0000950170-22-017181 | 10-Q | XBRL Viewer

Schedule of Redeemable Convertible Preferred Stock

As of June 30, 2021, the Company’s redeemable convertible preferred stock consisted of the following balance (in thousands, except share and per share amounts):


	As of June 30, 2021
	Issue Price		Shares Authorized		Shares Issued and Outstanding		Carrying Value		Aggregate Liquidation Preference
Series A	$	6.00		2,717,084		2,717,082	$	17,074	$	19,216
Series A (Athenen Acquisition)	$	5.80		2,500,000		2,500,000	$	14,500	$	15,848
Series A-1	$	7.80		6,282,049		6,282,047	$	61,224	$	51,506
Series B	$	15.60		3,846,153		3,846,150	$	59,961	$	60,526
Ending balance			$	15,345,286	$	15,345,279	$	152,759	$	147,096

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Investments consists of available-for-sale securities

Investments consists of available-for-sale securities as follows (in thousands):


	June 30, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
Commercial paper	$	44,943	$	—	$	(1	)	$	44,942
U.S. government debt securities		21,518		—		(164	)		21,354
Corporate bonds		24,319		—		(266	)		24,053
Total short-term marketable securities	$	90,780	$	—	$	(431	)	$	90,349
Long-term marketable securities:
U.S. government debt securities	$	—	$	—	$	—		$	—
Corporate bonds		11,874		—		(173	)		11,701
Total long-term marketable securities	$	11,874	$	—	$	(173	)	$	11,701


	December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
Commercial paper	$	54,363	$	—	$	(1	)	$	54,362
Corporate bonds		35,231		—		(35	)		35,196
Total short-term marketable securities	$	89,594	$	—	$	(36	)	$	89,558
Long-term marketable securities:
U.S. government debt securities	$	3,996	$	—	$	(17	)	$	3,979
Corporate bonds		21,010		—		(70	)		20,940
Total long-term marketable securities	$	25,006	$	—	$	(87	)	$	24,919

Investments in a continual unrealized loss position

Investments in a continual unrealized loss position for less than 12 months consist of the following (in thousands):


	June 30, 2022		December 31, 2021
	Fair Value		Fair Value
Corporate bonds	$	35,753	$	60,114
U.S. Government debt securities		21,354		—
Commercial Paper		3,999		3,995
Total available-for-sale securities	$	61,106	$	64,109

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transaction, Amounts of Transaction	$ 29,000	$ 300,000	$ 200,000	$ 700,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (27,800)	$ (27,320)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,313	1,347
Non-cash operating lease expense	217	0
Change in fair value of redeemable convertible preferred stock tranche liability	0	11,718
Amortization of premiums and accretion of discounts on investments	293	0
Foreign currency loss (gain) from remeasurement	1,228	(166)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,646	(3,810)
Long-term assets	(4,561)	(192)
Accounts payable	(343)	871
Accrued liabilities	1,490	2,411
Accounts payable and accrued liabilities, related party	3	(80)
Operating lease liabilities	(231)	0
Net cash used in operating activities	(24,745)	(15,221)
Cash flows from investing activities:
Purchase of marketable securities	(34,507)	0
Proceeds from maturities of marketable securities	46,160	0
Net cash provided by investing activities	11,653	0
Cash flows from financing activities
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	93,939
Proceeds from the exercise of stock options	0	111
Net cash provided by financing activities	0	94,050
Effect of exchange rate changes on cash and cash equivalents	(1,228)	166
Net change in cash and cash equivalents	(14,320)	78,995
Cash and cash equivalents at beginning of period	46,922	20,487
Cash and cash equivalents at end of period	32,602	99,482
Supplemental disclosure of cash operating activities:
Cash paid for leases included in operating cash outflows	227	0
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	$ 915	$ 0

Redeemable Convertible Preferred Stock Tranche Liability

6 Months Ended

Jun. 30, 2022

Redeemable Convertible Preferred Stock Tranche Liability

5. Redeemable Convertible Preferred Stock Tranche Liability

The purchasers of Series A-1 redeemable convertible preferred stock also received tranche rights (Series A-1 Tranche Rights), which provided them the right to purchase additional shares of Series A-1 redeemable convertible preferred stock in an additional future tranche. This tranche was for the purchase of Series A-1 and was valued based upon the Company achieving certain future milestones and utilized a valuation model that reflected both potential outcomes of success or failure to meet the milestone.

Upon issuance in October 2020, the Series A-1 redeemable convertible preferred tranche liability was valued at $0.86 per share. There was no change in value from the date of issuance and December 31, 2020.

The Company estimated the fair value of the Series A-1 Tranche Rights using a probability-weighted present value model that considered the probability of triggering the Series A-1 Tranche Rights through achievement of the clinical development milestones specified in the Series A-1 Purchase Agreement. These estimates were based, in part, on subjective assumptions. Changes to these assumptions could have had a significant impact on the reported fair value of the Series A-1 Tranche Rights.

The following reflects the significant quantitative inputs used in the valuation of the redeemable convertible preferred stock tranche liability:


	Series A-1 Tranche Call Option
Estimated fair value of redeemable convertible preferred stock	$6.94 - $11.10
Discount rate		0.10	%
Dividend yield		0	%
Expected term (years)	0.25 - 0.45
Expected volatility	N/A
Probability of milestone achievement	80% - 100%
Strike price	$	7.80
Fair value of each tranche feature	$0.86 - $3.32

The Series A-1 redeemable convertible preferred tranche liability was settled on March 9, 2021 with the achievement of milestones set forth in the Series A-1 stock purchase agreement. The fair value of the liability was remeasured prior to settlement, resulting in the Company recognizing a loss in the consolidated statement of operations and comprehensive loss of $11.7 million during the six months ended June 30, 2021. Immediately thereafter, the balance of the redeemable convertible preferred stock tranche liability of $12.3 million was reclassified to Series A-1 redeemable convertible preferred stock.

A rollforward of the redeemable convertible preferred stock tranche liability is as follows (in thousands):


Balance at December 31, 2020	$	551
Change in fair value		11,718
Settlement upon issuance of Series A-1 redeemable convertible preferred stock		(12,269	)
Balance at June 30, 2021	$	—

Certain Balance Sheet Accounts

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Accounts

3. Certain Balance Sheet Accounts

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2022		December 31, 2021
Recoverable research and development tax credits	$	5,851	$	6,523
Prepaid research and development expenses		2,679		2,906
Prepaid expenses		493		1,491
Other assets		1,102		852
Total prepaid expenses and other current assets	$	10,125	$	11,772

Other Long-Term Assets

Other long-term assets consist of the following (in thousands):


	June 30, 2022		December 31, 2021
Recoverable research and development tax credits	$	4,412	$	—
Other assets		219		70
Total other long-term assets	$	4,631	$	70

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	June 30, 2022		December 31, 2021
Accrued research and development expenses	$	3,963	$	2,159
Accrued payroll		1,613		2,220
Other accrued expenses		517		248
Total accrued expenses	$	6,093	$	4,627

Description of Organization and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Fair Value Measurements

The Company’s fair value measurements as of June 30, 2022 and December 31, 2021 was as follows (in thousands):


	June 30, 2022
	Level 1		Level 2		Level 3		Balance
Assets:
Cash equivalents:
Money market funds	$	13,984	$	—	$	—	$	13,984
Marketable securities:
U.S. government debt securities		21,354		—		—		21,354
Commercial paper		—		44,942		—		44,942
Corporate bonds		—		35,754		—		35,754
Total marketable securities		21,354		80,696		—		102,050
Total assets	$	35,338	$	80,696	$	—	$	116,034

	December 31, 2021
	Level 1		Level 2		Level 3		Balance
Assets:
Cash equivalents:
Money market funds	$	30,557	$	—	$	—	$	30,557
Marketable securities:
U.S. government debt securities		3,979		—		—		3,979
Commercial paper		—		54,363		—		54,363
Corporate bonds		—		56,135		—		56,135
Total marketable securities		3,979		110,498		—		114,477
Total assets	$	34,536	$	110,498	$	—	$	145,034

Certain Balance Sheet Accounts - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Recoverable research and development tax credits	$ 4,412
Other assets	219	$ 70
Total other long-term assets	$ 4,631	$ 70

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (14,596)	$ (8,719)	$ (27,800)	$ (27,320)
Accretion of redeemable convertible preferred stock to redemption value and cumulative preferred stock dividends	0	(2,141)	0	(3,226)
Net loss attributable to common stockholders	$ (14,596)	$ (10,860)	$ (27,800)	$ (30,546)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic	26,296,560	3,488,017	26,267,914	3,472,086
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted	26,296,560	3,488,017	26,267,914	3,472,086
Net loss per share attributable to common stockholders, Basic	$ (0.56)	$ (3.11)	$ (1.06)	$ (8.80)
Net loss per share attributable to common stockholders, Diluted	$ (0.56)	$ (3.11)	$ (1.06)	$ (8.80)

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

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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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Certain Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Recoverable research and development tax credits	$ 5,851	$ 6,523
Prepaid research and development expenses	2,679	2,906
Prepaid expenses	493	1,491
Other assets	1,102	852
Total prepaid expenses and other current assets	$ 10,125	$ 11,772

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Model (Details)	6 Months Ended
	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	1.69%
Risk-free interest rate, Maximum	3.03%
Dividend yield	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months
Expected volatility, Minimum	77.33%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 6 months
Expected volatility, Maximum	80.37%

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 8,740	$ 5,478	$ 16,851	$ 9,751
Research and development, related party	29	315	178	703
General and administrative	4,932	2,914	9,804	5,132
Total operating expenses	13,701	8,707	26,833	15,586
Loss from operations	(13,701)	(8,707)	(26,833)	(15,586)
Other income (expense):
Change in fair value of redeemable convertible preferred stock tranche liability	0	0	0	(11,718)
Foreign currency loss	(1,042)	(12)	(1,199)	(16)
Other income, net	147	0	232	0
Total other income (expense)	(895)	(12)	(967)	(11,734)
Net loss	(14,596)	(8,719)	(27,800)	(27,320)
Accretion of redeemable convertible preferred stock to redemption value and cumulative preferred stock dividends	0	(2,141)	0	(3,226)
Net loss attributable to common stockholders	$ (14,596)	$ (10,860)	$ (27,800)	$ (30,546)
Net loss per share attributable to common stockholders, Basic	$ (0.56)	$ (3.11)	$ (1.06)	$ (8.80)
Net loss per share attributable to common stockholders, Diluted	$ (0.56)	$ (3.11)	$ (1.06)	$ (8.80)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic	26,296,560	3,488,017	26,267,914	3,472,086
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted	26,296,560	3,488,017	26,267,914	3,472,086
Comprehensive loss:
Net loss	$ (14,596)	$ (8,719)	$ (27,800)	$ (27,320)
Other comprehensive loss
Unrealized Gain (Loss) on Investments	(83)	0	(481)	0
Comprehensive loss	$ (14,679)	$ (8,719)	$ (28,281)	$ (27,320)

Investments - Investments consists of available-for-sale securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 90,780	$ 89,594
Unrealized Loss	(431)	(36)
Estimated Fair Value	90,349	89,558
Long Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	11,874	25,006
Unrealized Loss	(173)	(87)
Estimated Fair Value	11,701	24,919
US Government Debt Securities [Member] \| Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	21,518
Unrealized Loss	(164)
Estimated Fair Value	21,354
US Government Debt Securities [Member] \| Long Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	0	3,996
Unrealized Loss	0	(17)
Estimated Fair Value	0	3,979
Corporate Bonds [Member] \| Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	24,319	35,231
Unrealized Loss	(266)	(35)
Estimated Fair Value	24,053	35,196
Corporate Bonds [Member] \| Long Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	11,874	21,010
Unrealized Loss	(173)	(70)
Estimated Fair Value	11,701	20,940
Commercial Paper [Member] \| Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	44,943	54,363
Unrealized Loss	(1)	(1)
Estimated Fair Value	$ 44,942	$ 54,362

Description of Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Assets, Fair Value Disclosure	$ 116,034	$ 145,034
Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	13,984	30,557
US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure	21,354	3,979
Corporate Bonds [Member]
Assets:
Assets, Fair Value Disclosure	35,754	56,135
Commercial Paper [Member]
Assets:
Assets, Fair Value Disclosure	44,942	54,363
Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure	102,050	114,477
Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	35,338	34,536
Level 1 [Member] \| Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	13,984	30,557
Level 1 [Member] \| US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure	21,354	3,979
Level 1 [Member] \| Corporate Bonds [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 1 [Member] \| Commercial Paper [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 1 [Member] \| Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure	21,354	3,979
Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	80,696	110,498
Level 2 [Member] \| Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 2 [Member] \| US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 2 [Member] \| Corporate Bonds [Member]
Assets:
Assets, Fair Value Disclosure	35,754	56,135
Level 2 [Member] \| Commercial Paper [Member]
Assets:
Assets, Fair Value Disclosure	44,942	54,363
Level 2 [Member] \| Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure	80,696	110,498
Level 3 [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 3 [Member] \| Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 3 [Member] \| US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 3 [Member] \| Corporate Bonds [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 3 [Member] \| Commercial Paper [Member]
Assets:
Assets, Fair Value Disclosure	0	0
Level 3 [Member] \| Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure	$ 0	$ 0

Redeemable Convertible Preferred Stock Tranche Liability (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Valuation of the Redeemable Convertible Preferred Stock Tranche Liability

The following reflects the significant quantitative inputs used in the valuation of the redeemable convertible preferred stock tranche liability:


	Series A-1 Tranche Call Option
Estimated fair value of redeemable convertible preferred stock	$6.94 - $11.10
Discount rate		0.10	%
Dividend yield		0	%
Expected term (years)	0.25 - 0.45
Expected volatility	N/A
Probability of milestone achievement	80% - 100%
Strike price	$	7.80
Fair value of each tranche feature	$0.86 - $3.32

Schedule of the Rollforward Redeemable Convertible Preferred Stock Tranche Liability

A rollforward of the redeemable convertible preferred stock tranche liability is as follows (in thousands):


Balance at December 31, 2020	$	551
Change in fair value		11,718
Settlement upon issuance of Series A-1 redeemable convertible preferred stock		(12,269	)
Balance at June 30, 2021	$	—

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	26,567,681	26,567,681
Common stock, shares outstanding	26,567,681	26,567,681

Commitments and Contingencies - future minimum lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022
Leases [Abstract]
2022 (remaining 6 months)	$ 235
2023	321
2024	172
2025	15
Total undiscounted lease payments	743
Present value adjustment	(48)
Total operating lease liabilities	$ 695	$ 900

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

9. Related Party Transactions

Services Provided by Related Parties

The Company has a services agreement with Carnot, LLC. Carnot, LLC was subsequently dissolved and the services agreement transitioned to its successor Carnot Pharma, LLC. The Company reimburses Carnot Pharma, LLC for research and development expenses incurred on its behalf. RA Capital Management, L.P. is the manager of the members of Carnot, LLC and Andrew Levin, a member of the Company's board of directors and former Chief Executive Officer, is the President of Carnot Pharma, LLC. Adam Rosenberg, a member of the Company's board of directors, was a Venture Partner at Carnot Pharma, LLC dba RA Ventures from January 2020 through July 2021 and thereafter became an Advisor. Amounts invoiced and reimbursed for the three months ended June 30, 2022 and 2021 were approximately $29,000 and $0.3 million, respectively. Amounts invoiced and reimbursed for the six months ended June 30, 2022 and 2021 were approximately $0.2 million and $0.7 million, respectively.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Facility Leases

The Company leases office space in the U.S. and U.K. under non-cancelable operating leases.

In May 2021, the Company entered into an agreement for office space in Cambridge, U.K. The term of this lease is for a period of 24 months, which commenced on July 1, 2021.

In November 2021, the Company entered into an agreement to lease approximately 5,000 square feet of office space in Bellevue, Washington. The term of this lease is for a period of 39 months, which commenced on November 1, 2021. The lease contains rent escalation clauses and an option to extend the term of the lease for an additional 3-year period at a market rate determined according to the lease. At the inception of the lease and as of June 30, 2022, the Company was not reasonably certain that it will exercise its option to extend the lease, therefore, the period covered by this option is not included within the lease term.

As of June 30, 2022, the remaining weighted-average lease term was 1.9 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 7.5%.

For the three months ended June 30, 2022 and 2021, the Company incurred $0.1 million and $14,000 in rent expense, respectively. For the six months ended June 30, 2022 and 2021, the Company incurred $0.2 million and $28,000 in rent expense, respectively.

As of June 30, 2022, the annual future minimum lease payments due under the Company's non-cancelable operating leases are as follows:


	Amount
	(In thousands)
2022 (remaining 6 months)	$	235
2023		321
2024		172
2025		15
Total undiscounted lease payments	$	743
Present value adjustment		(48	)
Total operating lease liabilities	$	695

Legal Proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of the date of these condensed consolidated financial statements, the Company is not party to any material legal matters or claims.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless, and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company intends to enter into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is immaterial.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	ELIEM THERAPEUTICS, INC.
Entity Central Index Key	0001768446
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40708
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2273741
Entity Address, Address Line One	23515 NE Novelty Hill Road
Entity Address, Address Line Two	Suite B221 #125
Entity Address, City or Town	Redmond
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98053
City Area Code	425
Local Phone Number	276-2300
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ELYM
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		26,567,681

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders (Details) - 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]
Redeemable convertible preferred stock	4,815,197	18,339,838	4,815,197	18,339,838
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	4,574,917	15,345,279	4,574,917	15,345,279
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	240,280	2,641,893	240,280	2,641,893
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	0	352,666	0	352,666

Stock-Based Compensation - Summary of Stock Option Activities (Details) - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Number of options outstanding, beginning of period

2,922,135

Number of options granted

1,665,782

Number of options, cancelled and forfeited

(13,000)

Number of options exercised

Number of options outstanding, ending of period

4,574,917

2,922,135

Number of options, vested and expected to vest

^[1]

4,529,917

Number of options exercisable, end of period

1,226,406

Weighted average exercise price outstanding, beginning of period

$ 3.62

Weighted average exercise price, options granted

7.83

Weighted average exercise price, options cancelled and forfeited

8.21

Weighted average exercise price, options exercised

Weighted average exercise price outstanding, end of period

5.14

$ 3.62

Weighted average exercise price, options vested and expected to vest

^[1]

5.11

Weighted average exercise price, options exercisable

$ 2.74

Weighted average remaining contracted terms (in years) outstanding, beginning of period

9 years 1 month 20 days

Weighted average remaining contracted terms (in years) outstanding, end of period

9 years

Weighted average remaining contracted terms (in years), vested and expected to vest

^[1]

8 years 11 months 26 days

Weighted average remaining contracted terms (in years), exercisable at end of period

8 years 6 months 29 days

Aggregate intrinsic value outstanding, beginning of period

$ 21,144

Aggregate intrinsic value options exercised

Aggregate intrinsic value outstanding, end of period

3,937

$ 21,144

Aggregate intrinsic value options vested and expected to vest

^[1]

3,937

Aggregate intrinsic value options exercisable

$ 1,890

[1]	(1) Excludes 45,000 stock options awards outstanding for the period ended June 30, 2022, subject to only performance conditions that have been assessed and deemed not probable.

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Aug. 12, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Proceeds from issuance of redeemable convertible preferred stock and related tranche rights, net of issuance costs			$ 0	$ 93,939
Temporary Equity, Shares Outstanding				15,345,279
Redeemable convertible preferred stock tranche liability				$ 0			$ 551
Common stock			26,567,681		26,567,681
Series A1 Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Stock issued during period shares new issues		4,358,972
Proceeds from issuance of redeemable convertible preferred stock and related tranche rights, net of issuance costs		$ 34,000
Temporary Equity, Shares Outstanding				6,282,047
Redeemable convertible preferred stock tranche liability		$ 12,300
Dividends preferred stock				$ 2,500
Preferred dividend, per share				$ 0.40
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Stock issued during period shares new issues	3,846,150
Proceeds from issuance of redeemable convertible preferred stock and related tranche rights, net of issuance costs	$ 60,000
Temporary Equity, Shares Outstanding				3,846,150
Dividends preferred stock				$ 500
Preferred dividend, per share				$ 0.14
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding				2,717,082
Dividends preferred stock				$ 3,800
Preferred dividend, per share				$ 0.72
Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary Equity, Shares Outstanding		11,499,129	0	15,345,279	0	15,345,279	7,140,157
Preferred dividend, per share			$ 0

Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss - Parenthetical - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Comprehensive Income (Loss), Tax [Abstract]
Amount of income tax	$ 0	$ 0	$ 0	$ 0

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2022