0001558370-21-012336 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Sep. 03, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-40675
Entity Registrant Name	Immuneering Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1976972
Entity Address State Or Province	MA
Entity Address, Address Line One	245 Main St.
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	500-8080
Title of 12(b) Security	Class A common Stock, par value $0.001 per share
Trading Symbol	IMRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,938,064
Entity Central Index Key	0001790340
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 50,245,103	$ 37,090,151
Accounts receivable	495,105	500,110
Prepaids and other current assets	696,684	140,958
Total current assets	51,436,892	37,731,219
Property and equipment, net	82,077	64,363
Right-of-use asset, net	562,770	613,103
Other assets	960,386	14,333
Total assets	53,042,125	38,423,018
Current liabilities:
Accounts payable	1,432,516	1,480,537
Accrued expenses	3,318,870	698,992
Lease liability, current	80,605	76,322
Total current liabilities	4,831,991	2,255,851
Long-term liabilities:
Lease liability, noncurrent	503,213	544,767
Total liabilities	5,335,204	2,800,618
Commitments and contingencies (Note 9)
Convertible preferred stock:
Convertible preferred stock	82,892,701	58,103,850
Stockholders' deficit:
Additional paid-in capital	4,763,900	3,251,240
Accumulated deficit	(39,954,956)	(25,737,640)
Total stockholders' deficit	(35,185,780)	(22,481,450)
Total liabilities, convertible preferred stock and stockholders' deficit	53,042,125	38,423,018
Series B Preferred Stock
Convertible preferred stock:
Convertible preferred stock	61,772,761	36,983,910
Series A Preferred Stock
Convertible preferred stock:
Convertible preferred stock	21,119,940	21,119,940
Class A Common Stock
Stockholders' deficit:
Common stock	$ 5,276	$ 4,950

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Aug. 03, 2021	Jun. 30, 2021	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 20, 2019
Convertible preferred stock, outstanding (in shares)	8,528,078
Series B Preferred Stock
Convertible preferred stock, par value per share (in dollars per share)		$ 0.001	$ 0.001
Convertible preferred stock, authorized (in shares)		6,032,183	6,032,183
Convertible preferred stock, issued (in shares)		6,032,145	3,619,292
Convertible preferred stock, outstanding (in shares)		6,032,145	3,619,292
Series A Preferred Stock
Convertible preferred stock, par value per share (in dollars per share)		$ 0.001	$ 0.001			$ 0.001
Convertible preferred stock, authorized (in shares)		2,495,933	2,495,933	2,495,933		1,987,979
Convertible preferred stock, issued (in shares)		2,495,933	2,495,933	119,454	468,315		1,122,458
Convertible preferred stock, outstanding (in shares)		2,495,933	2,495,933		1,966,043
Class A Common Stock
Convertible preferred stock, outstanding (in shares)	11,939,281
Common stock, par value per share (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares authorized (in shares)		22,026,200	22,026,200
Common stock, shares issued (in shares)		5,275,936	4,950,129
Common stock, shares outstanding (in shares)		5,275,936	4,950,129
Class B Common Stock
Common stock, par value per share (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares authorized (in shares)		6,032,183	6,032,183
Common stock, shares issued (in shares)		0	0
Common stock, shares outstanding (in shares)		0	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 660,040	$ 480,835	$ 1,408,240	$ 963,885
Cost of revenue	318,601	237,062	727,763	492,089
Gross profit	341,439	243,773	680,477	471,796
Operating expenses
Research and development	6,991,965	3,221,000	12,382,985	6,044,254
General and administrative	1,340,398	629,403	2,524,422	1,273,412
Total operating expenses	8,332,363	3,850,403	14,907,407	7,317,666
Loss from operations	(7,990,924)	(3,606,630)	(14,226,930)	(6,845,870)
Other income
Interest income	3,259	2,468	9,614	40,988
Net loss	$ (7,987,665)	$ (3,604,162)	$ (14,217,316)	$ (6,804,882)
Net loss per share attributable to common stockholders, basic	$ (1.61)	$ (0.73)	$ (2.87)	$ (1.37)
Net loss per share attributable to common stockholders, diluted	$ (1.61)	$ (0.73)	$ (2.87)	$ (1.37)
Weighted-average common shares outstanding, basic	4,954,553	4,950,129	4,952,352	4,950,129
Weighted-average common shares outstanding, diluted	4,954,553	4,950,129	4,952,352	4,950,129

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT - USD ($)	Preferred Stock [Member] Series A Preferred Stock	Preferred Stock [Member] Series B Preferred Stock	Preferred Stock [Member]	Common Stock [Member] Class A Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Series A Preferred Stock	Series B Preferred Stock	Total
Beginning Balance at Dec. 31, 2019				$ 4,950	$ 2,164,471	$ (8,697,742)			$ (6,528,321)
Beginning Balance (in shares) at Dec. 31, 2019				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					272,143				272,143
Net loss						(3,200,720)			(3,200,720)
Ending Balance at Mar. 31, 2020				$ 4,950	2,436,614	(11,898,462)			(9,456,898)
Ending Balance (in shares) at Mar. 31, 2020				4,950,129
Beginning Balance at Dec. 31, 2019	$ 16,611,832		$ 16,611,832
Beginning Balance (in shares) at Dec. 31, 2019	1,966,043						1,966,043
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net of issuance costs	$ 4,508,108		4,508,108
Issuance of convertible preferred stock, net of issuance costs (in shares)	529,890
Ending Balance at Mar. 31, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Mar. 31, 2020	2,495,933
Beginning Balance at Dec. 31, 2019				$ 4,950	2,164,471	(8,697,742)			(6,528,321)
Beginning Balance (in shares) at Dec. 31, 2019				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss									(6,804,882)
Ending Balance at Jun. 30, 2020				$ 4,950	2,724,168	(15,502,624)			(12,773,506)
Ending Balance (in shares) at Jun. 30, 2020				4,950,129
Beginning Balance at Dec. 31, 2019	$ 16,611,832		16,611,832
Beginning Balance (in shares) at Dec. 31, 2019	1,966,043						1,966,043
Ending Balance at Jun. 30, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Jun. 30, 2020	2,495,933
Beginning Balance at Mar. 31, 2020				$ 4,950	2,436,614	(11,898,462)			(9,456,898)
Beginning Balance (in shares) at Mar. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					287,554				287,554
Net loss						(3,604,162)			(3,604,162)
Ending Balance at Jun. 30, 2020				$ 4,950	2,724,168	(15,502,624)			(12,773,506)
Ending Balance (in shares) at Jun. 30, 2020				4,950,129
Beginning Balance at Mar. 31, 2020	$ 21,119,940		21,119,940
Beginning Balance (in shares) at Mar. 31, 2020	2,495,933
Ending Balance at Jun. 30, 2020	$ 21,119,940		21,119,940
Ending Balance (in shares) at Jun. 30, 2020	2,495,933
Beginning Balance at Dec. 31, 2020				$ 4,950	3,251,240	(25,737,640)			(22,481,450)
Beginning Balance (in shares) at Dec. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					182,225				182,225
Net loss						(6,229,651)			(6,229,651)
Ending Balance at Mar. 31, 2021				$ 4,950	3,433,465	(31,967,291)			(28,528,876)
Ending Balance (in shares) at Mar. 31, 2021				4,950,129
Beginning Balance at Dec. 31, 2020	$ 21,119,940	$ 36,983,910	58,103,850				$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Dec. 31, 2020	2,495,933	3,619,292					2,495,933	3,619,292
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net of issuance costs		$ 24,788,851	24,788,851
Issuance of convertible preferred stock, net of issuance costs (in shares)		2,412,853
Ending Balance at Mar. 31, 2021	$ 21,119,940	$ 36,983,910	58,103,850
Ending Balance (in shares) at Mar. 31, 2021	2,495,933	3,619,292
Beginning Balance at Dec. 31, 2020				$ 4,950	3,251,240	(25,737,640)			$ (22,481,450)
Beginning Balance (in shares) at Dec. 31, 2020				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)									17,499
Net loss									$ (14,217,316)
Ending Balance at Jun. 30, 2021				$ 5,276	4,763,900	(39,954,956)			(35,185,780)
Ending Balance (in shares) at Jun. 30, 2021				5,275,936
Beginning Balance at Dec. 31, 2020	$ 21,119,940	$ 36,983,910	58,103,850				$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Dec. 31, 2020	2,495,933	3,619,292					2,495,933	3,619,292
Ending Balance at Jun. 30, 2021	$ 21,119,940	$ 61,772,761	82,892,701				$ 21,119,940	$ 61,772,761	82,892,701
Ending Balance (in shares) at Jun. 30, 2021	2,495,933	6,032,145					2,495,933	6,032,145
Beginning Balance at Mar. 31, 2021				$ 4,950	3,433,465	(31,967,291)			(28,528,876)
Beginning Balance (in shares) at Mar. 31, 2021				4,950,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options				$ 18	52,609				52,627
Issuance of common stock upon exercise of stock options (in shares)				17,499
Issuance of common stock upon exercise of warrants				$ 308	926,817				927,125
Issuance of common stock upon exercise of warrants (in shares)				308,308
Stock-based compensation expense					351,009				351,009
Net loss						(7,987,665)			(7,987,665)
Ending Balance at Jun. 30, 2021				$ 5,276	$ 4,763,900	$ (39,954,956)			(35,185,780)
Ending Balance (in shares) at Jun. 30, 2021				5,275,936
Beginning Balance at Mar. 31, 2021	$ 21,119,940	$ 36,983,910	58,103,850
Beginning Balance (in shares) at Mar. 31, 2021	2,495,933	3,619,292
Ending Balance at Jun. 30, 2021	$ 21,119,940	$ 61,772,761	$ 82,892,701				$ 21,119,940	$ 61,772,761	$ 82,892,701
Ending Balance (in shares) at Jun. 30, 2021	2,495,933	6,032,145					2,495,933	6,032,145

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (14,217,316)	$ (6,804,882)
Adjustment to reconcile to net loss to net cash used in operating activities:
Depreciation expense	18,674	11,223
Right-of-use asset amortization	50,333	19,994
Stock based compensation expense	533,234	559,697
(Increase) decrease in:
Accounts receivable	5,005	(90,020)
Prepaid expenses and other current assets	(555,726)	(387,506)
Other assets	(946,053)
Increase (decrease) in:
Accounts payable	(48,021)	601,874
Accrued expenses	2,619,878	427,933
Lease liability	(37,271)	(19,994)
Net cash used in operating activities	(12,577,263)	(5,681,681)
Cash flows from investing activities:
Purchase of property and equipment	(36,388)	(9,754)
Net cash used in investing activities	(36,388)	(9,754)
Cash flows from financing activities:
Proceeds from exercise of stock options	52,627
Proceeds from exercise of warrants	927,125
Net cash provided by financing activities	25,768,603	998,306
Net increase (decrease) in cash and cash equivalents	13,154,952	(4,693,129)
Cash and cash equivalents at beginning of period	37,090,151	13,782,175
Cash and cash equivalents at end of period	50,245,103	9,089,046
Supplemental disclosures of noncash information:
Reclassification of liability for Series A preferred stock		3,509,802
Deferred offering costs included in accounts payable and accrued expenses	875,078
Series A Preferred Stock
Cash flows from financing activities:
Proceeds from the issuance of preferred stock, net of issuance costs		$ 998,306
Series B Preferred Stock
Cash flows from financing activities:
Proceeds from the issuance of preferred stock, net of issuance costs	$ 24,788,851

Organization and Nature of Business

6 Months Ended

Jun. 30, 2021

Organization and Nature of Business

Organization and Nature of Business

Note 1 – Organization and Nature of Business

Immuneering Corporation, a Delaware corporation, (“Immuneering” or the “Company”) was incorporated in 2008. The Company is a biopharmaceutical company with an emerging pipeline focused on improving patient outcomes across a spectrum of debilitating oncologic and neurologic diseases by applying the Company’s deep knowledge of translational bioinformatics to every stage of the drug development process. The Company has more than a decade of experience in translational bioinformatics and generating insights into drug mechanisms of action and patient treatment responses. Building on this experience, the Company developed a disease agnostic platform that enables the Company to utilize human data, novel biology and chemistry, and translational planning to create and advance the Company’s wholly owned pipeline.

On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf. Immuneering and ISC are collectively referred to as “the Company” throughout these consolidated financial statements.

Since inception, the Company has devoted substantially all of its efforts to business planning, service revenue generation, research and development, recruiting management and technical staff, and raising capital. The Company has financed its operations through service revenues, the issuance of convertible debt and the sale of convertible preferred stock and common stock.

The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development program will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants.

On August 3, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which are estimated to be $2,000,000. Upon the closing of the IPO, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock (see Note 11).

To date, the Company has funded its operations through service revenues, and with proceeds from the sale of its capital stock and convertible notes and, most recently, with proceeds from the IPO. The Company has incurred recurring losses over the past several years and as of June 30, 2021, the Company had an accumulated deficit of $39,954,956. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Management considers that there are no conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and estimates that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the interim consolidated financial statements. The full extent to which coronavirus (“COVID-19”) pandemic will directly or indirectly impact the Company’s business, results of operations and

financial condition, including expenses and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and its variants and the actions taken to contain or treat COVID-19 and its variants, as well as the economic impact on local, regional, national and international markets. The Company has considered potential impacts arising from the pandemic related to COVID-19 and its variants and is not presently aware of any events or circumstances that would require the Company to update its estimates, judgements or revise the carrying values of its assets or liabilities.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the final prospectus, dated July 29, 2021, filed with the SEC on July 30, 2021 pursuant to Rule 424(b) relating to our Registration Statement on Form S-1 (File No. 333-257791) (the “Prospectus”).

Unaudited Interim Financial Information

The unaudited interim consolidated financial statements of the Company have been prepared, without audit, in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020.

It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the offering, either as a reduction of the carrying value of the preferred stock or in stockholder’s equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. There were no deferred offering costs as of December 31,2020. As of June 30, 2021, deferred offering costs of $946,053 related to the IPO were recorded in the Company’s consolidated balance sheets.

Stock Split

On July 23, 2021, the Company approved a one-for-1.4 stock split which was consummated in connection with the Company’s IPO. All information in the accompanying financial statements and notes thereto regarding share amounts of common stock, price per share of common stock and the conversion factor for Series A and Series B Preferred Stock into common stock have been adjusted to reflect the application of the stock split on a retroactive basis.

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, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believe to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these consolidated financial statements included but are not limited to, the research and development expenses, determination of fair value of stock-based awards, the valuation of common stock, and the right-to-use assets and operating lease liability. Actual results may differ materially and adversely from these estimates.

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. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (Jobs Act). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements. The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) will become effective for the Company on January 1, 2023. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments are effective for annual

reporting periods beginning after December 15, 2020 with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

Property and Equipment, net

6 Months Ended

Jun. 30, 2021

Property and Equipment, net

Property and Equipment, net

Note 3 – Property and Equipment, net

Property and equipment, net consisted of the following:


	June 30,		December 31,
	2021		2020

Computer equipment	$	210,705	$	174,317
Furniture and fixtures		18,798		18,798
Total		229,503		193,115
Accumulated depreciation		(147,426)		(128,752)
Property and equipment, net	$	82,077	$	64,363

Depreciation expense totaled $9,807 and $5,916 for the three months ended June 30, 2021 and 2020, respectively. Depreciation expense totaled $18,674 and $11,223 for the six months ended June 30, 2021 and 2020, respectively.

Accrued Expenses

6 Months Ended

Jun. 30, 2021

Accrued Expenses

Accrued Expenses

Note 4 – Accrued Expenses

Accrued expenses consisted of the following:


	June 30,		December 31,
	2021		2020

Accrued professional services	$	1,110,157	$	269,302
Accrued employee expenses		1,685,293		163,668
Accrued contract research expenses		523,420		266,022
Total	$	3,318,870	$	698,992

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Convertible Preferred Stock

Convertible Preferred Stock

Note 5 – Convertible Preferred Stock

Series A Preferred Stock

In September 2019, the Company authorized the sale and issuance of up to 1,987,979 shares of Series A Preferred Stock, $0.001 par value per share, at an original issuance price of $8.5514 per share. In January 2020, the number of shares authorized for the Series A Preferred Stock was increased to 2,495,933 shares. The Series A Preferred Stock financing was structured to be issued in rolling closes during 2019 and 2020.

On September 20, 2019, the Company issued an additional 1,122,458 shares of Series A Preferred Stock for gross cash proceeds of $9,598,847 and issued 785,706 shares of Series A Preferred Stock in conjunction with the conversion of the outstanding amount of the Convertible Notes. In 2019, the Company incurred issuance costs of $200,587 in connection with this offering.

The Company received funds for issuance of an additional 468,315 shares of Series A Preferred Stock for gross cash proceeds of $4,004,975 through December 31, 2019. Of these shares, 410,436 shares of Series A Preferred Stock for gross cash proceeds of $3,509,802 exceeded the authorized amount allowed by the articles of incorporation, resulting in a liability of $3,509,802 and a total of 1,966,043 shares of Series A Preferred Stock outstanding at December 31, 2019. In January 2020, the shares that were previously classified as a liability as of December 31, 2019 were reclassified to temporary equity upon the approved increase to authorized shares of Series A Preferred Stock.

In January 2020, the Company issued 119,454 additional shares of Series A Preferred Stock for gross cash proceeds of $1,021,413. The Company incurred issuance costs of $23,610 in connection with the financing in January 2020.

Series B Preferred Stock

In December 2020, the Company authorized the sale and issuance of up to 6,032,183 shares of Series B Preferred Stock, $0.001 par value per share, at an original issuance price of $10.2782 per share. The Series B Preferred Stock financing was structured to close in two tranches. The first tranche closed in December 2020 and the Company issued 3,619,292 shares of Series B Preferred Stock for gross cash proceeds of $37,199,929. The Company incurred issuance costs of $216,019 in connection with the financing in December 2020.

The Company determined the right of the investors to purchase 2,412,853 shares of Series B Preferred Stock in the second tranche does not meet the definition of a freestanding financial instrument as it is not separable from the Series B Preferred Stock issued in the first tranche. The issuance of the second tranche is subject to the Company meeting certain development milestones or at the election of the holders of at least a majority of the then outstanding shares of Series B Preferred Stock which must include one specific shareholder (the “Requisite Holders”). Each holder of Series B Preferred Stock may elect to purchase their requisite shares of the second tranche at any time. As of March 31, 2021, the Company has not met these development milestones nor did the Requisite Holders elect to purchase the second tranche prior to meeting these milestones and therefore no shares of the second tranche were issued.

In April and May 2021, all 2,412,853 shares of the second tranche of Series B Preferred Stock were issued based on the voluntary election of substantially all of the holders of Series B Preferred Stock. The Company received gross proceeds of $24,799,786. The Company incurred issuance costs of $10,935 in connection with the second tranche of Series B Preferred Stock.

As of June 30, 2021, the rights and preferences of the Series A Preferred Stock and Series B Preferred Stock (“Preferred Stock”) are as follows:

Conversion

Each share of Preferred Stock may be converted at any time, at the option of the holder, into shares of Class A common stock, subject to the applicable conversion rate as determined by dividing the original issue price by the conversion price. The conversion price for the Series A Preferred Stock and Series B Preferred Stock (as may be adjusted for certain customary dilutive events) is $6.1081 and $7.3416, respectively. The Preferred Stock automatically convert into shares of Class A common stock at the then effective conversion rate upon the closing of a public offering of the Company’s securities with gross proceeds to the Company of at least $75,000,000 and a share price of at least $7.3416 or at the election of the holders of the Requisite Holders.

Holders of Series B Preferred Stock that would beneficially own at least 9.9% of any then outstanding class of equity securities may elect to receive a portion of their converted Series B Preferred Stock as Class B common stock upon conversion.

Upon the closing of the IPO on August 3, 2021, all 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock (see Note 11).

Dividends

Preferred Stockholders are entitled to receive per annum dividends of 7% of the original issue price share, payable only when, as and if declared by the Board of Directors. The right to receive these dividends is not cumulative, and therefore, if not declared in any year, the right to receive such dividends shall terminate and not carry forward into the next year. As of June 30, 2021 and December 31, 2020, no dividends had been declared.

Voting Rights

Preferred Stock and common stock vote together as one class on an as converted basis. Common stock voting rights on certain matters are subject to the powers, preferences, and rights of the Preferred Stock. Preferred Stockholders are entitled to vote on all matters and shall have the number of votes equal to the number of shares of common stock into which the shares of Preferred Stock held by such holder are then convertible. As long as 2,132,029 shares of Preferred Stock are outstanding, certain actions such as mergers, acquisition, liquidation, dissolution, wind up of business, and deemed liquidation events, must be approved by the holders of at least a majority of the then-outstanding shares of Preferred Stock.

Liquidation Preference

Upon liquidation, dissolution, or winding up of business, holders of Preferred Stock are entitled to receive a liquidation preference in priority to holders of common stock at the original respective Preferred Stock issue price for such series. If assets available for distribution are insufficient to satisfy the liquidation payment to holders of Preferred Stock in full, assets available for distribution will be allocated among holders of Preferred Stock on a pari passu basis at an amount per share equal to the greater of the respective original Preferred Stock issue price for such series plus any declared but unpaid dividends or such amount had all shares been converted to common stock.

When holders of Preferred Stock are satisfied in full, any excess assets available for distribution will be allocated ratably among common stock holders based on their pro rata shareholdings. Upon a deemed liquidation event, as defined in the articles of incorporation, holders have the option to redeem their shares at the liquidation payment amounts summarized above.

Redemption

Other than described above, the shares of Preferred Stock are not redeemable.

Common Stock

6 Months Ended

Jun. 30, 2021

Common Stock

Common Stock

Note 6 - Common Stock

As of June 30, 2021 and December 31, 2020, the Company has 22,026,200 authorized shares of Class A common stock, $0.001 par value per share, of which 5,275,936 and 4,950,129 are issued and outstanding, respectively. The holders of Class A common stock are entitled one vote for each share of common stock. Dividends may be paid when, and if declared by the Board of Directors, subject to the limitations, powers and preferences granted to the Preferred Stockholders and on a proportionate basis with holders of Class B common stock.

As of June 30, 2021 and December 31, 2020, the following number of shares of Class A common stock have been reserved:


	June 30,	December 31,
	2021	2020

Conversion of Series A Preferred	3,494,284	3,494,284
Conversion of Series B Preferred	8,444,997	5,066,995
Exercise of common stock warrants	—	308,308
Exercise of common stock options	2,668,327	1,801,263
	14,607,608	10,670,850

As of June 30, 2021 and December 31, 2020, the Company has 6,032,183 authorized shares of Class B common stock, $0.001 par value per share, of which no shares have been issued nor are outstanding. The holders of Class B common stock have no voting rights. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the preferred stockholders and on a proportionate basis with holders of Class A common stock.

Common Stock Warrants

During 2019, the Company issued warrants to purchase an aggregate of 308,308 shares of Class A common stock at an exercise price of $3.01 per share to several advisors, including 200,984 shares to entities related to members of the Board of Directors of the Company, in lieu of cash payments. These warrants vested immediately upon issuance, became exercisable on January 9, 2021 and have a 10-year term set to expire on January 9, 2030. The Company evaluated the terms of these warrants and determined that equity classification was appropriate. As of December 31, 2020, no warrants had been exercised. During June 2021, all warrant holders exercised their warrants to purchase an aggregate of 308,308 shares of common stock. As of June 30, 2021, there were no warrants outstanding.

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 16
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2021

Net Loss Per Share Attributable to Common Stockholders

Net Loss Per Share Attributable to Common Stockholders

Note 7 - Net Loss Per Share Attributable to Common Stockholders

Net loss per share of common stock is computed using the two-class method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis.

The Company’s participating securities include the Company’s Preferred Stock, as the holders are entitled to receive noncumulative dividends in the event that a dividend is paid on common stock. The holders of Preferred Stock do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. The Company has reported net losses for all periods presented, therefore diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Basic and diluted net loss per share attributable to common stockholders was calculated at June 30, 2021 and 2020 as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Numerator:
Net loss	$	(7,987,665)	$	(3,604,162)	$	(14,217,316)	$	(6,804,882)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted		4,954,553		4,950,129		4,952,352		4,950,129
Net loss per share - basic and diluted	$	(1.61)	$	(0.73)	$	(2.87)	$	(1.37)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at June 30, 2021 and 2020:


	2021	2020

Series A Preferred	3,494,284	3,494,306
Series B Preferred	8,444,997	—
Warrants to purchase common stock	—	308,308
Options to purchase common stock	2,668,327	1,766,234
Total shares of common stock equivalents	14,607,608	5,568,848

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation

Stock-Based Compensation

Note 8 – Stock-Based Compensation

During 2015, the Company established the Long Term Incentive Plan (“Incentive Plan”), under which incentive stock options, nonqualified stock options, restricted stock or other awards may be awarded to employees, directors or consultants of the Company. The options typically vest over a four-year period. As of June 30, 2021, the maximum number of shares available for issuance under the Incentive Plan was 2,825,173 shares. As of June 30, 2021, the number of shares available for future grants under the Incentive Plan was 137,947 shares. However, from and after the effectiveness of the Company’s 2021 Incentive Award Plan, no additional awards will be granted under the Incentive Plan.

During the three and six months ended June 30, 2021, the Company recognized stock-based compensation expense of $351,009 and $533,234, respectively. During the three and six months ended June 30, 2020, the Company recognized stock-based compensation expense of $287,554 and $559,697, respectively As of June 30, 2021, compensation expense remaining to be recognized for outstanding stock options was $6,765,850 and to be recognized over a weighted-average period of 2.4 years.

The fair value of options granted is calculated on the grant date using the Black-Scholes option valuation model. For the six months ended June 30, 2021, the Company granted 1,160,894 shares of stock options at a weighted-average grant date fair value of $8.66. For the six months ended June 30, 2020, the Company granted 285,740 shares at a weighted-average grant date fair value of $3.01.

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the six months ended June 30, 2021 and 2020:


	Six Months Ended June 30,
	2021		2020

Weighted-average risk-free interest rate	1.04% - 1.71%		1.21%
Expected term (in years)	5.83 - 10 years		6.01 years
Expected dividend yield	0%		0%
Expected volatility	68.92% - 80.99	%	67.30%

The following table summarizes the stock option activity during the six months ended June 30, 2021 under the Plan:


				Weighted
		Weighted-		Average
		Average		Remaining
	Number of	Exercise Price		Contractual	Aggregate
	Options	per Share		Term (in Years)	Intrinsic Value

Outstanding at of December 31, 2020	1,801,263	$	3.01	8.37
Granted	1,160,894	$	8.66
Exercised	(17,499)	$	3.01
Cancelled	(276,331)	$	3.58
Outstanding at June 30, 2021	2,668,327	$	5.41	8.61	$	11,548,289

Vested and exercisable at June 30, 2021	1,059,428	$	3.01	7.51	$	7,128,724
Vested and expected to vest at June 30, 2021	2,668,327	$	5.41	8.61	$	11,548,289

For the three and six months ended June 30, 2021 and 2020, the Company recognized share-based compensation expense recognized on the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Cost of revenue	$	22,367	$	27,641	$	44,882	$	52,558
Research and development		168,725		131,182		222,732		262,364
General and administrative		159,917		128,731		265,620		244,775
Total	$	351,009	$	287,554	$	533,234	$	559,697

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies.

Commitments and Contingencies

Note 9 – Commitments and Contingencies

Operating Leases

The Company leases office space in Cambridge, Massachusetts, New York, New York and as of July 2021, San Francisco, California, pursuant to short-term arrangements. The Cambridge and San Francisco leases are on a month-to-month basis, requiring one month’s notice before termination. The New York lease is renewable on a quarterly basis and the last renewal was on June 15, 2021 which extended the lease term until September 30, 2021. These lease agreements include payments for lease and non-lease components and the Company has elected to not separate such components and these payments were recognized as rent expense.

As of June 30, 2021, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, New York, New York and San Francisco, California was $26,040 due in 2021 and $11,040 due in 2022. The Company leases storage space for its electronic data equipment in Somerville, Massachusetts. This lease is renewable on an annual basis effective every March 1st. Prior to June 30, 2021, the Company renewed the lease through March 31, 2022. As of June 30, 2021, total future minimum lease payments for this lease were $10,708 due in 2021 and $3,569 due in 2022.

In July 2019, the Company entered into an office lease in San Diego, California (“2019 San Diego Lease”) with a lease term of 24 months with no escalations and variable costs based on additional number of employees using the facility. This lease was cancelable upon a 30-day notice period. Upon adoption of ASC 842 on January 1, 2020, a right-to-use asset and lease liability based on the fixed costs was recognized by the Company for $61,822. Effective September 20, 2020, the lease was terminated, and the remaining right-of-use asset and lease liability were derecognized. No gain or loss was recognized for the termination of this lease.

In October 2020, the Company entered into an office lease in San Diego, California (“2020 San Diego Lease”) with a lease term of 67 months. At the lease commencement date, a right-to-use asset and lease liability was recognized by the Company for $637,863.

Maturities of the lease liabilities due under the Company’s 2020 San Diego Lease as of June 30, 2021 are as follows:


	Amount
Remainder of 2021	$	56,087
2022		115,430
2023		125,741
2024		161,498
2025		167,150
2026		57,332
Total future lease payments		683,238
Less: Imputed interest		(99,420)
Total lease liabilities	$	583,818
Current portion lease liability	$	80,605
Lease liability, noncurrent		503,213
Total lease liability	$	583,818

Quantitative information regarding the Company’s leases for the six months ended June 30, 2021 and 2020 is as follows:


	June 30,			June 30,
	2021			2020
Lease costs:
Operating lease cost	$	68,502		$	21,600
Short-term lease cost		117,352			138,995
Variable lease cost		—			8,200
Total lease costs	$	185,854		$	168,795
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	55,440		$	21,600
Operating cash flows from short-term leases		117,352			138,995
	$	172,792		$	160,595
Weighted-average remaining lease term - operating leases		4.83	years		5.83	years
Weighted-average discount rate - operating leases		6.0	%		6.0	%

As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Litigation

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its products and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated the Company will accrue a liability for such matters. Significant judgement is required to determine both probability and estimated amount. The Company is not aware of any material legal matters.

Clinical Research Contracts

The Company may enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination with a 30-day notice.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Related Party Transactions

Note 10 – Related Party Transactions

An officer of the Company is a board member of a contract research organization (“CRO”) that provides contract services to the Company. Research and development expenses in the accompanying condensed consolidated statement of operations include the cost of services provided by the CRO to the Company which amounted to $2,096,425 and $1,212,433 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021 and December 31, 2020, $352,642 and $279,153, respectively, was owed to the CRO and is included in accounts payable or accrued contract research expenses in the accompanying consolidated balance sheets.

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events

Subsequent Events

Note 11 – Subsequent Events

Initial Public Offering

On August 3, 2021, the Company completed its IPO, pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were approximately $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which are estimated to be $2,000,000. Upon the closing of the IPO, all of the 8,528,078 shares of the Company’s convertible preferred stock then outstanding automatically converted into 11,939,281 shares of Class A common stock. Upon the conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock (at par value) and additional paid-in capital.

Increase in Authorized Number of Shares of Common Stock and Changes in Authorized Preferred Stock

On July 23, 2021, in connection with the closing of the IPO, the Company filed a restated certificate of incorporation, which amended and restated the Company’s certificate of incorporation to, among other things: (i) increase the number of authorized shares of common stock to 200,000,000 shares of Class A common stock, 20,000,000 shares of Class B common stock, par value $0.001 per share (the “Class B Common Stock”), and (ii) authorize 10,000,000 shares of Preferred Stock; and (iii) authorize the Board to establish the rights, preferences and restrictions on any unissued series of Preferred Stock.

2021 Incentive Award Plan

On July 23, 2021, the Company’s board of directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective on July 29, 2021. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan is initially equal to 2,590,000 plus an annual increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors. No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan. In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated.

2021 Employee Stock Purchase Plan

On July 23, 2021, the Company’s board of directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021. A total of 250,000

shares of Class A common stock were initially reserved for issuance under this plan. The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1% of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the board of directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the final prospectus, dated July 29, 2021, filed with the SEC on July 30, 2021 pursuant to Rule 424(b) relating to our Registration Statement on Form S-1 (File No. 333-257791) (the “Prospectus”).
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited interim consolidated financial statements of the Company have been prepared, without audit, in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2020. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results.
Stock Split	Stock Split On July 23, 2021, the Company approved a one-for-1.4 stock split which was consummated in connection with the Company’s IPO. All information in the accompanying financial statements and notes thereto regarding share amounts of common stock, price per share of common stock and the conversion factor for Series A and Series B Preferred Stock into common stock have been adjusted to reflect the application of the stock split on a retroactive basis.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the offering, either as a reduction of the carrying value of the preferred stock or in stockholder’s equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. There were no deferred offering costs as of December 31,2020. As of June 30, 2021, deferred offering costs of $946,053 related to the IPO were recorded in the Company’s consolidated balance sheets.
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, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believe to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these consolidated financial statements included but are not limited to, the research and development expenses, determination of fair value of stock-based awards, the valuation of common stock, and the right-to-use assets and operating lease liability. Actual results may differ materially and adversely from these estimates.
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. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (Jobs Act). The Jobs Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, we will not be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements. The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) will become effective for the Company on January 1, 2023. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments are effective for annual reporting periods beginning after December 15, 2020 with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2021

Property and Equipment, net

Schedule of property and equipment, net


	June 30,		December 31,
	2021		2020

Computer equipment	$	210,705	$	174,317
Furniture and fixtures		18,798		18,798
Total		229,503		193,115
Accumulated depreciation		(147,426)		(128,752)
Property and equipment, net	$	82,077	$	64,363

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Expenses

Schedule of accrued expenses


	June 30,		December 31,
	2021		2020

Accrued professional services	$	1,110,157	$	269,302
Accrued employee expenses		1,685,293		163,668
Accrued contract research expenses		523,420		266,022
Total	$	3,318,870	$	698,992

Common Stock (Tables)

6 Months Ended

Jun. 30, 2021

Common Stock

Schedule of common stock for conversion of preferred stock, exercise of warrants and exercise of stock options


	June 30,	December 31,
	2021	2020

Conversion of Series A Preferred	3,494,284	3,494,284
Conversion of Series B Preferred	8,444,997	5,066,995
Exercise of common stock warrants	—	308,308
Exercise of common stock options	2,668,327	1,801,263
	14,607,608	10,670,850

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Net Loss Per Share Attributable to Common Stockholders

Schedule of basic and diluted net loss per share attributable to common stockholders


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Numerator:
Net loss	$	(7,987,665)	$	(3,604,162)	$	(14,217,316)	$	(6,804,882)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted		4,954,553		4,950,129		4,952,352		4,950,129
Net loss per share - basic and diluted	$	(1.61)	$	(0.73)	$	(2.87)	$	(1.37)

Schedule of potentially dilutive securities that have been excluded from the calculation of diluted net loss per share


	2021	2020

Series A Preferred	3,494,284	3,494,306
Series B Preferred	8,444,997	—
Warrants to purchase common stock	—	308,308
Options to purchase common stock	2,668,327	1,766,234
Total shares of common stock equivalents	14,607,608	5,568,848

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation

Schedule of assumptions in its application of the Black-Scholes option pricing model for grants


	Six Months Ended June 30,
	2021		2020

Weighted-average risk-free interest rate	1.04% - 1.71%		1.21%
Expected term (in years)	5.83 - 10 years		6.01 years
Expected dividend yield	0%		0%
Expected volatility	68.92% - 80.99	%	67.30%

Summary of stock option activity


				Weighted
		Weighted-		Average
		Average		Remaining
	Number of	Exercise Price		Contractual	Aggregate
	Options	per Share		Term (in Years)	Intrinsic Value

Outstanding at of December 31, 2020	1,801,263	$	3.01	8.37
Granted	1,160,894	$	8.66
Exercised	(17,499)	$	3.01
Cancelled	(276,331)	$	3.58
Outstanding at June 30, 2021	2,668,327	$	5.41	8.61	$	11,548,289

Vested and exercisable at June 30, 2021	1,059,428	$	3.01	7.51	$	7,128,724
Vested and expected to vest at June 30, 2021	2,668,327	$	5.41	8.61	$	11,548,289

Summary of recognized share-based compensation expense recognized


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

Cost of revenue	$	22,367	$	27,641	$	44,882	$	52,558
Research and development		168,725		131,182		222,732		262,364
General and administrative		159,917		128,731		265,620		244,775
Total	$	351,009	$	287,554	$	533,234	$	559,697

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies.

Schedule of Maturities of the lease liabilities due


	Amount
Remainder of 2021	$	56,087
2022		115,430
2023		125,741
2024		161,498
2025		167,150
2026		57,332
Total future lease payments		683,238
Less: Imputed interest		(99,420)
Total lease liabilities	$	583,818
Current portion lease liability	$	80,605
Lease liability, noncurrent		503,213
Total lease liability	$	583,818

Schedule of Quantitative information regarding the Company's leases


	June 30,			June 30,
	2021			2020
Lease costs:
Operating lease cost	$	68,502		$	21,600
Short-term lease cost		117,352			138,995
Variable lease cost		—			8,200
Total lease costs	$	185,854		$	168,795
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	55,440		$	21,600
Operating cash flows from short-term leases		117,352			138,995
	$	172,792		$	160,595
Weighted-average remaining lease term - operating leases		4.83	years		5.83	years
Weighted-average discount rate - operating leases		6.0	%		6.0	%

Organization and Nature of Business (Details) - USD ($)	Aug. 03, 2021	Jun. 30, 2021	Dec. 31, 2020
Organization and Nature of Business
Convertible preferred stock, outstanding (in shares)	8,528,078
Shares issued upon conversion	11,939,281
Accumulated deficit		$ 39,954,956	$ 25,737,640
Class A Common Stock
Organization and Nature of Business
Shares issued	1,125,000
Convertible preferred stock, outstanding (in shares)	11,939,281
IPO
Organization and Nature of Business
Aggregate net proceeds	$ 120,318,750
Offering costs	$ 2,000,000
Convertible preferred stock, outstanding (in shares)	8,528,078
IPO \| Class A Common Stock
Organization and Nature of Business
Shares issued	8,625,000

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Details)	Jul. 23, 2021	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies
Deferred offering costs		$ 946,053	$ 0
Stock split, ratio	1

Property and Equipment, net (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property and Equipment, net
Property and equipment, gross	$ 229,503	$ 193,115
Accumulated depreciation	(147,426)	(128,752)
Property and equipment, net	82,077	64,363
Computer equipment
Property and Equipment, net
Property and equipment, gross	210,705	174,317
Furniture and fixtures
Property and Equipment, net
Property and equipment, gross	$ 18,798	$ 18,798

Property and Equipment, net - Depreciation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property and Equipment, net
Depreciation expense	$ 9,807	$ 5,916	$ 18,674	$ 11,223

Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accrued Expenses
Accrued professional services	$ 1,110,157	$ 269,302
Accrued employee expenses	1,685,293	163,668
Accrued contract research expenses	523,420	266,022
Total	$ 3,318,870	$ 698,992

Convertible Preferred Stock - Series A (Details) - USD ($)			1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 20, 2019	Jan. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Aug. 03, 2021	Dec. 31, 2020	Sep. 30, 2019
Temporary Equity [Line Items]
Convertible preferred stock, outstanding (in shares)							8,528,078
Series A Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, authorized (in shares)			2,495,933	2,495,933				2,495,933	1,987,979
Convertible preferred stock, par value per share (in dollars per share)				$ 0.001				$ 0.001	$ 0.001
Convertible preferred stock, issuance price (in dollars per share)									$ 8.5514
Convertible preferred stock, issued (in shares)	468,315	1,122,458	119,454	2,495,933		468,315		2,495,933
Gross proceeds from issuance of convertible stock	$ 4,004,975	$ 9,598,847	$ 1,021,413		$ 998,306
Number of shares issued upon conversion of debt		785,706
Issuance costs			$ 23,610			$ 200,587
Number of shares excess of authorized	410,436					410,436
Proceeds from issuance of shares excess of amount authorized	$ 3,509,802
Convertible preferred stock liability	$ 3,509,802					$ 3,509,802
Convertible preferred stock, outstanding (in shares)	1,966,043			2,495,933		1,966,043		2,495,933
Convertible preferred stock, conversion price				$ 6.1081
Series A Preferred Stock \| Minimum
Temporary Equity [Line Items]
Convertible preferred stock, issuance price (in dollars per share)				$ 7.3416
Gross proceeds from issuance of convertible stock				$ 75,000,000

Convertible Preferred Stock - Series B (Details)	1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
Convertible Preferred Stock - Series B (Details)	Dec. 31, 2020 USD ($) tranche $ / shares shares	May 31, 2021 USD ($) shares	Mar. 31, 2021 shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) tranche $ / shares shares	Aug. 03, 2021 shares
Temporary Equity [Line Items]
Dividend, Percentage				7.00%
Dividend declared \| $				$ 0	$ 0
Preferred stock, outstanding				2,132,029
Shares issued upon conversion						11,939,281
Series B Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, authorized (in shares)	6,032,183			6,032,183	6,032,183
Convertible preferred stock, par value per share (in dollars per share) \| $ / shares	$ 0.001			$ 0.001	$ 0.001
Convertible preferred stock, issuance price (in dollars per share) \| $ / shares	$ 10.2782				$ 10.2782
Number of tranches \| tranche	2				2
Convertible preferred stock, issued (in shares)	3,619,292			6,032,145	3,619,292
Gross proceeds from issuance of convertible stock \| $				$ 24,788,851
Number of shares not meet the definition of a freestanding financial instrument			2,412,853
Convertible preferred stock, conversion price \| $ / shares				$ 7.3416
Percentage of equity securities to be own				9.90%
Series B Preferred Stock Tranche One
Temporary Equity [Line Items]
Convertible preferred stock, issued (in shares)	3,619,292				3,619,292
Gross proceeds from issuance of convertible stock \| $	$ 37,199,929
Issuance costs \| $	$ 216,019
Series B Preferred Stock Tranche Two
Temporary Equity [Line Items]
Convertible preferred stock, issued (in shares)		2,412,853	0
Gross proceeds from issuance of convertible stock \| $		$ 24,799,786
Issuance costs \| $		$ 10,935

Common Stock - Class A common stock (Details) - Class A Common Stock	6 Months Ended	12 Months Ended
	Jun. 30, 2021 Vote $ / shares shares	Dec. 31, 2020 Vote $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	22,026,200	22,026,200
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	5,275,936	4,950,129
Common stock, shares outstanding (in shares)	5,275,936	4,950,129
Number of votes \| Vote	1	1

Common Stock (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares reserved for future issuance	14,607,608	10,670,850
Series A Preferred Stock
Class of Stock [Line Items]
Shares reserved for future issuance	3,494,284	3,494,284
Series B Preferred Stock
Class of Stock [Line Items]
Shares reserved for future issuance	8,444,997	5,066,995
Common stock warrants
Class of Stock [Line Items]
Shares reserved for future issuance		308,308
Common stock options
Class of Stock [Line Items]
Shares reserved for future issuance	2,668,327	1,801,263

Common Stock - Class B common stock (Details) - Class B Common Stock	6 Months Ended	12 Months Ended
	Jun. 30, 2021 Vote $ / shares shares	Dec. 31, 2020 Vote $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	6,032,183	6,032,183
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Number of votes \| Vote	0	0

Common Stock - Common stock warrant (Details) - USD ($)	12 Months Ended
Common Stock - Common stock warrant (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Common Stock
Warrants issued for common shares		308,308	308,308
Warrant exercise price		$ 3.01
Warrants in lieu of cash payment		200,984
Term of warrant		10 years
Warrant exercised	0
Warrants outstanding			$ 0

Net Loss Per Share Attributable to Common Stockholders - Basic and diluted net loss per share attributable to common stockholders (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (7,987,665)	$ (6,229,651)	$ (3,604,162)	$ (3,200,720)	$ (14,217,316)	$ (6,804,882)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic	4,954,553		4,950,129		4,952,352	4,950,129
Weighted-average common shares outstanding, diluted	4,954,553		4,950,129		4,952,352	4,950,129
Net loss per share, basic	$ (1.61)		$ (0.73)		$ (2.87)	$ (1.37)
Net loss per share, diluted	$ (1.61)		$ (0.73)		$ (2.87)	$ (1.37)

- Definition

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

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

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

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+ Details

Net Loss Per Share Attributable to Common Stockholders - Antidilutive effect (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	14,607,608	5,568,848
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	3,494,284	3,494,306
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	8,444,997
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents		308,308
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents	2,668,327	1,766,234

Stock-Based Compensation - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of options available	14,607,608		14,607,608		10,670,850
Stock-based compensation expense	$ 351,009	$ 287,554	$ 533,234	$ 559,697
Granted (in shares)			1,160,894	285,740
Grant date weighted average fair value			$ 8.66	$ 3.01
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Option available for future grant	137,947		137,947
Stock-based compensation expense	$ 351,009	$ 287,554	$ 533,234	$ 559,697
Compensation expense remaining to be recognized	$ 6,765,850		$ 6,765,850
Compensation expense recognized over a weighted-average period			2 years 4 months 24 days
Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of options available	2,825,173		2,825,173

Stock-Based Compensation - Assumptions (Details)	6 Months Ended
Stock-Based Compensation - Assumptions (Details)	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, minimum	1.04%
Weighted-average risk-free interest rate, maximum	1.71%
Weighted-average risk-free interest rate		1.21%
Expected term (in years)		6 years 3 days
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	68.92%
Expected volatility, maximum	80.99%
Expected volatility		67.30%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 29 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	10 years

Stock-Based Compensation - stock option activity (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Number of options
Outstanding at the beginning (in shares)	1,801,263
Granted (in shares)	1,160,894	285,740
Exercised (in shares)	(17,499)
Repurchased (in shares)	(276,331)
Outstanding at the end (in shares)	2,668,327		1,801,263
Vested and exercisable (in shares)	1,059,428
Vested and expected to vest (in shares)	2,668,327
Weighted Average Exercise Price per Share
Weighted Average Exercise Price per Share Outstanding at the beginning (in dollars per share)	$ 3.01
Weighted Average Exercise Price per Share Granted (in dollars per share)	8.66
Weighted Average Exercise Price per Share Exercised (in dollars per share)	3.01
Weighted Average Exercise Price per Share Repurchased (in dollars per share)	3.58
Weighted Average Exercise Price per Share Outstanding at the end (in dollars per share)	5.41		$ 3.01
Weighted Average Exercise Price per Share Vested and Exercisable (in dollars per share)	3.01
Weighted Average Exercise Price per Share Vested and Expected to Vest exercisable (in dollars per share)	$ 5.41
Weighted Average Remaining Contractual Contractual Term
Weighted Average Remaining Contractual Term (in years)	8 years 7 months 9 days		8 years 4 months 13 days
Weighted Average Remaining Contractual Term, Vested and exercisable (in Years)	7 years 6 months 3 days
Weighted Average Remaining Contractual Term, Vested and expected to vest (in Years)	8 years 7 months 9 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding	$ 11,548,289
Aggregate Intrinsic Value Vested and exercisable	7,128,724
Aggregate Intrinsic Value Vested and expected to vest	$ 11,548,289

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 351,009	$ 287,554	$ 533,234	$ 559,697
Cost of service
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	22,367	27,641	44,882	52,558
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	168,725	131,182	222,732	262,364
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 159,917	$ 128,731	$ 265,620	$ 244,775

Commitments and Contingencies - Narratives (Details) - USD ($)	1 Months Ended
	Jul. 31, 2019	Jun. 30, 2021	Dec. 31, 2020	Oct. 31, 2020	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Right of use asset		$ 562,770	$ 613,103
Office Space In Cambridge, Massachusetts, New York [Member]
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		26,040
Minimum lease payment due 2022		11,040
Storage Space In Somerville, Massachusetts [Member]
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		10,708
Minimum lease payment due 2022		3,569
Office Lease In San Diego, California 2019 [Member]
Lessee, Lease, Description [Line Items]
Notice period for termination of lease	30 days
Lease term	24 months
Right of use asset					$ 61,822
Lease liability					$ 61,822
Gain (loss) on termination of lease	$ 0
Office Lease In San Diego, California 2020 [Member]
Lessee, Lease, Description [Line Items]
Minimum lease payment due 2021		56,087
Minimum lease payment due 2022		115,430
Lease term				67 months
Right of use asset				$ 637,863
Lease liability		$ 583,818		$ 637,863

Commitments and Contingencies - Maturities of the lease liabilities due (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Oct. 31, 2020
Lessee, Lease, Description [Line Items]
Current portion lease liability	$ 80,605	$ 76,322
Lease liability, noncurrent	503,213	$ 544,767
Office Lease In San Diego, California 2020 [Member]
Lessee, Lease, Description [Line Items]
Remainder of 2021	56,087
2022	115,430
2023	125,741
2024	161,498
2025	167,150
2026	57,332
Total future lease payments	683,238
Less: Imputed interest	(99,420)
Total lease liabilities	583,818		$ 637,863
Current portion lease liability	80,605
Lease liability, noncurrent	$ 503,213

Commitments and Contingencies - Lease cost (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Lease costs:
Operating lease cost	$ 68,502	$ 21,600
Short-term lease cost	117,352	138,995
Variable lease cost		8,200
Total lease costs	185,854	168,795
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	55,440	21,600
Operating cash flows from short-term leases	117,352	138,995
Total lease Payment	$ 172,792	$ 160,595
Weighted-average remaining lease term - operating leases	4 years 9 months 29 days	5 years 9 months 29 days
Weighted-average discount rate - operating leases	6.00%	6.00%

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development expenses	$ 6,991,965	$ 3,221,000	$ 12,382,985	$ 6,044,254
Contract research organization \| Officer \| Accounts payable or accrued contract research expenses
Related Party Transaction [Line Items]
Owed to the CRO	$ 352,642		352,642		$ 279,153
Contract research organization \| Officer \| Cost of service
Related Party Transaction [Line Items]
Research and development expenses			$ 2,096,425	$ 1,212,433

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Subsequent Events - IPO (Details) - USD ($)	Aug. 03, 2021	Jul. 23, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Convertible preferred stock, outstanding (in shares)	8,528,078
Class A Common Stock
Subsequent Event [Line Items]
Shares issued	1,125,000
Convertible preferred stock, outstanding (in shares)	11,939,281
Common stock, shares authorized (in shares)			22,026,200	22,026,200
Common stock, par value per share (in dollars per share)			$ 0.001	$ 0.001
Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			6,032,183	6,032,183
Common stock, par value per share (in dollars per share)			$ 0.001	$ 0.001
IPO
Subsequent Event [Line Items]
Proceeds from Stock issued	$ 120,318,750
Offering costs	$ 2,000,000
Convertible preferred stock, outstanding (in shares)	8,528,078
IPO \| Class A Common Stock
Subsequent Event [Line Items]
Shares issued	8,625,000
Subsequent event \| IPO
Subsequent Event [Line Items]
Preferred stock authorized (in shares)		10,000,000
Subsequent event \| IPO \| Class A Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)		200,000,000
Subsequent event \| IPO \| Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)		20,000,000
Common stock, par value per share (in dollars per share)		$ 0.001

Subsequent Events - Incentive Award Plan (Details) - shares		6 Months Ended
	Jul. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Shares reserved for future issuance		14,607,608		10,670,850
Shares issued		1,160,894	285,740
2021 Plan \| Maximum
Subsequent Event [Line Items]
Shares reserved for future issuance	2,590,000
Aggregate number of shares outstanding (as a percent)	4.00%
2021 Plan \| Class A Common Stock \| Maximum
Subsequent Event [Line Items]
Shares issued	15,350,000
Subsequent event \| 2021 ESPP \| Class A Common Stock
Subsequent Event [Line Items]
Shares reserved for future issuance	250,000
Aggregate number of shares outstanding (as a percent)	1.00%
Subsequent event \| 2021 ESPP \| Class A Common Stock \| Maximum
Subsequent Event [Line Items]
Shares issued	3,340,000