Protara Therapeutics (TARA) 10-Q6 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2021	May 05, 2021
Document Information Line Items
Entity Registrant Name	Protara Therapeutics, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,228,606
Amendment Flag	false
Entity Central Index Key	0001359931
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-36694
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 58,201	$ 168,598
Restricted cash	50	50
Marketable debt securities, current	26,144
Prepaid expenses and other current assets	3,302	787
Total current assets	87,697	169,435
Non-current assets:
Restricted cash, non-current	745	745
Marketable debt securities, non-current	70,824
Property and equipment, net	1,498	1,240
Goodwill	29,517	29,517
Other assets	2,132	2,220
Total assets	192,413	203,157
Current liabilities:
Accounts payable	1,853	914
Accrued expenses	1,368	1,913
Operating lease liability, current	92	88
Total current liabilities	3,313	2,915
Non-current liabilities:
Operating lease liability, non-current	974	999
Total liabilities	4,287	3,914
Commitments and Contingencies (Note 5)
Stockholders' Equity
Preferred Stock, $0.001 par value, authorized 10,000,000 shares: Series 1 Convertible Preferred Stock, 8,028 shares authorized at March 31, 2021 and December 31, 2020, 8,027 shares issued and outstanding as of March 31, 2021 and December 31, 2020.
Common Stock, $0.001 par value, authorized 100,000,000 shares: Common Stock, 11,228,606 and 11,211,840 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively.	11	11
Additional Paid in Capital	248,504	245,992
Accumulated Deficit	(60,225)	(46,760)
Accumulated Other Comprehensive Income (Loss)	(164)
Total Stockholders' Equity	188,126	199,243
Total Liabilities and Stockholders' Equity	$ 192,413	$ 203,157

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,228,606	11,211,840
Common stock, shares outstanding	11,228,606	11,211,840
Series 1 Convertible Preferred Stock
Preferred stock, shares authorized	8,028	8,028
Preferred stock, shares issued	8,027	8,027
Preferred stock, shares outstanding	8,027	8,027

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expense:
Research & development	$ 7,040	$ 3,065
General & administrative	6,540	7,095
Total operating expenses	13,580	10,160
Operating loss	(13,580)	(10,160)
Other income, net
Interest income, net	(115)	(100)
Total other income, net	(115)	(100)
Net loss	(13,465)	(10,060)
Other comprehensive loss:
Unrealized losses on available-for-sale marketable debt securities	(164)
Total other comprehensive loss	(164)
Comprehensive Loss	$ (13,629)	$ (10,060)
Weighted Average Shares Outstanding, basic and diluted (in Shares)	11,226,929	5,560,507
Net loss per share, basic and diluted (in Dollars per share)	$ (1.20)	$ (1.81)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Series 1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2019		$ 3	$ 10,651	$ (12,782)		$ (2,128)
Balance (in Shares) at Dec. 31, 2019		2,627,533
Issuance of Common Stock in ArTara Private Placement, net of offering costs			1,867			1,867
Issuance of Common Stock in ArTara Private Placement, net of offering costs (in Shares)		284,875
Issuance of Common Stock in Proteon Private Placement, net of offering costs		$ 2	12,411			12,413
Issuance of Common Stock in Proteon Private Placement, net of offering costs (in Shares)		1,896,888
Issuance of Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs			25,319			25,319
Issuance of Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs (in Shares)	3,879
Reverse business combination		$ 1	34,532			34,533
Reverse business combination (in Shares)		1,033,907
Stock-based compensation - restricted stock units			2,430			2,430
Stock-based compensation - stock options			368			368
Net loss				(10,060)		(10,060)
Balance at Mar. 31, 2020		$ 6	87,578	(22,842)		64,742
Balance (in Shares) at Mar. 31, 2020	3,879	5,843,203
Balance at Dec. 31, 2020		$ 11	245,992	(46,760)		199,243
Balance (in Shares) at Dec. 31, 2020	8,027	11,211,840
Settlement of restricted stock units			(228)			(228)
Settlement of restricted stock units (in Shares)		16,766
Stock-based compensation - restricted stock units			1,303			1,303
Stock-based compensation - stock options			1,437			1,437
Unrealized losses on available-for-sale marketable debt securities					$ (164)	(164)
Net loss				(13,465)		(13,465)
Balance at Mar. 31, 2021		$ 11	$ 248,504	$ (60,225)	$ (164)	$ 188,126
Balance (in Shares) at Mar. 31, 2021	8,027	11,228,606

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows used in operating activities:
Net loss	$ (13,465)	$ (10,060)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	2,740	2,798
Operating lease right-of-use asset	55	20
Depreciation	32	50
Amortization of premium on bonds	283
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,971)	(77)
Other Assets	65
Accounts payable	938	1,934
Accrued expenses	(545)	(1,811)
Operating lease liabilities	(52)
Net cash used in operating activities	(11,920)	(7,146)
Cash flows (used in)/provided by investing activities:
Cash and restricted cash acquired in connection with the reverse merger with ArTara Therapeutics, Inc.		3,719
Purchase of marketable debt securities, available-for-sale	(97,959)
Purchase of property and equipment	(290)	(247)
Net cash (used in)/provided by investing activities	(98,249)	3,472
Cash flows (used in)/provided by financing activities:
Proceeds from - ArTara Private Placement, net of offering costs		1,867
Proceeds from - Common Stock in Proteon Private Placement, net of offering costs		12,413
Proceeds from - Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs		25,319
Repurchase of shares in connection with settlement of RSUs	(228)
Repayments under short-term debt		(370)
Net cash (used in)/provided by financing activities	(228)	39,229
Net (decrease)/increase in cash and cash equivalents and restricted cash	(110,397)	35,555
Cash and cash equivalents and restricted cash - beginning of year	169,393	564
Cash and cash equivalents and restricted cash - end of period	58,996	36,119
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	58,201	36,069
Restricted cash	50	50
Restricted cash, long-term	745
Cash and cash equivalents and restricted cash	58,996	36,119
Cash paid for:
Interest		8
Income Taxes
Non-cash investing and financing activities:
Deferred offering costs recognized that were previously recorded in accrued expenses		122
Purchase of insurance agreement with notes payable		1,669
Common stock issued in connection with the reverse merger with ArTara Therapeutics, Inc.		$ 34,533

Business, Liquidity and Capital

Business, Liquidity and Capital Resources	3 Months Ended
Business, Liquidity and Capital Resources	Mar. 31, 2021
Business Liquidity And Capital Resources [Abstract]
BUSINESS, LIQUIDITY AND CAPITAL RESOURCES	NOTE 1 – BUSINESS, LIQUIDITY AND CAPITAL RESOURCES Overview Protara Therapeutics, Inc. and its consolidated subsidiaries (“Protara” or the “Company”) is committed to identifying and advancing transformative therapies for the treatment of cancer and rare diseases with significant unmet needs. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of lymphatic malformations (“LMs”) and non-muscle invasive bladder cancer (“NMIBC”). The third program in the portfolio is Intravenous (“IV”) Choline Chloride, an investigational phospholipid substrate replacement therapy initially in development for patients receiving parenteral nutrition (“PN”) who have intestinal failure associated liver disease (“IFALD”). The fourth program in the portfolio is Vonapanitase, a recombinant human elastase. Liquidity, Capital Resources and Management Plans As of March 31, 2021 and December 31, 2020, the Company’s cash and cash equivalents was $58,201 and $168,598, respectively, and the Company held investments in marketable debt securities of $97,000 and $0, that are available to be sold for cash, respectively The Company is in the business of developing biopharmaceuticals and has no current or near term revenues. The Company has incurred substantial clinical and other costs in its drug development efforts. The Company will need to raise additional capital in order to fully realize management’s plans. The Company believes that its current financial resources are sufficient to satisfy the Company’s estimated liquidity needs for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 8 Section 3 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020 and related notes thereto included within Form 10-K filed on March 11, 2021 with the United States Securities and Exchange Commission (“SEC”). Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and also that affect the amount of expenses reported for each period. Actual results could differ from those which result from using such estimates. Management also utilizes various other estimates, including but not limited to the recoverability of the Company’s net deferred tax assets and related valuation allowance, operating lease right-of-use assets and liabilities, determining the fair value and evaluation for impairment of goodwill and stock-based compensation. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. Actual results may differ materially from those estimates or assumptions. Cash and cash equivalents The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value. Restricted Cash Restricted cash as of March 31, 2021 and December 31, 2020 was $795 and $795, respectively. As of March 31, 2021, restricted cash consists of cash deposits of $795 to collateralize letter of credit obligations. Investments in marketable debt securities At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. All of the Company’s non-current investments have a maturity date that is within two years of the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net in the unaudited condensed consolidated statements of operations and comprehensive loss. There were no investments that had been in an unrealized loss position for more than 12 months as of March 31, 2021. Net Loss per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Stock options issued and outstanding 1,151,327 424,938 Restricted stock units issued and outstanding 379,744 477,070 Conversion of Series 1 Convertible Preferred Stock 8,029,039 3,880,169 Total potentially dilutive shares 9,560,110 4,782,177 Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company current invests its excess cash primarily in money market funds and high quality marketable debt instruments of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity. Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors, based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of the Company’s stock options are estimated using the Black Scholes option-pricing model. The Company lacks company specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly-traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. Research and Development Costs Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Before a compound receives regulatory approval, the Company records upfront and milestone payments made to third parties under licensing arrangements as expense. Upfront payments are recorded when incurred, and milestone payments are recorded when the specific milestone or progress has been achieved. Once a compound receives regulatory approval, the Company records any milestone payments in identifiable intangible assets, less accumulated amortization and, unless the asset is determined to have an indefinite life, the Company amortizes the payments on a straight-line basis over the remaining agreement term or the expected product life cycle, whichever is shorter. Research and development expenses were $7,040 and $3,065 for the three months ended March 31, 2021 and 2020, respectively. Recent Accounting Pronouncements Adopted In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments became effective for annual reporting periods beginning after December 15, 2020. On January 1, 2021, the Company adopted ASU 2019-12. The adoption of this standard did not have a material effect on the Company’s financial position, results of operations, or cash flows. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Other than as described in Notes 5 and 10, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 3 – Fair Value Measurements Marketable debt securities, all of which were classified as available-for-sale, consist of the following: March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate Bonds - presented in marketable debt securities, current $ 26,165 $ - $ (21 ) $ 26,144 Corporate Bonds - presented in marketable debt securities, non-current 70,967 - (143 ) 70,824 Total $ 97,132 $ - $ (164 ) $ 96,968 The Company does not consider any portion of the unrealized losses at March 31, 2021 to be credit losses. The Company has recorded the securities at fair value in its unaudited condensed consolidated balance sheet and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. There were no sales or maturities of securities in the periods presented. The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following tables present the Company’s financial assets measured and recorded at fair value on a recurring basis using the above input categories as of March 31, 2021: March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds - presented in cash and cash equivalents $ 48,505 $ - $ - $ 48,505 Corporate bonds - presented in marketable debt securities, current - 26,144 - 26,144 Corporate bonds - presented in marketable debt securities, non-current - 70,824 - 70,824 Total assets $ 48,505 $ 96,968 $ - $ 145,473

Accrued Expenses

Accrued Expenses	3 Months Ended
Accrued Expenses	Mar. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 4 – ACCRUED EXPENSES Included in the Company’s accrued expenses within the unaudited condensed consolidated financial statements are: As of March 31, March 31, 2021 December 31, 2020 Employee bonuses $ 453 $ 1,530 Taxes 52 159 Legal fees 192 156 Research and development costs 389 37 Other expenses 282 31 Total $ 1,368 $ 1,913

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES Lease Agreements The Company’s operating leases are comprised solely of operating facility leases. The Company did not have any finance leases as of March 31, 2021 and December 31, 2020. Balance sheet information related to the Company’s leases is presented below: As of Operating leases: Balance sheet location March 31, 2021 December 31, 2020 Right-of-use assets Other assets $ 1,037 $ 1,060 Operating lease liability, current Operating lease liability, current $ 92 $ 88 Operating lease liability, non-current Operating lease liability, non-current $ 974 $ 999 The following provides details of the Company’s lease expense: Lease cost For the three months ended For the three months Operating lease cost $ 55 $ 20 Short-term lease cost 61 59 Total $ 116 $ 79 Other information related to leases is presented below: As of As of Other information Weighted-average discount rate – operating lease 12.00 % 12.00 % Weighted-average remaining lease term – operating lease (in months) 84 87 For the three months ended March 31, 2021 and 2020, the Company’s operating cash flows used for operating leases was $52 and $0. As of March 31, 2021, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For Years Ending December 31, Operating lease 2021 (excluding the three months ended March 31, 2021) $ 159 2022 216 2023 220 2024 224 2025 229 Thereafter 532 Total operating lease payments 1,580 Less: imputed interest 514 Present value of future minimum lease payments $ 1,066 On December 1, 2020, the Company entered into a long-term lease for office space for a term of seven years. The office space is owned by an affiliate of Deerfield Management Company, L.P., which together with its affiliates beneficially owned more than 5% of the Company’s voting securities at the time the lease was executed. Management determined that the lease terms were on an arms-length basis. Subsequent to the quarter ended March 31, 2021, on April 2, 2021, the Company met the criteria to commence accounting for the operating lease arrangement described above. The lease expires in May 2028 and includes approximately $8.2 million of legally binding minimum lease payments. The Company is in the process of completing its accounting for this operating lease arrangement, including determining the incremental borrowing rate to discount the remaining lease payments associated with the lease liability and right-of-use asset. The Company estimates that upon commencement the Company’s recognition of this lease will result in a right-of-use asset and operating lease liability of approximately $6.0 million. Litigation From time to time, Protara may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Management is of the opinion that the ultimate outcome of these matters would not have a material adverse impact on the financial position of the Company or the results of its operations. In the normal course of business, the Company enters into contracts in which it makes representations and warranties regarding the performance of its services and that its services will not infringe on third party intellectual rights. There have been no significant events related to such representations and warranties in which the Company believes the outcome could result in losses or penalties in the future.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY Authorized Common Stock As of March 31, 2021 and December 31, 2020, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 11,228,606 and 11,211,840 shares were issued and outstanding as of March 31, 2021 and December 31, 2020, respectively. The holders of Common Stock are entitled to one vote per share. Authorized Series 1 Convertible Preferred Stock As of March 31, 2021 and December 31, 2020, the Company has 10,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, of which 8,028 shares of Series 1 Convertible Preferred Stock are authorized for issuance and 8,027 shares were issued and outstanding. Each share of Series 1 Convertible Preferred Stock is convertible into approximately 1,000 shares of Common Stock, at a conversion price initially equal to approximately $7.01 per common share, subject to certain adjustments as described in the certificate of designation of preferences, rights and limitations of Series 1 Convertible Preferred Stock. The holders of Series 1 Convertible Preferred Stock are not entitled to vote

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 7 – STOCK-BASED COMPENSATION 2020 Inducement Plan On March 26, 2020, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the ArTara Therapeutics, Inc. Inducement Plan (the “2020 Inducement Plan”) in order to award nonstatutory stock options, restricted stock awards, restricted stock unit awards and other stock-based awards to persons not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company. The 2020 Inducement Plan provides for a total of 600,000 shares for the issuance of the Company’s Common Stock. The Compensation Committee also adopted a form of stock option grant notice and stock option agreement and forms of restricted stock unit grant notice and restricted stock unit agreement for use with the Inducement Plan. As of March 31, 2021, 437,262 shares remain available to be issued under the 2020 Inducement Plan. 2014 Equity Incentive Plan On October 3, 2014, the stockholders approved the 2014 Plan. On June 20, 2017, the Company’s Board of Directors amended the 2014 Plan (the “Amended 2014 Plan”). On July 31, 2017, the stockholders approved this amendment. The Amended 2014 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. The 2014 Plan provides that the number of shares reserved and available for issuance under the 2014 Plan will automatically increase each January 1, beginning January 1, 2015 by four percent of the outstanding shares of Common Stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors prior to each such January 1st. The Amended 2014 Plan clarifies that the number of shares for purposes of calculating the evergreen feature includes the number of shares of Common Stock issuable upon conversion of any security that the Company may issue that is convertible into or exchangeable for Common Stock, including, but not limited to, preferred stock or warrants. As of March 31, 2021, 597,654 shares remain available to be issued under the Amended 2014 Plan. On January 1, 2021, pursuant to the Amended 2014 Plan’s annual evergreen feature, the number of shares authorized under the Amended 2014 Plan was increased by 812,889 shares to 1,861,189 shares. Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the plans. Certain awards provide for accelerated vesting if there is a change in control as defined in the plans. 2014 Employee Stock Purchase Plan On October 3, 2014, the stockholders approved the 2014 Employee Stock Purchase Plan (the “2014 ESPP”). The 2014 ESPP initially authorized the issuance of up to 3,513 shares of Common Stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 7,025 shares or any lower amount determined by the Company’s Board of Directors prior to each such January 1st. As of March 31, 2021, the authorized number of shares under the 2014 ESPP is 25,037 and the number of shares available for issuance is 20,365. During the three months ended March 31, 2021 and 2020, no shares were issued under the 2014 ESPP. On January 1, 2021, pursuant to the increase per the 2014 ESPP, the number of share authorized under the 2014 ESPP was increased by 7,025 shares to 25,037 shares. Restricted Stock Units Following is a summary of restricted stock unit (“RSU”) activities for the three months ended March 31, 2021: Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested 1/1/2021 274,616 $ 29.95 Granted - - Forfeited - - Vested (92,186 ) 30.00 Non-vested 3/31/2021 182,430 $ 29.93 The fair value of restricted stock units is amortized on a straight line basis over the requisite service periods of the respective awards. As of March 31, 2021, the unamortized value of RSUs was $4,993. As of March 31, 2021, the weighted average remaining amortization period was 1.70 years. As of March 31, 2021 and December 31, 2020, 197,314 and 132,709 RSUs, respectively, have vested that have not yet been settled into shares of Common Stock. During the three months ended March 31, 2021, the Company issued 16,766 shares of Common Stock from the net settlement of 27,581 RSUs. The Company paid $228 in connection with the net share settlement of these RSUs. Stock Option Grants Options to Directors During the three months ended March 31, 2021, the Board of Directors granted options for the purchase of 21,750 shares of Common Stock to members of the board of directors. These options were granted under the Company’s 2014 Equity Incentive Plan, had an exercise price of $17.98 per share and a term of 10 years. These options vest ratably over one to three years. The options had a grant date fair value of $301. Options to Employees During the three months ended March 31, 2021, the Board of Directors granted options for the purchase of 483,050 shares of Common Stock to employees of the Company. These options were granted under the Company’s 2014 Equity Incentive Plan and the 2020 Inducement Plan, had an exercise price ranging from $17.83 to $19.82 per share and a term of 10 years. These options vest ratably over approximately four years. The options had a grant date fair value of $7,372. Stock Options The Company determined the fair value of stock options granted based upon the assumptions as provided below. For the three months ended 2021 2020 Stock price $ 17.83 - $ 19.82 $ 30.00 - $ 37.30 Exercise price $ 17.83 - $ 19.82 $ 30.00 - $ 37.30 Dividend yield 0.00 % 0.00 % Expected volatility 98.00 % 101.00 % Risk-free interest rate 0.45% - 0.62 % 1.45% - 1.69 % Expected life (in years) 5.27 - 6.08 6.08 Expected Term Risk-Free Interest Rate Expected Volatility Dividend Rate Fair Value of Common Stock Following is a summary of stock option activities for the three months ended March 31, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding 1/1/2021 674,039 $ 25.23 9.06 $ 2,311 Granted 504,800 19.56 - - Exercised - - - - Forfeited (27,512 ) 23.22 - - Outstanding 3/31/2021 1,151,327 $ 22.79 9.19 $ 900 Exercisable as of 3/31/2021 199,097 $ 22.15 8.06 $ 575 The weighted average grant date fair value of the options granted during the three months ended March 31, 2021 and 2020 was $15.20 per share and $6.55 per share, respectively. The fair value of stock options is amortized on a straight line basis over the requisite service periods of the respective awards. As of March 31, 2021, the unamortized value of stock options was $15,699. As of March 31, 2021, the weighted average remaining amortization period was 3.30 years. Summary of Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized: For the three months ended March 31, 2021 2020 RSUs $ 1,303 $ 2,430 Stock options 1,437 368 Total $ 2,740 $ 2,798 Stock-based compensation expense was reflected within the unaudited condensed consolidated statements of operations and comprehensive loss as: For the three months ended March 31, 2021 2020 Research and development $ 270 $ 209 General and administrative 2,470 2,589 Total $ 2,740 $ 2,798

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
Employee Benefit Plan	Mar. 31, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	NOTE 8 – EMPLOYEE BENEFIT PLAN The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 4% contribution. The 401(k) Plan was implemented in June of 2020. For the three months ended March 31, 2021, the Company recorded expense of $77 representing employer contributions under the 401(k) Plan.

Covid-19

Covid-19	3 Months Ended
Covid-19	Mar. 31, 2021
Covid-19 [Abstract]
COVID-19	NOTE 9 – COVID-19 The ultimate impact of the current COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change. The Company has experienced minimal delays, but may experience future delays that impact its business, research and development activities, healthcare systems and the global economy as a whole. However, the Company will continue to monitor the COVID-19 situation closely should the effects have a material impact on its operations, liquidity and capital resources. In response to public health directives and orders, the Company has implemented work-from-home policies for its employees and temporarily modified its operations to comply with applicable safety recommendations. Similar health directives and orders are affecting third parties with whom the Company does business, including the third parties that the Company has contracted with to conduct studies for TARA-002. The effects of the orders and the Company’s related adjustments in its business are likely to negatively impact productivity, disrupt the Company’s business and delay its timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct its business in the ordinary course. Severe and/or long-term disruptions in the Company’s operations will negatively impact its business, operating results and financial condition in other ways, as well. Specifically, the Company anticipates that the stress of COVID-19 on healthcare systems around the globe will negatively impact its ability to conduct clinical trials in the near term due primarily to the lack of resources at clinical trial sites and the resulting inability to enroll patients in the trials. The Company also anticipates that the global impact of COVID-19 will negatively impact its ability to conduct nonclinical studies due primarily to laboratory closures and limited availability of personnel. In addition, while the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, it has significantly disrupted global financial markets, and may limit the Company’s ability to access capital, which could in the future negatively affect its liquidity. A recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of its Common Stock.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS Hiring of Chief Medical Officer On March 31, 2021, the Company entered into an employment agreement (the “Olivo Employment Agreement”), effective as of April 19, 2021, with Martin Sebastian Olivo, M.D. to become the Company’s Chief Medical Officer (“CMO”). In connection with the Olivo Employment Agreement, on April 19, 2021, Dr. Olivo was granted a stock option to purchase 120,000 shares of Common Stock. The option has an exercise price of $15.30 per share, a term of 10 years and vests 25% on the one-year anniversary of the date of grant and monthly for 36 months thereafter.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 8 Section 3 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2020 and related notes thereto included within Form 10-K filed on March 11, 2021 with the United States Securities and Exchange Commission (“SEC”).
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and also that affect the amount of expenses reported for each period. Actual results could differ from those which result from using such estimates. Management also utilizes various other estimates, including but not limited to the recoverability of the Company’s net deferred tax assets and related valuation allowance, operating lease right-of-use assets and liabilities, determining the fair value and evaluation for impairment of goodwill and stock-based compensation. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. Actual results may differ materially from those estimates or assumptions.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value.
Restricted Cash	Restricted Cash Restricted cash as of March 31, 2021 and December 31, 2020 was $795 and $795, respectively. As of March 31, 2021, restricted cash consists of cash deposits of $795 to collateralize letter of credit obligations.
Investments in marketable debt securities	Investments in marketable debt securities At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. All of the Company’s non-current investments have a maturity date that is within two years of the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net in the unaudited condensed consolidated statements of operations and comprehensive loss. There were no investments that had been in an unrealized loss position for more than 12 months as of March 31, 2021.
Net Loss per Common Share	Net Loss per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options. The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: March 31, 2021 2020 Stock options issued and outstanding 1,151,327 424,938 Restricted stock units issued and outstanding 379,744 477,070 Conversion of Series 1 Convertible Preferred Stock 8,029,039 3,880,169 Total potentially dilutive shares 9,560,110 4,782,177
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company current invests its excess cash primarily in money market funds and high quality marketable debt instruments of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors, based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of the Company’s stock options are estimated using the Black Scholes option-pricing model. The Company lacks company specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly-traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Before a compound receives regulatory approval, the Company records upfront and milestone payments made to third parties under licensing arrangements as expense. Upfront payments are recorded when incurred, and milestone payments are recorded when the specific milestone or progress has been achieved. Once a compound receives regulatory approval, the Company records any milestone payments in identifiable intangible assets, less accumulated amortization and, unless the asset is determined to have an indefinite life, the Company amortizes the payments on a straight-line basis over the remaining agreement term or the expected product life cycle, whichever is shorter. Research and development expenses were $7,040 and $3,065 for the three months ended March 31, 2021 and 2020, respectively.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Accounting Standards Codification Topic 740. The amendments also clarify and amend existing guidance to improve consistent application. The amendments became effective for annual reporting periods beginning after December 15, 2020. On January 1, 2021, the Company adopted ASU 2019-12. The adoption of this standard did not have a material effect on the Company’s financial position, results of operations, or cash flows.
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Other than as described in Notes 5 and 10, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of weighted average dilutive common shares	March 31, 2021 2020 Stock options issued and outstanding 1,151,327 424,938 Restricted stock units issued and outstanding 379,744 477,070 Conversion of Series 1 Convertible Preferred Stock 8,029,039 3,880,169 Total potentially dilutive shares 9,560,110 4,782,177

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of marketable debt securities	March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate Bonds - presented in marketable debt securities, current $ 26,165 $ - $ (21 ) $ 26,144 Corporate Bonds - presented in marketable debt securities, non-current 70,967 - (143 ) 70,824 Total $ 97,132 $ - $ (164 ) $ 96,968
Schedule of financial assets measured and recorded at fair value on a recurring basis	March 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds - presented in cash and cash equivalents $ 48,505 $ - $ - $ 48,505 Corporate bonds - presented in marketable debt securities, current - 26,144 - 26,144 Corporate bonds - presented in marketable debt securities, non-current - 70,824 - 70,824 Total assets $ 48,505 $ 96,968 $ - $ 145,473

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
Accrued Expenses (Tables)	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of accrued expenses	As of March 31, March 31, 2021 December 31, 2020 Employee bonuses $ 453 $ 1,530 Taxes 52 159 Legal fees 192 156 Research and development costs 389 37 Other expenses 282 31 Total $ 1,368 $ 1,913

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating leases	As of Operating leases: Balance sheet location March 31, 2021 December 31, 2020 Right-of-use assets Other assets $ 1,037 $ 1,060 Operating lease liability, current Operating lease liability, current $ 92 $ 88 Operating lease liability, non-current Operating lease liability, non-current $ 974 $ 999
Schedule of lease cost	Lease cost For the three months ended For the three months Operating lease cost $ 55 $ 20 Short-term lease cost 61 59 Total $ 116 $ 79
Schedule of other information related to leases	As of As of Other information Weighted-average discount rate – operating lease 12.00 % 12.00 % Weighted-average remaining lease term – operating lease (in months) 84 87
Schedule of annual minimum lease payments of operating lease liabilities	For Years Ending December 31, Operating lease 2021 (excluding the three months ended March 31, 2021) $ 159 2022 216 2023 220 2024 224 2025 229 Thereafter 532 Total operating lease payments 1,580 Less: imputed interest 514 Present value of future minimum lease payments $ 1,066

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock unit activities	Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested 1/1/2021 274,616 $ 29.95 Granted - - Forfeited - - Vested (92,186 ) 30.00 Non-vested 3/31/2021 182,430 $ 29.93
Schedule of the fair value of stock options granted	For the three months ended 2021 2020 Stock price $ 17.83 - $ 19.82 $ 30.00 - $ 37.30 Exercise price $ 17.83 - $ 19.82 $ 30.00 - $ 37.30 Dividend yield 0.00 % 0.00 % Expected volatility 98.00 % 101.00 % Risk-free interest rate 0.45% - 0.62 % 1.45% - 1.69 % Expected life (in years) 5.27 - 6.08 6.08
Schedule of stock option activities	Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding 1/1/2021 674,039 $ 25.23 9.06 $ 2,311 Granted 504,800 19.56 - - Exercised - - - - Forfeited (27,512 ) 23.22 - - Outstanding 3/31/2021 1,151,327 $ 22.79 9.19 $ 900 Exercisable as of 3/31/2021 199,097 $ 22.15 8.06 $ 575
Schedule of total stock-based compensation costs	For the three months ended March 31, 2021 2020 RSUs $ 1,303 $ 2,430 Stock options 1,437 368 Total $ 2,740 $ 2,798
Schedule of stock based compensation expense	For the three months ended March 31, 2021 2020 Research and development $ 270 $ 209 General and administrative 2,470 2,589 Total $ 2,740 $ 2,798

Business, Liquidity and Capit_2

Business, Liquidity and Capital Resources (Details) - Capital Resources and Management Plans [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business, Liquidity and Capital Resources (Details) [Line Items]
Cash and cash equivalents	$ 58,201		$ 168,598
Investments in marketable debt securities	97,000		$ 0
Net losses	13,465	$ (10,060)
Net cash used in operating activities		$ 11,920
Non-cash stock-based compensation charges	$ 2,740

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted cash	$ 795		$ 795
Cash deposits	795
Research and development expenses	$ 7,040	$ 3,065

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of weighted average dilutive common shares - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary of Significant Accounting Policies (Details) - Schedule of weighted average dilutive common shares [Line Items]
Total potentially dilutive shares	9,560,110	4,782,177
Stock options issued and outstanding [Member]
Summary of Significant Accounting Policies (Details) - Schedule of weighted average dilutive common shares [Line Items]
Total potentially dilutive shares	1,151,327	424,938
Restricted stock units issued and outstanding [Member]
Summary of Significant Accounting Policies (Details) - Schedule of weighted average dilutive common shares [Line Items]
Total potentially dilutive shares	379,744	477,070
Conversion of Series 1 Convertible Preferred Stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of weighted average dilutive common shares [Line Items]
Total potentially dilutive shares	8,029,039	3,880,169

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of marketable debt securities $ in Thousands	Mar. 31, 2021USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 97,132
Unrealized Gains
Unrealized Losses	(164)
Estimated Fair Value	96,968
Corporate Bonds - presented in marketable debt securities, current [Member]
Marketable Securities [Line Items]
Amortized Cost	26,165
Unrealized Gains
Unrealized Losses	(21)
Estimated Fair Value	26,144
Corporate Bonds - presented in marketable debt securities, non-current [Member]
Marketable Securities [Line Items]
Amortized Cost	70,967
Unrealized Gains
Unrealized Losses	(143)
Estimated Fair Value	$ 70,824

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of financial assets measured and recorded at fair value on a recurring basis $ in Thousands	Mar. 31, 2021USD ($)
Assets:
Money market funds - presented in cash and cash equivalents	$ 48,505
Total assets	145,473
Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities	26,144
Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities	70,824
Level 1 [Member]
Assets:
Money market funds - presented in cash and cash equivalents	48,505
Total assets	48,505
Level 1 [Member] \| Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities
Level 1 [Member] \| Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities
Level 2 [Member]
Assets:
Money market funds - presented in cash and cash equivalents
Total assets	96,968
Level 2 [Member] \| Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities	26,144
Level 2 [Member] \| Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities	70,824
Level 3 [Member]
Assets:
Money market funds - presented in cash and cash equivalents
Total assets
Level 3 [Member] \| Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities
Level 3 [Member] \| Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities

Accrued Expenses (Details) - Sc

Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of accrued expenses [Abstract]
Employee bonuses	$ 453	$ 1,530
Taxes	52	159
Legal fees	192	156
Research and development costs	389	37
Other expenses	282	31
Total	$ 1,368	$ 1,913

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Apr. 02, 2021	Dec. 01, 2020	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies (Details) [Line Items]
Operating leases			$ 52	$ 0
Lease description		the Company entered into a long-term lease for office space for a term of seven years. The office space is owned by an affiliate of Deerfield Management Company, L.P., which together with its affiliates beneficially owned more than 5% of the Company’s voting securities at the time the lease was executed. Management determined that the lease terms were on an arms-length basis.
Subsequent Event [Member]
Commitments and Contingencies (Details) [Line Items]
Lease description	the Company met the criteria to commence accounting for the operating lease arrangement described above. The lease expires in May 2028 and includes approximately $8.2 million of legally binding minimum lease payments. The Company is in the process of completing its accounting for this operating lease arrangement, including determining the incremental borrowing rate to discount the remaining lease payments associated with the lease liability and right-of-use asset. The Company estimates that upon commencement the Company’s recognition of this lease will result in a right-of-use asset and operating lease liability of approximately $6.0 million.

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Schedule of operating leases - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of operating leases [Abstract]
Right-of-use assets	$ 1,037	$ 1,060
Operating lease liability, current	92	88
Operating lease liability, non-current	$ 974	$ 999

Commitments and Contingencies_4

Commitments and Contingencies (Details) - Schedule of lease cost - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of lease cost [Abstract]
Operating lease cost	$ 55	$ 20
Short-term lease cost	61	59
Total	$ 116	$ 79

Commitments and Contingencies_5

Commitments and Contingencies (Details) - Schedule of other information related to leases	Mar. 31, 2021	Dec. 31, 2020
Other information
Weighted-average discount rate – operating lease	12.00%	12.00%
Weighted-average remaining lease term – operating lease (in months)	84 months	87 months

Commitments and Contingencies_6

Commitments and Contingencies (Details) - Schedule of annual minimum lease payments of operating lease liabilities $ in Thousands	Mar. 31, 2021USD ($)
Schedule of annual minimum lease payments of operating lease liabilities [Abstract]
2021 (excluding the three months ended March 31, 2021)	$ 159
2022	216
2023	220
2024	224
2025	229
Thereafter	532
Total operating lease payments	1,580
Less: imputed interest	514
Present value of future minimum lease payments	$ 1,066

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Stockholders' Equity (Details) [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common shares of par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock shares issued	11,228,606	11,211,840
Common stock, shares outstanding	11,228,606	11,211,840
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred shares of par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Series 1 Convertible Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized	8,028	8,028
Preferred stock, shares issued	8,027	8,027
Preferred stock, shares outstanding	8,027	8,027
Preferred stock is convertible into share of common stock	1,000	1,000
Conversion price per common share (in Dollars per share)	$ 7.01	$ 7.01

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
Stock-Based Compensation (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021	Dec. 31, 2020	Oct. 03, 2014
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock (in Dollars)	$ 600,000
Shares available for issuance	437,262
Common stock, shares authorized	100,000,000			100,000,000
Common stock, shares issued	11,228,606			11,211,840
Twenty Fourteen Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Shares available for issuance	597,654
Common stock, shares authorized					3,513
Percentage of shares outstanding					1.00%
Common stock, shares issued	20,365
Twenty Fourteen Equity Incentive Plan [Member] \| Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized			812,889
Number of share authorized increased			7,025
Twenty Fourteen Equity Incentive Plan [Member] \| Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized	25,037	1,861,189
Number of share authorized increased			25,037
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares issued	16,766
Unamortized value of RSUs (in Dollars)	$ 4,993
Weighted average remaining amortization period	1 year 255 days
Number of RSUs	197,314	132,709
Net settlement (in Dollars)	$ 27,581
Net share settlement (in Dollars)	$ 228
Grant date fair value (in Dollars per share)	$ 29.93			$ 29.95
Employee Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Weighted average remaining amortization period	3 years 109 days
Weighted average grant date fair value (in Dollars per share)	$ 15.20	$ 6.55
Unamortized value of stock (in Dollars)		$ 15,699
Board Of Directors [Member] \| Twenty Fourteen Equity Incentive Plan [Member] \| Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized			7,025
Board Of Directors [Member] \| Twenty Seventeen Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock (in Dollars)	$ 483,050
Exercise price (in Dollars per share)	$ 17.98
Vest period	10 years
Grant date fair value (in Dollars per share)	$ 301
Board Of Directors [Member] \| Twenty Seventeen Equity Incentive Plan [Member] \| Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise price (in Dollars per share)	17.83
Board Of Directors [Member] \| Twenty Seventeen Equity Incentive Plan [Member] \| Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise price (in Dollars per share)	$ 19.82
Board Of Directors [Member] \| Twenty Seventeen Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock (in Dollars)	$ 21,750
Fair Value, Recurring [Member] \| Board Of Directors [Member] \| Twenty Seventeen Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Grant date fair value (in Dollars per share)	$ 7,372

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of restricted stock unit activities - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Stock-Based Compensation (Details) - Schedule of restricted stock unit activities [Line Items]
Restricted Stock Units, Balance at beginning \| shares	274,616
Weighted Average Grant Date Fair Value, Balance at beginning \| $ / shares	$ 29.95
Restricted Stock Units, Granted \| shares
Weighted Average Grant Date Fair Value, Granted \| $ / shares
Restricted Stock Units, Forfeited \| shares
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares
Restricted Stock Units, Vested \| shares	(92,186)
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 30
Restricted Stock Units, Balance at ending \| shares	182,430
Weighted Average Grant Date Fair Value, Balance at ending \| $ / shares	$ 29.93

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	98.00%	101.00%
Expected life (in years)		6 years 29 days
Minimum [Member]
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Stock price	$ 17.83	$ 30
Exercise price	$ 17.83	$ 30
Risk-free interest rate	0.45%	1.45%
Expected life (in years)	5 years 98 days
Maximum [Member]
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Stock price	$ 19.82	$ 37.30
Exercise price	$ 19.82	$ 37.30
Risk-free interest rate	0.62%	1.69%
Expected life (in years)	6 years 29 days

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details) - Schedule of stock option activities - Equity Option [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Stock-Based Compensation (Details) - Schedule of stock option activities [Line Items]
Options, Balance at beginning \| shares	674,039
Weighted Average Exercise Price, \| $ / shares	$ 25.23
Weighted Average Remaining Contractual Term (years)	9 years 21 days
Aggregate Intrinsic Value \| $	$ 2,311
Options, Balance at ending \| shares	1,151,327
Weighted Average Exercise Price, Balance at ending \| $ / shares	$ 22.79
Weighted Average Remaining Contractual Term (years), Balance at ending	9 years 69 days
Aggregate Intrinsic Value, Balance at ending \| $	$ 900
Options, Exercisable \| shares	199,097
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 22.15
Weighted Average Remaining Contractual Term (years), Exercisable	8 years 21 days
Aggregate Intrinsic Value, Exercisable \| $	$ 575
Options, Granted \| shares	504,800
Weighted Average Exercise Price, Granted \| $ / shares	$ 19.56
Options, Forfeited \| shares	(27,512)
Weighted Average Exercise Price, Forfeited \| $ / shares	$ 23.22

Stock-Based Compensation (Det_5

Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	$ 2,740	$ 2,798
RSUs [Member]
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	1,303	2,430
Stock options [Member]
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	$ 1,437	$ 368

Stock-Based Compensation (Det_6

Stock-Based Compensation (Details) - Schedule of stock based compensation expense - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,740	$ 2,798
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	270	209
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,470	$ 2,589

Employee Benefit Plan (Details)

Employee Benefit Plan (Details)	3 Months Ended
Employee Benefit Plan (Details)	Mar. 31, 2021USD ($)
Retirement Benefits [Abstract]
Defined contribution benefit plant, description	The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 4% contribution. The 401(k) Plan was implemented in June of 2020. For the three months ended March 31, 2021, the Company recorded expense of $77 representing employer contributions under the 401(k) Plan.
Recorded expense	$ 77

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	1 Months Ended
Subsequent Events (Details) - Subsequent Event [Member]	Apr. 19, 2021$ / sharesshares
Subsequent Events (Details) [Line Items]
Number of stock option to purchase \| shares	120,000
Exercise price \| $ / shares	$ 15.30
Expires term	10 years
Percentage of option vest	25.00%