7Baggers

Disc Medicine Inc.
(NASDAQ:IRON) 

IRON stock logo

Disc Medicine, Inc., a clinical-stage biotechnology company, engages in discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. The company is headquartered in Watertown, Massachusetts.

Founded: 2017
CEO: John Quisel  
Sector: Healthcare
Industry: Biotechnology
SPACBiotechnology
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-09-30 
                          
      operating expenses:
    		                      
      research and development
    		45,904,000 46,224,000 50,334,000 46,319,000 27,763,000 24,797,000 24,685,000 23,485,000 23,704,000 22,565,000 14,419,000 12,100,000 20,180,000 20,615,000 438,000 2,580,000 9,804,000 12,634,000 13,455,000 10,842,000 11,786,000  
      selling, general and administrative
    		23,620,000 20,746,000 17,362,000 15,091,000 12,183,000                  
      total operating expenses
    		69,524,000 66,970,000 67,696,000 61,410,000 39,946,000 34,550,000 32,856,000 30,852,000 31,462,000 29,714,000 18,958,000 17,328,000 25,125,000 21,327,000 3,737,000 7,234,000 15,177,000 17,742,000 18,450,000 16,320,000 16,490,000  
      income from operations
    		-69,524,000 -66,970,000 -67,696,000 -61,410,000 -39,946,000 -34,550,000 -32,856,000 -30,852,000 -31,462,000 -29,714,000 -18,958,000 -17,328,000 -25,125,000 -21,327,000 -3,737,000 -7,234,000 -15,177,000 -17,742,000 -18,450,000 -16,320,000 -16,490,000 -500,900 
      yoy
    		74.04% 93.84% 106.04% 99.05% 26.97% 16.28% 73.31% 78.05% 25.22% 39.33% 407.31% 139.54% 65.55% 20.21% -79.75% -55.67% -7.96% 3442.02%     
      qoq
    		3.81% -1.07% 10.24% 53.73% 15.62% 5.16% 6.50% -1.94% 5.88% 56.74% 9.41% -31.03% 17.81% 470.70% -48.34% -52.34% -14.46% -3.84% 13.05% -1.03% 3192.07%  
      other income, net:
    		                      
      interest income
    		6,893,000 7,412,000 6,412,000 7,057,000 6,880,000 5,838,000 6,362,000 4,573,000 4,519,000 4,677,000 4,843,000 2,910,000 2,367,000 52,000 499,000 149,000 9,000 4,000 5,000 5,000 1,000  
      interest expense
    		-844,000 -883,000 -917,000 -910,000 -897,000         -38,750 -41,000 -48,000 -66,000 -85,000 -104,000 -121,000 -1,848,000  
      other income
    		22,000 -2,000 -18,000 68,000  -1,250 9,000       12,000 2,000 43,000 3,000      
      total other income
    		6,071,000 6,527,000 5,477,000 6,215,000 5,980,000 5,269,000 6,371,000 4,560,000 4,518,000 6,167,000 4,856,000 1,405,000 2,367,000          
      income before income taxes
    		-63,453,000 -60,443,000 -62,219,000 -55,195,000 -33,966,000 -29,281,000 -26,485,000 -26,292,000 -26,944,000 -23,547,000 -14,102,000 -15,923,000 -22,758,000          
      income tax expense
    		-51,000 -88,000 -102,000 -52,000 -119,000 -176,000 -114,000 -60,000 -5,000 -32,000 -20,000 -24,000 -23,000          
      net income
    		-63,504,000 -60,531,000 -62,321,000 -55,247,000 -34,085,000 -29,457,000 -26,599,000 -26,352,000              -499,411 
      yoy
    		86.31% 105.49% 134.30% 109.65%                   
      qoq
    		4.91% -2.87% 12.80% 62.09% 15.71% 10.74% 0.94%                
      net income per share
    		-1.65 -1.62 -1.77 -1.58 -1.02 -0.98 -0.89 -1.03 -1.09 -0.97 -0.58 -0.74 -1.2 -44.46 -0.08 -0.16 -0.35 -0.41 -0.43 -0.38 -0.59  
      weighted-average common shares outstanding, basic and diluted
    		38,491,433 35,295,663 35,178,691 35,024,592 33,324,745 27,606,022         43,264,616 43,230,523 43,212,803 40,362,303 43,091,822 43,041,856 32,027,161  
      comprehensive loss:
    		                      
      other comprehensive income:
    		                      
      foreign currency translation adjustments
    		-10   -15 14 15 -48 6               
      unrealized gain on marketable securities
    		-1,526 247 445  232 -467 849                
      total other comprehensive income
    		-1,536 247 445  246 -452 801                
      comprehensive loss
    		-65,040 -60,284 -61,876 -55,509 -33,839 -29,909 -25,798 -26,412               
      unrealized loss on marketable securities
    		   -247    -66               
      total other comprehensive loss
    		   -262    -60               
      other expense
    		    -3,000   -13,000 -1,000 -10,000 13,000 -5,000       -2,000 -11,000   
      general and administrative
    		     5,824,000 8,171,000 7,367,000 7,758,000 7,149,000 4,539,000 5,228,000 4,945,000 712,000 3,299,000 4,654,000 5,373,000 5,108,000 4,995,000 5,478,000 4,704,000  
      change in fair value of contingent value right liability
    		         -375,000  -1,500,000           
      net loss attributable to common stockholders-basic and diluted
    		     -19,975,000 -26,599,000 -26,352,000 -26,949,000 -23,579,000 -14,122,000 -15,947,000 -22,781,000          
      weighted-average common shares outstanding-basic and diluted
    		      29,935,551,000 25,649,043,000 24,809,869,000 22,315,877,000 24,316,817,000 21,484,955,000 18,954,914,000 1,039,490,000         
      other comprehensive loss:
    		                      
      net loss and comprehensive loss
    		        -26,949,000 -23,579,000 -14,122,000 -15,947,000 -22,781,000 -21,229,000 -3,277,000 -7,090,000 -15,231,000 -17,823,000 -18,551,000 -16,447,000 -19,048,000  
      change in fair value of derivative liability
    		                      
      other income:
    		                      
      loss on conversion of convertible notes
    		                    -711,000  
      change in fair value of warrant liability
    		                      
      net loss attributable to common stockholders
    		                   -16,447,000 -19,048,000  
      general and administrative expenses
    		                     450,986 
      franchise tax expense
    		                     49,914 
      interest earned on cash equivalents held in trust account
    		                     1,489 
      loss before income tax expense
    		                     -499,411 
      income tax benefit
    		                      
      weighted-average shares outstanding of class a common stock
    		                     12,516,500 
      basic and diluted net income per share, class a
    		                      
      weighted-average shares outstanding of class b common stock
    		                     3,018,750 
      basic and diluted net loss per share, class b
    		                     -0.17 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                           
        assets
      		                     
        current assets:
      		                     
        cash and cash equivalents
      		88,913,000 91,145,000 140,664,000 127,337,000 122,675,000 192,434,000 192,638,000 280,663,000 342,615,000 360,382,000 370,541,000 377,602,000 236,422,000 194,611,000 101,737,000 108,659,000 119,064,000 136,627,000 150,069,000 167,477,000 184,986,000 
        marketable securities
      		641,245,000 700,007,000 475,256,000 522,636,000 571,987,000 297,447,000 294,725,000 220,282,000              
        prepaid expenses and other current assets
      		17,297,000 12,746,000 11,248,000 11,619,000 10,938,000 3,734,000 5,789,000 7,296,000 9,333,000 5,280,000 3,722,000 4,131,000 5,716,000 3,880,000 2,927,000 4,470,000 4,681,000 3,250,000 4,731,000 3,834,000 3,619,000 
        total current assets
      		747,455,000 803,898,000 627,168,000 661,592,000 705,600,000 493,615,000 493,152,000 508,241,000 351,948,000 365,662,000 374,263,000 381,733,000 242,138,000 198,491,000 104,664,000 113,129,000 124,068,000 140,100,000 154,800,000 171,311,000 188,605,000 
        property and equipment
      		1,070,000 1,159,000 1,228,000 1,289,000 1,370,000 751,000 79,000 98,000 211,000 170,000 183,000 159,000 180,000 168,000     180,000 229,000 229,000 
        right-of-use assets, operating leases
      		967,000 1,096,000 1,220,000 1,340,000 1,457,000 1,569,000 1,678,000 1,642,000 1,788,000 1,930,000 1,935,000 2,166,000 1,346,000 1,430,000        
        other assets
      		721,000 726,000 840,000 840,000 839,000 838,000 236,000 236,000 235,000 234,000 116,000 116,000 116,000 116,000 1,367,000 204,000 217,000 237,000 232,000 559,000 225,000 
        total assets
      		750,213,000 806,879,000 630,456,000 665,061,000 709,266,000 496,773,000 495,145,000 510,217,000 354,182,000 367,996,000 376,497,000 384,174,000 243,780,000 200,205,000 106,031,000 113,333,000 124,285,000 140,437,000 155,535,000 172,422,000 189,382,000 
        liabilities and stockholders’ equity
      		                     
        current liabilities:
      		                     
        accounts payable
      		11,759,000 9,018,000 7,268,000 6,350,000 6,703,000 7,948,000 3,553,000 4,749,000 5,269,000 12,629,000 8,496,000 5,214,000 5,642,000 16,162,000 1,139,000 1,618,000 5,110,000 2,950,000 939,000 1,492,000 3,562,000 
        accrued external research and development expenses
      		12,137,000 11,451,000 7,705,000 7,463,000 7,421,000 7,141,000 16,332,000 10,351,000              
        other accrued expenses
      		6,827,000 15,561,000 11,115,000 6,161,000 4,138,000 8,097,000 5,512,000 4,451,000              
        operating lease liabilities, current
      		419,000 611,000 656,000 632,000 479,000 130,000 76,000 759,000 767,000 665,000 353,000 321,000 313,000 307,000        
        total current liabilities
      		31,142,000 36,641,000 26,744,000 20,606,000 18,741,000 23,316,000 25,473,000 20,310,000 14,852,000 21,439,000 14,416,000 9,683,000 9,980,000 22,578,000 1,464,000 6,436,000 12,674,000 14,834,000 12,661,000 11,505,000 13,776,000 
        long-term debt
      		29,365,000 29,159,000 28,948,000 28,737,000 28,529,000 28,322,000                
        operating lease liabilities, non-current
      		1,277,000 1,253,000 1,373,000 1,553,000 1,634,000 1,548,000 1,712,000 1,078,000 1,259,000 1,436,000 1,607,000 1,772,000 945,000 1,027,000        
        total liabilities
      		61,784,000 67,053,000 57,065,000 50,896,000 48,904,000 53,186,000 27,185,000 21,388,000 16,111,000 22,875,000 17,523,000 12,955,000 10,925,000 23,605,000 1,464,000 6,436,000 12,674,000 15,596,000 14,674,000 14,740,000 18,221,000 
        commitments and contingencies
      		                     
        stockholders’ equity:
      		                     
        preferred stock, 0.0001 par value...
      		                     
        common stock, 0.0001 par value...
      		4,000 4,000 4,000 3,000 3,000 3,000 3,000 3,000 2,000 2,000 2,000 2,000 2,000 2,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 
        additional paid-in capital
      		1,262,686,000 1,249,043,000 1,022,324,000 1,001,223,000 991,911,000 741,297,000 735,761,000 730,832,000 553,663,000 533,764,000 524,038,000 522,161,000 367,850,000 288,814,000 314,851,000 313,904,000 311,528,000 309,527,000 307,724,000 305,994,000 303,026,000 
        accumulated other comprehensive income
      		-571,000 965,000 718,000 273,000 535,000 289,000 741,000               
        accumulated deficit
      		-573,690,000 -510,186,000 -449,655,000 -387,334,000 -332,087,000 -298,002,000 -268,545,000 -241,946,000 -215,594,000 -188,645,000 -165,066,000 -150,944,000 -134,997,000 -112,216,000 -210,288,000 -207,011,000 -199,921,000 -184,690,000 -166,867,000 -148,316,000 -131,869,000 
        total stockholders’ equity
      		688,429,000 739,826,000 573,391,000 614,165,000 660,362,000 443,587,000 467,960,000 488,829,000 338,071,000 345,121,000 358,974,000 371,219,000 232,855,000 176,600,000    124,841,000    
        total liabilities and stockholders’ equity
      		750,213,000 806,879,000 630,456,000 665,061,000 709,266,000 496,773,000 495,145,000 510,217,000 354,182,000 367,996,000 376,497,000 384,174,000 243,780,000     140,437,000    
        accumulated other comprehensive loss
      		       -60,000              
        accrued expenses
      		        8,816,000 8,145,000 5,567,000 4,148,000 4,025,000 6,109,000        
        contingent value right liability
      		          1,500,000 1,500,000          
        liabilities, convertible preferred stock and stockholders’ equity
      		                     
        derivative liability
      		                     
        series seed convertible preferred stock, 0.0001 par value...
      		                     
        series a convertible preferred stock, 0.0001 par value...
      		                     
        series b convertible preferred stock, 0.0001 par value...
      		                     
        stockholders’ equity
      		                     
        total liabilities, convertible preferred stock and stockholders’ equity
      		             200,205,000        
        restricted cash, current
      		                323,000 223,000    
        restricted cash, non-current
      		                 100,000    
        liabilities and stockholders' equity
      		                     
        accrued expenses and other current liabilities
      		              325,000 1,905,000 3,405,000 6,884,000 6,722,000 5,013,000 5,214,000 
        term loan, current portion
      		               2,913,000 4,159,000 5,000,000 5,000,000 5,000,000 5,000,000 
        other liabilities
      		                 358,000 366,000 346,000 316,000 
        term loan, net of current portion and discount
      		                 404,000 1,647,000 2,889,000 4,129,000 
        stockholders' equity:
      		                     
        total stockholders' equity
      		              104,567,000 106,897,000 111,611,000  140,861,000 157,682,000 171,161,000 
        total liabilities and stockholders' equity
      		              106,031,000 113,333,000 124,285,000  155,535,000 172,422,000 189,382,000 
        deferred offering costs
      		                     
        convertible notes
      		                     
        warrant liability
      		                     
        stockholders' equity
      		                     
        restricted cash
      		                  323,000 323,000 323,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                             
          cash flows from operating activities
        		                     
          net loss
        		-63,504,000 -60,531,000 -62,321,000 -55,247,000 -34,085,000 -29,457,000 -26,599,000 -26,352,000 -26,949,000 -23,579,000 -14,122,000 -15,947,000 -22,781,000 -21,229,000    -17,823,000    
          adjustments to reconcile net loss to net cash from operations:
        		                     
          depreciation and amortization
        		89,000 89,000 87,000 85,000 20,000 9,000 11,000 110,000 26,000 25,000 25,000 25,000 25,000         
          stock-based compensation
        		11,946,000 10,043,000 9,514,000 8,420,000 6,363,000 4,334,000 4,332,000 4,091,000 4,058,000 1,927,000 1,270,000 1,309,000 1,024,000         
          amortization/accretion of investment securities
        		-1,069,000 -1,632,000 -1,739,000 -2,621,000 -2,527,000 -2,212,000                
          non-cash lease expense
        		129,000 124,000 120,000 117,000 112,000                 
          non-cash interest expense
        		206,000 211,000 211,000 208,000 207,000          5,000 13,000 36,000 26,000 32,000 37,000 188,000 
          other non-cash items
        		-12,000    15,000 15,000 -48,000               
          changes in operating assets and liabilities:
        		                     
          prepaid expenses and other current assets
        		-4,546,000 -1,382,000 371,000 -681,000 -7,230,000 2,080,000 1,107,000 2,496,000 -4,112,000 -1,507,000 213,000 1,036,000 -908,000 29,000 1,542,000 211,000 -1,430,000 1,562,000 -826,000 -215,000 -3,057,000 
          accounts payable
        		2,741,000 1,750,000 918,000 -321,000 -1,277,000 4,395,000 -1,047,000 -669,000 -7,360,000 3,969,000 3,766,000 -726,000 -10,750,000 2,337,000 -478,000 -3,492,000 2,159,000 2,021,000 -501,000 -2,131,000 2,173,000 
          accrued external research and development expenses
        		686,000 3,746,000 242,000 42,000 280,000 -9,191,000 5,981,000               
          other accrued expenses
        		-8,734,000 4,446,000 4,954,000 1,171,000 -3,689,000 2,328,000 1,483,000               
          operating lease liabilities
        		-168,000 -165,000 -156,000 72,000 435,000 -110,000 -121,000 -189,000 -75,000 34,000 52,000 -64,000 -76,000         
          net cash from operating activities
        		-62,236,000 -43,300,000 -47,799,000 -47,918,000 -41,376,000 -27,573,000 -17,361,000 -15,393,000 -33,599,000 -17,796,000 -7,476,000 -12,724,000 -35,466,000 -12,405,000 -4,011,000 -9,498,000 -16,338,000 -12,668,000 -16,097,000 -15,928,000 -15,007,000 
          capital expenditures
        		 -20,000 -26,000 -36,000 -851,000 -449,000 8,000 3,000  6,000 -45,000 -12,000 -21,000 0 0 0 0 -10,000 0 0 0 
          free cash flows
        		 -43,320,000 -47,825,000 -47,954,000 -42,227,000 -28,022,000 -17,353,000 -15,390,000  -17,790,000 -7,521,000 -12,736,000 -35,487,000 -12,405,000 -4,011,000 -9,498,000 -16,338,000 -12,678,000 -16,097,000 -15,928,000 -15,007,000 
          cash flows from investing activities
        		                     
          purchases of marketable securities
        		-93,762,000 -358,273,000 -85,436,000 -58,626,000 -347,250,000 -72,777,000 -94,098,000               
          maturities of marketable securities
        		152,069,000 135,400,000 135,000,000 110,351,000 75,468,000 71,800,000                
          purchases of property and equipment
        		 -20,000 -26,000 -36,000 -851,000 -449,000 8,000 3,000 -67,000 -3,000 -45,000 -12,000 -29,000         
          net cash from investing activities
        		58,307,000 -222,893,000 49,538,000 51,689,000 -272,633,000 -1,426,000 -71,090,000 -219,749,000 -67,000 -3,000 -45,000 -12,000 -29,000     405,000    
          cash flows from financing activities
        		                     
          proceeds from sale of common stock in underwritten offering, net of issuance costs paid
        		  0 0 234,003,000                 
          proceeds from sale of pre-funded warrants in underwritten offering, net of issuance costs paid
        		  0 0 9,386,000                 
          proceeds from stock option exercises
        		1,010,000 5,643,000 1,531,000 892,000 575,000 1,202,000 401,000 567,000 806,000 806,000 618,000 1,076,000 222,000         
          contributions from employee stock purchase plan
        		687,000 0 291,000 0 287,000 0 196,000 0 245,000             
          net cash from financing activities
        		1,697,000 216,676,000 11,588,000 892,000 244,251,000 28,797,000 426,000 173,191,000 15,900,000 7,758,000 460,000 153,855,000 77,306,000 154,344,000 -2,911,000 -1,230,000 -1,225,000 -1,179,000 -1,250,000 -1,581,000 195,490,000 
          net decrease in cash, cash equivalents and restricted cash
        		-2,232,000  13,327,000 4,663,000 -69,758,000                 
          cash, cash equivalents and restricted cash, beginning of period
        		91,387,000 0 0 0 192,672,000 0 0 0 360,616,000 0 0 0 194,788,000         
          cash, cash equivalents and restricted cash, end of period
        		89,155,000 -49,517,000 13,327,000 4,663,000 122,914,000 -202,000 -88,025,000 -61,951,000 342,850,000 -10,041,000 -7,061,000 141,119,000 236,599,000         
          loss from initial consolidation of variable interest entity
        		 0 0                   
          proceeds from sale of common stock in underwritten offerings, net of issuance costs paid
        		                     
          proceeds from sale of pre-funded warrants in underwritten offerings, net of issuance costs paid
        		                     
          proceeds from sale of common stock in at-the-market offerings, net of issuance costs paid
        		 0    0 0 -59,000 14,849,000    14,605,000         
          proceeds from issuance of long-term debt, net of issuance costs paid
        		                     
          payment of debt issuance costs
        		                     
          net increase in cash, cash equivalents and restricted cash
        		     -202,000 -88,025,000 -61,951,000 -17,766,000 -10,041,000 -7,061,000 141,119,000 41,811,000         
          proceeds from sale of common stock in offerings, net of issuance costs paid
        		     0 -171,000   6,952,000 -100,000           
          proceeds from sale of pre-funded warrants in offerings, net of issuance costs paid
        		         0 -58,000           
          change in fair value of contingent value right liability
        		          0           
          noncash lease expense
        		      36,000 146,000 142,000 110,000 46,000 50,000 84,000         
          supplemental cash flow information
        		                     
          cash paid for income taxes
        		      4,000   34,000            
          supplemental disclosure of non-cash activities
        		                     
          right-of-use assets obtained in exchange for new operating lease liabilities
        		         0 0           
          net increase in right-of-use assets related to lease modifications and reassessment events
        		                     
          net increase in operating lease liabilities related to lease modifications and reassessment events
        		                     
          deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in accounts payable and accrued expenses
        		         10,000 -343,000           
          amortization/ accretion of investment securities
        		                     
          cash flow from investing activities
        		                     
          cash flow from financing activities
        		                     
          net decrease in right-of-use assets related to lease modifications and reassessment events
        		                     
          net decrease in operating lease liabilities due to lease modifications and reassessment events
        		                     
          receivable related to deferred issuance costs on sale of common stock and pre-funded warrants in offerings included in other current assets
        		                     
          accrued expenses
        		        671,000 2,725,000 1,274,000 93,000 -2,084,000         
          purchases of property and equipment included in accounts payable and accrued expenses
        		         9,000   8,000         
          receivable for proceeds from stock option exercises included in other current assets
        		            845,000         
          change in fair value of derivative liability
        		                     
          other assets
        		             25,000 6,000 13,000 20,000 -5,000 327,000 -334,000 -225,000 
          proceeds from the issuance of common stock in pre-closing financing
        		                     
          cash acquired in connection with the reverse recapitalization
        		                     
          payment of reverse recapitalization transaction costs
        		                     
          settlement of derivative liability upon issuance of common stock to roche
        		                     
          decrease in right-of-use assets related to lease modifications
        		                     
          decrease in operating lease liabilities due to lease modifications
        		                     
          decrease in right-of-use assets related to lease modification
        		                     
          decrease in operating lease liabilities due to lease modification
        		                     
          proceeds from sale of common stock in registered direct offering, net of issuance costs paid
        		            34,217,000         
          proceeds from sale of pre-funded warrants in registered direct offering, net of issuance costs paid
        		            28,262,000         
          deferred issuance costs on sale of common stock in registered direct offering included in accounts payable and accrued expenses
        		            69,000         
          deferred issuance costs on sale of pre-funded warrants in registered direct offering included in accounts payable and accrued expenses
        		            56,000         
          deferred issuance costs on sale of common stock in at-the-market offerings included in accounts payable and accrued expenses
        		            97,000         
          deferred issuance costs on equity financing included in accounts payable and accrued expenses
        		                     
          noncash license expense
        		                     
          proceeds from issuance of convertible preferred stock, net of issuance costs
        		                     
          deferred issuance costs on series b convertible preferred stock in accounts payable and accruals
        		                     
          deferred offering costs included in accounts payable and accruals at end of period
        		                     
          cash flows from operating activities:
        		                     
          adjustments to reconcile net loss to net cash from operating activities:
        		                     
          depreciation expense
        		                 46,000 58,000 62,000 65,000 
          stock-based compensation expense
        		              941,000 2,356,000 1,976,000 1,673,000 1,659,000 2,862,000 1,593,000 
          loss on conversion of convertible notes
        		                 0 0 0 711,000 
          accretion of discount on convertible notes
        		                 0 0 0 1,600,000 
          deferred offering or transaction costs
        		                     
          accrued expenses and other current liabilities
        		              -1,581,000 -1,509,000 -3,868,000 135,000 1,705,000 238,000 -348,000 
          cash flows from investing activities:
        		                     
          purchase of property and equipment
        		                 -10,000    
          cash flows from financing activities:
        		                     
          proceeds from business combination
        		                 0 0 -437,000 196,319,000 
          proceeds from exercise of stock options
        		              6,000 9,000 25,000 71,000 0 106,000 4,000 
          proceeds from sale of stock under employee stock purchase plan
        		              0       
          principal payments on term loan
        		              -2,917,000 -1,250,000 -1,250,000 -1,250,000 -1,250,000 -1,250,000 -833,000 
          increase in cash, cash equivalents and restricted cash
        		              -6,922,000 -10,728,000 -17,563,000 -13,442,000 -17,408,000 -17,509,000 180,483,000 
          cash, cash equivalents and restricted cash at beginning of period
        		              0 0 136,950,000  0 0 4,826,000 
          cash, cash equivalents and restricted cash at end of period
        		              -6,922,000 -10,728,000 119,387,000  -17,408,000 -17,509,000 185,309,000 
          supplemental disclosure
        		                     
          cash paid for interest
        		              35,000 36,000 47,000 59,000 104,000 84,000 60,000 
          noncash financing activities
        		                     
          proceeds from exercise of stock options included in other current assets
        		                 60,000    
          conversion of convertible notes to series b preferred stock
        		                 0 0 0 14,515,000 
          exercise of warrants
        		                 0 0 0 76,000 
          property and equipment purchases included in accounts payable and accrued expenses
        		                  -52,000   
          net income
        		               -7,090,000 -15,231,000   -16,447,000 -19,048,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                     
          deferred offering costs
        		                 0 0 0 1,341,000 
          cash - fsdc trust account and cash
        		               0 121,782,000   0 121,782,000 
          cash - pipe financing
        		               0 95,060,000   0 95,060,000 
          less: equity issuance costs and other costs paid
        		               0 -20,960,000     
          net proceeds from the business combination
        		               0 195,882,000   0 195,882,000 
          unpaid issuance costs in accounts payable and accrued expenses and other current liabilities
        		                    437,000 
          gain on the sale of property and equipment
        		                     
          change in fair value of warrant liability
        		                     
          proceeds from the sale of property and equipment
        		                     
          proceeds from sale of series b convertible preferred stock
        		                     
          proceeds from convertible notes
        		                     
          cash, cash equivalents and restricted cash at beginning of year
        		                     
          cash, cash equivalents and restricted cash at end of year
        		                     
          noncash investing and financing activities
        		                     
          proceeds from the sale of property and equipment included in other current assets
        		                     
          discount on convertible notes
        		                     
          deferred offering costs included in accounts payable and accrued expenses and other current liabilities
        		                     
          less: equity issuance costs and other costs paid prior to june 30, 2021
        		                     
          less: underwriting fees and other issuance costs paid prior to march 31, 2021
        		                    -20,523,000 
          proceeds from business combination, net of issuance costs paid per the cash flows from financing activities
        		                    196,319,000 
          less: other issuance costs included in accounts payable and accrued expenses and other current liabilities
        		                    -437,000