0000950170-22-021265 | 10-Q/A | XBRL Viewer

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31,			December 31,
	2022			2021
Property and equipment:
Laboratory equipment	$	5,335		$	5,293
Computer software and equipment		675			675
Office furniture and fixtures		312			301
Leasehold improvements		2,112			2,113
	$	8,434		$	8,382
Accumulated depreciation		(4,159	)		(3,879	)
Property and equipment, net	$	4,275		$	4,503

Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consist of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31,			December 31,
	2022			2021
Property and equipment:
Laboratory equipment	$	5,335		$	5,293
Computer software and equipment		675			675
Office furniture and fixtures		312			301
Leasehold improvements		2,112			2,113
	$	8,434		$	8,382
Accumulated depreciation		(4,159	)		(3,879	)
Property and equipment, net	$	4,275		$	4,503

The Company recognized approximately $0.3 million and $70,000 of depreciation expense for the three months ended March 31, 2022 and 2021, respectively.

Preferred and Common Stock (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:


	As of March 31, 2022
Stock options and restricted stock units		4,368,716
Employee stock purchase plan		279,696
Total		4,648,412

Restatement and Summary of Significant Accounting Policies - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (11,911)	$ (7,802)
Deferred revenue	4,532
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(7,012)
Deferred revenue	(367)
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(4,899)
Deferred revenue	$ 4,899

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and employee related expenses	$ 1,533	$ 2,429
Third-party research and development expenses	2,101	1,196
Professional and consulting fees	563	486
Other	40	147
Total accrued expenses and other current liabilities	$ 4,237	$ 4,258

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	May 01, 2022
Cover [Abstract]
Entity Registrant Name	Lyra Therapeutics, Inc.
Document Type	10-Q/A
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		31,825,055
Amendment Flag	true
Entity Central Index Key	0001327273
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
Amendment Description	Lyra Therapeutics, Inc. (the "Company" or "we," "our" or "us") is filing this Amendment No. 1 on Form 10-Q/A ("Form 10-Q/A") to its Quarterly Report on Form 10-Q, originally filed with the U.S. Securities and Exchange Commission ("SEC”) on May 10, 2022 (the "Original Form 10-Q"), to amend and restate our unaudited condensed consolidated interim financial statements as of and for the three months ended March 31, 2022 and certain financial information in Management’s Discussion and Analysis of Financial Condition and Results of Operations. We are also providing an update in our disclosures in Part I, Item 4, "Controls and Procedures,” of this Form 10-Q/A regarding a material weakness in internal control over financial reporting.

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Mar. 31, 2022 shares
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	4,648,412
Stock Options and Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	4,368,716
Employee stock purchase plan
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	279,696

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2022

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.

From inception through March 31, 2022, the Company has raised an aggregate of $249.1 million to fund its operations, of which $162.1 million were gross proceeds from sales of its redeemable convertible preferred stock, $57.3 million were net proceeds from its initial public offering, $16.8 million were gross proceeds from government contracts and $12.0 million were gross proceeds from its license and collaboration agreement. The Company has incurred recurring net losses since inception and had net losses of approximately $11.9 million and $7.8 million for the three months ended March 31, 2022 and 2021, respectively. In addition, the Company has an accumulated deficit of approximately $205.3 million at March 31, 2022. The Company expects to continue to generate operating losses for the foreseeable future. At March 31, 2022, the Company had approximately $33.8 million of cash and cash equivalents.

The Company believes that its cash and cash equivalents as of March 31, 2022, along with the approximately $100.5 million of gross proceeds from its April 2022 financing (described in further detail below in Note 6), 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.

COVID-19 Pandemic and CARES Act

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 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% were 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 did not obtain 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 March 31, 2022 and the results of its operations and its cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, 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, 2021, 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, 2022.

Restatement and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Reclassification [Line Items]

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

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):


	Three Months Ended March 31,
	2022		2021
Stock options		2,962,177		1,762,605
Restricted stock units		42,879		—
Total		3,005,056		1,762,605

Prior Period Error Correction Adjustment

Reclassification [Line Items]

Summary of Previously Issued Unaudited Statements Affected by the Restatement

Set forth below are the adjustments to the Company’s previously issued unaudited statements of operations and comprehensive loss and unaudited balance sheet for the period affected by the restatement. The restatement adjustments did not affect the net cash used in operating activities in the Company’s statements of cash flows.


(in thousands, except per share data)	Three Months Ended March 31, 2022
Statement of Operations and Comprehensive Loss	As Reported			Adjustment			As Restated
Collaboration revenue	$	5,367		$	(4,899	)	$	468
Loss from operations	$	(7,026	)	$	(4,899	)	$	(11,925	)
Net loss	$	(7,012	)	$	(4,899	)	$	(11,911	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.54	)	$	(0.38	)	$	(0.92	)

	As of March 31, 2022
Balance Sheet	As Reported			Adjustment			As Restated
Deferred revenue	$	10,060		$	4,163		$	14,223
Deferred revenue, net of current portion	$	1,288		$	736		$	2,024
Total liabilities	$	19,189		$	4,899		$	24,088
Accumulated deficit	$	(200,409	)	$	(4,899	)	$	(205,308	)
Stockholders' equity	$	28,156		$	(4,899	)	$	23,257

	Three Months Ended March 31, 2022
Statement of Cash Flows	As Reported			Adjustment			As Restated
Net loss	$	(7,012	)	$	(4,899	)	$	(11,911	)
Deferred revenue	$	(367	)	$	4,899		$	4,532

Restatement and Summary of Significant Accounting Policies - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenue	$ 14,223	$ 9,789
Deferred revenue, net of current portion	2,024	1,926
Total liabilities	24,088	20,551
Accumulated deficit	(205,308)	(193,397)
Total stockholders’ equity	23,257	$ 34,316	$ 67,551	$ 74,492
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenue	10,060
Deferred revenue, net of current portion	1,288
Total liabilities	19,189
Accumulated deficit	(200,409)
Total stockholders’ equity	28,156
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred revenue	4,163
Deferred revenue, net of current portion	736
Total liabilities	4,899
Accumulated deficit	(4,899)
Total stockholders’ equity	$ (4,899)

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

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 at March 31, 2022 and December 31, 2021 (in thousands):


	March 31,		December 31,
	2022		2021
Payroll and employee related expenses	$	1,533	$	2,429
Third-party research and development expenses		2,101		1,196
Professional and consulting fees		563		486
Other		40		147
Total accrued expenses and other current liabilities	$	4,237	$	4,258

Stock-Based Compensation Expense - Summary of Stock Option Activity Under Plans (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, Outstanding December 31, 2021	1,662,861
Shares, Granted	1,303,822
Shares, Exercised	(2,718)
Shares, Cancelled	(1,788)
Shares, Outstanding at March 31, 2022	2,962,177	1,662,861
Shares, Exercisable at March 31, 2022	963,740
Shares, Vested and expected to vest at March 31, 2022	2,962,177
Weighted Average Exercise Price, Outstanding December 31, 2021	$ 10.34
Weighted Average Exercise Price, Granted	5.02
Weighted Average Exercise Price, Exercised	2.76
Weighted Average Exercise Price, Cancelled	9.70
Weighted Average Exercise Price, Outstanding at March 31,2022	8.00	$ 10.34
Weighted Average Exercise Price, Exercisable at March 31, 2022	9.94
Weighted Average Exercise Price, Vested and expected to vest at March 31, 2022	$ 8.00
Outstanding, Weighted Average Remaining Contractual Life (in years)	8 years 6 months	7 years 7 months 6 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)	8 years 6 months
Aggregate Intrinsic Value, Outstanding December 31, 2021	$ 765	$ 918
Aggregate Intrinsic Value, Exercisable at March 31, 2022	629
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2022	$ 765

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
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.00%	0.60%
Expected term (in years)	4 years 2 months 12 days	6 years
Expected volatility	80.80%	85.40%

Restatement and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Restatement and Summary of Significant Accounting Policies

2. Restatement and Summary of Significant Accounting Policies

Restatement

The Company has restated its previously reported unaudited interim condensed consolidated financial statements for the three months ended March 31, 2022 to correct an error related to revenue that was incorrectly recognized. For the three months ended March 31, 2022, correcting this error increased the Company’s net loss by $4.9 million.

As discussed in Note 9, the Company entered into the LianBio License Agreement and 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. In the three months ended March 31, 2022, the Company achieved a development

milestone of $5.0 million for dosing the first patient in its global Phase 3 clinical trial. At the time the milestone was achieved, the Company recognized the entire $5.0 million as revenue in the three months ended March 31, 2022.

In connection with the third quarter 2022 financial statement close process, the Company determined that the $5.0 million development milestone should have been allocated to the performance obligations previously identified in the LianBio License Agreement and the allocated amounts should have been recognized under the revenue recognition model previously developed for each performance obligation.

The error in the recognition of the milestone amount was a result of the Company misapplying the provisions of ASC Topic 606, Revenue from Contracts with Customers, in accounting for the achievement of the milestone.

As a result of the restatement, the Company has made adjustments to present the corrected amount of collaboration revenue as a reduction to revenue previously recognized in the accompanying condensed consolidated statements of operations and comprehensive loss and as an increase in deferred revenue in the accompanying March 31, 2022 condensed consolidated balance sheet.


(in thousands, except per share data)	Three Months Ended March 31, 2022
Statement of Operations and Comprehensive Loss	As Reported			Adjustment			As Restated
Collaboration revenue	$	5,367		$	(4,899	)	$	468
Loss from operations	$	(7,026	)	$	(4,899	)	$	(11,925	)
Net loss	$	(7,012	)	$	(4,899	)	$	(11,911	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.54	)	$	(0.38	)	$	(0.92	)

	As of March 31, 2022
Balance Sheet	As Reported			Adjustment			As Restated
Deferred revenue	$	10,060		$	4,163		$	14,223
Deferred revenue, net of current portion	$	1,288		$	736		$	2,024
Total liabilities	$	19,189		$	4,899		$	24,088
Accumulated deficit	$	(200,409	)	$	(4,899	)	$	(205,308	)
Stockholders' equity	$	28,156		$	(4,899	)	$	23,257

	Three Months Ended March 31, 2022
Statement of Cash Flows	As Reported			Adjustment			As Restated
Net loss	$	(7,012	)	$	(4,899	)	$	(11,911	)
Deferred revenue	$	(367	)	$	4,899		$	4,532

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, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2022. 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, valuation of share-based awards and deferred income taxes. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.

Restricted Cash

The Company had restricted cash of approximately $0.3 million as of March 31, 2022 and December 31, 2021, 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 9 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 and restricted stock units, 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.


	Three Months Ended March 31,
	2022		2021
Stock options		2,962,177		1,762,605
Restricted stock units		42,879		—
Total		3,005,056		1,762,605

Recently Issued 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. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
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	262		262
Exercise of common stock options, Shares		30,391
Stock-based compensation	599		599
Net loss	(7,802)			(7,802)
Balance at Mar. 31, 2021	67,551	$ 13	225,224	(157,686)
Balance, Shares at Mar. 31, 2021		12,962,768
Balance at Dec. 31, 2021	34,316	$ 13	227,700	(193,397)
Balance, Shares at Dec. 31, 2021		13,007,178
Exercise of common stock options	$ 8		8
Exercise of common stock options, Shares	2,718	2,718
Stock-based compensation	$ 844		844
Net loss	(11,911)			(11,911)
Balance at Mar. 31, 2022	$ 23,257	$ 13	$ 228,552	$ (205,308)
Balance, Shares at Mar. 31, 2022		13,009,896

- Definition

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

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Preferred and Common Stock - Additional Information (Details)			3 Months Ended
	Apr. 13, 2022 USD ($) $ / shares shares	May 11, 2021 USD ($)	Mar. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	May 05, 2020 $ / shares shares
Class Of Stock [Line Items]
Common stock shares authorized \| shares			200,000,000	200,000,000	200,000,000
Common stock par value \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized \| shares					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
Stock and warrants to be issued during period value preferred stock and warrants \| $		$ 250,000,000.0
Private Placement \| Subsequent Event
Class Of Stock [Line Items]
Gross proceeds from private placement \| $	$ 100,500,000
Net proceeds from private placement \| $	96,600,000
Estimated offering costs \| $	$ 3,900,000
Common stock issued price per share \| $ / shares	$ 4.22
Warrants exercise price, per share \| $ / shares	0.001
Warrants purchase price \| $ / shares	$ 4.219
Private Placement \| Subsequent Event \| Pre-Funded Warrants
Class Of Stock [Line Items]
Shares issued to investors \| shares	5,000,000
Private Placement \| Subsequent Event \| Common Stock
Class Of Stock [Line Items]
Shares issued to investors \| shares	18,815,159
2021 ATM Agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock \| $		$ 50,000,000.0	$ 0

Restatement and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	May 31, 2021	Feb. 28, 2022	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounting Policies [Line Items]
Future milestone payments receivable	$ 135,000
Collaboration revenue				$ 468
Restricted cash				300		$ 300
Clinical Supply Agreement
Accounting Policies [Line Items]
Upfront payment received	$ 12,000
Milestone Achievements
Accounting Policies [Line Items]
Collaboration revenue		$ 5,000		200	$ 0
Performance Obligations
Accounting Policies [Line Items]
Collaboration revenue				300	$ 0
Prior Period Error Correction Adjustment
Accounting Policies [Line Items]
Increase in net loss				4,900
Future milestone payments receivable				135,000
Collaboration revenue				5,367
Prior Period Error Correction Adjustment \| Clinical Supply Agreement
Accounting Policies [Line Items]
Upfront payment received				12,000
Prior Period Error Correction Adjustment \| Milestone Achievements
Accounting Policies [Line Items]
Collaboration revenue				$ 5,000
Prior Period Error Correction Adjustment \| Scenario Forecast
Accounting Policies [Line Items]
Collaboration revenue			$ 5,000

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (11,911,000)	$ (7,802,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	844,000	599,000
Depreciation expense	280,000	70,000
Changes in operating assets and liabilities:
Collaboration revenue receivable	(5,000,000)
Prepaid expenses and other current assets	371,000	78,000
Operating lease right-of-use assets	246,000	232,000
Other assets	(260,000)
Accounts payable	(663,000)	452,000
Accrued expenses and other current liabilities	(87,000)	(983,000)
Operating lease liabilities	(257,000)	(236,000)
Deferred revenue	4,532,000
Net cash used in operating activities	(11,905,000)	(7,590,000)
Cash flows from investing activities:
Purchases of property and equipment	(93,000)	(1,160,000)
Net cash used in investing activities	(93,000)	(1,160,000)
Cash flows from financing activities:
Payment of deferred offering expenses	(2,000)
Proceeds from exercise of stock options	8,000	262,000
Net cash provided by financing activities	6,000	262,000
Net decrease in cash and cash equivalents	(11,992,000)	(8,488,000)
Cash and cash equivalents and restricted cash, beginning of period	46,076,000	74,922,000
Cash and cash equivalents and restricted cash, end of period	34,084,000	$ 66,434,000
Supplemental disclosure of non-cash financing and investing activities:
Deferred offering costs included in accounts payable and accrued expense	$ 68,000

Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units outstanding shares, Granted \| shares	42,879
Restricted stock units outstanding, Ending Balance \| shares	42,879
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 4.78
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 4.78

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Cost:
Operating lease cost	$ 264	$ 264
Variable lease cost	878	119
Total lease cost	$ 1,142	$ 383

Collaboration Agreement - Summary of Change in the Transaction Price (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined Performance Obligation	$ 8,300
Development Activities Performance Obligation	3,700
Pre-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined Performance Obligation	8,259
Development Activities Performance Obligation	3,741
Total	12,000		$ 12,000
Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined Performance Obligation	3,441	$ 3,400
Development Activities Performance Obligation	1,559	1,600
Total	5,000	5,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined Performance Obligation	11,700
Development Activities Performance Obligation	5,300
Total	$ 17,000	$ 17,000

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands			3 Months Ended		196 Months Ended
	Apr. 13, 2022 USD ($)	Mar. 11, 2020 Patient	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022	Dec. 31, 2021 USD ($)
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation			Nov. 21, 2005
Fund raised for operations					$ 249,100
Proceeds from sales of redeemable convertible preferred stock					162,100
Proceeds from government contracts					16,800
Proceeds from license and collaboration agreement					12,000
Net losses			$ 11,911	$ 7,802
Accumulated deficit			(205,308)		(205,308)		$ (193,397)
Cash and cash equivalents			$ 33,755		33,755		$ 45,747
Number of patients \| Patient		67
Employer side social security payments due, percentage						50.00%	50.00%
Private Placement \| Subsequent Event
Organization And Basis Of Presentation [Line Items]
Gross proceeds from private placement	$ 100,500
Common Stock
Organization And Basis Of Presentation [Line Items]
Net proceeds from initial public offering					$ 57,300

Stock-Based Compensation Expense - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended
	Jan. 01, 2022	Feb. 28, 2022	Apr. 30, 2020	Feb. 29, 2016	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					1,303,822
Shares of common stock reserved for future issuances					4,648,412
Common stock shares issued					13,009,896		13,007,178
Stock-based compensation expense					$ 844,000	$ 599,000
Exercise price per share, granted					$ 5.02
Unrecognized expense					$ 8,770,000
Weighted-average fair value of options granted to employees, directors and non-employees					$ 2.84	$ 7.65
Aggregate intrinsic value of stock options exercised					$ 5,000	$ 200,000
Milestone-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 0	$ 0
Executive Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		5 years
Exercise price per share, granted		$ 4.21
Expiration date		Feb. 15, 2032
Vesting rights					The Executive Options vest as to one-third of the shares underlying the options, in each case, upon the achievement of three distinct market capitalization targets during the five-year performance period following the date of grant, provided that no more than one-third of the option may vest prior to the first anniversary of the date of grant, no more than two-thirds of the option may vest prior to the second anniversary of the date of grant and the option may not become fully vested prior to the third anniversary of the date of grant, subject to the executive officers’ continued service on each applicable vesting date and certain exceptions in the context of a change in control transaction.
Market-Conditions Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 42,000
Revenue Based Milestone Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense					$ 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					1,363,660
Increase in Shares available for grant	520,287
2020 Plan \| Executive Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		175,000
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances		520,000
Common stock shares issued		520,000
Inducement Award Plan \| Executive Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted		520,000
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted					0
Shares of common stock reserved for future issuances			150,000
Maximum number of common shares issued	65,035		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%

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

8. 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 March 31,
	2022		2021
Lease Cost:
Operating lease cost	$	264	$	264
Variable lease cost		878		119
Total lease cost	$	1,142	$	383

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 months ended March 31, 2022 and 2021, the Company recorded as research and development expense approximately $0.7 million and $0 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 March 31, 2022
Weighted-average remaining lease term (in years)		1.1
Weighted-average discount rate		5.5	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2022 were as follows (in thousands):


Year ending December 31,
Remainder of 2022	$	851
2023		382
2024		2
Total maturities		1,235
Less: Amount representing interest		(39	)
Present value of operating lease liability		1,196
Less: Current portion of operating lease liability		(1,097	)
Total operating lease liability, net of current portion	$	99

Stock-Based Compensation Expense

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [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 upon effectiveness of the 2020 Plan, the Company ceased granting awards under the 2016 Plan. The 2020 Plan provides for the 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 for issuance 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, 2022, the number of shares available for grant under the 2020 Plan was automatically increased by 520,287. As of March 31, 2022, the Company had 1,363,660 shares available for issuance under the 2020 Plan.

In February 2022, the Company’s Board of Directors adopted the Company’s 2022 Employment Inducement Award Plan (“Inducement Award Plan,” and together with the 2020 Plan, 2016 Plan and 2005 Plan, the “Plans”), which was adopted by the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules (“Rule 5635(c)(4)”). In accordance with Rule 5635(c)(4), awards made under the Inducement Award Plan may only be made to a newly hired employee who has not previously been a member of the Board, or any employee who is being rehired following a bona fide period of non-employment by the Company or a subsidiary, as a material inducement to the employee’s entering into employment with the Company or its subsidiary. An aggregate of 520,000 shares of the Company’s common stock have been reserved for issuance under the Inducement Award Plan. In connection with the Company’s appointment of its Executive Chair, the Executive Chair was granted an option to purchase 520,000 shares of the Company’s common stock under the Inducement Award 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 generally 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 market capitalization targets and achievement of 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 March 31,
	2022		2021
Research and development	$	227	$	142
General and administrative		617		457
Total	$	844	$	599

The Company did not record any stock-based compensation associated with milestone-based awards in the three months ended March 31, 2022 and 2021.

In February 2022, the Company granted certain executive officers options to purchase a total of 520,000 shares of the Company’s common stock under the Inducement Award Plan and 175,000 shares under the 2020 Plan (the “Executive Options”). The Executive Options have an exercise price per share of $4.21. The Executive Options vest as to one-third of the shares underlying the options, in each case, upon the achievement of three distinct market capitalization targets during the five-year performance period following the date of grant, provided that no more than one-third of the option may vest prior to the first anniversary of the date of grant, no more than two-thirds of the option may vest prior to the second anniversary of the date of grant and the option may not become fully vested prior to the third anniversary of the date of grant, subject to the executive officers’ continued service on each applicable vesting date and certain exceptions in the context of a change in control transaction. The Executive Options’ final expiration date is February 15, 2032. Stock-based compensation during the three months ended March 31, 2022 associated with the Executive Options was $42,000.

The following table summarizes the Company’s unrecognized stock-based compensation as of March 31, 2022:


	As of March 31, 2022
	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	198		3.9
Stock options		8,572		2.7
Total	$	8,770

As of March 31, 2022, 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.

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 March 31,
	2022			2021
Risk-free interest rate		2.0	%		0.6	%
Expected dividend yield		—	%		—	%
Expected term (in years)		4.2			6.0
Expected volatility		80.8	%		85.4	%

A summary of the restricted stock unit activity under the Plans for the three months ended March 31, 2022 was as follows:


	Shares		Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2021		—	$	—
Granted		42,879	$	4.78
Forfeited		—	$	—
Restricted stock units outstanding as of March 31, 2022		42,879	$	4.78

A summary of the stock option activity under the Plans for the three months ended March 31, 2022 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2021		1,662,861		$	10.34		7.6	$	918
Granted		1,303,822			5.02
Exercised		(2,718	)		2.76
Cancelled		(1,788	)		9.70
Outstanding at March 31, 2022		2,962,177		$	8.00		8.5	$	765
Exercisable at March 31, 2022		963,740		$	9.94		6.7	$	629
Vested and expected to vest at March 31, 2022		2,962,177		$	8.00		8.5	$	765

The weighted-average fair value of options granted to employees, directors and non-employees during the three months ended March 31, 2022 and 2021 was $2.84 and $7.65, 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 March 31, 2022 and 2021 was approximately $5,000 and $0.2 million, respectively.

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, 2022, the number of shares available for grant under the 2020 ESPP was automatically increased by 65,035. 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 March 31, 2022, no shares have been issued under the 2020 ESPP.

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 851
2023	382
2024	2
Total maturities	1,235
Less: Amount representing interest	(39)
Present value of operating lease liability	1,196
Less: Current portion of operating lease liability	(1,097)	$ (1,074)
Operating lease liabilities, net of current portion	$ 99	$ 379

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (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	$ 844	$ 599
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	227	142
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 617	$ 457

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	13,009,896	13,007,178
Common stock shares outstanding	13,009,896	13,007,178

Collaboration Agreement (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Change in the Transaction Price

The following table reflects the change in the transaction price (in thousands):


	As of March 31, 2022
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,259	$	3,441	$	11,700
Development Activities Performance Obligation		3,741		1,559		5,300
Total	$	12,000	$	5,000	$	17,000

Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of March 31, 2022
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2021	$	8,259	$	3,456		$	11,715
Milestone		3,441		1,559			5,000
Revenue recognized		—		(468	)		(468	)
Deferred revenue at March 31, 2022	$	11,700	$	4,547		$	16,247

Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	May 31, 2021	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Jan. 31, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future milestone payments receivable	$ 135,000
Combined performance obligation			$ 8,300
Development activities performance obligation			3,700
Collaboration revenue			468
Clinical Supply Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received	$ 12,000
Upfront payment recognition in future periods to settlement of obligation			$ 12,000
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 as follows: $8.3 million to the Combined Performance Obligation and $3.7 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.4 million to the Combined Performance Obligation and $1.6 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of March 31 2022, as all milestone amounts were fully constrained based on the probability of achievement.
Revenue related to the achievement of the milestone catch up adjustment			$ 100
Performance Obligations
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue			300	$ 0
Milestone Achievements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue		$ 5,000	200	$ 0
Pre-Milestone
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment recognition in future periods to settlement of obligation			12,000		$ 12,000
Combined performance obligation			8,259
Development activities performance obligation			3,741
Post-Milestone
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment recognition in future periods to settlement of obligation		17,000	17,000
Combined performance obligation			11,700
Development activities performance obligation			5,300
Milestone
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment recognition in future periods to settlement of obligation		5,000	5,000
Combined performance obligation		3,400	3,441
Development activities performance obligation		$ 1,600	1,559
Collaboration revenue			$ 5,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021.

There have been no changes to the valuation methods used during the three months ended March 31, 2022 and 2021. There were no transfers within the fair value hierarchy during the three months ended March 31, 2022 and 2021.

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.

- 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

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Nov. 30, 2017 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Apr. 30, 2021	Aug. 31, 2007 ft²
Lessee Lease Description [Line Items]
Initial base rent	$ 1,000
Restricted cash		$ 329		$ 329
Extended lease term	2023-04
Operating lease cost		264	$ 264
Research and Development
Lessee Lease Description [Line Items]
Operating lease cost		$ 700	$ 0
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

Restatement and Summary of Significant Accounting Policies - Statement of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Collaboration revenue	$ 468
Loss from operations	(11,925)	$ (7,831)
Net loss	$ (11,911)	$ (7,802)
Net loss per share attributable to common stockholders- basic	$ (0.92)	$ (0.60)
Net loss per share attributable to common stockholders- diluted	$ (0.92)	$ (0.60)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Collaboration revenue	$ 5,367
Loss from operations	(7,026)
Net loss	$ (7,012)
Net loss per share attributable to common stockholders- basic	$ (0.54)
Net loss per share attributable to common stockholders- diluted	$ (0.54)
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Collaboration revenue	$ (4,899)
Loss from operations	(4,899)
Net loss	$ (4,899)
Net loss per share attributable to common stockholders- basic	$ (0.38)
Net loss per share attributable to common stockholders- diluted	$ (0.38)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [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 March 31,
	2022		2021
Research and development	$	227	$	142
General and administrative		617		457
Total	$	844	$	599

Schedule of Unrecognized Stock-Based Compensation

The following table summarizes the Company’s unrecognized stock-based compensation as of March 31, 2022:


	As of March 31, 2022
	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	198		3.9
Stock options		8,572		2.7
Total	$	8,770

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


	Three Months Ended March 31,
	2022			2021
Risk-free interest rate		2.0	%		0.6	%
Expected dividend yield		—	%		—	%
Expected term (in years)		4.2			6.0
Expected volatility		80.8	%		85.4	%

Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity under the Plans for the three months ended March 31, 2022 was as follows:


	Shares		Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2021		—	$	—
Granted		42,879	$	4.78
Forfeited		—	$	—
Restricted stock units outstanding as of March 31, 2022		42,879	$	4.78

Summary of Stock Option Activity Under Plans

summary of the stock option activity under the Plans for the three months ended March 31, 2022 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2021		1,662,861		$	10.34		7.6	$	918
Granted		1,303,822			5.02
Exercised		(2,718	)		2.76
Cancelled		(1,788	)		9.70
Outstanding at March 31, 2022		2,962,177		$	8.00		8.5	$	765
Exercisable at March 31, 2022		963,740		$	9.94		6.7	$	629
Vested and expected to vest at March 31, 2022		2,962,177		$	8.00		8.5	$	765

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,755	$ 45,747
Collaboration revenue receivable	5,000
Prepaid expenses and other current assets	1,800	2,171
Total current assets	40,555	47,918
Property and equipment, net	4,275	4,503
Operating lease right-of-use assets	1,109	1,355
Restricted cash	329	329
Other assets	1,077	762
Total assets	47,345	54,867
Current liabilities:
Accounts payable	2,408	3,125
Accrued expenses and other current liabilities	4,237	4,258
Operating lease liabilities	1,097	1,074
Deferred revenue	14,223	9,789
Total current liabilities	21,965	18,246
Operating lease liabilities, net of current portion	99	379
Deferred revenue, net of current portion	2,024	1,926
Total liabilities	24,088	20,551
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2022 and December 31, 2021; 13,009,896 and 13,007,178 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	13	13
Additional paid-in capital	228,552	227,700
Accumulated deficit	(205,308)	(193,397)
Total stockholders’ equity	23,257	34,316
Total liabilities and stockholders’ equity	$ 47,345	$ 54,867

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 280,000	$ 70,000

Collaboration Agreement

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreement

9. 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 (“Combined Performance Obligation”), and (2) the Company’s performance of the development activities related to the global Phase 3 clinical trial (“Development Activities Performance Obligation”).

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 as follows: $8.3 million to the Combined Performance Obligation and $3.7 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.4 million to the Combined Performance Obligation and $1.6 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of March 31 2022, 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 Combined Performance Obligation as the clinical supply of LYR-210 is delivered. The Company recognizes revenue associated with the Development Activities 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.

In February 2022, the Company achieved a development milestone of $5.0 million for dosing the first patient in the US, and the related cash amount was received in April 2022. In accordance with ASC 606, the Company has updated its determination of the transaction price for this previously constrained amount from $12.0 million to $17.0 million, allocated the development milestones to each of the performance obligations previously identified in the agreement in accordance with the original revenue allocation percentages, and is recognizing the revenue under the revenue recognition model previously developed for each performance obligation. The following table reflects the change in the transaction price (in thousands):


	As of March 31, 2022
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,259	$	3,441	$	11,700
Development Activities Performance Obligation		3,741		1,559		5,300
Total	$	12,000	$	5,000	$	17,000

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of March 31, 2022
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2021	$	8,259	$	3,456		$	11,715
Milestone		3,441		1,559			5,000
Revenue recognized		—		(468	)		(468	)
Deferred revenue at March 31, 2022	$	11,700	$	4,547		$	16,247

During the three months ended March 31, 2022 and 2021, the Company recognized $0.3 million and $0 of collaboration revenue associated with performance obligations, respectively, and $0.2 million and $0 of collaboration revenue associated with milestone achievements, respectively. The revenue related to the achievement of the milestone includes a cumulative catch-up adjustment of $0.1 million for the three months ended March 31, 2022.

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, two of the Company’s directors are Managing Directors at Perceptive Advisors, LLC and one of these directors is also the Executive Chairman of LianBio’s board of directors.

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial assets, fair value	$ 0	$ 0
Financial liabilities, fair value	$ 0	$ 0
Alternative investment, change in valuation technique	false		false

Restatement and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

COVID-19 Pandemic and CARES Act

Basis of Presentation

Use of Estimates

expenses, valuation of share-based awards and deferred income taxes. Due to the uncertainty inherent in such estimates, actual results may differ from these 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


	Three Months Ended March 31,
	2022		2021
Stock options		2,962,177		1,762,605
Restricted stock units		42,879		—
Total		3,005,056		1,762,605

Recently Issued Accounting Pronouncements

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31,		December 31,
	2022		2021
Payroll and employee related expenses	$	1,533	$	2,429
Third-party research and development expenses		2,101		1,196
Professional and consulting fees		563		486
Other		40		147
Total accrued expenses and other current liabilities	$	4,237	$	4,258

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	1 year 1 month 6 days
Weighted-average discount rate	5.50%

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Collaboration revenue	$ 468
Operating expenses:
Research and development	8,505	$ 4,770
General and administrative	3,888	3,061
Total operating expenses	12,393	7,831
Loss from operations	(11,925)	(7,831)
Other income:
Interest income	14	29
Total other income	14	29
Net loss	(11,911)	(7,802)
Comprehensive loss	$ (11,911)	$ (7,802)
Net loss per share attributable to common stockholders- basic	$ (0.92)	$ (0.60)
Net loss per share attributable to common stockholders- diluted	$ (0.92)	$ (0.60)
Weighted-average common shares outstanding-basic	13,008,779	12,945,546
Weighted-average common shares outstanding-diluted	13,008,779	12,945,546

Collaboration Agreement - Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue, Beginning balance	$ 11,715
Milestone	468
Revenue recognized	(468)
Deferred revenue, Ending balance	16,247
Combined Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue, Beginning balance	8,259
Deferred revenue, Ending balance	11,700
Development Activities Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue, Beginning balance	3,456
Revenue recognized	(468)
Deferred revenue, Ending balance	4,547
Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone	5,000
Milestone \| Combined Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone	3,441
Milestone \| Development Activities Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone	$ 1,559

- Definition

+ References

+ Details

Stock-Based Compensation Expense - Schedule of Unrecognized Stock-Based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense	$ 8,770
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense	$ 198
Period of recognition (years)	3 years 10 months 24 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense	$ 8,572
Period of recognition (years)	2 years 8 months 12 days

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,434	$ 8,382
Accumulated depreciation	(4,159)	(3,879)
Property and equipment, net	4,275	4,503
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,335	5,293
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	675	675
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	312	301
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,112	$ 2,113

Leases (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
Lease Cost:
Operating lease cost	$	264	$	264
Variable lease cost		878		119
Total lease cost	$	1,142	$	383

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 March 31, 2022
Weighted-average remaining lease term (in years)		1.1
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 March 31, 2022 were as follows (in thousands):


Year ending December 31,
Remainder of 2022	$	851
2023		382
2024		2
Total maturities		1,235
Less: Amount representing interest		(39	)
Present value of operating lease liability		1,196
Less: Current portion of operating lease liability		(1,097	)
Total operating lease liability, net of current portion	$	99

Preferred and Common Stock

3 Months Ended

Mar. 31, 2022

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 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 March 31, 2022, 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 March 31, 2022, 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 March 31, 2022:


	As of March 31, 2022
Stock options and restricted stock units		4,368,716
Employee stock purchase plan		279,696
Total		4,648,412

April 2022 Financing

On April 13, 2022, the Company announced the closing of its private placement of common stock (or, in lieu thereof, pre-funded warrants to purchase common stock), resulting in gross proceeds of approximately $100.5 million. The Company received approximately $96.6 million in net proceeds after deducting estimated offering costs of $3.9 million. In the private placement, investors had the option to purchase either (a) shares of the Company's common stock at a price of $4.22 per share, or (b) in lieu thereof, pre-funded warrants to purchase shares of the Company's common stock, with an exercise price of $0.001 per share, at a purchase price of $4.219 per share (for aggregate consideration equating to $4.22 per share). Accordingly, pursuant to the securities purchase agreement, (i) certain investors purchased an aggregate of 18,815,159 shares of common stock at the purchase price described in the foregoing sentence and (ii) certain investors purchased pre-funded warrants to purchase an aggregate of 5,000,000 shares of common stock, with the exercise price and at the purchase, in each case, described in the foregoing sentence. Each pre-funded warrant is exercisable immediately.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

Restatement and Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	3,005,056	1,762,605
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	42,879
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	2,962,177	1,762,605