0001628280-22-007717 | 10-K | XBRL Viewer

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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Activities:
Net loss	$ (28,302,000)	$ (19,208,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	374,000	339,000
Stock-based compensation expense	1,105,000	453,000
Noncash lease expense	896,000	476,000
Noncash interest and other expense, net	583,000	(6,000)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	179,000	367,000
Accounts payable	(209,000)	(574,000)
Accrued expenses and other liabilities	723,000	(205,000)
Interest payable	92,000	0
Operating lease liabilities	(1,040,000)	75,000
Cash used in operating activities	(25,957,000)	(19,017,000)
Investing Activities:
Purchase of property and equipment	(135,000)	(50,000)
Repayment of related party note receivable	38,000	44,000
Cash used in investing activities	(97,000)	(6,000)
Financing Activities:
Proceeds from issuance of series B-1 convertible preferred stock	0	35,000,000
Proceeds from the issuance of common stock, net of equity issuance costs of $446	33,425,000	0
Borrowings on loan payable	15,000,000	0
Payment of loan issuance costs	(95,000)	0
Cash acquired in connection with the reverse recapitalization	17,045,000	0
Payment of reverse recapitalization transaction costs	(6,420,000)	0
Repurchase of unvested options	108,000	69,000
Repurchase of unvested options	0	(1,000)
Cash provided by financing activities	59,063,000	34,599,000
Net increase in cash and cash equivalents	33,009,000	15,576,000
Cash and cash equivalents at beginning of year	18,820,000	3,244,000
Cash and cash equivalents at end of year	51,829,000	18,820,000
Supplemental disclosure of cash flow information:
Cash paid for interest	953,000	0
Non-cash investing activities: Property and equipment in accounts payable	78,000	0
Supplemental schedule of non-cash investing and financing activities:
Vesting of early exercise stock options	136,000	258,000
Debt issuance costs related to financing in accrued liabilities	0	34,000
Issuance of common stock for license agreement	49,000	0
Preferred Stock
Financing Activities:
Payment of preferred stock issuance costs	$ 0	$ (469,000)

Statement of Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Preferred Stock
Equity issuance costs	$ 265
Common Stock
Equity issuance costs	$ 446

Balance Sheet Items (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid expenses and other current asset

Prepaid expenses and other current asset consist of the following as of December 31, 2021 and 2020:


	2021		2020
Prepaid expenses	$	949	$	245
Prepaid research and development costs	632		441
Notes and interest receivable	—		260
Other current assets	553		59
Total	$	2,134	$	1,005

Summary of property and equipment

Property and equipment, net, consists of the following as of December 31, 2021 and 2020:


	2021		2020
Computer equipment and software	$	156	$	85
Furniture and fixtures	193		135
Lab equipment	748		600
Leasehold improvements	840		746
Property and equipment	1,937		1,566
Less accumulated depreciation	(824)		(456)
Property and equipment—net	$	1,113	$	1,110

Schedule of accrued liabilities

Accrued liabilities as of December 31, 2021 and 2020 consist of the following:


	2021		2020
Accrued other liabilities	$	748	$	441
Accrued clinical trial liability	841		224
	$	1,589	$	665

Stock Compensation - Summary of Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	790,637	452,165	264,924
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInReverseRecapitalizationInPeriod	177,591
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	307,529	224,490
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 4.20	$ 4.76
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 115.72	$ 4.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	113,521	22,843
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 32.82	$ 5.35	$ 4.81
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsassumedInReverseRecapitalizationInPeriodWeightedAverageExercisePrice	179.79
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 16.78	$ 5.90
Exercised of stock options (in shares)	33,127	14,406

Stock Compensation (Table)

12 Months Ended

Dec. 31, 2021

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

Summary of Stock Options

The following shows the stock option activities for the years ended December 31, 2020 and 2021:


	Total Options Outstanding	Weighted-Average Exercise Price
Balance—December 31, 2019	264,924	$	4.81
Granted	224,490	$	5.90
Exercised	(14,406)	$	4.76
Cancelled and forfeited	(22,843)	$	4.92
Balance—December 31, 2020	452,165	$	5.35
Assumed in reverse recapitalization	177,591	$	179.79
Granted	307,529	$	16.78
Exercised	(33,127)	$	4.20
Cancelled and forfeited	(113,521)	$	115.72
Balance—December 31, 2021	790,637	$	32.82

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2021:


	Shares	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price		Aggregate Intrinsic Value
Options outstanding	790,637	8.53	$	32.82	$	62,820
Vested and expected to vest	790,476	8.53	$	32.83	$	62,820
Exercisable	339,921	7.99	$	60.29	$	42,790

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development	$	303	$	389
General and administrative	802		64
Total	$	1,105	$	453

Share-based Payment Arrangement, Employee

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

Summary of Grant Date Fair Value

The fair value of employee stock options was estimated using the following assumptions for the years ended December 31, 2021 and 2020:


	2021		2020
Expected term (in years)	5.7 - 6.1		6.0 - 6.1
Expected volatility	67% - 69%		62% - 66%
Risk-free interest rate	0.9% - 1.3%		0.4% - 0.5%
Dividends	—	%	—%

Balance Sheet Items - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 374	$ 339

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of estimated useful lives of property, plant and equipment

The estimated useful lives of the Company’s respective assets are as follows:


Computer equipment and software			3 years
Furniture and fixtures			7 years
Laboratory equipment			5 years
Leasehold improvements			Shorter of the useful life of the asset or the life of the lease

Balance Sheet Items - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,937	$ 1,566
Less accumulated depreciation	(824)	(456)
Property and equipment—net	1,113	1,110
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	156	85
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	193	135
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment	748	600
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 840	$ 746

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 51,829	$ 18,820
Total	51,829	18,820
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	51,829	18,820
Total	51,829	18,820
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Total	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation—The accompanying Consolidated Financial Statements have been prepared in accordance with US generally accepted accounting principles ("GAAP") and necessarily include amounts based on estimates and assumptions by management.

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, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accruals, recoverability of long-lived assets, right-of-use assets, lease obligations, stock-based compensation and income taxes uncertainties and valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

Segment Information—The Company operates and manages its business as one reportable and operating segment, which is the business of discovery and development of small molecule drugs to treat cancers. All assets and operations are in the U.S. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Risks and Uncertainties—The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source vendors, availability of raw materials, patentability of the Company’s products and processes and clinical efficacy and safety of the Company’s products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

Moreover, the current COVID-19 pandemic, which is impacting worldwide economic activity, poses risk that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the COVID-19 pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time.

Concentration of Credit Risk—Financial instruments, which potentially subject the Company to concentration of risk, consist principally of cash and money market fund. All of the Company’s cash and money market fund are deposited in accounts with a major financial institution, and amounts may exceed federally insured limits. Management believes that the Company is not

exposed to significant credit risk due to the financial strength of the depository institution in which the cash and money market fund are held. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisitions to be cash equivalents. As of December 31, 2021 and 2020, the Company’s cash and cash equivalents consisted of bank deposits and money market funds.

Leases—The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset.

The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. When readily determinable, the Company uses the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term.

The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Property and Equipment—Property and equipment is recorded at cost and depreciated over the estimated useful lives of the related assets using the straight-line method. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the asset accounts and any resulting gain or loss is included in the consolidated statements of operations. Repair and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment. The estimated useful lives of the Company’s respective assets are as follows:


Computer equipment and software			3 years
Furniture and fixtures			7 years
Laboratory equipment			5 years
Leasehold improvements			Shorter of the useful life of the asset or the life of the lease

Impairment of Long-Lived Assets—Long-lived assets are reviewed for impairment if events or circumstances indicate the carrying amount of these assets may not be recoverable. If this review indicates that these assets will not be recoverable, based on the forecasted undiscounted future operating cash flows expected to result from the use of long-lived assets and their eventual disposition, the Company’s carrying value of the long-lived assets is reduced to fair value based on a discounted future cash flow approach or quoted market values. For the years ended December 31, 2021 and 2020, there were no events or circumstances which required an impairment test of long-lived assets.

Convertible Preferred Stock—The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock is recorded outside of stockholders’ deficit because the shares contain liquidation features that are not solely within the Company’s control. The Company has elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur.

Research and Development Expenses and Accrued Research and Development—Research and development expenses are charged to expense as incurred. Research and development expenses include certain payroll and personnel expenses including stock-based compensation, laboratory supplies, consulting costs, external contract research and development expenses and facility or lease expenses. In-licensing fees and other costs to acquire technologies that are utilized in research and development, and that are not expected to have alternative future use, are expensed when incurred. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed.

The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party service providers, the Company’s estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. The estimates are trued up to reflect the best information available at the time of the financial statement issuance. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s estimate of the status and timing of services performed relative to the actual status and timing of services performed may vary.

Patent Costs—Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These patent-related legal costs are reported as a component of general and administrative expense.

General and Administrative Expense—General and administrative costs are expensed as incurred and include employee-related expenses including salaries, benefits, travel and stock-based compensation for the Company’s personnel in executive, finance and accounting, and other administrative functions, as well as fees paid for legal, accounting and tax services, consulting fees and facilities costs not otherwise included in research and development expense. Legal costs include general corporate legal fees and patent costs.

Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments approximate fair value due to their short-term maturities.

Stock-Based Compensation Expense—The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based payments made to employees, directors and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period.

The Company estimates the fair value of stock options to employees, directors and non-employees using the Black-Scholes option-valuation model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term, risk-free rate of return, and the fair value of the underlying common stock on the date of grant. Due to the lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The group of representative companies have characteristics similar to the Company, including stage of product development and focus on the life science industry. The Company uses the simplified method to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company uses an assumed dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock.

The Company accounts for forfeitures as they occur. The fair value of restricted stock awards granted to employees are valued as of the grant date using the estimated fair value of the Company’s common stock.

Net Loss per Share Attributable to Common Stockholders—The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to

common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities.

Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, convertible preferred stock and warrants to purchase shares of convertible preferred stock are considered potential dilutive common shares.

Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2021 and 2020, the Company has recorded a full valuation allowance on its deferred tax assets.

Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax.

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

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts With Customers. The ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. Under the new ASU, acquiring entities are required to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 for public business entities, and for fiscal years beginning after December 15, 2023 for all other entities. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt With Conversions and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Under the new ASU, convertible instruments will now more frequently accounted for as a single unit of account. That is, a conversion feature and the host instrument in which it is embedded now generally will be treated as a single unit of account unless the conversion feature requires bifurcation under Topic 815. The ASU is effective for fiscal years beginning after December 15, 2021 for public business entities, and for fiscal years beginning after December 15, 2023 for all other entities. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021. ASU 2019-12 is effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company has early adopted this guidance in 2020 on a prospective basis and the impact on the Company’s financial statements was not material.

Stock Compensation - Narrative (Details) - USD ($)	12 Months Ended
Stock Compensation - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	110.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	307,529	224,490
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 16.78	$ 5.90
Common Stock, Capital Shares Reserved for Future Issuance	403,109
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	400.00%
Share-based Compensation Arrangement by Share-based Payment Award, Period of Automatic Increase to Outstanding Stock Maximum	10 years
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Period of Automatic Increase to Outstanding Stock Maximum	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Increase to Outstanding Stock Maximum	133,580
Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	290,894	210,100
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 11.26	$ 3.42
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 3,341,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 4 months 24 days
Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	16,635	14,390
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 95,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 3 months 18 days

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Deficit Accumulated	Series A Preferred Stock	Series B Preferred Stock	Series B-1 Preferred Stock
Beginning balance (in shares) at Dec. 31, 2019		410,429			17,000,000	25,186,738	28,749,997
Beginning balance at Dec. 31, 2019	$ (50,364,000)	$ 1,000	$ 2,188,000	$ (52,553,000)	$ 16,982,000	$ 12,235,000	$ 22,755,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised of stock options (in shares)	14,406	14,406
Exercised of stock options	$ 68,000		68,000
Vesting of early exercised stock options (in shares)		73,434
Vesting of early exercised stock options	258,000	$ 0	258,000
Issuance of common stock to Millendo shareholders (in shares)							43,749,996
Issuance of common stock to Millendo shareholders							$ 34,735,000
Share-based compensation	453,000		453,000
Net loss	(19,208,000)			(19,208,000)
Ending balance (in shares) at Dec. 31, 2020		498,269			17,000,000	25,186,738	72,499,993
Ending balance at Dec. 31, 2020	$ (68,793,000)	$ 1,000	2,967,000	(71,761,000)	$ 16,982,000	$ 12,235,000	$ 57,490,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised of stock options (in shares)	33,127	33,127
Exercised of stock options	$ 139,000		139,000
Vesting of early exercised stock options (in shares)		28,196
Vesting of early exercised stock options	133,000		133,000
Conversion of preferred stock to common stock (in shares)		3,692,912			(17,000,000)	(25,186,738)	(72,499,993)
Conversion of preferred stock to common stock	86,707,000	$ 4,000	86,703,000		$ (16,982,000)	$ (12,235,000)	$ (57,490,000)
Issuance of common stock for cash, net of issuance cost (in shares)		1,388,374
Issuance of common stock for cash, net of issuance cost	33,474,000	$ 1,000	33,473,000
Reverse recapitalization transaction costs	(6,420,000)		(6,420,000)
Issuance of common stock to Millendo shareholders (in shares)		1,269,446
Issuance of common stock to Millendo shareholders	18,001,000	$ 1,000	18,000,000
Issuance of common stock warrants	73,000		73,000
Share-based compensation	1,105,000		1,105,000
Net loss	(28,302,000)			(28,302,000)
Ending balance (in shares) at Dec. 31, 2021		6,910,324
Ending balance at Dec. 31, 2021	$ 36,117,000	$ 7,000	$ 136,173,000	$ (100,063,000)

Millendo Merger (Details) - USD ($)	3 Months Ended	12 Months Ended
Millendo Merger (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 25, 2021
Business Acquisition [Line Items]
Cash and cash equivalents		$ 51,829,000	$ 18,820,000
Operating lease right-of-use assets		3,051,000	1,877,000
Present value of operating lease obligations		3,468,000
Stock-based compensation expense		1,105,000	453,000
General and Administrative Expense
Business Acquisition [Line Items]
Stock-based compensation expense		802,000	$ 64,000
Private Tempest Member
Business Acquisition [Line Items]
Cash and cash equivalents				$ 17,000,000.0
Prepaid expenses and other assets				1,400,000
Assumed payables and accruals				500,000
Operating lease right-of-use assets				2,100,000
Present value of operating lease obligations				$ 2,100,000
Private Tempest Member \| General and Administrative Expense
Business Acquisition [Line Items]
Stock-based compensation expense	$ 200,000
Private Tempest Member \| Additional Paid-in Capital
Business Acquisition [Line Items]
Transaction costs		$ 6,400,000

Income Taxes - Textual (Details) - USD ($)	12 Months Ended
Income Taxes - Textual (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Deferred tax assets and valuation allowance increase during period	$ 117,900,000
Provision for income taxes	0	$ 0
Operating loss carryforwards, federal	455,800	80,900,000
Operating loss carryforwards, state	394,100,000	80,300,000
Valuation allowance	146,933,000	29,073,000
Orphan Drug Credit
Income Tax [Line Items]
Tax credit carryforwards		7,400,000
Not Subject to Expiration
Income Tax [Line Items]
Operating loss carryforwards, federal	231,200,000
United States \| Research Tax Credit Carryforward
Income Tax [Line Items]
Tax credit carryforwards	10,200,000	3,900,000
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax [Line Items]
Tax credit carryforwards	3,200,000	$ 1,900,000
State and Local Jurisdiction \| Not Subject to Expiration \| Research Tax Credit Carryforward
Income Tax [Line Items]
Tax credit carryforwards	$ 2,100,000

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Future minimum rental payments under operating leases with noncancelable terms

As of December 31, 2021, future minimum annual lease payments under the Company’s operating lease liabilities for the SSF Lease and Ann Arbor Leases were as follows:


	Total Commitment
Year Ending	(in thousands)
2022	$	1,603
2023	1,647
2024	443
Total minimum lease payments	3,693
Less: imputed interest	(225)
Present value of operating lease obligations	3,468
Less: current portion	1,442
Noncurrent operating lease obligations	$	2,026

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying Consolidated Financial Statements have been prepared in accordance with US generally accepted accounting principles ("GAAP") and necessarily include amounts based on estimates and assumptions by management.
Use of Estimates	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, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accruals, recoverability of long-lived assets, right-of-use assets, lease obligations, stock-based compensation and income taxes uncertainties and valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.
Segment Information	Segment Information—The Company operates and manages its business as one reportable and operating segment, which is the business of discovery and development of small molecule drugs to treat cancers. All assets and operations are in the U.S. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.
Risks and Uncertainties	Risks and Uncertainties—The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source vendors, availability of raw materials, patentability of the Company’s products and processes and clinical efficacy and safety of the Company’s products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Moreover, the current COVID-19 pandemic, which is impacting worldwide economic activity, poses risk that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the COVID-19 pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time.
Concentration of Credit Risk	Concentration of Credit Risk—Financial instruments, which potentially subject the Company to concentration of risk, consist principally of cash and money market fund. All of the Company’s cash and money market fund are deposited in accounts with a major financial institution, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institution in which the cash and money market fund are held. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Cash and Cash Equivalents	Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisitions to be cash equivalents. As of December 31, 2021 and 2020, the Company’s cash and cash equivalents consisted of bank deposits and money market funds.
Property and Equipment	Property and Equipment—Property and equipment is recorded at cost and depreciated over the estimated useful lives of the related assets using the straight-line method. Upon disposal of an asset, the related cost and accumulated depreciation are removed from the asset accounts and any resulting gain or loss is included in the consolidated statements of operations. Repair and maintenance costs are expensed as incurred, whereas major improvements are capitalized as additions to property and equipment.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets—Long-lived assets are reviewed for impairment if events or circumstances indicate the carrying amount of these assets may not be recoverable. If this review indicates that these assets will not be recoverable, based on the forecasted undiscounted future operating cash flows expected to result from the use of long-lived assets and their eventual disposition, the Company’s carrying value of the long-lived assets is reduced to fair value based on a discounted future cash flow approach or quoted market values. For the years ended December 31, 2021 and 2020, there were no events or circumstances which required an impairment test of long-lived assets.
Convertible Preferred Stock	Convertible Preferred Stock—The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock is recorded outside of stockholders’ deficit because the shares contain liquidation features that are not solely within the Company’s control. The Company has elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when an event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur.
Research and Development Expense and Accrued Research and Development	Research and Development Expenses and Accrued Research and Development—Research and development expenses are charged to expense as incurred. Research and development expenses include certain payroll and personnel expenses including stock-based compensation, laboratory supplies, consulting costs, external contract research and development expenses and facility or lease expenses. In-licensing fees and other costs to acquire technologies that are utilized in research and development, and that are not expected to have alternative future use, are expensed when incurred. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed.The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party service providers, the Company’s estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. The estimates are trued up to reflect the best information available at the time of the financial statement issuance. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s estimate of the status and timing of services performed relative to the actual status and timing of services performed may vary.
Patent Costs	Patent Costs—Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. These patent-related legal costs are reported as a component of general and administrative expense.
General and Administrative Expenses	General and Administrative Expense—General and administrative costs are expensed as incurred and include employee-related expenses including salaries, benefits, travel and stock-based compensation for the Company’s personnel in executive, finance and accounting, and other administrative functions, as well as fees paid for legal, accounting and tax services, consulting fees and facilities costs not otherwise included in research and development expense. Legal costs include general corporate legal fees and patent costs.
Fair Value Measurements	Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments approximate fair value due to their short-term maturities.
Share-based Compensation Expense	Stock-Based Compensation Expense—The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based payments made to employees, directors and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over each optionee’s requisite service period, which is generally the vesting period. The Company estimates the fair value of stock options to employees, directors and non-employees using the Black-Scholes option-valuation model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term, risk-free rate of return, and the fair value of the underlying common stock on the date of grant. Due to the lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The group of representative companies have characteristics similar to the Company, including stage of product development and focus on the life science industry. The Company uses the simplified method to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company uses an assumed dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company accounts for forfeitures as they occur. The fair value of restricted stock awards granted to employees are valued as of the grant date using the estimated fair value of the Company’s common stock.
Net Loss Per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders—The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, convertible preferred stock and warrants to purchase shares of convertible preferred stock are considered potential dilutive common shares.
Income Taxes	Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2021 and 2020, the Company has recorded a full valuation allowance on its deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements—From time to time, new accounting pronouncements are issued by the FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts With Customers. The ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. Under the new ASU, acquiring entities are required to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022 for public business entities, and for fiscal years beginning after December 15, 2023 for all other entities. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, Debt - Debt With Conversions and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Under the new ASU, convertible instruments will now more frequently accounted for as a single unit of account. That is, a conversion feature and the host instrument in which it is embedded now generally will be treated as a single unit of account unless the conversion feature requires bifurcation under Topic 815. The ASU is effective for fiscal years beginning after December 15, 2021 for public business entities, and for fiscal years beginning after December 15, 2023 for all other entities. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021. ASU 2019-12 is effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company has early adopted this guidance in 2020 on a prospective basis and the impact on the Company’s financial statements was not material.
Lessee, Leases	Leases—The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. When readily determinable, the Company uses the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the lease term. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Convertible Preferred Stock - Summary of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized		135,936,731
Shares Issued		114,686,731
Shares Outstanding		114,686,731
Aggregate Liquidation Amount		$ 100,187
Proceeds Net of Issuance Cost	$ 99,414
Net Carrying Value		$ 86,706
Series A
Temporary Equity [Line Items]
Shares Authorized		17,000,000
Shares Issued		17,000,000
Shares Outstanding		17,000,000
Per Share Liquidation Preference		$ 1.00
Aggregate Liquidation Amount		$ 17,000
Proceeds Net of Issuance Cost	16,982
Net Carrying Value		$ 16,982
Series B
Temporary Equity [Line Items]
Shares Authorized		25,186,738
Shares Issued		25,186,738
Shares Outstanding		25,186,738
Per Share Liquidation Preference		$ 1.00
Aggregate Liquidation Amount		$ 25,187
Proceeds Net of Issuance Cost	24,943
Net Carrying Value		$ 12,235
Series B-1
Temporary Equity [Line Items]
Shares Authorized		93,749,993
Shares Issued		72,499,993
Shares Outstanding		72,499,993
Per Share Liquidation Preference		$ 0.80
Aggregate Liquidation Amount		$ 58,000
Proceeds Net of Issuance Cost	$ 57,489
Net Carrying Value		$ 57,489

Balance Sheet Items - Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 949,000	$ 245,000
Prepaid research and development costs	632,000	441,000
Notes and interest receivable	0	260,000
Other current assets	553,000	59,000
Prepaid expenses and other current assets	$ 2,134,000	$ 1,005,000

Stock Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock compensation

STOCK COMPENSATION

In 2011, Private Tempest adopted the 2011 Equity Incentive Plan, and in 2017, Private Tempest adopted the 2017 Equity Incentive Plan, together “the Tempest Equity Plans”. Upon adoption of the 2017 Equity Incentive Plan, the 2011 Equity Incentive Plan was terminated.

The Board of Directors of Millendo adopted the 2019 Equity Incentive Plan (the “2019 Plan”) and 2019 Employee Stock Purchase Plan (the “2019 ESPP,” and together with the 2019 Plan, the “Millendo Equity Plans”) on April 29, 2019, subject to approval by the Company’s stockholders, and became effective with such stockholder approval on June 11, 2019. As a result of the merger, the Tempest Equity Plans and Millendo Equity Plans were assumed by the Company.

Both the Tempest Equity Plans and the 2019 Plan allow the Company to grant stock awards to employees, directors and consultants of the Company, including incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. The 2019 ESPP enables

employees to purchase shares of the Company's common stock through offerings of rights to purchase the Company’s common stock to all eligible employees.

The number of shares of the Company's common stock reserved for issuance under the 2019 Plan will automatically increase on January 1st of each year, for a period of ten years, from January 1, 2020 continuing through January 1, 2029, by 4% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Board of Directors.

The number of shares of the Company's common stock reserved for issuance under the 2019 ESPP will automatically increase on January 1st of each year, for a period of up to ten years, from January 1, 2020 continuing through January 1, 2029, by the lesser of (i) 0.01 of the total number of shares of the Company's capital stock outstanding on December 31 of the preceding calendar year, or (ii) 133,580 shares of the Company's common stock, unless a lesser number of shares is determined by the Board of Directors.

The Company measures employee and nonemployee stock-based awards at grant date fair value and records compensation expense on a straight-line basis over the vesting period of the award.

As of December 31, 2021, a total of 403,109 shares are available for future grant under the Tempest Equity Plans and the Millendo Equity Plans.

Options to purchase the Company’s common stock may be granted at a price not less than the fair market value in the case of both NSOs and ISOs, except for an employee or non-employee with options who owns more than 10% of the voting power of all classes of stock of the Company, in which case the exercise price shall be no less than 110% percent of the fair market value per share on the grant date. Stock options granted under the Plans generally vest over four years and expire no later than ten years from the date of grant. Vested options can be exercised at any time.

Prior to the merger, the grant date fair market value of the shares of common stock underlying stock options had historically been determined by the Company’s Board of Directors. Up until the merger, there had been no public market for the Company’s common stock, and therefore the Board of Directors exercised reasonable judgment and considered a number of objective and subjective factors to determine the best estimate of the fair market value, which included valuations performed by an independent third-party, important developments in the Company’s operations, sales of convertible preferred stock, actual operating results, financial performance, the conditions in the life sciences industry, the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common stock.

The following shows the stock option activities for the years ended December 31, 2020 and 2021:


	Total Options Outstanding	Weighted-Average Exercise Price
Balance—December 31, 2019	264,924	$	4.81
Granted	224,490	$	5.90
Exercised	(14,406)	$	4.76
Cancelled and forfeited	(22,843)	$	4.92
Balance—December 31, 2020	452,165	$	5.35
Assumed in reverse recapitalization	177,591	$	179.79
Granted	307,529	$	16.78
Exercised	(33,127)	$	4.20
Cancelled and forfeited	(113,521)	$	115.72
Balance—December 31, 2021	790,637	$	32.82

The following table summarizes information about stock options outstanding at December 31, 2021:


	Shares	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price		Aggregate Intrinsic Value
Options outstanding	790,637	8.53	$	32.82	$	62,820
Vested and expected to vest	790,476	8.53	$	32.83	$	62,820
Exercisable	339,921	7.99	$	60.29	$	42,790

Employee Stock Options—For the years ended December 31, 2021 and 2020, the Company granted employees stock options to purchase 290,894 and 210,100 shares of common stock with a weighted-average grant date fair value of $11.26 and $3.42 per share, respectively. As of December 31, 2021, there was total unrecognized compensation costs related to unvested employee stock options of $3,341. These costs are expected to be recognized over a weighted-average period of approximately 1.4 years.

The Company estimated the fair value of stock options using the Black-Scholes option pricing valuation model. The fair value of employee stock options is being amortized on the straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following assumptions for the years ended December 31, 2021 and 2020:


	2021		2020
Expected term (in years)	5.7 - 6.1		6.0 - 6.1
Expected volatility	67% - 69%		62% - 66%
Risk-free interest rate	0.9% - 1.3%		0.4% - 0.5%
Dividends	—	%	—%

Expected Term—The expected term of options granted represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected term of the Company’s employee stock options has been determined utilizing the simplified method for awards that qualify as plain-vanilla options.

Expected Volatility—The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as the Company did not have any trading history for the Company’s common stock. The Company will continue to analyze the historical stock price volatility and expected term assumption as more historical data for the Company’s common stock becomes available.

Risk-Free Interest Rate—The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options.

Dividends—The Company has not paid any cash dividends on common stock since inception and does not anticipate paying any dividends in the foreseeable future. Consequently, an expected dividend yield of zero was used.

Non-Employee Stock Options— For the years ended December 31, 2021 and 2020, the Company granted non-employees stock options to purchase 16,635 and 14,390 shares of common stock, respectively. As of December 31, 2021, there was total unrecognized compensation costs related to unvested non-employee stock options of $95. These costs are expected to be recognized over a weighted-average period of approximately 1.3 years.

Stock-Based Compensation Expense—The following table summarizes the components of stock-based compensation expense recognized in the Company’s consolidated statements of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development	$	303	$	389
General and administrative	802		64
Total	$	1,105	$	453

Organization and Description of the Business	12 Months Ended
Organization and Description of the Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	ORGANIZATION AND DESCRIPTION OF BUSINESS Description of Business Tempest Therapeutics, Inc. (“Tempest,” or the “Company”) is a clinical-stage oncology company advancing small molecules that combine both tumor-targeted and immune-mediated mechanisms with the potential to treat a wide range of tumors. The company’s two clinical programs are TPST-1120 and TPST-1495, antagonists of PPARα and EP2/EP4, respectively. Both TPST-1120 and TPST-1495 are advancing through Phase 1 clinical trials designed to study both agents as monotherapies and in combination with other approved agents. In collaboration with F. Hoffmann La Roche, TPST-1120 is also advancing through a randomized first line, global, Phase 1b/2 clinical study in combination with the standard-of-care regimen of atezolizumab and bevacizumab in patients with advanced or metastatic hepatocellular carcinoma. Tempest is also developing an orally-available inhibitor of TREX-1 designed to activate selectively the cGAS/STING pathway, an innate immune response pathway important for the development of anti-tumor immunity. Tempest is headquartered in South San Francisco. Merger with Millendo—On March 29, 2021, TempestTx, Inc. (“Private Tempest”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Millendo Therapeutics, Inc. (“Millendo”). Concurrent with the execution and delivery of the Merger Agreement, Private Tempest entered into funding agreements with certain investors named therein, pursuant to which the investors agreed to purchase, in the aggregate, $30.0 million of common stock of Private Tempest, convertible into securities of Millendo. On June 25, 2021, Private Tempest completed the merger with Millendo in accordance with the Merger Agreement. Prior to the effective time of the merger, Millendo effected a 1-for-15 reverse stock split, and right after the merger, Millendo changed its name to Tempest Therapeutics, Inc. Under the terms of the Merger Agreement, immediately prior to the effective time of the merger, each share of Private Tempest’s preferred stock was converted into a share of Private Tempest’s common stock. At closing of the merger, the Company issued an aggregate of approximately 5,365,899 shares of its common stock to Private Tempest stockholders, based on an exchange ratio of 0.0322 shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock, resulting in approximately 6,635,345 shares of the Company’s common stock being issued and outstanding immediately following the effective time of the merger. The Company also assumed all of the outstanding and unexercised stock options and warrants to purchase shares of Private Tempest capital stock. The assumed options continue to be governed by the terms of the 2011 and 2017 Equity Incentive Plans (as discussed more in Note 12) under which the options were originally granted, with such options hence forth representing the right to purchase a number of shares of the Company’s common stock equal to 0.0322 multiplied by the number of shares of Private Tempest common stock previously represented by such options. The merger was accounted for as a reverse recapitalization in accordance with U.S. generally accepted accounting principles (“GAAP”). Under this method of accounting, Private Tempest was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the expectation that, immediately following the merger: (i) Private Tempest stockholders would own a substantial majority of the voting rights; (ii) Private Tempest would designate a substantial majority of the initial members of the board of directors of the combined company; (iii) Private Tempest’s executive management team would become the management of the combined company; and (iv) the combined company would be named Tempest Therapeutics, Inc. Accordingly, for accounting purposes, the merger was treated as the equivalent of Tempest issuing stock to acquire the net assets of Millendo. As a result of the merger, the net assets of Millendo were recorded at their acquisition-date fair value in the financial statements of Private Tempest and the reported operating results prior to the merger will be those of Private Tempest. Historical per share figures of Private Tempest have been retroactively restated based on the exchange ratio of 0.0322. Liquidity and Management Plans The accompanying financial statements have been prepared assuming the Company will continue as a going concern. In the course of its development activities, the Company had incurred losses since inception and had forecasted cash needs in excess of current liquidity as of December 31, 2020, which raised substantial doubt about its ability to continue as a going concern at that time. Management implemented a plan to remove this condition by raising additional capital. In January 2021, the Company entered into a loan agreement with a lender to borrow a term loan amount of $35.0 million of which $15.0 million was funded to the Company on January 15, 2021 (see Note 8). In addition, as a result of the merger with Millendo, the Company raised an additional $30.0 million. In July 2021, the Company also entered into a sales agreement (the “Sales Agreement”) with Jefferies LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $100.0 million of its common stock through the Agent in a series of one or more ATM equity offerings. The additional capital will fund the Company’s ongoing working capital, investing, and financing requirements for at least the next 12 months.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	51,829	$	—	$	—	$	51,829
Total	$	51,829	$	—	$	—	$	51,829

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	18,820	$	—	$	—	$	18,820
Total	$	18,820	$	—	$	—	$	18,820

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating losses	$ 125,111	$ 23,943
Research and development tax credits	16,670	4,597
Amortization	1,094	78
Lease liability	1,027	714
Stock based compensation	3,784	254
Other	254	204
Total gross deferred tax assets	147,940	29,790
Less: valuation allowance	(146,933)	(29,073)
Total deferred tax assets	1,007	717
Deferred tax liability:
Right-of-use assets	(903)	(550)
Fixed assets	(104)	(167)
Total gross deferred tax liabilities	(1,007)	(717)
Net deferred tax assets	$ 0	$ 0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Basis in Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the years ended December 31, 2021 and 2020 (in thousands except share and per share amounts):


Numerator:	2021		2020
Net loss	$	(28,302)	$	(19,208)
Denominator:
Weighted-average common shares outstanding	3,799,392		521,146
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(9,089)		(52,985)
Weighted-average shares used to computing basic and diluted net loss per share	3,790,303		468,161

Net loss per share attributable to common stockholders—basic and diluted	$	(7.47)	$	(41.03)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Based on the amounts outstanding as of December 31, 2021 and 2020, the Company excluded

the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	2021	2020
Series A preferred stock	—	547,400
Series B preferred stock	—	811,013
Series B-1 preferred stock	—	2,334,500
Options to purchase common stock	790,637	452,166
Unvested restricted common stock	—	28,996
Common stock warrants	6,036	—
	796,673	4,174,075

Stock Compensation - Summary of Information About Stock Options Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	790,637	452,165	264,924
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 6 months 10 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 32.82	$ 5.35	$ 4.81
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 62,820
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	790,476
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	8 years 6 months 10 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 32.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 62,820
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	339,921
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 11 months 26 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 60.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 42,790

Balance Sheet Items

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Items

BALANCE SHEET ITEMS (AMOUNTS IN THOUSANDS)

Prepaid expenses and other current asset consist of the following as of December 31, 2021 and 2020:


	2021		2020
Prepaid expenses	$	949	$	245
Prepaid research and development costs	632		441
Notes and interest receivable	—		260
Other current assets	553		59
Total	$	2,134	$	1,005

Property and equipment, net, consists of the following as of December 31, 2021 and 2020:


	2021		2020
Computer equipment and software	$	156	$	85
Furniture and fixtures	193		135
Lab equipment	748		600
Leasehold improvements	840		746
Property and equipment	1,937		1,566
Less accumulated depreciation	(824)		(456)
Property and equipment—net	$	1,113	$	1,110

Depreciation expense for the years ended December 31, 2021 and 2020 were $374 and $339, respectively.

Accrued liabilities as of December 31, 2021 and 2020 consist of the following:


	2021		2020
Accrued other liabilities	$	748	$	441
Accrued clinical trial liability	841		224
	$	1,589	$	665

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

CONVERTIBLE PREFERRED STOCK

As of December 31, 2021, the Company was authorized to issue up to 5,000,000 shares of preferred stock at a par value of 0.001 as a result of Private Tempest completing the merger with Millendo on June 25, 2021. As of December 31, 2020, Private Tempest was authorized to issue up to 135,936,731 shares of preferred stock at par value of 0.001.

In October 2011, Private Tempest received a commitment from its venture investor for a Series A Preferred Stock financing totaling $10 million to be taken down in two tranches of $5 million each. Upon execution of the stock purchase agreement, Private Tempest received the first tranche of $5 million, which included $2,399 in cash proceeds and the conversion of notes payable and accrued interest totaling $2,601 for issuing 5,000,000 shares of its Series A Preferred Stock. In June 2012, Private Tempest received cash proceeds of $5 million related to the second tranche of the Series A Preferred Stock financing from the issuance of 5,000,000 shares of Series A Preferred Stock.

In August 2015, Private Tempest issued an additional 2,000,000 shares of Series A Preferred Stock to its venture investor for cash proceeds of $2 million. In September 2016, Private Tempest issued an additional 5,000,000 shares of Series A Preferred Stock to its venture investor for cash proceeds of $5 million.

In February 2018, Private Tempest issued 25,186,738 shares of Series B Preferred Stock for $1.00 per share in connection with the closing of the Series B Preferred Stock Purchase Agreement. Private Tempest’s convertible notes of $8 million and accrued interest were converted as part of the Series B offering.

In February 2019, Private Tempest issued 28,749,997 shares of Series B-1 preferred stock for $0.80 per share for total cash proceeds of $23 million. In January 2020, Private Tempest issued 43,749,996 shares of Series B-1 preferred stock for $0.80 per share for total cash proceeds of $35 million.

The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences December 31, 2020 were as follows (in thousands except share and per share amounts):


Series	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Amount		Proceeds Net of Issuance Cost		Net Carrying Value
Series A	17,000,000	17,000,000	$	1.00	$	17,000	$	16,982	$	16,982
Series B	25,186,738	25,186,738	1.00		25,187		24,943		12,235
Series B-1	93,749,993	72,499,993	0.80		58,000		57,489		57,489
	135,936,731	114,686,731			$	100,187	$	99,414	$	86,706

On June 25, 2021, Private Tempest completed the merger with Millendo in accordance with the Merger Agreement. Under the terms of the Merger Agreement, immediately prior to the effective time of the merger, each share Private Tempest’s preferred stock was converted into a share of Private Tempest’s common stock. At closing of the merger, the Company issued an aggregate of approximately 5,365,899 shares of its common stock to Private Tempest stockholders, based on an exchange ratio of 0.0322 shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock.

The significant rights, preferences, and privileges of the convertible preferred stock as of December 31, 2020 were as follows:

Dividends—The holders of the Company’s convertible preferred stock are entitled to receive noncumulative dividends of 8% per share (as adjusted for stock splits, combinations, and reorganizations) per annum on each outstanding share of Series convertible preferred stock. Such dividends shall be payable only when and if declared by the Board of Directors. As of December 31, 2020, and 2019, the Company’s Board of Directors had not declared any dividends. Dividends on convertible preferred stock shall be payable in preference to and prior to any payments of any dividends on common stock. No dividends have been declared to date.

Voting Rights—The holders of preferred stock are entitled to one vote for each share of common stock into which such preferred stock could then be converted; and with respect to such vote, such holder shall have full voting rights and powers equal to the voting rights and powers of the holders of common stock.

Liquidation—The holders of preferred stock are entitled to receive liquidation preferences at an amount per share of preferred stock equal to the original price plus all declared and unpaid dividends on the preferred stock. Liquidation payments to the holders of preferred stock have priority and are made in preference to any payments to the holders of common stock. After full payment of the liquidation preference to the holders of the preferred stock, the remaining assets, if any, will be distributed ratably to the holders of the common stock and preferred stock on an as-if-converted to common stock basis.

Redemption and Balance Sheet Classification— The convertible preferred stock is recorded within mezzanine equity because while it is not mandatorily redeemable, it will become redeemable at the option of the stockholders upon the occurrence of certain deemed liquidation events that are considered not solely within the Company’s control.

Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Summary of Convertible Preferred Stock

The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences December 31, 2020 were as follows (in thousands except share and per share amounts):


Series	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Amount		Proceeds Net of Issuance Cost		Net Carrying Value
Series A	17,000,000	17,000,000	$	1.00	$	17,000	$	16,982	$	16,982
Series B	25,186,738	25,186,738	1.00		25,187		24,943		12,235
Series B-1	93,749,993	72,499,993	0.80		58,000		57,489		57,489
	135,936,731	114,686,731			$	100,187	$	99,414	$	86,706

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTSThe following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	51,829	$	—	$	—	$	51,829
Total	$	51,829	$	—	$	—	$	51,829

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	18,820	$	—	$	—	$	18,820
Total	$	18,820	$	—	$	—	$	18,820

- 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

Transactions With Related Parties	12 Months Ended
Transactions With Related Parties	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions With Related Parties	TRANSACTIONS WITH RELATED PARTIES (AMOUNTS IN THOUSANDS) Inception Sciences Service Agreements—Inception Sciences, Inc. ("Inception Sciences US") and Inception Sciences Canada, Inc. (Inception Sciences Canada) are subsidiaries of Versant Ventures, affiliates of which, together, are a holder of more than 5% of our capital stock. The Company has service agreements with Inception Sciences US, and Inception Sciences Canada whereby research and support services are provided to the Company. On June 30, 2020, the Company terminated these Inception Sciences service agreements. Total expenses under the service agreements consist of charges for services, equipment usage, lab supplies and other out of pocket expenses as incurred. For the years ended December 31, 2021 and 2020, the Company incurred nil and $1,315, respectively, in expenses under the Inception Sciences service agreements. Related Party Notes Receivable—On November 19, 2017, the Company loaned three employees a total of $353 pursuant to promissory notes in order for such employees to early exercise certain stock options which had a total exercise cost of $652. The notes receivable accrue interest at 2% per year and had a maturity date of November 29, 2022. The notes receivable vest over time until maturity in conjunction with the vesting of the early-exercised stock options. On June 25, 2021, prior to the closing of the Merger Agreement, one of the employees’ note receivable plus accrued interest totaling $278 was forgiven by the Company. This amount was recognized as compensation included in general and administrative expense in the accompanying consolidated statements of operations for the years ended December 31, 2021 and 2020. The remaining amounts of the notes were repaid. As of December 31, 2021 and 2020, the balance of the vested notes receivable and accrued interest was nil and $260, respectively.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 51,829	$ 18,820
Insurance recovery of legal settlement	15,000	0
Prepaid expenses and other current assets	2,134	1,005
Total current assets	68,963	19,825
Property and equipment—net	1,113	1,110
Operating lease right-of-use assets	3,051	1,877
Other noncurrent assets	111	51
Total assets	73,238	22,863
Current liabilities:
Accounts payable	991	1,071
Accrued legal settlement	15,000	0
Accrued expenses and other liabilities	1,589	665
Less: current portion	1,442	712
Accrued compensation	912	695
Interest payable	92	0
Early option exercise liability	0	79
Total current liabilities	20,026	3,222
Loan payable (net of discount and issuance costs of $756)	15,069
Noncurrent operating lease obligations	2,026	1,727
Total liabilities	37,121	4,949
Commitments and contingencies (Note 7)
Convertible preferred stock, $0.001 par value; shares 5,000,000 and 135,936,731 shares authorized at December 31, 2021 and 2020; nil and 114,686,731 shares issued and outstanding at December 31, 2021 and 2020, respectively; liquidation preference of $0 and $100,186,732 at December 31, 2021 and 2020, respectively	0	86,707
Common stock, $0.001 par value; 100,000,000 shares and 196,000,000 shares authorized at December 31, 2021 and 2020; 6,910,324 and 527,265 shares issued and outstanding, nil and 28,996 subject to repurchase at December 31, 2021 and 2020, respectively	7	1
Additional paid-in capital	136,173	2,967
Accumulated deficit	(100,063)	(71,761)
Total stockholders’ equity (deficit)	36,117	(68,793)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 73,238	$ 22,863

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
At statutory rate	$ (5,906)	$ (4,033)
State taxes	(3,887)	(1,799)
Valuation allowance	9,154	6,395
Tax credits	(767)	(604)
Stock-based compensation	1,366	37
Permanent differences	40	4
Total	$ 0	$ 0

- Definition

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

+ References + Details

Income Taxes - Schedule of Changes in Tax Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Reserve [Roll Forward]
Beginning balance	$ 1,280	$ 1,080
Gross increase - tax positions in prior periods	2,767	0
Gross decrease - tax positions in prior periods	0	0
Gross increase - tax position in current period	246	200
Settlements	0	0
Lapses in statutes of limitations	0	0
Ending balance	$ 4,293	$ 1,280

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt issuance costs, net	$ 756,000
Shares Authorized		135,936,731
Temporary Equity, Shares Issued		114,686,731
Aggregate Liquidation Amount		$ 100,187,000
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized	100,000,000	196,000,000
Common stock, shares issued	6,910,324	527,265
Common stock shares subject to repurchase shares	0	28,996
Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.001
Shares Authorized	5,000,000	135,936,731
Temporary Equity, Shares Issued	0	114,686,731
Aggregate Liquidation Amount	$ 0	$ 100,186,732

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 17,166	$ 14,389
General and administrative	9,820	4,909
Loss from operations	(26,986)	(19,298)
Other (expenses) income, net:
Interest expense	(1,282)	0
Interest income and other (expense) income, net	(34)	90
Total other (expenses) income, net	(1,316)	90
Provision for income taxes	0	0
Net loss	$ (28,302)	$ (19,208)
Net loss per share attributable to common stockholders— diluted (in dollars per share)	$ (7.47)	$ (41.03)
Net loss per share attributable to common stockholders— basic (in dollars per share)	$ (7.47)	$ (41.03)
Weighted Average Number of Shares Outstanding, Basic	3,790,303	468,161
Weighted-average common shares outstanding, diluted	3,790,303	468,161

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2021
Equity [Abstract]
Common Stock	COMMON STOCK Upon completion of the merger on June 25, 2021, the Company issued an aggregate of approximately 5,365,899 shares of its common stock to Private Tempest stockholders, based on an exchange ratio of 0.0322 shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock (3,692,912 common shares) and those shares of common stock issued with its pre-merger financing of $30 million (1,136,849 common shares). As of December 31, 2021, the Company was authorized to issue 100,000,000 shares of common stock at a par value of $0.001. Of the 100,000,000 common stock shares authorized, 6,910,324 are legally issued and outstanding at December 31, 2021 and there were no shares subject to repurchase due to remaining vesting requirements. Common stockholders are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of each share of common stock are entitled to one vote. Except for effecting or validating certain specific actions intended to protect the preferred stockholders, the holders of common stock vote together with preferred stockholders and have the right to elect one member of the Company’s Board of Directors. On July 23, 2021, the Company entered into a sales agreement (the “Sales Agreement”) with Jefferies LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $100,000,000 of its common stock through the Agent.

- Definition

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

+ References

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-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitment and Contingencies - Future minimum rental payments under operating leases with noncancelable terms (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,603
2023	1,647
2024	443
Total minimum lease payments	3,693
Less: imputed interest	(225)
Present value of operating lease obligations	3,468
Less: current portion	1,442	$ 712
Noncurrent operating lease obligations	$ 2,026	$ 1,727

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

There was no provision for income taxes for the years ended December 31, 2021 and 2020, because the Company has incurred losses since inception. At December 31, 2021 and 2020 the Company concluded it was not more likely than not that it would realize its deferred tax assets, and therefore has recorded a full valuation allowance.

For the years ended December 31, 2021 and 2020, income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pre-tax loss as follows:


U.S. federal provision (benefit)	2021		2020
At statutory rate	$	(5,906)	$	(4,033)
State taxes	(3,887)		(1,799)
Valuation allowance	9,154		6,395
Tax credits	(767)		(604)
Stock-based compensation	1,366		37
Permanent differences	40		4
Total	$	—	$	—

Significant components of the Company’s deferred tax assets at December 31, 2021 and 2020 are shown below.


	2021		2020
Deferred tax assets:
Net operating losses	$	125,111	$	23,943
Research and development tax credits	16,670		4,597
Amortization	1,094		78
Lease liability	1,027		714
Stock based compensation	3,784		254
Other	254		204
Total gross deferred tax assets	147,940		29,790
Less: valuation allowance	(146,933)		(29,073)
Total deferred tax assets	1,007		717
Deferred tax liability:
Right-of-use assets	(903)		(550)
Fixed assets	(104)		(167)
Total gross deferred tax liabilities	(1,007)		(717)
Net deferred tax assets	$	—	$	—

The deferred tax assets and valuation allowance increased by $117.9 million from December 31, 2020 to December 31, 2021 due primarily to the Millendo reverse merger, the generation of net operating losses, and research and development credits.

As of December 31, 2021, the Company has net operating loss carryforwards for federal and state income tax purposes of approximately $452.4 million and $394.1 million, respectively. As of December 31, 2020, the Company has net operating loss carryforwards for federal and state income tax purposes of approximately $80.9 million and $80.3 million, respectively.

The federal and state net operating loss carryforwards begin to expire in 2031 and 2022, respectively, if not utilized. Federal net operating losses of $231.2 million are not subject to expiration.

As of December 31, 2021, the Company has federal and state research and development carryforwards of approximately $10.2 million and $3.2 million, respectively. The Company also has $7.4 million of Orphan Drug Credit. As of December 31, 2020, the Company has federal and state research and development carryforwards of approximately $3.9 million and $1.9 million, respectively. The federal and state credits begin to expire in 2031 and 2029, respectively, if not utilized; $2.1 million of the state credits can be carried forward indefinitely.

Utilization of some of the federal and state net operating loss and credit carryforwards may be subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. The Company has not performed a Section 382 study as of December 31, 2021. At least $455.8 thousand of legacy Millendo federal net operating losses are expected to expire unused due to prior ownership changes.

The Company has the following activity relating to unrecognized tax benefits as of December 31, 2021 and 2020:


	2021		2020
Beginning balance	$	1,280	$	1,080
Gross increase - tax positions in prior periods	2,767		—
Gross decrease - tax positions in prior periods	—		—
Gross increase - tax position in current period	246		$	200
Settlements	—		—
Lapses in statutes of limitations	—		—
Ending balance	$	4,293	$	1,280

As of December 31, 2021 and 2020, none of the unrecognized tax benefits would impact the Company's effective tax rate due to the valuation allowance. The Company does not anticipate the uncertain tax positions will materially change in the next 12 months. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual for interest and penalties on the accompanying consolidated balance sheets as of December 31, 2021 and 2020, respectively, and has not recognized penalties and interest in the accompanying statements of operations for the years ended December 31, 2021 and 2020, respectively.

The Company is subject to taxation in the United States, California, Massachusetts, and Michigan. The Company’s tax years from inception are subject to examination by the IRS and state tax authorities due to the carryforward of unutilized net operating losses and research and development credits.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2021 segment
Property, Plant and Equipment [Line Items]
Number of Reportable Segments	1
Number of Operating Segments	1
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Balance Sheet Items - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued other liabilities	$ 748	$ 441
Accrued clinical trial liability	841	224
Accrued expenses and other liabilities	$ 1,589	$ 665

Loan Payable (Details) $ in Thousands		12 Months Ended
Loan Payable (Details) $ in Thousands	Jan. 15, 2021 USD ($) tranche	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Loan payable (net of discount and issuance costs of $756)		$ 15,069
Term Loan Member
Debt Instrument [Line Items]
Loan amount	$ 35,000
Number of tranches \| tranche	3
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	7.15%
Debt Instrument, Basis Spread on Variable Rate	7.00%
Thershold index rate	0.15%
Monthly principal payments	$ 500
Loan discounts	898
Payments of debt issuance costs	95
Loan payable (net of discount and issuance costs of $756)		15,069	$ 0
Interest expense		$ 1,282
Tranch A Term Loan Member
Debt Instrument [Line Items]
Loan amount	15,000
Tranch B Term Loan Member
Debt Instrument [Line Items]
Loan amount	$ 10,000
Debt Instrument, Covenant Description	receipt of at least $50,000 in Series C equity capital, (ii) initiation of the Phase 1 combination study of TPST-1495 or monotherapy expansion study, and (iii) initiation of Phase 2 trial of TPST-1120 or the 1L Triplet Collaboration study
Tranch C Term Loan Member
Debt Instrument [Line Items]
Loan amount	$ 10,000

Stock Compensation - Grant Date Fair Value of Option (Details) - Share-based Payment Arrangement, Employee	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 8 months 12 days	6 years
Expected volatility	67.00%	62.00%
Risk-free interest rate	0.90%	0.40%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Expected volatility	69.00%	66.00%
Risk-free interest rate	1.30%	0.50%

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement Benefits	RETIREMENT PLANThe Company participates in a qualified 401(k) Plan sponsored by its professional service organization. The retirement plan is a defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. There was no contribution from the Company for the years ended December 31, 2021 and 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

NET LOSS PER SHARE


Numerator:	2021		2020
Net loss	$	(28,302)	$	(19,208)
Denominator:
Weighted-average common shares outstanding	3,799,392		521,146
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(9,089)		(52,985)
Weighted-average shares used to computing basic and diluted net loss per share	3,790,303		468,161

Net loss per share attributable to common stockholders—basic and diluted	$	(7.47)	$	(41.03)

As of December 31, 2021 and 2020, the Company’s potentially dilutive securities included unvested stock warrants and stock options, which have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be anti-dilutive. Based on the amounts outstanding as of December 31, 2021 and 2020, the Company excluded

the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	2021	2020
Series A preferred stock	—	547,400
Series B preferred stock	—	811,013
Series B-1 preferred stock	—	2,334,500
Options to purchase common stock	790,637	452,166
Unvested restricted common stock	—	28,996
Common stock warrants	6,036	—
	796,673	4,174,075

Convertible Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jun. 25, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized				135,936,731
Proceeds from issuance of redeemable convertible preferred stock		$ 99,414
Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized			5,000,000	135,936,731
Temporary equity, par value (in dollars per share)			$ 0.001	$ 0.001
Convertible Preferred Stock \| Conversion Of Preferred Stock Into A Share Of Common Stock Member \| Common Stock
Temporary Equity [Line Items]
Number of shares issued upon conversion	5,365,899
Common stock conversion ratio	3.22%
Series A
Temporary Equity [Line Items]
Shares Authorized				17,000,000
Proceeds from issuance of redeemable convertible preferred stock		16,982
Series B
Temporary Equity [Line Items]
Shares Authorized				25,186,738
Proceeds from issuance of redeemable convertible preferred stock		24,943
Series B-1
Temporary Equity [Line Items]
Shares Authorized				93,749,993
Proceeds from issuance of redeemable convertible preferred stock		$ 57,489

Commitment and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure

COMMITMENTS AND CONTINGENCIES (AMOUNTS IN THOUSANDS)

Facilities Lease Agreements—In February 2019, the Company entered into a 5-year office lease agreement for a 9,780 square feet facility in South San Francisco, California (“SSF Lease”). The remaining lease term of the SSF Lease is two years and two months as of December 31, 2021.

As a result of the merger with Millendo, the Company assumed Millendo’s noncancelable operating leases for office space which have remaining lease terms of approximately 2.4 years. In February 2019 and October 2018, Millendo entered into two noncancellable operating leases for office space in Ann Arbor, Michigan (“Ann Arbor Leases”) of which one that Millendo took possession of in April 2019 and the other that Millendo took possession of in July 2019, respectively. One of its leases in Ann Arbor, Michigan expires in June 2024 and the other expires in March 2024. There were no other leases assumed by the Company as of December 31, 2021.

As of December 31, 2021 and 2020, the balance of the operating lease right of use assets were $3,051 and $1,877, respectively, and the related operating lease liability were $3,468 and $2,439, respectively, as shown in the accompanying consolidated balance sheets.

Rent expense was $1,039 and $665 for the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, future minimum annual lease payments under the Company’s operating lease liabilities for the SSF Lease and Ann Arbor Leases were as follows:


	Total Commitment
Year Ending	(in thousands)
2022	$	1,603
2023	1,647
2024	443
Total minimum lease payments	3,693
Less: imputed interest	(225)
Present value of operating lease obligations	3,468
Less: current portion	1,442
Noncurrent operating lease obligations	$	2,026

Guarantees and Indemnifications—In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2021 and 2020, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Legal Proceedings—Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. As a result of the merger with Millendo, the Company is party to various litigation matters given Millendo’s role as successor to OvaScience, Inc. (“OvaScience”). OvaScience merged with Millendo in 2018. Prior to the merger with Millendo, OvaScience was sued in three matters that are disclosed below.

On November 9, 2016, a purported shareholder derivative action was filed in Massachusetts State court (Cima v. Dipp) against certain former officers and directors of OvaScience and OvaScience alleging breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets for purported actions related to OvaScience’s January 2015 follow-on public offering. No material proceedings have occurred since the case was filed. On February 25, 2022, the parties filed a joint status report with the Court.

On March 24, 2017, a purported shareholder class action lawsuit was filed in Massachusetts Federal court (Dahhan v. OvaScience, Inc.) against OvaScience and certain former officers of OvaScience alleging violations of Sections 10(b) and 20(a) of the Exchange Act (the “Dahhan Action”). On March 4, 2022, the parties filed a motion to preliminarily approve a settlement of the action. The settlement amount of $15 million will be funded entirely by insurance. All defendants expressly deny liability. The settlement is subject to both preliminary and final approval. The amount of $15 million was recorded as Accrued legal settlement with offsetting Insurance recovery of legal settlement in the accompanying consolidated balance sheet as of December 31, 2021.

On July 27, 2017, a purported shareholder derivative complaint was filed in Massachusetts Federal court (Chiu v. Dipp) against OvaScience and certain former officers and directors of OvaScience alleging breach of fiduciary duties, unjust enrichment and violations of Section 14(a) of the Exchange Act. related to OvaScience’s January 2015 follow-on public offering and other public statements concerning OvaScience’s AUGMENT treatment. Following the Court’s dismissal of an amended complaint, the parties agreed that plaintiffs could file a second amended complaint and that the case would be stayed pending the resolution of the Dahhan Action. In May 2018, the court entered an order staying this case pending the resolution of the Dahhan Action.

With respect to the two OvaScience matters described above (Cima v. Dipp and Chiu v. Dipp), the Company is unable to estimate potential losses, if any. However, the Company believes the matters are without merit, and that in light of applicable insurance, any material exposure to the Company is remote.

Commitment and Contingencies- Narrative (Details) $ in Thousands		12 Months Ended
	Mar. 04, 2022 USD ($)	Dec. 31, 2021 USD ($) lease	Dec. 31, 2020 USD ($)	Feb. 28, 2019 ft²
Loss Contingencies [Line Items]
Operating lease term		2 years 4 months 24 days
Number of noncancelable operating lease agreements \| lease		2
Operating lease right-of-use assets		$ 3,051	$ 1,877
Present value of operating lease obligations		3,468
Insurance recovery of legal settlement		15,000	0
Accrued legal settlement		$ 15,000	0
Subsequent Event
Loss Contingencies [Line Items]
Litigation expense covered by insurance	$ 15,000
South San Francisco California
Loss Contingencies [Line Items]
Operating lease term				5 years
Area of real estate property \| ft²				9,780
Operating lease remaining term		2 years 2 months 12 days
Operating lease right-of-use assets		$ 3,051	1,877
Present value of operating lease obligations		3,468	2,439
Rent expense		$ 1,039	$ 665

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


U.S. federal provision (benefit)	2021		2020
At statutory rate	$	(5,906)	$	(4,033)
State taxes	(3,887)		(1,799)
Valuation allowance	9,154		6,395
Tax credits	(767)		(604)
Stock-based compensation	1,366		37
Permanent differences	40		4
Total	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets at December 31, 2021 and 2020 are shown below.


	2021		2020
Deferred tax assets:
Net operating losses	$	125,111	$	23,943
Research and development tax credits	16,670		4,597
Amortization	1,094		78
Lease liability	1,027		714
Stock based compensation	3,784		254
Other	254		204
Total gross deferred tax assets	147,940		29,790
Less: valuation allowance	(146,933)		(29,073)
Total deferred tax assets	1,007		717
Deferred tax liability:
Right-of-use assets	(903)		(550)
Fixed assets	(104)		(167)
Total gross deferred tax liabilities	(1,007)		(717)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The Company has the following activity relating to unrecognized tax benefits as of December 31, 2021 and 2020:


	2021		2020
Beginning balance	$	1,280	$	1,080
Gross increase - tax positions in prior periods	2,767		—
Gross decrease - tax positions in prior periods	—		—
Gross increase - tax position in current period	246		$	200
Settlements	—		—
Lapses in statutes of limitations	—		—
Ending balance	$	4,293	$	1,280

Transactions With Related Parties (Details) - USD ($)		12 Months Ended
Transactions With Related Parties (Details) - USD ($)	Nov. 19, 2017	Dec. 31, 2021	Dec. 31, 2020	Jun. 25, 2021
Related Party Transaction [Line Items]
Notes receivable from related parties		$ 0	$ 260,000
Exercised of stock options		139,000	68,000
Note receivable from foreign related party				$ 278,000
Inception Sciences Member
Related Party Transaction [Line Items]
Expenses from transactions with related parties		$ 0	$ 1,315,000
Early Exercise Of Employee Stock Options Member
Related Party Transaction [Line Items]
Notes receivable from related parties	$ 353,000
Exercised of stock options	$ 652,000
Early Exercise Of Employee Stock Options Member \| Two Officers
Related Party Transaction [Line Items]
Related party transaction rate	2.00%
Inception Sciences Member
Related Party Transaction [Line Items]
Percentage of capital stock		5.00%

Millendo Merger	12 Months Ended
Millendo Merger	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Millendo Merger	MILLENDO MERGERAs described in Note 1, Private Tempest merged with the Company on June 25, 2021. The merger was accounted for as a reverse recapitalization with Private Tempest as the accounting acquirer. The primary pre-combination assets of Millendo were cash, cash equivalents and restricted cash. Under reverse recapitalization accounting, the assets and liabilities of Millendo were recorded at their fair value which approximated book value due to the short-term nature of the instruments. No goodwill or intangible assets were recognized. Consequently, the consolidated financial statements of Tempest reflect the operations of Millendo for accounting purposes together with a deemed issuance of shares, equivalent to the shares held by the former stockholders of the legal acquirer and a recapitalization of the equity of the accounting acquirer. As part of the reverse recapitalization, the Company obtained approximately $17.0 million of cash, cash equivalents and restricted cash. The Company also obtained prepaids and other assets of approximately $1.4 million and assumed payables and accruals of approximately $0.5 million. The Company also acquired an operating lease right-of-use asset of $2.1 million and the related operating lease liability of $2.1 million. All of the development programs and associated collaboration arrangements were terminated prior to the merger and were deemed to have no value at the transaction date and the Company is winding down the legacy Millendo operations. In addition, the Company incurred approximately $0.2 million in share-based compensation expense as a result of the acceleration of vesting of stock options at the time of merger. This amount was recorded in general and administrative expense in the accompanying consolidated statements of operations for the year ended December 31, 2021. The Company also incurred transaction costs of approximately $6.4 million and this amount is recorded in additional paid-in capital in the accompanying consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the year ended December 31, 2021.

Organization and Description of the Business (Details)		12 Months Ended
Organization and Description of the Business (Details)	Jun. 25, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Conversion of convertible securities \| $		$ 30,000,000.0
Reverse stock split	1-for-15
Common stock, shares issued	5,365,899	6,910,324	527,265
Share exchange ratio	0.0322
Stock split exchange ratio	0.0322	0.0322
Conversion Of Preferred Stock Into A Share Of Common Stock Member
Class of Stock [Line Items]
Common stock, shares issued	6,635,345

Common Stock (Details)			12 Months Ended
Common Stock (Details)	Jul. 23, 2021 USD ($)	Jun. 25, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Issuance of common stock for cash, net of issuance cost (in shares)		5,365,899
Stock split exchange ratio		0.0322	0.0322
Conversion of preferred stock to common stock \| $			$ 86,707,000
Common stock, shares authorized			100,000,000	196,000,000
Common stock, shares outstanding			6,910,324
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001
Dividends \| $			$ 0
Voting rights of stock			one
At-The-Market Program \| Jefferies LLC
Class of Stock [Line Items]
Authorized amount of stock sale \| $	$ 100,000,000
Private Tempest Preferred Stock Member
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)		3,692,912
Common Stock
Class of Stock [Line Items]
Issuance of common stock for cash, net of issuance cost (in shares)			1,388,374
Conversion of preferred stock to common stock (in shares)		1,136,849	3,692,912
Conversion of preferred stock to common stock \| $		$ 30,000,000	$ 4,000
Common stock, shares authorized			100,000,000

Stock Compensation - Stock Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,105,000	$ 453,000
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	303,000	389,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 802,000	$ 64,000

Net Loss Per Share - Summary of basis in Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (28,302)	$ (28,302)	$ (19,208)
Denominator:
Weighted-average common shares outstanding		3,799,392	521,146
Less: Weighted-average unvested restricted shares and shares subject to repurchase		9,089	52,985
Weighted-average common shares outstanding, basic net loss per share		3,790,303	468,161
Weighted-average common shares outstanding, diluted net loss per share		3,790,303	468,161
Net loss per share attributable to common stockholders— basic (in dollars per share)		$ (7.47)	$ (41.03)
Net loss per share attributable to common stockholders— diluted (in dollars per share)		$ (7.47)	$ (41.03)

- Definition

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

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+ Details

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	796,673	4,174,075
Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	0	547,400
Series B preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	0	811,013
Series B-1 preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	0	2,334,500
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	790,637	452,166
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	0	28,996
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	6,036	0

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Common Stock
Equity issuance costs	$ 446

Loan Payable	12 Months Ended
Loan Payable	Dec. 31, 2021
Debt Disclosure [Abstract]
Loan payable	LOAN PAYABLE (AMOUNTS IN THOUSANDS)On January 15, 2021, the Company entered into a loan agreement with a lender to borrow a term loan amount of $35,000 to be funded in three tranches. Tranche A of $15,000 was wired to the Company on January 15, 2021. Tranche B of $10,000 will be available through March 31, 2022 contingent upon achievement of each of the following: (i) receipt of at least $50,000 in Series C equity capital, (ii) initiation of the Phase 1 combination study of TPST-1495 or monotherapy expansion study, and (iii) initiation of Phase 2 trial of TPST-1120 or the 1L Triplet Collaboration study. And Tranche C of $10,000 is available at lender’s option. The term loan matures on August 1, 2025 and has an annual floating interest rate of 7.15% which is an Index Rate plus 7%. Index Rate is the greater of (i) 30-day US LIBOR or (ii) 0.15%. Monthly principal payments of $500 will begin on March 1, 2023. Related to this borrowing, the Company recorded loan discounts totaling $898 and paid $95 of debt issuance costs. These amounts would be amortized as additional interest expense over the life of the loan. As of December 31, 2021, the balance of the loan payable (net of debt issuance costs) was $15,069. The carrying value of the loan approximates fair value (Level 2). For the year ended December 31, 2021, total interest expense was $1,282.

- 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.

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+ Details