0000950170-22-004637 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 70,097	$ 68,148
Marketable debt securities		24,490
Prepaid expenses and other current assets	2,107	5,314
Total current assets	72,204	97,952
Property and equipment, net	1,049	1,040
Operating lease right-of-use assets	3,406	3,936
Restricted cash	1,339	1,339
Other assets	669	419
Total assets	78,667	104,686
Current liabilities:
Accounts payable	1,660	2,634
Accrued expenses	6,592	5,843
Operating lease liabilities, current	594	515
Total current liabilities	8,846	8,992
Operating lease liabilities	5,408	6,002
Total liabilities	14,254	14,994
Commitments and contingencies (See Note 9)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020; no shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 17,710,450 and 15,367,730 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	18	15
Additional paid-in capital	180,645	155,290
Accumulated deficit	(116,250)	(65,614)
Accumulated other comprehensive gain		1
Total stockholders' equity	64,413	89,692	$ (694)
Total liabilities and stockholders' equity	$ 78,667	$ 104,686

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	17,710,450	15,367,730
Common stock, shares outstanding	17,710,450	15,367,730

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 38,396	$ 31,407
General and administrative	12,069	11,397
Total operating expenses	50,465	42,804
Loss from operations	(50,465)	(42,804)
Other income (expense), net	(171)	322
Net loss	$ (50,636)	$ (42,482)
Net loss per share, basic	$ (2.95)	$ (3.57)
Net loss per share, diluted	$ (2.95)	$ (3.57)
Weighted average common shares outstanding, basic	17,164,284	11,883,155
Weighted average common shares outstanding, diluted	17,164,284	11,883,155
Comprehensive income (loss):
Net loss	$ (50,636)	$ (42,482)
Other comprehensive loss:
Unrealized gain (loss) on marketable debt securities	(1)	1
Total other comprehensive income (loss)	(1)	1
Total comprehensive loss	$ (50,637)	$ (42,481)

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balances at Dec. 31, 2019	$ (694)	$ 6	$ 22,432	$ (23,132)
Beginning balance, shares at Dec. 31, 2019		6,091,250
Capital contributions from related party	17,995		17,995
Merger with Zafgen Inc.	37,119	$ 3	37,116
Merger with Zafgen Inc., Shares		3,124,337
Private Placement, net of transaction costs	74,850	$ 6	74,844
Shares issued to private placement, Shares		6,105,359
Issuance of Common Stock to placement agent for advisory fees in lieu of cash and other issuances of common stock	742		742
Issuance of common stock to placement agent for advisory fees in lieu of cash and other issuances of common stock, Shares		46,784
Stock-based compensation expense	2,161		2,161
Unrealized gain (loss) on marketable debt securities	1				$ 1
Net loss	(42,482)			(42,482)
Balances at Dec. 31, 2020	89,692	$ 15	155,290	(65,614)	1
Ending balance, shares at Dec. 31, 2020		15,367,730
Issuance of Common Stock. Net	19,885	$ 3	19,882
Issuance of Common Stock. Net, shares		2,342,720
Stock-based compensation expense	5,473		5,473
Unrealized gain (loss) on marketable debt securities	(1)				$ (1)
Net loss	(50,636)			(50,636)
Balances at Dec. 31, 2021	$ 64,413	$ 18	$ 180,645	$ (116,250)
Ending balance, shares at Dec. 31, 2021		17,710,450

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (50,636)	$ (42,482)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,473	2,161
Gain on disposal of fixed asset	(1)
Depreciation expense	326	155
Amortization of premium (discount) on marketable securities	(14)	10
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3,207	(1,647)
Accounts payable	(974)	(3,288)
Accrued expenses	749	3,232
Right-of-use assets	530	405
Operating lease liabilities	(515)	(427)
Other assets	(250)	(318)
Net cash used in operating activities:	(42,105)	(42,199)
Cash flows from investing activities:
Purchase of property and equipment	(333)	(62)
Purchase of marketable debt securities	(8,248)	(24,486)
Maturities and sales of marketable debt securities	32,750	1,000
Cash, cash equivalents, and restricted cash acquired in connection with the Merger		41,934
Merger transaction costs		(1,296)
Net cash provided by investing activities	24,169	17,090
Cash flows from financing activities:
Capital contributions from related party		17,995
Proceeds from sale of common stock and prefunded warrants, net of issuance costs	19,885	75,592
Net cash provided by financing activities	19,885	93,587
Net increase in cash, cash equivalents and restricted cash	1,949	68,478
Cash, cash equivalents and restricted cash at beginning of period	69,487	1,009
Cash, cash equivalents and restricted cash at end of period	$ 71,436	69,487
Supplemental disclosure of non-cash investing and financing activities:
Fair value of net assets acquired in the Merger, including $1.0 million of marketable debt securities and excluding cash acquired		(4,815)
Property and equipment included in accounts payable and accrued expenses		460
Leased assets obtained in exchange for new operating lease liabilities		$ 448

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement of Cash Flows [Abstract]
Marketable debt securities acquired	$ 1.0

Description of Business and Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

Larimar Therapeutics, Inc., together with its subsidiaries (the “Company” or “Larimar”), is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using its novel cell penetrating peptide technology platform. Larimar's lead product candidate, CTI-1601, is a subcutaneously administered, recombinant fusion protein intended to deliver human frataxin ("FXN") an essential protein, to the mitochondria of patients with Friedreich’s ataxia. Friedreich’s ataxia is a rare, progressive and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality.

In May 2021, Larimar reported positive topline data from its Phase 1 Friedreich’s ataxia, ("FA") program after completing dosing of the single ascending dose, ("SAD"), trial in December 2020 and of the multiple ascending dose, ("MAD"), trial in March 2021. Data from these trials demonstrate proof-of-concept by showing that daily subcutaneous injections of CTI-1601 for up to 13 days resulted in dose-dependent increases in FXN levels from baseline compared to placebo in all evaluated tissues (buccal cells, skin, and platelets). FXN levels achieved in peripheral tissues (buccal cells) following daily 50 mg and 100 mg subcutaneous injections of CTI-1601 were at or in excess of FXN levels that would be expected in phenotypically normal heterozygous carriers. There were no serious adverse events, ("SAEs"), associated with either the MAD or SAD trials.

To support extended dosing of patients with CTI-1601, we conducted a 26-week NHP toxicology study in 2021. In May 2021 we notified the FDA of certain mortalities which occurred at the highest dose levels in the then-ongoing study. On May 25, 2021 the FDA placed a clinical hold on the CTI-1601 clinical program. In the clinical hold letter, the FDA stated that it needed to review a full study report from the then-ongoing NHP study and that we may not initiate additional interventional clinical trials until we have submitted such report and received notification from the FDA that additional clinical trials may commence. At the time of the FDA clinical hold, we had no interventional clinical trials with patients enrolled or enrolling and as of the date of this report, do not have interventional clinical trials with patients enrolled or enrolling.

The Company submitted a complete response to the clinical hold in January 2022. In February 2022, the Company received feedback from the FDA following its submission of the complete response. The FDA stated that it was maintaining its clinical hold at this time and requested additional information. The Company is evaluating how best to respond to their request. The Company does not know when, or if, the clinical hold will be lifted.

The Company is subject to risks and uncertainties common to pre-commercial companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with governmental regulations, failure to secure regulatory approval for its drug candidates or any other product candidates and the ability to secure additional capital to fund its operations. Drug candidates currently under development will require extensive non-clinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if our drug development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales.

In March 2020, the World Health Organization ("WHO"), declared the outbreak of COVID-19, a novel strain of Coronavirus, a global pandemic. The pandemic resulted in the temporary stoppage of the Company’s CTI-1601 Phase 1 clinical trials in patients with Friedreich’s ataxia in March 2020. In July 2020, the Company resumed these clinical trials, and has since completed both of the Company's SAD and MAD clinical trials. Since being discovered, new variants of COVID-19 have emerged. In November 2021, the Omicron variant was identified in South Africa, and has been deemed a variant of concern by the WHO. In addition to the Omicron variant, the WHO has deemed four other variants to be variants of concern: the Alpha variant, the Beta variant, the Gamma variant, and the Delta variant. All of the aforementioned variants have at least one of the following characteristics resulting in the WHO deeming them variants of concern: an increase in transmissibility or detrimental change in COVID-19 epidemiology,

an increase in virulence or change in clinical disease presentation, or a decrease in effectiveness of public health and social measures or available diagnostics, vaccines, or therapeutics.

Vaccines manufactured by Moderna, Pfizer and Johnson & Johnson were introduced late in the fourth quarter of 2020 and became widely available by the end of the first quarter of 2021. While the vaccines have proven effective in reducing the severity and mortality of COVID-19, including the variants that have evolved to date, the overall vaccination rate has not reached the level required for herd immunity in some areas of the country. Further, additional doses of vaccines may be required and individuals may refuse or fail to receive one or more such doses. The incidence of variants of COVID-19 has been increasing, particularly among unvaccinated individuals, and the Omicron variant has proven to be more easily spread than earlier variants.

The low vaccination rate, the spread of the variants and the evolution of additional mutations against which the current vaccines may prove ineffective could again result in major disruptions to businesses and markets worldwide. Furthermore, the incidence of "breakthrough" infections even among vaccinated individuals have been increasing, resulting in the need for booster doses which could make COVID-19 a long-term infectious disease concern. The Company’s business, results of operations, financial condition and cash flows could be materially and adversely affected. Specifically, the Company could experience additional delays in future clinical trial timelines as a result of additional travel and hospital restrictions related to the COVID-19 pandemic and the efforts to mitigate it which may be imposed or could experience supply shortages or manufacturer shutdowns impacting the manufacture of drug substance or drug product, which could also impact clinical trial timelines. The financial statements do not reflect any adjustments as a result of the pandemic.

Merger with Zafgen

On December 17, 2019, Zafgen, Inc. (“Zafgen”), Chondrial Therapeutics Inc. (“Chondrial”), Zordich Merger Sub, Inc. (“Merger Sub”) and Chondrial Holdings, LLC (“Holdings”), the sole stockholder of Chondrial, entered into an Agreement and Plan of Merger, as amended on March 9, 2020 (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Chondrial, with Chondrial surviving as a wholly owned subsidiary of the Company and the surviving corporation of the merger (the “Merger”).

The transaction was accounted for as a reverse acquisition in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Under this method of accounting, Chondrial was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the facts that, immediately following the Merger: (1) former shareholders of Chondrial owned a substantial majority of the voting rights of the combined company; (2) the majority of the board of directors of the combined company was composed of directors designated by Chondrial under the terms of the Merger Agreement; and (3) existing members of Chondrial management constituted the management of the combined company. Because Chondrial has been determined to be the accounting acquirer in the Merger, but not the legal acquirer, the Merger is deemed a reverse acquisition under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. As a result, the historical financial statements of Chondrial are the historical financial statements of the combined company. As the Merger has been accounted for as an asset acquisition, goodwill has not been recorded within the consolidated balance sheet.

The Merger was completed on May 28, 2020 pursuant to the terms of the Merger Agreement. In addition, immediately prior to the closing of the Merger, Zafgen effected a 1-for-12 reverse stock split (the “Reverse Stock Split”) of Zafgen’s common stock, par value $0.001 per share (the “Zafgen Common Stock”). At the effective time of the Merger (the “Effective Time”), each share of Chondrial’s common stock, par value $0.001 per share (“Chondrial Common Stock”), outstanding immediately prior to the Effective Time was converted into the right to receive shares of Zafgen Common Stock based on an exchange ratio set forth in the Merger Agreement. At the Effective Time following the Reverse Stock Split, the exchange ratio was determined to be 60,912.5005 shares of Zafgen Common Stock for each share of Chondrial Common Stock (the “Exchange Ratio”). At the closing of the Merger on May 28, 2020, Zafgen issued an aggregate of 6,091,250 shares of its common stock to Holdings (the “Merger Shares”), based on the Exchange Ratio after giving effect to the Reverse Stock Split described below. Holdings subsequently distributed the Merger Shares to its members.

In addition, all outstanding options exercisable for common units of Holdings became options exercisable for the shares of common stock of Zafgen based on the conversion factor discussed within the Merger Agreement. In connection with the Merger, Zafgen changed its name to Larimar Therapeutics, Inc. Following the closing of the Merger, Chondrial Therapeutics, Inc. became a wholly owned subsidiary of the Company. In December 2020, Chondrial Therapeutics was legally merged into Larimar Therapeutics, Inc. As used herein, the words “the Company” refers to, for periods following the Merger, Larimar, together with its subsidiaries, and for periods prior to the Merger, Chondrial Therapeutics Inc., and its direct and indirect subsidiaries, as applicable.

Basis of Presentation

The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP. Unless otherwise noted, all references to common stock share and per share amounts have also been adjusted to reflect the Exchange Ratio.

Reverse Stock Split

On May 28, 2020, immediately prior to the closing of the Merger, Zafgen effected the Reverse Stock Split. Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split.

Going Concern

The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $50.6 million and $42.5 million for the years ended December 31, 2021, and 2020, respectively. In addition, as of December 31, 2021, the Company had an accumulated deficit of $116.3 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2021, the Company had approximately $70.1 million of cash and cash equivalents available for use to fund its operations and capital requirements.

The Company has funded its operations to date primarily with proceeds from sales of common stock, prefunded warrants for the purchase of common stock and, prior to the merger with Zafgen described above, contributions from Holdings.

In June 2020, the Company completed the Merger and acquired $42.9 million of cash, cash equivalents, restricted cash and marketable debt securities that were held by Zafgen immediately prior to the Merger. The Company also raised $75.4 million, net of offering costs, through a private offering of common stock and prefunded warrants to purchase shares of common stock in connection with and immediately after the closing of the Merger in June 2020.

In August 2020, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with an investment bank in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $50,000,000 of shares of its common stock from time to time through this investment bank as sales agent. In July 2021, the Company sold 2,342,720 shares pursuant to the ATM Agreement for gross proceeds of $20.5 million. As of March 23, 2022, $29.2 million of additional shares of common stock remained available for sale by the Company under the ATM Agreement. See Note 8 for a further discussion of the ATM Agreement.

In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions

and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash and cash equivalents will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least the next twelve months from the issuance of these financial statements. If the timing of our clinical assumptions were delayed or if there were other forecasted assumption changes that negatively impact our operating plan, the Company could reduce expenditures in order to further extend cash resources.

The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, will need additional capital to fund its future operating and capital requirements. Management is currently evaluating different strategies to obtain the required funding for future operations. Until the Company can generate substantial revenue, if ever, the Company expects to seek additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact the Company's ability to conduct our business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize our product candidates.

There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms or at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest including the potential impact of the Russian invasion of Ukraine, the possibility that the conflict could expand beyond eastern Europe, the impact of the COVID-19 pandemic and/or other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

If the Company is unable to obtain funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable debt securities. The Company generally maintains cash balances in various operating accounts at financial institutions that management believes to be of high credit quality in amounts that may exceed federally insured limits. The Company has not experienced losses related to its cash, cash equivalents and marketable debt securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for CTI-1601 is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of commercial paper, corporate bonds and money market funds as of December 31, 2021 and 2020. Marketable debt securities Marketable debt securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable debt securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount is recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss is written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and net operating lease assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases. Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2021 and 2020, the Company’s only element of other comprehensive income (loss) was unrealized gain (loss) on marketable securities. Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the twelve months ended December 31, 2021 and 2020 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 2,523,305 and 2,008,902 options to purchase common stock, outstanding as of December 31, 2021 and 2020 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2021 and 2020, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods. Prior to the Merger the Company did not have options to purchase common stock or unvested restricted common stock to exclude from the calculation of earnings per share as all outstanding options were for common units of Holdings that upon the Merger converted into options exercisable for the shares of common stock of the Company. Recently Issued and Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The Company adopted the standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements on fair value measurements. This standard became effective and was adopted by the Company on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s disclosures.

Merger Accounting

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Merger Accounting

On May 28, 2020, the Company completed its merger with Zafgen. Based on the Exchange Ratio, immediately following the Merger, former Zafgen stockholders, Zafgen option holders and other persons holding securities or other rights directly or indirectly convertible, exercisable or exchangeable for Zafgen Common Stock (collectively, the “Zafgen Securityholders”) owned approximately 34% of the outstanding capital stock of the combined company, and Holdings, the former Chondrial stockholder, owned approximately 66% of the outstanding capital stock of the combined company. At the closing of the Merger, all shares of Chondrial Common Stock were exchanged for an aggregate of 6,091,250 shares of Zafgen Common Stock, after giving effect to the Reverse Stock Split.

In addition, pursuant to the terms of the Merger Agreement, the Company assumed all outstanding stock options to purchase shares of Zafgen common stock at the closing of the Merger. At the closing of the Merger, such stock options became options to purchase an aggregate of 328,770 shares of the Company’s common stock after giving effect to the Reverse Stock Split.

The total purchase price paid in the Merger was allocated to the tangible and intangible assets acquired and liabilities assumed of Zafgen based on their fair values as of the completion of the Merger. Transaction costs primarily included bank fees and professional fees associated with legal counsel, auditors and printers. The following summarizes the purchase price paid in the Merger (in thousands, except share and per share amounts):


Number of shares of the combined organization owned by Zafgen stockholders(1)		3,124,337
Multiplied by the fair value per share of Zafgen common stock(2)	$	11.88
Fair value of consideration issued in effect of the Merger	$	37,119
Transaction costs	$	1,715
Purchase price:	$	38,834

(1)

The number of shares of 3,124,337 represents the historical 37,492,044 shares of Zafgen common stock outstanding immediately prior to the closing of the Merger, adjusted for the Reverse Stock Split.

(2)

Based on the last reported sale price of Zafgen common stock on the Nasdaq Global Market on May 28, 2020, the closing date of the Merger, and after giving effect to the Reverse Stock Split.

The allocation of the purchase price for the Merger was based on estimates of the fair value of the net assets acquired, which was then adjusted for the difference between the purchase price and the fair value of the assets acquired. The following summarizes the allocation of the purchase price to the net tangible and intangible assets acquired (in thousands):


Cash and cash equivalents	$	40,595
Marketable debt securities		1,014
Other current and noncurrent assets		357
Property and equipment, net		398
Restricted cash		1,339
Right-of-use asset		3,806
Current liabilities		(2,685	)
Lease liability, net of current portion		(5,990	)
Purchase price	$	38,834

Fair Value Measurements and Marketable Debt Securities

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Marketable Debt Securities

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020 are measured in accordance with the standards of ASC 820, Fair Value Measurements and Disclosures, which establishes a three-level valuation hierarchy for measuring fair value and expands financial statement disclosures about fair value measurements. The valuation hierarchy is based on upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


Level – 1	Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level – 2	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level – 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts payable and accrued liabilities. For accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of December 31, 2021 and 2020 were considered representative of their fair values due to their short term to maturity.

The following tables summarize the Company’s cash equivalents and marketable debt securities as of December 31, 2021 and 2020:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2021
Cash equivalents:
Money market funds	$	6,137	$	6,137	$	—	$	—
Commercial paper		7,549		7,549		—		—
Corporate bonds		1,219		1,219		—		—
Total cash equivalents		14,905		14,905		—		—

December 31, 2020
Cash equivalents:
Money market funds	$	4,229	$	4,229	$	—	$	—
Commercial paper		6,499		—		6,499		—
Corporate bonds		1,907		—		1,907		—
Total cash equivalents		12,635		4,229		8,406		—

Marketable securities:
U.S Government securities		2,005		—		2,005		—
Commercial paper		22,485		—		22,485		—
Total marketable debt securities		24,490		—		24,490		—
Total cash equivalents and marketable debt securities	$	37,125	$	4,229	$	32,896	$	—

Marketable Debt Securities

The following tables summarize the Company’s marketable debt securities as of December 31, 2020. There were no marketable debt securities as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2020
Assets:
U.S Government securities (due within 1 year)		2,005		—		—			2,005
Commercial paper (due within 1 year)		22,484		2		(1	)		22,485
	$	24,489	$	2	$	(1	)	$	24,490

- 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

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2021		2020
	(in thousands)
Prepaid research and development expenses	$	676	$	4,460
Prepaid insurance		944		571
Payroll tax receivable		208		32
Other prepaid expenses and other assets		279		251
	$	2,107	$	5,314

Fixed Assets

12 Months Ended

Dec. 31, 2021

Assets [Abstract]

Fixed Assets

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2021			2020
		(in thousands)
Computer equipment	5 years	$	66		$	66
Lab equipment	5 years		1,092			849
Furniture and fixtures	7 years		456			460
Leasehold improvements	lease term		31			—
			1,645			1,375
Less: Accumulated depreciation			(596	)		(335	)
		$	1,049		$	1,040

Depreciation expense was $0.2 million for the years ended December 31, 2021 and 2020, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2021		2020
	(in thousands)
Accrued research and development expenses	$	5,042	$	3,409
Accrued payroll and related expenses		1,098		1,350
Accrued professional fees		—		924
Accrued other		452		160
	$	6,592	$	5,843

Stockholders’ Equity and Stock Options

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Stock Options

Stockholders’ Equity and Stock Options

Common Stock and Prefunded warrants

As of December 31, 2021, the Company’s Certificate of Incorporation, as amended and restated, authorized the Company to issue up to 115,000,000 shares of $0.001 par value common stock, of which 17,710,450 shares were issued and outstanding, and up to 5,000,000 shares of $0.001 par value undesignated preferred stock, of which no shares were issued or outstanding. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors of the Company (the “Board”), if any. No cash dividends have been declared or paid to date.

On May 28, 2020, the Company entered into a securities purchase agreement with certain accredited investors (the “Purchasers”) for the sale by the Company in a private placement of 6,105,359 shares of the Company’s common stock and prefunded warrants to purchase an aggregate of 628,403 shares of the Company’s common stock, for a price of $11.88 per share of the common stock and $11.87 per prefunded warrant. The prefunded warrants are exercisable at an exercise price of $0.01 and are exercisable indefinitely. The Purchasers may exercise the prefunded warrants on a cashless basis in the event that there is no effective registration statement covering the resale of the shares of common stock underlying the prefunded warrants on the date in which the Company is required to deliver the shares. The private placement closed on June 1, 2020. The aggregate gross proceeds for the issuance and sale of the common stock and prefunded warrants were $80.0 million; transaction costs totaled $4.6 million and resulted in net proceeds of $75.4 million. The Company’s Registration Statement on Form S-3, filed with the SEC on June 26, 2020, registered the resale of 6,105,359 shares of common stock sold and the 628,403 shares of common stock underlying the prefunded warrants. MTS Health Partners served as placement agent to the Company in connection with the private placement. As partial compensation for these services, the Company issued MTS Health Partners 35,260 shares of common stock.

Equity Distribution Agreement

On August 14, 2020, the Company entered into the ATM Agreement with an investment bank, in connection with the establishment of an “at-the-market” offering program under which the Company may sell up to an aggregate of $50,000,000 of shares of common stock (the “ATM Shares”) from time to time (the “Offering”).

Under the ATM Agreement, the Company sets the parameters for the sale of ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitations on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Sales of the ATM Shares, if any, under the ATM Agreement may be made in transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act. The Company pays its investment bank a commission equal to 3.0% of the gross proceeds of any ATM Shares sold through its investment bank under the ATM Agreement and reimburses investment bank for certain specified expenses. The Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and its investment bank, other customary obligations of the parties and termination provisions. The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement.

In July 2021, the Company sold 2,342,720 shares under the ATM Agreement for net proceeds of $19.9 million, after issuance costs.

As of December 31, 2021, 2,354,244 shares have been sold under the ATM Agreement for net proceeds of $20.1 million, after issuance costs. As of March 23, 2022, approximately $29.2 million of additional shares of common stock remained available for sale by the Company under the ATM Agreement.

Summary of Plans

Upon completion of the Merger with Zafgen, Zafgen’s 2014 Stock Option and Incentive Plan (the “2014 Plan”) and Zafgen’s 2006 Stock Option Plan (the “2006 Plan” and together with the 2014 Plan the “Prior Plans”) were assumed by the Company. As described below, the Company adopted a new equity incentive plan in July 2020 that was approved by the stockholders in September 2020. These three plans are administered by the Board or, at the discretion of the Board, by a committee of the Board.

2020 Equity Incentive Plan

The Board adopted the 2020 Equity Incentive Plan (the "2020 Plan") on July 16, 2020 and the stockholders of the Company approved the 2020 Plan on September 29, 2020. The 2020 Plan replaces the 2014 Plan. Option outstanding under the Prior Plans will remain outstanding, unchanged and subject to the terms of the Prior Plans and the respective award agreements, and no further awards will be made under the 2014 Plan. However, if any award previously granted under the Prior Plans, expires, terminates, is canceled or is forfeited for any reason after the approval of the 2020 Plan, the shares subject to that award will be added to the 2020 Plan share pool so that they can be utilized for new grants under the 2020 Plan.

The 2020 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (”NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, and cash or other stock-based awards. ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of the Company’s affiliates. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates.

The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, and (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”). The maximum aggregate number of shares that may be issued under the 2020 Plan is 8,000,000 over the ten-year term of the 2020 Plan. In 2021, options to purchase 56,966 shares issued under the Prior Plans were cancelled and became available for grant under the 2020 Plan. As of December 31, 2021, 993,419 shares of common stock were available for grant under the 2020 Plan.

As permitted by the 2020 Plan, the Company added 708,418 shares available for grant under the 2020 Plan on January 1, 2022 increasing the maximum number of shares of the Company’s common stock that may be issued under the 2020 Plan to 1,701,837 shares.

2014 Stock Option and Incentive Plan and 2006 Stock Option Plan

In 2014, the Board and stockholders of Zafgen adopted the 2014 Plan. The 2014 Plan provided for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, performance-share awards, cash-based awards and dividend equivalent rights to employees, members of the Board and consultants of the Company. The number of shares initially reserved for issuance under the 2014 Plan was 180,685 shares of common stock. As the 2020 Plan was adopted by the Company and approved by the Company’s stockholders, no further awards will be made under the Prior Plans.

2016 Equity and Incentive Plan

Under the 2016 Equity Plan adopted by Holdings on November 30, 2016, (the “2016 Equity Incentive Plan”), the Board of Managers of Holdings (the “Board of Managers”) or a committee thereof was authorized to issue 122,133 Common Units of Holdings or combination of Common Units, Common Unit options or profit interest units. On March 23, 2018, the Board of Managers increased the number of Common Units reserved for grant and issuance pursuant to the 2016 Plan from 122,133 to 138,133 and on April 29, 2019 increased the number of Common Units reserved for grant and issuance pursuant to the 2016 Plan by an additional 101,500 to 239,633. The Company has recorded costs incurred as stock-based compensation with a corresponding capital contribution from Holdings.

From January 1, 2020 through the Merger date Holdings did not issue options to purchase Common Units to employees of the Company.

The Company assumed all of the outstanding and unexercised options to purchase units of Holdings upon consummation of the Merger. Pursuant to the terms of the Merger Agreement, options to purchase 330,818 shares of the Company’s common stock at a weighted average exercise price of $12.14 per share were substituted for the 202,392 options to purchase Common Units, with a weighted average exercise price of $10.36 per Common Unit, that were outstanding immediately prior to the Merger.

The Company treated the conversion as a modification pursuant to ASC 718, Compensation—Stock Compensation, and calculated the pre- and post-modification value of the options. The increase in fair value of the options was calculated to be $1.2 million. As $0.7 million related to vested options the expense was recognized immediately on the Merger date, the remaining $0.5 million is recognized over the remaining vesting term with the original grant date fair value remaining of less than $0.1 million.

Stock Valuation

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2021		2020
Risk-free interest rate	0.89%		0.37%
Expected term (in years)		6.19		6.08
Expected volatility	91%		91%
Dividend yield	0.00%		0.00%

Stock Options

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2021 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2020		2,008,902		$	22.31		7.9
Granted		626,750			15.56
Forfeited/Expired		(112,347	)		61.80
Outstanding as of December 31, 2021		2,523,305		$	18.88		7.6	$	0.2
Exercisable as of December 31, 2021		1,027,858		$	26.52		5.9	$	—
Vested and expected to vest as of December 31, 2021		2,523,305		$	18.88		7.6	$	0.2

(a)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2021.

2021 Option Grants

During the year ended December 31, 2021, the Company granted options to purchase 626,750 shares of common stock to employees and directors under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date. Of the 626,750 options granted in 2021, 576,950 were granted to employees and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The remaining 49,800 options were annual grants to the Company's directors and vest one year from the grant date.

January 2022 Option Grants

On January 18, 2022, the Company granted options to purchase 582,750 shares of common stock to employees under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date, and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter.

Stock-Based Compensation

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Research and development	$	2,104	$	788
General and administrative		3,369		1,373
	$	5,473	$	2,161

As of December 31, 2021, total unrecognized compensation expense related to unvested stock options and restricted stock units was $14.6 million, which is expected to be recognized over a weighted average period of 2.66 years.

- Definition

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

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Intellectual Property Licenses

The Company is party to an exclusive License Agreement (the “WFUHS License”), dated November 30, 2016 with Wake Forest University Health Sciences (“WFUHS”) and an exclusive License Agreement (the “IU License”), dated November 30, 2016, as amended, with Indiana University (“IU”). Such agreements provide for a transferable, worldwide license to certain patent rights regarding technology used by the Company with respect to the development of CTI-1601.

In partial consideration for the right and license granted under these agreements, the Company will pay each of WFUHS and IU a royalty of a low single digit percentage of net sales of licensed products depending on whether there is a valid patent covering such products. As additional consideration for these agreements, the Company is obligated to pay each of WFUHS and IU certain milestone payments of up to $2.6 million in the aggregate upon the achievement of certain developmental milestones, commencing on the enrollment of the first patient in a Phase 1 clinical trial. The Company will also pay each of WFUHS and IU sublicensing fees ranging from a high single digit to a low double-digit percentage of sublicense consideration depending on the Company’s achievement of certain regulatory milestones as of the time of receipt of the sublicense consideration. The Company is also obligated to reimburse WFUHS and IU for patent-related expenses. In the event that the Company disputes the validity of any of the licensed patents, the royalty rate would be tripled during such dispute. The Company is also obligated to pay to IU a minimum annual royalty of less than $0.1 million per annum starting in the 2020 calendar year for the term of the agreement.

In the event that the Company is required to pay IU consideration, then the Company may deduct 20% of such IU consideration on a dollar-for-dollar basis from the consideration due to WFUHS. In the event that the Company is required to pay WFUHS consideration, then the Company may deduct 60% of such WFUHS consideration on a dollar-for-dollar basis from the consideration due to IU.

During the twelve months ended December 31, 2021 and 2020, no milestones were achieved and no milestone expense was recognized. Both agreements continue from their effective date through the last to expire of the licensed patents unless earlier terminated by either party in accordance with their terms.

Leases

On August 8, 2019, the Company entered into an operating lease for office space in Bala Cynwyd, Pennsylvania, effective as of December 15, 2019, for a period of three years and six months with an option to extend the lease for three additional years. Due to required tenant improvements to be completed by the landlord, the Company did not take immediate possession of the leased property and the lease term commenced on February 15, 2020. In the quarter ended March 31, 2020, the Company recorded an operating lease right-of-use asset and operating lease liability of $0.4 million.

On May 28, 2020, as part of the Merger with Zafgen, the Company acquired a non-cancellable operating lease for approximately 17,705 square feet of office space (the “Premises”). The lease expires on October 30, 2029. As part of the agreement, the Company is required to maintain a letter of credit, which upon signing was $1.3 million and is classified as restricted cash within the consolidated financial statements. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. Starting in 2021, the right-of-use asset is being amortized to other income (expense) over the remaining lease term as a result of the sublease agreement discussed below.

On October 27, 2020, the Company entered into a sublease agreement (the “Sublease”) with Massachusetts Municipal Association, Inc. (the “Subtenant”), whereby the Company sublet the entire Premises to the Subtenant. The term of the Sublease commenced on December 4, 2020 and continues until October 30, 2029. In connection with the Sublease, the Company evaluated the need for impairment under ASC 360 and determined there was no impairment.

The Sublease provides for an initial annual base rent of $0.8 million, which increases annually up to a maximum annual base rent of $1.0 million. The Subtenant also is responsible for paying to the Company future increases in operating costs (commencing on January 1, 2022), future increases in annual tax costs (commencing July 1, 2021) and all utility costs (commencing March 1,2021) attributable to the Premises during the term of the Sublease. As part of the Sublease, the subtenant deposited a letter of credit in the amount of $0.8 million to assure their performance under the sublease. If there are no uncured events of default under the sublease, the amount of this security deposit decreases over time to $0.4 million on the sixth anniversary of the Sublease. The Company records sublease income on the Sublease on a straight-line basis as a component of other income (expense).

On November 5, 2018, the Company entered into an operating lease for office and lab space in Philadelphia, Pennsylvania, effective as of January 1, 2019, and expiring on December 31, 2020 with an option to extend the lease for each of the two additional years. On August 4, 2020, the Company executed the first option to extend the lease for an additional year, expiring on December 31, 2021. On August 9, 2021, the Company executed the remaining option to extend the lease for an additional year, expiring on December 31, 2022. The Company determined this lease extension qualifies as a short-term lease and have applied the accounting policy election to not record the related right-of-use asset and lease liabilities.

Expense arising from operating leases was $0.3 million and $0.7 million during the twelve months ended December 31, 2021 and 2020, respectively. For operating leases, the weighted-average remaining lease term for leases at December 31, 2021 and 2020 was 7.6 and 8.6 years, respectively. For operating leases, the weighted average discount rate for leases at December 31, 2021 and 2020 was 11.0%. The Company has not entered into any financing leases.

Maturities of lease liabilities due under these lease agreements as of December 31, 2021 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2022	$	1,197
2023		1,146
2024		1,065
2025		1,083
2026		1,101
Thereafter		3,213
Total lease payments		8,805
Less: imputed interest		(2,803	)
Present value of lease liabilities	$	6,002

Legal Proceedings

The Company is not currently a party to any litigation, nor is management aware of any pending or threatened litigation against the Company, that it believes would materially affect the Company’s business, operating results, financial condition or cash flows.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10.

Income Taxes

During the years ended December 31, 2021, and 2020, the Company recorded no income tax benefits for the net operating losses incurred in each year due to its uncertainty of realizing a benefit from those items.

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2021			2020
Domestic	$	(50,617	)	$	(42,608	)
Foreign		(19	)		126
	$	(50,636	)	$	(42,482	)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		3.4			7.8
Change in state tax rate		(14.5	)		—
Federal and state research and development tax credit		7.9			13.5
Nondeductible permanent differences		(0.6	)		(0.2	)
Change in deferred tax asset valuation allowance		(17.2	)		(42.1	)
Effective income tax rate		0.0	%		0.0	%

Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following:


	2021			2020
Deferred tax assets:
Capitalized R&D Expenses	$	65,781		$	73,014
Stock Based Compensation		1,458			490
Net operating Loss Carryforwards		43,219			32,081
Tax credit carryforwards		12,912			8,904
Other Temporary Differences		24			50
Fixed Assets & Intangibles		44			75
Operating Lease Liability		1,477			1,786
Total deferred tax assets	$	124,915		$	116,400
Deferred tax liabilities:
Operating Right of Use Asset		(899	)		(1,081	)
Total deferred tax liabilities	$	(899	)	$	(1,081	)
Less: Valuation allowance	$	(124,016	)	$	(115,319	)
Net deferred tax assets / (liabilities)	$	—		$	—

Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2021 related primarily to the increase in net operating loss carryforwards and tax credit carryforwards and a decrease other deferred tax assets associated with a reduction in the Company’s effective state rate. The change in the valuation allowance during the year ended December 31, 2020 related primarily to deferred tax assets acquired as a result of the Merger with Zafgen, increase in net operating loss carryforwards, and tax credit carryforwards, Changes to the valuation allowance were as follows:


	Years ended December 31,
	2021		2020
Valuation allowance as of the beginning of the year	$	115,319	$	11,735
Increases acquired as a result of the Merger with Zafgen		—		85,689
Increases recorded to income tax provision		8,697		17,895
Valuation Allowance at end of Year	$	124,016	$	115,319

As of December 31, 2021, the Company had net operating loss carryforwards that expire for federal, foreign and state income tax purposes of $158.8 million, $1.2 million and $131.3 million, respectively. The federal and state operating losses begin to expire in 2026 and 2030, while the foreign net loss carryforward can be carried forward indefinitely. As of December 31, 2021, the Company had federal net operating loss carryforwards that were generated after December 31, 2017 of $120.0 million that do not expire, however these carryforwards are limited to 80% of the taxable income in any one tax period. As of December 31, 2021, the Company also had available tax credit carryforwards for federal and state income tax purposes of $12.9 million which begin to expire in 2039. Utilization of the pre-Merger net operating loss carryforwards attributable to Zafgen, of approximately $33.5 million, are subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes occurred during the tax year associated with the Merger. In addition to the limitation of the

pre-Merger NOL’s of Zafgen, the net capitalized R&D deferred tax assets in the amount of $73.0 million is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The ownership changes will limit the amount of pre-merger Zafgen carryforwards that can be utilized annually to offset future taxable income with an annual limitation of approximately $35 thousand per year. The Company has reduced their NOL and R&D tax credit deferred tax assets associated with the pre-Merger Zafgen operations as a result of the 382 analysis.

The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception associated with the pre-Merger Chondrial tax attributes. If the Company experienced a change of control, as defined by Section 382, at any time since inception, utilization of the pre-Merger Chondrial net operating loss carryforwards or tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or tax credit carryforwards before utilization. Further, until a study is completed, and any limitation is known, no amounts are being presented as an uncertain tax position.

As of December 31, 2021 and 2020, the Company’s net deferred tax asset balance before the valuation allowance was $124.0 million and $115.3 million, respectively, and was comprised principally of net operating loss carryforwards, capitalized research and development expenses and tax credit carryforwards. During the years ended December 31, 2021 and 2020, gross deferred tax assets increased due to deferred tax assets acquired as a result of the Merger with Zafgen, additional net operating loss carryforwards, research and development tax credits generated.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2021 and 2020. Management reevaluates the positive and negative evidence at each reporting period.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2021 and 2020. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2016 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

- 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

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

11.

Related Party Transactions

In November 2016, the Company entered into a consulting agreement with Mark Payne, M.D (the “Consulting Engagement”). Dr. Payne was a director of Chondrial at that time, a full-time employee of IU and one of the inventors of the licensed IU intellectual property, and as such is entitled to a certain share of the revenues received by IU under the IU License. Pursuant to the terms of his consulting agreement the Company agreed to pay Dr. Payne $0.1 million per year over the term of the agreement and granted Dr. Payne 123,853 restricted Common Units in Holdings. On November 30, 2016, 30% immediately vested and was associated with Chondrial Therapeutics IP, LLC (“IP LLC”) becoming a subsidiary of Holdings, which was subsequently contributed to the Company on December 31, 2018. The remaining 70% vested ratably over 48 months beginning on December 1, 2016. The consulting agreement had a four-year term, subject to earlier termination. On November 30, 2020, the Company entered into a 1-month extension of the Consulting Engagement, expiring on December 31, 2020.On January 1, 2021, the Company entered into a new consulting agreement with Mark Payne, M.D. which extended the term of the Consulting Engagement for a four-year term beginning on January 1, 2021. During each of the twelve months

ended December 31, 2021 and 2020, the Company recognized $0.1 million, related to this consulting agreement, recorded as research and development expense in the Statement of Operations.

The funding to the Company originated from Holdings’ sale of Series A Preferred Units and Series B convertible preferred units (the "Units") with Deerfield Private Design Fund IV, L.P., Deerfield Private Design Fund III, L.P. and Deerfield Health Innovations Fund, L.P. (together, the “Deerfield Funds”), and certain other purchasers, from inception through May 28, 2020 and the contribution of the proceeds received by Holdings on such sales to the Company in order to fund the Company’s operations.

Under a November 30, 2016 Series A Preferred Unit Purchase Agreement, as amended on September 8, 2017, November 15, 2017, November 14, 2018 and April 29, 2019, Holdings sold Series A Preferred Units for gross proceeds of $35.6 million. The gross proceeds of $35.6 million were contributed to the Company.

On November 21, 2019 (as amended on December 20, 2019), Holdings entered into a Second Amended and Restated LLC Agreement and entered into a Series B Bridge Unit Purchase Agreement with the Deerfield Funds and certain other purchasers to sell Series B convertible preferred units (“Series B Bridge Units”) for gross proceeds of up to $10.0 million. The gross proceeds of $10.0 million were contributed to the Company.

On January 16, 2020, Holdings entered into a Third Amended and Restated LLC Agreement and entered into a Second Series B Bridge Unit Purchase Agreement with the Deerfield Funds and certain other purchasers to sell Second Series B convertible preferred units (“Second Series B Bridge Units”) for gross proceeds of up to $15.0 million. The gross proceeds of $11.4 million were contributed to the Company.

During the twelve months ended December 31, 2020, Holdings provided the Company non-interest bearing, permanent funding from the above Series A and Series B preferred unit transactions, totaling $18.0 million which has been recorded as capital contributions with the balance of combined equity and additional paid in capital on the consolidated balance sheets and consolidated statements of changes in stockholders’ equity for each respective period. No contributions were made by Holdings subsequent to the Merger.

During 2020, the Company purchased a piece of laboratory equipment for $0.5 million from a supplier of which one the Company's directors is also a current director. During 2021, the Company purchased a piece of laboratory equipment and lab supplies for a cumulative $0.1 million from the same supplier.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Merger with Zafgen	Merger with Zafgen On December 17, 2019, Zafgen, Inc. (“Zafgen”), Chondrial Therapeutics Inc. (“Chondrial”), Zordich Merger Sub, Inc. (“Merger Sub”) and Chondrial Holdings, LLC (“Holdings”), the sole stockholder of Chondrial, entered into an Agreement and Plan of Merger, as amended on March 9, 2020 (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Chondrial, with Chondrial surviving as a wholly owned subsidiary of the Company and the surviving corporation of the merger (the “Merger”). The transaction was accounted for as a reverse acquisition in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Under this method of accounting, Chondrial was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the facts that, immediately following the Merger: (1) former shareholders of Chondrial owned a substantial majority of the voting rights of the combined company; (2) the majority of the board of directors of the combined company was composed of directors designated by Chondrial under the terms of the Merger Agreement; and (3) existing members of Chondrial management constituted the management of the combined company. Because Chondrial has been determined to be the accounting acquirer in the Merger, but not the legal acquirer, the Merger is deemed a reverse acquisition under the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. As a result, the historical financial statements of Chondrial are the historical financial statements of the combined company. As the Merger has been accounted for as an asset acquisition, goodwill has not been recorded within the consolidated balance sheet. The Merger was completed on May 28, 2020 pursuant to the terms of the Merger Agreement. In addition, immediately prior to the closing of the Merger, Zafgen effected a 1-for-12 reverse stock split (the “Reverse Stock Split”) of Zafgen’s common stock, par value $0.001 per share (the “Zafgen Common Stock”). At the effective time of the Merger (the “Effective Time”), each share of Chondrial’s common stock, par value $0.001 per share (“Chondrial Common Stock”), outstanding immediately prior to the Effective Time was converted into the right to receive shares of Zafgen Common Stock based on an exchange ratio set forth in the Merger Agreement. At the Effective Time following the Reverse Stock Split, the exchange ratio was determined to be 60,912.5005 shares of Zafgen Common Stock for each share of Chondrial Common Stock (the “Exchange Ratio”). At the closing of the Merger on May 28, 2020, Zafgen issued an aggregate of 6,091,250 shares of its common stock to Holdings (the “Merger Shares”), based on the Exchange Ratio after giving effect to the Reverse Stock Split described below. Holdings subsequently distributed the Merger Shares to its members. In addition, all outstanding options exercisable for common units of Holdings became options exercisable for the shares of common stock of Zafgen based on the conversion factor discussed within the Merger Agreement. In connection with the Merger, Zafgen changed its name to Larimar Therapeutics, Inc. Following the closing of the Merger, Chondrial Therapeutics, Inc. became a wholly owned subsidiary of the Company. In December 2020, Chondrial Therapeutics was legally merged into Larimar Therapeutics, Inc. As used herein, the words “the Company” refers to, for periods following the Merger, Larimar, together with its subsidiaries, and for periods prior to the Merger, Chondrial Therapeutics Inc., and its direct and indirect subsidiaries, as applicable.
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP. Unless otherwise noted, all references to common stock share and per share amounts have also been adjusted to reflect the Exchange Ratio.
Reverse Stock Split	Reverse Stock Split On May 28, 2020, immediately prior to the closing of the Merger, Zafgen effected the Reverse Stock Split. Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split.
Going Concern	Going Concern The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $50.6 million and $42.5 million for the years ended December 31, 2021, and 2020, respectively. In addition, as of December 31, 2021, the Company had an accumulated deficit of $116.3 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2021, the Company had approximately $70.1 million of cash and cash equivalents available for use to fund its operations and capital requirements. The Company has funded its operations to date primarily with proceeds from sales of common stock, prefunded warrants for the purchase of common stock and, prior to the merger with Zafgen described above, contributions from Holdings. In June 2020, the Company completed the Merger and acquired $42.9 million of cash, cash equivalents, restricted cash and marketable debt securities that were held by Zafgen immediately prior to the Merger. The Company also raised $75.4 million, net of offering costs, through a private offering of common stock and prefunded warrants to purchase shares of common stock in connection with and immediately after the closing of the Merger in June 2020. In August 2020, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with an investment bank in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $50,000,000 of shares of its common stock from time to time through this investment bank as sales agent. In July 2021, the Company sold 2,342,720 shares pursuant to the ATM Agreement for gross proceeds of $20.5 million. As of March 23, 2022, $29.2 million of additional shares of common stock remained available for sale by the Company under the ATM Agreement. See Note 8 for a further discussion of the ATM Agreement. In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash and cash equivalents will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least the next twelve months from the issuance of these financial statements. If the timing of our clinical assumptions were delayed or if there were other forecasted assumption changes that negatively impact our operating plan, the Company could reduce expenditures in order to further extend cash resources. The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, will need additional capital to fund its future operating and capital requirements. Management is currently evaluating different strategies to obtain the required funding for future operations. Until the Company can generate substantial revenue, if ever, the Company expects to seek additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact the Company's ability to conduct our business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize our product candidates. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms or at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest including the potential impact of the Russian invasion of Ukraine, the possibility that the conflict could expand beyond eastern Europe, the impact of the COVID-19 pandemic and/or other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.
Concentrations of Credit Risk and Significant Suppliers	Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable debt securities. The Company generally maintains cash balances in various operating accounts at financial institutions that management believes to be of high credit quality in amounts that may exceed federally insured limits. The Company has not experienced losses related to its cash, cash equivalents and marketable debt securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for CTI-1601 is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of commercial paper, corporate bonds and money market funds as of December 31, 2021 and 2020.
Marketable Debt Securities	Marketable debt securities Marketable debt securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable debt securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount is recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss is written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and net operating lease assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.
Segment Information	Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases.
Research and Development Costs	Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.
Patent Costs	Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2021 and 2020, the Company’s only element of other comprehensive income (loss) was unrealized gain (loss) on marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the twelve months ended December 31, 2021 and 2020 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 2,523,305 and 2,008,902 options to purchase common stock, outstanding as of December 31, 2021 and 2020 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2021 and 2020, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods. Prior to the Merger the Company did not have options to purchase common stock or unvested restricted common stock to exclude from the calculation of earnings per share as all outstanding options were for common units of Holdings that upon the Merger converted into options exercisable for the shares of common stock of the Company.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The Company adopted the standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements on fair value measurements. This standard became effective and was adopted by the Company on January 1, 2020. The adoption of this standard did not have a material impact on the Company’s disclosures.

Merger Accounting (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Summary of Purchase Price Paid in Merger

The following summarizes the purchase price paid in the Merger (in thousands, except share and per share amounts):


Number of shares of the combined organization owned by Zafgen stockholders(1)		3,124,337
Multiplied by the fair value per share of Zafgen common stock(2)	$	11.88
Fair value of consideration issued in effect of the Merger	$	37,119
Transaction costs	$	1,715
Purchase price:	$	38,834

(1)

The number of shares of 3,124,337 represents the historical 37,492,044 shares of Zafgen common stock outstanding immediately prior to the closing of the Merger, adjusted for the Reverse Stock Split.

(2)

Based on the last reported sale price of Zafgen common stock on the Nasdaq Global Market on May 28, 2020, the closing date of the Merger, and after giving effect to the Reverse Stock Split.

Summary of Allocation of Purchase Price to Net Tangible and Intangible Assets Acquired


Cash and cash equivalents	$	40,595
Marketable debt securities		1,014
Other current and noncurrent assets		357
Property and equipment, net		398
Restricted cash		1,339
Right-of-use asset		3,806
Current liabilities		(2,685	)
Lease liability, net of current portion		(5,990	)
Purchase price	$	38,834

Fair Value Measurements and Marketable Debt Securities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Marketable Debt Securities

The following tables summarize the Company’s cash equivalents and marketable debt securities as of December 31, 2021 and 2020:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2021
Cash equivalents:
Money market funds	$	6,137	$	6,137	$	—	$	—
Commercial paper		7,549		7,549		—		—
Corporate bonds		1,219		1,219		—		—
Total cash equivalents		14,905		14,905		—		—

December 31, 2020
Cash equivalents:
Money market funds	$	4,229	$	4,229	$	—	$	—
Commercial paper		6,499		—		6,499		—
Corporate bonds		1,907		—		1,907		—
Total cash equivalents		12,635		4,229		8,406		—

Marketable securities:
U.S Government securities		2,005		—		2,005		—
Commercial paper		22,485		—		22,485		—
Total marketable debt securities		24,490		—		24,490		—
Total cash equivalents and marketable debt securities	$	37,125	$	4,229	$	32,896	$	—

Summary of Marketable Debt Securities

The following tables summarize the Company’s marketable debt securities as of December 31, 2020. There were no marketable debt securities as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2020
Assets:
U.S Government securities (due within 1 year)		2,005		—		—			2,005
Commercial paper (due within 1 year)		22,484		2		(1	)		22,485
	$	24,489	$	2	$	(1	)	$	24,490

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2021		2020
	(in thousands)
Prepaid research and development expenses	$	676	$	4,460
Prepaid insurance		944		571
Payroll tax receivable		208		32
Other prepaid expenses and other assets		279		251
	$	2,107	$	5,314

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2021

Assets [Abstract]

Schedule of Fixed Assets, Net

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2021			2020
		(in thousands)
Computer equipment	5 years	$	66		$	66
Lab equipment	5 years		1,092			849
Furniture and fixtures	7 years		456			460
Leasehold improvements	lease term		31			—
			1,645			1,375
Less: Accumulated depreciation			(596	)		(335	)
		$	1,049		$	1,040

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2021		2020
	(in thousands)
Accrued research and development expenses	$	5,042	$	3,409
Accrued payroll and related expenses		1,098		1,350
Accrued professional fees		—		924
Accrued other		452		160
	$	6,592	$	5,843

Stockholders’ Equity and Stock Options (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2021		2020
Risk-free interest rate	0.89%		0.37%
Expected term (in years)		6.19		6.08
Expected volatility	91%		91%
Dividend yield	0.00%		0.00%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2021 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2020		2,008,902		$	22.31		7.9
Granted		626,750			15.56
Forfeited/Expired		(112,347	)		61.80
Outstanding as of December 31, 2021		2,523,305		$	18.88		7.6	$	0.2
Exercisable as of December 31, 2021		1,027,858		$	26.52		5.9	$	—
Vested and expected to vest as of December 31, 2021		2,523,305		$	18.88		7.6	$	0.2

(a)

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Research and development	$	2,104	$	788
General and administrative		3,369		1,373
	$	5,473	$	2,161

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Lease Liabilities Due Under Lease Agreements

Maturities of lease liabilities due under these lease agreements as of December 31, 2021 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2022	$	1,197
2023		1,146
2024		1,065
2025		1,083
2026		1,101
Thereafter		3,213
Total lease payments		8,805
Less: imputed interest		(2,803	)
Present value of lease liabilities	$	6,002

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2021			2020
Domestic	$	(50,617	)	$	(42,608	)
Foreign		(19	)		126
	$	(50,636	)	$	(42,482	)

Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2021			2020
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		3.4			7.8
Change in state tax rate		(14.5	)		—
Federal and state research and development tax credit		7.9			13.5
Nondeductible permanent differences		(0.6	)		(0.2	)
Change in deferred tax asset valuation allowance		(17.2	)		(42.1	)
Effective income tax rate		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2021 and 2020 consisted of the following:


	2021			2020
Deferred tax assets:
Capitalized R&D Expenses	$	65,781		$	73,014
Stock Based Compensation		1,458			490
Net operating Loss Carryforwards		43,219			32,081
Tax credit carryforwards		12,912			8,904
Other Temporary Differences		24			50
Fixed Assets & Intangibles		44			75
Operating Lease Liability		1,477			1,786
Total deferred tax assets	$	124,915		$	116,400
Deferred tax liabilities:
Operating Right of Use Asset		(899	)		(1,081	)
Total deferred tax liabilities	$	(899	)	$	(1,081	)
Less: Valuation allowance	$	(124,016	)	$	(115,319	)
Net deferred tax assets / (liabilities)	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

The change in the valuation allowance during the year ended December 31, 2020 related primarily to deferred tax assets acquired as a result of the Merger with Zafgen, increase in net operating loss carryforwards, and tax credit carryforwards, Changes to the valuation allowance were as follows:


	Years ended December 31,
	2021		2020
Valuation allowance as of the beginning of the year	$	115,319	$	11,735
Increases acquired as a result of the Merger with Zafgen		—		85,689
Increases recorded to income tax provision		8,697		17,895
Valuation Allowance at end of Year	$	124,016	$	115,319

Description of Business and Organization - Additional Information (Detail)				1 Months Ended		12 Months Ended
	Aug. 14, 2020 USD ($)	Jun. 30, 2020 USD ($)	May 28, 2020 $ / shares shares	Mar. 23, 2022 USD ($)	Jul. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Common stock, par value per share \| $ / shares						$ 0.001	$ 0.001
Common stock, shares issued \| shares						17,710,450	15,367,730
Net loss						$ 50,636,000	$ 42,482,000
Accumulated deficit						(116,250,000)	(65,614,000)
Cash and cash equivalents						$ 70,097,000	$ 68,148,000
Private Offering [Member]
Proceeds from issuance common stock and warrants net offering costs		$ 75,400,000
Common Stock [Member]
Issuance of common stock \| shares						2,342,720
Common Stock [Member] \| ATM Offering Program [Member]
Common stock, shares issued \| shares						2,354,244
Issuance of common stock \| shares					2,342,720
Gross proceeds from issuance of common stock					$ 20,500,000
Common Stock [Member] \| Subsequent Event [Member] \| ATM Offering Program [Member]
Gross sales proceeds under sales agreement remaining amount				$ 29,200,000
Maximum [Member] \| Common Stock [Member] \| ATM Offering Program [Member]
Aggregate sale of shares of our common stock	$ 50,000,000
Zafgen [Member]
Reverse stock split of common stock			1-for-12
Common stock, par value per share \| $ / shares			$ 0.001
Cash, cash equivalents, restricted cash and marketable debt securities acquired merger		$ 42,900,000
Zafgen [Member] \| Merger Agreement [Member]
Exchange rate of shares issued per share			60,912.5005
Common stock, shares issued \| shares			6,091,250
Chondrial [Member] \| Merger Agreement [Member]
Common stock, par value per share \| $ / shares			$ 0.001

Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Percentage of likelihood to be realized upon ultimate settlement, description	50.00%
Warrant issued	628,403	628,403
Warrant exercise price	$ 0.01	$ 0.01
Accounting Standards Update 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Accounting Standards Update 2018-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Options to Purchase Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive shares	2,523,305	2,008,902
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

Merger Accounting - Additional Information (Detail) - shares	May 28, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Common stock, shares issued		17,710,450	15,367,730
Zafgen [Member]
Business Acquisition [Line Items]
Capital stock ownership percentage	34.00%
Zafgen [Member] \| Options to Purchase Common Stock [Member]
Business Acquisition [Line Items]
Options to purchase stock	328,770
Chondrial Therapeutics Inc. [Member]
Business Acquisition [Line Items]
Capital stock ownership percentage	66.00%
Merger Agreement [Member] \| Zafgen [Member]
Business Acquisition [Line Items]
Common stock, shares issued	6,091,250

Merger Accounting - Summary of Purchase Price Paid in Merger (Detail) - USD ($)
$ / shares in Units, $ in Thousands

May 28, 2020

Dec. 31, 2021

Dec. 31, 2020

May 27, 2020

Business Acquisition [Line Items]

Purchase price:

$ 38,834

Common stock outstanding

17,710,450

15,367,730

Zafgen [Member]

Business Acquisition [Line Items]

Number of shares of the combined organization owned by Zafgen stockholders

^[1]

3,124,337

Multiplied by the fair value per share of Zafgen common stock

^[2]

$ 11.88

Fair value of consideration issued in effect of the Merger

$ 37,119

Transaction costs

1,715

Purchase price:

$ 38,834

Common stock outstanding

37,492,044

[1]	The number of shares of 3,124,337 represents the historical 37,492,044 shares of Zafgen common stock outstanding immediately prior to the closing of the Merger, adjusted for the Reverse Stock Split.
[2]	Based on the last reported sale price of Zafgen common stock on the Nasdaq Global Market on May 28, 2020, the closing date of the Merger, and after giving effect to the Reverse Stock Split.

Merger Accounting - Summary of Allocation of Purchase Price to Net Tangible and Intangible Assets Acquired (Detail) $ in Thousands	May 28, 2020 USD ($)
Business Combinations [Abstract]
Cash and cash equivalents	$ 40,595
Marketable debt securities	1,014
Other current and noncurrent assets	357
Property and equipment, net	398
Restricted cash	1,339
Right-of-use asset	3,806
Current liabilities	(2,685)
Lease liability, net of current portion	(5,990)
Purchase price	$ 38,834

Fair Value Measurements and Marketable Debt Securities - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Marketable debt securities	$ 0

Fair Value Measurements and Marketable Debt Securities - Summary of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 14,905	$ 12,635
Marketable debt securities		24,490
Total cash equivalents and marketable debt securities		37,125
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	6,137	4,229
Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,549	6,499
Marketable debt securities		22,485
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	1,219	1,907
U.S Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities		2,005
Quoted Prices in Active Markets, (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	14,905	4,229
Total cash equivalents and marketable debt securities		4,229
Quoted Prices in Active Markets, (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	6,137	4,229
Quoted Prices in Active Markets, (Level 1) [Member] \| Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,549
Quoted Prices in Active Markets, (Level 1) [Member] \| Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,219
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		8,406
Marketable debt securities		24,490
Total cash equivalents and marketable debt securities		32,896
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		6,499
Marketable debt securities		22,485
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		1,907
Significant Other Observable Inputs (Level 2) [Member] \| U.S Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities		$ 2,005

Fair Value Measurements and Marketable Debt Securities - Summary of Marketable Debt Securities (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 24,489
Gross Unrealized Gains	2
Gross Unrealized Losses	(1)
Fair Value	24,490
U.S Government securities (due within 1 year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,005
Fair Value	2,005
Commercial paper (due within 1 year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	22,484
Gross Unrealized Gains	2
Gross Unrealized Losses	(1)
Fair Value	$ 22,485

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Prepaid research and development expenses	$ 676	$ 4,460
Prepaid insurance	944	571
Payroll tax receivable	208	32
Other prepaid expenses and other assets	279	251
Total prepaid expenses and other current assets	$ 2,107	$ 5,314

Fixed Assets - Schedule of Fixed Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fixed assets, gross	$ 1,645	$ 1,375
Less: Accumulated depreciation	(596)	(335)
Fixed assets, net	1,049	1,040
Computer Equipment [Member]
Fixed assets, gross	$ 66	66
Estimated useful life	5 years
Lab Equipment [Member]
Fixed assets, gross	$ 1,092	849
Estimated useful life	5 years
Furniture and Fixtures [Member]
Fixed assets, gross	$ 456	$ 460
Estimated useful life	7 years
Leasehold Improvements [Member]
Fixed assets, gross	$ 31
Fixed assets, useful life	lease term

Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Depreciation expense	$ 0.2	$ 0.2

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 5,042	$ 3,409
Accrued payroll and related expenses	1,098	1,350
Accrued professional fees		924
Accrued other	452	160
Total accrued expenses	$ 6,592	$ 5,843

Stockholders Equity and Stock Options - Additional Information (Detail) - USD ($)						1 Months Ended		12 Months Ended		17 Months Ended
	Jan. 18, 2022	Jan. 01, 2022	Aug. 14, 2020	May 28, 2020	Apr. 29, 2019	Mar. 23, 2022	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Mar. 23, 2018	Nov. 30, 2016	Dec. 31, 2014
Undesignated preferred stock, shares authorized								5,000,000	5,000,000	5,000,000
Undesignated preferred stock, par value								$ 0.001	$ 0.001	$ 0.001
Undesignated preferred stock, shares issued								0	0	0
Undesignated preferred stock, shares outstanding								0	0	0
Common stock, shares authorized								115,000,000	115,000,000	115,000,000
Common stock, par value								$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued								17,710,450	15,367,730	17,710,450
Common stock, shares outstanding								17,710,450	15,367,730	17,710,450
Dividend paid								$ 0		$ 0
Common stock voting rights								Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
Issuance of warrants								628,403	628,403	628,403
Warrants exercise price								$ 0.01	$ 0.01	$ 0.01
Proceeds from sale of common stock and prefunded warrants, net of issuance costs								$ 19,885,000	$ 75,592,000
Options to purchase shares of common stock granted								626,750
Unrecognized compensation expense								$ 14,600,000		$ 14,600,000
Unrecognized compensation expense recognized period								2 years 7 months 28 days
2016 Equity and Incentive Plan [Member]
Number of options to purchase common unit prior to conversion				202,392
Number of options to purchase common unit post conversion				330,818
Weighted average exercise price post conversion				$ 12.14
Weighted average exercise price prior to conversion				$ 10.36
Increase in fair value				$ 1,200,000
2016 Equity and Incentive Plan [Member] \| Vested Recognized Immediately [Member]
Increase in fair value				700,000
2016 Equity and Incentive Plan [Member] \| Nonvested Recognize Over Remaining Term [Member]
Increase in fair value				500,000
2014 Stock Option and Incentive Plan [Member]
Shares reserved for future issuance													180,685
2020 Equity Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, description								The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, and (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”).
Minimum level of maximum number of shares allowed to be issued								1,700,000
Percentage of outstanding shares								4.00%
2020 Equity Incentive Plan [Member] \| From Prior Plans [Member]
Shares available for grant								56,966		56,966
2020 Equity Incentive Plan [Member] \| Employees and Directors [Member]
Options to purchase shares of common stock granted								626,750
2020 Equity Incentive Plan [Member] \| Employees [Member]
Options to purchase shares of common stock granted								576,950
Vesting period of stock option								4 years
2020 Equity Incentive Plan [Member] \| Director [Member]
Options to purchase shares of common stock granted								49,800
Vesting period of stock option								1 year
2020 Equity Incentive Plan [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage								25.00%
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Employees [Member]
Options to purchase shares of common stock granted	582,750
Vesting period of stock option	4 years
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage	25.00%
Maximum [Member] \| 2016 Equity and Incentive Plan [Member]
Aggregate grant fair value				$ 100,000
Maximum [Member] \| 2020 Equity Incentive Plan [Member] \| Incentive Stock Options [Member]
Maximum number of shares that may be issued under stock option incentive plan								8,000,000		8,000,000
Common Stock [Member]
Issuance of common stock								2,342,720
Common Stock [Member] \| 2020 Equity Incentive Plan [Member]
Shares available for grant								993,419		993,419
Term of plan								10 years
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member]
Increase in shares reserved for future issuance		708,418
Maximum number of shares that may be issued under stock option incentive plan		1,701,837
Common Units [Member] \| 2016 Equity and Incentive Plan [Member]
Increase in shares reserved for future issuance					101,500
Maximum number of shares that may be issued under stock option incentive plan					239,633						138,133	122,133
Private Placement [Member]
Issuance of common stock				6,105,359
Share price per share				$ 11.88
Issuance of warrants				628,403
Warrants price per share				$ 11.87
Gross proceeds				$ 80,000,000.0
Warrants exercise price				$ 0.01
Transaction cost				$ 4,600,000
Proceeds from issuance common stock and warrants net offering costs				$ 75,400,000
Private Placement [Member] \| MTS Health Partners [Member]
Issuance of common stock								35,260
ATM Offering Program [Member] \| Common Stock [Member]
Common stock, shares issued								2,354,244		2,354,244
Issuance of common stock							2,342,720
Sales agreement, description								The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement.
Proceeds from sale of common stock and prefunded warrants, net of issuance costs							$ 19,900,000			$ 20,100,000
ATM Offering Program [Member] \| Common Stock [Member] \| Subsequent Event [Member]
Gross sales proceeds under sales agreement remaining amount						$ 29,200,000
ATM Offering Program [Member] \| Common Stock [Member] \| Maximum [Member]
Aggregate sale of shares of our common stock			$ 50,000,000
ATM Offering Program [Member] \| Piper Sandler & Co [Member] \| Common Stock [Member]
Percentage of compensation for services equal to gross proceeds			3.00%

Stockholders Equity and Stock Options - Assumptions used to Determine Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Risk-free interest rate	0.89%	0.37%
Expected term (in years)	6 years 2 months 8 days	6 years 29 days
Expected volatility	91.00%	91.00%
Dividend yield	0.00%	0.00%

Stockholders Equity and Stock Options - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Number of shares, Outstanding

2,008,902

Number of shares, Granted

626,750

Number of shares, Forfeited/Expired

(112,347)

Number of shares, Outstanding

2,523,305

2,008,902

Number of shares, Exercisable as of December 31, 2021

1,027,858

Number of shares, Vested and expected to vest as of December 31, 2021

2,523,305

Weighted average exercise price, balance

$ 22.31

Weighted average exercise price, Granted

15.56

Weighted average exercise price, Forfeited/Expired

61.80

Weighted average exercise price, balance

18.88

$ 22.31

Weighted average exercise price, Exercisable as of December 31, 2021

26.52

Weighted average exercise price, Vested and expected to vest as of December 31, 2021

$ 18.88

Weighted average remaining contractual term, outstanding

7 years 7 months 6 days

7 years 10 months 24 days

Weighted average remaining contractual term, Exercisable as of December 31, 2021

5 years 10 months 24 days

Weighted average remaining contractual term, Vested and expected to vest as of December 31, 2021

7 years 7 months 6 days

Aggregate intrinsic value, outstanding

^[1]

$ 0.2

Aggregate intrinsic value, Vested and expected to vest as of December 31, 2021

^[1]

$ 0.2

[1]	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2021.

Stockholders Equity and Stock Options - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,473	$ 2,161
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,104	788
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,369	$ 1,373

Commitments and Contingencies - Additional Information (Detail) $ in Thousands							12 Months Ended
	Aug. 09, 2021	Oct. 27, 2020	Aug. 14, 2020	May 28, 2020 USD ($) ft²	Aug. 08, 2019	Nov. 05, 2018	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Other Commitments [Line Items]
Milestone expenses							$ 0	$ 0
Milestone payments due							0	0
Operating lease right-of-use assets							3,406	$ 3,936
Operating lease liability							$ 6,002
Weighted average remaining lease term in years							7 years 7 months 6 days	8 years 7 months 6 days
Weighted average discount rate							11.00%	11.00%
Lease expenses							$ 300	$ 700
Office [Member] \| Pennsylvania [Member]
Other Commitments [Line Items]
Operating lease term					3 years 6 months
Lease extension period					3 years
Operating lease right-of-use assets									$ 400
Operating lease liability									$ 400
Lease term commencement date					Feb. 15, 2020
Office [Member] \| Massachusetts [Member]
Other Commitments [Line Items]
Area of office space \| ft²				17,705
Office [Member] \| Massachusetts [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Restricted cash				$ 1,300
Office Sublease [Member] \| Massachusetts [Member] \| First Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent							800
Office Sublease [Member] \| Massachusetts [Member] \| First Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit							800
Office Sublease [Member] \| Massachusetts [Member] \| Final Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent							1,000
Office Sublease [Member] \| Massachusetts [Member] \| Sixth Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit							$ 400
Office Sublease [Member] \| Massachusetts [Member]
Other Commitments [Line Items]
Lease term commencement date		Dec. 04, 2020
Lease term expiration date		Oct. 30, 2029
Office and Lab [Member] \| Pennsylvania [Member]
Other Commitments [Line Items]
Lease extension period						2 years
Lease term commencement date						Jan. 01, 2019
Lease term expiration date	Dec. 31, 2022		Dec. 31, 2021			Dec. 31, 2020
WFUHS [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage							60.00%
WFUHS [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments							$ 2,600
IU [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage							20.00%
IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments							$ 2,600
Annual royalty pay obligation							$ 100

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities Due Under Lease Agreements (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 1,197
2023	1,146
2024	1,065
2025	1,083
2026	1,101
Thereafter	3,213
Total lease payments	8,805
Less: imputed interest	(2,803)
Present value of lease liabilities	$ 6,002

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes Disclosure [Line Items]
Income tax benefit	$ 0	$ 0
Operating loss carryforwards, minimum percentage of taxable income in tax period	80.00%
Net capitalized R&D deferred tax assets	$ 65,781,000	73,014,000
Net deferred tax assets before the valuation allowance	124,000,000.0	115,300,000
Unrecognized tax benefits	0	$ 0
Zafgen [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	33,500,000
Net capitalized R&D deferred tax assets	$ 73,000,000.0
Net capitalized R&D deferred tax assets realization description	is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025
Net operating loss carryforwards, change in ownership, annual utilization limit	$ 35,000
Earliest Tax Year [Member]
Income Taxes Disclosure [Line Items]
Open tax year	2016
Domestic Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 158,800,000
Net operating loss carryforwards, beginning of expiration period	2026
Domestic Tax Authority [Member] \| No Expiration [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 120,000,000.0
Operating loss carryforwards, description	carryforwards are limited to 80% of the taxable income in any one tax period.
Foreign Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 1,200,000
State and Local Jurisdiction [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 131,300,000
Net operating loss carryforwards, beginning of expiration period	2030
Federal and State [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward	$ 12,900,000
Research and development tax credit carry forwards, beginning of expiration period	2039

Income Taxes - Schedule of Domestic and Foreign Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (50,617)	$ (42,608)
Foreign	(19)	126
Loss before income taxes	$ (50,636)	$ (42,482)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

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

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	3.40%	7.80%
Change in state tax rate	(14.50%)
Federal and state research and development tax credit	7.90%	13.50%
Nondeductible permanent differences	(0.60%)	(0.20%)
Change in deferred tax asset valuation allowance	(17.20%)	(42.10%)
Effective income tax rate	0.00%	0.00%

Income Taxes - Schedule of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Capitalized R&D Expenses	$ 65,781	$ 73,014
Stock Based Compensation	1,458	490
Net operating Loss Carryforwards	43,219	32,081
Tax credit carryforwards	12,912	8,904
Other Temporary Differences	24	50
Fixed Assets & Intangibles	44	75
Operating Lease Liability	1,477	1,786
Total deferred tax assets	124,915	116,400
Deferred tax liabilities:
Operating Right of Use Asset	(899)	(1,081)
Total deferred tax liabilities	(899)	(1,081)
Less: Valuation allowance	(124,016)	(115,319)	$ (11,735)
Net deferred tax assets / (liabilities)	$ 0	$ 0

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes Disclosure [Line Items]
Valuation allowance as of the beginning of the year	$ 115,319	$ 11,735
Increases recorded to income tax provision	8,697	17,895
Valuation Allowance at end of Year	$ 124,016	115,319
Zafgen [Member]
Income Taxes Disclosure [Line Items]
Increases acquired as a result of the Merger with Zafgen		$ 85,689

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands				1 Months Ended		12 Months Ended
	Jan. 16, 2020	Nov. 21, 2019	Nov. 30, 2016	Nov. 30, 2020	Nov. 30, 2016	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Research and development expense						$ 38,396	$ 31,407
Capital contributions from related party							17,995
Laboratory Equipment [Member]
Related Party Transaction [Line Items]
Purchased of equipment						100	500
Holdings [Member] \| Series A Preferred Unit Purchase Agreement [Member]
Related Party Transaction [Line Items]
Gross proceeds from sale of equity					$ 35,600
Capital contributions from related party					35,600
Holdings [Member] \| Series B Bridge Unit Purchase Agreement [Member]
Related Party Transaction [Line Items]
Capital contributions from related party		$ 10,000
Holdings [Member] \| Series B Bridge Unit Purchase Agreement [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Gross proceeds from sale of equity		$ 10,000
Holdings [Member] \| Second Series B Bridge Unit Purchase Agreement [Member]
Related Party Transaction [Line Items]
Capital contributions from related party	$ 11,400
Holdings [Member] \| Second Series B Bridge Unit Purchase Agreement [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Gross proceeds from sale of equity	$ 15,000
Holdings [Member] \| Series A and Series B [Member]
Related Party Transaction [Line Items]
Capital contributions from related party							18,000
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Amount to be paid for consulting services					$ 100
Research and development expense						$ 100	$ 100
Period of agreement			4 years
Extented period of agreement				1 month
Agreement expiration date				Dec. 31, 2020
Consulting Agreement [Member] \| Holdings [Member]
Related Party Transaction [Line Items]
Restricted common units granted					123,853
Award vesting			30.00%
Consulting Agreement [Member] \| Future Services [Member] \| Vests Over Forty Eight Months [Member]
Related Party Transaction [Line Items]
Award vesting			70.00%
Consulting Agreement [Member] \| Future Services [Member] \| Remaining Restricted Common Units [Member]
Related Party Transaction [Line Items]
Vesting period of stock option			48 months
New Consulting Agreement [Member]
Related Party Transaction [Line Items]
Period of agreement						4 years