0000950170-22-004156 | 10-K | XBRL Viewer

Year Ended
December 31, 2020

Expected term (in years)

Risk-free rate

Expected volatility

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 144,514	$ 47,076
Prepaid expenses and other current assets	2,591	3,126
Total current assets	147,105	50,202
Property and equipment, net	2,243	1,126
Restricted cash	0	263
Operating lease, right-of-use ("ROU") asset	4,089	0
Other assets	320	320
Total assets	153,757	51,911
Current liabilities:
Accounts payable	867	1,061
Accrued expenses	8,775	1,571
Operating lease obligations, current portion	989	0
Long-term debt, current portion	0	7,467
Total current liabilities	10,631	10,099
Long-term debt, net of current portion	0	1,867
Operating lease obligations, net of long-term portion	3,048	0
Total liabilities	13,679	11,966
Commitments and Contingencies (Note 11)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value: 10,000 shares authorized; no shares issued and outstanding as of December 31, 2021 and 2020.	0	0
Common stock, $0.0001 par value: 300,000 shares authorized; 101,303 and 52,117 shares issued at December 31, 2021 and 2020, respectively; 100,832 and 51,221 shares outstanding at December 31, 2021 and 2020, respectively.	10	5
Additional paid-in-capital	373,657	191,348
Accumulated deficit	(233,589)	(151,408)
Total stockholders' equity (deficit)	140,078	39,945
Total liabilities and stockholders' equity (deficit)	$ 153,757	$ 51,911

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	101,303,000	52,117,000
Common stock, shares outstanding	100,832,000	51,221,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 20,337	$ 14,904
General and administrative	10,927	12,908
In-process R&D	50,618	0
Total operating expenses	81,882	27,812
Loss from operations	(81,882)	(27,812)
Other expense	(299)	(1,656)
Loss before income tax expense	(82,181)	(29,468)
Income tax expense	0	(32)
Net loss	$ (82,181)	$ (29,500)
Net loss per share - basic and diluted	$ (1.31)	$ (0.96)
Basic and diluted weighted average shares outstanding	62,870	30,776

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Convertible Preferred Stock
Temporary equity, Beginning Balance, Shares at Dec. 31, 2019					207,164
Temporary equity, Beginning Balance at Dec. 31, 2019					$ 129,870
Beginning Balance at Dec. 31, 2019	$ 11,267	$ 1	$ 3,304	$ (121,908)
Beginning Balance, Shares at Dec. 31, 2019		7,034
Common shares issued for acquisitions, Shares		1,000
Conversion of Compass Therapeutics LLC preferred shares into common shares upon consummation of the reverse merger		$ 3	129,867
Temporary equity, Conversion of Compass Therapeutics LLC preferred shares into common shares upon consummation of the reverse merger, Shares					(207,164)
Temporary equity, Conversion of Compass Therapeutics LLC preferred shares into common shares upon consummation of the reverse merger					$ (129,870)
Conversion of Compass Therapeutics LLC preferred shares into common shares upon consummation of the reverse merger, Shares		30,630
Common shares issued in Public Offering net of issuance costs	54,231	$ 1	54,230
Common shares issued in private placement, net of issuance costs, Shares		12,096
Stock Issued During Period Value New Issues	54,231	$ 1	54,230
Stock Issued During Period Shares New Issues		12,096
Payment to non-participating Compass Therapeutics LLC members upon consummation of Merger	(69)	$ 0	(69)
Payment to non-participating Compass Therapeutics LLC members upon consummation of Merger, Shares		(13)
Vesting of share-based awards		474
Stock-based compensation expense	4,016		4,016
Net loss	(29,500)			(29,500)
Ending Balance at Dec. 31, 2020	39,945	$ 5	191,348	(151,408)
Ending Balance, Shares at Dec. 31, 2020		51,221
Common shares issued for acquisitions	$ 50,300	$ 1	50,299	0
Common shares issued for acquisitions, Shares	10,265
Common shares issued in Public Offering net of issuance costs	$ 127,985	$ 4	127,981	0
common shares issued in public offering, net shares		38,987
Stock Issued During Period Value New Issues	127,985	$ 4	127,981	0
Vesting of share-based awards		359
Stock-based compensation expense	4,029		4,029
Net loss	(82,181)			(82,181)
Ending Balance at Dec. 31, 2021	$ 140,078	$ 10	$ 373,657	$ (233,589)
Ending Balance, Shares at Dec. 31, 2021		100,832

Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement Of Stockholders Equity [Abstract]
Stock issuance costs	$ 8.5	$ 6.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (82,181)	$ (29,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	566	2,404
Loss (gain) on disposal of equipment	(42)	281
Noncash interest expense	41	90
Stock-based compensation	4,029	4,016
Write-off of in-process R&D	50,618	0
Change in fair value of derivative liability	0	556
ROU asset amortization	1,058	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	534	(2,191)
Other long-term assets	0	(290)
Accounts payable	(194)	432
Accrued expenses	7,016	(1,551)
Operating lease liability	(1,111)	0
Settlement of derivative liability	0	(1,050)
Net cash used in operating activities	(19,666)	(26,803)
Cash flows from investing activities:
Purchases of property and equipment	(1,568)	(106)
Asset acquistion costs	(318)	0
Proceeds from sale of equipment	116	144
Net cash provided by (used in) investing activities	(1,770)	38
Cash flows from financing activities:
Proceeds from issuance of common stock	128,267	60,482
Issuance costs from issuance of common stock	(281)	(6,319)
Repayment of borrowings under loan	(9,375)	(5,625)
Net cash provided by financing activities	118,611	48,538
Net change in cash, cash equivalents and restricted cash	97,175	21,773
Cash, cash equivalents and restricted cash at beginning of year	47,339	25,566
Cash and cash equivalents at end of year	144,514	47,339
Supplemental disclosure of cash flow information
Cash paid for interest	370	854
Supplemental disclosure of financing activities
Conversion of preferred units	0	129,870
ROU asset acquired through operating leases	5,148	0
Issuance of common stock for acquisition of Trigr Therapeutics, Inc.	50,300	0
Fixed asset costs included in accrued expenses	$ 187	$ 0

Formation and Business of the Company

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Formation and Business of the Company

Compass Therapeutics, Inc. (“Compass” or the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Our scientific focus is on the relationship between angiogenesis and the immune system. Our pipeline includes novel product candidates that leverage our understanding of the tumor microenvironment, including both angiogenesis-targeted agents and immune-oncology focused agents. These product candidates are designed to optimize critical components required for an effective anti-tumor response to cancer. These include modulation of the microvasculature via angiogenesis-targeted agents; induction of a potent immune response via activators on effector cells in the tumor microenvironment; and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development as both standalone therapies and in combination with our proprietary drug candidates as long as their continued development is supported by clinical and nonclinical data. References to Compass or the Company herein include Compass Therapeutics, Inc. and its wholly-owned subsidiaries. The Company was incorporated as Olivia Ventures, Inc. (“Olivia”) in the State of Delaware on March 20, 2018. Prior to the Company’s reverse merger with Compass Therapeutics LLC (the “Merger”), Olivia was a “shell company” (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended).

On June 17, 2020, the Company completed the Merger of its wholly-owned subsidiary, Compass Therapeutics LLC, pursuant to an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and among Olivia Ventures, Inc., Compass Acquisition LLC, Compass Therapeutics LLC and as a result, Compass Therapeutics LLC became a wholly-owned subsidiary of the Company. Additionally, certain of the Company’s wholly-owned subsidiaries (each, a “Blocker Merger Sub”) merged with and into the applicable blocker entity (“Blockers”) in transactions that are referred to as “Blocker Mergers”.

At the effective time of the Merger and the applicable effective time of each Blocker Merger, (collectively, the “Effective Time”), an aggregate of 31,627,139 shares of the Company’s common stock were issued to holders of common membership interests of Compass Therapeutics LLC (including common membership interests issued upon the conversion of preferred membership interests) and 7,428,217 shares of its common stock were issued to the holders of equity interests of the Blockers. The issuances of shares of the Company’s common stock to the security holders of Compass Therapeutics LLC and the Blockers are collectively referred to as the Share Conversion.

The Company is subject to risks and uncertainties common to companies in the biotechnology and pharmaceutical industries. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

Liquidity Uncertainties and Going Concern

12 Months Ended

Dec. 31, 2021

Liquidity Uncertainties And Going Concern [Abstract]

Liquidity, Uncertainties and Going Concern

The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.

Since its inception, the Company has funded its operations primarily with proceeds from the sale of its equity securities and borrowings under the 2018 Credit Facility. The Company has incurred recurring losses since its inception and had an accumulated deficit of $233.6 million on December 31, 2021. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2024. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations.

The Company is subject to risks common to early stage companies in the biotechnology industry including, but not limited to: having a limited operating history and no products approved for commercial sale; having a history of significant losses; its need to obtain additional financing; dependence on its ability to advance its current and future product candidates through clinical trials, marketing approval and commercialization; the lengthy and expensive nature and uncertain outcomes of the clinical development process; the lengthy, time consuming and unpredictable nature of the regulatory approval process; the results of preclinical studies and early stage clinical trials that may not be predictive of future results; dependence on its key personnel; risks related to patent protection and the Company’s pending patent applications; dependence on third party collaborators for the discovery, development and commercialization of current and future product candidates; and significant competition from other biotechnology and pharmaceutical companies. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Due to the evolving and uncertain global impacts of the ongoing COVID-19 pandemic, we cannot precisely determine or quantify the impact this pandemic will have on our business operations in the future. We have been carefully monitoring the COVID-19 pandemic and its potential impact on our business and have taken important steps to help ensure the safety of our employees and their families and to reduce the spread of COVID-19 community-wide. We are continuing to assess the potential impact of the COVID-19 pandemic on our current and future business and operations, including our expenses and clinical trials, as well as on our industry and the healthcare system. To date, we have been able to continue to pursue our Phase 1 clinical trial with only minor delays despite the COVID-19 pandemic.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in conformity 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 GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

In June 2020, the Company completed the Merger, as discussed in Note 1. Upon the closing of the Merger, the common and convertible preferred units of Compass Therapeutics LLC were converted into the Company’s common stock. The Company effected a 0.15-for-one stock conversion ratio for its issued and outstanding convertible preferred units. Common units were converted using the same ratio after factoring in the relevant strike price of each grant. Subsequent to the Merger, there were no common or convertible preferred units outstanding. All of the share and per share information presented in the accompanying consolidated financial statements for 2020 has been adjusted to reflect the stock split.

Upon the closing of the Merger, the Company’s certificate of incorporation was amended and restated to provide for 10 million authorized shares of preferred stock with a par value of $0.0001 per share and 300 million authorized shares of common stock with a par value of $0.0001 per share.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Compass Therapeutics, Inc., and its wholly-owned subsidiaries, including Compass Therapeutics LLC, Compass Therapeutics Advisors Inc., Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, useful lives of equipment, interest rate and term operating lease ROU and liability, the percentage of completion of contractual arrangements, future cash expenditures for liquidity estimates, the valuation of common stock and estimates associated with stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. Changes in estimates are recorded prospectively in the period that they become known.

Segment Information

Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one operating segment. The Company’s chief operating decision-maker, its chief executive officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources. All the Company’s long-lived assets are held in the United States.

Cash and Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in money market funds. Cash equivalents are stated at cost, which approximates market value. Cash equivalents consisted of money market funds of $130.0 million and $43.6 million on December 31, 2021 and 2020, respectively.

Restricted Cash

As of December 31, 2021, the Company did not have any restricted cash.

As of December 31, 2020, the Company had two items that were classified as restricted cash on the balance sheet. The first was cash of $0.2 million to collateralize corporate credit cards with a bank. The second was as part of the Company’s prior lease agreement in which the Company was required to maintain a letter of credit of $0.1 million for the benefit of the landlord.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains its cash, cash equivalents and restricted cash with financial institutions that management believes to be of

high-credit quality. The Company has not experienced any losses related to its cash, cash equivalents and restricted cash.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows:


Asset Classification		Estimated Useful Life
Equipment		5 years
Furniture and fixtures		7 years
Software		5 years
Leasehold improvements		Lesser of estimated useful life or lease term

Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in the consolidated statements of operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2021 and 2020.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1 – Quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected are reported in earnings.

The Company’s cash equivalents are carried at fair value according to the fair value hierarchy described above and were determined based on Level 1 measurements (see Note 4). The Company’s restricted cash was carried at fair value according to the fair value hierarchy described above and were determined based on Level 2 measurements (see Note 4). The carrying values of other current assets and accounts payable approximate their fair value due to the short‑term nature of these assets and liabilities. The carrying values of the Company’s loan approximated its fair value as of December 31, 2020 due to its variable interest rate. The fair value of the loan related embedded derivative (see Note 4) was determined based on Level 3 measurements.

Research and Development Costs

Costs associated with internal research and development and external research and development services, including drug development and preclinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, preclinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered.

Costs associated with licenses of technology acquired as part of collaborative arrangements are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations if it is determined the license has no alternative future use.

Accrued Research and Development Expenses

The Company has entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and

development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Debt Issuance Costs

Debt issuance costs consist of payments made to secure commitments under certain debt financing arrangements. These amounts are recognized as interest expense over the period of the financing arrangement using the effective interest method.

The Company’s consolidated financial statements present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of that debt liability.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expense in the consolidated statements of operations.

Stock-Based Compensation

The Company recognizes the grant‑date fair value of stock‑based awards issued to employees and nonemployee board members as compensation expense on a straight‑line basis over the service period of the award. The Company uses the Black‑Scholes option pricing model to determine the grant‑date fair value of stock options and adjusts expense for forfeitures in the periods they occur.

The fair value of each equity award was determined by the Company on the date of grant and by using the methods and assumptions discussed below. Certain of these inputs are subjective and generally require judgment to determine.

Stock price: See below.

Expected term: The expected term of the equity award represents the weighted average period the award is expected to be outstanding. The Company uses the simplified method for estimating the expected term as provided by the Securities and Exchange Commission. The simplified method calculates the expected term as the average time to vesting and the contractual life of the award.

Expected volatility – Due to the Company’s limited operating history and lack of Company-specific historical or implied volatility, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available.

Risk-free interest rate – The risk-free rate assumption is based on U.S. Treasury instruments, the terms of which were consistent with the expected term of the Company’s equity award.

Expected dividend – The Company has not paid and does not intend to pay dividends.

Stock Price - Prior to the Merger

The Company issued Class A and Class C common units to various employees, directors and consultants. The units constituted “profits interests” for tax purposes and were accounted for as

share-based payment arrangements. Upon consummation of the Merger, all outstanding vested units were converted into shares of common stock and all outstanding unvested units were converted into shares of restricted stock that continue to vest over the remaining term of the original award.

The estimated fair value was determined by our board of directors as of the date of each stock award, with input from management, considering our most recently available third-party valuation, and our board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. In addition to considering the results of these third-party valuations, our board of directors considered various objective and subjective factors to determine the fair value of our stock awards as of each grant date, including:

•

the prices at which we sold preferred membership interests and the superior rights and preferences of the preferred membership interests relative to our membership interests at the time of each grant;

•

the progress of our commercialization efforts;

•

the progress of our research and development programs, including the status and results of preclinical studies for our product candidates;

•

our stage of development and our business strategy;

•

external market conditions affecting the medical device industry and trends within the medical device industry;

•

our financial position, including cash on hand, and our historical and forecasted performance and operating results;

•

the lack of an active public market for our common and preferred membership interests;

•

the likelihood of achieving a liquidity event, such as an initial public offering ("IPO"), reverse merger, or sale of our Company in light of prevailing market conditions; and

•

the analysis of IPOs and the market performance of similar companies in the biopharmaceutical industry.

Stock Price - Subsequent to the Merger

Since the second quarter of 2021, when the Company started trading on a public market, the stock price of the Company’s common stock has been used to value equity awards based on the closing price of the Company’s common stock as reported on the date of the grant.

A public trading market for the Company’s common stock was not established between the closing of the Merger and the second quarter of 2021. For the valuation of the Company’s common stock for this period, the Company used $5.00 per share, which is the share price paid by outside investors in the Company’s Private Placement that closed in June 2020.

Net Loss per Share

Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, stock options, restricted stock units, unvested restricted stock awards and common stock warrants that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive.

The following potentially dilutive securities outstanding as of December 31, 2021 and 2020 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive:


	December 31,
	2021		2020
	(000's)
Restricted stock units		1,200		—
Stock options		3,659		2,159
Nonvested restricted stock		471		896
Total		5,330		3,055

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the deferred tax benefits will not be realized.

The Company files income tax returns in the U.S. Federal jurisdiction and in various states. The Company has tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may be utilized in the future, many of these net operating loss carryforwards will remain subject to examination.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016 02, Leases, which requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. The standard continues to have two types of leases for income statement recognition purposes: operating leases and finance leases. Operating leases result in the recognition of a single lease expense on a straight-line basis over the lease term, similar to the treatment for operating leases under the old standard. Finance leases result in an accelerated expense similar to the accounting for capital leases under the old standard. The new standard also contains amended guidance regarding the identification of embedded leases in service contracts and the identification of lease and non-lease components of an arrangement. The Company adopted the new standard on January 1, 2021, using a modified retrospective approach and as a

result did not adjust prior periods. Adoption of the standard resulted in the recording of $5.1 million of operating lease ROU assets and operating lease liabilities, but did not have a material impact on the Company’s net loss or cash flows.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective beginning January 1, 2022. The Company does not expect the adoption of ASU 2019-12 to have a material impact on its financial position and results of operations upon adoption.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of December 31, 2021 (000's):
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents - money market funds	$	130,005	$	—	$	—	$	130,005
Total assets	$	130,005	$	—	$	—	$	130,005


	Fair Value Measurements as of December 31, 2020 (000's):
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents - money market funds	$	43,631	$	—	$	—	$	43,361
Total assets	$	43,631	$	—	$	—	$	43,361

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	2021			2020
	(000's)
Equipment	$	5,351		$	5,356
Furniture and fixtures		22			629
Leasehold improvements		1,531			896
Software		365			180
Total property and equipment–at cost		7,269			7,061
Less: Accumulated depreciation		(5,026	)		(5,935	)
Property and equipment, net	$	2,243		$	1,126

Total depreciation and amortization expense for years ended December 31, 2021 and 2020, was $0.6 million and $2.4 million, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accrued Expenses

Accrued expenses consist of the following:


	December 31,
	2021		2020
	(000's)
Compensation and benefits	$	1,601	$	976
Project expenses		704		212
Accrued milestone		6,000		—
Other		470		383
Total accrued expenses	$	8,775	$	1,571

See Note 11 for further information on accrued milestone.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

The Company entered into a loan and security agreement (“2018 Credit Facility”) with Pacific Western Bank, Inc. (“PWB”), and received $15.0 million debt proceeds in 2018. The Company made interest-only payments through March 31, 2020. Beginning in April 2020, the Company was obligated to make monthly principal payments of $625,000 (plus interest) through March 31, 2022 when the note matures. The Company paid the total outstanding balance of the loan of $9.4 million during the year ended December 31, 2021 and terminated the 2018 Credit Facility.

The Company recognized interest expense of $0.4 million and $0.9 million during the years ended December 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

Stockholders’ Equity

In connection with the Merger, as discussed in Note 1, the Company issued 1 million shares of common stock to the former shareholders of Olivia Ventures Inc. The Company paid $0.1 million to several nonaccredited investors of Compass Therapeutics LLC in lieu of issuing shares. In addition, 2.9 million shares of the Company’s common stock were reserved for issuance under the 2020 Stock Option and Incentive Plan.

The Company sold approximately 12 million shares of its common stock pursuant to the closing of a Private Placement offering at a purchase price of $5.00 per share in June 2020.

In June 2021, the Company issued 10,265,133 million shares of its common stock related to the acquisition of TRIGR. See Note 16 for further information on the TRIGR transaction.

In November 2021, the Company sold through an underwritten public offering, 35,715,000 shares of the Company’s common stock, at a price to the public of $3.50 per share, less underwriting discounts and commissions. The Company granted the underwriters a 30-day option to purchase up to an additional 5,357,250 shares of Common Stock, at the public offering price of $3.50, less any underwriting discounts and commissions. In December 2021, pursuant to this 30-day option, the Company sold an additional 3,271,857 shares of our common stock, for a total of 38,986,857 shares of common stock sold as part of the Follow-On Public Offering. The aggregate gross proceeds from the Follow-On Public Offering were approximately $136.5 million (before deducting placement agent fees and other expenses in connection with the offering). In connection with the Follow-On Public Offering, we paid the underwriters (and other legal and accounting costs) of $8.5 million, for net proceeds of approximately $128.0 million.

- Definition

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

+ References

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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Stock-based compensation expense for the years ended December 31, 2021 and 2020 was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2021		2020
	(000's)
Research and development	$	658	$	605
General and administrative		3,371		3,411
Total	$	4,029	$	4,016

Restricted Stock

Prior to the Merger, Compass Therapeutics LLC maintained an incentive pool of unit-based awards that were granted to board members, employees and consultants and accounted for as unit-based compensation. Upon consummation of the Merger, all outstanding vested profit interest units were converted into shares of the Company’s common stock. Unvested units were converted into restricted shares of the Company’s common stock and will continue to vest under the same terms as the original profit interest units.

A summary of the Company’s restricted share activity during the years ended December 31, 2021 and 2020 is as follows:


	Shares (000's)			Estimated Fair Value Per Share
Unvested, December 31, 2019		2,039		$	2.04
Granted		1		$	2.34
Vested		(474	)	$	1.66
Forfeited or canceled		(670	)	$	1.75
Unvested, December 31, 2020		896		$	2.46
Granted		—		$	—
Vested		(359	)	$	1.83
Forfeited or canceled		(66	)	$	1.70
Unvested, December 31, 2021		471		$	1.76

The weighted average grant date fair value for unvested restricted stock as of December 31, 2021 was $1.76 per share. No restricted share awards have been granted following the Merger. As of December 31, 2021, remaining unrecognized compensation cost related to restricted stock awards

to be recognized in future periods totaled $0.8 million, which is expected to be recognized over a weighted average period of 1.8 years.

No restricted share awards were granted for the year ended December 31, 2021. For the year ended December 31, 2020, the fair value of each restricted stock award was estimated on the date of grant using the weighted average assumptions in the table below:

2020 Plan

In June 2020, the Company’s board of directors adopted the 2020 Plan and reserved 2.9 million shares of common stock for issuance under this plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the 2020 Plan will automatically increase each January 1, beginning on January 1, 2021, by the lesser of (i) 4% of the outstanding number of shares of our common stock on the immediately preceding December 31 or (ii) such number of shares as determined by the plan administrator no later than the immediately preceding December 31. As of December 31, 2021, 156 thousand shares remain available for future grant. On January 1, 2022, an additional 4.05 million shares became available for issuance based on 4% of the outstanding shares of common stock, for a total of 4.21 million shares available for issuance.

The 2020 Plan authorizes the board of directors or a committee of the board to grant incentive stock options, nonqualified stock options, restricted stock awards and restricted stock units ("RSUs") to eligible officers, employees, consultants and directors of the Company. Options generally vest over a period of four years and have a contractual life of ten years from the date of grant.

Stock Options:

The following table summarizes the stock option activity for the 2020 Plan:


	Number of Nonvested Options (000's)			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (000's)
Outstanding at December 31, 2019		—		$	—			$	—
Granted		2,175		$	5.00			$	—
Exercise		-		$	—			$	—
Forfeited/cancelled		(16	)	$	5.00			$	—
Outstanding at December 31, 2020		2,159		$	5.00		9.69	$	—
Granted		1,822		$	5.02		9.27	$	—
Exercise		—		$	—		—	$	—
Forfeited/cancelled		(322	)	$	5.00		—	$	—
Outstanding at December 31, 2021		3,659		$	5.01		8.98	$	—
Vested at December 31, 2021		1,378		$	4.99		8.67	$	—

For the year ended December 31, 2021, the weighted average grant date fair value for options granted was $5.01. There was no aggregate intrinsic value for options vested and outstanding as

of December 31, 2021. As of December 31, 2021, the unrecognized compensation cost related to outstanding options was $7.1 million, expected to be recognized over a weighted average period of approximately 2.8 years.

The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and directors during the year ended December 31, 2021 were as follows:


	Year Ended December 31,
	2021			2020
Expected term (in years)	6.1			5.5
Risk-free rate		0.85	%		0.29	%
Expected volatility		91	%		86	%

RSUs:

The following table summarizes the RSU activity for the 2020 Plan:


	Shares (000's)		Weighted Average Price Per Share		Weighted Average Fair Value (000's)
Unvested, December 31, 2020		—	$	—	$	—
Granted		1,200	$	3.83	$	4,596
Vested		—		—		—
Forfeited or canceled		—		—		—
Unvested, December 31, 2021		1,200	$	3.83	$	4,596

Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants. The weighted average fair value is the weighted average share price times the number of shares.

As of December 31, 2021, remaining unrecognized compensation cost related to RSUs to be recognized in future periods totaled $4.4 million, which is expected to be recognized over a weighted average period of 3.9 years.

As of December 31, 2021, the total unrecognized compensation cost from all plans to be recognized in future periods totaled approximately, $12.3 million.

License, Research and Collaboration Agreements

12 Months Ended

Dec. 31, 2021

License Research And Collaboration Agreements [Abstract]

License, Research and Collaboration Agreements

10.

License, Research and Collaboration Agreements

Collaboration Agreements

ABL Bio Corporation ("ABL Bio") Agreements

Our wholly-owned subsidiary, TRIGR, and ABL Bio, a South Korean biotechnology company, entered into an exclusive global (excluding South Korea) license agreement (the “TRIGR License Agreement”) which granted TRIGR a license to ABL001, ABL Bio’s bispecific antibody targeting DLL4 and VEGF-A (renamed CTX-009). Under the terms of the agreement, ABL Bio and TRIGR would jointly develop CTX-009, with ABL Bio responsible for development of CTX-009 throughout the end of Phase 1 clinical trials and TRIGR responsible for the development of CTX-009 from Phase 2 and onward. ABL Bio received a $5 million upfront payment and is eligible to receive up to $110 million of development and regulatory milestone payments, up to $295 million of commercial milestone payments and tiered single-digit royalties on net sales of CTX-009 in Oncology. ABL Bio is also eligible to receive up to $185 million in development, regulatory and commercial milestone

payments and tiered, single-digit royalties on net sales of CTX-009 in Ophthalmology. The financial terms of the agreement were amended in May 2021 but remain substantially similar to the terms in the TRIGR License Agreement. As a result of the TRIGR acquisition in 2021, the TRIGR License Agreement was assigned to the Company and the Company has assumed all the rights and liabilities of the agreement. See Note 16 for further information on the TRIGR transaction.

In May 2021, TRIGR and ABL Bio terminated license agreements to several preclinical assets. As a result of the return of these assets to ABL Bio and termination of the license agreements, the Company is eligible to receive royalty payments if ABL Bio develops or licenses two bispecific antibodies that were previously licensed to TRIGR.

Adimab Agreement

The Company entered into a collaboration agreement with Adimab, LLC ("Adimab") on October 16, 2014. The agreement was amended on February 11, 2015. The agreement also includes provisions for payment of royalties at rates ranging in the single digits as a percentage of future net sales within a specified term from the first commercial sale. There were no milestone payments made during the year ended December 31, 2021. The Company made milestone payments of $1.5 million in research and development during the year ended December 31, 2019, upon filing an IND for its product candidates associated with this license and first dosing of patient. As of December 31, 2021, future potential milestone payments in connection with this agreement amounted to $2.0 million.

Other Research Agreements

FUJIFILM Diosynth Biotechnologies Agreement

The Company entered into a scope of work (“SOW”) under a master services agreement with FUJIFILM Diosynth Biotechnologies on July 20, 2020. The Company made cash payments of $1.2 million and recorded $1.0 million in research and development expense during the year ended December 31, 2021. The Company made cash payments of $2.6 million and recorded $0.9 million in research and development expense during the year ended December 31, 2020. As of December 31, 2021, future payments in connection with this SOW amounted to $1.2 million and development costs to be expensed is $2.9 million.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11.

Commitments and Contingencies

Leases

The Company adopted ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), effective January 1, 2021, using the modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. The Company recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2021. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. The Company elected the package of practical expedients permitted under the transition guidance that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. In addition, the Company elected the accounting policy of not recording short-term leases with a lease term at the commencement date of 12 months or less on the consolidated balance sheet as permitted by the new standard.

The Company has evaluated its leases and determined that it has one lease that is classified as an operating lease. The classification of this lease is consistent with the Company’s determination under the previous accounting standard.

When available, the Company will use the rate implicit in the lease to discount lease payments to present value; however, the Company’s current lease does not provide an implicit rate. Therefore, the Company used its incremental borrowing rate to discount the lease payments based on the date of the lease commencement.

The Company has one operating lease for its corporate office and laboratory facility (“Facility”) that was signed in December 2020. The Company moved into the Facility in January 2021. The Facility lease has an initial term of four years and five months, beginning on January 1, 2021. The Facility lease contains scheduled rent increases over the lease term. The discount rate used for the Facility lease is 6.25%, and the remaining lease term of the Facility lease is three years and five months as of December 31, 2021.

The table below presents the undiscounted cash flows for the lease term. The undiscounted cash flows are reconciled to the operating lease liabilities recorded on the consolidated balance sheets:


	(000's)
Years ending December 31,
2022	$	1,206
2023		1,348
2024		1,382
2025		426
Total minimum lease payments		4,362
Less: amount of lease payments representing interest		(325	)
Present value of future minimum lease payments		4,037
Less: operating lease obligations, current portion		(989	)
Operating lease obligations, long-term portion	$	3,048

Milestone payments

As part of the ABL Bio agreements, the Company is obligated to pay certain development milestone payments. In the fourth quarter of 2021, the Company was notified of the completion of Phase 1 of the clinical trial for CTX-009. As a result, the Company is obligated to pay a $6.0 million milestone payment to ABL Bio on the deliverance of the final report related to the clinical trial. See Note 10 for this and other agreements.

Related Parties and Related-Party Transactions

12 Months Ended

Dec. 31, 2021

12.

Related Parties and Related-Party Transactions

On October 16, 2014, the Company entered into a collaboration agreement with Adimab, LLC. The Company’s co-founder and former chief operation officer has a direct ownership interest in Adimab, LLC and previously beneficially owned more than 5% of the Company’s common stock. He does not currently beneficially own more than 5% of the Company's common stock. The Company did not record any expenses in connection with this agreement during years ended December 31, 2021 and 2020.

On June 25, 2021, the Company and Miranda Toledano, a director of the Company, entered into a Consulting Agreement, pursuant to which Ms. Toledano was to provide, for a period of six months, consulting services to the Company. Ms. Toledano was entitled to consulting fees of $20,000 per month. As of December 31, 2021, the full amount of the agreement has been paid and the agreement has terminated.

Other expense

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Other Expense

13.

Other expense

Other expense consisted of the following:


	December 31,
	2021			2020
	(000's)
Interest expense	$	(370	)	$	(908	)
Interest income		29			88
Change in fair value of derivative liability		—			(556	)
Realized foreign exchange loss		—			1
Realized gain (loss) on disposal of equipment		42			(281	)
Total other income (expenses)	$	(299	)	$	(1,656	)

Defined Contribution Plan

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plan

14.

Defined Contribution Plan

The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for substantially all its employees. Eligible employees may make pre-tax or post-tax (Roth) contributions to the 401(k) Plan up to statutory limits. Since January 1, 2020, the Company has been matching employee contributions to the plan up to 4% of salary. The Company made matching contributions of $0.1 million and $0.2 million for the years ended December 31, 2021 and 2020, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15.

Income Taxes

Income tax expense is summarized as follows:


	Year Ended December 31,
	2021		2020
Current	(000's)
Federal	$	—	$	22
State		—		10
Total	$	—	$	32

Deferred
Federal	$	—	$	—
State		—		—
Total income tax expense	$	—	$	32

The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows:


	December 31,
	2021			2020
Statutory rate		21.0	%		21.0	%
Income not subject to federal corporate income tax		0.0	%		-8.0	%
State taxes		2.1	%		6.4	%
Share-based compensation & other nondeductible expenses		-1.0	%		-0.5	%
Write-off of in-process R&D		-12.9	%		0.0	%
Research credits		0.8	%		0.0	%
Change in valuation allowance		-10.0	%		-19.0	%
Total		0.0	%		-0.1	%

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of

assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including current and historical results of operations, future income projections and the overall prospects of our business. Based upon management’s assessment of all available evidence, the Company believes that it is more-likely-than-not that the deferred tax assets will not be realizable, and therefore, a valuation allowance has been established. The valuation allowance for deferred tax assets was approximately $18.1 million and $6.6 million as of December 31, 2021 and 2020, respectively.

As of December 31, 2021, the Company has U.S. federal and state net operating loss carryforwards (“NOLs”) of approximately $51.7 million and $50.6 million, respectively. As of December 31, 2021, the Company has federal and state research and development credit carryforwards (“R&D credits”) of approximately $1.1 million and $2.1 million, respectively. For income tax purposes, federal NOLs will not expire since they were generated after 2017 and federal R&D credits will begin expiring in 2039. For income tax purposes, state NOLs and state R&D credits will begin to expire in 2038 and 2031, respectively.

Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the “IRS”) and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Internal Revenue Code, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the Company’s value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not yet conducted a study to determine if any such limitation exists.

As of December 31, 2021, the Company had no uncertain tax positions, and as such, no related interest or penalties have been recorded in the statement of operations. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. All tax years of the Company from inception are open to examination by federal tax and state tax authorities. To the extent utilized in future years’ tax returns, net operating loss carryforwards at December 31, 2021 will remain subject to examination until the respective tax year is closed. The Company has not been informed by any tax authorities for any jurisdiction that any of its tax years is under examination as of December 31, 2021
.

Significant components of the Company’s deferred tax assets are as follows:


	December 31,
	2021			2020
Deferred tax assets	(000's)
Net operating loss carryforwards	$	13,075		$	3,938
Research and development credits		2,716			2,038
Share-based compensation		706			609
Lease liabilities		1,131			—
Capitalized licensing fees		1,637			—
Other		22			126
Subtotal		19,287			6,711
Less valuation allowance		(18,113	)		(6,635	)
Deferred tax assets, net of valuation allowance		1,174			76

Deferred tax liabilities
Right-of-use assets		(1,116	)		—
Other		(58	)		(76	)
Net deferred tax assets	$	—		$	—

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Merger Transaction

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Merger Transaction

16.

Merger Transaction

On May 11, 2021, the Company and Trigr Therapeutics, Inc. (“TRIGR”), a private biotechnology company, entered into a definitive merger agreement (the “Merger Agreement”). Pursuant to the Merger Agreement, the Company, through its wholly-owned subsidiaries and a two-step merger structure, acquired all the outstanding shares of TRIGR (the “TRIGR Merger”). On June 25, 2021, the TRIGR Merger was consummated. Consideration payable to TRIGR shareholders at closing totaled an aggregate of 10,265,133 shares of the Company’s common stock with a fair value of $50.3 million (after giving effect to elimination of fractional shares that would otherwise be issued). The Company incurred approximately $0.3 million of accounting and legal costs associated with the merger, for a total cost of the transaction of $50.6 million.

In addition, TRIGR shareholders are eligible to receive up to $9.0 million, representing earnout payments based on three independent events. The first earnout payment of $2.0 million related to a milestone payment under the Elpiscience agreement, due to the Company upon IND approval of CTX-009 in China and remitted to the TRIGR shareholders. The IND was approved in China in the fourth quarter of 2021. As a result, the Company acted as a conduit to this transaction and remitted the $2 million related to this milestone payment received from Elpiscience. The second potential earnout payment of $2 million is contingent upon the Company entering into a regional license agreement with a specific third party. Since the Company has not entered into a regional license agreement with that third party and assesses the probability of reaching such agreement with that party to be low, no provision is being made. The third and last potential earnout is $5 million which is dependent on the Company successfully filing a biologics license application in the United States and being granted marketing approval for the product candidate acquired in the transaction, CTX-009. As CTX-009 is in early clinical development and the clinical development of CTX-009 and regulatory strategy are subject to substantial risk, it is not probable that this payment will be made, and as such, no provision is being made.

To determine whether the transaction meets the definition of a business acquisition or an asset acquisition in accordance with ASC 805-10-55, we had to assess the nature of the transaction and the fair value of the assets acquired in the transaction. Our assessment suggest that the fair value

of the transaction is substantially concentrated in a license to a single identifiable asset, CTX-009, and a potential financial interest (in the form of royalties) in an additional set of early-stage similar assets. The guidance further requires a business acquisition to include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Because all asset acquisitions include inputs, the existence of a substantive process is what distinguishes a business acquisition from an asset acquisition. Our assessment is that there is no process or outputs that are being acquired with the TRIGR acquisition. As a result, the TRIGR acquisition is considered to fall under the guidance of an asset acquisition rather than a business acquisition. Accordingly, the Company allocated the $50.3 million transaction amount and $0.3 million of transaction costs to the acquired license. As the license is considered in-process R&D, the Company expensed the acquired asset on the transaction date.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

17.

Subsequent Events

The Company performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Segment Information

Cash and Cash Equivalents

Restricted Cash

As of December 31, 2021, the Company did not have any restricted cash.

Concentrations of Credit Risk

high-credit quality. The Company has not experienced any losses related to its cash, cash equivalents and restricted cash.

Property and Equipment


Asset Classification		Estimated Useful Life
Equipment		5 years
Furniture and fixtures		7 years
Software		5 years
Leasehold improvements		Lesser of estimated useful life or lease term

Impairment of Long-Lived Assets

Fair Value Measurements

•

Level 1 – Quoted prices in active markets for identical assets or liabilities.

•

Research and Development Costs

Accrued Research and Development Expenses

Debt Issuance Costs

The Company’s consolidated financial statements present debt issuance costs related to a recognized debt liability as a direct reduction from the carrying amount of that debt liability.

Patent Costs

Stock-Based Compensation

Stock price: See below.

Risk-free interest rate – The risk-free rate assumption is based on U.S. Treasury instruments, the terms of which were consistent with the expected term of the Company’s equity award.

Expected dividend – The Company has not paid and does not intend to pay dividends.

Stock Price - Prior to the Merger

The Company issued Class A and Class C common units to various employees, directors and consultants. The units constituted “profits interests” for tax purposes and were accounted for as

•

the progress of our commercialization efforts;

•

the progress of our research and development programs, including the status and results of preclinical studies for our product candidates;

•

our stage of development and our business strategy;

•

external market conditions affecting the medical device industry and trends within the medical device industry;

•

our financial position, including cash on hand, and our historical and forecasted performance and operating results;

•

the lack of an active public market for our common and preferred membership interests;

•

the likelihood of achieving a liquidity event, such as an initial public offering ("IPO"), reverse merger, or sale of our Company in light of prevailing market conditions; and

•

the analysis of IPOs and the market performance of similar companies in the biopharmaceutical industry.

Stock Price - Subsequent to the Merger

Net Loss per Share


	December 31,
	2021		2020
	(000's)
Restricted stock units		1,200		—
Stock options		3,659		2,159
Nonvested restricted stock		471		896
Total		5,330		3,055

Income Taxes

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows:


Asset Classification		Estimated Useful Life
Equipment		5 years
Furniture and fixtures		7 years
Software		5 years
Leasehold improvements		Lesser of estimated useful life or lease term

Schedule of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted Average Shares Outstanding


	December 31,
	2021		2020
	(000's)
Restricted stock units		1,200		—
Stock options		3,659		2,159
Nonvested restricted stock		471		896
Total		5,330		3,055

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities are Measured at Fair Value on Recurring Basis


	Fair Value Measurements as of December 31, 2021 (000's):
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents - money market funds	$	130,005	$	—	$	—	$	130,005
Total assets	$	130,005	$	—	$	—	$	130,005


	Fair Value Measurements as of December 31, 2020 (000's):
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents - money market funds	$	43,631	$	—	$	—	$	43,361
Total assets	$	43,631	$	—	$	—	$	43,361

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	December 31,
	2021			2020
	(000's)
Equipment	$	5,351		$	5,356
Furniture and fixtures		22			629
Leasehold improvements		1,531			896
Software		365			180
Total property and equipment–at cost		7,269			7,061
Less: Accumulated depreciation		(5,026	)		(5,935	)
Property and equipment, net	$	2,243		$	1,126

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Components of Accrued Expenses

Accrued expenses consist of the following:


	December 31,
	2021		2020
	(000's)
Compensation and benefits	$	1,601	$	976
Project expenses		704		212
Accrued milestone		6,000		—
Other		470		383
Total accrued expenses	$	8,775	$	1,571

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the years ended December 31, 2021 and 2020 was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2021		2020
	(000's)
Research and development	$	658	$	605
General and administrative		3,371		3,411
Total	$	4,029	$	4,016

Schedule of Restricted Share Activity

A summary of the Company’s restricted share activity during the years ended December 31, 2021 and 2020 is as follows:


	Shares (000's)			Estimated Fair Value Per Share
Unvested, December 31, 2019		2,039		$	2.04
Granted		1		$	2.34
Vested		(474	)	$	1.66
Forfeited or canceled		(670	)	$	1.75
Unvested, December 31, 2020		896		$	2.46
Granted		—		$	—
Vested		(359	)	$	1.83
Forfeited or canceled		(66	)	$	1.70
Unvested, December 31, 2021		471		$	1.76

2020 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table summarizes the stock option activity for the 2020 Plan:


	Number of Nonvested Options (000's)			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (000's)
Outstanding at December 31, 2019		—		$	—			$	—
Granted		2,175		$	5.00			$	—
Exercise		-		$	—			$	—
Forfeited/cancelled		(16	)	$	5.00			$	—
Outstanding at December 31, 2020		2,159		$	5.00		9.69	$	—
Granted		1,822		$	5.02		9.27	$	—
Exercise		—		$	—		—	$	—
Forfeited/cancelled		(322	)	$	5.00		—	$	—
Outstanding at December 31, 2021		3,659		$	5.01		8.98	$	—
Vested at December 31, 2021		1,378		$	4.99		8.67	$	—

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Weighted Average Assumptions on Grant Date Fair Value for Options Granted

For the year ended December 31, 2020, the fair value of each restricted stock award was estimated on the date of grant using the weighted average assumptions in the table below:

Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Weighted Average Assumptions on Grant Date Fair Value for Options Granted


	Year Ended December 31,
	2021			2020
Expected term (in years)	6.1			5.5
Risk-free rate		0.85	%		0.29	%
Expected volatility		91	%		86	%

Restricted stock units | 2020 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Restricted Share Activity

RSUs:

The following table summarizes the RSU activity for the 2020 Plan:


	Shares (000's)		Weighted Average Price Per Share		Weighted Average Fair Value (000's)
Unvested, December 31, 2020		—	$	—	$	—
Granted		1,200	$	3.83	$	4,596
Vested		—		—		—
Forfeited or canceled		—		—		—
Unvested, December 31, 2021		1,200	$	3.83	$	4,596

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Undiscounted Cash Flows Reconciled to Operating Lease Liabilities

The undiscounted cash flows are reconciled to the operating lease liabilities recorded on the consolidated balance sheets:


	(000's)
Years ending December 31,
2022	$	1,206
2023		1,348
2024		1,382
2025		426
Total minimum lease payments		4,362
Less: amount of lease payments representing interest		(325	)
Present value of future minimum lease payments		4,037
Less: operating lease obligations, current portion		(989	)
Operating lease obligations, long-term portion	$	3,048

Other expense (Tables)

12 Months Ended

Dec. 31, 2021

Other Income And Expenses [Abstract]

Schedule of Other Income and Expense

Other expense consisted of the following:


	December 31,
	2021			2020
	(000's)
Interest expense	$	(370	)	$	(908	)
Interest income		29			88
Change in fair value of derivative liability		—			(556	)
Realized foreign exchange loss		—			1
Realized gain (loss) on disposal of equipment		42			(281	)
Total other income (expenses)	$	(299	)	$	(1,656	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is summarized as follows:


	Year Ended December 31,
	2021		2020
Current	(000's)
Federal	$	—	$	22
State		—		10
Total	$	—	$	32

Deferred
Federal	$	—	$	—
State		—		—
Total income tax expense	$	—	$	32

Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate

The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows:


	December 31,
	2021			2020
Statutory rate		21.0	%		21.0	%
Income not subject to federal corporate income tax		0.0	%		-8.0	%
State taxes		2.1	%		6.4	%
Share-based compensation & other nondeductible expenses		-1.0	%		-0.5	%
Write-off of in-process R&D		-12.9	%		0.0	%
Research credits		0.8	%		0.0	%
Change in valuation allowance		-10.0	%		-19.0	%
Total		0.0	%		-0.1	%

Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are as follows:


	December 31,
	2021			2020
Deferred tax assets	(000's)
Net operating loss carryforwards	$	13,075		$	3,938
Research and development credits		2,716			2,038
Share-based compensation		706			609
Lease liabilities		1,131			—
Capitalized licensing fees		1,637			—
Other		22			126
Subtotal		19,287			6,711
Less valuation allowance		(18,113	)		(6,635	)
Deferred tax assets, net of valuation allowance		1,174			76

Deferred tax liabilities
Right-of-use assets		(1,116	)		—
Other		(58	)		(76	)
Net deferred tax assets	$	—		$	—

Formation and Business of the Company - Additional Information (Details) - $ / shares			12 Months Ended
	Jun. 19, 2020	Jun. 17, 2020	Dec. 31, 2020	Jan. 01, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, shares authorized			300,000,000		300,000,000
Common stock, par value			$ 0.0001		$ 0.0001
Preferred stock, shares authorized			10,000,000		10,000,000
Preferred stock par value			$ 0.0001		$ 0.0001
Number of common stock reserved for issuance				4,210,000
2020 Plan
Class Of Stock [Line Items]
Number of common stock reserved for issuance				4,050,000.00	156,000
Common Stock
Class Of Stock [Line Items]
Common stock shares issued under common membership interests		31,627,139,000
Shares of common stock sold			12,096,000
Purchase price per share					$ 5.00
Common Stock \| Private Placement Offering
Class Of Stock [Line Items]
Shares of common stock sold	12,000,000
Purchase price per share	$ 5.00
Common Stock \| 2020 Plan
Class Of Stock [Line Items]
Number of common stock reserved for issuance					2,900,000
Common Stock \| Blockers
Class Of Stock [Line Items]
Common stock shares issued under equity interest		7,428,217,000

Liquidity, Uncertainties and Going Concern - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liquidity Uncertainties And Going Concern [Abstract]
Accumulated deficit	$ 233,589	$ 151,408

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2021 USD ($)	Dec. 31, 2021 USD ($) Segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Stock conversion ratio description		Upon the closing of the Merger, the common and convertible preferred units of Compass Therapeutics LLC were converted into the Company’s common stock. The Company effected a 0.15-for-one stock conversion ratio for its issued and outstanding convertible preferred units. Common units were converted using the same ratio after factoring in the relevant strike price of each grant.
Common units outstanding \| shares		0
Convertible preferred units outstanding \| shares		0
Preferred stock, shares authorized \| shares		10,000,000	10,000,000
Preferred stock, par value \| $ / shares		$ 0.0001	$ 0.0001
Common stock, shares authorized \| shares		300,000,000	300,000,000
Common stock, par value \| $ / shares		$ 0.0001	$ 0.0001
Number of operating segments \| Segment		1
Restricted cash		$ 0	$ 200,000
Letter of credit			100,000
Impairment losses on long-lived assets		0	0
Expected dividend yield		0
Income tax expense		0	32,000
Operating lease, right-of-use ("ROU") asset		4,089,000	0
Operating lease liabilities		$ 4,037,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, transition option elected [Extensible List]	us-gaap:AccountingStandardsUpdate201602RetrospectiveMember
Operating lease, right-of-use ("ROU") asset	$ 5,100,000
Operating lease liabilities	$ 5,100,000
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, immaterial effect		true
Common Stock
Summary Of Significant Accounting Policies [Line Items]
Purchase price per share \| $ / shares		$ 5.00
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents		$ 130,000,000.0	$ 43,600,000
Convertible Preferred Units
Summary Of Significant Accounting Policies [Line Items]
Stock conversion ratio		0.15

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2021
Equipment
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	7 years
Software
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful life	Lesser of estimated useful life or lease term

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding	5,330	3,055
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding	3,659	2,159
Nonvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding	471	896
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding	1,200

Fair Value Measurements - Summary of Financial Assets and Liabilities are Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Total assets	$ 130,005	$ 43,361
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Total assets	130,005	43,631
Significant Other Observable Inputs (Level 2)
Assets
Total assets	0	0
Significant Unobservable Inputs (Level 3)
Assets
Total assets	0	0
Money Market Funds
Assets
Cash equivalents - money market funds	130,005	43,361
Money Market Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents - money market funds	130,005	43,631
Money Market Funds \| Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents - money market funds	0	0
Money Market Funds \| Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents - money market funds	$ 0	$ 0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment–at cost	$ 7,269	$ 7,061
Less: Accumulated depreciation	(5,026)	(5,935)
Property and equipment, net	2,243	1,126
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment–at cost	5,351	5,356
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment–at cost	22	629
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment–at cost	1,531	896
Software
Property Plant And Equipment [Line Items]
Total property and equipment–at cost	$ 365	$ 180

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Total depreciation and amortization expense	$ 0.6	$ 2.4

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation and benefits	$ 1,601	$ 976
Research and development expenses	704	212
Accrued Milestone	6,000	0
Other	470	383
Total accrued expenses	$ 8,775	$ 1,571

Debt - Additional Information (Details) - USD ($)	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments Of Debt	$ 9,375,000	$ 5,625,000
Revolving Credit Facility Member \| Pacific Western Bank, Inc
Debt Instrument [Line Items]
Debt proceeds	$ 15,000,000.0
Term loan facility payment terms	The Company made interest-only payments through March 31, 2020. Beginning in April 2020, the Company was obligated to make monthly principal payments of $625,000 (plus interest) through March 31, 2022 when the note matures.
Monthly principal payments	$ 625,000
Debt instrument, maturity date	Mar. 31, 2022
Repayments Of Debt	$ 9,400,000
Interest expense	$ 400,000	$ 900,000

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended			12 Months Ended
	Jun. 25, 2021	Jun. 19, 2020	Dec. 31, 2021	Nov. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Class Of Stock [Line Items]
Common stock, shares issued			101,303,000			101,303,000	52,117,000
Payment to several nonaccredited investors						$ 100
Common stock reserved for issuance								4,210,000
Common stock, par value			$ 0.0001			$ 0.0001	$ 0.0001
Proceeds from issuance of common stock						$ 128,267	$ 60,482
Follow On Public Offering
Class Of Stock [Line Items]
Shares of common stock sold			38,986,857
Proceeds from sale of equity			$ 136,500
Underwriters Legal and Accounting Costs			8,500
Proceeds from issuance of common stock			$ 128,000
Over Allotment Option
Class Of Stock [Line Items]
Shares of common stock sold			3,271,857
Common stock, par value				$ 3.50
Option to purchase additional shares of common stock for underwriters				5,357,250
Underwriting Public Offering
Class Of Stock [Line Items]
Common stock, par value				$ 3.50
Trigr Therapeutics Inc
Class Of Stock [Line Items]
Stock issued on merger	10,265,133				10,265,133
2020 Stock Option and Incentive Plan
Class Of Stock [Line Items]
Common stock reserved for issuance			156,000			156,000		4,050,000.00
Common Stock
Class Of Stock [Line Items]
Shares of common stock sold							12,096,000
Purchase price per share			$ 5.00			$ 5.00
Common Stock \| Private Placement Offering
Class Of Stock [Line Items]
Shares of common stock sold		12,000,000
Purchase price per share		$ 5.00
Common Stock \| Underwriting Public Offering
Class Of Stock [Line Items]
Shares of common stock sold				35,715,000
Common Stock \| Olivia Ventures Inc
Class Of Stock [Line Items]
Common stock, shares issued			1,000,000			1,000,000
Common Stock \| 2020 Stock Option and Incentive Plan
Class Of Stock [Line Items]
Common stock reserved for issuance			2,900,000			2,900,000

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,029	$ 4,016
Research and Development
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	658	605
General and Administrative
Employee Service Share Based Compensation Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,371	$ 3,411

Stock-Based Compensation - Schedule of Restricted Share Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Shares
Unvested at the beginning	896	2,039
Unvested, Granted	0	1
Unvested, Vested	(359)	(474)
Unvested, Forfeited or canceled	(66)	(670)
Unvested at the ending	471	896
Estimated Fair Value Per Share
Unvested at the beginning	$ 2.46	$ 2.04
Unvested, Granted		2.34
Unvested, Vested	1.83	1.66
Unvested, Forfeited or canceled	1.70	1.75
Unvested at the ending	$ 1.76	$ 2.46
Restricted stock units \| 2020 Plan
Shares
Unvested at the beginning	0
Unvested, Granted	1,200
Unvested, Vested	0
Unvested, Forfeited or canceled	0
Unvested at the ending	1,200	0
Estimated Fair Value Per Share
share based compensation weighted average fair value granted	$ 4,596
Unvested, Vested	$ 0
share based compensation unvested outstanding	$ 4,596	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract]
Unvested at the beginning		$ 0
Unvested, Granted	$ 3.83
Unvested, Vested	0
Unvested, Forfeited or canceled	0
Unvested at the ending	$ 3.83

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions			12 Months Ended
	Jan. 01, 2022	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost relating to unvested restricted stock awards			$ 12.3
Number of common stock reserved for issuance	4,210
Weighted average grant date fair value for options granted			$ 5.01
Unrecognized compensation cost relating to outstanding options			$ 7.1
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock reserved for issuance					2,900
Outstanding number of shares preceding percentage	4.00%		4.00%
Number of common stock reserved for issuance	4,050		156
Stock options, vesting period			4 years
Outstanding, Weighted Average Remaining Contractual Life, Ending Balance			10 years
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair value for unvested restricted stock		$ 2.46	$ 1.76	$ 2.46		$ 2.04
Share awards granted			0	1
Unrecognized compensation cost relating to unvested restricted stock awards			$ 0.8
Unvested stock expected to be recognized over a weighted-average period			1 year 9 months 18 days
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested stock expected to be recognized over a weighted-average period			2 years 9 months 18 days
Stock Option \| 2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Weighted Average Remaining Contractual Life, Ending Balance		9 years 8 months 8 days	8 years 11 months 23 days
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost relating to unvested restricted stock awards			$ 4.4
Unvested stock expected to be recognized over a weighted-average period			3 years 10 months 24 days
Restricted stock units \| 2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted			1,200

Stock-Based Compensation - Schedule of Weighted Average Assumptions on Grant Date Fair Value for Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years
Risk-free rate		0.36%
Expected volatility		140.00%
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	5 years 6 months
Risk-free rate	0.85%	0.29%
Expected volatility	91.00%	86.00%

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2020 Plan - $ / shares shares in Thousands		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Exercise Price Per Share
Outstanding, Weighted Average Remaining Contractual Life at December 31, 2021		10 years
Outstanding, Weighted Average Remaining Contractual Life, Ending Balance		10 years
Stock Option
Number of Nonvested Options
Outstanding, Beginning Balance	2,159	3,659	2,159	0
Granted		1,822	2,175
Exercise			0
Forfeited/cancelled		(322)	(16)
Outstanding, Ending Balance	2,159	3,659	2,159	0
Vested, Ending Balance		1,378
Weighted Average Exercise Price Per Share
Outstanding, Beginning Balance	$ 0		$ 0
Granted		$ 5.02	5.00
Exercise			0
Forfeited/cancelled		5.00	5.00
Outstanding, Ending Balance	$ 5.00	5.01	$ 5.00
Vested at December 31, 2021		$ 4.99
Outstanding, Weighted Average Remaining Contractual Life at December 31, 2021	9 years 8 months 8 days	8 years 11 months 23 days
Granted , Weighted Average Remaining Contractual Life		9 years 3 months 7 days
Outstanding, Weighted Average Remaining Contractual Life, Ending Balance	9 years 8 months 8 days	8 years 11 months 23 days
Vested, Weighted Average Remaining Contractual Life at December 31, 2021		8 years 8 months 1 day

License, Research and Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Abl Bio Agreement Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone Payments Received	$ 5,000
Milestone payments	6,000
Abl Bio Agreement Member \| Oncology Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments	110,000
Commercial milestone payments	295
Abl Bio Agreement Member \| Ophthalmology Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone Payment And Royalties Received	$ 185,000
Adimab Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development milestone payments			$ 1,500
Collaboration agreement date	Oct. 16, 2014
Milestone payments	$ 0
Future Milestone Payments	2,000
Future milestone payments	2,000
FUJIFILM Diosynth Biotechnologies Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future Milestone Payments	1,200
Future milestone payments	1,200
Cash payment for license agreement	1,200	$ 2,600
Research and development	1,000	$ 900
Total expense to be recognized	$ 2,900

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Leases
Lessee, Lease, Description [Line Items]
Number of operating lease \| Leases	1
Operating lease initial term	4 years 5 months
Discount rate	6.25%
Operating lease remaining lease term	3 years 5 months
Abl Bio Agreement Member
Lessee, Lease, Description [Line Items]
Milestone Payments \| $	$ 6.0

Commitments and Contingencies - Schedule of Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 1,206
2023	1,348
2024	1,382
2025	426
Total minimum lease payments	4,362
Less: amount of lease payments representing interest	325
Present value of future minimum lease payments	4,037
Operating lease obligations, current portion	989	$ 0
Operating lease obligations, net of long-term portion	$ 3,048	$ 0

Related Parties and Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Co-Founder and Former Chief Operation Officer
Related Party Transaction [Line Items]
Percentage of ownership interest in common stock		5.00%
Miranda Toledano [Member]
Related Party Transaction [Line Items]
consulting fees	$ 20,000

Other expense - Schedule of Other Income and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Income And Expenses [Abstract]
Interest expense	$ (370)	$ (908)
Interest income	29	88
Change in fair value of derivative liability	0	(556)
Realized foreign exchange loss	0	1
Realized gain (loss) on disposal of equipment	42	(281)
Total other income (expenses)	$ (299)	$ (1,656)

Defined Contribution Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Matching contributions	$ 100	$ 200
Maximum
Defined Contribution Plan Disclosure [Line Items]
Matching employee contributions percentage of salary to the defined contribution plan	4.00%

Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 0	$ 22
State	0	10
Total	0	32
Deferred
Federal	0	0
State	0	0
Total income tax expense	$ 0	$ 32

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%
Income not subject to federal corporate income tax	(0.00%)	(8.00%)
State taxes	2.10%	6.40%
Nondeductible expenses	(1.00%)	(0.50%)
Write-off of in-process R&D	(12.90%)	0.00%
Research Credits	0.80%	0.00%
Change in valuation allowance	(10.00%)	(19.00%)
Total	0.00%	(0.10%)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	$ 18,113	$ 6,635
Research And Development Credits Carryforwards	$ 1,100	2,100
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 50,600
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Research And Development Credits Carry Forwards Expiration Year	2031
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Research And Development Credits Carry Forwards Expiration Year	2038
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 51,700
Foreign Tax Authority [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Research And Development Credits Carry Forwards Expiration Year	2039
Foreign Tax Authority [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Research And Development Credits Carry Forwards Expiration Year	2017

Income Taxes - Schedule of Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 13,075	$ 3,938
Research and development credits	2,716	2,038
Share-based compensation	706	609
Lease Liabilities	1,131	0
Capitalized Licensing Fees	1,637	0
Other	22	126
Subtotal	19,287	6,711
Less valuation allowance	(18,113)	(6,635)
Net deferred tax assets	1,174	76
Right-of-use assets	(1,116)	0
Other	(58)	(76)
Deferred Tax Assets, Net, Total	$ 0	$ 0

Merger Transaction - Additional Information (Details) - Trigr Therapeutics Inc [Member] - USD ($)			1 Months Ended	12 Months Ended
	Jun. 25, 2021	May 11, 2021	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Merger date		May 11, 2021
Stock issued on merger	10,265,133		10,265,133
Maximum eligible earnout payment	$ 9,000,000.0
Earnout payment to third party	2,000,000
Provision of earnout payment for third party	0
Business Combination, Consideration Transferred				$ 50,600,000
Fair value of stock issued on merger				50,300,000
Accounting and Legal Costs				300,000
In Process Research and Development [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred				50,300,000
Legal Fees				$ 300,000
CTX OO9 [Member]
Business Acquisition [Line Items]
Earnout payment on license application approval	5,000,000
Provisions for earnout payment for license application approval	0
Elpiscience [Member]
Business Acquisition [Line Items]
Milestone payment received	2,000,000
Earnout payment on license application approval	$ 2,000,000.0