0001538210-22-000024 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40045
Entity Registrant Name	NEXIMMUNE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-2518457
Entity Address, Address Line One	9119 Gaither Road
Entity Address, City or Town	Gaithersburg,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20877
City Area Code	301
Local Phone Number	825-9810
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NEXI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,155,551
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Central Index Key	0001538210

Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 40,644,227	$ 30,326,352
Marketable securities	12,484,305	51,491,942
Restricted cash	105,000	67,500
Prepaid expenses and other current assets	6,355,781	4,394,916
Total current assets	59,589,313	86,280,710
Property and equipment, net	4,709,036	4,427,307
Operating lease right-of-use assets	1,221,668	0
Other non-current assets	146,013	324,099
Total assets	65,666,030	91,032,116
Current liabilities:
Accounts payable	1,652,435	1,045,159
Accrued expenses	6,871,039	6,170,709
Operating lease liabilities, current	590,313	0
Total current liabilities	9,113,787	7,215,868
Operating lease liabilities, net of current portion	699,562	0
Deferred rent, net of current portion	0	55,581
Total liabilities	9,813,349	7,271,449
Commitments and contingencies
Stockholders’ equity
Common Stock, $0.0001 par value, 250,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 22,893,551 and 22,828,904 shares issued and outstanding as of June 30, 2022 and December 31, 2021	2,289	2,283
Additional paid-in-capital	214,486,976	211,498,827
Accumulated other comprehensive (loss) income	(9,335)	3,012
Accumulated deficit	(158,627,249)	(127,743,455)
Total stockholders’ equity	55,852,681	83,760,667
Total liabilities and stockholders’ equity	$ 65,666,030	$ 91,032,116

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [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)	22,893,551	22,828,904
Common stock, shares outstanding (in shares)	22,893,551	22,828,904

Statements Of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements Of Operations - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Research and development	11,837,519	8,124,973	22,286,362	14,137,581
General and administrative	4,088,445	4,038,050	8,693,124	8,095,642
Total operating expenses	15,925,964	12,163,023	30,979,486	22,233,223
Loss from operations	(15,925,964)	(12,163,023)	(30,979,486)	(22,233,223)
Other income (expense):
Interest income	84,221	6,851	117,314	10,464
Change in fair value of derivative liability	0	0	0	2,424,877
Interest expense	0	(101)	0	(904,220)
Other expense	(19,046)	(25,974)	(21,622)	(26,696)
Other income (expense)	65,175	(19,224)	95,692	1,504,425
Net loss	(15,860,789)	(12,182,247)	(30,883,794)	(20,728,798)
Accumulated dividends on Redeemable Convertible Preferred Stock	0	0	0	(377,562)
Net loss attributable to common stockholders	$ (15,860,789)	$ (12,182,247)	$ (30,883,794)	$ (21,106,360)
Basic net loss attributable to common stockholders per common share (in dollars per share)	$ (0.69)	$ (0.54)	$ (1.35)	$ (1.20)
Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (0.69)	$ (0.54)	$ (1.35)	$ (1.20)
Basic weighted average number of common shares outstanding (in shares)	22,871,369	22,608,866	22,854,311	17,648,551
Diluted weighted-average number of common shares outstanding (in shares)	22,871,369	22,608,866	22,854,311	17,648,551

Statements Of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
Statements Of Comprehensive Loss - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,860,789)	$ (12,182,247)	$ (30,883,794)	$ (20,728,798)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale marketable securities, net of tax	11,243	(2,917)	(12,347)	(2,917)
Comprehensive loss	$ (15,849,546)	$ (12,185,164)	$ (30,896,141)	$ (20,731,715)

- 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 - 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, 2020			121,735,303	22,047,361	31,209,734	1,256,609
Balance at Dec. 31, 2020	$ (69,374,941)	$ (1,537,274)	$ 35,047,435	$ 7,685,865	$ 10,887,449	$ 126	$ 8,206,938	$ (2,277,332)	$ (77,582,005)	$ 740,058	$ 0
Exercise of stock options (in shares)						113,801
Exercise of stock options	446,855					$ 12	446,843
Stock-based compensation	2,680,925						2,680,925
Issuance of Series A redeemable preferred stock upon exercise of warrants (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)
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 warrants (in shares)						2,896
Change in unrealized loss on marketable available-for-sale securities	(2,917)										(2,917)
Net loss	(20,728,798)								(20,728,798)
Balance (in shares) at Jun. 30, 2021			0	0	0	22,628,007
Balance at Jun. 30, 2021	109,909,420		$ 0	$ 0	$ 0	$ 2,263	207,480,819		(97,570,745)		(2,917)
Balance (in shares) at Mar. 31, 2021						22,579,219
Balance at Mar. 31, 2021	120,461,331					$ 2,258	205,847,571		(85,388,498)		0
Exercise of stock options (in shares)						48,788
Exercise of stock options	149,772					$ 5	149,767
Stock-based compensation	1,483,481						1,483,481
Change in unrealized loss on marketable available-for-sale securities	(2,917)										(2,917)
Net loss	(12,182,247)								(12,182,247)
Balance (in shares) at Jun. 30, 2021			0	0	0	22,628,007
Balance at Jun. 30, 2021	109,909,420		$ 0	$ 0	$ 0	$ 2,263	207,480,819		(97,570,745)		(2,917)
Balance (in shares) at Dec. 31, 2021			0	0	0	22,828,904
Balance at Dec. 31, 2021	$ 83,760,667		$ 0	$ 0	$ 0	$ 2,283	211,498,827	$ (2,300,000)	(127,743,455)	$ 700,000	3,012
Exercise of stock options (in shares)	362,886					12,890
Exercise of stock options	$ 33,255					$ 1	33,254
Stock-based compensation	2,954,900						2,954,900
Cashless exercise of options for common stock (in shares)						51,757
Cashless exercise of options for common stock	0					$ 5	(5)
Change in unrealized loss on marketable available-for-sale securities	(12,347)										(12,347)
Net loss	(30,883,794)								(30,883,794)
Balance (in shares) at Jun. 30, 2022			0	0	0	22,893,551
Balance at Jun. 30, 2022	55,852,681		$ 0	$ 0	$ 0	$ 2,289	214,486,976		(158,627,249)		(9,335)
Balance (in shares) at Mar. 31, 2022						22,841,794
Balance at Mar. 31, 2022	70,393,179					$ 2,284	213,177,933		(142,766,460)		(20,578)
Stock-based compensation	1,309,048						1,309,048
Cashless exercise of options for common stock (in shares)						51,757
Cashless exercise of options for common stock	0					$ 5	(5)
Change in unrealized loss on marketable available-for-sale securities	11,243										11,243
Net loss	(15,860,789)								(15,860,789)
Balance (in shares) at Jun. 30, 2022			0	0	0	22,893,551
Balance at Jun. 30, 2022	$ 55,852,681		$ 0	$ 0	$ 0	$ 2,289	$ 214,486,976		$ (158,627,249)		$ (9,335)

Statements Of Cash Flows - USD ($)	6 Months Ended
Statements Of Cash Flows - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (30,883,794)	$ (20,728,798)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	469,829	393,875
Accretion income on available-for-sale marketable securities, net	5,229	0
Loss (gain) on asset disposal	5,145	(464)
Stock-based compensation	2,954,900	2,680,925
Non-cash lease expense	245,917	0
Non-cash interest expense	0	903,919
Change in fair value of derivative liability	0	(2,424,877)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,782,778)	(5,985,891)
Accounts payable	286,999	172,566
Accrued expenses, deferred rent and other	732,331	219,163
Operating lease liabilities	(233,292)	0
Net cash used in operating activities	(28,199,514)	(24,769,582)
Cash flows from investing activities
Purchase of property and equipment	(468,426)	(1,634,586)
Proceeds from disposal of equipment	0	464
Purchase of marketable securities	(21,509,940)	(38,981,461)
Proceeds from maturities of available-for-sale marketable securities	59,000,000	0
Proceeds from redemption of available-for-sale marketable securities	1,500,000	0
Net cash provided by (used in) investing activities	38,521,634	(40,615,583)
Cash flows from financing activities
Proceeds from initial public offering, net of transaction costs	0	114,721,518
Proceeds from the exercise of stock options	33,255	446,855
Proceeds from the exercise of warrants	0	1,450
Principal payments on capital leases	0	(10,524)
Proceeds from the issuance of convertible notes from related parties	0	56,500
Proceeds from the issuance of convertible notes	0	8,974,980
Issuance costs associated with convertible notes	0	(20,587)
Net cash provided by financing activities	33,255	124,170,192
Net increase in cash, cash equivalents and restricted cash	10,355,375	58,785,027
Net cash, cash equivalents and restricted cash at beginning of period	30,393,852	5,098,579
Net cash, cash equivalents and restricted cash at end of period	40,749,227	63,883,606
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	0	300
Supplemental disclosure of noncash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued expenses	$ 375,118	$ 80,905

Nature of the Business	6 Months Ended
Nature of the Business	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business NexImmune, Inc. (“Company”, “we”, “us” 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, or AIMTM, 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 AIM nanoparticles, which act as synthetic dendritic cells. These AIM nanoparticles can be programmed to present specific antigens and co-stimulatory signals to specific T cells, generating an immune response 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. Data is expected to be generated throughout 2022 from these trials and the Company will share this data in the appropriate scientific forums. Going Concern Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements - Going Concern ("ASC 205-40"), requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Under ASC 205-40, management has the responsibility to evaluate whether conditions and/or events raise substantial doubt about the Company’s ability to meet future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, management’s evaluation shall initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operations. The financial statements do not include any adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. As of June 30, 2022, the Company had an accumulated deficit of $158.6 million, negative cash flows from operating activities for the period ended June 30, 2022, and significant ongoing research and development expenses. While we have no outstanding debt and $53.1 million in cash, cash equivalents, and marketable securities as of June 30, 2022, the Company expects its negative cash flows from operating activities to continue and thus has determined that its losses and negative cash flows from operations and uncertainty in generating sufficient cash to meet our obligations and sustain our operations raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these financial statements. As our research and development activities mature and develop over the next year, the Company will likely require substantial funds to continue such activities, depending upon events that are difficult to predict at this time. In this regard, management plans to raise additional capital through financing activities that may include public offerings and private placements of our common stock, preferred stock offerings, collaborations and licensing arrangements and issuances of debt and convertible debt instruments. In the absence of additional capital, the Company plans to strategically manage its uncommitted spend, execute its priorities and implement cost saving measures to reduce research and development and general and administrative expenditures which could include minimizing staff costs and delaying or terminating manufacturing and clinical trial costs. There are inherent uncertainties associated with fundraising activities and activities to manage our uncommitted spending and the successful execution of these activities may not be within the Company’s control. There are no assurances that such additional funding will be obtained and that the Company will succeed in its future operations. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected. The Company is continually looking into further capital planning and the evaluation of strategic alternatives. There is substantial doubt about the Company’s ability to continue as a going concern.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited financial statements were prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. These financial statements should be read in conjunction with our audited financial statements and the accompanying notes to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 9, 2022. In management’s opinion, the accompanying financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present our financial position as of June 30, 2022 and December 31, 2021, and our statements of operations and comprehensive loss, statements of changes in redeemable convertible preferred stock and stockholders’ equity (deficit), and statements of cash flows for the three and six month periods ended June 30, 2022 and 2021. Interim results are not necessarily indicative of results for an entire year. Recent Accounting Standards and Pronouncements Recently Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), 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. 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 emerging growth company ("EGC"), the Company adopted the new leasing guidance effective January 1, 2022 utilizing the modified retrospective approach that uses the effective date as the initial date of application whereby financial information for prior periods presented before the ASC 842 effective date will not be updated. ASC 842 provides a number of optional practical expedients in transition. By applying the ‘package of practical expedients’ permitted under the transition guidance, the Company is not required to 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 recognized $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. The Adoption of ASC 842 did not have a material impact on the Company’s Statements of Operations and Statements of Cash Flows. Not Yet Adopted 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 ("ASU 2016-13"). 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.

Cash and Cash Equivalents, Restricted cash, and Marketable Securities

6 Months Ended

Jun. 30, 2022

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

Cash and Cash Equivalents, Restricted cash, and Marketable Securities

Cash and Cash Equivalents, Restricted Cash, and Marketable Securities

The following table presents the Company’s cash, cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021		Recurring Fair Value Measurement
Cash and cash equivalents:
Cash	$	6,010,083	$	2,702,393
Money market funds	20,677,014		22,124,003		Level 1
Fixed income debt securities	13,957,130		5,499,956		Level 2
Total cash and cash equivalents	40,644,227		30,326,352
Restricted cash	105,000		67,500
Total cash, cash equivalents, and restricted cash	$	40,749,227	$	30,393,852

The Company considers all investments in highly liquid financial instruments with an original maturity of ninety days 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 those 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 three and six month ended periods ended June 30, 2022 and 2021. 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 June 30, 2022 and December 31, 2021, the Company’s marketable securities consisted of only fixed-income securities that mature within one year. The amortized cost and estimated fair value of these securities amounted to $12.5 million and $51.5 million as of June 30, 2022 and December 31, 2021, respectively. The gross unrealized gains and losses on these marketable securities were not material as of June 30, 2022 and December 31, 2021. All marketable securities are measured as Level 2 investments.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial instruments include cash, cash equivalents, marketable securities, accounts payable, accrued expenses, convertible notes and derivative liabilities. The fair values of the cash, cash equivalents, accounts payable and accrued expenses approximated their carrying values as of June 30, 2022 and December 31, 2021 due to their short-term maturities. The Convertible Notes as discussed in Note 9 contained embedded derivative features that were required to be bifurcated and remeasured to fair value at each reporting period while those instruments were outstanding.

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.

There were no Level 3 recurring fair value measurements as of June 30, 2022 and December 31, 2021.

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


	June 30, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	20,677,014	$	—	$	—	$	22,124,003	$	—	$	—
Fixed income debt securities	—		26,441,435		—		—		56,991,897		—
	$	20,677,014	$	26,441,435	$	—	$	22,124,003	$	56,991,897	$	—

- 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

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Prepaid research and development expenses	$	3,913,124	$	3,375,388
Prepaid maintenance agreements	141,001		132,104
Prepaid insurance	1,872,428		479,393
Prepaid other	358,832		308,842
Other current assets	70,396		99,189
Total prepaid expenses and other current assets	$	6,355,781	$	4,394,916

Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following at June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Laboratory equipment	$	6,604,817	$	5,943,501
Computer equipment and software	516,974		486,822
Furniture and fixtures	47,877		47,877
Leasehold improvements	282,782		230,148
	7,452,450		6,708,348
Less accumulated depreciation and amortization	(2,743,414)		(2,281,041)
Total Property and equipment, net	$	4,709,036	$	4,427,307

Depreciation and amortization expense was $0.2 million for each of the three months ended June 30, 2022 and 2021, and $0.5 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively. Laboratory equipment includes $0.7 million in equipment received but not yet placed into service as of June 30, 2022.

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

A summary of the components of accrued expenses is as follows as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Accrued research and development costs	$	4,056,540	$	2,611,380
Accrued salaries, benefits and related expenses	2,350,068		3,143,602
Accrued professional fees	291,159		384,254
Other accrued expenses	173,272		31,473
Total accrued expenses	$	6,871,039	$	6,170,709

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 and as amended in 2013, MBC provided $325,000 to NexImmune for research on its artificial artificial Antigen Presenting Cell ("aAPC") for cancer immunotherapy. 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 June 30, 2022, 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. 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 $0.4 million 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 mid-single digits on net sales of therapeutic products, diagnostic products and non-clinical products. 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. 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 of occurring. The Company has not reached any of the milestones or transacted its first commercial sale as of June 30, 2022. The Company must make minimum royalty payments, which began upon the fourth 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 $475,000 in cumulative minimum royalties from inception. Future annual minimum royalties consist of $100,000 due each year during the remaining term of the A&R JHU License Agreement. The Company records milestones, royalties and minimum royalties at the time when payments become probable. During each of the three and six months ended June 30, 2022 and 2021, the Company incurred $25,000 and $50,000, respectively, related to minimum royalties owed, included in research and development expenses on the accompanying statement of operations. The Company has accrued royalties of $100,000 as of June 30, 2022 and $50,000 as of December 31, 2021. Paycheck Protection Program Loan On April 23, 2020, the Company applied for an unsecured $843,619 loan under the Paycheck Protection Program (“PPP Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (“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 was recorded within other current liabilities in the accompanying balance sheet. The Company treated the PPP Loan as debt under ASC 470. The use of loan proceeds was required to be used 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 Company submitted the PPP Loan forgiveness application to the SBA in March 2021 and received full forgiveness of the $843,619 PPP Loan in July 2021. The Company did not carry a PPP loan balance as of June 30, 2022 and 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 June 30, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings.

Convertible Notes	6 Months Ended
Convertible Notes	Jun. 30, 2022
Debt Disclosure [Abstract]
Convertible Notes	Convertible Notes In April 2020, the Company entered into Convertible Note Purchase Agreement (“Agreement”) for the sale of up to $15,000,000 of convertible promissory notes with 6% interest rate (“Convertible Notes”). 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 were scheduled to mature on April 23, 2021. 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 would 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 would be converted at the option of the holder into Company’s common stock at the price per share obtained by dividing $85.0 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 would 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 $125.0 million by the Company’s fully-diluted capitalization (“Change in Control”). The Agreement was amended in July 2020 to increase the aggregate principal amount 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, and in January 2021 it was amended again to allow closings through January 31, 2021. In January 2021, the Company issued convertible notes with a principal amount of $9.0 million. 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 for the convertible notes issued in January 2021 was $0.7 million. The Company amortized the debt issuance costs of $0.3 million and debt discount of $4.2 million, comprising of the initial value of the derivative liability of $2.0 million and the BCF of $2.2 million, prior to the adoption of ASU 2020-06, over the term of the Convertible Notes using the effective interest method. Upon adoption of this standard, the beneficial conversion feature was 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 $2.3 million and an increase to the carrying value of the convertible notes of $1.5 million on January 1, 2021. The debt issuance costs and debt discount amortization expense for the three and six months ended June 30, 2021 was $0.6 million 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 three and six months ended June 30, 2021 was $0.2 million. The effective interest rate during the three and six months ended June 30, 2021 was 25%. The Company completed an initial public offering ("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 10). Upon conversion of the Convertible Notes, the outstanding Convertible notes principal plus accrued interest thereon, net of unamortized debt discounts totaling $30.3 million 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

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2022
Redeemable Convertible Preferred Stock And Stockholders Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) 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 10,144,052 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 $31,272,224 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. 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 were exercised and settled in January 2021 with 2,896 shares of common stock issued in a cashless exercise. In June 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and BTIG, LLC (together, the “Agents”), pursuant to which the Company may offer and sell shares of its common stock, $0.0001 par value per share, having an aggregate offering price of up to $50.0 million (the "Shares") from time to time through the Agents (the "Offering"). Subject to the terms and conditions of the Sales Agreement, any such sales made through the Agents can be made, based upon the Company's instructions, by methods deemed an “at-the-market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company agreed to pay the Agents a commission of 3.0% of the gross proceeds of any sales of shares sold pursuant to the Sales Agreement. During the three and six months ended June 30, 2022, the Company did not issue any shares under the Sales Agreement.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

During January 2017, the Company adopted the 2017 Equity Incentive Plan (“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 (“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 has reserved a total of 3,898,701 shares under the plan. No further shares will be issued under the 2017 and 2018 plans. There are 1,579,167 shares available for issuance under the 2021 plan as of June 30, 2022.

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 period ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expenses	$	871,307	$	648,783	$	2,004,069	$	853,114
General and administrative expenses	437,741		834,698		950,831		1,827,811
Total stock-based compensation expense	$	1,309,048	$	1,483,481	$	2,954,900	$	2,680,925

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 (in millions)
Outstanding as of January 1, 2022	3,305,291	$	9.62	7.7	$	2.3
Granted	1,604,665	3.53
Exercised	(362,886)	2.52
Cancelled	(247,941)	7.93
Forfeited	(322,818)	15.55
Outstanding as of June 30, 2022	3,976,311	$	7.44	8.5	—
Vested or expected to vest as of June 30, 2022	3,976,311	$	7.44	8.5	—
Exercisable as of June 30, 2022	1,594,562	$	7.76	7.0	—
Shares unvested as of June 30, 2022	2,381,749	$	7.22	9.4	$	—

The weighted average fair value of the options granted during the six months ended June 30, 2022 and 2021 was $2.45 and $11.68, respectively. The options were valued using the Black-Scholes option-pricing model for the six months ended June 30, 2022 and 2021 with the following assumptions:


	2022		2021
Expected volatility	78.6% to 81.3%		79.5% to 81.1%
Risk-free interest rate	1.5% to 3.6%		0.6% to 1.1%
Expected dividend yield	0	%	0	%
Expected term	5.5 to 6.1 years		5.5 to 6.0 years

The total fair value of stock options vested during the six months ended June 30, 2022 and 2021 was approximately $6.7 million, and $1.0 million, respectively. The intrinsic value of stock options exercised for the six months ended June 30, 2022 and 2021 was $0.2 million and $1.0 million, respectively.

As of June 30, 2022, there was $11.0 million of total unrecognized compensation expense related to unvested options that will be recognized over a weighted average period of 2.8 years.

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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. 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 three and six months ended June 30, 2022 and 2021, 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 three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(15,860,789)	$	(12,182,247)	$	(30,883,794)	$	(20,728,798)
Accumulated dividends on Redeemable Convertible Preferred Stock	—		—		—		(377,562)
Net loss attributable to common stockholders	$	(15,860,789)	$	(12,182,247)	$	(30,883,794)	$	(21,106,360)
Basic and diluted net loss per common share	$	(0.69)	$	(0.54)	$	(1.35)	$	(1.20)
Basic and diluted weighted average common shares outstanding	22,871,369		22,608,866		22,854,311		17,648,551

The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding at June 30, 2022 and 2021 as the effect would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	3,976,311	3,292,367	3,976,311	3,292,367
Redeemable convertible preferred stock	—	—	—	2,353,887
Convertible debt	—	—	—	1,024,736
Warrants	—	—	—	304
Total	3,976,311	3,292,367	3,976,311	6,671,294

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.

Related Party Transaction	6 Months Ended
Related Party Transaction	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction On March 16, 2022, the Company and Zephyr AI, Inc. (“Zephyr”) entered into a Joint Research Agreement (the “JRA”) focused on the joint collaboration, identification and validation of certain targets in order to facilitate further research, development and potential commercialization of immunotherapies. Zephyr is owned by a holding company with multiple Board members from the Company. The JRA term is two years unless mutually extended. Pursuant to the JRA, Zephyr will identify suitable antigens or combinations thereof for validation and testing by NexImmune. The Joint Steering Committee (the “JSC”) provided for by the JRA will then determine which identified candidates shall be subject to further analysis. NexImmune will validate which, if any, of the identified antigens are suitable for T-cell engagement and killing function (the “Final Candidates”). The JSC will make a good-faith determination as to whether the data supports the further IND-targeted development by NexImmune of any of the Final Candidates. The Company and Zephyr will jointly own any Final Candidates, including the intellectual property related thereto. Each of the Company and Zephyr shall be responsible for payment of their own respective costs and expenses in connection with the performance of their respective obligations under the JRA. If a Final Candidate is to be further developed, then the Company and Zephyr shall engage in good-faith negotiations to agree on the terms and conditions of an agreement with respect to the further development and commercialization of such Final Candidate. If such an agreement is not executed within the prescribed negotiation period, then neither the Company nor Zephyr may further develop such Final Candidate. The expenses related to the JRA for the three and six months ended June 30, 2022 were immaterial.

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

The Company leases certain office space and laboratory space. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company does not recognize right-of-use assets or lease liabilities for leases determined to have a term of 12 months or less. Options to extend a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will either renew or not cancel, respectively.

At the lease commencement date, the operating lease liability is recorded at the present value of future lease payments over the expected remaining lease term using the discount rate implicit in the lease, if it is readily determinable, or the

Company’s incremental borrowing rate. The right-of-use asset is measured as the lease liability and adjusted for prepaid rent, initial direct costs, and incentives. The Company's leases contain variable non-lease components such as maintenance, taxes, insurance, and similar costs for the spaces it occupies. For new and amended leases beginning in 2022 and after, the Company has elected the practical expedient not to separate these non-lease components of leases for classes of all underlying assets and instead account for them as a single lease component for all leases. The Company recognizes the net fixed payments of operating leases on a straight-line basis over the lease term. Variable executory costs, as it relates to net leases, are to be excluded from the calculation of the lease liability and the Company expenses the variable lease payments in the period in which it incurs the obligation to pay such variable amounts and will be included in variable lease costs in the leases footnote disclosure.

Variable lease payments are not included in the Company's calculation of its right-of-use assets or lease liabilities. Variable lease costs were immaterial for the three month period ending June 30, 2022. The components of lease cost under ASC 842 for the six months ended June 30, 2022 are as follows:


Lease costs	Statement of Operations Classification	June 30, 2022
Operating lease cost	Operating expenses: research and development	$	184,345

Operating lease cost	Operating expenses: general and administrative	108,990
		$	293,335

Supplemental disclosure of cash flow information and weighted average remaining lease term and discount rate related to leases were as follows:


Other information	June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(280,690)
Weighted-average remaining lease term — operating leases	2.3 years
Weighted-average discount rate — operating leases	6.8		%

Future fixed lease payments for operating leases in effect as of June 30, 2022, are payable as follows:


Maturity of lease liabilities for the years ending December 31,	Operating Leases
2022 (for the remaining six months of the year ending December 31, 2022)	303,740
2023	617,999
2024	469,939
2025	—
2026	—
Thereafter	—
Total lease payment	$	1,391,678
Less: imputed interest	(101,803)
Present value of lease liabilities	$	1,289,875

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has not recorded any tax provision or benefit for the three and six months ended June 30, 2022 and 2021. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards, and research and development credits is not more-likely-than-not to be realized at June 30, 2022 and December 31, 2022. The effective tax rate for the three and six months ended June 30, 2022 and 2021 is 0%. The Company has not recorded any accruals related to uncertain tax positions as of June 30, 2022 and December 31, 2021. Income tax returns are filed in federal and state jurisdictions and generally subject to a three-year statute of limitations. 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 to the tax attribute amounts carried forward for future use.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn July 2022, the company issued an aggregate of 1,262,000 shares under the Sales Agreement for net proceeds, after underwriting discounts, of $2.4 million.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited financial statements were prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. These financial statements should be read in conjunction with our audited financial statements and the accompanying notes to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 9, 2022. In management’s opinion, the accompanying financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present our financial position as of June 30, 2022 and December 31, 2021, and our statements of operations and comprehensive loss, statements of changes in redeemable convertible preferred stock and stockholders’ equity (deficit), and statements of cash flows for the three and six month periods ended June 30, 2022 and 2021. Interim results are not necessarily indicative of results for an entire year.
Recent Accounting Standards and Pronouncements	Recent Accounting Standards and Pronouncements Recently Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), 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. 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 emerging growth company ("EGC"), the Company adopted the new leasing guidance effective January 1, 2022 utilizing the modified retrospective approach that uses the effective date as the initial date of application whereby financial information for prior periods presented before the ASC 842 effective date will not be updated. ASC 842 provides a number of optional practical expedients in transition. By applying the ‘package of practical expedients’ permitted under the transition guidance, the Company is not required to 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 recognized $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. The Adoption of ASC 842 did not have a material impact on the Company’s Statements of Operations and Statements of Cash Flows. Not Yet Adopted 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 ("ASU 2016-13"). 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 Measurement	Fair Value Measurements The Company’s financial instruments include cash, cash equivalents, marketable securities, accounts payable, accrued expenses, convertible notes and derivative liabilities. The fair values of the cash, cash equivalents, accounts payable and accrued expenses approximated their carrying values as of June 30, 2022 and December 31, 2021 due to their short-term maturities. The Convertible Notes as discussed in Note 9 contained embedded derivative features that were required to be bifurcated and remeasured to fair value at each reporting period while those instruments were outstanding. 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.
Earnings Per Share	Net Loss Per Share Attributable to Common StockholdersBasic 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. 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.

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

6 Months Ended

Jun. 30, 2022

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, cash equivalents and restricted cash as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021		Recurring Fair Value Measurement
Cash and cash equivalents:
Cash	$	6,010,083	$	2,702,393
Money market funds	20,677,014		22,124,003		Level 1
Fixed income debt securities	13,957,130		5,499,956		Level 2
Total cash and cash equivalents	40,644,227		30,326,352
Restricted cash	105,000		67,500
Total cash, cash equivalents, and restricted cash	$	40,749,227	$	30,393,852

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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 measured at fair value on a recurring basis:


	June 30, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	20,677,014	$	—	$	—	$	22,124,003	$	—	$	—
Fixed income debt securities	—		26,441,435		—		—		56,991,897		—
	$	20,677,014	$	26,441,435	$	—	$	22,124,003	$	56,991,897	$	—

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Prepaid research and development expenses	$	3,913,124	$	3,375,388
Prepaid maintenance agreements	141,001		132,104
Prepaid insurance	1,872,428		479,393
Prepaid other	358,832		308,842
Other current assets	70,396		99,189
Total prepaid expenses and other current assets	$	6,355,781	$	4,394,916

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of property and equipment

Property and equipment consist of the following at June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Laboratory equipment	$	6,604,817	$	5,943,501
Computer equipment and software	516,974		486,822
Furniture and fixtures	47,877		47,877
Leasehold improvements	282,782		230,148
	7,452,450		6,708,348
Less accumulated depreciation and amortization	(2,743,414)		(2,281,041)
Total Property and equipment, net	$	4,709,036	$	4,427,307

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Summary of the components of accrued expenses

A summary of the components of accrued expenses is as follows as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Accrued research and development costs	$	4,056,540	$	2,611,380
Accrued salaries, benefits and related expenses	2,350,068		3,143,602
Accrued professional fees	291,159		384,254
Other accrued expenses	173,272		31,473
Total accrued expenses	$	6,871,039	$	6,170,709

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

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 period ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expenses	$	871,307	$	648,783	$	2,004,069	$	853,114
General and administrative expenses	437,741		834,698		950,831		1,827,811
Total stock-based compensation expense	$	1,309,048	$	1,483,481	$	2,954,900	$	2,680,925

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 (in millions)
Outstanding as of January 1, 2022	3,305,291	$	9.62	7.7	$	2.3
Granted	1,604,665	3.53
Exercised	(362,886)	2.52
Cancelled	(247,941)	7.93
Forfeited	(322,818)	15.55
Outstanding as of June 30, 2022	3,976,311	$	7.44	8.5	—
Vested or expected to vest as of June 30, 2022	3,976,311	$	7.44	8.5	—
Exercisable as of June 30, 2022	1,594,562	$	7.76	7.0	—
Shares unvested as of June 30, 2022	2,381,749	$	7.22	9.4	$	—

Summary of black-scholes option pricing model

The options were valued using the Black-Scholes option-pricing model for the six months ended June 30, 2022 and 2021 with the following assumptions:


	2022		2021
Expected volatility	78.6% to 81.3%		79.5% to 81.1%
Risk-free interest rate	1.5% to 3.6%		0.6% to 1.1%
Expected dividend yield	0	%	0	%
Expected term	5.5 to 6.1 years		5.5 to 6.0 years

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Summary of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(15,860,789)	$	(12,182,247)	$	(30,883,794)	$	(20,728,798)
Accumulated dividends on Redeemable Convertible Preferred Stock	—		—		—		(377,562)
Net loss attributable to common stockholders	$	(15,860,789)	$	(12,182,247)	$	(30,883,794)	$	(21,106,360)
Basic and diluted net loss per common share	$	(0.69)	$	(0.54)	$	(1.35)	$	(1.20)
Basic and diluted weighted average common shares outstanding	22,871,369		22,608,866		22,854,311		17,648,551

Summary of antidilutive securities outstanding


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	3,976,311	3,292,367	3,976,311	3,292,367
Redeemable convertible preferred stock	—	—	—	2,353,887
Convertible debt	—	—	—	1,024,736
Warrants	—	—	—	304
Total	3,976,311	3,292,367	3,976,311	6,671,294

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of Lease Cost

The components of lease cost under ASC 842 for the six months ended June 30, 2022 are as follows:


Lease costs	Statement of Operations Classification	June 30, 2022
Operating lease cost	Operating expenses: research and development	$	184,345

Operating lease cost	Operating expenses: general and administrative	108,990
		$	293,335

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosure of cash flow information and weighted average remaining lease term and discount rate related to leases were as follows:


Other information	June 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(280,690)
Weighted-average remaining lease term — operating leases	2.3 years
Weighted-average discount rate — operating leases	6.8		%

Future Fixed Lease Payments

Future fixed lease payments for operating leases in effect as of June 30, 2022, are payable as follows:


Maturity of lease liabilities for the years ending December 31,	Operating Leases
2022 (for the remaining six months of the year ending December 31, 2022)	303,740
2023	617,999
2024	469,939
2025	—
2026	—
Thereafter	—
Total lease payment	$	1,391,678
Less: imputed interest	(101,803)
Present value of lease liabilities	$	1,289,875

Nature of the Business (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (158,627,249)	$ (127,743,455)
Outstanding debt	0
Cash, cash equivalents, and marketable securities	$ 53,100,000

- Definition

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

+ References + Details

Basis of Presentation - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease right-of-use assets	$ 1,221,668		$ 0
Operating lease liabilities, current	590,313		0
Operating lease liabilities, net of current portion	$ 699,562		$ 0
Cumulative effect of adoption of accounting standard
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease right-of-use assets		$ 1,500,000
Operating lease liabilities, current		600,000
Operating lease liabilities, net of current portion		$ 1,000,000.0

Cash and Cash Equivalents, Restricted cash, and Marketable Securities - Summary of Reconciliation of Cash, Cash Equivalents And Restricted Cash (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash	$ 6,010,083	$ 2,702,393
Cash and cash equivalents	40,644,227	30,326,352
Cash, cash equivalents, and restricted cash	40,749,227	30,393,852
Money market funds \| Level 1
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	20,677,014	22,124,003
Fixed income debt securities \| Level 2
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	13,957,130	5,499,956
Restricted cash
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents, and restricted cash	$ 105,000	$ 67,500

Cash and Cash Equivalents, Restricted cash, and Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Line items [Line Items]
Realized gains or losses on the sale of marketable securities	$ 0	$ 0	$ 0	$ 0
Amortized cost of marketable securities	12,500,000		12,500,000		$ 51,500,000
Estimated fair value of marketable securities	$ 12,500,000		$ 12,500,000		$ 51,500,000
Fixed income debt securities
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Line items [Line Items]
Marketable securities maturity date	90 days		90 days
Marketable securities maturity year			1 year

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Fixed income debt securities	$ 12,500,000	$ 51,500,000
Level 1 \| Recurring basis
Assets
Total assets	20,677,014	22,124,003
Level 1 \| Money market funds \| Recurring basis
Assets
Money market funds	20,677,014	22,124,003
Level 1 \| Fixed income debt securities \| Recurring basis
Assets
Fixed income debt securities	0	0
Level 2 \| Recurring basis
Assets
Total assets	26,441,435	56,991,897
Level 2 \| Money market funds \| Recurring basis
Assets
Money market funds	0	0
Level 2 \| Fixed income debt securities \| Recurring basis
Assets
Fixed income debt securities	26,441,435	56,991,897
Level 3 \| Recurring basis
Assets
Total assets	0	0
Level 3 \| Money market funds \| Recurring basis
Assets
Money market funds	0	0
Level 3 \| Fixed income debt securities \| Recurring basis
Assets
Fixed income debt securities	$ 0	$ 0

Prepaid Expenses And Other Current Assets - Summary of Prepaid Expenses And Other Current Assets (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development expenses	$ 3,913,124	$ 3,375,388
Prepaid maintenance agreements	141,001	132,104
Prepaid insurance	1,872,428	479,393
Prepaid other	358,832	308,842
Other current assets	70,396	99,189
Total prepaid expenses and other current assets	$ 6,355,781	$ 4,394,916

Property and Equipment - Summary of Property And Equipment (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 7,452,450	$ 6,708,348
Less accumulated depreciation and amortization	(2,743,414)	(2,281,041)
Total Property and equipment, net	4,709,036	4,427,307
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	6,604,817	5,943,501
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	516,974	486,822
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	$ 282,782	$ 230,148

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 200,000	$ 200,000	$ 500,000	$ 400,000
Property plant and equipment gross	7,452,450		7,452,450		$ 6,708,348
Laboratory equipment received but not placed into service
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 700,000		$ 700,000

Accrued Expenses - Summary of Components of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development costs	$ 4,056,540	$ 2,611,380
Accrued salaries, benefits and related expenses	2,350,068	3,143,602
Accrued professional fees	291,159	384,254
Other accrued expenses	173,272	31,473
Accrued expenses	$ 6,871,039	$ 6,170,709

Commitments and Contingencies - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2017	May 23, 2013	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 01, 2020	Apr. 23, 2020
Accrued royalties				$ 100,000		$ 100,000		$ 50,000
Loss contingency accrual				0		0		0
Other Current Liabilities
Notes payable, current				0		0		$ 0	$ 843,619
Paycheck Protection Program Loan
PPP loan face amount										$ 843,619
Extinguishment of debt			$ 843,619
Research and development expenses
Royalty expense				25,000	$ 25,000	50,000	$ 50,000
Maryland Biotechnology Center \| Translational Research Award Agreement
Research and development arrangement contract to perform for others liability		$ 325,000		0		0
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
Johns Hopkins University \| Exclusive License Agreement
Milestone fees	$ 4,200,000
Minimum annual royalty payments						$ 100,000
Maximum non-royalty sublicense payments, percent						15.00%
Cumulative minimum royalties				$ 475,000		$ 475,000
Johns Hopkins University \| Exclusive License Agreement \| Clinical Trial Milestones
Milestone fees	75,000
Johns Hopkins University \| Exclusive License Agreement \| Therapeutic Field
Milestone fees	1,600,000
Johns Hopkins University \| Exclusive License Agreement \| Regulatory and Commercial Milestones
Milestone fees	400,000
Johns Hopkins University \| Exclusive License Agreement \| Non-clinical field
Milestone fees	$ 100,000

Convertible Notes - Additional Information (Detail) - USD ($)		1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 11, 2021	Jan. 31, 2021	Sep. 30, 2020	Jul. 31, 2020	Apr. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						$ 109,909,420	$ 109,909,420	$ 83,760,667	$ 55,852,681	$ 70,393,179	$ 120,461,331		$ (69,374,941)
Amortization of debt issuance costs and discounts						600,000	600,000
Additional Paid-in Capital
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						207,480,819	207,480,819	211,498,827	214,486,976	213,177,933	205,847,571		8,206,938
Accumulated Deficit
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						$ (97,570,745)	$ (97,570,745)	(127,743,455)	$ (158,627,249)	$ (142,766,460)	$ (85,388,498)		(77,582,005)
Cumulative effect of adoption of accounting standard
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit													(1,537,274)
Increase to carrying value of convertible notes												$ (1,500,000)
Cumulative effect of adoption of accounting standard \| Additional Paid-in Capital
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit								(2,300,000)					(2,277,332)
Cumulative effect of adoption of accounting standard \| Accumulated Deficit
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit								700,000					$ 740,058
Convertible Debt
Debt Instrument [Line Items]
PPP loan face amount		$ 9,000,000.0			$ 15,000,000
Interest rate					6.00%	6.00%	6.00%
Additional closing period (in days)			190 days	150 days	90 days
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		$ 700,000
Debt issuance costs								300,000
Debt discount								4,200,000
Amortization of derivative liability discount								2,000,000.0
Beneficial conversion feature								$ 2,200,000
Interest expense						$ 200,000	$ 200,000
Effective interest rate during the period						25.00%	25.00%				25.00%
Convertible notes outstanding converted into common stock (in shares)	3,669,010
Convertible notes outstanding, net of unamortized discounts, reclassified to stockholders' equity	$ 30,300,000

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Detail) - USD ($)		1 Months Ended		6 Months Ended
	Feb. 11, 2021	Jun. 30, 2022	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds From Issuance Of IPO				$ 0	$ 114,721,518
Authorized common stock (in shares)	250,000,000	250,000,000		250,000,000		250,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Authorized preferred stock (in shares)	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Warrants exercised (in shares)			2,896
Exercise price of warrants (in dollars per share)			$ 0.01
Convertible Debt
Class of Stock [Line Items]
Beneficial conversion feature	$ 31,272,224
Convertible notes outstanding converted into common stock (in shares)	3,669,010
At-The-Market Offering
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
Sale of stock, aggregate offering approval		$ 50,000,000.0
Comission		3.00%		3.00%
Common Class A \| IPO
Class of Stock [Line Items]
Stock issued during period (in shares)	7,441,650
Public offering price (in dollars per share)	$ 17.00
Proceeds From Issuance Of IPO	$ 114,551,315
Redeemable convertible preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock outstanding (in shares)	175,137,398
Converted common stock (in shares)	10,144,052
Series A Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Converted common stock (in shares)			145,000
Warrants exercised (in shares)			145,000
Issuance of Series A redeemable preferred stock upon exercise of warrants (in shares)			145,000

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2018	Jun. 30, 2018	Mar. 01, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)	3,898,701				1,741,770
Shares available for issuance (in shares)		1,579,167
Weighted average fair value of the options granted (in dollars per share)		$ 2.45	$ 11.68
Fair value of stock options vested		$ 6.7	$ 1.0
Intrinsic value of stock options exercised		0.2	$ 1.0
Unrecognized compensation expense		$ 11.0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense period for recognition		2 years 9 months 18 days
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
The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award expiration period	10 years
The 2021 Plan \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	1 year
The 2021 Plan \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,309,048	$ 1,483,481	$ 2,954,900	$ 2,680,925
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	871,307	648,783	2,004,069	853,114
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 437,741	$ 834,698	$ 950,831	$ 1,827,811

Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Shares
Outstanding as of beginning of period (in shares)	3,305,291
Granted (in shares)	1,604,665
Exercised (in shares)	(362,886)
Cancelled (in shares)	(247,941)
Forfeited (in shares)	(322,818)
Outstanding as of end of period (in shares)	3,976,311	3,305,291
Vested or expected to vest by period end (in shares)	3,976,311
Exercisable as of period end (in shares)	1,594,562
Shares unvested as of period end (in shares)	2,381,749
Weighted Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 9.62
Granted (in dollars per share)	3.53
Exercised (in dollars per share)	2.52
Cancelled (in dollars per share)	7.93
Forfeited (in dollars per share)	15.55
Outstanding as of end of period (in dollars per share)	7.44	$ 9.62
Vested or expected to vest as of end of period (in dollars per share)	7.44
Exercisable as of end of period (in dollars per share)	7.76
Shares unvested as of end of period (in dollars per share)	$ 7.22
Weighted Average Remaining Contractual Term (years)
Outstanding as of end of period (in years)	8 years 6 months	7 years 8 months 12 days
Vested or expected to vest as of end of period (in years)	8 years 6 months
Exercisable as of end of period (in years)	7 years
Shares unvested as of end of period (in years)	9 years 4 months 24 days
Aggregate Intrinsic Value (in millions)
Outstanding as of June 30, 2022	$ 0.0	$ 2.3
Vested or expected to vest as of June 30, 2022	0.0
Exercisable as of June 30, 2022	0.0
Shares unvested as of June 30, 2022	$ 0.0

Stock-Based Compensation - Summary of Black-Scholes Option Pricing Model (Detail)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility	78.60%	79.50%
Expected volatility	81.30%	81.10%
Risk-free interest rate	1.50%	0.60%
Risk-free interest rate	3.60%	1.10%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	5 years 6 months	5 years 6 months
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	6 years 1 month 6 days	6 years

Net Loss Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (15,860,789)	$ (12,182,247)	$ (30,883,794)	$ (20,728,798)
Accumulated dividends on Redeemable Convertible Preferred Stock	0	0	0	(377,562)
Net loss attributable to common stockholders	$ (15,860,789)	$ (12,182,247)	$ (30,883,794)	$ (21,106,360)
Basic net loss per common share (in dollars per share)	$ (0.69)	$ (0.54)	$ (1.35)	$ (1.20)
Diluted net loss per common share (in dollars per share)	$ (0.69)	$ (0.54)	$ (1.35)	$ (1.20)
Basic weighted average common shares outstanding (in shares)	22,871,369	22,608,866	22,854,311	17,648,551
Diluted weighted average common shares outstanding (in shares)	22,871,369	22,608,866	22,854,311	17,648,551

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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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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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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+ Details

Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities Outstanding (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3,976,311	3,292,367	3,976,311	6,671,294
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3,976,311	3,292,367	3,976,311	3,292,367
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	0	0	2,353,887
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	0	0	1,024,736
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	0	0	304

Related Party Transaction (Details)	Mar. 16, 2022
Joint Research Agreement \| Affiliated Entity \| Zephyr AI, Inc.
Related Party Transaction [Line Items]
JRA term	2 years

Leases - Components of Lease Cost (Details)	6 Months Ended
Leases - Components of Lease Cost (Details)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 293,335
Research and development expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	184,345
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 108,990

Leases - Supplemental Cash Flow Disclosures (Details)	6 Months Ended
Leases - Supplemental Cash Flow Disclosures (Details)	Jun. 30, 2022 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ (280,690)
Weighted-average remaining lease term — operating leases	2 years 3 months 18 days
Weighted-average discount rate — operating leases	6.80%

Leases - Future Lease Payments (Details)	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022 (for the remaining six months of the year ending December 31, 2022)	$ 303,740
2023	617,999
2024	469,939
2025	0
2026	0
Thereafter	0
Total lease payment	1,391,678
Less: imputed interest	(101,803)
Present value of lease liabilities	$ 1,289,875

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 0	$ 0	$ 0	$ 0
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Accruals related to uncertain tax positions	$ 0		$ 0		$ 0

- Definition

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

+ References + Details

Subsequent Event (Details) - Subsequent Event - At-The-Market Offering $ in Millions	1 Months Ended
	Jul. 31, 2022 USD ($) shares
Subsequent Event [Line Items]
Shares issued (shares) \| shares	1,262,000
Net proceeds from sale of stock \| $	$ 2.4