0001193125-21-298803 | S-1 | XBRL Viewer

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2021
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	Vincerx Pharma, Inc.
Entity Central Index Key	0001796129
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 85,623	$ 61,792
Prepaid expenses	882	1,104
Other current assets		214
Total current assets	86,505	63,110
Right-of-use assets	4,217
Property, plant and equipment	228
Other assets	187	82
Total assets	91,137	63,192
Current liabilities
Accounts payable	1,830	491	$ 35
Accrued expenses	2,397
Lease liability	360
License payable		5,000
Due to related parties		14	9
Common stock warrant liabilities	11,097	32,308
Total current liabilities	15,684	37,813	44
Lease liability, net of current portion	3,858
Total liabilities	19,542	37,813	44
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.0001 par value; 30,000,000 shares authorized, none issued and outstanding at June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 120,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 17,521,075 shares and 13,984,441 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	1	1	1
Additional paid-in capital	96,569	42,043	1
Subscription receivable			(1)
Accumulated deficit	(24,975)	(16,665)	(45)
Total stockholders' equity (deficit)	71,595	25,379	$ (44)
Total liabilities and stockholders' equity (deficit)	$ 91,137	$ 63,192

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock shares authorized	30,000,000	30,000,000	30,000,000
Preferred stock shares issued	0	0	0
Preferred stock shares outstanding	0	0	0
Common stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized	120,000,000	120,000,000	120,000,000
Common stock shares issued	17,521,075	13,984,441	5,196,000
Common stock shares outstanding	17,521,075	13,984,441	5,196,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Operating expenses:
General and administrative	$ 6,695	$ 33	$ 11,486	$ 37	$ 45	$ 3,598
Research and development—license acquired						5,000
Research and development	10,698		15,532			2,116
Total operating expenses	17,393	33	27,018	37	45	10,714
Loss from operations	(17,393)	(33)	(27,018)	(37)	(45)	(10,714)
Other income (expense)
Change in fair value of warrant liabilities	15,359		18,708			(5,136)
Financing costs—derivative warrant liabilities						(762)
Interest expense						(8)
Total other income (expense)	15,359		18,708			(5,906)
Net loss	$ (2,034)	$ (33)	$ (8,310)	$ (37)	$ (45)	$ (16,620)
Net loss per common share, basic and diluted	$ (0.12)	$ (0.01)	$ (0.55)	$ (0.01)	$ (0.01)	$ (3.16)
Weighted average common shares outstanding, basic and diluted	16,350	5,009	15,050	4,988	4,464	5,252

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Subscription Receivable	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Feb. 28, 2019
Beginning Balance, Shares at Feb. 28, 2019		0
Retroactive application of recapitalization, Shares		(4,134)
Issuance of founders shares		$ 1	$ (1)
Issuance of founders shares, Shares		8,503
Issuance of restricted stock, Shares		827
Stock-based compensation related to restricted stock	1			$ 1
Net loss	(45)				$ (45)
Ending Balance at Dec. 31, 2019	(44)	$ 1	(1)	1	(45)
Ending Balance, Shares at Dec. 31, 2019		5,196
Issuance of restricted stock			(15)	15
Issuance of restricted stock, Shares		304
Stock-based compensation related to restricted stock	1			1
Net loss	(37)				(37)
Ending Balance at Jun. 30, 2020	(80)	$ 1	(16)	17	(82)
Ending Balance, Shares at Jun. 30, 2020		5,500
Beginning Balance at Dec. 31, 2019	(44)	$ 1	(1)	1	(45)
Beginning Balance, Shares at Dec. 31, 2019		5,196
Proceeds from reverse acquisition, net of transaction costs and warrant liabilities	37,660			37,660
Proceeds from reverse acquisition, net of transaction costs and warrant liabilities, Shares		8,484
Issuance of founders shares	1		1
Issuance of restricted stock, Shares		304
Stock-based compensation	4,382			4,382
Net loss	(16,620)				(16,620)
Ending Balance at Dec. 31, 2020	25,379	$ 1		42,043	(16,665)
Ending Balance, Shares at Dec. 31, 2020		13,984
Beginning Balance at Mar. 31, 2020	(48)	$ 1	(1)	1	(49)
Beginning Balance, Shares at Mar. 31, 2020		5,196
Issuance of restricted stock			(15)	15
Issuance of restricted stock, Shares		304
Stock-based compensation related to restricted stock	1			1
Net loss	(33)				(33)
Ending Balance at Jun. 30, 2020	(80)	$ 1	(16)	17	(82)
Ending Balance, Shares at Jun. 30, 2020		5,500
Beginning Balance at Dec. 31, 2020	25,379	$ 1		42,043	(16,665)
Beginning Balance, Shares at Dec. 31, 2020		13,984
Issuance of common stock from warrant exercises	40,671			40,671
Issuance of common stock from warrant exercises, Shares		3,537
Reclassification of warrant liabilities to equity due to warrant exercises for cash	2,503			2,503
Stock-based compensation	11,352			11,352
Net loss	(8,310)				(8,310)
Ending Balance at Jun. 30, 2021	71,595	$ 1	0	96,569	(24,975)
Ending Balance, Shares at Jun. 30, 2021		17,521
Beginning Balance at Mar. 31, 2021	25,553	$ 1	(8,182)	56,675	(22,941)
Beginning Balance, Shares at Mar. 31, 2021		14,696
Issuance of common stock from warrant exercises	40,671		8,182	32,489
Issuance of common stock from warrant exercises, Shares		2,825
Reclassification of warrant liabilities to equity due to warrant exercises for cash	768			768
Stock-based compensation	6,637			6,637
Net loss	(2,034)				(2,034)
Ending Balance at Jun. 30, 2021	$ 71,595	$ 1	$ 0	$ 96,569	$ (24,975)
Ending Balance, Shares at Jun. 30, 2021		17,521

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (8,310)	$ (37)	$ (45)	$ (16,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization on debt discount				20
Stock-based compensation	11,352	1	1	4,382
Amortization of right-of-use assets	(51)
Change in fair value of warrant liabilities	(18,708)			5,136
Financing costs—derivative warrant liabilities				762
Research and development-acquired license, expensed				5,000
Changes in operating assets and liabilities:
Prepaid and other current assets	436			(1,318)
Other assets	(105)			(82)
Accounts payable	1,339	34	35	456
Accrued expenses	2,397
Due to related parties	(14)	2	9	(15)
Lease liabilities	52
Net cash used in operating activities	(11,612)			(2,279)
Cash Flows from Investing Activities:
Research and development-acquired license	(5,000)
Capital expenditures	(228)
Net cash used in investing activities	(5,228)
Cash Flows from Financing Activities:
Net proceeds from reverse acquisition				64,070
Proceeds from Founders				1
Proceeds from warrants exercised for cash	40,671
Proceeds from issuance of notes payable to related parties				300
Repayment of notes payable to related parties				(300)
Net cash provided by financing activities	40,671			64,071
Net increase in cash and cash equivalents	23,831			61,792
Cash and cash equivalents at the beginning of the period	61,792
Cash and cash equivalents at the end of the period	85,623			61,792
Supplemental disclosure of cash flow information:
Cash paid for income taxes			$ 0	0
Cash paid for interest	25			$ 25
Supplemental schedule of non-cash investing and financing activities:
Issuance of restricted stock not yet paid		$ 15
Reclassification of warrant liabilities to equity due to warrant exercises for cash	2,503
Right-of-use assets obtained in exchange for operating lease liabilities	$ 4,166

Nature of Business	6 Months Ended	12 Months Ended
Nature of Business	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NOTE 1. NATURE OF BUSINESS LSAC was initially formed on December 19, 2018 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. In December 2020, the Merger Sub merged with and into Legacy Vincera Pharma, with Legacy Vincera Pharma surviving the Merger as a wholly- owned subsidiary of LSAC. In connection with the Business Combination, LSAC changed its name to Vincera Pharma, Inc., and subsequently in January 2021, changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the “Company”). The Company is a clinical-stage biopharmaceutical company focused on leveraging its extensive development and oncology expertise to advance new therapies intended to address unmet medical needs for the treatment of cancer. The Company’s current pipeline is entirely derived from the Bayer License Agreement (see Note 3), pursuant to which the Company has been granted an exclusive, royalty-bearing, worldwide license under certain Bayer patents and know-how to develop, use, manufacture, commercialize, sublicense and distribute a clinical-stage and follow-on small molecule drug program and a preclinical stage bioconjugation platform, which includes next-generation antibody-drug conjugates and small molecule drug conjugates. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. During the early months of 2020, COVID-19 emerged and has subsequently spread world-wide. The World Health Organization has declared COVID-19 a pandemic resulting in federal, state and local governments and private entities mediating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders, and advisories and quarantining people who may have been exposed to the virus. Management continues to evaluate the impact of the COVID-19 pandemic on its current operations and future plans and take s appropriate measures to address any such impact, but there can be no assurance that these efforts will be successful and that the pandemic will not have negative effect on the Company’s financial position and results of its operations .	1. Nature of Business Organization LifeSci Acquisition Corp. (“LSAC”) was initially formed on December 19, 2018 as a Delaware corporation formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On September 25, 2020, LSAC entered into a Merger Agreement (the “Merger Agreement”) with LifeSci Acquisition Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of LSAC (“Merger Sub”), VNRX Corp (f/k/a Vincera Pharma, Inc.), a Delaware corporation (“Vincera Pharma”), and Raquel E. Izumi, as the representative of the stockholders of Vincera Pharma (such stockholders, the “Vincera Pharma stockholders”). Pursuant to the terms of the Merger Agreement, a business combination between LSAC and Vincera Pharma was effected through the merger of Merger Sub with and into Vincera Pharma, with Vincera Pharma surviving as the surviving company and as a wholly-owned subsidiary of LSAC. On December 23, 2020, and in connection with the closing of the business combination (the “Business Combination”), LifeSci Acquisition Corp. changed its name to Vincera Pharma, Inc. In January 2021, Vincera Pharma, Inc. changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the “Company”). The Company is a clinical-stage biopharmaceutical company focused on leveraging its extensive development and oncology expertise to advance new therapies intended to address unmet medical needs for the treatment of cancer. The Company’s current pipeline is entirely derived from the Bayer License Agreement (see Note 4), pursuant to which the Company has been granted an exclusive, royalty-bearing, worldwide license under certain Bayer patents and know-how to develop, use, manufacture, commercialize, sublicense and distribute a clinical-stage and follow-on small molecule drug program and a preclinical stage bioconjugation/next-generation ADC platform. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. During the early months of 2020, COVID-19 emerged and has subsequently spread world-wide. The World Health Organization has declared COVID-19 a pandemic resulting in federal, state and local governments and private entities mediating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders, and advisories and quarantining people who may have been exposed to the virus. Management is currently evaluating the impact of the COVID-19 pandemic on its future plans and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position and results of its operations, the specific impact is not readily determinable as of the date of these consolidated financial statements.

Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021	Dec. 31, 2020
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 of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the rules and regulations of the SEC. They include the accounts of Vincerx and its wholly-owned subsidiaries VNRX Corp and Vincerx Pharma GmbH. All intercompany accounts and transactions have been eliminated. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020 as filed with the SEC on May 14, 2021, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. The Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, LSAC is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of Legacy Vincera Pharma issuing stock for the net assets of LSAC, accompanied by a recapitalization. As a result, references to the “Company” herein may refer to Legacy Vincera Pharma prior to the consummation of the Business Combination. The acquired net assets of LSAC are stated at historical cost, with no goodwill or other intangible assets recorded. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 , Leases (Topic 842 ) in order to increase transparency and comparability among organizations by, among other provisions, recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides entities an optional transition method to apply the guidance under Topic 842 as of the adoption date, rather than as of the earliest period presented. On January 1, 2021, the Company adopted Topic 842, and the adoption resulted in the recording of right-of-use assets and lease liabilities of approximately $ 3.3 million, which represents the discounted cash flows of the Company’s operating lease prior to the April 2021 lease amendment. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. On January 1, 2021, the Company adopted this standard without any material impact on its condensed consolidated financial statements. In August 2020, the FASB issued ASU 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2021 and adoption must be as of the beginning of the Company’s annual fiscal year. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). They include the accounts of Vincerx and its wholly-owned subsidiary Vincera Pharma, Inc, also known as VNRX Corp. All intercompany accounts and transactions have been eliminated. Pursuant to the Merger Agreement, the Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, LSAC is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of Vincera Pharma issuing stock for the net assets of LSAC, accompanied by a recapitalization. As a result, references to the “Company” herein may refer to Vincera Pharma prior to the consummation of the Business Combination. The acquired net assets of LSAC are stated at historical cost, with no goodwill or other intangible assets recorded. The Company’s future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company. and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to include a redemption provision substantially identical to that of the public warrants; provided, however, that such redemption rights may not be exercised during the first 12 months following the closing of the Business Combination unless the last sales price of the Company’s common stock has been equal to or greater than $20.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given), in each case so long as they are still held by the initial purchasers or their affiliates. The private warrants purchased by Rosedale Park, LLC will expire on March 5, 2025, provided that once the private warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related persons anymore, the private warrants may not be exercised five years following the completion of the Company’s initial business combination. The Company evaluated the public and private warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity , and concluded that certain of the private warrants do not meet the criteria to be classified in stockholders’ equity. Because post Business Combination, these private warrants could be transferred to a non-permitted transferee and become public warrants (i.e., become subject to redemption and no longer have a cashless exercise feature), the settlement value of the private warrants is dependent, in part, on the holder of these private warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Company’s common stock, these private warrants fail the indexation guidance in ASC 815-40. This conclusion excludes the 500,000 private warrants held by LifeSci Holdings LLC, which had been amended in connection with the Business Combination to remove the cashless exercise provision and include a redemption provision, as described above. Since these private warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statement of operations at each reporting date. The estimated fair value of the private warrants is determined with Level 3 inputs using Black-Scholes and Monte Carlo simulations. The private warrants were valued as of December 23, 2020 (the Business Combination closing date) and December 31, 2020. See Note 6. Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as a single operating segment. Research and Development Costs The Company expenses research and development costs as operating expenses as incurred. These expenses include acquired in-process research and development expenses for which there is no alternative future use, salaries for research and development personnel, consulting fees, product development, pre-clinical studies, clinical trial costs, and other fees and costs related to the development of the technology. Stock-Based Compensation The Company adopted ASU 2018-07, which simplifies the accounting for share-based payments granted to nonemployees for goods and services, on March 1, 2019 (date of inception). The Company measures and recognizes compensation expense for all stock-based awards made to employees, directors, and non-employees, including stock options and restricted shares, based on estimated fair values recognized over the requisite service period. The fair value of options granted is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures when they occur. The Company uses the simplified calculation of the expected life, which takes into consideration the grant’s contractual life and vesting period and assumes that all options will be exercised between the vesting date and the contractual term of the option. No awards have been issued with a market condition or other non-standard terms. Given the lack of public market for Vincera Pharma’s stock prior to the Business Combination, the estimate for volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. Since these comparable companies operate in the same industry segment, the Company expects that it would share similar characteristics, such as risk profiles, volatility, capital intensity and market growth patterns and drivers. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse, and net operating loss (“NOL”) carryforwards and research and development tax credit (“R&D Credit”) carryforwards. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all its deferred income tax assets in the future, an adjustment to the deferred income tax asset valuation allowance would increase income in the period such determination was made. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. At December 31, 2020 and 2019, the Company had no liability for income tax associated with uncertain tax positions. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There was no income tax interest or penalties incurred in 2020 and 2019 since inception. Comprehensive Income or Loss Comprehensive loss is equal to net loss as presented in the accompanying consolidated statements of operations, as the Company did not have any other comprehensive income or loss for the periods presented. Net Loss per Share of Common Stock Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options and warrants. As the Company has reported losses for all periods presented, all potentially dilutive securities including stock options and warrants, are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.

Restatement of Consolidated Financial Statements

12 Months Ended

Dec. 31, 2020

Restatement Of Previously Issued Financial Statements [Abstract]

Restatement of Consolidated Financial Statements

3. Restatement of Consolidated Financial Statements

On April 12, 2021, the Staff of the SEC issued the “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “Staff Statement”). The Staff Statement clarified guidance for all SPAC-related companies regarding the accounting and reporting for their warrants that could result in the warrants issued by SPACs being classified as a liability measured at fair value,

with non-cash fair

value adjustments recorded in the statement of operations for each reporting period.

The Company previously classified its warrants as equity, consistent with market practice among SPACs, including LSAC, the Company’s predecessor prior to the Business Combination. The Company reviewed the accounting treatment of its warrants under ASC

815-40,

Derivatives and Hedging—Contracts in Entity’s Own Equity

, and evaluated the applicability and potential impact of the Staff Statement on the Company’s consolidated financial statements.

Following this review and evaluation, the Company concluded that, in light of the Staff Statement, (i) certain of the private warrants meet the definition of a derivative under ASC 815 and therefore should be accounted for as liabilities measured at fair value,

with non-cash fair

value adjustments recorded in the operating statement for each reporting period, (ii) warrant offering costs should be expensed and (iii) the Company’s audited consolidated financial statements for the year ended December 31, 2020 should no longer be relied upon and should be restated due to the reclassification of these private warrants and related warrant offering costs.

Impact of the Restatement

The impact of the restatement on the Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2020 is presented below.


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands, except per share amounts)
Balance Sheet
Total assets	$	63,192		$	—		$	63,192

Liabilities and stockholders’ equity
Total current liabilities	$	5,505		$	—		$	5,505
Common stock warrant liabilities		—			32,308			32,308

Total liabilities		5,505			32,308			37,813
Stockholders’ equity
Preferred stock - $0.0001 par value		—			—			—
Common stock - $0.0001 par value		1			—			1
Additional paid-in-capital		68,453			(26,410	)		42,043
Accumulated deficit		(10,767	)		(5,898	)		(16,665	)

Total stockholders’ equity		57,687			(32,308	)		25,379

Total liabilities and stockholders’ equity	$	63,192		$	—		$	63,192


	Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands, except per share amounts)
Statement of Operations and Comprehensive Loss
Loss from operations	$	(10,714	)	$	—		$	(10,714	)
Other expense:
Change in fair value of warrant liabilities		—			(5,136	)		(5,136	)
Financing costs—derivative warrant liabilities					(762	)		(762	)
Interest expense		(8	)		—			(8	)

Total other expense		(8	)		(5,898	)		(5,906	)

Net loss	$	(10,722	)	$	(5,898	)	$	(16,620	)


Net loss per common share, basic and diluted	$	(2.04	)		—		$	(3.16	)
Weighted average common shares outstanding, basic and diluted		5,252			—			5,252


	Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands)
Statement of Cash Flows
Net loss	$	(10,722	)	$	(5,898	)	$	(16,620	)
Adjustment to reconcile net loss to net cash used in operating activities		8,443			5,898			14,341
Net cash used in operating activities		(2,279	)		—			(2,279	)
Net cash provided by investing activities		—			—			—
Net cash provided by financing activities		64,071			—			64,071

Net change in cash	$	61,792		$	—		$	61,792

The Business Combination is accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, LSAC was treated as the “acquired” company and Vincerx Pharma is treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Vincera Pharma issuing stock for the net assets of LSAC, accompanied by a recapitalization. The net assets of LSAC were stated at historical cost, with no goodwill or other intangible assets recorded. Additionally, the historical quarterly and annual LSAC financial statements were not restated to reflect this change in accounting described above, as we believe that information is no longer relevant to investors.

Business Combination

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Combination

4. Business Combination

As discussed in Note 1, on December 23, 2020, the Company consummated the Business Combination, with Vincera Pharma surviving the merger as a wholly-owned subsidiary of the Company.

Immediately prior to the effective time of the Business Combination, each share of Vincerx Pharma common stock was canceled, and the Vincera Pharma stockholders received (i) 0.570895 shares of common stock, for each share of Vincera Pharma common stock held by them immediately prior to the effective time of the Business Combination and (ii) certain rights to Earnout Shares after the closing of the Business Combination.

The Vincera Pharma stockholders are entitled to receive Earnout Shares if the daily volume-weighted average price of the Company’s common stock equals or exceeds the following prices for any 20 trading days within any

30 trading-day period

following the closing of the Business Combination: (1) during any such trading period prior to the 42 month anniversary of the closing of the Business Combination, upon achievement of a daily volume-weighted average price of at least $20.00 per share, such number of shares of the Company’s common stock as equals the quotient of $20.0 million divided by the Closing Price Per Share; (2) during any such trading period prior to the six year anniversary of the closing, upon achievement of a daily volume-weighted average price of at least $35.00 per share, such number of shares of the Company’s common stock as equals the quotient of $20.0 million divided by the Closing Price Per Share; and (3) during any such trading period prior to the eight year anniversary of the closing, upon achievement of a daily volume-weighted average price of at least $45.00 per share, such number of shares of the Company’s common stock as equals the quotient of $20.0 million divided by the Closing Price Per Share. A total of 90.6% of (rounded to the nearest whole share) of the Earnout Shares then earned and issuable shall be issued to the Vincera Pharma stockholders on

a pro-rata basis

based on the percentage of the number of shares of Vincera Pharma common stock owned by them immediately prior to the closing of the Business Combination, and the remaining Earnout Shares that would otherwise have been issuable shall not be issuable to the Vincera Pharma stockholders but in lieu thereof the number of authorized shares available for issuance under the Company’s 2020 Stock Incentive Plan (the “2020 Plan”) shall be automatically increased by an equivalent number of shares of the Company’s common stock.

The following table reconciles the elements of the Business Combination to the Statement of Cash Flows and the Statement of Stockholders’ Equity (Deficit) for the year ended December 31, 2020 (amounts in thousands):


Cash - LSAC trust	$	65,699
Cash - LSAC cash assumed		213
Less: transaction costs and advisory fees		(1,395	)
Less: accrued transaction costs and advisory fees		(447	)

Net cash contributions from Business Combination	$	64,070

The number of shares of common stock issued immediately following the consummation of the Business Combination (amounts in thousands):


LSAC’s public stockholders			6,564
LSAC’s initial stockholders			1,640
Vincera Pharma stockholders			5,500
Other			280

Total shares of common stock immediately after Business Combination			13,984

Bayer License	6 Months Ended	12 Months Ended
Bayer License	Jun. 30, 2021	Dec. 31, 2020
Bayer License [Abstract]
Bayer License	NOTE 3. BAYER LICENSE On October 7, 2020, the Company entered into the Bayer License Agreement, which became effective on December 23, 2020 upon the closing of the Business Combination. Pursuant to the Bayer License Agreement, the Company has an exclusive, worldwide, royalty-bearing license under certain Bayer patents and know-how to develop, use, manufacture, commercialize, sublicense and distribute (i) a clinical-stage small molecule drug platform, including a PTEFb inhibitor compound, and (ii) a preclinical stage bioconjugation platform, which includes next-generation antibody-drug conjugates and small molecule drug conjugates. Following the closing of the Business Combination, the Company paid Bayer a $5.0 million upfront license fee on January 5, 2021. If the Company achieves all of the development and commercial sales milestones for license products under the Bayer License Agreement for each of the countries and disease indications, the Company would be obligated to pay milestone payments that range from $110.0 million to up to $318.0 million per licensed product, and upon successful commercialization of at least five licensed products, the Company could be required to pay aggregate milestone payments in excess of $1 billion. In addition to milestone payments, the Company is also required to pay Bayer under the Bayer License Agreement ongoing royalties in the single digit to low double-digit percentage range on net commercial sales of licensed products. As of June 30, 2021, no development and commercial sales milestones under the Bayer License Agreement have been met .	5. Bayer License Agreement On October 7, 2020, Vincerx Pharma entered into the Bayer License Agreement, which became effective on December 23, 2020 upon the closing of the Business Combination. Pursuant to the Bayer License Agreement, Vincerx Pharma has an exclusive, worldwide, royalty-bearing license under certain Bayer patents and know-how to develop, use, manufacture, commercialize, sublicense and distribute (i) a clinical-stage small molecule drug platform, including a PTEFb inhibitor compound, and (ii) a preclinical stage bioconjugations/next-generation ADC platform, including next-generation ADC compounds. Following the closing of the Business Combination, the Company paid Bayer a $5.0 million upfront license fee on January 5, 2021. As of December 31, 2020, the Company recorded a $5.0 million license payable to Bayer. If the Company achieves all of the development and commercial sales milestones for license products under the Bayer License Agreement for each of the countries and disease indications, the Company would be obligated to pay milestone payments that range from $110.0 million to up to $318.0 million per licensed product, and upon successful commercialization of at least five licensed products, the Company could be required to pay aggregate milestone payments in excess of $1 billion. In addition to milestone payments, the Company is also required to pay Bayer under the Bayer License Agreement ongoing royalties in the single digit to low double-digit percentage range on net commercial sales of licensed products.

Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 4. FAIR VALUE MEASUREMENT

The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	11,097	$	11,097

Total fair value	$	—	$	—	$	11,097	$	11,097


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	32,308	$	32,308

Total fair value	$	—	$	—	$	32,308	$	32,308

The Company performs procedures such as comparing prices obtained from independent sources to ensure that appropriate fair values are recorded. Because the transfer of certain private warrants to anyone outside of a small group of individuals constituting the sponsors of LSAC would result in these private warrants having similar terms as the public warrants, management determined that the fair value of each of these private warrants is approximately double that of a public warrant, with a modest adjustment for short-term marketability restrictions. Accordingly, these private warrants are classified as Level 3 financial instruments. The estimated fair value of the private warrants is determined with Level 3 inputs using Black-Scholes and Monte Carlo simulations.

There were no transfers between Level 1, 2 or 3 during the three- and

six-month

periods ended June 30, 2021.

The following table presents changes in Level 3 liabilities measured at fair value for the

six-month

period ended June 30, 2021. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs (in thousands).


	Warrant Liability
Balance – January 1, 2021	$	32,308
Reclassification of warrant liabilities due to warrant exercises		(2,503	)
Change in fair value		(18,708	)

Balance – June 30, 2021	$	11,097

A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2021 and December 31, 2020 is as follows:


	As of June 30, 2021			As of December 31, 2020
Stock price	$	12.99		$	20.91
Exercise price	$	11.50		$	11.50
Option term (years)		4.5			5.0
Volatility (annual)		29.4	%		29.4	%
Risk-free rate		0.8	%		0.4	%
Dividend yield (per share)		0	%		0	%

6. Fair Value Measurement

The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities (Restated)	$	—	$	—	$	32,308	$	32,308

Total fair value	$	—	$	—	$	32,308	$	32,308

The following table presents changes in Level 3 liabilities measured at fair value for the period ended March 31, 2020. Both observable and unobservable inputs were used to determine the fair value of positions that

the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs (in thousands).


	Warrant Liability
Balance—December 23, 2020	$	27,172
Change in fair value		5,136

Balance—December 23, 2020	$	32,308

As of December 31, 2020, the fair value of these private warrants was

re-measured

based on the following assumptions:


	As of December 31, 2020
Exercise Price	$	11.50
Option term (in years)		5
Volatility		29.4	%
Risk-free interest rate		0.4	%
Expected dividends		—

- 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

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 5. COMMITMENTS AND CONTINGENCIES

Leases

On December 23. 2020, the Company entered into a

5-year

term lease agreement which commenced on January 1, 2021. On April 1, 2021, the lease was amended to include additional space. The annual rent expense is approximately $1.1

million.

At June 30, 2021, the Company had operating lease liabilities of approximately $4.2 million and right of use assets of approximately $4.2 million, which were included in the condensed consolidated balance sheets.

The following summarizes quantitative information about the Company’s operating leases (amounts in thousands):


	For the Six Months ended June 30, 2021
Lease cost
Operating lease cost	$	83
Variable lease cost		—

Total operating lease expense	$	83

Other information
Operating cash flows from operating leases	$	70
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,166
Weighted-average remaining lease term – operating leases (years)		4.5
Weighted-average discount rate – operating leases		8	%

As of June 30, 2021, future minimum payments during the next five years and thereafter are as follows (in thousands):


Remaining period ended December 31, 2021	$	266
Year ended December 31, 2022		1,015
Year ended December 31, 2023		1,236
Year ended December 31, 2024		1,284
Year ended December 31, 2025		1,336

Total		5,137
Less present value discount		(919	)

Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2021	$	4,218

8. Commitments and Contingencies

Litigation

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

Commitments

On December 23. 2020, the Company entered into a

5-year

term lease agreement which commenced on January 1, 2021. The annual rent expense is approximately $847,000.

The Company’s future minimum lease payments are as follows as of December 31, 2020 (in thousands):


Year Ended December 31,
2021	$	248
2022		807
2023		1,020
2024		1,060
2025		1,102

Total	$	4,237

Stockholders' Equity

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

NOTE 6. STOCKHOLDERS’ EQUITY

The Company’s Certificate of Incorporation authorizes the issuance of 120,000,000 shares of common stock, $0.0001 par value per share and 30,000,000 shares of undesignated preferred stock, $0.0001 par value per share. As of June 30, 2021, and December 31, 2020, there were 17,521,075 shares of common stock and 13,984,441 shares of common stock (which include 2,744,586 shares of common stock constituting part of the units), outstanding, respectively, and no shares of preferred stock outstanding.

On April 5, 2021, the Company announced that it would redeem all of its outstanding public warrants to purchase shares of the Company’s common stock that were issued under the Warrant Agreement, dated March 5, 2020, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, as part of the units sold in the Company’s initial public offering, that remained outstanding and unexercised on May 5, 2021, the redemption date, at a redemption price of $0.01 per public warrant. In addition to the $6.1 million of cash received on April 1, 2021 from the exercise of public warrants in March 2021, prior to the redemption notice, the Company received additional proceeds of approximately $31.4 million from the exercise of additional public warrants during the redemption period. Prior to the redemption date, the units were each separated into one share of common stock and one public warrant. Pursuant to the redemption, a total of 40,491

public warrants were unexercised as of the redemption date and redeemed by the Company at the redemption price

of $0.01 per public warrant.

During the six months ended June 30, 2021, 275,000

private warrants were exercised for cash. The Company

issued

275,000

shares of common stock and subsequently received approximately $

3.2

million cash in April 2021.

Restricted Shares

A summary of restricted stock activity for the six months ended June 30, 2021 is presented below:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		361,168		$	0.016
Vested		(89,241	)		—

Nonvested at June 30, 2021		271,927		$	0.041

As of June 30, 2021, there was approximately $10,919 of unrecognized stock-based compensation related to restricted stock that will be amortized in 3.0 years.

Warrants

As of June 30, 2021, there were 3,295,000

private

warrants to purchase common stock outstanding. After the redemption described above, no public warrants remain

outstanding at June 30, 2021.

Each public warrant entitled the registered holder to purchase

one-half

(1/2) of a share of common stock at a price of $11.50 per whole share of common stock, subject to adjustment as discussed below, at any time commencing on the later of one year after the closing of the initial public offering of LSAC or the consummation of a business combination.

Prior to

the redemption described above, the warrants would have expired at 5:00 p.m., New York City time, on December 23, 2025 (five years from the closing of the Company’s initial business combination).

The private warrants are identical to the previously outstanding

public

warrants except that (i) each private warrant is exercisable for one share of common stock at an exercise price of $11.50 per share and (ii) such private warrants will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such private warrants is not effective) or on a cashless basis, at the holder’s option (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to remove the cashless exercise provision), and will not be redeemable by the Company (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to include a redemption provision substantially identical to that of the public warrants; provided, however, that such redemption rights may not be exercised during the first 12 months following the closing of the Business Combination unless the last sales price of the Company’s common stock has been equal to or greater than $20.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given), in each case so long as they are still held by the initial purchasers or their affiliates. The private warrants purchased by Rosedale Park, LLC, will expire on March 5, 2025, provided that once the private warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related persons anymore, the private warrants may not be exercised five years following the completion of the Company’s initial business combination.

The previously outstanding public warrants and the private warrants issued to LifeSci Holdings LLC that were amended as described above were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging. The remaining private warrants were determined to be liability classified in accordance with ASC 815, Derivatives and Hedging (see note 4).

9. Stockholders’ Equity

The Company’s Certificate of Incorporation authorizes the issuance of 120,000,000 shares of common stock, $0.0001 par value per share and 30,000,000 shares of undesignated preferred stock, $0.0001 par value per share. As of December 31, 2020, and 2019, there were 13,984,441 shares of common stock (which include 2,744,586 shares of common stock constituting part of the units) and 5,196,000 shares of common stock, respectively, and no shares of preferred stock outstanding.

Founders Shares

Vincera Pharma’s three founders (the “Founders”) were each issued 1,618,199 shares (2,834,497 shares prior to the effects of the reverse merger) of Vincera Pharma’s common stock (the “Founders Shares”), in August 2019. The Founders had not paid the Company for the aggregate par value for their Founder Shares as of December 31, 2019. All amounts owed for the issuance of these Founders Shares were settled in cash in July 2020.

Restricted Shares

Between July and August 2019, Vincera Pharma issued 471,850 shares (826,510 shares prior to the effects of the reverse merger) of restricted stock at par value to certain management persons. All amounts owed for the issuance of these restricted shares were settled in cash in July 2020. The grant date fair value of this restricted stock was approximately $6,000.

In May 2020, Vincera Pharma issued an additional 173,552 shares (304,000 shares prior to the effects of the reverse merger) of restricted stock at a fair value of $0.07 per share in exchange for services.

Pursuant to these restricted share agreements, the term vesting represents the expiration of Vincera Pharma’s repurchase right for the underlying shares.

As of December 31, 2020, there was approximately $13,000 of unrecognized stock-based compensation related to restricted stock that will be amortized in 3.4 years.

A summary of restricted stock activity for the year ended December 31, 2020 and period ended 2019 is presented below:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Nonvested at March 1, 2019 (date of inception)		—		$	—
Restricted stock granted		471,850			0.012
Vested		(95,943	)		—

Nonvested at December 31, 2019		375,907			0.012
Restricted stock granted		173,552			0.07
Vested		(188,291	)		—

Nonvested at December 31, 2020		361,168		$	0.016

Warrants

As of December 31, 2020, there were 10,133,767 warrants to purchase common stock outstanding, consisting of 6,563,767 public warrants (which include 2,744,586 public warrants constituting part of the units) and 3,570,000 private warrants. Each unit consists of one share of common stock and one public warrant exercisable for

one-half

of one share of common stock.

Each public warrant entitles the registered holder to

purchase one-half (1/2)

of a share of common stock at a price of $11.50 per whole share of common stock, subject to adjustment as discussed below, at any time commencing on the later of one year after the closing of the initial public offering of LSAC or the consummation of a business combination. The warrants will expire at 5:00 p.m., New York City time, on December 23, 2025 (five years from the closing of the Company’s initial business combination).

The private warrants are identical to the warrants underlying the units except that (i) each private warrant is exercisable for one share of common stock at an exercise price of $11.50 per share and (ii) such private warrants will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such private warrants is not effective) or on a cashless basis, at the holder’s option (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to remove the cashless exercise provision), and will not be redeemable by the Company (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to include a redemption provision substantially identical to that of the public warrants; provided, however, that such redemption rights may not be exercised during the first 12 months following the closing of the Business Combination unless the last sales price of the Company’s common stock has been equal to or greater than $20.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given), in each case so long as they are still held by the initial purchasers or their affiliates. The private warrants purchased by Rosedale Park, LLC, will expire on March 5, 2025, provided that once the private warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related persons anymore, the private warrants may not be exercised five years following the completion of the Company’s initial business combination.

The public warrants and the private warrants issued to LifeSci Holdings LLC that were amended as described above were determined to be equity classified in accordance with ASC 815, Derivatives and Hedging. The remaining private warrants were determined to be liability classified in accordance with ASC 815, Derivatives and Hedging (see notes 3 and 6).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plans

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans

NOTE 7. EQUITY INCENTIVE PLANS

In connection with the Business Combination, the stockholders approved the Vincerx Pharma, Inc. 2020 Stock Incentive Plan (the “2020 Plan”), which became effective upon the closing of the Business Combination on December 23, 2020. As of June 30, 2021, the Company had 3,490,046 shares of common stock reserved for issuance under the 2020 Plan.

The 2020 Plan allows for the grant of stock options and rights to acquire restricted stock to employees, directors and consultants of the Company. The terms and conditions of specific awards are set at the discretion of the Company’s board of directors. Options granted under the 2020 Plan expire no later than 10 years from the date of grant. Unvested common shares obtained upon early exercise of options are subject to repurchase by the Company at the original issue price.

Stock option activity under the 2020 Plan is as follows (amounts in thousands, except per share amount):


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		1,048	$	19.00		10.0	$	—
Options granted		2,124		19.02		10.0		—

Outstanding at June 30, 2021		3,172	$	19.01		9.7	$	15

Options vested and exercisable at June 30, 2021		695	$	18.70		9.5	$	—

Stock-based compensation expense is based on the grant-date fair value. The Company recognizes compensation expense for all stock-based awards on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of three years.

The Company recognized stock-based compensation of approximately $6.6 million and $11.4 million during the three- and

six-

months ended June 30, 2021, respectively. The Company recorded a de minimus value of stock-based compensation for the comparable periods in 2020.

As of June 30, 2021, the Company had stock-based compensation of approximately $23.0 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 2.8 years.

The following weighted average assumptions were used as inputs to the Black-Scholes option valuation model in determining the estimated grant-date fair value of the Company’s stock options granted during the six months ended June 30, 2021:


	For the six months ended June 30, 2021
Exercise price	$	19.02
Expected term (years)		5.9
Volatility (annual)		75.5	%
Risk-free rate		0.9	%
Dividend yield (per share)		0	%

Total stock-based compensation expense recognized in the three- and six- months ended June 30, 2021 was as follows (amounts in thousands):


	For the three months ended June 30, 2021		For the six months ended June 30, 2021
Research and development	$	4,401	$	7,078
General and administrative		2,236		4,274

Total stock-based compensation expense	$	6,637	$	11,352

10. Equity Incentive Plans

In connection with the Business Combination, the stockholders approved the 2020 Plan, which became effective upon the closing of the Business Combination on December 23, 2020. As of December 31, 2020, the Company had 2,790,824 shares of common stock reserved for issuance under the 2020 Plan.


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (inyears)		Aggregate Intrinsic Value
Outstanding at January 1, 2020		—	$	—		—	$	—
Options granted		1,048		19.00		10.0		—

Outstanding at December 31, 2020		1,048	$	19.00		10.0	$	—

Options vested and exercisable at December 31, 2020		349	$	19.00		10.0	$	—

The Company recognized stock-based compensation of approximately $4.4 million and approximately $1,000 during the year ended December 31, 2020 and for the period from March 1, 2019 (date of inception) through December 31, 2019, respectively.

As of December 31, 2020, the Company had stock-based compensation of approximately $8.1 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 2.0 years.


	December 31, 2020
Exercise price	$	19.00
Expected term (years)		5.5
Volatility (annual)		75.5	%
Risk-free rate		0.4	%
Dividend yield (per share)		0	%

Total stock-based compensation expense recognized in the accompanying consolidated statements of operations for stock option awards is as follows (amounts in thousands):


	For the Year ended December 31, 2020
Research and development	$	2,053
General and administrative		2,329

Total stock-based compensation expense	$	4,382

Notes Payable to Related Party	12 Months Ended
Notes Payable to Related Party	Dec. 31, 2020
Related Party Transactions [Abstract]
Notes Payable to Related Party	7. Notes Payable to Related Party On August 9, 2020, Vincera Pharma entered into a promissory note with Dr. Raquel E. Izumi, one of its founders (the “Holder”). The principal amount is up to $1.0 million or the amount of outstanding advances made by the Holder to the Company. The Company agreed to pay the Holder a $20,000 origination fee and interest shall accrue at 7%. The maturity date is August 9, 2023. Between August and December 31, 2020, the Company received $300,000 from the Holder under this note agreement. On December 23, 2020, the Company repaid $325,000 to the Holder, including the $20,000 origination fee and $5,000 of outstanding interest. As of December 31, 2020, there are no amounts outstanding under this note agreement.

Net Loss per Share Applicable to Common Stockholders

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss per Share Applicable to Common Stockholders

NOTE 8. NET LOSS PER SHARE APPLICABLE TO COMMON STOCKHOLDERS

Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per common share is computed similarly to basic loss per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The following table sets forth the computation of loss per share for the three- and

six-months

ended June 30, 2021 and 2020 (amounts in thousands, except per share number):


	For the three months ended June 30,						For the six months ended June 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(2,034	)	$	(33	)	$	(8,310	)	$	(37	)

Denominator:
Weighted average common shares outstanding, basic and diluted		16,350			5,009			15,050			4,988

Net loss per common share, basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.55	)	$	(0.01	)

The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amount in thousands):


	For the three and six months ended June 30,
	2021		2020
Options outstanding		3,172		—
Warrants		3,295		—

Total		6,467		—

11. Net Loss per Share Applicable to Common Stockholders

The following table sets forth the computation of loss per share for the years ended December 31, 2020 and for the period from March 1, 2019 (date of inception) through December 31, 2019, respectively (amounts in thousands, except per share number):


	For the Year Ended December 31, 2020 (Restated)			For the Period from March 1, 2019 (date of inception) to December 31, 2019
Numerator:
Net loss	$	(16,620	)	$	(45	)

Denominator:
Weighted average common shares outstanding, basic and diluted		5,252			4,464

Net loss per common share, basic and diluted	$	(3.16	)	$	(0.01	)


	For the Year Ended December 31, 2020		For the Period from March 1, 2019 (date of inception) to December 31, 2019
Options outstanding		1,048		—
Warrants		10,134		—

Total		11,182		—

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company has no provision for income taxes for the year ended December 31, 2020 and for the period from March 1, 2019 (date of inception) to December 31, 2019. The Company has no current tax expense from losses and no deferred expense from the valuation allowance.

A reconciliation from the U.S. statutory rate of 21% to the effective rate is as follows:


	For the Year Ended December 31, 2020			For the Period from March 1, 2019 (date of inception) to December 31, 2019
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		4.5	%		7.0	%
Change in fair value of warrant liabilities		(6.5	%)		0	%
Other		(1	%)		0	%
Change in valuation allowance		(18.0	%)		(28.0	%)

Income taxes provision (benefit)		0.0	%		0.0	%

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019, are as follows (amounts in thousands):


	As of December 31,
	2020			2019
Deferred tax assets:
Amortization	$	1		$	—
Stock-based compensation		1,226			—

Research and development credit		3			—
Startup costs		—			13
Net operating loss		1,785			—

Total deferred income tax assets		3,015			13

Total deferred income tax liabilities		—			—

Net deferred income tax assets		3,015			13
Valuation allowance		(3,015	)		(13	)

Deferred tax asset, net of allowance	$	—		$	—

Recognition of deferred tax assets is appropriate when realization of such assets is more likely than not. Based upon the weight of available evidence, which includes the Company’s historical operating performance, cumulative net losses, and projected future losses, the Company has provided a full valuation allowance against its deferred tax assets. The Company’s valuation allowance increased by $3.0 million for the year ended December 31, 2020.

At December 31, 2020, the Company had federal and state net operating loss carryforwards of approximately $6.4 million. The federal net operating loss carryforwards can be carried forward indefinitely, with certain limitations. For the year ended December 31, 2020 and for the period from March 1, 2019 (date of inception) to December 31, 2019, the Company has used a 100% apportionment factor for California net operating losses. A portion of the state net operating loss carryforwards will expire beginning in 2039, if not utilized.

As of December 31, 2020, the Company also has Federal and California research and development credits of $1,820 and $1,365, respectively. The federal tax credit carryforwards will expire beginning in 2039, if not utilized. The state tax credit carryforwards do not expire.

Utilization of net operating losses and tax credit carryforwards may be limited by the “ownership change” rules, as defined in Section 382 of the Internal Revenue Code (any such limitation, a “Section 382 limitation”). Similar rules may apply under state tax laws. The Company has not performed an analysis to determine whether

an “ownership change” occurred from inception to December 31, 2020. If a change in ownership were to have occurred, additional net operating loss and tax credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance.

ASC

740-10,

Income Taxes

, prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in the Company’s income tax return and also provides guidance on

de-recognition,

classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company had not identified any material unrecognized tax benefit in accordance with ASC

740-10.

The federal and state income tax returns are open under the statute of limitations subject to tax examinations for the tax years ended December 31, 2020 and 2019. To the extent the Company has tax attribute carryforwards, the tax year in which the attribute was generated may still be adjusted upon examination by the IRS or state tax authorities to the extent utilized in a future period.

On March 27, 2020 and December 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriation Act (CAA), respectively, which contain among other matters, numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. The Company has evaluated the current legislation and does not anticipate the CARES Act or the CAA to have a material impact on its consolidated financial statements.

On June 29, 2020, California’s Governor Newsom signed AB85 suspending California net operating loss utilization and imposing a cap on the amount of business incentives tax credits (R&D credit) for tax years 2020-2022. Given an expected tax loss for 2020, the suspension does not have a material impact on the Company’s provision for income taxes in its consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events As mentioned in Note 8 above, the Company’s office lease agreement became effective on January 1, 2021. Upon adoption of ASU 2016-02, Leases (Topic 842) and upon occupancy, the Company expects to record right-of-use assets and lease liabilities of approximately $3.3 million, which represents the discounted cash flows of this operating lease as of the commencement date. On April 5, 2021, the Company announced that it would redeem all of its outstanding public warrants to purchase shares of the Company’s common stock that were issued under the Warrant Agreement, dated March 5, 2020, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, as part of the units sold in the Company’s initial public offering, that remained outstanding and unexercised on May 5, 2021, the redemption date, at a redemption price of $0.01 per public warrant. In addition to the $8.2 million of cash received on April 1, 2021 from the exercise of public and private placement warrants in March 2021, prior to the redemption notice, the Company also received additional proceeds of approximately $32.5 million from the exercise of additional public and private warrants during the redemption period. Pursuant to the redemption, a total of 40,491 public warrants were unexercised and redeemed by the Company at the redemption price of $0.01 per public warrant. As of the close of business on May 7, 2021, there were 17,521,075 shares of the Company’s common stock outstanding. Other than the two items noted here, there have been no other subsequent events identified by management.

Summary of Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021	Dec. 31, 2020
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 of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the rules and regulations of the SEC. They include the accounts of Vincerx and its wholly-owned subsidiaries VNRX Corp and Vincerx Pharma GmbH. All intercompany accounts and transactions have been eliminated. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020 as filed with the SEC on May 14, 2021, which contains the audited financial statements and notes thereto. The financial information as of December 31, 2020 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods. The Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, LSAC is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of Legacy Vincera Pharma issuing stock for the net assets of LSAC, accompanied by a recapitalization. As a result, references to the “Company” herein may refer to Legacy Vincera Pharma prior to the consummation of the Business Combination. The acquired net assets of LSAC are stated at historical cost, with no goodwill or other intangible assets recorded.	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). They include the accounts of Vincerx and its wholly-owned subsidiary Vincera Pharma, Inc, also known as VNRX Corp. All intercompany accounts and transactions have been eliminated. Pursuant to the Merger Agreement, the Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, LSAC is treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of Vincera Pharma issuing stock for the net assets of LSAC, accompanied by a recapitalization. As a result, references to the “Company” herein may refer to Vincera Pharma prior to the consummation of the Business Combination. The acquired net assets of LSAC are stated at historical cost, with no goodwill or other intangible assets recorded.
Emerging Growth Company		Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination, common stock warrant liabilities and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Concentration of Credit Risk		Concentrations of Credit Risk The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products. The Company’s future product candidates will require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K/A other than the additions below.
Leases	Leases Effective January 1, 2021, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), using the required modified retrospective approach and utilizing the effective date as its date of initial application, for which prior periods are presented in accordance with the previous guidance in ASC 840, Leases (“ASC 840”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Most leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company has elected not to recognize on the balance sheet leases with terms of 12 months or less. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term and in a similar economic environment. (See Note 6) In accordance with ASC 842, components of a lease should be allocated between lease components (e.g., land, building, etc.) and non-lease components (e.g., common area maintenance, consumables, etc.). The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.
Cash and Cash Equivalents		Cash and Cash Equivalents Management considers all highly liquid investments with an insignificant interest rate risk and original maturities of three months or less to be cash equivalents.
Fair Value Measurement		Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.
Private Warrant Liability		Private Warrant Liability As of December 31, 2020, there were 10,133,767 warrants to purchase common stock outstanding, consisting of 6,563,767 public warrants (which include 2,744,586 public warrants constituting part of the units) and 3,570,000 private warrants. Each unit consists of one share of common stock and one public warrant exercisable for one-half of one share of common stock. Each public warrant entitles the registered holder to purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share of common stock, subject to adjustment as discussed below, at any time commencing on the later of one year after the closing of the initial public offering of LSAC or the consummation of a business combination. The private warrants are identical to the warrants underlying the units except that (i) each private warrant is exercisable for one share of common stock at an exercise price of $11.50 per share and (ii) such private warrants will be exercisable for cash (even if a registration statement covering the shares of common stock issuable upon exercise of such private warrants is not effective) or on a cashless basis, at the holder’s option (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to remove the cashless exercise provision), and will not be redeemable by the Company (except with respect to 500,000 of the private warrants held by Rosedale Park, LLC and 500,000 of the private warrants held by LifeSci Holdings LLC, which were amended to include a redemption provision substantially identical to that of the public warrants; provided, however, that such redemption rights may not be exercised during the first 12 months following the closing of the Business Combination unless the last sales price of the Company’s common stock has been equal to or greater than $20.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is given), in each case so long as they are still held by the initial purchasers or their affiliates. The private warrants purchased by Rosedale Park, LLC will expire on March 5, 2025, provided that once the private warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related persons anymore, the private warrants may not be exercised five years following the completion of the Company’s initial business combination. The Company evaluated the public and private warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity , and concluded that certain of the private warrants do not meet the criteria to be classified in stockholders’ equity. Because post Business Combination, these private warrants could be transferred to a non-permitted transferee and become public warrants (i.e., become subject to redemption and no longer have a cashless exercise feature), the settlement value of the private warrants is dependent, in part, on the holder of these private warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Company’s common stock, these private warrants fail the indexation guidance in ASC 815-40. This conclusion excludes the 500,000 private warrants held by LifeSci Holdings LLC, which had been amended in connection with the Business Combination to remove the cashless exercise provision and include a redemption provision, as described above. Since these private warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statement of operations at each reporting date. The estimated fair value of the private warrants is determined with Level 3 inputs using Black-Scholes and Monte Carlo simulations. The private warrants were valued as of December 23, 2020 (the Business Combination closing date) and December 31, 2020. See Note 6.
Segments		Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as a single operating segment.
Research and Development Costs		Research and Development Costs The Company expenses research and development costs as operating expenses as incurred. These expenses include acquired in-process research and development expenses for which there is no alternative future use, salaries for research and development personnel, consulting fees, product development, pre-clinical studies, clinical trial costs, and other fees and costs related to the development of the technology.
Stock-Based Compensation		Stock-Based Compensation The Company adopted ASU 2018-07, which simplifies the accounting for share-based payments granted to nonemployees for goods and services, on March 1, 2019 (date of inception). The Company measures and recognizes compensation expense for all stock-based awards made to employees, directors, and non-employees, including stock options and restricted shares, based on estimated fair values recognized over the requisite service period. The fair value of options granted is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures when they occur. The Company uses the simplified calculation of the expected life, which takes into consideration the grant’s contractual life and vesting period and assumes that all options will be exercised between the vesting date and the contractual term of the option. No awards have been issued with a market condition or other non-standard terms. Given the lack of public market for Vincera Pharma’s stock prior to the Business Combination, the estimate for volatility is based on an average of the historical volatilities of the common stock of several entities with characteristics similar to those of the Company. Since these comparable companies operate in the same industry segment, the Company expects that it would share similar characteristics, such as risk profiles, volatility, capital intensity and market growth patterns and drivers. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option.
Income Taxes		Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse, and net operating loss (“NOL”) carryforwards and research and development tax credit (“R&D Credit”) carryforwards. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all its deferred income tax assets in the future, an adjustment to the deferred income tax asset valuation allowance would increase income in the period such determination was made. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. At December 31, 2020 and 2019, the Company had no liability for income tax associated with uncertain tax positions. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There was no income tax interest or penalties incurred in 2020 and 2019 since inception.
Comprehensive Income or Loss		Comprehensive Income or Loss Comprehensive loss is equal to net loss as presented in the accompanying consolidated statements of operations, as the Company did not have any other comprehensive income or loss for the periods presented.
Net Loss per Share of Common Stock		Net Loss per Share of Common Stock Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options and warrants. As the Company has reported losses for all periods presented, all potentially dilutive securities including stock options and warrants, are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 , Leases (Topic 842 ) in order to increase transparency and comparability among organizations by, among other provisions, recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provides entities an optional transition method to apply the guidance under Topic 842 as of the adoption date, rather than as of the earliest period presented. On January 1, 2021, the Company adopted Topic 842, and the adoption resulted in the recording of right-of-use assets and lease liabilities of approximately $ 3.3 million, which represents the discounted cash flows of the Company’s operating lease prior to the April 2021 lease amendment. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. On January 1, 2021, the Company adopted this standard without any material impact on its condensed consolidated financial statements. In August 2020, the FASB issued ASU 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2021 and adoption must be as of the beginning of the Company’s annual fiscal year. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2020, the FASB issued ASU 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2021 and adoption must be as of the beginning of the Company’s annual fiscal year. The Company is currently evaluating the impact of this standard on its financial statements and related disclosures.

Restatement of Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Restatement Of Previously Issued Financial Statements [Abstract]

Summary of Restatement of Financial Statements

Impact of the Restatement

The impact of the restatement on the Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the year ended December 31, 2020 is presented below.


	As of December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands, except per share amounts)
Balance Sheet
Total assets	$	63,192		$	—		$	63,192

Liabilities and stockholders’ equity
Total current liabilities	$	5,505		$	—		$	5,505
Common stock warrant liabilities		—			32,308			32,308

Total liabilities		5,505			32,308			37,813
Stockholders’ equity
Preferred stock - $0.0001 par value		—			—			—
Common stock - $0.0001 par value		1			—			1
Additional paid-in-capital		68,453			(26,410	)		42,043
Accumulated deficit		(10,767	)		(5,898	)		(16,665	)

Total stockholders’ equity		57,687			(32,308	)		25,379

Total liabilities and stockholders’ equity	$	63,192		$	—		$	63,192


	Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands, except per share amounts)
Statement of Operations and Comprehensive Loss
Loss from operations	$	(10,714	)	$	—		$	(10,714	)
Other expense:
Change in fair value of warrant liabilities		—			(5,136	)		(5,136	)
Financing costs—derivative warrant liabilities					(762	)		(762	)
Interest expense		(8	)		—			(8	)

Total other expense		(8	)		(5,898	)		(5,906	)

Net loss	$	(10,722	)	$	(5,898	)	$	(16,620	)


Net loss per common share, basic and diluted	$	(2.04	)		—		$	(3.16	)
Weighted average common shares outstanding, basic and diluted		5,252			—			5,252


	Year Ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
	(In thousands)
Statement of Cash Flows
Net loss	$	(10,722	)	$	(5,898	)	$	(16,620	)
Adjustment to reconcile net loss to net cash used in operating activities		8,443			5,898			14,341
Net cash used in operating activities		(2,279	)		—			(2,279	)
Net cash provided by investing activities		—			—			—
Net cash provided by financing activities		64,071			—			64,071

Net change in cash	$	61,792		$	—		$	61,792

Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Liabilities Measurement on Fair Value Recurring Basis

The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	11,097	$	11,097

Total fair value	$	—	$	—	$	11,097	$	11,097


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities	$	—	$	—	$	32,308	$	32,308

Total fair value	$	—	$	—	$	32,308	$	32,308

The Company’s financial liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):


	Fair Value Measured as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
Common stock warrant liabilities (Restated)	$	—	$	—	$	32,308	$	32,308

Total fair value	$	—	$	—	$	32,308	$	32,308

Summary of Changes in Fair Value Liabilities Attributable to Both Observable and Unobservable

The following table presents changes in Level 3 liabilities measured at fair value for the

six-month


	Warrant Liability
Balance – January 1, 2021	$	32,308
Reclassification of warrant liabilities due to warrant exercises		(2,503	)
Change in fair value		(18,708	)

Balance – June 30, 2021	$	11,097

Summary of Weighted Average Significant Unobservable Inputs Level 3 Inputs Used in Measuring The Company's Warrant Liabilities


	As of June 30, 2021			As of December 31, 2020
Stock price	$	12.99		$	20.91
Exercise price	$	11.50		$	11.50
Option term (years)		4.5			5.0
Volatility (annual)		29.4	%		29.4	%
Risk-free rate		0.8	%		0.4	%
Dividend yield (per share)		0	%		0	%

Summary of Changes in Level 3 Warrant liabilities measured at fair value


	Warrant Liability
Balance—December 23, 2020	$	27,172
Change in fair value		5,136

Balance—December 23, 2020	$	32,308

Summary of Fair Value Of Private Warrants was Remeasured Based on the Assumptions


	For the six months ended June 30, 2021
Exercise price	$	19.02
Expected term (years)		5.9
Volatility (annual)		75.5	%
Risk-free rate		0.9	%
Dividend yield (per share)		0	%


	December 31, 2020
Exercise price	$	19.00
Expected term (years)		5.5
Volatility (annual)		75.5	%
Risk-free rate		0.4	%
Dividend yield (per share)		0	%

Private Warrant [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Of Private Warrants was Remeasured Based on the Assumptions

As of December 31, 2020, the fair value of these private warrants was

re-measured

based on the following assumptions:


	As of December 31, 2020
Exercise Price	$	11.50
Option term (in years)		5
Volatility		29.4	%
Risk-free interest rate		0.4	%
Expected dividends		—

Business Combination (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule Of Business Combination Cash Flow Reconcilation


Cash - LSAC trust	$	65,699
Cash - LSAC cash assumed		213
Less: transaction costs and advisory fees		(1,395	)
Less: accrued transaction costs and advisory fees		(447	)

Net cash contributions from Business Combination	$	64,070

Details Of Shares issued Post Business Combination

The number of shares of common stock issued immediately following the consummation of the Business Combination (amounts in thousands):


LSAC’s public stockholders			6,564
LSAC’s initial stockholders			1,640
Vincera Pharma stockholders			5,500
Other			280

Total shares of common stock immediately after Business Combination			13,984

Commitments and Contingencies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Contractual Obligation, Fiscal Year Maturity [Abstract]

Summary of Quantitative Information About the Company's Operating Leases

The following summarizes quantitative information about the Company’s operating leases (amounts in thousands):


	For the Six Months ended June 30, 2021
Lease cost
Operating lease cost	$	83
Variable lease cost		—

Total operating lease expense	$	83

Other information
Operating cash flows from operating leases	$	70
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,166
Weighted-average remaining lease term – operating leases (years)		4.5
Weighted-average discount rate – operating leases		8	%

Summary of Future Minimum Lease Payments

As of June 30, 2021, future minimum payments during the next five years and thereafter are as follows (in thousands):


Remaining period ended December 31, 2021	$	266
Year ended December 31, 2022		1,015
Year ended December 31, 2023		1,236
Year ended December 31, 2024		1,284
Year ended December 31, 2025		1,336

Total		5,137
Less present value discount		(919	)

Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2021	$	4,218

The Company’s future minimum lease payments are as follows as of December 31, 2020 (in thousands):


Year Ended December 31,
2021	$	248
2022		807
2023		1,020
2024		1,060
2025		1,102

Total	$	4,237

Stockholders' Equity (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Equity [Abstract]

Summary of Restricted Stock Activity

A summary of restricted stock activity for the six months ended June 30, 2021 is presented below:


	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		361,168		$	0.016
Vested		(89,241	)		—

Nonvested at June 30, 2021		271,927		$	0.041

A summary of restricted stock activity for the year ended December 31, 2020 and period ended 2019 is presented below:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Nonvested at March 1, 2019 (date of inception)		—		$	—
Restricted stock granted		471,850			0.012
Vested		(95,943	)		—

Nonvested at December 31, 2019		375,907			0.012
Restricted stock granted		173,552			0.07
Vested		(188,291	)		—

Nonvested at December 31, 2020		361,168		$	0.016

Equity Incentive Plans (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity under the 2020 Plan is as follows (amounts in thousands, except per share amount):


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		1,048	$	19.00		10.0	$	—
Options granted		2,124		19.02		10.0		—

Outstanding at June 30, 2021		3,172	$	19.01		9.7	$	15

Options vested and exercisable at June 30, 2021		695	$	18.70		9.5	$	—

Stock option activity under the Plan is as follows (amounts in thousands, except per share amount):


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (inyears)		Aggregate Intrinsic Value
Outstanding at January 1, 2020		—	$	—		—	$	—
Options granted		1,048		19.00		10.0		—

Outstanding at December 31, 2020		1,048	$	19.00		10.0	$	—

Options vested and exercisable at December 31, 2020		349	$	19.00		10.0	$	—

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model


	For the six months ended June 30, 2021
Exercise price	$	19.02
Expected term (years)		5.9
Volatility (annual)		75.5	%
Risk-free rate		0.9	%
Dividend yield (per share)		0	%


	December 31, 2020
Exercise price	$	19.00
Expected term (years)		5.5
Volatility (annual)		75.5	%
Risk-free rate		0.4	%
Dividend yield (per share)		0	%

Summary of Stock Based Compensation Expense

Total stock-based compensation expense recognized in the three- and six- months ended June 30, 2021 was as follows (amounts in thousands):


	For the three months ended June 30, 2021		For the six months ended June 30, 2021
Research and development	$	4,401	$	7,078
General and administrative		2,236		4,274

Total stock-based compensation expense	$	6,637	$	11,352

Total stock-based compensation expense recognized in the accompanying consolidated statements of operations for stock option awards is as follows (amounts in thousands):


	For the Year ended December 31, 2020
Research and development	$	2,053
General and administrative		2,329

Total stock-based compensation expense	$	4,382

Net Loss per Share Applicable to Common Stockholders (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of loss per share for the three- and

six-months

ended June 30, 2021 and 2020 (amounts in thousands, except per share number):


	For the three months ended June 30,						For the six months ended June 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(2,034	)	$	(33	)	$	(8,310	)	$	(37	)

Denominator:
Weighted average common shares outstanding, basic and diluted		16,350			5,009			15,050			4,988

Net loss per common share, basic and diluted	$	(0.12	)	$	(0.01	)	$	(0.55	)	$	(0.01	)


	For the Year Ended December 31, 2020 (Restated)			For the Period from March 1, 2019 (date of inception) to December 31, 2019
Numerator:
Net loss	$	(16,620	)	$	(45	)

Denominator:
Weighted average common shares outstanding, basic and diluted		5,252			4,464

Net loss per common share, basic and diluted	$	(3.16	)	$	(0.01	)

Summary of Potential Common Stock Outstanding that was excluded from the Computation of Diluted Net Loss Per Share of Common Stock


	For the three and six months ended June 30,
	2021		2020
Options outstanding		3,172		—
Warrants		3,295		—

Total		6,467		—


	For the Year Ended December 31, 2020		For the Period from March 1, 2019 (date of inception) to December 31, 2019
Options outstanding		1,048		—
Warrants		10,134		—

Total		11,182		—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation from the U.S. statutory rate of 21% to the effective rate is as follows:


	For the Year Ended December 31, 2020			For the Period from March 1, 2019 (date of inception) to December 31, 2019
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		4.5	%		7.0	%
Change in fair value of warrant liabilities		(6.5	%)		0	%
Other		(1	%)		0	%
Change in valuation allowance		(18.0	%)		(28.0	%)

Income taxes provision (benefit)		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2020 and 2019, are as follows (amounts in thousands):


	As of December 31,
	2020			2019
Deferred tax assets:
Amortization	$	1		$	—
Stock-based compensation		1,226			—

Research and development credit		3			—
Startup costs		—			13
Net operating loss		1,785			—

Total deferred income tax assets		3,015			13

Total deferred income tax liabilities		—			—

Net deferred income tax assets		3,015			13
Valuation allowance		(3,015	)		(13	)

Deferred tax asset, net of allowance	$	—		$	—

Nature of Business - Additional Information (Details)	6 Months Ended	12 Months Ended
Nature of Business - Additional Information (Details)	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incorporation date	Dec. 19, 2018	Dec. 19, 2018
Date of merger agreement		Sep. 25, 2020
Date of effective combination		Dec. 23, 2020

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Apr. 01, 2021	Mar. 31, 2021	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
No of Warrants outstanding		10,133,767
Lease term	12 months
Amount of right-of-use asset expected to be recorded after adoption of ASU 2016-02	$ 4,217,000
Unrecognized tax benefits		$ 0			$ 0
Accrued for interest and penalties		$ 0			$ 0
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Amount of right-of-use asset expected to be recorded after adoption of ASU 2016-02				$ 3,300,000
Amount of lease liability expected to be recorded of ASU 2016-02				$ 3,300,000
Public Warrant
Summary Of Significant Accounting Policies [Line Items]
No of Warrants outstanding	0	6,563,767
No of Warrants outstanding		2,744,586
Shares Issued, Price Per Share	$ 11.50	$ 11.50
Class of warrants exercised			40,491
Share redemption trigger price		$ 11.50
Private Warrants
Summary Of Significant Accounting Policies [Line Items]
No of Warrants outstanding	3,295,000	3,570,000
Shares Issued, Price Per Share	$ 11.50	$ 11.50
Class of warrants exercised	275,000				500,000
Warrant expiration term		5 years
Class of warrant or right redemption threshold trading days	20 days	20 days
Class of warrant or right redemption threshold consecutive trading days	30 days	30 days
Class of Warrant Or Right Excludes The Warrants Post Business Combination To Remove Cashless Exercise Provision Shares		500,000
Private Warrants \| Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Share redemption trigger price	$ 20.00	$ 20.00
Private Warrants \| Rosedale Park LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Class of warrants exercised	500,000	500,000
Warrants expiration date		Mar. 05, 2025
Private Warrants \| LifeSci Holdings LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Class of warrants exercised	500,000	500,000

Restatement of Consolidated Financial Statements - Summary of Restatement of Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Feb. 28, 2019
Balance Sheet
Total Assets	$ 91,137		$ 91,137			$ 63,192
Liabilities and stockholders' equity
Total current liabilities	15,684		15,684		$ 44	37,813
Total Liabilities	19,542		19,542		44	37,813
Stockholders' equity
Common stock - $0.0001 par value	1		1		1	1
Additional paid-in capital	96,569		96,569		1	42,043
Accumulated deficit	(24,975)		(24,975)		(45)	(16,665)
Total stockholders' equity (deficit)	71,595	$ (80)	71,595	$ (80)	(44)	25,379	$ 25,553	$ (48)
Total liabilities and stockholders' equity (deficit)	91,137		91,137			63,192
Statement of Operations and Comprehensive Loss
Loss from operations	(17,393)	(33)	(27,018)	(37)	(45)	(10,714)
Change in fair value of warrant liabilities	(15,359)		(18,708)			5,136
Financing costs—derivative warrant liabilities						(762)
Interest expense						(8)
Total other expense	15,359		18,708			(5,906)
Net loss	$ (2,034)	$ (33)	$ (8,310)	$ (37)	$ (45)	$ (16,620)
Net loss per common share, basic and diluted	$ (0.12)	$ (0.01)	$ (0.55)	$ (0.01)	$ (0.01)	$ (3.16)
Weighted average common shares outstanding, basic and diluted	16,350	5,009	15,050	4,988	4,464	5,252
Statement of Cash Flows
Net loss	$ (2,034)	$ (33)	$ (8,310)	$ (37)	$ (45)	$ (16,620)
Net cash used in operating activities			(11,612)			(2,279)
Net cash provided by investing activities			(5,228)
Net cash provided by financing activities			$ 40,671			64,071
Previously Reported
Balance Sheet
Total Assets						63,192
Liabilities and stockholders' equity
Total current liabilities						5,505
Total Liabilities						5,505
Stockholders' equity
Common stock - $0.0001 par value						1
Additional paid-in capital						68,453
Accumulated deficit						(10,767)
Total stockholders' equity (deficit)						57,687
Total liabilities and stockholders' equity (deficit)						63,192
Statement of Operations and Comprehensive Loss
Loss from operations						(10,714)
Interest expense						(8)
Total other expense						(8)
Net loss						$ (10,722)
Net loss per common share, basic and diluted						$ (2.04)
Weighted average common shares outstanding, basic and diluted						5,252
Statement of Cash Flows
Net loss						$ (10,722)
Adjustment to reconcile net loss to net cash used in operating activities						8,443
Net cash used in operating activities						(2,279)
Net cash provided by investing activities						0
Net cash provided by financing activities						64,071
Net change in cash						61,792
Revision of Prior Period, Reclassification, Adjustment
Liabilities and stockholders' equity
Common stock warrant liabilities						32,308
Total Liabilities						32,308
Stockholders' equity
Additional paid-in capital						(26,410)
Accumulated deficit						(5,898)
Total stockholders' equity (deficit)						(32,308)
Statement of Operations and Comprehensive Loss
Change in fair value of warrant liabilities						(5,136)
Financing costs—derivative warrant liabilities						(762)
Total other expense						(5,898)
Net loss						(5,898)
Statement of Cash Flows
Net loss						(5,898)
Adjustment to reconcile net loss to net cash used in operating activities						5,898
Net cash provided by investing activities						0
As Restated
Balance Sheet
Total Assets						63,192
Liabilities and stockholders' equity
Total current liabilities						5,505
Common stock warrant liabilities						32,308
Total Liabilities						37,813
Stockholders' equity
Common stock - $0.0001 par value						1
Additional paid-in capital						42,043
Accumulated deficit						(16,665)
Total stockholders' equity (deficit)						25,379
Total liabilities and stockholders' equity (deficit)						63,192
Statement of Operations and Comprehensive Loss
Loss from operations						(10,714)
Change in fair value of warrant liabilities						(5,136)
Financing costs—derivative warrant liabilities						(762)
Interest expense						(8)
Total other expense						(5,906)
Net loss						$ (16,620)
Net loss per common share, basic and diluted						$ (3.16)
Weighted average common shares outstanding, basic and diluted						5,252
Statement of Cash Flows
Net loss						$ (16,620)
Adjustment to reconcile net loss to net cash used in operating activities						14,341
Net cash used in operating activities						(2,279)
Net cash provided by investing activities						0
Net cash provided by financing activities						64,071
Net change in cash						$ 61,792

Restatement of Consolidated Financial Statements - Summary of Restatement of Financial Statements (Parenthetical ) (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock par value	$ 0.0001	0.0001	$ 0.0001
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock par value		0.0001
Common stock par value		0.0001
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock par value		0.0001
Common stock par value		0.0001
As Restated
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Preferred stock par value		0.0001
Common stock par value		$ 0.0001

Business Combination - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Business combination share issue ratio	0.570895
Vincera Pharma
Business Acquisition [Line Items]
Number of consecutive trading days	20 days
Number of trading days	30 days
Percentage of the earnout shares to be issued to the shareholders of the acquiree company	90.60%
Vincera Pharma \| Volume Weighted Average Price One
Business Acquisition [Line Items]
Daily volume weighted average price per share \| $ / shares	$ 20.00
Base amount for determining daily volume weighted average price per share \| $	$ 20.0
Vincera Pharma \| Volume Weighted Average Price Two
Business Acquisition [Line Items]
Daily volume weighted average price per share \| $ / shares	$ 35.00
Base amount for determining daily volume weighted average price per share \| $	$ 20.0
Vincera Pharma \| Volume Weighted Average Price Three
Business Acquisition [Line Items]
Daily volume weighted average price per share \| $ / shares	$ 45.00
Base amount for determining daily volume weighted average price per share \| $	$ 20.0

Business Combination - Schedule Of Business Combination Cash Flow Reconcilation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Business Combinations [Abstract]
Cash - LSAC trust	$ 65,699
Cash - LSAC cash assumed	213
Less: transaction costs and advisory fees	(1,395)
Less: accrued transaction costs and advisory fees	(447)
Net cash contributions from Business Combination	$ 64,070

Business Combination - Details Of Shares issued Post Business Combination (Details) - shares	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2020
Business Acquisition [Line Items]
Stock issued	1,618,199
After Business Combination
Business Acquisition [Line Items]
Stock issued		13,984,000
After Business Combination \| Public Stockholders
Business Acquisition [Line Items]
Stock issued		6,564,000
After Business Combination \| Initial Stockholders
Business Acquisition [Line Items]
Stock issued		1,640,000
After Business Combination \| Vincera Pharma Stockholders
Business Acquisition [Line Items]
Stock issued		5,500,000
After Business Combination \| Others
Business Acquisition [Line Items]
Stock issued		280,000

Bayer License - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jan. 05, 2021	Jun. 30, 2021	Dec. 31, 2020
Bayer License [Line Items]
Date of licence agreement with Bayer		Oct. 07, 2020	Oct. 07, 2020
Licence fee payable to Bayer			$ 5,000
Licence fee paid to Bayer	$ 5,000
Aggregate milestone payments Payable to Bayer		$ 1,000,000	1,000,000
Minimum [Member]
Bayer License [Line Items]
Milestone payments payables per licenced product to Bayer		110,000	110,000
Maximum [Member]
Bayer License [Line Items]
Milestone payments payables per licenced product to Bayer		$ 318,000	$ 318,000
Subsequent Event [Member]
Bayer License [Line Items]
Licence fee paid to Bayer	$ 5,000

Fair Value Measurement - Summary of Liabilities Measurement on Fair Value Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Common stock warrant liabilities	$ 11,097	$ 32,308
Total fair value	11,097	32,308
Level 3 [Member]
Liabilities:
Common stock warrant liabilities	11,097	32,308
Total fair value	$ 11,097	$ 32,308

Fair Value Measurement - Summary of Changes in Fair Value Liabilities Attributable to Both Observable and Unobservable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 32,308
Reclassification of warrant liabilities due to warrant exercises	(2,503)
Change in fair value	(18,708)
Ending balance	$ 11,097

Fair Value Measurement - Summary of Weighted Average Significant Unobservable Inputs Level 3 Inputs Used in Measuring The Company's Warrant Liabilities (Details) - Level 3 [Member]	Jun. 30, 2021 $ / shares yr	Dec. 31, 2020 $ / shares yr
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities	0	0
Exercise price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities	11.50	11.50
Option term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities \| yr	4.5	5.0
Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities	29.4	29.4
Risk-free rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities	0.8	0.4
Stock price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liabilities	12.99	20.91

Fair Value Measurements - Summary of Changes in Level 3 Warrant liabilities measured at fair value (Details) - Level 3 - Warrant $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance—December 23, 2020	$ 27,172
Change in fair value	5,136
Balance—December 23, 2020	$ 32,308

Fair Value Measurements - Summary of Fair Value Of Private Warrants was Re-measured Based on the Assumptions (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price	$ 19.02	$ 19.00
Option term (in years)	5 years 10 months 24 days	5 years 6 months
Volatility	75.50%	75.50%
Risk-free interest rate	0.90%	0.40%
Private Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price		$ 11.50
Option term (in years)		5 years
Volatility		29.40%
Risk-free interest rate		0.40%

Notes Payable to Related Party - Additional Information (Details) - Holder - Promissory Note - USD ($) $ in Thousands		5 Months Ended
	Dec. 23, 2020	Dec. 31, 2020	Aug. 09, 2020
Related Party Transaction [Line Items]
Origination fee			$ 20,000
Interest percentage			7.00%
Amount received from Holders		$ 300,000
Repayment of loan to Holder	$ 325,000
Loan origination fee paid	20,000
Interest paid to Holder	$ 5,000
Outsanding Note payable to Holder		$ 0
Debt instrument principal amount			$ 1,000

Commitments and Contingencies - Additional Information (Details) - USD ($)			6 Months Ended
	Dec. 31, 2020	Dec. 23, 2020	Jun. 30, 2021
Loss Contingencies [Line Items]
Duration of lease agreement		5 years
Date of lease Commencement		Jan. 01, 2021
Annual lease rent	$ 847,000	$ 1,100,000	$ 83,000
Operating lease liabilities			4,218,000
Operating Right of Use Assets			$ 4,217,000

Commitments and Contingencies - Summary of Quantitative Information About the Company's Operating Leases (Details) - USD ($)			6 Months Ended
	Dec. 31, 2020	Dec. 23, 2020	Jun. 30, 2021
Lease cost
Operating lease cost			$ 83,000
Variable lease cost			0
Total operating lease expense	$ 847,000	$ 1,100,000	83,000
Operating cash flows from operating leases			70,000
Right-of-use assets obtained in exchange for operating lease liabilities			$ 4,166,000
Weighted-average remaining lease term – operating leases (years)			4 years 6 months
Weighted-average discount rate – operating leases			8.00%

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Contractual Obligation, Fiscal Year Maturity [Abstract]
Remaining period ended December 31, 2021	$ 266	$ 248
Year ended December 31, 2022	1,015	807
Year ended December 31, 2023	1,236	1,020
Year ended December 31, 2024	1,284	1,060
Year ended December 31, 2025	1,336	1,102
Total	5,137	$ 4,237
Less present value discount	(919)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at June 30, 2021	$ 4,218

Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares		6 Months Ended	10 Months Ended	12 Months Ended
	Mar. 01, 2019	Jun. 30, 2021	Dec. 31, 2019	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	0	361,168	0	375,907
Restricted stock granted, Shares			471,850	173,552
Vested, Shares		(89,241)	(95,943)	(188,291)
Ending balance, Shares		271,927	375,907	361,168
Beginning balance, Weighted Average	$ 0	$ 0.016	$ 0
Restricted stock granted, Weighted Average	0.012			$ 0.07
Vested, Weighted Average	0	0		0
Ending balance, Weighted Average	$ 0.012	$ 0.041		$ 0.016

Stockholders' Equity - Additional Information (Details)					1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		10 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Apr. 05, 2021 $ / shares	Apr. 01, 2021 USD ($) $ / shares shares	May 31, 2020 $ / shares shares	Jul. 31, 2019 shares	Aug. 31, 2019 shares	Aug. 31, 2019 $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class Of Stock [Line Items]
Preferred stock shares authorized							30,000,000		30,000,000		30,000,000	30,000,000
Preferred stock par value \| $ / shares							$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock shares outstanding							0		0		0	0
Common stock shares authorized							120,000,000		120,000,000		120,000,000	120,000,000
Common stock par value \| $ / shares							$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Unrecognized stock based compensation \| $							$ 23.0		$ 23.0			$ 8.1
Amotization period of unrecognized stock based compensation									2 years 9 months 18 days			2 years
No of Warrants outstanding												10,133,767
Common stock shares issued							17,521,075		17,521,075		5,196,000	13,984,441
Common unit outstanding												2,744,586
Issuance of common stock					1,618,199
Issuance of Common Stock \| $												$ 1,000
Proceeds from warrants exercised for cash \| $									$ 40,671,000
Adjustments to additional paid in capital, warrant issued \| $							$ 768,000		$ 2,503,000
Public Warrant
Class Of Stock [Line Items]
No of Warrants outstanding							0		0			6,563,767
No of Warrants outstanding												2,744,586
Common stock conversion									purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share of common stock			purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share of common stock
Shares issued price per warrant \| $ / shares							$ 11.50		$ 11.50			$ 11.50
Class of warrants exercised		40,491
Share redemption trigger price \| $ / shares												$ 11.50
Warrants expiration date	May 05, 2021
Exercise price of warrants or rights \| $ / shares		$ 0.01
Proceeds from warrants exercised for cash \| $		$ 6,100,000
Adjustments to additional paid in capital, warrant issued \| $		31,400,000
Temporary Equity, Redemption Price Per Share \| $ / shares	$ 0.01
Private Warrants
Class Of Stock [Line Items]
No of Warrants outstanding							3,295,000		3,295,000			3,570,000
Common stock conversion									each private warrant is exercisable for one share of common stock at an exercise price of $11.50			each private warrant is exercisable for one share of common stock at an exercise price of $11.50
Shares issued price per warrant \| $ / shares							$ 11.50		$ 11.50			$ 11.50
Class of warrants exercised							275,000		275,000		500,000
Warrant expiration term												5 years
Class of warrant or right redemption threshold trading days									20 days			20 days
Class of warrant or right redemption threshold consecutive trading days									30 days			30 days
Common stock shares issued							275,000		275,000
Issuance of Common Stock \| $		$ 3,200,000
Warrant expiration term									5 years
Private Warrants \| Rosedale Park LLC [Member]
Class Of Stock [Line Items]
Class of warrants exercised							500,000		500,000			500,000
Warrants expiration date									Mar. 05, 2025			Mar. 05, 2025
Private Warrants \| LifeSci Holdings LLC [Member]
Class Of Stock [Line Items]
Class of warrants exercised							500,000		500,000			500,000
Restricted Stock
Class Of Stock [Line Items]
Unrecognized stock based compensation \| $							$ 10,919		$ 10,919			$ 13,000
Amotization period of unrecognized stock based compensation									3 years			3 years 4 months 24 days
Stock Issued During Period, Shares, Reverse Stock Splits						826,510
Issuance of restricted stock, Shares						471,850
Fair value of restricted stock \| $ / shares						$ 6,000
Stock issued for services			173,552
Stock issued per share \| $ / shares			$ 0.07
Restricted Stock \| Vincera Pharma [Member]
Class Of Stock [Line Items]
Stock Issued During Period, Shares, Reverse Stock Splits			304,000
Founders Shares [Member]
Class Of Stock [Line Items]
Stock Issued During Period, Shares, Reverse Stock Splits				2,834,497
Common Stock
Class Of Stock [Line Items]
Issuance of restricted stock, Shares								304		304	827	304
Common Stock \| Public Warrant
Class Of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio												5.75
Common Stock \| Private Warrants
Class Of Stock [Line Items]
Share redemption trigger price \| $ / shares							$ 20.00		$ 20.00			$ 20.00

Equity Incentive Plans - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	$ 23.0	$ 23.0			$ 8.1
Amotization period of unrecognized stock based compensation		2 years 9 months 18 days			2 years
Stock based compensation expense		$ 11,352,000	$ 1,000	$ 1,000	$ 4,382,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation	10,919	$ 10,919			$ 13,000
Amotization period of unrecognized stock based compensation		3 years			3 years 4 months 24 days
Stock based compensation expense	$ 6,600,000	$ 11,400,000		$ 1,000	$ 4,400,000
Twenty Thousand Twenty Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance	3,490,046	3,490,046			2,790,824

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Stock Options	1,048,000
Options granted, Stock Options	2,124,000	1,048,000
Outstanding, Stock Options	3,172,000	1,048,000
Options vested and exercisable, Stock Options	695,000	349,000
Outstanding, Weighted Average Exercise Price	$ 19.00
Options granted, Weighted Average Exercise Price	19.02	$ 19.00
Outstanding, Weighted Average Exercise Price	19.01	19.00
Options vested and exercisable, Weighted Average Exercise Price	$ 18.70	$ 19.00
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	9 years 8 months 12 days	10 years
Options granted, Weighted Average Remaining Contractual Life	10 years	10 years
Outstanding, Outstanding, Weighted Average Remaining Contractual Life	9 years 8 months 12 days	10 years
Options vested and exercisable, Weighted Average Remaining Contractual Life	9 years 6 months	10 years
Outstanding, Aggregate Intrinsic Value	$ 15

Equity Incentive Plans - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Exercise price	$ 19.02	$ 19.00
Expected term (years)	5 years 10 months 24 days	5 years 6 months
Volatility (annual)	75.50%	75.50%
Risk-free rate	0.90%	0.40%
Dividend yield (per share)	0.00%	0.00%

Equity Incentive Plans - Schedule of Employee Service Share Based Compensation Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 6,637	$ 11,352	$ 4,382
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	4,401	7,078	2,053
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 2,236	$ 4,274	$ 2,329

Net Loss per Share Applicable to Common Stockholders - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (2,034)	$ (33)	$ (8,310)	$ (37)	$ (45)	$ (16,620)
Denominator:
Weighted average common shares outstanding, basic and diluted	16,350	5,009	15,050	4,988	4,464	5,252
Net loss per common share, basic and diluted	$ (0.12)	$ (0.01)	$ (0.55)	$ (0.01)	$ (0.01)	$ (3.16)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
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+ Details

Net Loss per Share Applicable to Common Stockholders - Schedule of Potential Common Stock Outstanding that was excluded from the Computation of Diluted Net Loss Per Share of Common Stock (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,467			11,182
Option Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,172			1,048
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,295			10,134

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	10 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%
State taxes, net of federal tax benefit	7.00%	4.50%
Change in fair value of warrant liabilities	0.00%	(6.50%)
Other	0.00%	(1.00%)
Change in valuation allowance	(28.00%)	(18.00%)
Income tax provision benefit	0.00%	0.00%

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax asset
Amortization	$ 1
Stock-based compensation	1,226
Research and development credit	3
Startup costs		$ 13
Net operating loss	1,785
Total deferred income tax assets	3,015	13
Net deferred income tax assets	3,015	13
Valuation allowance	(3,015)	(13)
Deferred tax asset, net of allowance	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	10 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2019	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Provision for income tax		$ 0	$ 0
Current tax expense			0
Deferred tax assets valuation allowance		$ 0	0
Increase in valuation allowance			3,000
Net operating loss carryforward			$ 6,400
Tax Credit Carry Forward Expiration Year			2039
State
Operating Loss Carryforwards [Line Items]
Operating Loss Carry Forward Expiration Year			2039
Research [Member] \| U.S. Federal
Operating Loss Carryforwards [Line Items]
Tax carry forward			$ 1,820
Research [Member] \| State
Operating Loss Carryforwards [Line Items]
Tax carry forward			$ 1,365

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Apr. 05, 2021	Apr. 01, 2021	Jun. 30, 2021	May 07, 2021	May 05, 2021	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Amount of right-of-use asset expected to be recorded after adoption of ASU 2016-02			$ 4,217
Common stock outstanding			17,521,075					13,984,441	5,196,000
Proceeds from warrant exercises			$ 40,671
Public Warrant [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights		$ 0.01
Proceeds from warrant exercises		$ 6,100
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuance of warrants	$ 32,500
Common stock outstanding				17,521,075
Proceeds from warrant exercises	$ 8,200
Stock redeemed during period shares	40,491
Subsequent Event [Member] \| Public Warrant [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights					$ 0.01
Accounting Standards Update 2016-02 [Member]
Subsequent Event [Line Items]
Amount of right-of-use asset expected to be recorded after adoption of ASU 2016-02						$ 3,300
Amount of lease liability expected to be recorded of ASU 2016-02						$ 3,300
Accounting Standards Update 2016-02 [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Amount of right-of-use asset expected to be recorded after adoption of ASU 2016-02							$ 3,300
Amount of lease liability expected to be recorded of ASU 2016-02							$ 3,300