021. The Company had no revenue prior to the LianBio License Agreement, therefore the adoption of ASC 606 had no impact on the Company’s consolidated financial position, results of operations or cash flows.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”), which makes a number of changes meant to add or clarify guidance on accounting for income taxes. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company did not have financial assets and liabilities measured at fair value at September 30, 2021 and December 31, 2020.

There have been no changes to the valuation methods used during the three and nine months ended September 30, 2021 and 2020. There were no transfers within the fair value hierarchy during the three and nine months ended September 30, 2021 and 2020.

The carrying values of the Company’s cash and cash equivalents, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

In connection with the Company’s sale of Series C redeemable convertible preferred stock (“Series C Preferred Stock”) in January 2020, the Company issued to investors warrants for the purchase of common stock (“Warrants”). The proceeds from the issuance of the Series C Preferred Stock were allocated between the Series C Preferred Stock and Warrants based on their relative fair values at the time of issuance.

- 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

Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consist of the following at September 30, 2021 and December 31, 2020 (in thousands):

	September 30,			December 31,
	2021			2020
Property and equipment:
Laboratory equipment	$	5,240		$	3,277
Computer software and equipment		675			650
Office furniture and fixtures		301			301
Leasehold improvements		2,091			317
Construction in progress		—			498
	$	8,307		$	5,043
Accumulated depreciation		(3,601	)		(2,878	)
Property and equipment, net	$	4,706		$	2,165

The Company recognized approximately $0.4 million and $33,000 of depreciation expense for the three months ended September 30, 2021 and 2020, respectively, and $0.7 million and $54,000 of depreciation expense for the nine months ended September 30, 2021 and 2020, respectively.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	September 30,		December 31,
	2021		2020
Payroll and employee related expenses	$	2,244	$	1,892
Third-party research and development expenses		763		381
Professional and consulting fees		831		555
Other		130		149
Total accrued expenses and other current liabilities	$	3,968	$	2,977

Preferred and Common Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Preferred and Common Stock

6. Preferred and Common Stock

On May 5, 2020, the Company filed a restated certificate of incorporation which authorizes its Board of Directors to issue up to 200,000,000 shares of common stock, par value $0.001 per share and 10,000,000 shares of undesignated preferred stock, par value $0.001 per share.

The holders of common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors.

The Company’s Board of Directors approved a one-for-34.483 reverse stock split of its issued and outstanding common stock and stock options and a proportional adjustment to the existing conversion ratios for the Company’s redeemable convertible preferred stock pursuant to an amendment to the Company’s amended and restated certificate of incorporation effective as of April 27, 2020. Accordingly, all common stock shares, per share amounts, and additional paid in capital amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split.

In May 2020, the Company completed its IPO in which the Company issued and sold 4,025,000 shares of its common stock, including 525,000 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate gross proceeds of $64.4 million. The Company received approximately $57.3 million in net proceeds after deducting underwriting discounts and offering expenses paid by the Company. In connection with this financing, all outstanding shares of redeemable convertible preferred stock converted into 8,335,248 shares of the Company’s common stock, all outstanding Warrants were automatically cashless exercised resulting in the issuance of 313,794 shares of the Company’s stock and the issuance to one of our directors, in lieu of compensation payable by the Company under a consulting agreement, of 19,661 fully vested shares of the Company’s common stock.

The Company currently has an effective shelf registration statement on Form S-3 (No. 333-256020) filed with the SEC on May 11, 2021 (“Form S-3”), under which it may offer from time to time in one or more offerings any combination of common and preferred stock, debt securities, warrants and units of up to $250.0 million in the aggregate. As of September 30, 2021, the Company has not sold any securities under the Form S-3.

On May 11, 2021, the Company entered into an Open Market Sales Agreement (“2021 ATM Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of its common stock, from time to time, with aggregate gross sales proceeds of up to $50.0 million, through an at-the-market equity offering program under which Jefferies will act as the Company’s sales agent. As of September 30, 2021, the Company has received no proceeds from the sale of shares of common stock pursuant to the 2021 ATM Agreement.

The Company has reserved for future issuances the following shares of common stock as of September 30, 2021:

	As of September 30, 2021
Stock options		3,333,747
Employee stock purchase plan		214,661
Total		3,548,408

Warrants

In conjunction with the issuance of the Series C Preferred Stock, the Company issued Warrants to purchase 681,256 shares of common stock at an exercise price of $8.63 per share.

The Company classified the Warrants as equity in the condensed consolidated balance sheets in accordance with the guidance in ASC 815, Derivatives and Hedging. The Company allocated the net proceeds from the issuance of the Series C Preferred Stock based on the relative fair values of the Series C Preferred Stock and Warrants, which resulted in approximately $0.7 million of the net proceeds being allocated to the Warrants.

Upon the completion of the IPO of its common stock in May 2020, all outstanding Warrants were automatically cashless exercised resulting in the issuance of 313,794 shares of the Company’s common stock.

- 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

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+ Details

Stock-Based Compensation Expense

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Expense

7. Stock-Based Compensation Expense

The Company adopted the 2016 Equity Incentive Plan (“2016 Plan”) in February 2016 and amended it in June 2017 and June 2018. Upon adoption of the 2016 Plan, no further grants were made under the 2005 Equity Incentive Plan (“2005 Plan”).

In April 2020, the Company’s Board of Directors adopted the Company’s 2020 Incentive Award Plan (“2020 Plan”, and together with the 2016 Plan and 2005 Plan, the “Plans”), and upon effectiveness of the 2020 Plan, the Company ceased granting equity-based awards under the 2016 Plan. The 2020 Plan provides for grant of incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, performance awards and other share and cash-based awards to employees and consultants and members of the Board of Directors of the Company and its subsidiaries.

The initial number of shares of the Company’s common stock that may be issued under the 2020 Plan is 2,100,000 shares plus the number of shares of the Company’s common stock underlying outstanding awards under the 2005 Plan and 2016 Plan as of the effective date of the 2020 Plan that expire, lapse or are terminated, exchanged for cash, surrendered, repurchased, canceled or forfeited following the effective date of the 2020 Plan. The number of shares available under the 2020 Plan will automatically increase on January 1st of each year from 2021 to 2030 by the lesser of (i) 4% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares determined by the Company’s Board of Directors. However, no more than 8,800,000 shares may be issued under the 2020 Plan pursuant to the exercise of incentive stock options. On January 1, 2021, the shares available for grant under the 2020 Plan was automatically increased by 517,295. As of September 30, 2021, the Company had 1,483,434 shares available for issuance under the 2020 Plan.

All stock option grants are nonqualified stock options except option grants to employees and officers intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Stock options may not be granted at less than the fair market value of the Company’s common stock on the date of grant. Vesting periods of awards are determined by the Board of Directors or its compensation committee. Vesting periods of awards granted to date range from vesting upon grant to vesting over a four-year period. Vesting conditions are generally based on continued service. Additionally, the Company has granted certain awards which vest upon the achievement of certain financing and revenue milestones. Stock options granted under the Plans expire no more than 10 years from the date of grant.

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	165	$	73	$	453	$	128
General and administrative		568		395		1,535		1,093
Total	$	733	$	468	$	1,988	$	1,221

The Company did not record any stock-based compensation associated with milestone-based awards in the three and nine months ended September 30, 2021 and 2020.

The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Risk-free interest rate		0.9	%		0.3	%		0.7	%		0.6	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected term (in years)		6.1			6.1			6.0			6.0
Expected volatility		84.2	%		82.8	%		85.0	%		80.4	%

A summary of the stock option activity under the Plans for the nine months ended September 30, 2021 was as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2020		1,428,886		$	10.41		7.7	$	5,165
Granted		602,600			9.65
Exercised		(72,201	)		8.36
Cancelled		(108,972	)		10.33
Outstanding at September 30, 2021		1,850,313		$	10.24		7.9	$	3,742
Exercisable at September 30, 2021		810,221		$	9.75		6.7	$	2,577
Vested and expected to vest at September 30, 2021		1,850,313		$	10.24		7.9	$	3,742

The weighted-average fair value of options granted to employees, directors and non-employees during the three months ended September 30, 2021 and 2020 was $5.66 and $9.12, respectively, and $6.84 and $9.81 for the nine months ended September 30, 2021 and 2020, respectively.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the three months ended September 30, 2021 and 2020 was approximately $21,000 and $3,000, respectively, and $0.3 million and $3,000 during the nine months ended September 30, 2021 and 2020, respectively.

As of September 30, 2021, total unrecognized stock-based compensation expense relating to unvested stock options was approximately $7.5 million. This amount is expected to be recognized over a weighted-average period of 2.9 years. Additionally, as of September 30, 2021, there was approximately $36,000 of unrecognized stock-based compensation related to a stock option award related to the achievement of a revenue-based milestone. As the Company believes the achievement of the revenue-based milestone is currently not probable, it has not recorded any stock-based compensation related to this award. The Company will continue to assess the probability of achieving the revenue-based milestone at each reporting period.

2020 Employee Stock Purchase Plan

In April 2020, the Company’s Board of Directors adopted the Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”). The 2020 ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. The Company initially reserved 150,000 shares of common stock for issuance under the 2020 ESPP. In addition, the number of shares available for issuance under the 2020 ESPP will be annually increased on January 1st of each year from 2021 to 2030 by the lesser of (i) 0.5% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Company’s Board of Directors, provided that no more than 987,500 shares of common stock may be issued under the 2020 ESPP. On January 1, 2021, the shares available for grant under the 2020 ESPP was automatically increased by 64,661. The 2020 ESPP permits eligible participants to purchase common stock through payroll deductions of up to a specified percentage of their eligible compensation. On the first trading day of each offering period, each participant will automatically be granted an option to purchase shares of the Company’s common stock. The option will expire at the end of the applicable offering period, and will be exercised at that time to the extent of the payroll deductions accumulated during the offering period, subject to the limits set forth in the 2020 ESPP. The purchase price of the shares, in the absence of a contrary designation, will be 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of September 30, 2021, no shares have been issued under the 2020 ESPP.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

During the three and nine months ended September 30, 2021 and 2020, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

9. Leases

In August 2007, the Company entered into an operating lease, as amended, for approximately 22,343 square feet of office and laboratory space in Watertown, Massachusetts. In November 2017, the Company amended its lease (“2017 Amendment”) and extended the lease term through April 2023. Initial base rent under the 2017 Amendment was approximately $1.0 million per year. The 2017 Amendment includes annual rent escalations over the term of the operating lease. The Company maintains a letter of credit of approximately $0.3 million securing its obligations under the operating lease which is secured by approximately $0.3 million of certificate of deposits, which are included as restricted cash in the consolidated balance sheets. Rent expense is recognized on a straight-line basis over the terms of occupancy.

In addition to the lease discussed above, the Company is party to an April 2020 lease for office equipment that expires in June 2024. The equipment lease is accounted for as an operating lease.

Embedded Leases

In April 2021, the Company entered into a clinical supply agreement with a contract manufacturing organization (“CMO”) for clinical production of the Company’s product candidates at an existing facility and a facility under construction. The Company concluded that this clinical supply agreement contains embedded operating leases as the clean rooms in the existing facility and the new facility are designated for the Company’s exclusive use during the term of the agreement and the clinical supply agreement contains fixed commitments and variable costs related to production and material costs in excess of the fixed commitment specified in the agreement. The Company determined that it did not control the new facility during construction and, thus, the lease did not fall in the scope of “build-to-suit” accounting. The term of the clinical supply agreement is five years and will automatically renew for additional successive terms of one year unless either party gives notice of nonrenewal.

The lease period for the existing facility is less than 12 months and the Company has elected to apply the practical expedient in ASC Topic 842, Leases (“ASC 842”), to not recognize a lease liability or right-of-use asset but instead, recognize lease payments as an expense on a straight-line basis over the lease term and variable lease payments that do not depend on an index or rate, as an expense in the period in which the variable lease costs are incurred based on performance or usage in accordance with the clinical supply agreement.

At the inception of the new facility lease, the Company determined the fixed commitment specified in the purchase order issued under the clinical supply agreement was not material and did not recognize a lease liability and right-of-use asset. The lease costs under this purchase order will be recognized as expense in the period in which the lease costs are incurred based on performance or usage in accordance with the purchase order. In the future, the Company will purchase product in batches from the CMO in quantities to be set forth on purchase orders submitted to the CMO, within a certain time period, prior to the requested date of delivery. The quantities of product ordered on each purchase order are binding obligations to purchase from the CMO and considered fixed commitments and the Company will recognize the appropriate lease liability and right-of-use asset at that time.

The components of lease cost recorded in the Company’s condensed consolidated financial statements were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease Cost:
Operating lease cost	$	264	$	264	$	792	$	791
Variable lease cost		857		178		2,219		548
Total lease cost	$	1,121	$	442	$	3,011	$	1,339

Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building and variable lease costs associated with the Company’s CMO embedded lease arrangement. During the three and nine months ended September 30, 2021, the Company recorded as research and development expense approximately$0.7 million and $1.7 million of operating lease costs related to the CMO embedded lease, respectively.

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:

	As of September 30, 2021
Weighted-average remaining lease term (in years)		1.6
Weighted-average discount rate		5.5	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of September 30, 2021 were as follows (in thousands):

Year ending December 31,
Remainder of 2021	$	277
2022		1,127
2023		382
2024		2
Total maturities		1,788
Less: Amount representing interest		(80	)
Present value of operating lease liability		1,708
Less: Current portion of operating lease liability		(1,052	)
Total operating lease liability, net of current portion	$	656

Collaboration Agreement

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreement

10. Collaboration Agreement

On May 31, 2021, the Company entered into the LianBio License Agreement to develop and commercialize LYR-210 in Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore and Thailand. Under the terms of the LianBio License Agreement, the Company received an upfront payment of $12.0 million and is eligible to receive up to $135.0 million in future payments based upon the achievement of specified development, regulatory and commercialization milestones. Upon commercialization on a region-by-region basis, the Company will be entitled to receive low double-digit royalties based on net sales of LYR-210 in the licensed territories. LianBio will be responsible for the clinical development and commercialization of LYR-210 in the licensed territories, and the Company will retain all rights to LYR-210 in all other geographies. As part of the LianBio License Agreement, LianBio will also have the first right to obtain development and commercial rights in the licensed territories to the Company’s LYR-220 product candidate.

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), which includes determining whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities, or ASC 606. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, generally by analogy to ASC 606.

The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, LianBio, is a customer. At the commencement of the arrangement, the Company identified the following material promises: (1) license to develop and commercialize LYR-210, (2) manufacturing activities related to the clinical supply of LYR-210, (3) a non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure, and (4) the Company’s performance of the development activities related to the global Phase 3 clinical trial. The Company determined that the license to develop and commercialize LYR-210, the manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure represent a single performance obligation because of the specialized nature of the LYR-210 manufacturing process whereby the license cannot be separated from the manufacturing activities related to the supply of LYR-210 and the right to manufacture LYR-210 is only available if there is a supply failure. For the purposes of ASC 606, the Company determined there were two distinct performance obligations: (1) the license to develop and commercialize LYR-210, manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure, and (2) the Company’s performance of the development activities related to the global Phase 3 clinical trial.

Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement.

Additionally, the Company determined that LianBio’s right of first refusal to obtain development and commercial rights in the licensed territories to LYR-220 is an option as any agreement would be negotiated at arm’s length and as a result does not provide a material right to LianBio and as such, is not considered a performance obligation.

The Company will recognize the revenue associated with the license to develop and commercialize LYR-210, manufacturing activities related to the clinical supply of LYR-210, and the non-exclusive license to manufacture LYR-210 and obligation to transfer manufacturing technology in the case of a supply failure combined performance obligation as the clinical supply of LYR-210 is delivered. The Company recognizes revenue associated with the development activities related to the global Phase 3 clinical trial performance obligation as the development activities are performed using an input method, according to the costs incurred as to the development activities related to the global Phase 3 clinical trial and the costs expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheet and will be recognized as the clinical supply of LYR-210 is delivered and over the remaining time it takes to conduct the global Phase 3 clinical trial, respectively. As of September 30, 2021, the Company had deferred revenue of approximately $8.3 million related to the combined performance obligation and approximately $3.7 million related to the performance of the development activities related to the global Phase 3 clinical trial.

During the three and nine months ended September 30, 2021 the Company recognized an immaterial amount of collaboration revenue associated with the performance obligations.

Development and regulatory milestone fees, which are a type of variable consideration, are recognized as revenue to the extent that it is probable that a significant reversal will not occur. The Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

Entities affiliated with Perceptive Advisors, LLC are shareholders of both the Company and LianBio. Additionally, one of the Company’s directors is a Managing Director at Perceptive Advisors, LLC and also the Executive Chairman of LianBio’s board of directors.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

COVID-19 Pandemic and CARES Act

Basis of Presentation

Use of Estimates

Restricted Cash

Concentrations of Credit Risk and Off-Balance Sheet Risk

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Revenue Recognition

Collaborative arrangement revenue

Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,106	)
Accretion of redeemable convertible preferred stock		—			—			—			(115	)
Net loss attributable to common stockholders	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,221	)
Denominator:
Weighted-average common shares—basic and diluted		13,001,514			12,924,682			12,979,837			7,133,967
Net loss per share attributable to common stockholders—basic and diluted	$	(0.85	)	$	(0.49	)	$	(2.30	)	$	(2.13	)

	Nine Months Ended September 30,
	2021		2020
Stock options		1,850,313		1,375,307
Total		1,850,313		1,375,307

Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,106	)
Accretion of redeemable convertible preferred stock		—			—			—			(115	)
Net loss attributable to common stockholders	$	(11,055	)	$	(6,334	)	$	(29,896	)	$	(15,221	)
Denominator:
Weighted-average common shares—basic and diluted		13,001,514			12,924,682			12,979,837			7,133,967
Net loss per share attributable to common stockholders—basic and diluted	$	(0.85	)	$	(0.49	)	$	(2.30	)	$	(2.13	)

Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share

	Nine Months Ended September 30,
	2021		2020
Stock options		1,850,313		1,375,307
Total		1,850,313		1,375,307

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following at September 30, 2021 and December 31, 2020 (in thousands):

	September 30,			December 31,
	2021			2020
Property and equipment:
Laboratory equipment	$	5,240		$	3,277
Computer software and equipment		675			650
Office furniture and fixtures		301			301
Leasehold improvements		2,091			317
Construction in progress		—			498
	$	8,307		$	5,043
Accumulated depreciation		(3,601	)		(2,878	)
Property and equipment, net	$	4,706		$	2,165

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	September 30,		December 31,
	2021		2020
Payroll and employee related expenses	$	2,244	$	1,892
Third-party research and development expenses		763		381
Professional and consulting fees		831		555
Other		130		149
Total accrued expenses and other current liabilities	$	3,968	$	2,977

Preferred and Common Stock (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuances

The Company has reserved for future issuances the following shares of common stock as of September 30, 2021:

	As of September 30, 2021
Stock options		3,333,747
Employee stock purchase plan		214,661
Total		3,548,408

Stock-Based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	165	$	73	$	453	$	128
General and administrative		568		395		1,535		1,093
Total	$	733	$	468	$	1,988	$	1,221

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Risk-free interest rate		0.9	%		0.3	%		0.7	%		0.6	%
Expected dividend yield		—	%		—	%		—	%		—	%
Expected term (in years)		6.1			6.1			6.0			6.0
Expected volatility		84.2	%		82.8	%		85.0	%		80.4	%

Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the nine months ended September 30, 2021 was as follows:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2020		1,428,886		$	10.41		7.7	$	5,165
Granted		602,600			9.65
Exercised		(72,201	)		8.36
Cancelled		(108,972	)		10.33
Outstanding at September 30, 2021		1,850,313		$	10.24		7.9	$	3,742
Exercisable at September 30, 2021		810,221		$	9.75		6.7	$	2,577
Vested and expected to vest at September 30, 2021		1,850,313		$	10.24		7.9	$	3,742

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Components of Lease Cost

The components of lease cost recorded in the Company’s condensed consolidated financial statements were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease Cost:
Operating lease cost	$	264	$	264	$	792	$	791
Variable lease cost		857		178		2,219		548
Total lease cost	$	1,121	$	442	$	3,011	$	1,339

Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:

	As of September 30, 2021
Weighted-average remaining lease term (in years)		1.6
Weighted-average discount rate		5.5	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of September 30, 2021 were as follows (in thousands):

Year ending December 31,
Remainder of 2021	$	277
2022		1,127
2023		382
2024		2
Total maturities		1,788
Less: Amount representing interest		(80	)
Present value of operating lease liability		1,708
Less: Current portion of operating lease liability		(1,052	)
Total operating lease liability, net of current portion	$	656

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	May 05, 2020 USD ($) $ / shares shares	Mar. 11, 2020 Patient	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020 USD ($)
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation					Nov. 21, 2005
Net losses			$ 11,055	$ 6,334	$ 29,896	$ 15,106
Accumulated deficit			(179,780)		(179,780)				$ (149,884)
Cash and cash equivalents			$ 58,131		$ 58,131				$ 74,593
Net proceeds from initial public offering						$ 59,892
Number of patients \| Patient		67
Employer side social security payments due, percentage							50.00%	50.00%
Common Stock
Organization And Basis Of Presentation [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares						4,025,000
Gross proceeds from initial public offering	$ 64,400
Net proceeds from initial public offering	$ 57,300
IPO \| Common Stock
Organization And Basis Of Presentation [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares	4,025,000
Shares issued and sold, public offering price \| $ / shares	$ 16.00
Exercise of Underwriters' Option \| Common Stock
Organization And Basis Of Presentation [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares \| shares	525,000

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted cash	$ 0.3	$ 0.3

Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (11,055)	$ (6,334)	$ (29,896)	$ (15,106)
Accretion of redeemable convertible preferred stock				(115)
Net loss attributable to common stockholders	$ (11,055)	$ (6,334)	$ (29,896)	$ (15,221)
Denominator:
Weighted-average common shares outstanding—basic and diluted	13,001,514	12,924,682	12,979,837	7,133,967
Net loss per share attributable to common stockholders—basic and diluted	$ (0.85)	$ (0.49)	$ (2.30)	$ (2.13)

- Definition

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

+ References

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+ Details

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	1,850,313	1,375,307
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	1,850,313	1,375,307

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial assets, fair value	$ 0	$ 0
Financial liabilities, fair value	$ 0	$ 0
Alternative investment, change in valuation technique	false		false

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,307	$ 5,043
Accumulated depreciation	(3,601)	(2,878)
Property and equipment, net	4,706	2,165
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,240	3,277
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	675	650
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	301	301
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,091	317
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross		$ 498

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 400,000	$ 33,000	$ 723,000	$ 54,000

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and employee related expenses	$ 2,244	$ 1,892
Third-party research and development expenses	763	381
Professional and consulting fees	831	555
Other	130	149
Total accrued expenses and other current liabilities	$ 3,968	$ 2,977

Preferred and Common Stock - Additional Information (Details)			9 Months Ended
	May 11, 2021 USD ($)	May 05, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) Vote $ / shares shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2020 $ / shares shares	May 31, 2020 shares
Class Of Stock [Line Items]
Common stock shares authorized		200,000,000	200,000,000		200,000,000
Common stock par value \| $ / shares		$ 0.001	$ 0.001		$ 0.001
Preferred Stock, Shares Authorized		10,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.001
Common stock, voting rights			The holders of common stock are entitled to one vote for each share held.
Number of common stock voting rights \| Vote			1
Reverse stock split of issued and outstanding common stock			one-for-34.483
Net proceeds from initial public offering \| $				$ 59,892,000
Stock and warrants to be issued during period value preferred stock and warrants \| $	$ 250,000,000.0
Common stock shares issued			13,004,578		12,932,377
2021 ATM Agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock \| $	$ 50,000.0		$ 0
IPO
Class Of Stock [Line Items]
Common stock shares issued						313,794
Common Stock
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares				4,025,000
Gross proceeds from initial public offering \| $		$ 64,400,000
Net proceeds from initial public offering \| $		$ 57,300,000
Preferred stock converted into common stock		8,335,248
Number of warrants issued to purchase common stock		313,794	681,256
Warrants exercise price, per share \| $ / shares			$ 8.63
Common Stock \| Director
Class Of Stock [Line Items]
Vested share of common stock		19,661
Common Stock \| IPO
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares		4,025,000
Shares issued and sold, public offering price \| $ / shares		$ 16.00
Common Stock \| Exercise of Underwriters' Option
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares		525,000
Warrants \| Series C Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Net proceeds from issuance of preferred stock allocated to warrants \| $			$ 700,000

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Sep. 30, 2021 shares
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	3,548,408
Stock Options
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	3,333,747
Employee stock purchase plan
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	214,661

Stock-Based Compensation Expense - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Jan. 31, 2021	Apr. 30, 2020	Feb. 29, 2016	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted						602,600
Shares of common stock reserved for future issuances				3,548,408		3,548,408
Stock-based compensation				$ 733,000	$ 468,000	$ 1,988,000	$ 1,221,000
Weighted-average fair value of options granted to employees, directors and consultants				$ 5.66	$ 9.12	$ 6.84	$ 9.81
Aggregate intrinsic value of stock options exercised				$ 21,000	$ 3,000	$ 300,000	$ 3,000
Unrecognized stock-based compensation expense relating to unvested stock options				7,500,000		$ 7,500,000
Unvested stock options expected to be recognized over a weighted-average period						2 years 10 months 24 days
Milestone-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation				0	$ 0	$ 0	$ 0
Revenue-based Milestone
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense relating to unvested stock options				$ 36,000		$ 36,000
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option expiration period						10 years
2005 and 2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted			0
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances		2,100,000
Maximum number of common shares issued		8,800,000
Percentage of common shares increase automatically in each year		4.00%
Number of shares available for future grant				1,483,434		1,483,434
Increase in Shares available for grant	517,295
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances		150,000
Maximum number of common shares issued		987,500
Annual increase in number of shares available for issuance as percentage of outstanding shares common stock on final day of immediately preceding fiscal year		0.50%
Purchase price of shares as percentage lower of fair market value of common stock		85.00%

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 733	$ 468	$ 1,988	$ 1,221
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	165	73	453	128
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 568	$ 395	$ 1,535	$ 1,093

Stock-Based Compensation Expense - Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.90%	0.30%	0.70%	0.60%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years	6 years
Expected volatility	84.20%	82.80%	85.00%	80.40%

Stock-Based Compensation Expense - Summary of Stock Option Activity Under Plans (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Outstanding December 31, 2020 \| shares	1,428,886
Shares, Granted \| shares	602,600
Shares, Exercised \| shares	(72,201)
Shares, Cancelled \| shares	(108,972)
Shares, Outstanding at September 30, 2021 \| shares	1,850,313	1,428,886
Shares, Exercisable at September 30, 2021 \| shares	810,221
Shares, Vested and expected to vest at September 30, 2021 \| shares	1,850,313
Weighted Average Exercise Price, Outstanding December 31, 2020 \| $ / shares	$ 10.41
Weighted Average Exercise Price, Granted \| $ / shares	9.65
Weighted Average Exercise Price, Exercised \| $ / shares	8.36
Weighted Average Exercise Price, Cancelled \| $ / shares	10.33
Weighted Average Exercise Price, Outstanding at September 30,2021 \| $ / shares	10.24	$ 10.41
Weighted Average Exercise Price, Exercisable at September 30, 2021 \| $ / shares	9.75
Weighted Average Exercise Price, Vested and expected to vest at September 30, 2021 \| $ / shares	$ 10.24
Outstanding, Weighted Average Remaining Contractual Life (in years)	7 years 10 months 24 days	7 years 8 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	6 years 8 months 12 days
Vested and expected to vest, Weighted Average Remaining Contractual Life (in years)	7 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding December 31, 2020 \| $	$ 3,742	$ 5,165
Aggregate Intrinsic Value, Exercisable at September 30, 2021 \| $	2,577
Aggregate Intrinsic Value, Vested and expected to vest at September 30, 2021 \| $	$ 3,742

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Nov. 30, 2017 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Apr. 30, 2021	Dec. 31, 2020 USD ($)	Aug. 31, 2007 ft²
Lessee Lease Description [Line Items]
Initial base rent	$ 1,000
Restricted cash		$ 329		$ 329			$ 329
Extended lease term	2023-04
Operating lease cost		264	$ 264	792	$ 791
Research and Development
Lessee Lease Description [Line Items]
Operating lease cost		$ 700		$ 1,700
Clinical Supply Agreement
Lessee Lease Description [Line Items]
Operating lease period						5 years
Operating Lease, renewal term						1 year
Office and Laboratory
Lessee Lease Description [Line Items]
Area of property \| ft²								22,343
Office Equipment
Lessee Lease Description [Line Items]
Lease initiation date				Apr. 30, 2020
Lease expiration date				Jun. 30, 2024
Certificate of Deposits
Lessee Lease Description [Line Items]
Restricted cash	$ 300
Letter of Credit
Lessee Lease Description [Line Items]
Secured debt obligations	$ 300

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease Cost:
Operating lease cost	$ 264	$ 264	$ 792	$ 791
Variable lease cost	857	178	2,219	548
Total lease cost	$ 1,121	$ 442	$ 3,011	$ 1,339

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	1 year 7 months 6 days
Weighted-average discount rate	5.50%

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 277
2022	1,127
2023	382
2024	2
Total maturities	1,788
Less: Amount representing interest	(80)
Present value of operating lease liability	1,708
Less: Current portion of operating lease liability	(1,052)	$ (985)
Operating lease liabilities, net of current portion	$ 656	$ 1,454

Collaboration Agreement - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	May 31, 2021	Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future milestone payments receivable	$ 135.0
Deferred Revenue		$ 8.3
Deferred Revenue Related to Development Activites		3.7
Clinical Supply Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received	$ 12.0
Upfront payment recognition in future periods to settlement of obligation		$ 12.0
Deferred revenue, description		Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the probability of achievement.