0001564590-22-029155 | 10-Q | XBRL Viewer | Taysha Gene Therapies INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 11, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	TSHA
Entity Registrant Name	Taysha Gene Therapies, Inc.
Entity Central Index Key	0001806310
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-39536
Entity Tax Identification Number	84-3199512
Entity Address, Address Line One	3000 Pegasus Park Drive
Entity Address, Address Line Two	Ste 1430
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75247
City Area Code	214
Local Phone Number	612-0000
Entity Common Stock, Shares Outstanding		41,093,159
Title of 12(b) Security	Common stock, par value $0.00001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 66,239	$ 149,103
Prepaid expenses and other current assets	10,596	10,499
Total current assets	76,835	159,602
Restricted cash	2,637	2,637
Deferred lease asset	643	667
Property, plant and equipment, net	61,011	50,610
Other non-current assets	1,206	440
Total assets	142,332	213,956
Current liabilities
Accounts payable	23,967	21,763
Accrued expenses and other current liabilities	18,986	29,983
Total current liabilities	42,953	51,746
Build-to-suit lease liability	25,609	25,900
Term loan, net	37,580	37,192
Other non-current liabilities	3,480	3,735
Total liabilities	109,622	118,573
Commitments and contingencies - Note 9
Stockholders' equity
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2022 and December 31, 2021
Common stock, $0.00001 par value per share; 200,000,000 shares authorized and 41,020,086 and 38,473,945 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	1
Additional paid-in capital	352,342	331,032
Accumulated deficit	(319,633)	(235,649)
Total stockholders’ equity	32,710	95,383
Total liabilities and stockholders' equity	$ 142,332	$ 213,956

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.00001	$ 0.00001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	41,020,086	38,473,945
Common stock, shares outstanding	41,020,086	38,473,945

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 23,118	$ 30,643	$ 60,917	$ 54,497
General and administrative	9,867	10,129	21,336	18,365
Total operating expenses	32,985	40,772	82,253	72,862
Loss from operations	(32,985)	(40,772)	(82,253)	(72,862)
Other income (expense):
Interest income	27	40	41	106
Interest expense	(912)	(194)	(1,761)	(194)
Other expense	(3)		(11)
Total other expense, net	(888)	(154)	(1,731)	(88)
Net loss	$ (33,873)	$ (40,926)	$ (83,984)	$ (72,950)
Net loss per common share, basic	$ (0.84)	$ (1.09)	$ (2.14)	$ (1.96)
Net loss per common share, diluted	$ (0.84)	$ (1.09)	$ (2.14)	$ (1.96)
Weighted average common shares outstanding, basic	40,142,403	37,479,164	39,163,996	37,237,115
Weighted average common shares outstanding, diluted	40,142,403	37,479,164	39,163,996	37,237,115

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2020	$ 251,302		$ 312,428	$ (61,126)
Balance, shares at Dec. 31, 2020		37,761,435
Stock-based compensation	8,143		8,143
Issuance of common stock upon vesting and settlement of restricted stock units		629,730
Net loss	(72,950)			(72,950)
Balance at Jun. 30, 2021	186,495		320,571	(134,076)
Balance, shares at Jun. 30, 2021		38,391,165
Balance at Mar. 31, 2021	222,872		316,022	(93,150)
Balance, shares at Mar. 31, 2021		37,761,435
Stock-based compensation	4,549		4,549
Issuance of common stock upon vesting and settlement of restricted stock units		629,730
Net loss	(40,926)			(40,926)
Balance at Jun. 30, 2021	186,495		320,571	(134,076)
Balance, shares at Jun. 30, 2021		38,391,165
Balance at Dec. 31, 2021	$ 95,383		331,032	(235,649)
Balance, shares at Dec. 31, 2021	38,473,945	38,473,945
Stock-based compensation	$ 9,702		9,702
Issuance of common stock, net of sales commissions and other offering costs	11,609	$ 1	11,608
Issuance of common stock, net of sales commissions and other offering costs, shares		2,000,000
Issuance of common stock upon vesting and settlement of restricted stock units		546,141
Net loss	(83,984)			(83,984)
Balance at Jun. 30, 2022	$ 32,710	$ 1	352,342	(319,633)
Balance, shares at Jun. 30, 2022	41,020,086	41,020,086
Balance at Mar. 31, 2022	$ 50,725		336,485	(285,760)
Balance, shares at Mar. 31, 2022		38,473,945
Stock-based compensation	4,249		4,249
Issuance of common stock, net of sales commissions and other offering costs	11,609	$ 1	11,608
Issuance of common stock, net of sales commissions and other offering costs, shares		2,000,000
Issuance of common stock upon vesting and settlement of restricted stock units		546,141
Net loss	(33,873)			(33,873)
Balance at Jun. 30, 2022	$ 32,710	$ 1	$ 352,342	$ (319,633)
Balance, shares at Jun. 30, 2022	41,020,086	41,020,086

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement Of Stockholders Equity [Abstract]
Payment of sales commissions and other offering costs	$ 392	$ 392

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (83,984)	$ (72,950)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	531	117
Research and development license expense	1,250	5,500
Stock-based compensation	9,470	8,143
Other	387	194
Changes in operating assets and liabilities:
Prepaid expenses and other assets	80	(3,282)
Accounts payable	6,212	2,382
Accrued expenses and other liabilities	(7,958)	15,053
Due to related party		(8)
Net cash used in operating activities	(74,012)	(44,851)
Cash flows from investing activities
Purchase of research and development license	(3,250)	(5,500)
Purchase of property, plant and equipment	(16,290)	(3,532)
Net cash used in investing activities	(19,540)	(9,032)
Cash flows from financing activities
Payment of shelf registration costs	(227)
ESPP contributions	321
Proceeds from issuance of common stock, net of sales commissions	11,640
Other	(1,046)
Net cash provided by financing activities	10,688
Net decrease in cash, cash equivalents and restricted cash	(82,864)	(53,883)
Cash, cash equivalents and restricted cash at the beginning of the period	151,740	251,253
Cash, cash equivalents and restricted cash at the end of the period	68,876	197,370
Cash and cash equivalents	66,239	197,370
Restricted cash	2,637
Supplemental disclosure of cash flow information:
Cash paid for interest	935
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment in accounts payable and accrued expenses	2,722	3,308
Acquisition of property, plant and equipment funded by landlord		606
Deferred offering costs not yet paid	109
Purchase of research and development license not yet paid	$ 1,000
Build-to-suit lease liability		$ 26,250

Organization and Description of Business Operations

6 Months Ended

Jun. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business Operations

Note 1—Organization and Description of Business Operations

Taysha Gene Therapies, Inc. (the “Company” or “Taysha”) was originally formed under the laws of the State of Texas on September 20, 2019 (“Inception”). Taysha converted to a Delaware corporation on February 13, 2020, which had no impact to the Company’s par value or issued and authorized capital structure.

Taysha is a patient-centric gene therapy company focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the central nervous system in both rare and large patient populations.

Sales Agreement

On October 5, 2021, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC (f/k/a SVB Leerink LLC) and Wells Fargo Securities, LLC (collectively, the “Sales Agents”), pursuant to which the Company may issue and sell, from time to time in its sole discretion, shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agents. In March 2022, the Company amended the Sales Agreement to, among other things, include Goldman Sachs & Co. LLC as an additional Sales Agent. The Sales Agents may sell common stock by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act, including sales made directly on or through the Nasdaq Global Select Market or any other existing trade market for the common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to prevailing market prices, or any other method permitted by law. The Sales Agents are entitled to receive 3.0% of the gross sales price per share of common stock sold under the Sales Agreement. In April 2022, the Company sold 2,000,000 shares of common stock under the Sales Agreement and received $11.6 million in net proceeds. No other shares of common stock have been issued and sold pursuant to the Sales Agreement as of June 30, 2022.

Going Concern

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of June 30, 2022, the Company had an accumulated deficit of $319.6 million and cash and cash equivalents of $66.2 million. Losses are expected to continue as the Company continues to invest in its research and development activities. Management believes that there is presently insufficient funding available to allow the Company to fund its currently planned research and discovery programs and the build-out of its GMP manufacturing facility for a period exceeding one year from the date of this filing with the Securities and Exchange Commission. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.

In response to these conditions and to meet the Company’s capital requirements, management plans to use its current cash on hand, along with access to the term loan facility (see Note 4), and some combination of the following: (i) dilutive and/or non-dilutive financings, (ii) out-licensing or strategic alliances/collaborations, and (iii) out-licensing or sale of its non-core assets. If the Company raises additional funds through collaborations, strategic alliances, business development or licensing arrangements with third parties, the Company might have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates. However, these plans have not yet been finalized and are not within the Company’s control, and therefore cannot be deemed probable. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2—Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X and are consistent in all material respects with those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on March 31, 2022 (the “2021 Annual Report”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The consolidated balance sheet as of December 31, 2021 is derived from audited financial statements, however, it does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2021 Annual Report.

Principles of Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Taysha and its inactive wholly owned U.S. subsidiaries as well as two foreign subsidiaries incorporated during 2021. All intercompany transactions and balances have been eliminated in consolidation.

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. The most significant estimates and assumptions in the Company’s financial statements relate to the determination of the fair value of the common stock prior to the Company’s initial public offering (“IPO”) in September 2020 (as an input into stock-based compensation), and estimating preclinical manufacturing accruals and accrued or prepaid research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. In response to the ongoing and rapidly evolving COVID-19 pandemic, management considered the impact of the estimated economic implications on the Company’s critical and significant accounting estimates, including assessment of impairment of long-lived assets.

Significant Accounting Policies

There have been no changes in the Company’s significant accounting policies as disclosed in Note 2 to the audited consolidated financial statements included in the 2021 Annual Report.

Comprehensive Loss

Comprehensive loss is equal to net loss as presented in the accompanying condensed consolidated statements of operations.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. This update requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheets. This update also requires lessees and lessors to disclose key information about their leasing transactions. This guidance will become effective for the Company for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The new standard requires the use of one of the following two approaches, either (1) retrospectively to each prior reporting period presented in the financial statements with the cumulative effect recognized at the beginning of the earliest comparative period presented, or (2) retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. The Company has not yet concluded which approach will be utilized to adopt the new standard and is currently evaluating the impact of this standard on its condensed consolidated financial statements.

Balance Sheet Components

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 3—Balance Sheet Components

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

	June 30, 2022		December 31, 2021
Prepaid research and development	$	6,128	$	5,218
Prepaid clinical trial		2,934		3,298
Deferred offering costs		698		545
Prepaid insurance		108		148
Prepaid bonus		51		427
Other		677		863
Total prepaid expenses and other current assets	$	10,596	$	10,499

Property, plant and equipment consisted of the following (in thousands):

	June 30, 2022			December 31, 2021
Leasehold improvements	$	2,090		$	2,067
Laboratory equipment		1,438			1,095
Computer equipment		1,129			1,098
Furniture and fixtures		896			845
Construction in progress		56,474			46,004
		62,027			51,109
Accumulated depreciation		(1,016	)		(499	)
Property, plant and equipment, net	$	61,011		$	50,610

Included in construction in progress at June 30, 2022 was $56.3 million of costs associated with the Build-to-Suit lease (see Note 9), which includes $3.1 million of capitalized payroll and payroll-related costs.

Depreciation expense was $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively. Depreciation expense was less than $0.1 million and $0.1 million for the three and six months ended June 30, 2021, respectively.

Accrued expenses and other current liabilities consisted of the following (in thousands):

	June 30, 2022		December 31, 2021
Accrued research and development	$	8,918	$	11,895
Accrued compensation		4,620		7,703
Accrued license fees		1,500		3,500
Accrued property, plant and equipment		1,224		2,644
Accrued clinical trial		807		1,659
Accrued professional and consulting fees		439		1,091
Other		1,478		1,491
Total accrued expenses and other current liabilities	$	18,986	$	29,983

Loan with Silicon Valley Bank

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Loan with Silicon Valley Bank

Note 4—Loan with Silicon Valley Bank

On August 12, 2021 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Term Loan Agreement”), by and among the Company, the lenders party thereto from time to time (the “Lenders”) and Silicon Valley Bank, as administrative agent and collateral agent for the Lenders (“Agent”). The Term Loan Agreement provides for (i) on the Closing Date, $40.0 million aggregate principal amount of term loans available through December 31, 2021, (ii) from January 1, 2022 until September 30, 2022, an additional $20.0 million term loan facility available at the Company’s option upon having three distinct and active clinical stage programs, determined at the discretion of the Agent, at the time of draw, (iii) from October 1, 2022 until March 31, 2023, an additional $20.0 million term loan facility available at the Company’s option upon having three distinct and active clinical stage programs, determined at the discretion of the Agent, at the time of draw and (iv) from April 1, 2023 until December 31, 2023, an additional $20.0 million term loan facility available upon approval by the Agent and the Lenders (collectively, the “Term Loans”). The Company drew $30.0 million in term loans on the Closing Date and $10.0 million in term loans in December 2021.

The interest rate applicable to the Term Loans is the greater of (a) the WSJ Prime Rate plus 3.75% or (b) 7.00% per annum. The Term Loans are interest only from the Closing Date through August 31, 2024, after which the Company is required to pay equal monthly installments of principal through August 1, 2026, the maturity date.

The Term Loans may be prepaid in full through August 12, 2022 with payment of a 2.00% prepayment premium, after which they may be prepaid in full through August 12, 2023 with payment of a 1.00% prepayment premium, after which they may be prepaid in full with no prepayment premium. An additional final payment of 7.5% of the amount of Terms Loans advanced by the Lenders (“Exit Fee”) will be due upon prepayment or repayment of the Term Loans in full. The Exit Fee of $3.0 million was recorded as debt discount and has also been fully accrued within non-current liabilities as of June 30, 2022. The debt discount is being accreted using the effective interest method over the term of the Term Loans within interest expense in the condensed consolidated statements of operations.

The obligations under the Term Loan Agreement are secured by a perfected security interest in all of the Company’s assets except for intellectual property and certain other customarily excluded property pursuant to the terms of the Term Loan Agreement. There are no financial covenants and no warrants associated with the Term Loan Agreement. The Term Loan Agreement contains various covenants that limit the Company’s ability to engage in specified types of transactions without the consent of the Lenders which include, among others, incurring or assuming certain debt; merging, consolidating or acquiring all or substantially all of the capital stock or property of another entity; changing the nature of the Company’s business; changing the Company’s organizational structure or type; licensing, transferring or disposing of certain assets; granting certain types of liens on the Company’s assets; making certain investments; and paying cash dividends.

The Term Loan Agreement also contains customary representations and warranties, and also includes customary events of default, including payment default, breach of covenants, change of control, and material adverse effects. The Company was in compliance with all covenants under the Term Loan Agreement as of June 30, 2022. Upon the occurrence of an event of default, a default interest rate of an additional 5% per annum may be applied to the outstanding loan balances, and the Lenders may declare all outstanding obligations immediately due and payable and exercise all of its rights and remedies as set forth in the Term Loan Agreement and under applicable law.

During the six months ended June 30, 2022, the Company recognized interest expense related to the Term Loan of $1.4 million.

Future principal debt payments on the loan payable as of June 30, 2022 are as follows (in thousands):

Year Ending December 31,
2022		—
2023		—
2024		6,667
2025		20,000
2026		13,333
Total principal payments		40,000
Unamortized debt discount		(2,420	)
Term Loan, net	$	37,580

- Definition

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

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+ Details

Research, Collaboration and License Agreements

6 Months Ended

Jun. 30, 2022

Research Collaboration And License Agreements [Abstract]

Research, Collaboration and License Agreements

Note 5—Research, Collaboration and License Agreements

UT Southwestern Agreement

On November 19, 2019, the Company entered into a research, collaboration and license agreement (“UT Southwestern Agreement”) with the Board of Regents of the University of Texas System on behalf of The University of Texas Southwestern Medical Center (“UT Southwestern”). Under the UT Southwestern Agreement, UT Southwestern is primarily responsible for preclinical development activities with respect to licensed products for use in certain specified indications (up to investigational new

drug application-enabling studies), and the Company is responsible for all subsequent clinical development and commercialization activities with respect to the licensed products. UT Southwestern will conduct such preclinical activities for a two-year period under mutually agreed upon sponsored research agreements that were entered into beginning in April 2020. During the initial research phase, the Company has the right to expand the scope of specified indications under the UT Southwestern Agreement.

In connection with the UT Southwestern Agreement, the Company obtained an exclusive, worldwide, royalty-free license under certain patent rights of UT Southwestern and a non-exclusive, worldwide, royalty-free license under certain know-how of UT Southwestern, in each case to make, have made, use, sell, offer for sale and import licensed products for use in certain specified indications. Additionally, the Company obtained a non-exclusive, worldwide, royalty-free license under certain patents and know-how of UT Southwestern for use in all human uses, with a right of first refusal to obtain an exclusive license under certain of such patent rights and an option to negotiate an exclusive license under other of such patent rights. The Company is required to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one licensed product.

On April 2, 2020, the Company amended the UT Southwestern Agreement to include the addition of another licensed product and certain indications, and a right of first refusal to the Company over certain patient dosing patents. No additional consideration was transferred in connection with this amendment. In March 2022, the Company and UT Southwestern mutually agreed to revise the payment schedules and current performance expectations of the current sponsored research agreements under the UT Southwestern Agreement and defer payments by fifteen months.

The UT Southwestern Agreement expires on a country-by-country and licensed product-by-licensed product basis upon the expiration of the last valid claim of a licensed patent in such country for such licensed product. After the initial research term, the Company may terminate the agreement, on an indication-by-indication and licensed product-by-licensed product basis, at any time upon specified written notice to UT Southwestern. Either party may terminate the agreement upon an uncured material breach of the agreement or insolvency of the other party.

In November 2019, as partial consideration for the license rights granted under the UT Southwestern Agreement, the Company issued 2,179,000 shares of its common stock, or 20% of its then outstanding fully-diluted common stock, to UT Southwestern. As additional consideration, UT Southwestern was entitled to receive additional shares if their holdings fell below 10% on a fully-diluted basis before or as a result of the completion of a qualified financing. In March 2020, following the initial closing of the Series A convertible preferred stock agreement, which met the definition of such qualified financing, the anti-dilution feature expired and no additional shares were issued. UT Southwestern no longer owns such shares of common stock as of January 2022. The Company does not have any future milestone or royalty obligations to UT Southwestern under the UT Southwestern Agreement other than costs related to maintenance of patents.

Queen’s Agreement

On February 21, 2020, the Company entered into a license agreement with Queen’s (the “Queen’s Agreement”) to obtain the exclusive perpetual, royalty-bearing license, with the right to sublicense through multiple tiers, under certain patent rights and know-how of Queen’s, including certain improvements to such patent rights and know-how, to develop products in any field which use one or more valid claims of the patents licensed under the Queen’s Agreement (the “Licensed Patents”), or the technology, information and intellectual property related to the patents licensed under the Queen’s Agreement (together with the Licensed Patents, the “Licensed Products”), and to make, have made, use, sell, offer for sale, import and export Licensed Products and otherwise exploit such patents and know-how for use in certain specified indications. In exchange for the rights granted to the Company, the Company made a cash payment of $3.0 million in April 2020 which was recorded within research and development expenses in the consolidated statements of operations for the year ended December 31, 2020 since the acquired license does not have an alternative future use. The Company is obligated to make aggregate cash payments of up to $10.0 million upon the completion of a combination of regulatory milestones and up to $10.0 million upon the completion of a combination of commercial milestones. In further consideration of the rights granted, beginning with the Company’s first commercial sale of the Licensed Products, the Company will also pay an annual earned royalty in the low single digits on net sales of Licensed Products, subject to certain customary reductions, and a percentage of non-royalty sublicensing revenue ranging in the low double digits. Royalties are payable, on a Licensed Products-by-Licensed Products and a country-by-country basis, until expiration of the last valid claim of a Licensed Patent covering such Licensed Products in such country and the expiration of any regulatory exclusivity for such Licensed Products in such country.

No additional milestone payments were made in connection with the Queen’s Agreement during the six months ended June 30, 2022.

Abeona CLN1 Agreements

In August 2020, the Company entered into license and inventory purchase agreements (collectively, the “Abeona Agreements”) with Abeona Therapeutics Inc. (“Abeona”) for worldwide exclusive rights to certain intellectual property rights and know-how relating to the research, development and manufacture of ABO-202, an AAV-based gene therapy for CLN1 disease (also known as infantile Batten disease). Under the terms of the Abeona Agreements, the Company made initial cash payments to Abeona of $3.0 million for the license fee and $4.0 million for purchase of clinical materials and reimbursement for previously incurred development costs in October 2020. In exchange for the license rights, the Company recorded an aggregate of $7.0 million within research and development expenses in the consolidated statements of operations for the year ended December 31, 2020 since the acquired license or acquired inventory do not have an alternative future use. The Company is obligated to make up to $26.0 million in regulatory-related milestones and up to $30.0 million in sales-related milestones per licensed CLN1 product. The Company will also pay an annual earned royalty in the high single digits on net sales of any licensed CLN1 products. The license agreement with Abeona (the “Abeona License Agreement”) expires on a country-by-country and licensed product-by-licensed product basis upon the expiration of the last royalty term of a licensed product. Either party may terminate the Abeona License Agreement upon an uncured material breach of the agreement or insolvency of the other party. The Company may terminate the Abeona License Agreement for convenience upon specified prior written notice to Abeona.

In December 2021, the Company’s Clinical Trial Application (“CTA”) filing for TSHA-118 for the treatment of CLN1 disease was approved by Health Canada and therefore triggered a regulatory milestone payment in connection with this agreement. The Company recorded $3.0 million within research and development expenses in the consolidated statements of operations for the year ended December 31, 2021. The milestone fee was paid in January 2022 and classified as an investing cash outflow in the condensed consolidated statements of cash flows for the six months ended June 30, 2022.

Abeona Rett Agreement

On October 29, 2020, the Company entered into a license agreement (the “Abeona Rett Agreement”) with Abeona pursuant to which the Company obtained an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses under certain patents, know-how and materials originally developed by the University of North Carolina at Chapel Hill, the University of Edinburgh and Abeona to research, develop, manufacture, have manufactured, use, and commercialize licensed products for gene therapy and the use of related transgenes for Rett syndrome.

Subject to certain obligations of Abeona, the Company is required to use commercially reasonable efforts to develop at least one licensed product and commercialize at least one licensed product in the United States.

In connection with the Abeona Rett Agreement, the Company paid Abeona a one-time upfront license fee of $3.0 million which was recorded in research and development expenses in the consolidated statements of operations for the year ended December 31, 2020 since the acquired license does not have an alternative future use. The Company is obligated to pay Abeona up to $26.5 million in regulatory-related milestones and up to $30.0 million in sales-related milestones per licensed Rett product and high single-digit royalties on net sales of licensed Rett products. Royalties are payable on a licensed product-by-licensed product and country-by-country basis until the latest of the expiration or revocation or complete rejection of the last licensed patent covering such licensed product in the country where the licensed product is sold, the loss of market exclusivity in such country where the product is sold, or, if no licensed product exists in such country and no market exclusivity exists in such country, ten years from first commercial sale of such licensed product in such country.

The Abeona Rett Agreement expires on a country-by-country and licensed product-by-licensed product basis upon the expiration of the last royalty term of a licensed product. Either party may terminate the agreement upon an uncured material breach of the agreement or insolvency of the other party. The Company may terminate the agreement for convenience upon specified prior written notice to Abeona.

In March 2022, the Company’s CTA filing for TSHA-102 for the treatment of Rett Syndrome was approved by Health Canada and therefore triggered a regulatory milestone payment in connection with this agreement. The Company recorded $1.0 million within research and development expenses in the condensed consolidated statements of operations for the six months ended June 30, 2022. The $1.0 million regulatory milestone fee was paid in July 2022.

Acquisition of Worldwide Rights for TSHA-120 for the treatment of GAN

In March 2021, the Company acquired the exclusive worldwide rights to a clinical-stage AAV9 gene therapy program, now known as TSHA-120, for the treatment of Giant Axonal Neuropathy (“GAN”). TSHA-120 is an intrathecally dosed AAV9 gene therapy currently being evaluated in a clinical trial for the treatment of GAN. The trial is being conducted by the National Institutes of Health (“NIH”) in close collaboration with a leading patient advocacy group focused on finding treatments and cures for GAN. TSHA-120 has received rare pediatric disease and orphan drug designations from the U.S. Food and Drug Administration for the treatment of GAN. The worldwide rights were acquired through a license agreement, effective March 29, 2021, between Hannah’s Hope Fund for Giant Axonal Neuropathy, Inc. (“HHF”) and the Company (the “GAN Agreement”).

Under the terms of the GAN Agreement, in exchange for granting the Company the exclusive worldwide rights to TSHA-120, HHF received an upfront payment of $5.5 million and will be eligible to receive clinical, regulatory and commercial milestones totaling up to $19.3 million, as well as a low, single-digit royalty on net sales upon commercialization of the product.

In exchange for the license rights, the Company recorded an aggregate of $5.5 million within research and development expenses in the condensed consolidated statements of operations for the six months ended June 30, 2021, since the acquired license does not have an alternative future use. This license fee was paid in April 2021 and has been classified as an investing outflow in the condensed consolidated statements of cash flows for the six months ended June 30, 2021. No additional milestone payments were made in connection with the GAN Agreement during the six months ended June 30, 2022.

License Agreement for CLN7

In March 2022, the Company entered into a license agreement with UT Southwestern (the “CLN7 Agreement”) pursuant to which the Company obtained an exclusive worldwide, royalty-bearing license with right to grant sublicenses to develop, manufacture, use, and commercialize licensed products for gene therapy for CLN7, a form of Batten Disease In connection with the CLN7 Agreement, the Company paid one-time up-front license fee of $0.3 million. The Company recorded the up-front license fee in research and development expense in the condensed consolidated statements of operations since the acquired license does not have an alternative future use. The up-front license fee was classified as an investing cash outflow in the condensed consolidated statements of cash flows for the six months ended June 30, 2022. The Company is obligated to pay UT Southwestern up to $7.7 million in regulatory-related milestones and up to $7.5 million in sales-related milestones, as well as a low, single-digit royalty on net sales upon commercialization of the product.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 6—Stock-Based Compensation

On July 1, 2020, the Company’s board of directors approved the 2020 Equity Incentive Plan (“Existing Plan”) which permits the granting of incentive stock options, non-statutory stock options, stock appreciation rights, RSAs, RSUs and other stock-based awards to employees, directors, officers and consultants. On July 1, 2020, 3,529,412 shares of common stock were authorized for issuance under the Existing Plan. On September 16, 2020, the Company increased the number of shares of common stock authorized for issuance under the Existing Plan to 3,845,294. As of September 16, 2020, the approval date of the New Plan (as defined below), no additional awards will be granted under the Existing Plan. The terms of the Existing Plan will continue to govern the terms of outstanding equity awards that were granted prior to approval of the New Plan.

On September 16, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (“New Plan”), which became effective upon the execution of the underwriting agreement in connection with the IPO. Initially, the number of shares available for future issuance under the New Plan was the sum of (1) 3,390,168 new shares of common stock, (2) 209,841 remaining shares of common stock reserved under the Existing Plan that became available for issuance upon the effectiveness of the New Plan and (3) the number of shares of common stock subject to outstanding awards under the Existing Plan when the New Plan became effective that thereafter expire or are forfeited, canceled, withheld to satisfy tax withholding or to purchase or exercise an award, repurchased by the Company or are otherwise terminated. The number of shares of common stock reserved for issuance under the New Plan automatically increases on January 1 of each year, for a period of ten years, from January 1, 2021 continuing through January 1, 2030, by 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. On January 1, 2021 the Company’s board of directors increased the number of shares of common stock reserved for issuance under the New Plan by 1,434,934 shares. On January 1, 2022 the Company’s board of directors increased the number of shares of common stock reserved for issuance under the New Plan by 1,923,697 shares.

Furthermore, on September 16, 2020, the Company’s stockholders approved the Employee Stock Purchase Plan (“ESPP”), which became effective upon the execution of the underwriting agreement in connection with the IPO. The maximum number of shares of common stock that may be issued under the ESPP will not exceed 362,000 shares of common stock, plus the number of shares of common stock that are automatically added on January 1st of each year for a period of up to ten years, commencing on the first January 1 following the IPO and ending on (and including) January 1, 2030, in an amount equal to the lesser of (i) one percent (1.0%) of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year, and (ii) 724,000 shares of common stock. No shares were added to the ESPP in 2021. On January 1, 2022, the Company’s board of directors increased the number of shares of common stock reserved for issuance under the ESPP by 384,739. No issuances have been made under the ESPP as of June 30, 2022.

Stock Options

On July 1, 2020, options to purchase 2,896,782 shares of common stock under the Existing Plan were awarded to certain employees and consultants of the Company with an exercise price per share of $0.80, which were expected to vest over a four-year period, all of which were subsequently cancelled (the “Cancelled Options”). The grant date fair value of the Cancelled Options was $13.8 million at the original grant date. In exchange, the Company awarded 2,518,932 RSUs on September 2, 2020, which are expected to vest over a four-year term. The Company accounted for the changes in award terms as a modification in accordance with ASC 718 Compensation – Stock Compensation. The modification was accounted for as an exchange of the original award for a new award with total compensation cost equal to the grant-date fair value of the original award plus any incremental value measured on the modification date. The Company determined that there was no incremental value as the fair value of the original award immediately before the modification was greater than the fair value of the new award immediately after the modification. Accordingly, the Company continues to recognize the remaining compensation cost of the Cancelled Options over the vesting period of the RSUs.

For the three months ended June 30, 2022, 777,852 shares of common stock under the New Plan were awarded with a weighted-average grant date fair value per share of $4.13. For the six months ended June 30, 2022 2,679,952 shares of common stock under the New Plan were awarded with a weighted-average grant date fair value per share of $4.21. The stock options vest over one to four years and have a ten-year contractual term.

The following weighted-average assumptions were used to estimate the fair value of stock options that were granted during the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate		2.77	%		1.07	%		2.16	%		0.80	%
Expected dividend yield		—			—			—			—
Expected term in years		6.0			6.0			6.1			6.0
Expected volatility		76	%		76	%		76	%		75	%

The following table summarizes stock option activity, during the six months ended June 30, 2022:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Stock			Exercise		Contractual		Value
	Options			Price		Life (in years)		(in thousands)
Outstanding at December 31, 2021		3,649,962		$	24.13		9.2	$	—
Options granted		2,679,952			6.24
Options cancelled or forfeited		(1,170,879	)		15.53
Options expired		(10,340	)		21.71
Outstanding at June 30, 2022		5,148,695		$	16.78		8.9	$	85
Vested and expected to vest at June 30, 2022		5,148,695		$	16.78		8.9	$	85
Options exercisable at June 30, 2022		1,094,502		$	25.03		7.9	$	—

The aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Company’s common stock as of June 30, 2022 and the exercise price of the stock options. As of June 30, 2022, the total unrecognized compensation related to unvested stock option awards granted was $37.3 million, which the Company expects to recognize over a weighted-average period of approximately 3.1 years. No stock options were exercised during the period.

In March 2022, the Company announced a strategic reprioritization. As part of the reprioritization, the Company reduced its workforce by approximately 35% (see Note 10). All outstanding unvested awards were forfeited upon each employee’s termination date, resulting in a forfeit of 713,540 awards in April 2022 and reversal of $0.8 million in stock-based compensation expense in April 2022.

Restricted Stock Units

On September 2, 2020, the Company issued 331,121 RSUs to an employee under the Existing Plan; 25% of the shares of common stock underlying the RSUs vest at each anniversary over a four-year period. The RSUs are subject to a service-based vesting condition. The Company at any time may accelerate the vesting of the RSUs. Such shares are not accounted for as outstanding until they vest. As of June 30, 2022, the total unrecognized compensation related to unvested RSUs granted, including the remaining compensation cost associated with the RSUs granted on September 2, 2020 in exchange for the Cancelled Options, was $8.6 million which is expected to be amortized on a straight-line basis over a weighted-average period of approximately 2.0 years.

The Company's default tax withholding method for RSUs is the sell-to-cover method, in which shares with a market value equivalent to the tax withholding obligation are sold on behalf of the holder of the RSUs upon vesting and settlement to cover the tax withholding liability and the cash proceeds from such sales are remitted by the Company to taxing authorities.

The Company’s RSU activity for the six months ended June 30, 2022 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at December 31, 2021		1,886,765		$	6.52
Restricted units granted		—			—
Vested		(546,141	)		5.25
Cancelled or forfeited		—			—
Nonvested at June 30, 2022		1,340,624		$	7.04

Restricted Stock Awards

RA Session II, the Company’s President and Chief Executive Officer, was awarded 769,058 RSAs under the Existing Plan on July 1, 2020, which are expected to vest over a three-year term, subject to continuous employment. As of June 30, 2022, the total unrecognized compensation related to unvested RSAs granted was $1.1 million which is expected to be amortized on a straight-line basis over a weighted-average period of approximately 0.8 years. The fair value of these RSAs at the grant date of July 1, 2020 was $5.28 per share.

The Company’s RSA activity for the six months ended June 30, 2022 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at December 31, 2021		341,975		$	5.28
Restricted stock granted		—			—
Vested		(128,240	)		5.28
Nonvested at June 30, 2022		213,735		$	5.28

Employee Stock Purchase Plan

In February 2022, the Company’s board of directors authorized the first offering under the ESPP. Under the ESPP, eligible employees may purchase shares of Taysha common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than 1,800 of shares of Taysha common stock during any offering period. During the six months ended June 30, 2022, stock-based compensation expense related to the ESPP was not material.

During the six months ended June 30, 2022, $0.2 million of stock-based compensation expense was capitalized as part of construction in process (see Note 3). The following table summarizes the total stock-based compensation expense for the stock options, ESPP, RSAs and RSUs recorded in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expense	$	1,316	$	2,214	$	3,893	$	3,793
General and administrative expense		2,825		2,335		5,577		4,350
Total	$	4,141	$	4,549	$	9,470	$	8,143

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Common Share

Note 7—Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Since the Company had a net loss in all periods presented, basic and diluted net loss per common share are the same.

The following table represents the calculation of basic and diluted net loss per common share (in thousands, except share and per share data):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	$	(33,873	)	$	(40,926	)	$	(83,984	)	$	(72,950	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		40,142,403			37,479,164			39,163,996			37,237,115
Net loss per common share, basic and diluted	$	(0.84	)	$	(1.09	)	$	(2.14	)	$	(1.96	)

The following common stock equivalents outstanding as of June 30, 2022 and 2021 were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti‑dilutive:

	June 30, 2022		June 30, 2021
Unvested RSUs		1,340,624		2,053,137
Unvested RSAs		213,735		470,215
Stock options		5,148,695		3,213,692
Total		6,703,054		5,737,044

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 8—Income Taxes

Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. There is no provision for income taxes because the Company has incurred operating losses and capitalized certain items for income tax purposes since its inception and maintains a full valuation allowance against its net deferred tax assets. The reported amount of income tax expense for the period differs from the amount that would result from applying the federal statutory tax rate to net loss before taxes primarily because of the change in valuation allowance.

As of June 30, 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2021.

- 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

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9—Commitments and Contingencies

Litigation

The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

Commitments

In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. The Company’s maximum exposure under these arrangements is unknown at June 30, 2022. The Company does not anticipate recognizing any significant losses relating to these arrangements.

Total lease expense, inclusive of lease incentives, under all operating lease agreements amounted to $0.3 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $0.6 million and $0.1 million for the six months ended June 30, 2022 and 2021, respectively.

Durham Lease

On December 17, 2020, the Company entered into a lease agreement (the “Durham Lease”) with Patriot Park Partners II, LLC, a Delaware limited liability company (the “Durham Landlord”), pursuant to which the Company agreed to lease approximately 187,500 square feet of a manufacturing facility located at 5 National Way, Durham, North Carolina (the “Facility”). The Durham Lease commenced on April 1, 2021 and is expected to have a term of approximately fifteen years and six months. The Company has two options to extend the term of the Durham Lease, each for a period of an additional five years.

The Company was not required to provide a security deposit in connection with its entry into the Durham Lease. The Company is responsible for constructing interior improvements within the Facility. The Company was required to place $2.6 million in an escrow account which will be released when the improvements are substantially complete. The escrow funds are recorded as restricted cash on the condensed consolidated balance sheet as of June 30, 2022. The Durham Landlord has the right to terminate the Durham Lease upon specified events of default, including the Company’s failure to pay rent in a timely manner and upon the occurrence of certain events of insolvency with respect to the Company.

The Company incurred initial direct costs to enter into the Durham Lease of approximately $0.8 million. The costs have been recorded on the condensed consolidated balance sheets as a deferred lease asset and are being amortized into earnings over the term of the Durham Lease.

In accordance with ASC Topic 840, Leases, the Company is deemed, for accounting purposes only, to be the owner of the entire leased Facility, including the building shell, during the construction period because of the Company’s expected level of direct financial and operational involvement in the substantial tenant improvements, including structural improvements, required to build out the Facility. As a result, the Company capitalized approximately $26.3 million as a build-to-suit asset within property, plant and equipment, net and recognized a corresponding build-to-suit lease financing obligation as a liability on its condensed consolidated balance sheets equal to the fair value of the existing building shell using comparable market prices per square foot for similar space for public real estate transactions in the surrounding area at commencement of construction in April 2020. Additionally, construction costs incurred as part of the build-out and tenant improvements are also capitalized within property, plant and equipment, net. Costs of approximately $10.6 million have been capitalized during the six months ended June 30, 2022, related to both equipment purchases and the build-out of the leased Facility, as well as capitalization of interest and certain payroll and payroll-related costs. The Company will assess and determine if the build-to-suit asset and corresponding liability should be de-recognized upon completion of construction.

Strategic Reprioritization

6 Months Ended

Jun. 30, 2022

Restructuring And Related Activities [Abstract]

Strategic Reprioritization

Note 10 – Strategic Reprioritization

In March 2022, the Company implemented changes to the Company’s organizational structure as well as a broader operational cost reduction plan to enable the Company to focus on specific clinical-stage programs for GAN and Rett syndrome. The Company will conduct small proof-of-concept studies in CLN1 disease and SLC13A5 deficiency. Development of the CLN7 program will continue in collaboration with existing partners with future clinical development to focus on the first-generation construct. Substantially all other research and development activities have been paused to increase operational efficiency.

In connection with prioritization of programs, the Company reduced headcount by approximately 35% across all functions. In accordance with ASC 420, Exit and Disposal Activities, the Company recorded one-time severance and termination-related costs of $2.6 million in the condensed consolidated statements of operations for the six months ended June 30, 2022, primarily within research and development expenses. Payments of accrued severance and termination-related costs are substantially complete as of June 30, 2022.

Retirement Plan

6 Months Ended

Jun. 30, 2022

Compensation And Retirement Disclosure [Abstract]

Retirement Plan

Note 11 – Retirement Plan

In July 2021, the Company adopted a 401(k) retirement savings plan that provides retirement benefits to all full-time employees. Eligible employees may contribute a percentage of their annual compensation, subject to Internal Revenue Service limitations. The Company contributed $0.1 million and $0.6 million to the 401(k) retirement savings plan for the three and six months ended June 30, 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X and are consistent in all material respects with those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on March 31, 2022 (the “2021 Annual Report”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The consolidated balance sheet as of December 31, 2021 is derived from audited financial statements, however, it does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2021 Annual Report.
Principles of Consolidation	Principles of Consolidation The accompanying interim condensed consolidated financial statements include the accounts of Taysha and its inactive wholly owned U.S. subsidiaries as well as two foreign subsidiaries incorporated during 2021. All intercompany transactions and balances have been eliminated in consolidation.
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. The most significant estimates and assumptions in the Company’s financial statements relate to the determination of the fair value of the common stock prior to the Company’s initial public offering (“IPO”) in September 2020 (as an input into stock-based compensation), and estimating preclinical manufacturing accruals and accrued or prepaid research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. In response to the ongoing and rapidly evolving COVID-19 pandemic, management considered the impact of the estimated economic implications on the Company’s critical and significant accounting estimates, including assessment of impairment of long-lived assets.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is equal to net loss as presented in the accompanying condensed consolidated statements of operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. This update requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheets. This update also requires lessees and lessors to disclose key information about their leasing transactions. This guidance will become effective for the Company for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The new standard requires the use of one of the following two approaches, either (1) retrospectively to each prior reporting period presented in the financial statements with the cumulative effect recognized at the beginning of the earliest comparative period presented, or (2) retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. The Company has not yet concluded which approach will be utilized to adopt the new standard and is currently evaluating the impact of this standard on its condensed consolidated financial statements.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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

	June 30, 2022		December 31, 2021
Prepaid research and development	$	6,128	$	5,218
Prepaid clinical trial		2,934		3,298
Deferred offering costs		698		545
Prepaid insurance		108		148
Prepaid bonus		51		427
Other		677		863
Total prepaid expenses and other current assets	$	10,596	$	10,499

Schedule of Property Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

	June 30, 2022			December 31, 2021
Leasehold improvements	$	2,090		$	2,067
Laboratory equipment		1,438			1,095
Computer equipment		1,129			1,098
Furniture and fixtures		896			845
Construction in progress		56,474			46,004
		62,027			51,109
Accumulated depreciation		(1,016	)		(499	)
Property, plant and equipment, net	$	61,011		$	50,610

Schedule of Accrued Expense and Other Current Labilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	June 30, 2022		December 31, 2021
Accrued research and development	$	8,918	$	11,895
Accrued compensation		4,620		7,703
Accrued license fees		1,500		3,500
Accrued property, plant and equipment		1,224		2,644
Accrued clinical trial		807		1,659
Accrued professional and consulting fees		439		1,091
Other		1,478		1,491
Total accrued expenses and other current liabilities	$	18,986	$	29,983

Loan with Silicon Valley Bank (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Future Principal Debt Payments on Loan Payable

Future principal debt payments on the loan payable as of June 30, 2022 are as follows (in thousands):

Year Ending December 31,
2022		—
2023		—
2024		6,667
2025		20,000
2026		13,333
Total principal payments		40,000
Unamortized debt discount		(2,420	)
Term Loan, net	$	37,580

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the six months ended June 30, 2022 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at December 31, 2021		1,886,765		$	6.52
Restricted units granted		—			—
Vested		(546,141	)		5.25
Cancelled or forfeited		—			—
Nonvested at June 30, 2022		1,340,624		$	7.04

Schedule of Restricted Stock Awards Activity

The Company’s RSA activity for the six months ended June 30, 2022 was as follows:

				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			per Share
Nonvested at December 31, 2021		341,975		$	5.28
Restricted stock granted		—			—
Vested		(128,240	)		5.28
Nonvested at June 30, 2022		213,735		$	5.28

Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Research and development expense	$	1,316	$	2,214	$	3,893	$	3,793
General and administrative expense		2,825		2,335		5,577		4,350
Total	$	4,141	$	4,549	$	9,470	$	8,143

Stock Options

Schedule of Assumptions Used to Estimate Fair Value of Stock Options and Cancelled Options

The following weighted-average assumptions were used to estimate the fair value of stock options that were granted during the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate		2.77	%		1.07	%		2.16	%		0.80	%
Expected dividend yield		—			—			—			—
Expected term in years		6.0			6.0			6.1			6.0
Expected volatility		76	%		76	%		76	%		75	%

Schedule of Stock Option Activity

The following table summarizes stock option activity, during the six months ended June 30, 2022:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Stock			Exercise		Contractual		Value
	Options			Price		Life (in years)		(in thousands)
Outstanding at December 31, 2021		3,649,962		$	24.13		9.2	$	—
Options granted		2,679,952			6.24
Options cancelled or forfeited		(1,170,879	)		15.53
Options expired		(10,340	)		21.71
Outstanding at June 30, 2022		5,148,695		$	16.78		8.9	$	85
Vested and expected to vest at June 30, 2022		5,148,695		$	16.78		8.9	$	85
Options exercisable at June 30, 2022		1,094,502		$	25.03		7.9	$	—

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Loss Per Common Share

The following table represents the calculation of basic and diluted net loss per common share (in thousands, except share and per share data):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	$	(33,873	)	$	(40,926	)	$	(83,984	)	$	(72,950	)
Weighted-average shares of common stock outstanding used to compute net loss per common share, basic and diluted		40,142,403			37,479,164			39,163,996			37,237,115
Net loss per common share, basic and diluted	$	(0.84	)	$	(1.09	)	$	(2.14	)	$	(1.96	)

Schedule of Common Stock Equivalents Outstanding Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

	June 30, 2022		June 30, 2021
Unvested RSUs		1,340,624		2,053,137
Unvested RSAs		213,735		470,215
Stock options		5,148,695		3,213,692
Total		6,703,054		5,737,044

Organization and Description of Business Operations - Additional Information (Details) - USD ($)		1 Months Ended	6 Months Ended
	Oct. 05, 2021	Apr. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Organization and Description of Business Operations [Line Items]
Date of incorporation			Feb. 13, 2020
Net proceeds from issuance of common stock			$ 11,640,000
Accumulated deficit			(319,633,000)	$ (235,649,000)
Cash and cash equivalents			$ 66,239,000	$ 149,103,000	$ 197,370,000
Sales Agreement
Organization and Description of Business Operations [Line Items]
Common stock shares issued and sold			0
Number of shares issued		2,000,000
Net proceeds from issuance of common stock		$ 11,600,000
Sales Agreement \| Sales Agents
Organization and Description of Business Operations [Line Items]
Percentage of gross sales price per share of common stock	3.00%
Sales Agreement \| Sales Agents \| Maximum
Organization and Description of Business Operations [Line Items]
Aggregate offering price from sale of common stock	$ 150,000,000.0

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Prepaid research and development	$ 6,128	$ 5,218
Prepaid clinical trial	2,934	3,298
Deferred offering costs	698	545
Prepaid insurance	108	148
Prepaid bonus	51	427
Other	677	863
Total prepaid expenses and other current assets	$ 10,596	$ 10,499

Balance Sheet Components - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 62,027	$ 51,109
Accumulated depreciation	(1,016)	(499)
Property, plant and equipment, net	61,011	50,610
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	2,090	2,067
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,438	1,095
Computer Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,129	1,098
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	896	845
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 56,474	$ 46,004

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property Plant And Equipment [Line Items]
Depreciation expense	$ 300		$ 531	$ 117
Maximum
Property Plant And Equipment [Line Items]
Depreciation expense		$ 100
Build-to-Suit Lease
Property Plant And Equipment [Line Items]
Construction in progress	56,300		56,300
Payroll and Payroll Related Costs
Property Plant And Equipment [Line Items]
Construction in progress	$ 3,100		$ 3,100

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued research and development	$ 8,918	$ 11,895
Accrued compensation	4,620	7,703
Accrued license fees	1,500	3,500
Accrued property, plant and equipment	1,224	2,644
Accrued clinical trial	807	1,659
Accrued professional and consulting fees	439	1,091
Other	1,478	1,491
Total accrued expenses and other current liabilities	$ 18,986	$ 29,983

Loan with Silicon Valley Bank - Additional Information (Details) $ in Thousands		6 Months Ended
	Aug. 12, 2021 USD ($) Program	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 01, 2026
Percentage of interest rate	7.00%
Percentage of prepayment of facility	7.50%
Warrants associated with loan facility	$ 0
Exit fee recorded as debt discount		$ 3,000
Percentage of annual default interest rate	5.00%
Interest expense related to term loan		$ 1,400
Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Term Loan
Debt Instrument [Line Items]
Current borrowing capacity	$ 30,000		$ 10,000
Through December 31, 2021 \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000
Debt instrument, maturity date	Dec. 31, 2021
January 1, 2022 until September 30, 2022 \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000
Debt instrument, maturity start date	Jan. 01, 2022
Debt instrument, maturity end date	Sep. 30, 2022
October 1, 2022 until March 31, 2023 \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000
Debt instrument, maturity start date	Oct. 01, 2022
Debt instrument, maturity end date	Mar. 31, 2023
Number of distinct and active clinical stage \| Program	3
April 1, 2023 until December 31, 2023 \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000
Debt instrument, maturity start date	Apr. 01, 2023
Debt instrument, maturity end date	Dec. 31, 2023
Through August 13, 2022
Debt Instrument [Line Items]
Percentage of prepayment premium	2.00%
Through August 13, 2023
Debt Instrument [Line Items]
Percentage of prepayment premium	1.00%

Loan with Silicon Valley Bank - Schedule of Future Principal Debt Payments on Loan Payable (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2024	$ 6,667
2025	20,000
2026	13,333
Total principal payments	40,000
Unamortized debt discount	(2,420)
Term Loan, net	$ 37,580

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Research, Collaboration and License Agreements - Additional Information (Details)	1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Apr. 30, 2020 USD ($) Product	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Oct. 29, 2020 USD ($)	Mar. 31, 2020 shares	Feb. 21, 2020 USD ($)	Nov. 30, 2019 shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued \| shares							41,020,086		41,020,086		38,473,945
Research and development							$ 23,118,000	$ 30,643,000	$ 60,917,000	$ 54,497,000
TSHA-120
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional milestone payments									0
Research and development										$ 5,500,000
Upfront payment			$ 5,500,000
Clinical, regulatory and commercial milestones to be received			$ 19,300,000
License Agreement for CLN7
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment of one-time upfront license fee		$ 300,000
License agreement regulatory related milestones maximum amount payable		7,700,000
License agreement sales-related milestones maximum amount payable		$ 7,500,000
UT Southwestern Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preclinical activities period under sponsored research agreements						2 years
Minimum licensed product to develop obtain regulatory approval for and commercialize \| Product						1
Common stock, shares issued \| shares														0		2,179,000
Percentage of fully diluted common stock shares outstanding																20.00%
Percentage of entitled to receive additional shares on fully diluted basis																10.00%
Queens Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional milestone payments									0
Queens Agreement \| Research and Development Expense
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cash payment to acquire license agreement						$ 3,000,000.0
Queens Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License agreement regulatory milestones payment															$ 10,000,000.0
License agreement commercial milestones payment															$ 10,000,000.0
Abeona CLN1 Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License fee payment					$ 3,000,000.0
Purchase of clinical materials and reimbursement incurred development costs				$ 4,000,000.0
Research and development											$ 3,000,000.0	$ 7,000,000.0
Abeona CLN1 Agreements \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License and inventory purchase agreement regulatory related milestones payment					26,000,000.0
License and inventory purchase agreement sales related milestones payment					$ 30,000,000.0
Abeona \| Abeona Rett Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development									$ 1,000,000,000.0
Payment of one-time upfront license fee												$ 3,000,000.0
Abeona \| Abeona Rett Agreement \| Subsequent Event
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Regulatory milestone fee paid	$ 1,000,000.0
Abeona \| Maximum \| Abeona Rett Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Regulatory related milestones obligation payable													$ 26,500,000
Sale-related milestones per licensed product and royalties on net sales of licensed products payable													$ 30,000,000.0

Stock-Based Compensation - Additional Information (Details) - USD ($)				1 Months Ended		3 Months Ended			6 Months Ended
	Sep. 16, 2020	Sep. 02, 2020	Jul. 01, 2020	Apr. 30, 2022	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022	Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of headcount reduced							35.00%
Unrecognized compensation related to unvested options awards granted.				713,540
Reversal of stock-based compensation expense				$ 800,000
Percentage of common stock price purchased through payroll deductions					85.00%
Percentage of payroll deductions of employee's compensation during offering period					15.00%
Maximum number of shares employees may purchase during offering period					1,800
Stock-based compensation expense						$ 4,141,000		$ 4,549,000	$ 9,470,000	$ 8,143,000
Construction in Progress
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense									$ 200,000
Employee Stock Purchase Plan (ESPP)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	724,000					0			0		384,739
Share-based payment award, expiration period	10 years
Share-based payment award, expiration date	Jan. 01, 2030
Percentage of automatic increase every year in common stock shares reserved for future issuance	1.00%
Share-based payment award, terms of award issuance									the number of shares of common stock that are automatically added on January 1st of each year for a period of up to ten years, commencing on the first January 1 following the IPO and ending on (and including) January 1, 2030, in an amount equal to the lesser of (i) one percent (1.0%) of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year, and (ii) 724,000 shares of common stock.
Number of shares of common stock issued under ESPP	0
Employee Stock Purchase Plan (ESPP) \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	362,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, compensation cost not yet recognized, weighted-average period of recognition									2 years
Share-based payment award, RSU/RSA granted
Share-based payment award, unvested RSU/RSA granted, compensation cost not yet recognized						$ 8,600,000			$ 8,600,000
Share-based payment award, RSU/RSA granted, weighted average grant date fair value
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, options granted									2,679,952
Share-based payment award, options granted, exercise price per share									$ 6.24
Share-based payment award, options, compensation cost not yet recognized						37,300,000			$ 37,300,000
Share-based payment award, compensation cost not yet recognized, weighted-average period of recognition									3 years 1 month 6 days
Stock options were exercised during the period									$ 0
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, compensation cost not yet recognized, weighted-average period of recognition									9 months 18 days
Share-based payment award, unvested RSU/RSA granted, compensation cost not yet recognized						$ 1,100,000			$ 1,100,000
Share-based payment award, RSU/RSA granted, weighted average grant date fair value			$ 5.28
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	209,841
Share-based payment award, plan modification, incremental cost									$ 0
2020 Equity Incentive Plan \| Cancelled Options \| Certain Employees and Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, options granted			2,896,782
Share-based payment award, options granted, exercise price per share			$ 0.80
Award vesting period			4 years
Share-based payment award, options grant date fair value			$ 13,800,000
2020 Equity Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		4 years
Number of shares awarded		2,518,932
Share-based payment award, RSU/RSA granted		331,121
2020 Equity Incentive Plan \| Restricted Stock Units \| Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting rights percentage		25.00%
2020 Equity Incentive Plan \| Restricted Stock Units \| Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting rights percentage		25.00%
2020 Equity Incentive Plan \| Restricted Stock Units \| Share-based Payment Arrangement, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting rights percentage		25.00%
2020 Equity Incentive Plan \| Restricted Stock Units \| Share-based Payment Arrangement, Tranche Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, vesting rights percentage		25.00%
2020 Equity Incentive Plan \| Restricted Stock Awards \| RA Session II
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, RSU/RSA granted			769,058
Award requisite service vesting period			3 years
2020 Equity Incentive Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance	3,845,294		3,529,412
New Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	3,390,168										1,923,697	1,434,934
Share-based payment award, expiration period	10 years
Share-based payment award, commencement date	Jan. 01, 2021
Share-based payment award, expiration date	Jan. 01, 2030
Percentage of automatic increase every year in common stock shares reserved for future issuance	5.00%
Share-based payment award, terms of award issuance									The number of shares of common stock reserved for issuance under the New Plan automatically increases on January 1 of each year, for a period of ten years, from January 1, 2021 continuing through January 1, 2030, by 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors.
New Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, expiration period						10 years
Share-based payment award, options granted						777,852			2,679,952
Share-based payment award, options, weighted-average grant date fair value						$ 4.13			$ 4.21
New Plan \| Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period						4 years
New Plan \| Stock Options \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period						1 year

Stock-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Options and Cancelled Options (Details) - Stock Options	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	2.77%	1.07%	2.16%	0.80%
Expected term in years	6 years	6 years	6 years 1 month 6 days	6 years
Expected volatility	76.00%	76.00%	76.00%	75.00%

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding. Stock Options, Beginning Balance \| shares	3,649,962
Options granted, Stock Options \| shares	2,679,952
Options cancelled or forfeited, Stock Options \| shares	(1,170,879)
Options expired, Stock Options \| shares	(10,340)
Outstanding. Stock Options, Ending Balance \| shares	5,148,695	3,649,962
Vested and expected to vest at June 30, 2022, Stock Options \| shares	5,148,695
Options exercisable at June 30, 2022, Stock Options \| shares	1,094,502
Outstanding, Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 24.13
Options granted, Weighted Average Exercise Price \| $ / shares	6.24
Options cancelled or forfeited, Weighted Average Exercise Price \| $ / shares	15.53
Options expired, Weighted Average Exercise Price \| $ / shares	21.71
Outstanding, Weighted Average Exercise Price, Ending balance \| $ / shares	16.78	$ 24.13
Vested and expected to vest at June 30, 2022, Weighted Average Exercise Price \| $ / shares	16.78
Options exercisable at June 30, 2022, Weighted Average Exercise Price \| $ / shares	$ 25.03
Outstanding, Weighted Average Remaining Contractual Life	8 years 10 months 24 days	9 years 2 months 12 days
Vested and expected to vest at June 30, 2022, Weighted Average Remaining Contractual Life	8 years 10 months 24 days
Options exercisable at June 30, 2022, Weighted Average Remaining Contractual Life	7 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value, Ending Balance \| $	$ 85
Vested and expected to vest at June 30, 2022, Aggregate Intrinsic Value \| $	$ 85

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Number of Shares, Beginning Balance \| shares	1,886,765
Restricted units/stock granted, Number of Shares \| shares
Vested, Number of Shares \| shares	(546,141)
Cancelled or forfeited, Number of Shares \| shares
Nonvested, Number of Shares, Ending Balance \| shares	1,340,624
Nonvested, Weighted Average Grant Date Fair Value per Share, Beginning Balance \| $ / shares	$ 6.52
Restricted units/stock granted, Weighted Average Grant Date Fair Value per Share \| $ / shares
Vested, Weighted Average Grant Date Fair Value per Share \| $ / shares	5.25
Cancelled or forfeited, Weighted Average Grant Date Fair Value per Share \| $ / shares
Nonvested, Weighted Average Grant Date Fair Value per Share, Ending Balance \| $ / shares	$ 7.04

Stock-Based Compensation - Schedule of Restricted Stock Awards Activity (Details) - Restricted Stock Awards - $ / shares		6 Months Ended
	Jul. 01, 2020	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Number of Shares, Beginning Balance		341,975
Vested, Number of Shares		(128,240)
Nonvested, Number of Shares, Ending Balance		213,735
Nonvested, Weighted Average Grant Date Fair Value per Share, Beginning Balance		$ 5.28
Restricted units/stock granted, Weighted Average Grant Date Fair Value per Share	$ 5.28
Vested, Weighted Average Grant Date Fair Value per Share		5.28
Nonvested, Weighted Average Grant Date Fair Value per Share, Ending Balance		$ 5.28

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,141	$ 4,549	$ 9,470	$ 8,143
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,316	2,214	3,893	3,793
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,825	$ 2,335	$ 5,577	$ 4,350

Net Loss Per Common Share - Schedule of Calculation of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (33,873)	$ (40,926)	$ (83,984)	$ (72,950)
Weighted average common shares outstanding, basic	40,142,403	37,479,164	39,163,996	37,237,115
Weighted average common shares outstanding, diluted	40,142,403	37,479,164	39,163,996	37,237,115
Net loss per common share, basic	$ (0.84)	$ (1.09)	$ (2.14)	$ (1.96)
Net loss per common share, diluted	$ (0.84)	$ (1.09)	$ (2.14)	$ (1.96)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Net Loss Per Common Share - Schedule of Common Stock Equivalents Outstanding Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	6,703,054	5,737,044
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	1,340,624	2,053,137
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	213,735	470,215
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per share	5,148,695	3,213,692

Income Taxes - Additional Information (Details)	6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0

- Definition

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

+ References + Details

Commitments and Contingencies - Additional Information (Details) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 17, 2020 ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Loss Contingencies [Line Items]
lease expense		$ 0.3	$ 0.1	$ 0.6	$ 0.1
Durham Lease
Loss Contingencies [Line Items]
Number of operating lease landlord square feet manufacturing facility \| ft²	187,500
Operating lease commencement date	Apr. 01, 2021
Operating lease term of contract	15 years 6 months
Operating lease extend term of contract	5 years
Amount required to place in escrow account		2.6		2.6
Operating leases initial direct costs				0.8
Build-to-suit asset		26.3		26.3
Build-to-suit lease liability		$ 26.3		26.3
Equipment purchases and build-out of leased Facility				$ 10.6

Strategic Reprioritization - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Restructuring Cost And Reserve [Line Items]
Percentage of headcount reduced	35.00%
Exit and Disposal Activities
Restructuring Cost And Reserve [Line Items]
Percentage of headcount reduced	35.00%
Severance and termination-related costs		$ 2.6

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Compensation And Retirement Disclosure [Abstract]
Contribution to retirement savings plan	$ 0.1	$ 0.6