0001564590-21-043697 | 10-Q | XBRL Viewer | Gemini Therapeutics INC DE

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	GMTX
Entity Registrant Name	Gemini Therapeutics, Inc. /DE
Entity Central Index Key	0001816736
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		43,109,472
Entity File Number	001-39438
Entity Tax Identification Number	85-1612845
Entity Address, Address Line One	300 One Kendall Square, 3rd Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	401-4400
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 167,477	$ 4,503
Prepaid expenses and other current assets	3,834	562
Total current assets	171,311	5,065
Property and equipment, net	229	294
Restricted cash	323	323
Deferred offering costs		2,637
Other assets	559
Total assets	172,422	8,319
Current liabilities:
Accounts payable	1,492	2,377
Accrued expenses and other current liabilities	5,013	5,810
Term loan, current portion	5,000	5,000
Convertible notes		11,689
Total current liabilities	11,505	24,876
Warrant liability		76
Other liabilities	346	277
Term loan, net of current portion and discount	2,889	4,951
Total liabilities	14,740	30,180
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 250,000,000 shares authorized; 43,055,112 and 15,565,380 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	4	2
Additional paid-in capital	305,994	90,958
Accumulated deficit	(148,316)	(112,821)
Total stockholders' equity (deficit)	157,682	(21,861)
Total liabilities and stockholders' equity (deficit)	$ 172,422	$ 8,319

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
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 (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	43,055,112	15,565,380
Common stock, shares outstanding	43,055,112	15,565,380

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 10,842	$ 5,528	$ 22,628	$ 13,745
General and administrative	5,478	1,138	10,182	2,552
Total operating expenses	16,320	6,666	32,810	16,297
Loss from operations	(16,320)	(6,666)	(32,810)	(16,297)
Other income (expense):
Interest expense	(121)	(107)	(1,969)	(260)
Interest income	5		6	36
Loss on conversion of convertible notes			(711)
Change in fair value of warrant liability				2
Other expense	(11)		(11)
Net loss and comprehensive loss	(16,447)	(6,773)	(35,495)	(16,519)
Net loss attributable to common stockholders	$ (16,447)	$ (6,773)	$ (35,495)	$ (16,519)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.38)	$ (0.44)	$ (0.94)	$ (1.11)
Weighted average common shares outstanding, basic and diluted	43,041,856	15,266,222	37,564,936	14,881,097

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	As Previously Reported	Retroactive Application of the Recapitalization Due to the Business Combination	Common Stock	Common Stock Retroactive Application of the Recapitalization Due to the Business Combination	Additional Paid-in Capital	Additional Paid-in Capital As Previously Reported	Additional Paid-in Capital Retroactive Application of the Recapitalization Due to the Business Combination	Accumulated Deficit	Accumulated Deficit As Previously Reported	Old Gemini Common Stock As Previously Reported	Old Gemini Common Stock Retroactive Application of the Recapitalization Due to the Business Combination	Series A Convertible Preferred Stock As Previously Reported	Series A Convertible Preferred Stock Retroactive Application of the Recapitalization Due to the Business Combination	Series B Convertible Preferred Stock As Previously Reported	Series B Convertible Preferred Stock Retroactive Application of the Recapitalization Due to the Business Combination
Balance at Dec. 31, 2019	$ (10,432)	$ (70,797)	$ 60,365	$ 1	$ 1	$ 61,551	$ 1,182	$ 60,369	$ (71,984)	$ (71,984)	$ 5	$ (5)
Balance (in Shares) at Dec. 31, 2019													39,722,088	(39,722,088)	9,916,375	(9,916,375)
Balance at Dec. 31, 2019													$ 47,113	$ (47,113)	$ 13,252	$ (13,252)
Balance (in Shares) at Dec. 31, 2019				11,979,586	11,979,586						5,313,766	(5,313,766)
Issuance of Series B convertible preferred stock, net of issuance costs of $148	20,084			$ 1		20,083
Issuance of Series B convertible preferred stock, net of issuance costs of $148 (in Shares)				3,242,655
Issuance of common stock upon exercise of stock options	10					10
Issuance of common stock upon exercise of stock options (in Shares)				17,932
Vesting of restricted common stock (in Shares)				14,470
Stock-based compensation expense	94					94
Net loss	(9,746)								(9,746)
Balance at Mar. 31, 2020	10			$ 2		81,738			(81,730)
Balance (in Shares) at Mar. 31, 2020				15,254,643
Balance at Dec. 31, 2019	(10,432)	(70,797)	60,365	$ 1	$ 1	61,551	1,182	60,369	(71,984)	(71,984)	$ 5	$ (5)
Balance (in Shares) at Dec. 31, 2019													39,722,088	(39,722,088)	9,916,375	(9,916,375)
Balance at Dec. 31, 2019													$ 47,113	$ (47,113)	$ 13,252	$ (13,252)
Balance (in Shares) at Dec. 31, 2019				11,979,586	11,979,586						5,313,766	(5,313,766)
Net loss	(16,519)
Balance at Jun. 30, 2020	(6,616)			$ 2		81,885			(88,503)
Balance (in Shares) at Jun. 30, 2020				15,274,341
Balance at Mar. 31, 2020	10			$ 2		81,738			(81,730)
Balance (in Shares) at Mar. 31, 2020				15,254,643
Issuance of common stock upon exercise of stock options	9					9
Issuance of common stock upon exercise of stock options (in Shares)				5,228
Vesting of restricted common stock (in Shares)				14,470
Stock-based compensation expense	138					138
Net loss	(6,773)								(6,773)
Balance at Jun. 30, 2020	(6,616)			$ 2		81,885			(88,503)
Balance (in Shares) at Jun. 30, 2020				15,274,341
Balance at Dec. 31, 2020	(21,861)	(102,310)	80,449	$ 2	$ 2	90,958	10,504	80,454	(112,821)	(112,821)	$ 7	$ (7)
Balance (in Shares) at Dec. 31, 2020													39,722,088	(39,722,088)	24,790,938	(24,790,938)
Balance at Dec. 31, 2020													$ 47,113	$ (47,113)	$ 33,336	$ (33,336)
Balance (in Shares) at Dec. 31, 2020				15,565,380	15,565,380						6,900,493	(6,900,493)
Issuance of common stock upon Business Combination, net of issuance costs (Note 3)	195,882			$ 2		195,880
Issuance of common stock upon Business Combination, net of issuance costs (in Shares)				25,041,150
Conversion of promissory notes (Note 3)	14,515					14,515
Conversion of promissory notes (in Shares)				2,341,316
Issuance of common stock upon exercise of warrants (Note 3)	76					76
Issuance of common stock upon exercise of warrants (in Shares)				15,257
Issuance of common stock upon exercise of stock options	4					4
Issuance of common stock upon exercise of stock options (in Shares)				3,480
Vesting of restricted common stock (in Shares)				35,561
Stock-based compensation expense	1,593					1,593
Net loss	(19,048)								(19,048)
Balance at Mar. 31, 2021	171,161			$ 4		303,026			(131,869)
Balance (in Shares) at Mar. 31, 2021				43,002,144
Balance at Dec. 31, 2020	(21,861)	$ (102,310)	$ 80,449	$ 2	$ 2	90,958	$ 10,504	$ 80,454	(112,821)	$ (112,821)	$ 7	$ (7)
Balance (in Shares) at Dec. 31, 2020													39,722,088	(39,722,088)	24,790,938	(24,790,938)
Balance at Dec. 31, 2020													$ 47,113	$ (47,113)	$ 33,336	$ (33,336)
Balance (in Shares) at Dec. 31, 2020				15,565,380	15,565,380						6,900,493	(6,900,493)
Net loss	(35,495)
Balance at Jun. 30, 2021	157,682			$ 4		305,994			(148,316)
Balance (in Shares) at Jun. 30, 2021				43,055,112
Balance at Mar. 31, 2021	171,161			$ 4		303,026			(131,869)
Balance (in Shares) at Mar. 31, 2021				43,002,144
Issuance of common stock upon exercise of stock options	106					106
Issuance of common stock upon exercise of stock options (in Shares)				52,968
Stock-based compensation expense	2,862					2,862
Net loss	(16,447)								(16,447)
Balance at Jun. 30, 2021	$ 157,682			$ 4		$ 305,994			$ (148,316)
Balance (in Shares) at Jun. 30, 2021				43,055,112

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Statement Of Stockholders Equity [Abstract]
Issuance of Series B convertible preferred stock. net of issuance costs	$ 148

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (35,495)	$ (16,519)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	127	155
Stock-based compensation expense	4,455	232
Non-cash interest expense	225	106
Change in fair value of warrant liability		(2)
Loss on conversion of convertible notes	711
Accretion of discount on convertible notes	1,600
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,272)	616
Deferred offering costs	1,341
Other assets	(559)
Accounts payable	42	(945)
Accrued expenses and other current liabilities	(110)	(557)
Net cash used in operating activities	(30,935)	(16,914)
Cash flows from financing activities:
Proceeds from Business Combination, net	195,882
Proceeds from sale of Series B convertible preferred stock, net		20,084
Proceeds from exercise of stock options	110	19
Principal payments on term loan	(2,083)
Net cash provided by financing activities	193,909	20,103
Increase in cash, cash equivalents and restricted cash	162,974	3,189
Cash, cash equivalents and restricted cash at beginning of period	4,826	3,309
Cash, cash equivalents and restricted cash at end of period	167,800	6,498
Supplemental disclosure
Cash paid for interest	144	154
Noncash financing activities
Conversion of convertible notes to Series B preferred stock	14,515
Exercise of warrants	76
Property and equipment purchases included in accounts payable and accrued expenses	$ 61	$ 22

Nature of the Business

6 Months Ended

Jun. 30, 2021

Nature Of Business [Abstract]

Nature of the Business

1. Nature of the business

Gemini Therapeutics, Inc. (the “Company” or “Gemini”) is a clinical-stage precision medicine company developing novel therapeutic compounds to treat genetically defined, age-related macular degeneration. The Company was founded on March 3, 2015 and is currently located in Cambridge, Massachusetts.

Unless the context otherwise requires, references in these notes to “Gemini”, “the Company”, “we”, “us” and “our” and any related terms are intended to mean Gemini Therapeutics, Inc. and its consolidated subsidiary following the Business Combination (as defined below).

Since its inception, the Company has devoted substantially all its efforts and financial resources to organizing and staffing the Company, business planning, raising capital, discovering product candidates and securing related intellectual property rights and conducting research and development activities for our product candidates. The Company’s lead product candidate, GEM103, is currently in Phase 2a clinical development and its other product candidates and research initiatives are in preclinical or earlier stages of development.

On February 5, 2021 (the “Closing Date”), FS Development Corporation, a Delaware corporation (“FSDC”), consummated the previously announced business combination (the “Business Combination”) pursuant to the terms of the Agreement and Plan of Merger, dated as of October 15, 2020 (as amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Gemini Therapeutics, Inc., a Delaware corporation (“Old Gemini”), Shareholder Representative Services LLC, a Colorado limited liability company solely in its capacity as the representative, agent and attorney-in-fact of the Company Securityholders (the “Stockholders’ Representative”), FSDC and FSG Merger Sub Inc., a Delaware corporation (“Merger Sub”).

FSDC was incorporated in Delaware on June 25, 2020 and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

On the day prior to the Closing Date, Old Gemini changed its name to “Gemini Therapeutics Sub, Inc.” Pursuant to the Merger Agreement, on the Closing Date, (i) FSDC changed its name to “Gemini Therapeutics, Inc.” and (ii) Old Gemini merged with and into Merger Sub (the “Merger”), with Old Gemini as the surviving company in the Merger and, after giving effect to such Merger, Old Gemini becoming a wholly-owned subsidiary of Gemini. Upon the closing of the Business Combination, and pursuant to the terms of the Merger Agreement, the existing shareholders of Old Gemini exchanged their interests for shares of common stock of Gemini.

In connection with the Business Combination, certain investors purchased an aggregate of $95.1 million of the Company’s Common Stock in a private placement of public equity (the “PIPE Financing”). Together with FSDC’s cash resources and funding of the PIPE Financing, the Company received net proceeds of approximately $195.9 million.

For additional information on the Business Combination, please refer to Note 3, Business Combination, to these condensed consolidated financial statements.

Risks and Liquidity

6 Months Ended

Jun. 30, 2021

Risks And Uncertainties [Abstract]

Risks and Liquidity

2. Risks and Liquidity

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, compliance with government regulations, and the impact of the novel coronavirus disease (“COVID-19”) pandemic. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.

The Company’s product candidates are in development and will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and is dependent upon the services of its employees, consultants, third-party contract research organizations and other third-party organizations.

Prior to the Business Combination, the Company primarily financed its operations through the sale of convertible preferred stock, borrowings under convertible promissory notes and borrowings under loan agreements. The Company believes that its $167.5 million of cash and cash equivalents as of June 30, 2021 will enable it to fund its planned operations for at least twelve months from the issuance date of these condensed consolidated financial statements, though the Company may pursue additional cash resources through public or private equity or debt financings. Management’s expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. Its operating plan may change as a result of many factors currently unknown to management and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than anticipated. If adequate funds are not available to the Company on a timely basis, management may be required to delay, limit, reduce or terminate certain of its research, product development or future commercialization efforts, obtain funds through arrangements with collaborators on terms unfavorable to the Company, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of its stockholders.

Impact of the COVID-19 Pandemic

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 outbreak and the increased prevalence of variants of the virus, and government measures taken in response, have had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The COVID-19 pandemic has resulted in and will likely continue to result in significant disruptions to the global economy, and businesses and capital markets around the world. The Company cannot predict the future progression or full impact of the outbreak and its effects on the Company’s business and operations.

The Company and its third-party contract manufacturers (“CMOs”), contract research organizations (“CROs”) and clinical sites have experienced and may continue to experience disruptions in supply of product candidates and/or procurement of items that are essential for the Company’s research and development activities, including raw materials used in the manufacturing of its product candidates, medical and laboratory supplies used in its clinical trials or preclinical studies or animals that are used for preclinical testing, in each case, for which there may be shortages because of ongoing efforts to address the outbreak.

Additionally, the Company has enrolled, and will seek to enroll, patients in its clinical trials at sites located both in the United States and internationally. Most of the Company’s clinical trial sites are in areas affected by COVID-19 and, as a result, its trials have been and may continue to be impacted. The Company cannot predict how long or impactful these delays may be on its clinical trials. In addition, even if sites are initiating and actively recruiting, the Company may face difficulties recruiting or retaining patients in its clinical trials if patients are affected by the virus or are unable to or are fearful of visiting or traveling to clinical trial sites because of the outbreak. Prolonged delays or closure to enrollment in the Company’s trials or patient discontinuations could have a material adverse impact on its clinical trial plans and timelines. In addition, the Company’s ability to collect and verify data requested of patients enrolled in its clinical trials during this pandemic is being impacted to varying degrees. Clinical trial data collection continues for each of the Company’s clinical trials but at a slower pace, and with challenges and interruptions in data collection, including, in some instances, disruption of collection of complete study data. This could have a material adverse impact on the Company’s data quality and analysis. In addition, clinical trial sites may be unable or unwilling to initiate a new trial if factors relevant to the pandemic render this impracticable. These COVID-19 related issues may prolong the time required to conduct ongoing clinical trials and/or impact the quality of the data obtained from one or more of these studies.

The Company has not incurred impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic, and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these condensed consolidated financial statements. Although the COVID-19 pandemic did not have a significant impact on the Company’s condensed consolidated financial results in the second quarter of 2021, the full extent to which the COVID-19 pandemic will impact the Company’s business, results of operations, financial condition and cash flows will depend on future developments that are highly uncertain, and the estimates of the impact on the Company’s business may change based on new information that may emerge concerning COVID-19, including the duration of the pandemic, any potential subsequent waves or strains of COVID-19 infection, the effectiveness, distribution and acceptance of COVID-19 vaccines and the actions to contain it or treat its impact and the economic impact on local, regional, national and international markets.

Business Combination

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Business Combination

3. Business Combination

On February 5, 2021, Old Gemini and FSDC completed the Business Combination pursuant to the Merger Agreement with Old Gemini surviving the merger as a wholly owned subsidiary of FSDC. Net proceeds from the Business Combination totaled approximately $195.9 million, which included funds held in FSDC’s trust account and the completion of the concurrent PIPE Financing.

In accordance with the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger, (i) all shares of Old Gemini’s Series B Preferred Stock (including shares of Series B Preferred Stock issued upon conversion of outstanding convertible promissory notes), Series A Preferred Stock and Common Stock (collectively, “Old Gemini Stock”) issued and outstanding immediately prior to the effective time of the Merger, whether vested or unvested, were converted into the right to receive their pro rata portion of the 17,942,274 shares of FSDC Class A Common Stock (the “Common Stock”) issued as Merger consideration (the “Merger Consideration”), provided that 2,150,000 shares of Common Stock are held in escrow for a period of 12 months from the Closing Date to satisfy any indemnification obligations of Old Gemini under the Merger Agreement; (ii) each option exercisable for Old Gemini Stock that was outstanding immediately prior to effective time of the Merger was assumed and continues in full force and effect on the same terms and conditions as were previously applicable to such options, subject to adjustments to exercise price and number of shares Common Stock issuable upon exercise based on the final conversion ratio calculated in accordance with the Merger Agreement, and (iii) 4,264,341 shares of Common Stock were reserved for issuance under the newly adopted 2021 Stock Option and Incentive Plan (the “2021 Plan”).

The Company accounted for the Business Combination as a reverse recapitalization, which is the equivalent of Old Gemini issuing stock for the net assets of FSDC, accompanied by a recapitalization, with FSDC treated as the acquired company for accounting purposes. The determination of FSDC as the “acquired” company for accounting purposes was primarily based on the fact that subsequent to the Business Combination, shareholders of Old Gemini prior to the Business Combination have a majority of the voting power of the combined company, the operations of Old Gemini will comprise all of the ongoing operations of the combined entity, and Old Gemini’s senior management will comprise all of the senior management of the combined company. The net assets of FSDC were stated at historical cost with no goodwill or other intangible assets recorded. Reported results from operations included herein prior to the Business Combination are those of Old Gemini. The shares and corresponding capital amounts and loss per share related to Old Gemini’s outstanding convertible preferred stock and common stock prior to the Business Combination have been retroactively restated to reflect the conversion ratio established in the Merger Agreement (1.00 Old Gemini share for 0.2180 shares of the Company, the “Conversion Ratio”).

In connection with the Business Combination, the Company incurred equity issuance costs and other costs considered direct and incremental to the transaction totaling $21.0 million, consisting of legal, accounting, financial advisory and other professional fees. These amounts are reflected within additional paid-in capital in the condensed consolidated balance sheet as of June 30, 2021.

PIPE Financing

Concurrent with the execution of the Business Combination, the Company entered into subscription agreements with certain investors (the “PIPE Investors”) pursuant to which the PIPE Investors subscribed for and purchased an aggregate of 9,506,000 shares of Common Stock for an aggregate purchase price of $95.1 million.

Summary of Net Proceeds

The following table summarizes the elements of the net proceeds from the Business Combination as of June 30, 2021 (in thousands):

Cash - FSDC Trust Account and cash (net of redemptions)	$	121,782
Cash - PIPE Financing		95,060
Less: Equity issuance costs and other costs paid prior to June 30, 2021		(20,960	)
Net proceeds from the Business Combination	$	195,882

Summary of Shares Issued

The following table summarizes the number of shares of Common Stock outstanding immediately following the consummation of the Business Combination:

FSDC shares outstanding prior to the Business Combination			15,535,150
Shares issued pursuant to the PIPE Financing			9,506,000
Business Combination and PIPE Financing shares			25,041,150
Conversion of Old Gemini Series A preferred stock for common stock			8,657,869
Conversion of Old Gemini Series B preferred stock for common stock			7,744,785
Conversion of Old Gemini common stock for common stock			1,539,603
Issuance of common stock upon exercise of warrants			15,257
Total shares of the Company's common stock outstanding immediately following the Business Combination			42,998,664

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

4. Summary of Significant Accounting Policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiary, Gemini Therapeutics Sub, Inc., after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the FASB.

In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results for the entire fiscal year or any other period. The condensed consolidated financial information for the three and six months ended June 30, 2021 and 2020 have been prepared on the same basis as and should be read in conjunction with Old Gemini’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 8-K/A as filed with the SEC on March 29, 2021.

As a result of the Business Combination, the shares and corresponding capital amounts and loss per share related to Old Gemini’s outstanding convertible preferred stock and common stock prior to the Business Combination have been retroactively restated to reflect the Conversion Ratio established in the Merger Agreement. For additional information regarding the Business Combination, please refer to Note 3, Business Combination, to these condensed consolidated financial statements.

Use of estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect 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 periods. Significant estimates contained within these financial statements include, but are not limited to, the accruals of research and development expenses, share-based awards utilized for stock-based compensation purposes and, prior to the Business Combination, the estimated fair value of the Company’s common stock and warrant liability. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ materially from those estimates or assumptions.

Cash and cash equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of initial purchase to be cash equivalents. The objectives of the Company’s cash management policy are to safeguard and preserve funds to maintain liquidity sufficient to meet the Company’s cash flow requirements and to attain a market rate of return. The Company’s cash equivalents consist of amounts invested in money market mutual funds as of June 30, 2021 and December 31, 2020.

Restricted cash

Restricted cash amounted to $323 thousand as of June 30, 2021 and December 31, 2020, which consists of $100 thousand to collateralize the Company’s credit card and $223 thousand to collateralize its irrevocable standby letter of credit for its facility lease arrangement. The letter of credit is in the name of the landlord and is required to fulfill lease requirements in the event the Company should default on its lease obligation.

A reconciliation of the cash and cash equivalents and restricted cash as presented in the Company’s balance sheets to the Company’s statements of cash flows is as follows (in thousands):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	167,477	$	4,503
Restricted cash		323		323
Total cash, cash equivalents and restricted cash	$	167,800	$	4,826

Concentration of credit risk and of significant suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in accredited financial institutions in amounts that could exceed federally insured limits. Cash equivalents are invested in money market funds. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are as follows:

Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	3 years
Leasehold improvements	Shorter of the useful life of the asset or the life of the lease

Costs for capital assets not yet placed in service are capitalized and depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for normal, recurring or periodic repairs and maintenance activities are charged to expense as incurred.

Impairment of long-lived assets

Long-lived assets, comprised of property and equipment, to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets.

Offering costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss. The Company had no deferred offering costs as of June 30, 2021. As of December 31, 2020, the Company recorded deferred offering costs of $2.6 million related to the costs incurred in connection with the Business Combination.

Fair value measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be

classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 – Quoted prices in active markets that are identical assets or liabilities.

Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents and preferred stock warrant liability (outstanding as of December 31, 2020 only) are carried at fair value, determined according to the fair value hierarchy described above (see Note 5). The carrying values of the Company’s prepaid expenses and other current assets and accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s term loan as of June 30, 2021 and December 31, 2020 (see Note 7) approximated fair value based on interest rates currently available to the Company.

Debt issuance costs

The carrying value of the Company’s term loan was recorded net of issuance costs and discount relating to the issuance of warrants. The debt discounts are amortized over the term of the debt using the effective interest method and recognized as interest expense.

Warrants

In February 2019, concurrent with the Company’s term loan agreement (see Note 7), the Company issued warrants to purchase shares of Old Gemini’s Series A preferred stock. The Company accounted for the warrants to purchase Series A preferred stock as a liability as these warrants were freestanding financial instruments that may have required the Company to transfer assets upon exercise. The fair value of the warrants classified as liabilities is estimated using the Black-Scholes Option Pricing Model and adjusted to fair value at the end of each reporting period. Changes in the fair value of the warrant are recognized as a component of other income (expense) in the condensed consolidated statements of operations and comprehensive loss. The estimates in the Black-Scholes Option Pricing Model are based, in part, on subjective assumptions, including, stock price volatility, term of the warrants, risk-free interest rate, dividend yield and the fair value of the preferred stock underlying the warrants. Such assumptions could differ materially in the future.

At the closing of the Business Combination, the warrants were automatically exercised for 15,257 shares of the Company’s common stock.

Segment information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company’s singular focus is the development of novel therapies for genetically defined, age-related macular degeneration. The Company has determined that it operates as a single operating segment and has one reportable segment. The Company’s long-lived assets are located in the United States.

Research and development contract costs and accruals

Research and development expenses include employee payroll, consulting, contract research, depreciation, rent and other corporate costs attributable to research and development activities and are expensed as incurred.

Upfront payments and milestone payments made for the licensing of technology are expensed as research and development expenses in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patent costs

The Company expenses all patent-related costs incurred in connection with filing and prosecuting patent applications. It records such costs within general and administrative expenses in its accompanying statements of operations and comprehensive loss.

Stock-based compensation

The Company measures all stock-based awards granted to employees, directors and non-employees based on the fair value on the date of grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are accounted for as they occur. The Company grants stock options and restricted stock awards that are subject to either service or performance-based vesting conditions. Compensation expense related to awards to employees and non-employees with performance-based vesting conditions is recognized based on the grant date fair value over the requisite service period using the accelerated attribution method to the extent achievement of the performance condition is probable. The Company estimates the probability that certain performance criteria will be met and does not recognize compensation expense until it is probable that the performance-based vesting condition will be achieved.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Determination of Fair Value – Preferred and Common Stock

Prior to the completion of the Business Combination transaction, given that there had been no public market for the Company’s common stock, the estimated fair value of its common stock was determined by its most recently available third-party valuations of common stock. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The Company’s common stock valuations were prepared using an option pricing method, or OPM, or a hybrid method, both of which used market approaches to estimate its enterprise value. The OPM treats common stock and preferred stock as call options on the total equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company’s securities changes. Under this method, the common stock has value only if the funds available for distribution to stockholders exceeded the value of the preferred stock liquidation preferences at the time of the liquidity event, such as a strategic sale or a merger. A discount for lack of marketability of the common stock is then applied to arrive at an indication of value for the common stock. The hybrid method is a probability-weighted expected return method, or PWERM, where the equity value in one or more scenarios is calculated using an OPM. The PWERM is a scenario-based methodology that estimates the fair value of the Company’s common stock based upon an analysis of its future values, assuming various outcomes. The common stock value is based on the probability-weighted present value of expected future investment returns considering each of the possible outcomes available as well as the rights of each class of stock. The future value of the common stock under each outcome is discounted back to the valuation date at an appropriate risk-adjusted discount rate and probability weighted to arrive at an indication of value for the common stock. There are significant judgments and estimates inherent in the determination of the fair value of the Company’s common stock. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred securities, the superior rights and preferences of securities senior to the common securities at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.

Subsequent to the closing of the Business Combination, the fair value of each share of common stock underlying stock-based awards is determined based on the closing price of the Company’s common stock as reported by Nasdaq on the date of grant.

Determination of Fair Value – Stock Option Awards

The fair value of each restricted common stock award is estimated on the date of grant based on the fair value of the Company’s common stock on that same date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the award, the risk-free interest rate and expected dividends.

Prior to the Business Combination, the Company was a private company and, therefore, lacked company-specific historical and implied volatility information for its stock. Therefore, it estimated its expected stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the

award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.

Income taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by analyzing carryback capacity in periods with taxable income, reversal of existing taxable temporary differences and estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. To the extent an income tax provision is necessary, the provision for income taxes would include the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Comprehensive loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. There was no difference between net loss and comprehensive loss for each of the periods presented in the accompanying condensed consolidated financial statements.

Net loss per share

The Company calculates earnings per share in accordance with ASC Topic 260, Earnings per Share. The two-class method of computing earnings per share is required for entities that have participating securities. Under the two-class method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common stock. For purpose of this calculation, outstanding options, unvested restricted common stock and convertible preferred stock are considered potential dilutive common stock and are excluded from the computation of net loss per share as their effect is anti-dilutive.

In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to be outstanding if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2021 and 2020.

Emerging growth company status

The Company qualifies as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to avail itself of the extended transition period and, therefore, while the Company is an EGC it will not be subject to new or revised accounting standards at the same time that they become applicable to other public companies that are not EGCs, unless it chooses to early adopt a new or revised accounting standard. As a result of this election, the condensed consolidated financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates.

Recently adopted accounting pronouncements

In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, (“ASU 2018-18”). The amendments in this update clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue when the collaborative arrangement participant is a customer in the context of a unit of account and precludes recognizing as revenue consideration received from a collaborative arrangement participant if the participant is not a customer. This standard became effective for the Company on January 1, 2021 and did not have a material impact on its condensed consolidated financial statements as the Company had no transactions applicable to this guidance; however, the standard may impact how the Company accounts for certain business transactions in the future.

Recently issued accounting pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), Amendments to the FASB Accounting Standards Codification (“ASU 2016-02”), which replaces the existing guidance for leases. ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve-month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and a lease liability will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of ASU 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. The guidance is effective for annual reporting periods beginning after December 15, 2021 and interim periods beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2020-3 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2016-13 may have on its financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The new standard will be effective for annual reporting periods beginning after December 15, 2021. The Company is currently evaluating the potential impact ASU 2018-18 will have on its financial statements.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which reduces the number of accounting models for convertible debt instruments and convertible preferred stock as well as amends the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for the Company on January 1, 2024, with early adoption permitted. The Company is currently evaluating the potential impact that this standard may have on its financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair value measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value (in thousands) on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

June 30, 2021	Level 1		Level 2		Level 3		Total
Assets
Money market funds in cash and cash equivalents	$	166,594	$	-	$	-	$	166,594
	$	166,594	$	-	$	-	$	166,594

December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Money market funds in cash and cash equivalents	$	4,015	$	-	$	-	$	4,015
	$	4,015	$	-	$	-	$	4,015
Liabilities
Warrant liability	$	-	$	-	$	76	$	76
	$	-	$	-	$	76	$	76

The values of cash equivalents are classified as Level 1 measurements under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets and do not have any restrictions on redemption. As of June 30, 2021 and December 31, 2020, cash equivalents were comprised of funds in money market accounts. There were no transfers or reclassifications between Level 1, Level 2 and Level 3 during the three and six months ended June 30, 2021.

The value of the warrant liability is classified as a Level 3 measurement under the fair value hierarchy, as this liability has been valued based on significant inputs not observable in the market.

Warrants to purchase Series A Preferred Stock

In February 2019, concurrent with the Company’s term loan agreement, the Company issued warrants to purchase 15,257 shares of Old Gemini’s Series A preferred stock. The warrants had an exercise price of $5.46 per share and expired in February 2029, representing a contractual term of ten years from issuance. At the closing of the Business Combination, the warrants were automatically exercised for 15,257 shares of the Company’s common stock.

The fair value of the warrants was recorded as a liability on the date of issuance and was revalued at the end of each reporting period until being exercised upon the closing of the Business Combination.

The following table sets forth a summary of the activities of the Company’s Series A preferred stock warrant liability, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy wherein fair value is estimated using significant unobservable inputs (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Beginning warrant liability balance	$	-	$	66	$	76		$	68
Change in fair value		-		-		-			(2	)
Warrant exercise		-		-		(76	)		-
Ending warrant liability balance	$	-	$	66	$	-		$	66

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued expenses and other current liabilities

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

	June 30, 2021		December 31, 2020
Accrued payroll and benefits	$	1,644	$	1,500
Accrued external research and development		2,809		3,136
Accrued professional fees		388		691
Accrued interest		25		437
Accrued other		147		46
	$	5,013	$	5,810

Term Loan

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Term Loan

7. Term loan

On February 8, 2019, the Company entered into a term loan facility of up to $10.0 million (the “Term Loan”) with Silicon Valley Bank (“SVB”). The proceeds were used for general corporate and working capital purposes. Concurrent with the Term Loan, the Company issued SVB warrants to purchase 15,257 shares of the Company’s Series A preferred stock at an exercise price of $5.46 (see Note 5). As of June 30, 2021 and December 31, 2020, the Company had $7.9 million and $10.0 million, respectively, in principal outstanding under the Term Loan.

The Term Loan is governed by a loan and security agreement, dated February 8, 2019, between the Company and SVB (the “SVB Loan Agreement”). The SVB Loan Agreement provided for two separate tranches under which the Company could borrow. The first tranche for $7.5 million was available as single term loan advance until January 31, 2020. The second tranche was also available until January 31, 2020 as single term loan advance for $2.5 million and required that the Company meet a certain milestone event. On April 18, 2019, the Company borrowed $7.5 million under the first tranche, and on December 17, 2019, the Company borrowed $2.5 million under the second tranche having satisfied the milestone requirement.

The Term Loan initially matured on July 1, 2022 and accrues interest at a floating rate per annum equal to the greater of 3.75% or the prime rate minus 1.5% (1.75% as of June 30, 2021). The Term Loan initially provided for monthly interest-only payments until July 31, 2020. Thereafter, payments are payable in equal monthly installments of principal, plus all accrued and unpaid interest. The Company may prepay the Term Loan in whole upon 5 days’ prior written notice to SVB. Any such prepayment of the Term Loan is subject to a prepayment charge of 0.5% of the then outstanding principal balance. Amounts outstanding during an event of default are payable upon SVB’s demand and will accrue interest at an additional rate of 5.0% per annum of the past due amount outstanding.

On April 7, 2020, the Company entered into a deferral agreement with SVB to defer scheduled principal repayments on its term loan by six months. The deferral agreement was offered to the Company in connection with SVB’s venture debt relief initiative, which was started due to the COVID-19 pandemic. The Company’s first principal payment under its credit facility occurred in February 2021. The required monthly interest-only payment was not impacted by the deferral. The Term Loan’s new maturity date is January 1, 2023. After considering the debt guidance in ASC 470, the Company concluded that it did not meet the indicators of a troubled debt restructuring and accounted for the deferral of principal payment as a debt modification. Since there were no fees paid to SVB in connection with the deferral agreement, the modification had no impact to the Company’s financial statements.

At the end of the loan term (whether at maturity, by prepayment in full or otherwise), the Company is required to pay a final end of term charge to SVB in the amount of 4.0% of the aggregate original principal amount advanced by SVB. The amount of the end of term charge is being accrued over the loan term as interest expense. As of June 30, 2021 and December 31, 2020, the Company accrued $308 thousand and $239 thousand, respectively, related to the end of term charge, which has been classified within other long-term liabilities.

The SVB Loan Agreement includes a provision under which SVB may accelerate the scheduled maturities of the Term Loan under conditions that are not objectively determinable. The Company evaluated the likelihood of such acceleration and determined that it is not probable and classified the Term Loan on the balance sheet in accordance with the repayment schedule as of June 30, 2021.

As of June 30, 2021, scheduled principal payments for the Term Loan are as follows (in thousands):

Year Ending December 31,
2021	$	2,500
2022		5,000
2023		417
Total principal		7,917
Unamortized discounts		(28	)
Carrying amount		7,889
Less current portion		(5,000	)
Long-term portion	$	2,889

Interest expense was approximately $121 thousand and $107 thousand for the three months ended June 30, 2021 and 2020, respectively, and approximately $259 thousand and $260 thousand for the six months ended June 30, 2021 and 2020, respectively.

Convertible Promissory Notes

6 Months Ended

Jun. 30, 2021

Convertible Promissory Notes [Abstract]

Convertible Promissory Notes

8. Convertible promissory notes

On August 21, 2020, Old Gemini entered into a purchase agreement with various investors to issue $14.0 million in convertible promissory notes (the “Notes”). The Notes accrued simple interest at 8% per annum. The Company determined that a beneficial conversion feature (“BCF”) exists and should be recognized on the issuance date. The Company recorded the Notes at the original issuance price, net of the BCF discount. The BCF discount was accreted to the face value of the Notes over the period from the issuance date until the maturity date, offset against interest expense.

The Notes served as a bridge loan prior to the PIPE Financing that was completed in connection with the closing of the Business Combination. The Notes were intended to automatically convert into shares of common stock issued in the PIPE Financing at a per share conversion price equal to the lowest per share price paid for such shares of common stock in the PIPE Financing. The Notes were amended to allow for the principal and interest to convert to shares of Series B preferred stock prior to the closing of the Business Combination. Accordingly, immediately prior to the closing of the Business Combination, the outstanding principal and interest under the Notes converted into 2,341,316 shares of Series B preferred stock at a per share conversion price of $6.1986 and the Notes liability was extinguished. The Company recorded other expense of $0.7 million for the difference between the reacquisition price of the Notes and the net carrying amount of the Notes in the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2021.

As of December 31, 2020, the carrying value of the Notes was as follows (in thousands):

Principal amount	$	14,000
Unamortized discount (beneficial conversion feature)		(2,311	)
Carrying amount		11,689
Less current portion		(11,689	)
Long-term portion	$	-

During the three and six months ended June 30, 2021, the Company recognized interest expense of $0 and $1.7 million, respectively.

Stockholders’ Equity (Deficit)

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Stockholders’ Equity (Deficit)

9. Stockholders’ Equity (Deficit)

The condensed consolidated statement of stockholders’ equity (deficit) has been retroactively adjusted for all periods presented to reflect the Business Combination and reverse recapitalization as defined in Note 3, Business Combination.

Preferred Stock

Upon closing of the Business Combination, pursuant to the terms of the Amended and Restated Certificate of Incorporation dated February 5, 2021, the Company authorized 10,000,000 shares of preferred stock with a par value $0.0001 per share. The Company’s board of directors has the authority, without further action by the stockholders, to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, and to fix the designations, powers, voting, and other rights, preferences and privileges of the shares. There were no issued and outstanding shares of preferred stock as of June 30, 2021.

In connection with the closing of the Business Combination, all previously issued and outstanding Series A convertible preferred stock and Series B convertible preferred stock were exchanged for common stock of the Company pursuant to the Conversion Ratio established in the Merger Agreement. All fractional shares were rounded down.

Common Stock

Pursuant to the term of the Amended and Restated Certificate of Incorporation, the Company authorized 250,000,000 shares of common stock with a par value of $0.0001 per share. Immediately following the closing of the Business Combination and as of June 30, 2021, there were 42,998,664 and 43,055,112 shares of common stock issued and outstanding, respectively.

As discussed in Note 3, Business Combination, the Company has retroactively adjusted the shares issued and outstanding prior to February 5, 2021 to give effect to the Conversion Ratio established in the Merger Agreement to determine the number of shares of common stock into which they were converted.

Voting

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Dividends

Common stockholders are entitled to receive dividends, as may be declared by the board of directors. No dividends have been declared to date.

Equity Incentive Plan

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plan

10. Equity incentive plan

2017 Old Gemini Equity Incentive Plan

Old Gemini’s 2017 Stock Option and Grant Plan, as amended (the “2017 Plan”), provided for the Company to grant qualified incentive options, nonqualified options, stock grants and other stock-based awards to employees and non-employees to purchase the Company’s common stock. The 2017 Plan was administered by the board of directors, or at the discretion of the board of directors, by a committee of the board of directors.

The exercise price for incentive options was determined at the discretion of the board of directors. All incentive options granted to any person possessing less than 10% of the total combined voting power of all classes of stock may not have an exercise price of less than 100% of the fair market value of the common stock on the grant date. All incentive options granted to any person possessing more than 10% of the total combined voting power of all classes of stock may not have an exercise price of less than 110% of the fair market value of the common stock on the grant date.

The option term for incentive awards may not be greater than ten years from the date of the grant. Incentive options granted to persons possessing more than 10% of the total combined voting power of all classes of stock may not have an option term of greater than five years from the date of the grant. The vesting period for equity-based awards under the 2017 Plan was determined at the discretion of the board of directors, which was generally four years. For awards granted to employees and non-employees with four-year vesting terms, 25% of the option vests on the first anniversary of the grant date and the remaining stock vest equally each month for three years thereafter.

Upon completion of the Business Combination, the Company ceased granting awards under the 2017 Plan. All awards under the 2017 Plan continue in full force and effect on the same terms and conditions as were previously applicable to such awards, subject to adjustments to the exercise price and number of shares of common stock issuable upon exercise based on the Conversion Ratio.

Conversion of Awards

Each Old Gemini option from the 2017 Plan and each option from Old Gemini’s 2015 Stock Option and Grant Plan (the “2015 Plan”) that was outstanding immediately prior to the Business Combination, whether vested or unvested, was converted into an option to purchase a number of shares of common stock (each such option, an "Exchanged Option") equal to the product (rounded down to the nearest whole number) of (i) the number of shares of Old Gemini common stock subject to such Old Gemini option immediately prior to the Business Combination and (ii) the Conversion Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Old Gemini option immediately prior to the consummation of the Business Combination, divided by (B) the Conversion Ratio. Each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Old Gemini option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the Exchanged Options.

As of the Closing Date, the 10,567,508 options and 163,157 restricted stock units (“RSUs”) outstanding under the 2017 Plan and 2015 Plan were converted into 2,303,309 options and 35,561 RSUs upon completion of the Business Combination after effect of the Conversion Ratio. This effect of the Conversion Ratio has been retroactively adjusted throughout the Company’s unaudited condensed consolidated financial statements.

2021 Gemini Equity Incentive Plan

On February 3, 2021, FSDC’s stockholders approved the 2021 Stock Option and Incentive Plan (the “2021 Plan”), pursuant to which 4,264,341 shares of common stock were reserved for issuance. The 2021 Plan provides for the Company to grant incentive stock options or nonqualified stock options for the purchase of common stock, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards, cash-based awards and dividend equivalent rights to employees, officers, directors and consultants of Gemini. Incentive stock options may only be granted to employees. The 2021 Plan is administered by the plan administrator, which is the Compensation Committee of Gemini’s board of directors, provided therein, which has discretionary authority, subject only to the express provisions of the 2021 Plan, to interpret the 2021 Plan; determine eligibility for and grant awards; determine form of settlement of awards (whether in cash, shares of stock, other property or a combination of the foregoing), determine, modify or waive the terms and conditions of any award; prescribe forms, rules and procedures; and otherwise do all things necessary to carry out the purposes of the 2021 Plan. As of June 30, 2021, 498,602 shares remained available for future issuance under the 2021 Plan.

The exercise price of each award granted under the 2021 Plan requiring exercise will be 100% of the fair market value of stock subject to the award, determined as of the date of the grant, or such higher amount as the plan administrator may determine in connection with the grant, and the term of stock option may not be greater than ten years. The vesting and other restrictions are determined at the discretion of the plan administrator.

2021 Inducement Plan

On February 12, 2021, the Company’s board of directors approved the 2021 Inducement Plan. The 2021 Inducement Plan is a non-stockholder approved stock plan under which the Company grants equity awards to induce highly-qualified prospective officers and employees who are not currently employed by the Company to accept employment and provide them with a proprietary interest in the Company. The Company intends that the 2021 Inducement Plan be reserved for persons to whom the Company may issue securities without stockholder approval as an inducement pursuant to Rule 5635(c)(4) of the Marketplace Rules of the NASDAQ Stock Market, Inc. The 2021 Inducement Plan is administered by the board of directors or the Compensation Committee of the board, which determines the types of awards to be granted, including the number of shares subject to the awards, the exercise price and the vesting schedule. Awards granted under the 2021 Inducement Plan expire no later than ten years from the date of grant. As of June 30, 2021, 983,949 shares were available for issuance under the 2021 Inducement Plan.

Stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	1,303	$	52	$	1,959	$	70
General and administrative		1,559		86		2,496		162
Total stock-based compensation expense	$	2,862	$	138	$	4,455	$	232

Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net loss per share

As a result of the Business Combination, the Company has retroactively restated the weighted average shares outstanding prior to February 5, 2021 to give effect to the Conversion Ratio.

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss attributable to common stockholders	$	(16,447	)	$	(6,773	)	$	(35,495	)	$	(16,519	)
Weighted average common shares outstanding-basic and diluted		43,041,856			15,266,222			37,564,936			14,881,097
Net loss per share attributable to common stockholders-basic and diluted	$	(0.38	)	$	(0.44	)	$	(0.94	)	$	(1.11	)

The Company’s unvested restricted common shares have been excluded from the computation of basic net loss per share attributable to common stockholders.

The Company’s potentially dilutive securities, which include options and unvested restricted stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	As of June 30,
	2021		2020
Unvested restricted stock		-		295,907
Options to purchase common stock		6,506,146		1,782,292
Warrants to purchase shares of Series A preferred stock (as converted to common stock)		-		15,257
		6,506,146		2,093,456

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and contingencies

Commitments

The Company’s long-term contractual obligations include commitments entered into in the normal course of business. The Company’s most significant contracts relate to agreements with clinical research organizations (“CROs”) for clinical trials and preclinical studies and clinical manufacturing organizations (“CMOs”), which the Company enters into in the normal course of business. The contracts with CROs and CMOs are generally cancellable, with notice, at the Company’s option. The Company also has commitments related to facility leases, debt obligations, license agreements and other purchase obligations.

License agreements

In April 2017, the Company entered into a Research Collaboration and License Agreement with Sanquin Blood Supply Foundation (the “2017 License Agreement”) to develop antibodies that bind and enhance the activity of CFH. As consideration for the license, the Company paid a one-time, non-refundable upfront payment of $100 thousand. The 2017 License Agreement includes additional consideration upon the achievement of certain development and commercial milestones (i.e., once net sales targets exceed certain thresholds) totaling up to an aggregate amount of $29.0 million. Finally, the Company is required to make royalty payments of between 1.25% and 2.50% of net product sales if commercialization is achieved. The financial statements as of June 30, 2021 do not include liabilities with respect to this agreement as the Company has not yet generated revenue and the achievement of certain milestones is not probable.

In June 2018, the Company entered into a Cell Line License Agreement with Life Technologies Corporation (the “2018 License Agreement”) to obtain non-exclusive use of 293 H cells in support of GEM-103 manufacturing activities. As consideration for the license, the Company paid a one-time, non-refundable, non-creditable initial license fee of $75 thousand. In addition, an annual non-refundable, non-creditable development fee of $65 thousand is due on each anniversary date. The 2018 License Agreement includes additional consideration of $275 thousand contingent upon future commercialization of each licensed product. As the Company has not yet generated revenue from operations, no provision was included in the financial statements with respect to the additional consideration under the 2018 License Agreement as of June 30, 2021.

In March 2019, the Company entered into a second Cell Line License Agreement with Life Technologies Corporation (the “2019 License Agreement”) to obtain non-exclusive use of a CTS Viral Production cell line for producing genetically engineered adeno-associated virus particles to be used in human therapeutics. As consideration for the license, the Company paid a one-time, non-refundable, non-creditable initial license fee of $100 thousand. In addition, an annual non-refundable, non-creditable development fee of $80 thousand is due on each anniversary date, beginning on the second anniversary date. The 2019 License Agreement includes additional consideration of $350 thousand contingent upon future commercialization of each licensed product. As the Company has not yet generated revenue from operations, no provision was included in the financial statements with respect to the additional consideration under the 2019 License Agreement as of June 30, 2021.

In October 2018, the Company entered into a Master License Agreement with Avitide, Inc. (the “2018 Master License Agreement”) to license, on an exclusive basis, certain of Avitide’s affinity chromatography resins comprised of proprietary ligands. As consideration for the license, the Company paid an upfront license fee of $200 thousand. In addition, an annual license fee of $75 thousand is due on each anniversary date. The 2018 Master License Agreement includes additional consideration upon the achievement of certain development, commercial and sales milestones totaling up to $700 thousand, $2.2 million and $7.0 million, respectively. Finally, the Company is required to make royalty payments of 1.25% of net product sales if commercialization is achieved. The financial statements as of June 30, 2021 do not include liabilities with respect to additional consideration under this agreement as the Company has not yet generated revenue and the achievement of certain milestones is not probable.

In June 2019, the Company entered into a GPEx-Derived Cell Line Sale Agreement with Catalent Pharma Solutions, LLC (the “2019 Sale Agreement”) to purchase all right, title and interest in and to the GPEx Cell Line. As consideration for the GPEx Cell Line, the Company is required to make one-time milestone payments totaling up to $1.3 million in aggregate, as well as a contingent annual fee upon commercialization (1% of net sales, or $100 thousand, whichever is greater) and other fees after certain milestones are reached. Certain milestone payments may be waived if Catalent manufactures >50% of the total product required for the relevant clinical trial. The financial statements as of June 30, 2021 do not include liabilities with respect to this agreement as the Company has not yet generated revenue and the achievement of certain milestones is not probable.

Contingencies

Indemnification agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to

indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2021 .

Legal proceedings

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. As of June 30, 2021, the Company was not a party to any material legal matters or claims.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

13. Related party transactions

The Company engaged a firm managed by an executive of the Company for professional services related to accounting, finance and other administrative functions. For the three and six months ended June 30, 2021, the costs incurred under this arrangement totaled $0 and $105 thousand, respectively, of which $95 thousand was recorded in stockholders’ equity (deficit) as a reduction to additional paid-in capital as a result of the Business Combination and $10 thousand was recorded as general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive loss. As of June 30, 2021 and December 31, 2020, amounts owed under this arrangement totaled $0 and $257 thousand, respectively, and is included in accounts payable and/or accrued expenses in the accompanying consolidated balance sheet for each period. The executive of the Company associated with this firm resigned from the Company in February 2021.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Restricted Cash

Restricted cash

A reconciliation of the cash and cash equivalents and restricted cash as presented in the Company’s balance sheets to the Company’s statements of cash flows is as follows (in thousands):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	167,477	$	4,503
Restricted cash		323		323
Total cash, cash equivalents and restricted cash	$	167,800	$	4,826

Concentration of Credit Risk and of Significant Suppliers

Concentration of credit risk and of significant suppliers

Property and Equipment

Property and equipment

Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	3 years
Leasehold improvements	Shorter of the useful life of the asset or the life of the lease

Impairment of Long-lived Assets

Impairment of long-lived assets

Offering Costs

Offering costs

Fair Value Measurements

Fair value measurements

classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 – Quoted prices in active markets that are identical assets or liabilities.

Debt Issuance Costs

Debt issuance costs

Warrants

At the closing of the Business Combination, the warrants were automatically exercised for 15,257 shares of the Company’s common stock.

Segment Information

Segment information

Research and Development Contract Costs and Accruals

Research and development contract costs and accruals

Patent Costs

Patent costs

Stock-based Compensation

Stock-based compensation

Determination of Fair Value – Preferred and Common Stock

Determination of Fair Value – Stock Option Awards

Income Taxes

Income taxes

Comprehensive Loss

Comprehensive loss

Net Loss Per Share

Net loss per share

Emerging Growth Company Status

Emerging growth company status

Recently Adopted and Issued Accounting Pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Business Combination (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Summary of Net Proceeds from Business Combination

The following table summarizes the elements of the net proceeds from the Business Combination as of June 30, 2021 (in thousands):

Cash - FSDC Trust Account and cash (net of redemptions)	$	121,782
Cash - PIPE Financing		95,060
Less: Equity issuance costs and other costs paid prior to June 30, 2021		(20,960	)
Net proceeds from the Business Combination	$	195,882

Summary of Shares Issued from Business Combination

The following table summarizes the number of shares of Common Stock outstanding immediately following the consummation of the Business Combination:

FSDC shares outstanding prior to the Business Combination			15,535,150
Shares issued pursuant to the PIPE Financing			9,506,000
Business Combination and PIPE Financing shares			25,041,150
Conversion of Old Gemini Series A preferred stock for common stock			8,657,869
Conversion of Old Gemini Series B preferred stock for common stock			7,744,785
Conversion of Old Gemini common stock for common stock			1,539,603
Issuance of common stock upon exercise of warrants			15,257
Total shares of the Company's common stock outstanding immediately following the Business Combination			42,998,664

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash

A reconciliation of the cash and cash equivalents and restricted cash as presented in the Company’s balance sheets to the Company’s statements of cash flows is as follows (in thousands):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	167,477	$	4,503
Restricted cash		323		323
Total cash, cash equivalents and restricted cash	$	167,800	$	4,826

Schedule of Property and Equipment Estimated Useful Lives

The estimated useful lives are as follows:

Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	3 years
Leasehold improvements	Shorter of the useful life of the asset or the life of the lease

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

June 30, 2021	Level 1		Level 2		Level 3		Total
Assets
Money market funds in cash and cash equivalents	$	166,594	$	-	$	-	$	166,594
	$	166,594	$	-	$	-	$	166,594

December 31, 2020	Level 1		Level 2		Level 3		Total
Assets
Money market funds in cash and cash equivalents	$	4,015	$	-	$	-	$	4,015
	$	4,015	$	-	$	-	$	4,015
Liabilities
Warrant liability	$	-	$	-	$	76	$	76
	$	-	$	-	$	76	$	76

Summary of Activities of Company's Series A Preferred Stock Warrant Liability

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Beginning warrant liability balance	$	-	$	66	$	76		$	68
Change in fair value		-		-		-			(2	)
Warrant exercise		-		-		(76	)		-
Ending warrant liability balance	$	-	$	66	$	-		$	66

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Expenses And Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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

	June 30, 2021		December 31, 2020
Accrued payroll and benefits	$	1,644	$	1,500
Accrued external research and development		2,809		3,136
Accrued professional fees		388		691
Accrued interest		25		437
Accrued other		147		46
	$	5,013	$	5,810

Term Loan (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Scheduled Principal Payments for Term Loan

As of June 30, 2021, scheduled principal payments for the Term Loan are as follows (in thousands):

Year Ending December 31,
2021	$	2,500
2022		5,000
2023		417
Total principal		7,917
Unamortized discounts		(28	)
Carrying amount		7,889
Less current portion		(5,000	)
Long-term portion	$	2,889

Convertible Promissory Notes (Tables)

6 Months Ended

Jun. 30, 2021

Convertible Promissory Notes [Abstract]

Schedule of Carrying Value of Notes

As of December 31, 2020, the carrying value of the Notes was as follows (in thousands):

Principal amount	$	14,000
Unamortized discount (beneficial conversion feature)		(2,311	)
Carrying amount		11,689
Less current portion		(11,689	)
Long-term portion	$	-

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	1,303	$	52	$	1,959	$	70
General and administrative		1,559		86		2,496		162
Total stock-based compensation expense	$	2,862	$	138	$	4,455	$	232

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net loss attributable to common stockholders	$	(16,447	)	$	(6,773	)	$	(35,495	)	$	(16,519	)
Weighted average common shares outstanding-basic and diluted		43,041,856			15,266,222			37,564,936			14,881,097
Net loss per share attributable to common stockholders-basic and diluted	$	(0.38	)	$	(0.44	)	$	(0.94	)	$	(1.11	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	As of June 30,
	2021		2020
Unvested restricted stock		-		295,907
Options to purchase common stock		6,506,146		1,782,292
Warrants to purchase shares of Series A preferred stock (as converted to common stock)		-		15,257
		6,506,146		2,093,456

Nature of the Business (Details) - PIPE Financing [Member] $ in Millions	Feb. 05, 2021 USD ($)
Nature Of Business [Line Items]
Purchase price	$ 95.1
Net proceeds from issuance of private placement	$ 195.9

Risks and Liquidity (Details) $ in Millions	Jun. 30, 2021 USD ($)
Risks And Uncertainties [Abstract]
Cash available for distributions	$ 167.5

Business Combination (Details) $ in Millions		6 Months Ended
Business Combination (Details) $ in Millions	Feb. 05, 2021 USD ($)	Jun. 30, 2021 USD ($) shares
Business Acquisition [Line Items]
Net proceeds from the business combination \| $	$ 195.9
Business combination, transaction costs \| $		$ 21.0
Pipe Investors [Member]
Business Acquisition [Line Items]
Number of shares subscribed (in Shares)		9,506,000
Purchase price \| $		$ 95.1
2021 Stock Option and Incentive Plan [Member]
Business Acquisition [Line Items]
Issuance of share (in Shares)		4,264,341
Merger Consideration [Member]
Business Acquisition [Line Items]
Number of common stock held in escrow (in Shares)		2,150,000
Merger Agreement [Member]
Business Acquisition [Line Items]
Description of conversion ratio		The shares and corresponding capital amounts and loss per share related to Old Gemini’s outstanding convertible preferred stock and common stock prior to the Business Combination have been retroactively restated to reflect the conversion ratio established in the Merger Agreement (1.00 Old Gemini share for 0.2180 shares of the Company, the “Conversion Ratio”).
Conversion ratio		0.2180
Class A Common Stock [Member]
Business Acquisition [Line Items]
Pro rate portion of shares (in Shares)		17,942,274

Business Combination - (Details) - Summary of Net Proceeds from Business Combination $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Less: Equity issuance costs and other costs paid prior to June 30, 2021	$ (20,960)
Net proceeds from the Business Combination	195,882
FSDC [Member]
Business Acquisition [Line Items]
Cash	121,782
PIPE Financing [Member]
Business Acquisition [Line Items]
Cash	$ 95,060

Business Combination - (Details) - Summary of Shares Issued from Business Combination - shares		3 Months Ended	6 Months Ended
	Feb. 05, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Business Combination and PIPE Financing shares	25,041,150
Common stock, shares outstanding	42,998,664		43,055,112	15,565,380
Common Stock
Business Acquisition [Line Items]
Conversion of Old Gemini common stock for common stock	1,539,603
Issuance of common stock upon exercise of warrants	15,257	15,257
Series A Preferred Stock [Member] \| Common Stock
Business Acquisition [Line Items]
Conversion of Old Gemini common stock for common stock	8,657,869
Series B Preferred Stock [Member]
Business Acquisition [Line Items]
Conversion of Old Gemini common stock for common stock			2,341,316
Series B Preferred Stock [Member] \| Common Stock
Business Acquisition [Line Items]
Conversion of Old Gemini common stock for common stock	7,744,785
FSDC [Member]
Business Acquisition [Line Items]
Business Combination and PIPE Financing shares	15,535,150
PIPE Financing [Member]
Business Acquisition [Line Items]
Business Combination and PIPE Financing shares	9,506,000

Summary of Significant Accounting Policies (Details)			6 Months Ended
Summary of Significant Accounting Policies (Details)	Feb. 05, 2021 shares	Feb. 28, 2019 shares	Jun. 30, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies Details [Line Items]
Restricted cash			$ 323,000	$ 323,000
Deferred offering costs			$ 0	2,600,000
Common stock warrants exercised \| shares	15,257	15,257	15,257
Number of reporting units \| Segment			1
Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies Details [Line Items]
Percentage of tax benefit to be recognized			50.00%
Irrevocable Standby Letter of Credit [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies Details [Line Items]
Restricted cash			$ 223,000	223,000
Credit Card [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies Details [Line Items]
Restricted cash			$ 100,000	$ 100,000

Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 167,477	$ 4,503
Restricted cash	323	323
Total cash, cash equivalents and restricted cash	$ 167,800	$ 4,826	$ 6,498	$ 3,309

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Line Items]
Leasehold improvements	Shorter of the useful life of the assetor the life of the lease
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 166,594	$ 4,015
Liabilities		76
Warrant Liability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities		76
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	166,594	4,015
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities		76
Level 3 [Member] \| Warrant Liability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities		76
Money Market Funds in Cash and Cash Equivalents [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	166,594	4,015
Money Market Funds in Cash and Cash Equivalents [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 166,594	$ 4,015

Fair Value Measurements (Details) - $ / shares			6 Months Ended
Fair Value Measurements (Details) - $ / shares	Feb. 05, 2021	Feb. 28, 2019	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Common stock warrants exercised	15,257	15,257	15,257
Warrants exercise price		$ 5.46
Contractual term of issuance		10 years

Fair Value Measurements - Summary of Activities of Company's Series A Preferred Stock Warrant Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liabilities Fair Value Disclosure [Abstract]
Beginning warrant liability balance	$ 76	$ 68
Change in fair value		(2)
Warrant exercise	$ (76)
Ending warrant liability balance		$ 66

Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued payroll and benefits	$ 1,644	$ 1,500
Accrued external research and development	2,809	3,136
Accrued professional fees	388	691
Accrued interest	25	437
Accrued other	147	46
Accrued expenses and other current liabilities	$ 5,013	$ 5,810

Term Loan (Details)			3 Months Ended		6 Months Ended
Term Loan (Details)	Apr. 07, 2020	Feb. 08, 2019 USD ($) Tranche $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2020 USD ($)	Dec. 17, 2019 USD ($)	Apr. 18, 2019 USD ($)	Feb. 28, 2019 $ / shares
Line Of Credit Facility [Line Items]
Warrants exercise price \| $ / shares											$ 5.46
Term Loan [Member]
Line Of Credit Facility [Line Items]
Interest expense			$ 121,000	$ 107,000	$ 259,000,000	$ 260,000,000
Term Loan [Member] \| SVB Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Loan and security agreement, date					Feb. 08, 2019
Number of tranches \| Tranche		2
Term loan maturity date		Jul. 01, 2022
Floating interest rate					1.75%
Prepayment charge, percentage		0.50%
Additional interest rate of past due amount outstanding		5.00%
Term Loan [Member] \| SVB Loan Agreement [Member] \| Prime Rate [Member]
Line Of Credit Facility [Line Items]
Floating interest rate		1.50%
Term Loan [Member] \| SVB Loan Agreement [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Floating interest rate		3.75%
Silicon Valley Bank [Member] \| Term Loan [Member]
Line Of Credit Facility [Line Items]
Term loan facility		$ 10,000,000.0
Term loan borrowed			7,900,000		$ 7,900,000		$ 10,000,000.0
Silicon Valley Bank [Member] \| Term Loan [Member] \| Deferral Agreement
Line Of Credit Facility [Line Items]
Term loan maturity date	Jan. 01, 2023
Final end of term charge payable, percentage	4.00%
Final end of term charge accrued			$ 308,000		$ 308,000		$ 239,000
Silicon Valley Bank [Member] \| Term Loan [Member] \| Series A Preferred Stock [Member] \| Silicon Valley Bank Warrants [Member]
Line Of Credit Facility [Line Items]
Warrants issued to purchase shares of preferred stock \| shares		15,257
Warrants exercise price \| $ / shares		$ 5.46
Tranche One [Member] \| Term Loan [Member] \| SVB Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Term loan borrowed										$ 7,500,000
Single term loan advance available								$ 7,500,000
Tranche Two [Member] \| Term Loan [Member] \| SVB Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Term loan borrowed									$ 2,500,000
Single term loan advance available								$ 2,500,000

Term Loan - Scheduled Principal Payments for Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal		$ 14,000
Unamortized discounts		(2,311)
Carrying amount		11,689
Less current portion		$ (11,689)
Term Loan [Member]
Debt Instrument [Line Items]
2021	$ 2,500
2022	5,000
2023	417
Total principal	7,917
Unamortized discounts	(28)
Carrying amount	7,889
Less current portion	(5,000)
Long-term portion	$ 2,889

Convertible Promissory Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Aug. 21, 2020
Convertible Promissory Notes [Line Items]
Convertible notes			$ 11,689	$ 14,000
Accrued simple interest				8.00%
Other expense		$ 700
Interest expense	$ 0	$ 1,700
Series B Preferred Stock [Member]
Convertible Promissory Notes [Line Items]
Conversion of Old Gemini common stock for common stock		2,341,316
Preferred stock conversion price	$ 6.1986	$ 6.1986

Convertible Promissory Notes - Schedule of Carrying Value of Notes (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Convertible Promissory Notes [Abstract]
Total principal	$ 14,000
Unamortized discounts	(2,311)
Carrying amount	11,689
Less current portion	$ (11,689)

Stockholders’ Equity (Deficit) (Details) - USD ($)	6 Months Ended
Stockholders’ Equity (Deficit) (Details) - USD ($)	Jun. 30, 2021	Feb. 05, 2021	Dec. 31, 2020
Stockholders Equity Note [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0
Preferred stock, shares issued	0
Common stock, shares authorized	250,000,000		250,000,000
Common stock, par value (in Dollars per share)	$ 0.0001		$ 0.0001
Common stock, share issued	42,998,664
Common stock, shares outstanding	43,055,112
Dividends declared	$ 0

Equity Incentive Plan (Details) - shares			6 Months Ended
Equity Incentive Plan (Details) - shares	Feb. 12, 2021	Feb. 03, 2021	Jun. 30, 2021
2017 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of incentive plan			10 years
Vesting period			4 years
2017 Plan [Member] \| Share-based Payment Arrangement, Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			25.00%
2017 Plan [Member] \| Share-based Payment Arrangement, Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
2017 Plan [Member] \| Person Possessing Less than 10% of Voting Power [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percent of fair market value of common stock			100.00%
2017 Plan [Member] \| Person Possessing More than 10% of Voting Power [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percent of fair market value of common stock			110.00%
Expiration period of incentive plan			5 years
2017 Plan [Member] \| Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation outstanding shares			10,567,508
2017 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation outstanding shares			163,157
2015 Plan [Member] \| Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation outstanding shares			2,303,309
2015 Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation outstanding shares			35,561
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percent of fair market value of common stock		100.00%
Common stock, number of shares reserved		4,264,341
Number of shares available for issuance			498,602
2021 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period of incentive plan	10 years
Number of shares available for issuance			983,949

Equity Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,862	$ 138	$ 4,455	$ 232
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,303	52	1,959	70
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,559	$ 86	$ 2,496	$ 162

Net Loss Per Share (Details) - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (16,447)	$ (19,048)	$ (6,773)	$ (9,746)	$ (35,495)	$ (16,519)
Weighted average common shares outstanding, basic and diluted	43,041,856		15,266,222		37,564,936	14,881,097
Net loss per share attributable to common stockholders, basic and diluted	$ (0.38)		$ (0.44)		$ (0.94)	$ (1.11)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Details) - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stock holders - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	6,506,146	2,093,456
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities		295,907
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	6,506,146	1,782,292
Warrants to Purchase Shares of Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities		15,257

Commitments and Contingencies (Details) - USD ($)	1 Months Ended					6 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Oct. 31, 2018	Jun. 30, 2018	Apr. 30, 2017	Jun. 30, 2021
2017 License Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
One-time, non-refundable upfront payment					$ 100,000
2017 License Agreement [Member] \| Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
Additional consideration upon achievement of certain development and commercial milestones					$ 29,000,000.0
Royalty payments percentage of net product sales if commercialization achieved					2.50%
2017 License Agreement [Member] \| Minimum [Member]
Commitments and Contingencies (Details) [Line Items]
Royalty payments percentage of net product sales if commercialization achieved					1.25%
2018 License Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Payment of one-time, non-refundable, non-creditable initial license fee				$ 75,000
Annual non-refundable, non-creditable development fee payment				65,000
Additional consideration of contingent upon future commercialization				$ 275,000
2019 License Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Payment of one-time, non-refundable, non-creditable initial license fee		$ 100,000
Annual non-refundable, non-creditable development fee payment		80,000
Additional consideration of contingent upon future commercialization		$ 350,000
2018 Master License Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Royalty payments percentage of net product sales if commercialization achieved			1.25%
Payment for upfront license fee			$ 200,000
Payment for annual license fee			75,000
Additional consideration upon achievement of certain development milestones			700,000
Additional consideration upon achievement of certain commercial milestones			2,200,000
Additional consideration upon achievement of certain sales milestones			$ 7,000,000.0
2019 Sale Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Contingent annual fee upon commercialization description						1% of net sales, or $100 thousand, whichever is greater
Contingent annual fee upon commercialization percentage of net sales	1.00%
Contingent annual fee upon commercialization amount of net sales	$ 100,000
2019 Sale Agreement [Member] \| Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
One-time milestone payments	$ 1,300,000
2019 Sale Agreement [Member] \| Minimum [Member]
Commitments and Contingencies (Details) [Line Items]
Condition upon certain milestone payments waived of percentage	50.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions Details [Line Items]
Costs incurred for professional services related to accounting, finance and other administrative functions	$ 0	$ 105
Accounts Payable [Member]
Related Party Transactions Details [Line Items]
Due from related party	0	0	$ 257
General and Administrative [Member]
Related Party Transactions Details [Line Items]
Costs incurred for professional services related to accounting, finance and other administrative functions	10	10
Reduction to Additional Paid-in Capital [Member]
Related Party Transactions Details [Line Items]
Costs incurred for professional services related to accounting, finance and other administrative functions	$ 95	$ 95