0001538210-22-000008 | 10-K | XBRL Viewer

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Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 30,326,352	$ 5,031,079
Available-for-sale marketable securities	51,491,942	0
Restricted cash	67,500	67,500
Prepaid expenses and other current assets	4,394,916	3,293,858
Total current assets	86,280,710	8,392,437
Property and equipment, net	4,427,307	2,885,260
Other non-current assets	324,099	23,373
Total assets	91,032,116	11,301,070
Current liabilities:
Accounts payable	1,045,159	2,760,129
Accrued expenses	6,170,709	2,603,027
Derivative liability	0	1,702,359
Other current liabilities	0	843,619
Convertible notes issued to related parties	0	7,324,267
Convertible notes	0	11,793,397
Total current liabilities	7,215,868	27,026,798
Deferred rent, net of current portion	55,581	23,529
Other non-current liabilities	0	4,935
Total liabilities	7,271,449	27,055,262
Commitments and contingencies
Redeemable convertible preferred stock
Total redeemable convertible preferred stock	0	53,620,749
Stockholders’ equity (deficit)
Preferred stock issued	0	0
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 22,828,904 issued and outstanding as of December 31, 2021 and 1,256,609 shares issued and outstanding as of December 31, 2020	2,283	126
Additional paid-in-capital	211,498,827	8,206,938
Accumulated deficit	(127,743,455)	(77,582,005)
Accumulated other comprehensive income	3,012	0
Total stockholders’ equity (deficit)	83,760,667	(69,374,941)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	91,032,116	11,301,070
Series A Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Total redeemable convertible preferred stock	0	35,047,435
Series A-2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Total redeemable convertible preferred stock	0	7,685,865
Series A-3 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Total redeemable convertible preferred stock	$ 0	$ 10,887,449

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Redeemable convertible preferred stock
Temporary equity, liquidation preference		$ 62,697,711
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Authorized preferred stock (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Redeemable convertible preferred stock outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Authorized common stock (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	22,828,904	1,256,609
Common stock, shares outstanding (in shares)	22,828,904	1,256,609
Series A Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity, per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)		121,735,303
Temporary equity, shares issued (in shares)		121,735,303
Temporary equity, shares outstanding (in shares)	0	121,735,303
Temporary equity, liquidation preference		$ 42,314,789
Series A-2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity, per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)		28,384,899
Temporary equity, shares issued (in shares)		22,047,361
Temporary equity, shares outstanding (in shares)	0	22,047,361
Temporary equity, liquidation preference		$ 8,683,746
Series A-3 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock
Temporary equity, per share (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)		34,061,879
Temporary equity, shares issued (in shares)		31,209,734
Temporary equity, shares outstanding (in shares)	0	31,209,734
Temporary equity, liquidation preference		$ 11,699,176

Statements Of Operations - USD ($)	12 Months Ended
Statements Of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating expenses:
Research and development	37,456,350	17,839,053
General and administrative	15,799,432	10,012,380
Total operating expenses	53,255,782	27,851,433
Loss from operations	(53,255,782)	(27,851,433)
Other income (expense):
Interest income	52,511	20,837
Change in fair value of derivative liabilities	2,424,877	(442,284)
Gain extinguishment of debt	843,619	0
Interest expense	(905,326)	(1,682,894)
Other (expense) income	(61,407)	89,777
Other income (expense)	2,354,274	(2,014,564)
Net loss	(50,901,508)	(29,865,997)
Accumulated dividends on Redeemable Convertible Preferred Stock	(377,562)	(3,281,194)
Net loss available to common stockholders’	$ (51,279,070)	$ (33,147,191)
Basic net loss attributable to common stockholders per common share (in dollars per share)	$ (2.54)	$ (26.42)
Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (2.54)	$ (26.42)
Basic weighted average number of common shares outstanding (in shares)	20,186,127	1,254,831
Diluted weighted-average number of common shares outstanding (in shares)	20,186,127	1,254,831

Statements Of Comprehensive Loss - USD ($)	12 Months Ended
Statements Of Comprehensive Loss - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (50,901,508)	$ (29,865,997)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale marketable securities, net of tax	3,012	(506)
Comprehensive loss	$ (50,898,496)	$ (29,866,503)

- Definition

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

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+ Details

Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity (Deficit) - USD ($)	Total	Cumulative effect of adoption of accounting standard	Series A Redeemable Convertible Preferred Stock	Series A-2 Redeemable Convertible Preferred Stock	Series A-3 Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect of adoption of accounting standard	Accumulated Deficit	Accumulated Deficit Cumulative effect of adoption of accounting standard	Accumulated Other Comprehensive Income/ (Loss)
Balance (in shares) at Dec. 31, 2019			121,735,303	22,047,361	31,209,734
Balance at Dec. 31, 2019			$ 35,047,435	$ 7,685,865	$ 10,887,449
Balance (in shares) at Dec. 31, 2020			121,735,303	22,047,361	31,209,734
Balance at Dec. 31, 2020			$ 35,047,435	$ 7,685,865	$ 10,887,449
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate202006Member
Balance (in shares) at Dec. 31, 2019						1,254,641
Balance at Dec. 31, 2019	$ (43,009,568)					$ 126	$ 4,705,808		$ (47,716,008)		$ 506
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,968					1,968
Exercise of stock options	$ 6,604						6,604
Stock-based compensation	1,217,194						1,217,194
Unrealized gains on marketable available-for-sale securities	(506)										(506)
Beneficial conversion feature on convertible notes	2,277,332						2,277,332
Net loss	(29,865,997)								(29,865,997)
Balance at Dec. 31, 2020	(69,374,941)	$ (1,537,274)				$ 126	8,206,938	$ (2,277,332)	(77,582,005)	$ 740,058	0
Balance (in shares) at Dec. 31, 2020						1,256,609
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A redeemable convertible preferred stock, net of issuance costs (in shares)			145,000
Issuance of Series A redeemable preferred stock upon exercise of warrants	0		$ 1,450
Conversion of preferred stock into common stock, Temporary equity (in shares)			(121,880,303)	(22,047,361)	(31,209,734)
Conversion of preferred stock into common stock			$ (35,048,885)	$ (7,685,865)	$ (10,887,449)
Balance (in shares) at Dec. 31, 2021			0	0	0
Balance at Dec. 31, 2021			$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred stock into common stock (in shares)						10,144,041
Conversion of preferred stock into common stock	53,622,199					$ 1,014	53,621,185
Conversion of convertible debt into common stock (in shares)						3,669,010
Conversion of convertible debt into common stock	30,252,056					$ 367	30,251,689
Issuance of common stock in connection with the initial public offering. net of transaction costs (in shares)						7,441,650
Issuance of common stock in connection with the initial public offering. net of transaction costs	$ 114,551,315					$ 744	114,550,571
Exercise of stock options (in shares)	314,698					314,698
Exercise of stock options	$ 1,166,024					$ 32	1,165,992
Exercise of warrants (in shares)						2,896
Stock-based compensation	5,979,784						5,979,784
Unrealized gains on marketable available-for-sale securities	3,012										3,012
Net loss	(50,901,508)								(50,901,508)
Balance at Dec. 31, 2021	$ 83,760,667					$ 2,283	$ 211,498,827		$ (127,743,455)		$ 3,012
Balance (in shares) at Dec. 31, 2021						22,828,904

Statements Of Cash Flows - USD ($)	12 Months Ended
Statements Of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (50,901,508)	$ (29,865,997)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	870,285	618,990
Accretion income on available-for-sale marketable securities, net	(32,065)	0
Loss (gain) on asset disposal	8,440	(152)
Stock-based compensation	5,979,784	1,217,194
Non-cash interest expense	903,919	1,272,411
Change in fair value of derivative liability	(2,424,877)	442,284
Gain extinguishment of debt	(843,619)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,053,690)	(1,508,039)
Other non-current assets	(300,726)	0
Accounts payable	(1,002,896)	702,472
Accrued expenses, deferred rent and other	4,011,882	716,136
Net cash used in operating activities	(45,785,071)	(26,404,701)
Cash flows from investing activities
Purchase of property and equipment	(2,350,416)	(864,659)
Collections on employee advances	0	80,224
Purchases of available-for-sale marketable securities	(90,456,865)	0
Proceeds from maturities of available-for-sale marketable securities	39,000,000	1,006,371
Net cash provided by investing activities	(53,807,281)	221,936
Cash flows from financing activities
Proceeds from initial offering, net of transaction costs	114,721,518	0
Proceeds from the exercise of stock options	1,166,024	6,604
Principal payments on capital leases	(12,260)	(19,888)
Proceeds from the issuance of convertible notes from related parties	56,500	8,460,460
Proceeds from the issuance of convertible notes	8,974,980	13,157,826
Issuance costs associated with convertible notes	(19,137)	(193,561)
Proceeds from debt	0	843,619
Payment of deferred offering costs	0	(170,203)
Net cash provided by financing activities	124,887,625	22,084,857
Net increase (decrease) in cash, cash equivalents and restricted cash	25,295,273	(4,097,908)
Net cash, cash equivalents and restricted cash at beginning of period	5,098,579	9,196,487
Net cash, cash equivalents and restricted cash at end of period	30,393,852	5,098,579
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	457	1,760
Supplemental disclosure of noncash investing and financing activities:
Gain on extinguishment of debt from forgiveness of PPP Loan	843,619	0
Property and equipment purchases included in accounts payable and accrued expenses	131,866	61,509
Deferred financing costs included in accounts payable	$ 0	$ 782,430

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the BusinessNexImmune, Inc. (the “Company” or “NexImmune”), a Delaware corporation headquartered in Gaithersburg, Maryland, was incorporated on June 7, 2011. The Company is an emerging biopharmaceutical company advancing a new generation of immunotherapies based on its proprietary Artificial Immune Modulation (AIM) technology. The AIM nanotechnology platform, originally developed at Johns Hopkins University, is the foundation for an innovative approach to immunotherapy in which the body’s own immune system is stimulated to orchestrate a targeted T cell response against a disease. Central to the AIM technology are artificial AIM nanoparticles, which act as synthetic dendritic cells. These AIM nanoparticles can be programmed to present specific antigens to specific T cells orchestrating a highly targeted immune response. These AIM nanoparticles can be rapidly engineered to elicit an immune attack that can be directed toward any foreign substance or cell type in a patient’s body. The Company’s first two products, both for the treatment of different types of cancer, entered clinical trials in 2020.

Basis of Presentation and Liquidity	12 Months Ended
Basis of Presentation and Liquidity	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Liquidity	Basis of Presentation and Liquidity Basis of Presentation The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Liquidity As of December 31, 2021, the Company’s cash position and history of losses required management to assess its ability to continue as a going concern. The Company’s operations are subject to certain risks and uncertainties including, among others, the risk associated with development of products that must receive regulatory approval before market launch. Since inception, the Company has incurred losses from operations, negative cash flows from operations and has relied on debt and equity investments to fund its operations. The Company expects that operating losses and negative cash flows from operations will continue for at least the next several years and the Company will need to access additional funds to achieve its strategic goals. If necessary, the Company may seek to raise substantial funds through the sale of common stock, through debt financing or through establishing strategic collaboration agreements. Whether, and when, the Company can attain profitability and positive cash flows from operations is uncertain. In January 2021, the Company completed the issuance of $9.0 million of 6% Convertible Notes (“Convertible Notes”). In February 2021, the Company raised net proceeds of $114.6 million in an Initial Public Offering (IPO). The Company believes it has adequate resources to fund its operations through the next twelve months from issuance date of these audited financial statements.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets, stock-based compensation, the valuation of financial instruments, and the valuation of deferred tax assets and liabilities. The Company’s estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Concentrations of credit risk

Financial instruments which potentially subject the Company to credit risk consist principally of cash and marketable debt securities. All cash is held in United States financial institutions that are federally insured. At times, the Company may maintain cash balances in excess of the federally insured amount. The Company has not experienced any losses in such accounts and management believes it is not exposed to any significant credit risk. The Company’s investments in marketable debt securities have been issued by corporate entities and government-sponsored enterprises with high credit ratings. The Company mitigates investment risks by investing in highly-rated securities with relatively short maturities that the Company believes do not subject us to undue investment or credit risk. If any of these financial institutions fail to perform their obligations under the terms of these financial instruments, the Company’s maximum exposure to potential losses would be equal to the amounts reported on the balance sheet.

Segment and Geographic Information

Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States.

Cash and Cash Equivalents

Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Marketable securities

Marketable securities consist of debt securities with maturities greater than three months from the date of purchase that include commercial paper and corporate notes. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. As of December 31, 2021, all of the marketable securities were classified as current. There were no outstanding marketable securities as of December 31, 2020.

Interest and dividend income are recorded when earned and included in interest income in the statement of operations. Premiums and discounts, if any, on marketable securities are amortized or accreted to maturity and included in interest income in the statement of operations. The specific identification method is used in computing realized gains and losses on the sale of the Company’s marketable securities.

The Company classifies its marketable securities as available-for-sale. The Company determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Marketable securities that are classified as available-for-sale are measured at fair value in the balance sheet, and unrealized gains and losses on marketable securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) until realized. Marketable securities are evaluated periodically to determine whether the carrying value of a marketable security exceeds its fair value and the decline in value is determined to be other-than-temporary. Management reviews criteria, such as the general market conditions, magnitude and duration in which the fair value has been less than the carrying value, the investment issuer’s financial condition and business outlook, as well as the Company’s ability to hold the securities until the recovery of its amortized cost basis, to determine whether the decline in value is other-than-temporary. If a decline in value is determined to be other-than-temporary, the value of the marketable security is reduced, and the impairment is recorded as other (expense) income in the statement of operations.

Restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows.


December 31,	2021		2020
Cash and cash equivalents	$	30,326,352	$	5,031,079
Restricted cash	67,500		67,500
Total	$	30,393,852	$	5,098,579

Amounts included in restricted cash represent amounts required as collateral on corporate credit cards.

Fair value measurements

The Company’s financial instruments include cash and cash equivalents, marketable securities, accounts payable, accrued expenses, convertible notes and derivative liabilities. The fair values of the cash and cash equivalents, accounts payable and accrued expenses approximated their carrying values as of December 31, 2021 and 2020, due to their short-term maturities. For a description of the fair value of marketable securities, refer to Note 4. The Convertible Notes as discussed in Note 10 contained embedded derivative features that were required to be bifurcated and remeasured to fair value at each reporting period.

The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

Level 1 –Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

Level 2 –Fair value is determined by using inputs, other than Level 1 quoted prices that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data.

Level 3 –Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity.

In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy.

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Major replacements and improvements that extend the useful lives of assets are capitalized, while general repairs and maintenance are charged to expense as incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the estimated useful lives of the assets or the related lease term, whichever is shorter. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized within operating expenses.

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Impairment of long-lived assets

The Company evaluates the carrying value of its long-lived asset group for potential impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

Recoverability is determined by comparing future undiscounted cash flows associated with such assets to the related carrying value. An impairment loss may be recognized when the estimated undiscounted future cash flow is less than the carrying amount of the asset. If these cash flows are less than the carrying value of such asset group, the Company then determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured as the amount by which the carrying value of the asset group exceeds the fair value of the asset group. No impairments were recognized during 2021 or 2020.

Redeemable convertible preferred stock

The Company’s redeemable convertible preferred stock is classified outside of stockholders’ deficit because the shares contained deemed liquidation rights that represented a contingent redemption feature not solely within the control of the Company.

Convertible instruments and embedded derivatives

The Company applies the accounting standards for derivatives and hedging and for distinguishing liabilities from equity when accounting for hybrid contracts that contain conversion options and other embedded features. The Company bifurcates embedded features from their host instruments and accounts for them as free-standing derivative financial instruments according to certain criteria.

If the conversion feature does not require derivative treatment, the instrument is evaluated for any beneficial conversion feature (“BCF”). The intrinsic value of a BCF inherent to a convertible instrument is treated as a discount to the convertible instrument. This discount is amortized over the period from the date of issuance to the stated maturity using the effective interest method. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded upon the occurrence of the event. The BCF is measured as a reduction of the carrying amount of the convertible note equal to the intrinsic value of the conversion feature and is credited to additional paid-in-capital.

Upon any change to the Company’s debt arrangements, the Company evaluates the amendment to determine whether a debt modification or extinguishment has occurred, including whether the amendment should be accounted for as a troubled debt restructuring.

The Company’s derivative instrument related to certain features embedded within the Company’s Convertible Notes as discussed in Note 10. The derivative was accounted for as a derivative liability and remeasured to fair value as of each balance sheet date. The related remeasurement adjustments are recognized in the accompanying statements of operations.

Research and development

Research and development costs are expensed as incurred. Research and development expenses include personnel costs associated with research and development activities, including share-based compensation, as well as costs for third-party contractors to perform research, conduct clinical trials and manufacture drug supplies and materials. The Company accrues for costs incurred by external service providers, based on its estimates of services performed and costs incurred. These estimates include the level of services performed by the third parties, and other indicators of the services completed. Based on the timing of amounts invoiced by service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expenses in future periods as the related services are rendered.

Clinical trial expenses

The Company makes payments in connection with clinical trials under contracts with contract research organizations that support conducting and managing clinical trials. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the obligation to make payments under these contracts depends on factors such as the successful enrollment or treatment of patients or the completion of other clinical trial milestones.

Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the accruals are adjusted accordingly. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

Stock-based compensation

The Company records compensation expense associated with stock options and other forms of equity compensation based on the estimated fair value at the grant date, which is recorded over the requisite service period. The Company’s policy is to account for forfeitures as they occur. The Company uses the Black-Scholes-Merton option pricing (Black-Scholes) model to estimate the fair value of stock options. The Black-Scholes model requires input-based assumptions that are highly subjective, judgmental and sensitive in the determination of stock-based compensation cost.

Fair value of Common Stock—Prior to the IPO, the Company had from time to time engaged an independent valuation firm to assist management in determining the fair value of the common stock. In the absence of a public trading market, and as a clinical stage company with no revenues, the Company believes that it is appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In determining the fair value of its common stock, the Company used methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ (AICPA) Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation. In addition, the Company considered various objective and subjective factors, along with input from an independent third-party valuation firm. The factors included (1) the Company’s achievement of clinical and operational milestones; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for life science companies, particularly similarly situated, privately held, early-stage life science companies; (4) the Company’s available cash, financial condition, and results of operations; (5) the most recent sales of the Company’s redeemable convertible preferred stock; and (6) the preferential rights of the outstanding redeemable convertible preferred stock.

Options granted after the Company’s IPO are issued at the fair market value of the Company’s common stock at the date the grant is approved by the Board.

Expected volatility—The expected volatility was based on the historical volatility of comparable public companies from a representative peer group selected based on industry and market capitalization data. The historical volatility is calculated based on a period of time commensurate with the expected term assumption.

Risk-free interest rate—The risk-free interest rate was based on the continuous rates provided by the U.S. Treasury with a term approximating the expected term of the option.

Expected dividend yield—The expected dividend yield was 0% because the Company has not historically paid and does not expect to pay any dividends for the foreseeable future.

Expected term—The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based-Payment, 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.

Stock-based payments issued to nonemployees for goods and services are measured at their estimated fair value and are treated the same as those granted to employees under the guidelines of ASU 2018-07, Compensation—Stock Compensation (Topic 718), except that expenses are recognized when service is rendered.

See Note 12 for a further discussion on stock-based compensation.

Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities.

Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, on-going tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. The Company recorded a valuation allowance against all estimated net deferred tax assets as of December 31, 2021 and 2020.

Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Recognized income tax positions are measured at the largest amount that is greater than more-likely-than-not of being realized. Changes in the recognition or measurement are reflected in the period in which the change in estimate occurs. Interest and penalties related to uncertain tax positions are recorded in the provision of income taxes. There were no uncertain tax positions nor income tax related interest and penalties recorded as of or for the years ended December 31, 2021 and 2020.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common stock and common stock equivalents outstanding for the period. The Company adjusts net loss to arrive at the net loss attributable to common stockholders to reflect the amount of dividends accumulated during the period on the Company’s redeemable convertible preferred stock. Such dividends are only payable if and when declared by the Board of Directors (Note 11). The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants and the if-converted method is used to determine the dilutive effect of the Company’s redeemable convertible preferred stock and Convertible Notes. For the years ended December 31, 2021 and 2020, the Company had a net loss attributable to common stockholders, and as such, all outstanding stock options, shares of redeemable convertible preferred stock, and warrants were excluded from the calculation of diluted loss per share. Under the if-converted method, convertible instruments that are in the money, are assumed to have been converted as of the beginning of the period or when issued, if later.

Additionally, the effects of any interest expense and changes in fair value of bifurcated derivatives is added back to the numerator of the diluted net loss per share calculation if the conversion of the Convertible Notes is dilutive. The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2021 and 2020:


	2021		2020
Net loss	$	(50,901,508)	$	(29,865,997)
Accumulated dividends on Redeemable Convertible Preferred Stock	(377,562)		(3,281,194)
Net loss attributable to common stockholders	$	(51,279,070)	$	(33,147,191)
Basic and diluted net loss per common share	$	(2.54)	$	(26.42)
Basic and diluted weighted average common shares outstanding	20,186,127		1,254,831

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


	2021	2020
Stock options	3,305,291	2,233,185
Redeemable convertible preferred stock	1,164,080	10,135,734
Convertible debt	506,768	1,111,500
Warrants	150	14,480
Total	4,976,289	13,494,899

Shares of redeemable convertible preferred stock also participate in dividends with shares of common stock (if and when declared) and therefore are deemed participating securities. The holders of redeemable convertible preferred stock do not contractually share in losses and therefore no additional net loss per share has been disclosed under the two-class method.

Emerging growth company status

The Company is an “emerging growth company” (EGC), as defined in the Jumpstart Our Business Startups Act (JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards, and as a result of this election, the financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC.

Recent accounting standards and pronouncements

Recently Adopted

In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options, and ASC Topic 815, Subtopic - 4, Derivatives and Hedging - Contracts in Entity’s Own Equity. ASU 2020-06 simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. The Company early adopted this standard effective January 1, 2021 using the modified retrospective method. Under this standard, only conversion features embedded in the debt instrument that are accounted for as derivatives in accordance with ASC 815 or under the substantial premium model in ASC 470, require separate accounting. Prior to the

adoption of this standard, the Company had recorded a beneficial conversion feature as a discount to convertible notes issued. Upon adoption of this standard, the beneficial conversion feature is no longer separately accounted. As a result of applying the modified retrospective method, the Company recognized a transition adjustment of $0.7 million recorded in accumulated deficit, a reduction of additional paid-in capital of $2.2 million and an increase to the carrying value of the convertible notes of $1.5 million on January 1, 2021.

Not Yet Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases, as subsequently amended (collectively “ASC 842”). The guidance amends the existing accounting standards for lease accounting, including requirements for lessees to recognize assets and liabilities related to long-term leases on the balance sheet and expanding disclosure requirements regarding leasing arrangements. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In July 2018, the FASB issued additional guidance, which offers a transition option to entities adopting ASC 842 in which entities can elect to apply the new guidance using a modified retrospective approach at the beginning of the year in which the new lease standard is adopted.. The Company currently expects to utilize this transition option whereby financial information for prior periods presented before the ASC 842 effective date will not be updated. In November 2019, the FASB issued ASU 2019-10 deferring the effective date for private entities for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In June 2020, the FASB issued ASU 2020-05 which further defers the effective date for private entities for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.

As an EGC, the Company will adopt the new leasing guidance on January 1, 2022. The Company will combine lease and non-lease components as a single component for all underlying asset classes. ASC 842 provides a number of optional practical expedients in transition. The Company will apply the ‘package of practical expedients’ which allows the Company to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. The Company completed its evaluation and will recognize $1.5 million in operating right-of-use assets and $0.6 million and $1.0 million in operating lease liabilities, current and non-current, respectively, on January 1, 2022.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which modifies the measurement of expected credit losses on certain financial instruments. In addition, for available-for-sale debt securities, the standard eliminates the concept of other-than-temporary impairment and requires the recognition of an allowance for credit losses rather than reductions in the amortized cost of the securities. The standard is effective for fiscal year beginning after December 15, 2022, and interim periods beginning after December 15, 2022 and requires a modified-retrospective approach with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period. Early adoption is permitted. Based on the composition of the Company’s investment portfolio, current market conditions and historical credit loss activity, the adoption of ASU 2016-13 is not expected to have a material impact on its financial position, results of operations or the related disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	22,124,003	$	—	$	—	$	—	$	—	$	—
Fixed income debt securities	$	—	$	56,991,897	$	—	$	—	$	—	$	—
	$	22,124,003	$	56,991,897	$	—	$	—	$	—	$	—
Liability

Derivative liability	$	—	$	—	$	—	$	—	$	—	$	1,702,359
	$	—	$	—	$	—	$	—	$	—	$	1,702,359

During the years ended December 31, 2021 and 2020, the Company did not have any transfers between levels. There were no Level 3 recurring fair value measurements as of December 31, 2021. The following table presents activity related to the Company’s fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis:


Balance as of December 31, 2020	$	1,702,359
Fair value of derivative liabilities issued	722,518
Settlement of derivative liabilities	(2,424,877)
Balance as of December 31, 2021	$	—

The fair value of the derivative liability was determined using a binomial lattice model by calculating and comparing the fair value of the Convertible Notes with and without the embedded features.

Key inputs into this valuation model are ( l) the probability of various events which result in conversion prior to the maturity of the Convertible Notes; (2) the estimated timing of conversion; (3) time period to maturity; (4) the fair value of the Company’s stock underlying the Convertible Notes within each scenario; (5) the expected volatility of the Company’s stock through the various events resulting in conversion; (6) the risk-adjusted discount rate; and (7) the Company’s stock dividend yield.

The recurring Level 3 fair value measurements of the embedded features of the Convertible Notes issued in January 2021 and as of December 31, 2020 include the following significant unobservable inputs:


Unobservable Input						Assumptions
Probabilities of conversion provisions						5%-50%
Estimated timing of conversion (yrs)						0.13-0.31
Time period to maturity (yrs)						0.31
Fair value of the Company’s stock						$0.45-$0.56
Stock price volatility						76-90%
Risk-adjusted discount rate						25.56%
Dividend yield						0%

Significant changes to these assumptions would result in increases or decreases to the fair value of the derivative liability. There were no Convertible Notes issued after January 2021. Immediately before the conversion of the Convertible

Notes on February 11, 2021, the derivative liability was remeasured to fair value which the Company concluded was immaterial. The derivative liability was remeasured to zero. All derivative instruments were eliminated following the conversion of the Convertible Notes on February 11, 2021.

- 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

Cash and Cash Equivalents, Restricted cash, and Marketable Securities

12 Months Ended

Dec. 31, 2021

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash and Cash Equivalents, Restricted cash, and Marketable Securities

The following table presents the Company’s cash and cash equivalents and restricted cash as of December 31, 2021 and December 31, 2020:


	December 31, 2021		December 31, 2020		Recurring Fair Value Measurement
Cash and cash equivalents:
Cash	$	2,702,393	$	105,888
Money market funds	22,124,003		4,925,191		Level 1
Fixed income securities	5,499,956		—		Level 2
Total cash and cash equivalents	30,326,352		5,031,079

Restricted cash	67,500		67,500
Total cash, cash equivalents, and restricted cash	$	30,393,852	$	5,098,579

There were no available-for-sale marketable securities as of December 31,2020. The Company considers all investments in highly liquid financial instruments, including fixed income securities, with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Amounts included in restricted cash represent amounts required as collateral on corporate credit cards.

Marketable Securities

Marketable securities consist of fixed-income debt securities with an original maturity in excess of ninety days. These investments are classified as available-for-sale and are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of other comprehensive income or loss. Realized gains and losses are reported as other income (expense) within the statement of operations. The specific identification method is used to determine the cost basis of the marketable securities sold. There were no realized gains or losses on the sale of marketable securities for the year ending December 31, 2021 and 2020. The Company regularly monitors and evaluates the fair value of its investments to identify other-than-temporary declines in value. The Company determined that any decline in fair value of these investments is temporary as the Company does not intend to sell these securities and it is not likely that the Company will be required to sell the securities before the recovery of their amortized cost basis.

As of December 31, 2021, the Company’s marketable securities consisted of only fixed-income securities that mature within one year. The amortized cost and fair value of these securities amounted to $51.5 million as of December 31, 2021. The gross unrealized gains and gross unrealized losses on these marketable securities were not material as of December 31, 2021. All marketable securities are measured as Level 2 investments. As of December 31, 2020, the Company did not hold any marketable securities.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at December 31, 2021 and 2020:


	2021		2020
Prepaid research and development expenses	$	3,375,388	1,894,785
Prepaid maintenance agreements	132,104		144,575
Prepaid insurance	479,393		98,421
Prepaid other	308,842		124,929
Deferred financing costs	—		952,633
Other current assets	99,189		78,515
	$	4,394,916	$	3,293,858

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following at December 31, 2021 and 2020:


	2021		2020
Laboratory equipment	$	5,943,501	$	3,801,545
Computer equipment and software	486,822		305,214
Furniture and fixtures	47,877		47,877
Leasehold improvements	230,148		153,965
	6,708,348		4,308,601
Less accumulated depreciation and amortization	(2,281,041)		(1,423,341)
Property and equipment, net	$	4,427,307	$	2,885,260

Depreciation and amortization expense was $870,285 and $618,990 for the years ended December 31, 2021 and 2020, respectively. Included above is laboratory equipment of $82,301 partially financed under a capital lease arrangement. Amortization expense on the capital lease equipment was $11,757 for the both years ended December 31, 2021 and 2020, respectively, and is included in accumulated depreciation and amortization. Accumulated amortization on the capital lease equipment was $41,150 and $29,393 as of December 31, 2021 and 2020, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

A summary of the components of accrued expenses is as follows as of December 31, 2021 and 2020:


	2021		2020
Accrued research and development costs	$	2,611,380	$	—
Accrued professional fees	384,254		135,033
Accrued salaries, benefits and related expenses	3,143,602		1,924,405
Accrued severance	—		26,724
Accrued interest	—		408,315
Other accrued expenses	31,473		108,550
	$	6,170,709	$	2,603,027

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Obligations

In June 2017, the Company entered into a lease agreement for office and laboratory space for an initial term of five years commencing on July 1, 2017. In November 2021, the Company exercised its option to amend the lease term to June 30, 2027. The amendment provides the Company an option to terminate the lease with three months notice beginning July 1, 2023. The initial term of the lease contained a portion of rent abatement during the first year of the initial term and the amendment is subject to a 3% escalation starting after the second year of the lease.

In October 2021, the Company entered into a lease agreement for office space for a term of 29 months commencing on October 1, 2021 and terminating on February 29, 2024. The lease contains a portion of rent abatement during the first year and is subject to a 3% escalation starting after the first year of the lease.

Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are as follows:


	Operating Leases
2022	$	584,429
2023	546,256
2024	33,026
Total minimum lease payments	$	1,163,711

For operating leases that contain rent escalation or rent concession provisions, the Company records the total rent payable during the lease term on a straight-line basis over the term of the lease. The Company records the difference between the rent paid and the straight-line rent as a deferred rent liability in the accompanying balance sheet. Rent expense for the years ended December 31, 2021 and 2020 totaled $447,028 and $359,725, respectively, and was included in operating expenses on the accompanying statement of operations.

Rent expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development expenses	$	302,043	$	269,016
General and administrative expenses	144,985		90,709
Total rent expense	$	447,028	$	359,725

During 2018, the Company entered into an equipment financing agreement in the amount of $57,864, for the purpose of acquiring research and development equipment. The term of the note was 36 months and with an interest rate of 7.6% per annum. The equipment financing agreement ended in July 2021.

The current portion of the capital lease is included in accrued expenses on the accompanying balance sheet, and the non-current portion of the capital lease is included in other non-current liabilities on the accompanying balance sheet as of December 31, 2020.

Sublease

The Company had one sublease agreement and recorded zero and $111,276 for the years ended December 31, 2021 and 2020, respectively, in sublease income which was included in other income on the accompanying statements of operations. The agreement ended on December 31, 2020.

Maryland Biotechnology Center Grant

The Company entered into a Translational Research Award Agreement effective May 23, 2012 with the Department of Business & Economic Development with the State of Maryland, Maryland Biotechnology Center (“MBC”). The mission of MBC is to integrate entrepreneurial strategies to stimulate the transformation of scientific discovery and intellectual assets into capital formation and business development. Under the agreement, MBC provided $200,000 to NexImmune for research on its artificial aAPC for cancer immunotherapy. In 2013, an amendment increased the amount by $125,000 for a total grant of $325,000. This grant was recorded as income in 2012 and 2013, as the Company incurred the expenses which qualified it for the grant.

The Company must repay the funds through annual payments calculated at 3% of annual revenues for the preceding year. Payments shall continue for 10 years after the first payment date and may total up to 200% of the total grant amount. The end date of the agreement is defined as January 31, 2024, or when any and all repayments due to MBC have been made. If the Company does not earn any revenue, the grant does not need to be repaid. Through December 31, 2021, no revenue has been recorded, therefore, no payments to MBC are due.

Johns Hopkins University Exclusive License Agreement

The Company entered into an Exclusive License Agreement with Johns Hopkins University (“JHU”) effective June 2011, which was amended and restated in January 2017, referred to as the A&R JHU License Agreement, under which there are license fees, royalties, and milestone payments. As part of the agreement, the Company acquired a perpetual, exclusive license from JHU covering its invention related to Antigen Specific T cells. In consideration for the Exclusive License Agreement, the Company made an upfront payment of $155,000 and issued 26,918 shares of Common Stock.

JHU was also entitled to milestone fees of $75,000 in connection with clinical trial milestones. For the first licensed product or licensed service in the therapeutic field, the Company may be required to pay JHU additional aggregate milestone fees of $1.6 million for clinical and regulatory milestone fees. The Company may be required to pay JHU reduced milestone fees for the second and third licensed products or licensed services in the therapeutic field in connection with clinical and regulatory milestones. In the diagnostic field, the Company may be required to pay JHU aggregate milestone fees of $400,000 for the first licensed product or licensed service and reduced milestone fees for the second and third licensed products or licensed services in connection with regulatory and commercial milestones. The Company may be required to pay JHU aggregate milestone fees of $100,000 for commercial milestones for the first licensed product or licensed service in the non-clinical field. In the aggregate, the Company may be required to pay JHU additional milestone fees of up to $4.2 million for all clinical, regulatory and commercial milestones for all licensed products or licensed services in the therapeutic field, the diagnostic field and the non-clinical field. The Company may also be required to pay royalties in the low to upper single digits on net sales of licensed services in therapeutic products, diagnostic products and non-clinical products. The Company is required to make minimum annual royalty payments of $100,000 to JHU under the A&R JHU License Agreement, which started in the low five figures in the first year of the agreement and increased to $100,000 figures in the third year and for each subsequent year of the agreement. The Company may also be required to pay JHU a low double digit percentage, not to exceed 15%, of any non-royalty sublicense consideration the Company receives.

The Company will record a liability when such events become probable. The Company has not reached any of the milestones or transacted its first commercial sale as of December 31, 2021.

The Company must make minimum royalty payments, which began upon the 4th anniversary of the agreement and upon every anniversary thereafter during the term of the agreement, which offset future royalties per above owed to JHU.

The Company has incurred $425,000 in cumulative minimum royalties from inception. Future annual minimum royalties consist of $100,000 due each year during the remaining term of the agreement. The Company records milestones, royalties and minimum royalties at the time when payments become probable. The Company incurred $100,000 related to minimum royalties owed in the years ended December 31, 2021 and 2020 and is included in research and development expenses on the accompanying statement of operations. The Company has accrued royalties of $50,000 as of December 31, 2021 and 2020.

Paycheck Protection Program Loan

On April 23, 2020, the Company applied for an unsecured $843,619 loan under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). On May 1, 2020, the PPP loan was approved and funded. The Company entered into a promissory note of $843,619, which is recorded within other current liabilities in the accompanying balance sheet. The Company treats the PPP loan as debt under ASC 470. The use of loan proceeds must be for payroll costs, payment of interest on covered mortgage obligations, rent and utility costs over either an eight-week or 24-week period, at the Company’s option.

The PPP Loan had a maturity date of April 23, 2022 and accrued interest at an annual rate of 0.98%. Interest and principal payments are deferred for the first six months of the loan. Thereafter, monthly interest and principal payments are due until the loan is fully satisfied. The promissory note evidencing the PPP Loan contains customary events of default resulting from, among other things, default in the payments.

The PPP Loan indebtedness may be forgiven in whole or in part upon request and the Company must provide documentation in accordance with the SBA requirements and the Company must certify that the amounts requested to be forgiven qualify under those requirements. The SBA may approve or deny the Company’s loan forgiveness application, in whole or part. The amount of potential loan forgiveness may be reduced if NexImmune fails to maintain employee and salary levels during the applicable eight-week or 24-week period following receipt of the loan proceeds. The Company submitted the PPP Loan forgiveness application in March 2021 and received full forgiveness of the $843,619 PPP Loan in July 2021. The Company recognized the $843,619 forgiveness as a gain on extinguishment of debt for the year ended December 31, 2021.

Contingencies

From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of December 31, 2021 and 2020, the Company was not involved in any material legal proceedings.

Convertible Notes

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Convertible Notes

During April 2020, the Company authorized the sale of up to $15,000,000 6% Convertible Notes (“Agreement”). The Agreement specified an initial closing date of April 23, 2020 and allowed additional closings within 90 days of the initial closing. The Convertible Notes mature on April 23, 2021. During the years ended December 31, 2021 and 2020, the Company issued convertible notes with a principal amount of $9,031,480 and $21,618,286, respectively.

The terms of the Convertible Notes require a mandatory conversion upon certain qualified financing events (“Mandatory Conversion”) and allowed for conversion at the option of the holder upon certain non-qualified financing events (“Optional Conversion 1”). Upon Mandatory Conversion and Optional Conversion 1, the outstanding principal amount and all accrued and unpaid interest will automatically convert into the Company’s preferred stock of the same series issued in such equity financing and will be equal to the number of preferred stock obtained by dividing (a) all principal and accrued but unpaid interest under such Convertible Note by (b) the price per share paid by the other purchasers of the preferred stock sold in such equity financing multiplied by 80%.

If the Mandatory Conversion and Optional Conversion 1 did not occur by the maturity date, the outstanding principal amount plus all accrued and unpaid interest will be converted at the option of the holder into Company’s common stock at the price per share obtained by dividing $85 million by the Company’s fully-diluted capitalization (“Optional Conversion 2”).

If the Company (i) consummates a change in control or (ii) the Company’s common stock becomes publicly listed on a stock exchange, the outstanding principal amount plus all accrued and unpaid interest will automatically convert into shares of the Company’s most senior series of capital stock outstanding at the time of such change in control or public listing, at a price equal to the lower of (a) 90% of the price per share paid by the purchasers of such stock in such a transaction and (b) the price per share obtained by dividing $125 million by the Company’s fully-diluted capitalization (“Change in Control”).

The Agreement was amended in July 2020 to allow the sale of up to $50,000,000 convertible notes and to allow for additional closings within 150 days of the initial closing date. The Agreement was amended in September 2020 to allow for additional closings within 190 days of the initial closing date. In addition, the provisions of Mandatory Conversion and Optional Conversion 1 were amended to allow for conversion upon an equity financing at a price equal to the lower of (a) 80% of the price per share paid by the purchasers of such stock in such a transaction and (b) the price per share obtained by dividing $125,000,000 by the Company’s fully-diluted capitalization. The Company evaluated the amendments and concluded that the amendments represented a debt modification.

In October 2020, the Agreement was further amended to allow additional closings through December 31, 2020. During the year ended December 31, 2020, the Company issued convertible notes with a principal amount of $21,618,286. Subsequent to December 31, 2020, the Agreement was amended again to allow closings through January 31, 2021. The Company issued convertible notes with a principal amount of $9,031,480 during the year ended December 31, 2021.

The Company evaluated the Convertible Notes and determined that the Mandatory Conversion feature, Optional Conversion 1 feature and Change in Control meet the definition of an embedded derivative liability that is required to be bifurcated from the host instrument and measured at fair value. The fair value of the derivative liability at issuance and as of December 31, 2021 was $722,518 and zero. The fair value of the derivative liability at issuance and as of December 31, 2020 was $1,260,075 and $1,702,359, respectively.

The Company amortizes the debt issuance costs of $256,212 and debt discount of $4,229,558, comprising of the initial value of the derivative liability of $1,982,594 and the BCF of $2,246,964, prior to the adoption of ASU 2020-06, over the term of the Convertible Notes using the effective interest method. The debt issuance costs and debt discount amortization expense for the years ended December 31, 2021 and 2020 was $613,770 and $1,260,718, respectively, and is included in interest expense in the accompanying statements of operations. The interest expense at 6% of the Convertible Notes’ principal amount for the years ended December 31, 2021 and 2020 was $217,593 and $404,824, respectively.

The carrying value of the Convertible Notes consists of the following:


	2021		2020
Convertible Notes principal amount	$	—	$	21,618,286
Unamortized discount	—		(2,383,986)
Unamortized debt issuance costs	—		(116,636)
	$	—	$	19,117,664

The carrying value of the Convertible Notes issued to related and non-related parties as of December 31, 2020 was $7,324,267 and $11,793,397, respectively.

The Company completed an IPO on February 11, 2021, which triggered the mandatory conversion of all the outstanding Convertible Notes plus accrued interest into 3,669,010 shares of common stock (Note 11). Upon conversion of the Convertible Notes, the outstanding Convertible notes principal plus accrued interest thereon, net of unamortized debt discounts totaling $30,252,056 was reclassified to stockholders’ equity (deficit).

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit	12 Months Ended
	Dec. 31, 2021
Redeemable Convertible Preferred Stock And Stockholders Equity Disclosure [Abstract]
Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit	Series A Redeemable Convertible Preferred Stock and Stockholders’ Deficit Series A Redeemable Convertible Preferred Stock In January 2019, the Company amended its Certificate of Incorporation to authorize and designate 121,735,303 shares of Series A Redeemable Convertible Preferred Stock and 28,384,899 shares of Series A-2 Redeemable Convertible Preferred Stock. The Company issued 22,047,361 shares of Series A-2 Redeemable Convertible Preferred Stock during January and February 2019, at an issue price of $0.3523 per share, resulting in proceeds of $7,685,865 net of issuance costs of $81,428. In November 2019, the Company amended its Certificate of Incorporation to authorize and designate 34,061,879 shares of Series A-3 Redeemable Convertible Preferred Stock. The Company issued 31,209,734 shares of Series A-3 Redeemable Convertible Preferred Stock during November and December 2020, at an issue price of $0.3523 per share resulting in proceeds of $10,887,449 net of issuance costs of $107,748. Below is a summary of the terms and conditions, and the rights and powers included in the Fifth Amended and Restated Certificate of Incorporation of NexImmune, Inc governing the Series A Redeemable Convertible Preferred Stock, the Series Redeemable A-2 Convertible Preferred Stock and Series A-3 Redeemable Convertible Preferred Stock, collectively (“Series A Redeemable Convertible Preferred Stock”): Dividends—Holders of the Series A Redeemable Convertible Preferred Stock shares are entitled to receive cumulative, non-compounding dividends at the rate of 6% per annum if declared by the Board of Directors. Holders of Series A Redeemable Convertible Preferred Stock shares will also participate in dividends on common stock on an as-converted basis. As of December 31, 2020, undeclared cumulative dividends on the Series A Redeemable Convertible Preferred Stock shares was approximately $8,022,431. On a per share basis, undeclared cumulative dividends on the Series A, A-2 and A-3 Redeemable Convertible Preferred Stock as of December 31, 2020 were $0.05, $0.04 and $0.02. Liquidation Preference—In the event of a liquidation, winding up or sale of the Company, the holders of Series A Redeemable Convertible Preferred Stock will receive payment of an amount equal to the original purchase price per share plus any accrued but unpaid dividends on such share, whether or not declared, and thereafter will participate in future proceeds with the holders of all other classes and series of stock on an as converted basis. The Company has not adjusted the carrying values of the 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 Series A Redeemable Convertible Preferred Stock, and at the balance sheet date these circumstances were not probable. Subsequent adjustments to the carrying values of the liquidation preferences will be made only when it becomes probable that such a liquidation event will occur. As of December 31, 2020, the liquidation value of the Series A Redeemable Convertible Preferred Stock was approximately $62,697,711. Voting Rights—Each holder of Series A Redeemable Convertible Preferred Stock shares shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which the share of Series A Redeemable Convertible Preferred Stock is convertible on any matter presented to the stockholders of the Company for their action or consideration. Conversion Rights—Each share of Series A Redeemable Convertible Preferred Stock shares shall be convertible, at the option of the holder, into shares of common stock at the conversion price in effect at the time of the conversion. A mandatory conversion would be triggered by an underwritten public offering resulting in at least $40,000,000 of gross proceeds, or by a vote of at least 66.67% of the then outstanding shares of Series A Redeemable Convertible Preferred Stock. The Series A Preferred Stock conversion price is initially equal to its original issue price, subject to adjustment as specified in the amended and restated Certificate of Incorporation, including dilutive issuances. Redemption Rights—In the event of a deemed liquidation event, which includes a qualified merger or sale of the Company, where the Corporation does not effect a dissolution of the Corporation within ninety (90) days after such Deemed Liquidation Event, then the holders of Series A Redeemable Convertible Preferred Stock shares will be sent a redemption notice that outlines the terms of the redemption at the option of the holders, and the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event together with any other assets of the Corporation available for distribution to its stockholders to redeem all outstanding shares of Series A Redeemable Convertible Preferred Stock at a price per share equal to the Series A Redeemable Convertible Liquidation Amount, as applicable. The Company did not deem the redemption to be probable as of December 31, 2020. Anti-Dilution Protection – The holders of the Series A Redeemable Convertible Preferred Stock have anti-dilution protection for splits, dividends and similar recapitalizations. Subject to certain exclusions, anti-dilution protection for additional sales of securities by the Company for consideration per unit less than the applicable conversion price per unit then the Applicable Conversion Price shall be reduced on a weighted average basis. Issuances of Common Stock On February 11, 2021, the Company completed its IPO, pursuant to which it issued and sold 7,441,650 shares of its common stock at a public offering price of $17.00 per share, resulting in net proceeds of $114,551,315, after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of the IPO, all of the 175,137,398 outstanding shares of the Company’s Redeemable Convertible Preferred Stock automatically converted into 10,144,041 shares of common stock after giving effect to the reverse stock split, and all of the outstanding convertible debt and accrued but unpaid interest thereon of $31,272,183 converted to 3,669,010 shares of common stock. Upon completion of the offering on February 11, 2021, the Company’s authorized capital stock consists of 250,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, all of which shares of preferred stock are undesignated. During the years ended December 31, 2021 and 2020, the Company issued 314,698 and 1,968 shares of common stock, respectively, from the exercise of stock options. Warrants to Acquire Common Stock In January 2021, 145,000 warrants were exercised at an exercise price of $0.01 and 145,000 shares of Series A redeemable convertible stock were issued and then converted into common stock upon the closing of the IPO. The remaining outstanding warrants outstanding as of December 31, 2020 were exercised and settled in January 2021 with 2,896 shares of common stock issued in a cashless exercise.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

During January 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which provides for granting of restricted stock, options to purchase shares of common stock and other awards to employees, directors and consultants. In March 2017, the Company amended the 2017 Plan to increase the number of available shares to 660,838. In September 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”) which provides for granting of restricted stock, options to purchase shares of common stock, and other awards to employees, directors and consultants, and reserved 1,741,770 shares for this purpose. The 2018 Plan was amended in July 2018 to increase the number of available shares to 1,809,143. In February 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”) and reserved 2,757,556 shares under the plan. No further shares will be issued under the 2017 and 2018 plans. There are 1,173,722 shares available for issuance under the 2021 plan.

The number of options to be granted under the 2021 Plan, the option exercise prices, and other terms of the options are determined by the Board of Directors in accordance with the terms of the 2021 Plan. Generally, stock options are granted at fair value, become exercisable over a period of one to four years, expire in ten years or less and are subject to the employee’s continued employment.

Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development expenses	$	2,918,310	$	294,168
General and administrative expenses	3,061,474		923,026
Total stock-based compensation expense	$	5,979,784	$	1,217,194

The following is a summary of option activity under the Company’s Stock Option Plans:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Outstanding as of January 1, 2021	2,233,185	$	3.53
Granted	1,617,113	16.42
Exercised	(314,698)	3.71
Cancelled	(1,699)	4.78
Forfeited	(228,610)	6.29
Outstanding as of December 31, 2021	3,305,291	$	9.62	7.7	$	2.3
Vested or expected to vest as of December 31, 2021	3,305,291	$	9.62	7.7	$	2.3
Exercisable as of December 31, 2021	1,593,109	$	3.35	6.3	$	2.3
Shares unvested as of December 31, 2021	1,712,182	$	15.46	9.1	$	0.1

The weighted average fair value of the options granted during the years ended December 31, 2021 and 2020 was $11.16 and $4.04, respectively. The options were valued using the Black-Scholes option-pricing model for the year ended December 31, 2021 and 2020 with the following assumptions:


	2021	2020
Expected volatility	78.7% to 81.1%	100%
Risk-free interest rate	.5% to 1.40%	0.7% to .74%
Expected dividend yield	0%	0%
Expected term	5.4 to 6.1 years	5.3 to 6.1 years

The total fair value of stock options vested during the years ended December 31, 2021 and 2020 was $1.4 million, and $1.0 million, respectively. The intrinsic value of stock options exercised for the years ended December 31, 2021 and 2020 was approximately $2.1 million and $7,571, respectively.

As of December 31, 2021, there was $13.1 million of total unrecognized compensation expense related to unvested options that will be recognized over a weighted average period of 2.5 years.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for income taxes consists of the following for the years ended December 31, 2021 and 2020:


	2021		2020
Current income tax provision:
Federal	$	—	$	—
State	—		—
Total	—		—
Deferred income tax benefit:
Federal	10,606,627		6,090,162
State	3,291,842		1,890,125
Total	13,898,469		7,980,287
Change in valuation allowance	(13,898,469)		(7,980,287)
Total provision (benefit) for income taxes	$	—	$	—

A reconciliation of the statutory U.S. income tax rate to the effective income tax rate as of December 31, 2021 and 2020 is as follows:


	2021		2020
U.S. Federal statutory rate	21.00	%	21.00	%
State taxes	6.52	%	6.52	%
Permanent differences	(0.13)	%	(0.63)	%
Other adjustments	0.02	%	(0.17)	%
Change in valuation allowance	(27.41)	%	(26.72)	%
Provision for income taxes	0.00	%	0.00	%

The significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2021 and 2020 were as follows:


	2021		2020
Deferred tax assets:
Net operating loss carryforward	$	31,758,878	$	18,676,003
Accrued compensation	701,576		460,846
Stock compensation	1,445,296		254,028
Research and development credits	291,022		291,022
Other	52,751		—
Gross deferred income tax assets	34,249,523		19,681,899
Less: Valuation allowance	(33,886,096)		(19,244,190)
Total deferred income tax assets	363,427		437,709
Deferred tax liabilities:
Convertible debt	—		(77,137)
Depreciation and amortization	(363,427)		(360,572)
Total deferred tax liabilities	(363,427)		(437,709)
Net deferred tax assets	$	—	$	—

At December 31, 2021 and 2020, the Company had net operating loss (NOL) carryforwards for income tax purposes of approximately $115.4 million and $67.9 million, respectively, which are available to offset future federal taxable income, if any. Approximately $10.5 million of the federal NOL was generated prior to 2018 and will be expiring in increments through 2037 beginning in 2035, while the remaining $104.8 million will be carried forward indefinitely. The state NOL will expire in increments through 2037, beginning in 2035. The federal research and development tax credit carryforwards, if not utilized, will expire beginning in 2037.

Section 382 of the Internal Revenue Code imposes substantial restrictions on the utilization of net operating losses and Section 383 of the Internal Revenue Code imposes restrictions on the utilization of tax credits in the event of a corporations’ ownership change. The Company believes that the future use of net operating losses and tax credits presented above may be limited as a result of past ownership changes and a formal study has not yet been completed.

The Company recognizes the effect of income tax positions only if those positions more likely than not of being sustained. At December 31, 2021, the Company had no gross unrecognized tax benefits and did not recognize any interest or penalties related to uncertain tax positions. The Company is subject to income taxation by both Federal and State taxing authorities. Income tax returns are filed in the U.S. and state of Maryland and is generally subject to a three-year statute of limitations by major tax jurisdictions. The years that are subject to examination by tax authorities are tax years 2018 through 2021, although tax years dating back to 2015 remain open up to the tax attribute amounts carried forward for future use.

At December 31, 2021, the Company provided a 100% valuation allowance on its net deferred tax assets because realization of any future tax benefit cannot be reasonably assured. The valuation allowance changed significantly during the year due to the pretax losses incurred which are not more likely than not to be realized.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company has a defined contribution plan under the Internal Revenue Code Section 401(k). The plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company may contribute a matching contribution at its discretion. During the years ended December 31, 2021 and 2020, the Company made contributions of $257,214 and $169,181, respectively, to the plan.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During 2021 and 2020, the Company issued $56,500 and $8,460,460 of Convertible Notes to various Board members and other related parties with the same terms and conditions as described in Note 10. The carrying value of the Convertible Notes issued to related parties as of December 31, 2020 was $7,324,267. The Company completed an IPO on February 11, 2021, which triggered the mandatory conversion of all the outstanding Convertible Notes. In April 2018, the Company entered into a Loan Agreement and Promissory Note agreement to lend $150,000 to an officer of the Company. The loan was to be repaid to the Company in two equal installments of $75,000 plus accrued interest on March 30, 2019 and March 30, 2020. The loan bears an interest rate of 2.72%, compounded annually. In December 2019, approximately $75,000 was repaid. The balance of approximately $81,000, including accrued interest of approximately $2,700 was repaid in April 2020. In 2016, the Company agreed with several employees and a board advisor to postpone salary and consulting payments totaling approximately $800,000, of which approximately $615,000 was paid in December 2019, and approximately $111,000 was settled through the exercise of stock options. The remaining balance of approximately $74,000 was paid during the year ended December 31, 2020.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 17, 2022, the Company announced that Scott Carmer had resigned as President and Chief Executive Officer and as a director of the Company effective as of February 12, 2022 and that Kristi Jones has been appointed as the Company’s President and Chief Executive Officer, and that the Company’s Board of Directors (the “Board”) has elected Ms. Jones as a director of the Company, in each case effective as of February 15, 2022. Ms. Jones was elected as a Class III director for a term to continue until the 2024 annual meeting of the Company’s stockholders and thereafter until Ms. Jones’ successor has been elected and qualified or until her earlier resignation or removal.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of estimates

Use of Estimates

Concentrations of credit risk

Segment and geographic information

Segment and Geographic Information

Cash and cash equivalents

Cash and Cash Equivalents

Marketable securities

Fair value measurements

Level 1 –Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

Level 3 –Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity.

Property and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Impairment of long-lived assets

Redeemable convertible preferred stock

Convertible instruments and embedded derivatives

Research and development

Clinical trial expenses

Stock-based compensation

Options granted after the Company’s IPO are issued at the fair market value of the Company’s common stock at the date the grant is approved by the Board.

Risk-free interest rate—The risk-free interest rate was based on the continuous rates provided by the U.S. Treasury with a term approximating the expected term of the option.

Expected dividend yield—The expected dividend yield was 0% because the Company has not historically paid and does not expect to pay any dividends for the foreseeable future.

Income taxes

Net loss per share attributable to common stockholders

Net Loss Per Share Attributable to Common Stockholders

Recent accounting standards and pronouncements

Recently Adopted

Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Reconciliation of cash, cash equivalents, and restricted cash


December 31,	2021		2020
Cash and cash equivalents	$	30,326,352	$	5,031,079
Restricted cash	67,500		67,500
Total	$	30,393,852	$	5,098,579

Schedule of estimated useful lives of property, plant and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Property and equipment consist of the following at December 31, 2021 and 2020:


	2021		2020
Laboratory equipment	$	5,943,501	$	3,801,545
Computer equipment and software	486,822		305,214
Furniture and fixtures	47,877		47,877
Leasehold improvements	230,148		153,965
	6,708,348		4,308,601
Less accumulated depreciation and amortization	(2,281,041)		(1,423,341)
Property and equipment, net	$	4,427,307	$	2,885,260

Summary of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2021 and 2020:


	2021		2020
Net loss	$	(50,901,508)	$	(29,865,997)
Accumulated dividends on Redeemable Convertible Preferred Stock	(377,562)		(3,281,194)
Net loss attributable to common stockholders	$	(51,279,070)	$	(33,147,191)
Basic and diluted net loss per common share	$	(2.54)	$	(26.42)
Basic and diluted weighted average common shares outstanding	20,186,127		1,254,831

Summary of antidilutive securities outstanding


	2021	2020
Stock options	3,305,291	2,233,185
Redeemable convertible preferred stock	1,164,080	10,135,734
Convertible debt	506,768	1,111,500
Warrants	150	14,480
Total	4,976,289	13,494,899

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 table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	22,124,003	$	—	$	—	$	—	$	—	$	—
Fixed income debt securities	$	—	$	56,991,897	$	—	$	—	$	—	$	—
	$	22,124,003	$	56,991,897	$	—	$	—	$	—	$	—
Liability

Derivative liability	$	—	$	—	$	—	$	—	$	—	$	1,702,359
	$	—	$	—	$	—	$	—	$	—	$	1,702,359

Summary of fair value measurements categorized as Level 3

The following table presents activity related to the Company’s fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis:


Balance as of December 31, 2020	$	1,702,359
Fair value of derivative liabilities issued	722,518
Settlement of derivative liabilities	(2,424,877)
Balance as of December 31, 2021	$	—

Summary of fair value measurements of the convertible notes


Unobservable Input						Assumptions
Probabilities of conversion provisions						5%-50%
Estimated timing of conversion (yrs)						0.13-0.31
Time period to maturity (yrs)						0.31
Fair value of the Company’s stock						$0.45-$0.56
Stock price volatility						76-90%
Risk-adjusted discount rate						25.56%
Dividend yield						0%

Cash and Cash Equivalents, Restricted cash, and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Summary of reconciliation of cash, cash equivalents, and restricted cash

The following table presents the Company’s cash and cash equivalents and restricted cash as of December 31, 2021 and December 31, 2020:


	December 31, 2021		December 31, 2020		Recurring Fair Value Measurement
Cash and cash equivalents:
Cash	$	2,702,393	$	105,888
Money market funds	22,124,003		4,925,191		Level 1
Fixed income securities	5,499,956		—		Level 2
Total cash and cash equivalents	30,326,352		5,031,079

Restricted cash	67,500		67,500
Total cash, cash equivalents, and restricted cash	$	30,393,852	$	5,098,579

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following at December 31, 2021 and 2020:


	2021		2020
Prepaid research and development expenses	$	3,375,388	1,894,785
Prepaid maintenance agreements	132,104		144,575
Prepaid insurance	479,393		98,421
Prepaid other	308,842		124,929
Deferred financing costs	—		952,633
Other current assets	99,189		78,515
	$	4,394,916	$	3,293,858

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of property and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Property and equipment consist of the following at December 31, 2021 and 2020:


	2021		2020
Laboratory equipment	$	5,943,501	$	3,801,545
Computer equipment and software	486,822		305,214
Furniture and fixtures	47,877		47,877
Leasehold improvements	230,148		153,965
	6,708,348		4,308,601
Less accumulated depreciation and amortization	(2,281,041)		(1,423,341)
Property and equipment, net	$	4,427,307	$	2,885,260

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of the components of accrued expenses

A summary of the components of accrued expenses is as follows as of December 31, 2021 and 2020:


	2021		2020
Accrued research and development costs	$	2,611,380	$	—
Accrued professional fees	384,254		135,033
Accrued salaries, benefits and related expenses	3,143,602		1,924,405
Accrued severance	—		26,724
Accrued interest	—		408,315
Other accrued expenses	31,473		108,550
	$	6,170,709	$	2,603,027

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are as follows:


	Operating Leases
2022	$	584,429
2023	546,256
2024	33,026
Total minimum lease payments	$	1,163,711

Schedule of Rent Expense

Rent expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development expenses	$	302,043	$	269,016
General and administrative expenses	144,985		90,709
Total rent expense	$	447,028	$	359,725

Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of carrying values of convertible notes

The carrying value of the Convertible Notes consists of the following:


	2021		2020
Convertible Notes principal amount	$	—	$	21,618,286
Unamortized discount	—		(2,383,986)
Unamortized debt issuance costs	—		(116,636)
	$	—	$	19,117,664

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2021 and 2020:


	2021		2020
Research and development expenses	$	2,918,310	$	294,168
General and administrative expenses	3,061,474		923,026
Total stock-based compensation expense	$	5,979,784	$	1,217,194

Summary of option activity

The following is a summary of option activity under the Company’s Stock Option Plans:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Outstanding as of January 1, 2021	2,233,185	$	3.53
Granted	1,617,113	16.42
Exercised	(314,698)	3.71
Cancelled	(1,699)	4.78
Forfeited	(228,610)	6.29
Outstanding as of December 31, 2021	3,305,291	$	9.62	7.7	$	2.3
Vested or expected to vest as of December 31, 2021	3,305,291	$	9.62	7.7	$	2.3
Exercisable as of December 31, 2021	1,593,109	$	3.35	6.3	$	2.3
Shares unvested as of December 31, 2021	1,712,182	$	15.46	9.1	$	0.1

Summary of black-scholes option pricing model

The options were valued using the Black-Scholes option-pricing model for the year ended December 31, 2021 and 2020 with the following assumptions:


	2021	2020
Expected volatility	78.7% to 81.1%	100%
Risk-free interest rate	.5% to 1.40%	0.7% to .74%
Expected dividend yield	0%	0%
Expected term	5.4 to 6.1 years	5.3 to 6.1 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

The Company’s provision for income taxes consists of the following for the years ended December 31, 2021 and 2020:


	2021		2020
Current income tax provision:
Federal	$	—	$	—
State	—		—
Total	—		—
Deferred income tax benefit:
Federal	10,606,627		6,090,162
State	3,291,842		1,890,125
Total	13,898,469		7,980,287
Change in valuation allowance	(13,898,469)		(7,980,287)
Total provision (benefit) for income taxes	$	—	$	—

Schedule of effective income tax rate reconciliation

A reconciliation of the statutory U.S. income tax rate to the effective income tax rate as of December 31, 2021 and 2020 is as follows:


	2021		2020
U.S. Federal statutory rate	21.00	%	21.00	%
State taxes	6.52	%	6.52	%
Permanent differences	(0.13)	%	(0.63)	%
Other adjustments	0.02	%	(0.17)	%
Change in valuation allowance	(27.41)	%	(26.72)	%
Provision for income taxes	0.00	%	0.00	%

Schedule of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2021 and 2020 were as follows:


	2021		2020
Deferred tax assets:
Net operating loss carryforward	$	31,758,878	$	18,676,003
Accrued compensation	701,576		460,846
Stock compensation	1,445,296		254,028
Research and development credits	291,022		291,022
Other	52,751		—
Gross deferred income tax assets	34,249,523		19,681,899
Less: Valuation allowance	(33,886,096)		(19,244,190)
Total deferred income tax assets	363,427		437,709
Deferred tax liabilities:
Convertible debt	—		(77,137)
Depreciation and amortization	(363,427)		(360,572)
Total deferred tax liabilities	(363,427)		(437,709)
Net deferred tax assets	$	—	$	—

Basis of Presentation and Liquidity - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	Feb. 11, 2021	Feb. 28, 2021	Dec. 31, 2021	Jan. 31, 2021	Apr. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock in connection with the initial public offering. net of transaction costs	$ 114,551,315	$ 114,600,000	$ 114,551,315
Convertible Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Convertible notes issued				$ 9,000,000	$ 15,000,000
Stated interest rate			6.00%	6.00%	6.00%

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Jan. 01, 2022 USD ($)	Jan. 01, 2021 USD ($)	Dec. 31, 2019 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments \| segment	1
Investment positions in marketable securities		$ 0
Impairment of long-lived assets	$ 0	$ 0
Expected dividend yield	0.00%	0.00%
Unrecognized tax benefits	$ 0	$ 0
Accruals related to uncertain tax positions	0	0
Income tax penalties and interest expense	0	0
Transition adjustment recorded in accumulated deficit	83,760,667	(69,374,941)			$ (43,009,568)
Convertible notes	0	11,793,397
Accumulated Deficit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition adjustment recorded in accumulated deficit	(127,743,455)	(77,582,005)			(47,716,008)
Additional Paid-In Capital
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition adjustment recorded in accumulated deficit	$ 211,498,827	8,206,938			$ 4,705,808
Cumulative effect of adoption of accounting standard
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition adjustment recorded in accumulated deficit		(1,537,274)
Convertible notes				$ 1,500,000
Cumulative effect of adoption of accounting standard \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, right-of-use asset			$ 1,500,000
Operating lease liability, current			600,000
Operating lease liability, noncurrent			$ 1,000,000.0
Cumulative effect of adoption of accounting standard \| Accumulated Deficit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition adjustment recorded in accumulated deficit		740,058		700,000
Cumulative effect of adoption of accounting standard \| Additional Paid-In Capital
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transition adjustment recorded in accumulated deficit		$ (2,277,332)		$ (2,200,000)

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 30,326,352	$ 5,031,079
Restricted cash	67,500	67,500
Total	$ 30,393,852	$ 5,098,579	$ 9,196,487

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Laboratory equipment
Property, Plant and Equipment [Line Items]
Useful life	7 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	7 years

Summary of Significant Accounting Policies - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net loss	$ (50,901,508)	$ (29,865,997)
Accumulated dividends on Redeemable Convertible Preferred Stock	(377,562)	(3,281,194)
Net loss attributable to common stockholders	(51,279,070)	(33,147,191)
Net loss attributable to common stockholders	$ (51,279,070)	$ (33,147,191)
Basic net loss attributable to common stockholders per common share (in dollars per share)	$ (2.54)	$ (26.42)
Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (2.54)	$ (26.42)
Basic weighted average number of common shares outstanding (in shares)	20,186,127	1,254,831
Diluted weighted-average number of common shares outstanding (in shares)	20,186,127	1,254,831

- 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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- Definition

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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- Definition

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

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- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	4,976,289	13,494,899
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3,305,291	2,233,185
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,164,080	10,135,734
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	506,768	1,111,500
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	150	14,480

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets
Fixed income debt securities	$ 51,500,000
Level 1 \| Recurring basis
Assets
Total assets	22,124,003	$ 0
Liability
Total liabilities	0	0
Level 1 \| Recurring basis \| Money market funds
Assets
Money market funds	22,124,003	0
Level 1 \| Recurring basis \| Fixed income debt securities
Assets
Fixed income debt securities	0	0
Level 1 \| Recurring basis \| Derivative liability
Liability
Derivative liability	0	0
Level 2 \| Recurring basis
Assets
Total assets	56,991,897	0
Liability
Total liabilities	0	0
Level 2 \| Recurring basis \| Money market funds
Assets
Money market funds	0	0
Level 2 \| Recurring basis \| Fixed income debt securities
Assets
Fixed income debt securities	56,991,897	0
Level 2 \| Recurring basis \| Derivative liability
Liability
Derivative liability	0	0
Level 3 \| Recurring basis
Assets
Total assets	0	0
Liability
Total liabilities	0	1,702,359
Level 3 \| Recurring basis \| Money market funds
Assets
Money market funds	0	0
Level 3 \| Recurring basis \| Fixed income debt securities
Assets
Fixed income debt securities	0	0
Level 3 \| Recurring basis \| Derivative liability
Liability
Derivative liability	$ 0	$ 1,702,359

Fair Value Measurements - Summary of Fair Value Measurements Categorized As Level 3 (Detail) - Embedded Derivative Financial Instruments - Recurring basis	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 1,702,359
Fair value of derivative liabilities issued	722,518
Settlement of derivative liabilities	(2,424,877)
Ending balance	$ 0

Fair Value Measurements - Summary of Fair Value Measurements of the Convertible Notes (Detail) - Embedded Derivative Financial Instruments - Level 3	Dec. 31, 2020 $ / shares yr
Probabilities of conversion provisions \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.05
Probabilities of conversion provisions \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.50
Estimated timing of conversion (years) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.13
Estimated timing of conversion (years) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.31
Time period to maturity (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.31
Fair value of the company's stock (in dollars per share) \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input \| $ / shares	0.45
Fair value of the company's stock (in dollars per share) \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input \| $ / shares	0.56
Stock price volatility \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.76
Stock price volatility \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.90
Risk-adjusted discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.2556
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0

Cash and Cash Equivalents, Restricted cash, and Marketable Securities - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash	$ 2,702,393	$ 105,888
Cash and cash equivalents	30,326,352	5,031,079
Cash, cash equivalents, and restricted cash	30,393,852	5,098,579
Fixed income debt securities \| Level 2
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	5,499,956	0
Money market funds \| Level 1
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	22,124,003	4,925,191
Restricted cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 67,500	$ 67,500

Cash and Cash Equivalents, Restricted cash, and Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Table [Line Items]
Investment positions in marketable securities		$ 0
Realized gains or losses on the sale of marketable securities	$ 0	$ 0
Amortized cost of marketable securities	51,500,000
Fixed income debt securities	$ 51,500,000
Fixed income debt securities
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Table [Line Items]
Marketable securities maturity date	90 days
Marketable securities maturity year	1 year

Prepaid Expenses And Other Current Assets - Summary of Prepaid Expenses And Other Current Assets (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development expenses	$ 3,375,388	$ 1,894,785
Prepaid maintenance agreements	132,104	144,575
Prepaid insurance	479,393	98,421
Prepaid other	308,842	124,929
Deferred financing costs	0	952,633
Other current assets	99,189	78,515
Prepaid expenses and other current assets	$ 4,394,916	$ 3,293,858

Property and Equipment - Summary of Property And Equipment (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 6,708,348	$ 4,308,601
Less accumulated depreciation and amortization	(2,281,041)	(1,423,341)
Property and equipment, net	4,427,307	2,885,260
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	5,943,501	3,801,545
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	486,822	305,214
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	47,877	47,877
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 230,148	$ 153,965

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 870,285	$ 618,990
Laboratory equipment
Property, Plant and Equipment [Line Items]
Capital lease equipment	82,301
Amortization expense	11,757	11,757
Accumulated amortization	$ 41,150	$ 29,393

Accrued Expenses - Summary of Components of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued research and development costs	$ 2,611,380	$ 0
Accrued professional fees	384,254	135,033
Accrued salaries, benefits and related expenses	3,143,602	1,924,405
Accrued severance	0	26,724
Accrued interest	0	408,315
Other accrued expenses	31,473	108,550
Accrued expenses	$ 6,170,709	$ 2,603,027

Commitments and Contingencies - Additional Information, Lease obligations (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2021	Oct. 01, 2021	Dec. 31, 2018 USD ($)	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease term				29 months		5 years
Rent escalation percent						0.03
Rent expense	$ 447,028	$ 359,725
Capital lease obligations					$ 57,864
Capital lease term					36 months
Interest rate					0.076
Termination notice period			3 months

Commitments and Contingencies - Schedule of Future Minimum Operating Lease Payments (Details)	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 584,429
2023	546,256
2024	33,026
Total minimum lease payments	$ 1,163,711

Commitments and Contingencies - Schedule of Rent Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Rent expense	$ 447,028	$ 359,725
Research and development expenses
Other Commitments [Line Items]
Rent expense	302,043	269,016
General and administrative expenses
Other Commitments [Line Items]
Rent expense	$ 144,985	$ 90,709

Commitments and Contingencies - Additional Information, Sublease (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) subleaseAgreement	Dec. 31, 2020 USD ($) subleaseAgreement
Commitments and Contingencies Disclosure [Abstract]
Number of sublease agreements \| subleaseAgreement	1	1
Sublease income \| $	$ 0	$ 111,276

Commitments and Contingencies - Additional Information, Maryland Biotechnology Center Grant (Details) - USD ($)		12 Months Ended
	May 23, 2013	Dec. 31, 2021	May 23, 2012
Supply Commitment [Line Items]
Research and development arrangement contract to perform for others compensation earned	$ 125,000
Maryland Biotechnology Center \| Translational Research Award Agreement
Supply Commitment [Line Items]
Research and development arrangement contract to perform for others liability	$ 325,000	$ 0	$ 200,000
Research and development arrangement annual payment percentage	3.00%
Research and development arrangement contractual payment period	10 years
Research And Development Arrangement Contractual Payment Percentage	200.00%
Revenue from contract with customer, including assessed tax		$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

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

+ Details

Commitments and Contingencies - Additional Information, Johns Hopkins University Exclusive License Agreement (Details) - USD ($)		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2021	Dec. 31, 2020
Supply Commitment [Line Items]
Accrued royalties		$ 50,000	$ 50,000
Minimum \| Research and development expenses
Supply Commitment [Line Items]
Royalty expense		100,000	$ 100,000
Johns Hopkins University \| Exclusive License Agreement
Supply Commitment [Line Items]
Upfront payment	$ 155,000
Stock issued during period for services (in shares)	26,918
Milestone fees	$ 4,200,000
Minimum annual royalty payments		100,000
Cumulative minimum royalties		$ 425,000
Sublicense Consideration Payment, Percent, Maximum		15.00%
Johns Hopkins University \| Exclusive License Agreement \| Clinical Trial Milestones
Supply Commitment [Line Items]
Milestone fees	75,000
Johns Hopkins University \| Exclusive License Agreement \| Therapeutic Field
Supply Commitment [Line Items]
Milestone fees	1,600,000
Johns Hopkins University \| Exclusive License Agreement \| Regulatory and Commercial Milestones
Supply Commitment [Line Items]
Milestone fees	400,000
Johns Hopkins University \| Exclusive License Agreement \| Non-clinical field
Supply Commitment [Line Items]
Milestone fees	$ 100,000

Commitments and Contingencies - Additional Information, Paycheck Protection Program Loan (Details) - USD ($)		12 Months Ended
	May 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Apr. 23, 2020
Other Commitments [Line Items]
Deferred interest and principal payments	6 months
Gain on extinguishment of debt from forgiveness of PPP Loan		$ 843,619	$ 0
Other Current Liabilities
Other Commitments [Line Items]
Notes payable, current	$ 843,619
Paycheck Protection Program Loan
Other Commitments [Line Items]
Convertible notes issued				$ 843,619
PPP loan interest rate	0.98%
Gain on extinguishment of debt from forgiveness of PPP Loan		$ 843,619

Convertible Notes - Additional Information (Detail) - USD ($)		1 Months Ended			12 Months Ended
	Feb. 11, 2021	Sep. 30, 2020	Jul. 31, 2020	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2021	May 01, 2020	Apr. 23, 2020
Debt Instrument [Line Items]
Convertible notes issued to related parties					$ 0	$ 7,324,267
Convertible notes					$ 0	11,793,397
Convertible Debt
Debt Instrument [Line Items]
Convertible notes issued				$ 15,000,000			$ 9,000,000
Stated interest rate				6.00%	6.00%		6.00%
Additional closing period (in days)		190 days	150 days	90 days
Proceeds from issuance of convertible debt					$ 9,031,480	21,618,286
Convertible note price percentage				80.00%
Convertible note fully diluted capitalization				$ 85,000,000
Convertible note redemption price, percentage of principal amount redeemed		80.00%		90.00%
Convertible note redemption amount		$ 125,000,000	$ 50,000,000	$ 125,000,000
Fair value of derivative liability of convertible notes at issuance					722,518	1,260,075
Fair value of derivative liability of convertible notes				$ 1,982,594	0	1,702,359
Debt issuance costs					256,212
Debt discount					4,229,558
Beneficial conversion feature					2,246,964
Amortization of debt issuance costs and discounts					613,770	1,260,718
Interest expense					$ 217,593	404,824
Convertible notes outstanding converted into common stock (in shares)	3,669,010
Convertible notes outstanding, net of unamortized discounts, reclassified to stockholders' equity	$ 30,252,056
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Convertible notes issued									$ 843,619
Stated interest rate								0.98%
Convertible Notes Payable
Debt Instrument [Line Items]
Convertible notes issued						$ 21,618,286

Convertible Notes - Schedule of Carrying Values of Convertible Notes (Details) - Convertible Notes Payable - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Convertible Notes principal amount	$ 0
Unamortized discount	0	$ (2,383,986)
Unamortized debt issuance costs	0	(116,636)
Long term debt	$ 0	$ 19,117,664

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail) - USD ($)		1 Months Ended		2 Months Ended		12 Months Ended
	Feb. 11, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Feb. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2019	Jan. 31, 2019
Class of Stock [Line Items]
Dividend rate, percentage						6.00%
Cumulative dividends				$ 8,022,431			$ 8,022,431
Temporary equity, liquidation preference				$ 62,697,711			$ 62,697,711
Conversion basis, underwritten public offering amount						$ 40,000,000
Conversion basis, vote, percent						66.67%
Issuance of common stock in connection with the initial public offering. net of transaction costs	$ 114,551,315	$ 114,600,000				$ 114,551,315
Redeemable convertible preferred stock outstanding (in shares)				0		0	0
Exercise of stock options (in shares)						314,698	1,968
Exercise price of warrants (in dollars per share)			$ 0.01
Common shares issued (in shares)			2,896
Convertible Debt
Class of Stock [Line Items]
Beneficial conversion feature	$ 31,272,183
Common Stock
Class of Stock [Line Items]
Issuance of common stock in connection with the initial public offering. net of transaction costs (in shares)						7,441,650
Issuance of common stock in connection with the initial public offering. net of transaction costs						$ 744
Conversion of preferred stock into common stock (in shares)						10,144,041
Conversion of convertible debt into common stock (in shares)						3,669,010
Exercise of stock options (in shares)						314,698	1,968
Series A Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, shares authorized (in shares)				121,735,303			121,735,303		121,735,303
Undeclared cumulative dividends (in dollars per share)				$ 0.05			$ 0.05
Temporary equity, liquidation preference				$ 42,314,789			$ 42,314,789
Warrants exercised (in shares)			145,000
Converted common stock (in shares)			145,000
Issuance of Series A redeemable convertible preferred stock, net of issuance costs (in shares)			145,000			145,000
Series A-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, shares authorized (in shares)				28,384,899			28,384,899		28,384,899
Number of shares issued in transaction (in shares)					22,047,361
Issuance price (in dollars per share)					$ 0.3523
Consideration received on transaction					$ 7,685,865
Issuance costs					$ 81,428
Undeclared cumulative dividends (in dollars per share)				$ 0.04			$ 0.04
Temporary equity, liquidation preference				$ 8,683,746			$ 8,683,746
Series A-3 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, shares authorized (in shares)				34,061,879			34,061,879	34,061,879
Number of shares issued in transaction (in shares)				31,209,734
Issuance price (in dollars per share)				$ 0.3523			$ 0.3523
Consideration received on transaction				$ 10,887,449
Issuance costs				$ 107,748
Undeclared cumulative dividends (in dollars per share)				$ 0.02			$ 0.02
Temporary equity, liquidation preference				$ 11,699,176			$ 11,699,176
Redeemable convertible preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock outstanding (in shares)	175,137,398
Common \| IPO
Class of Stock [Line Items]
Public offering price (in dollars per share)	$ 17.00

Stock-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021	Sep. 30, 2018	Jul. 31, 2018	Mar. 01, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)			2,757,556	1,741,770
Shares available for issuance (in shares)			1,173,722
Award expiration period	10 years
Weighted average fair value of the options granted (in dollars per share)	$ 11.16	$ 4.04
Fair value of stock options vested	$ 1,400,000	$ 1,000,000
Intrinsic value of stock options exercised	2,100,000	$ 7,571
Unrecognized compensation expense	$ 13,100,000
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense period for recognition	2 years 6 months
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	1 year
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years
The 2017 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)						660,838
The 2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)					1,809,143

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,979,784	$ 1,217,194
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,918,310	294,168
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,061,474	$ 923,026

Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding as of beginning of period (in shares)	2,233,185
Granted (in shares)	1,617,113
Exercised (in shares)	(314,698)	(1,968)
Cancelled (in shares)	(1,699)
Forfeited (in shares)	(228,610)
Outstanding as of end of period (in shares)	3,305,291	2,233,185
Vested or expected to vest by period end (in shares)	3,305,291
Exercisable as of period end (in shares)	1,593,109
Shares unvested as of period end (in shares)	1,712,182
Weighted Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 3.53
Granted (in dollars per share)	16.42
Exercised (in dollars per share)	3.71
Cancelled (in dollars per share)	4.78
Forfeited (in dollars per share)	6.29
Outstanding as of end of period (in dollars per share)	9.62	$ 3.53
Vested or expected to vest as of end of period (in dollars per share)	9.62
Exercisable as of end of period (in dollars per share)	3.35
Shares unvested as of end of period (in dollars per share)	$ 15.46
Weighted Average Remaining Contractual Term (years)
Outstanding as of end of period (in years)	7 years 8 months 12 days
Vested or expected to vest as of end of period (in years)	7 years 8 months 12 days
Exercisable as of end of period (in years)	6 years 3 months 18 days
Shares unvested as of end of period (in years)	9 years 1 month 6 days
Aggregate Intrinsic Value (millions)
Outstanding as of December 31, 2021	$ 2.3
Vested or expected to vest as of December 31, 2021	2.3
Exercisable as of December 31, 2021	2.3
Shares unvested as of December 31, 2021	$ 0.1

Stock-Based Compensation - Summary of Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility		100.00%
Risk-free interest rate	0.50%	0.70%
Risk-free interest rate	1.40%	0.74%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility	78.70%
Expected term	5 years 4 months 24 days	5 years 3 months 18 days
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility	81.10%
Expected term	6 years 1 month 6 days	6 years 1 month 6 days

Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current income tax provision:
Federal	$ 0	$ 0
State	0	0
Total	0	0
Deferred income tax benefit:
Federal	10,606,627	6,090,162
State	3,291,842	1,890,125
Total	13,898,469	7,980,287
Change in valuation allowance	(13,898,469)	(7,980,287)
Total provision (benefit) for income taxes	$ 0	$ 0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
State taxes	6.52%	6.52%
Permanent differences	(0.13%)	(0.63%)
Other adjustments	0.02%	(0.17%)
Change in valuation allowance	(27.41%)	(26.72%)
Provision for income taxes	(0.00%)	0.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforward	$ 31,758,878	$ 18,676,003
Accrued compensation	701,576	460,846
Stock compensation	1,445,296	254,028
Research and development credits	291,022	291,022
Other	52,751	0
Gross deferred income tax assets	34,249,523	19,681,899
Less: Valuation allowance	(33,886,096)	(19,244,190)
Total deferred income tax assets	363,427	437,709
Deferred tax liabilities:
Convertible debt	0	(77,137)
Depreciation and amortization	(363,427)	(360,572)
Total deferred tax liabilities	(363,427)	(437,709)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Additional Information (Details)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Valuation allowance	1
Accruals related to uncertain tax positions	$ 0	0
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	115,400,000	$ 67,900,000
Operating loss carryforwards, subject to expiration	10,500,000
Operating loss carryforwards, not subject to expiration	$ 104,800,000

Employee Benefit Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer discretionary contribution amount	$ 257,214	$ 169,181

Related Party Transactions (Details) - USD ($)	1 Months Ended			12 Months Ended
Related Party Transactions (Details) - USD ($)	Apr. 30, 2020	Dec. 31, 2019	Apr. 30, 2018	Dec. 31, 2020	Dec. 31, 2021	Jan. 31, 2021	Mar. 30, 2020	Mar. 30, 2019	Dec. 31, 2016
Related Party Transaction [Line Items]
Convertible notes issued to related parties				$ 7,324,267	$ 0
Convertible Debt
Related Party Transaction [Line Items]
Convertible notes issued	$ 15,000,000					$ 9,000,000
Officer
Related Party Transaction [Line Items]
Notes receivable			$ 150,000
Loan repayments							$ 75,000	$ 75,000
Related party interest rate			2.72%
Repayment of Notes Receivable from Related Parties	81,000	$ 75,000
Related party interest income	$ 2,700
Affiliated Entity \| Postponed Salary and Consulting Payments
Related Party Transaction [Line Items]
Salary and consulting expense									$ 800,000
Payments to employees		615,000		74,000
Stock issued for services		$ 111,000
Affiliated Entity \| Convertible Notes \| Convertible Debt
Related Party Transaction [Line Items]
Convertible notes issued				$ 8,460,460	$ 56,500