Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KURA | ||
Entity Registrant Name | KURA ONCOLOGY, INC. | ||
Entity Central Index Key | 0001422143 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 776.5 | ||
Entity Common Stock, Shares Outstanding | 76,136,963 | ||
Entity File Number | 001-37620 | ||
Entity Tax Identification Number | 61-1547851 | ||
Entity Address, Address Line One | 12730 High Bluff Drive | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92130 | ||
City Area Code | 858 | ||
Local Phone Number | 500-8800 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | San Diego, CA USA | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission, or SEC, subsequent to the date hereof pursuant to Regulation 14A in connection with the registrant ’ s 2024 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the SEC not later than 120 days after the conclusion of the registrant ’ s fiscal year ended December 31, 2023 . |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 37,318 | $ 51,802 |
Short-term investments | 386,639 | 386,183 |
Prepaid expenses and other current assets | 8,524 | 8,441 |
Total current assets | 432,481 | 446,426 |
Property and equipment, net | 1,859 | 2,540 |
Operating lease right-of-use assets | 6,993 | 3,842 |
Other long-term assets | 7,602 | 3,498 |
Total assets | 448,935 | 456,306 |
Current liabilities: | ||
Accounts payable and accrued expenses | 33,757 | 21,739 |
Current operating lease liabilities | 1,506 | 2,318 |
Total current liabilities | 35,263 | 24,057 |
Long-term debt, net | 9,332 | 9,158 |
Long-term operating lease liabilities | 6,362 | 2,548 |
Other long-term liabilities | 705 | 265 |
Total liabilities | 51,662 | 36,028 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value; 200,000 shares authorized; 74,350 and 68,314 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 7 | 7 |
Additional paid-in capital | 1,119,976 | 997,111 |
Accumulated other comprehensive loss | (1,271) | (8,032) |
Accumulated deficit | (721,439) | (568,808) |
Total stockholders' equity | 397,273 | 420,278 |
Total liabilities and stockholders' equity | $ 448,935 | $ 456,306 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 74,350,000 | 68,314,000 |
Common stock, shares outstanding | 74,350,000 | 68,314,000 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Expenses: | |||
Research and development | $ 115,235 | $ 92,812 | $ 84,721 |
General and administrative | 50,569 | 47,053 | 46,537 |
Total operating expenses | 165,804 | 139,865 | 131,258 |
Other Income (Expense): | |||
Interest and other income, net | 14,722 | 4,254 | 1,206 |
Interest expense | (1,549) | (229) | (414) |
Total other income, net | 13,173 | 4,025 | 792 |
Net Loss | $ (152,631) | $ (135,840) | $ (130,466) |
Net loss per share, diluted | $ (2.08) | $ (2.03) | $ (1.97) |
Net loss per share, basic | $ (2.08) | $ (2.03) | $ (1.97) |
Weighted average number of shares used in computing net loss per share, basic | 73,229 | 66,990 | 66,352 |
Weighted average number of shares used in computing net loss per share, diluted | 73,229 | 66,990 | 66,352 |
Comprehensive Loss: | |||
Net loss | $ (152,631) | $ (135,840) | $ (130,466) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on marketable securities and foreign currency | 6,761 | (6,243) | (1,835) |
Comprehensive loss | $ (145,870) | $ (142,083) | $ (132,301) |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid- In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ 610,905 | $ 7 | $ 913,354 | $ 46 | $ (302,502) |
Beginning balance (in shares) at Dec. 31, 2020 | 66,194 | ||||
Share-based compensation expense | 23,579 | 23,579 | |||
Issuance of common stock under equity plans | 4,426 | 4,426 | |||
Issuance of common stock under equity plans (in shares) | 378 | ||||
Other comprehensive income (loss) | (1,835) | (1,835) | |||
Net loss | (130,466) | (130,466) | |||
Ending balance at Dec. 31, 2021 | 506,609 | $ 7 | 941,359 | (1,789) | (432,968) |
Ending balance (in shares) at Dec. 31, 2021 | 66,572 | ||||
Issuance of common stock, net of offering costs | 24,721 | 24,721 | |||
Issuance of common stock, net of offering costs, (in shares) | 1,370 | ||||
Share-based compensation expense | 26,318 | 26,318 | |||
Issuance of common stock under equity plans | 4,419 | 4,419 | |||
Issuance of common stock under equity plans (in shares) | 372 | ||||
Issuance of warrants in connection with debt facility | 294 | 294 | |||
Other comprehensive income (loss) | (6,243) | (6,243) | |||
Net loss | (135,840) | (135,840) | |||
Ending balance at Dec. 31, 2022 | 420,278 | $ 7 | 997,111 | (8,032) | (568,808) |
Ending balance (in shares) at Dec. 31, 2022 | 68,314 | ||||
Issuance of common stock, net of offering costs | 60,919 | 60,919 | |||
Issuance of common stock, net of offering costs, (in shares) | 5,661 | ||||
Share-based compensation expense | 28,082 | 28,082 | |||
Issuance of common stock under equity plans | 1,206 | 1,206 | |||
Issuance of common stock under equity plans (in shares) | 375 | ||||
Issuance of pre-funded warrants to purchase common stock, net of offering costs | 32,658 | 32,658 | |||
Other comprehensive income (loss) | 6,761 | 6,761 | |||
Net loss | (152,631) | (152,631) | |||
Ending balance at Dec. 31, 2023 | $ 397,273 | $ 7 | $ 1,119,976 | $ (1,271) | $ (721,439) |
Ending balance (in shares) at Dec. 31, 2023 | 74,350 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net loss | $ (152,631) | $ (135,840) | $ (130,466) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 28,082 | 26,318 | 23,579 |
Amortization of premium and accretion of discounts on marketable securities, net | (9,420) | 1,610 | 4,391 |
Depreciation expense | 849 | 759 | 558 |
Non-cash interest expense | 477 | 73 | 399 |
Loss from extinguishment of debt | 212 | ||
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (1,960) | (2,935) | (357) |
Operating lease right-of-use and other long-term assets | (685) | 571 | (329) |
Accounts payable and accrued expenses | 10,327 | (802) | (2,518) |
Other long-term liabilities | 137 | 184 | (20) |
Net cash used in operating activities | (124,824) | (110,062) | (104,551) |
Investing Activities | |||
Maturities of marketable securities | 425,549 | 303,908 | 319,969 |
Purchases of marketable securities | (409,824) | (270,655) | (445,657) |
Purchases of property and equipment | (168) | (626) | (1,147) |
Net cash provided by (used in) investing activities | 15,557 | 32,627 | (126,835) |
Financing Activities | |||
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs | 93,577 | 24,721 | |
Proceeds from issuance of stock under equity plans | 1,206 | 4,419 | 4,426 |
Proceeds from long-term debt | 10,000 | ||
Payment of fees related to issuance of long-term debt | (575) | ||
Repayment of long-term debt | (7,250) | ||
Payment of fees related to extinguishment of debt | (611) | ||
Net cash provided by (used in) financing activities | 94,783 | 38,565 | (3,435) |
Net decrease in cash, cash equivalents | (14,484) | (38,870) | (234,821) |
Cash and cash equivalents at beginning of period | 51,802 | 90,672 | 325,493 |
Cash and cash equivalents at end of period | 37,318 | 51,802 | 90,672 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 1,064 | 73 | $ 784 |
Supplemental non-cash disclosures: | |||
Warrants issued in connection with debt facility | $ 294 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Kura Oncology, Inc. is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Our pipeline consists of small molecule product candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes, and we intend to pair them with molecular or cellular diagnostics to identify those patients most likely to respond to treatment. We are conducting clinical trials of three product candidates: ziftomenib, tipifarnib and KO-2806. We also have additional programs that are at a discovery stage. We own global commercial rights to all of our programs and product candidates. We plan to advance our product candidates through a combination of internal development and strategic partnerships while maintaining significant development and commercial rights. References in these Notes to Financial Statements to “Kura Oncology, Inc.,” “we,” “our” or “us,” refer to Kura Oncology, Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Reclassifications The prior period restricted cash balance of approximately $ 0.2 million has been reclassified to other long-term assets in the accompanying financial statements. See Note 8, Commitments and Contingencies, for further details. Use of Estimates Our financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Segment Reporting 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. We operate in a single industry segment which is the discovery and development of precision medicines for the treatment of cancer. Troy E. Wilson, our president and chief executive officer, who serves as the chief operating decision-maker, reviews the operating results on an aggregate basis and manages the operations as a single operating segment in the United States. Cash and Cash Equivalents Cash and cash equivalents consist of checking, money market and highly liquid investments that are readily convertible to cash and that have an original maturity of three months or less from date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. Short-Term Investments Short-term investments are marketable securities with maturities greater than three months from date of purchase that are specifically identified to fund current operations. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. The cost of short-term investments is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion is included in interest income. Dividend and interest income is recognized as interest income on the statements of operations and comprehensive loss when earned. Short-term investments are classified as available-for-sale securities and carried at fair value with unrealized gains and non-credit related losses recorded in other comprehensive loss and included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis and included in interest and other income, net on the statements of operations and comprehensive loss. Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive loss on the statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded in prepaid expenses and other current assets on our balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. Employee Retention Credit Under the Coronavirus Aid, Relief, and Economic Security Act of 2020, or CARES Act, we were eligible to claim the employee retention credit, which is a refundable tax credit against certain employment taxes. For the year ended December 31, 2023, we recognized $ 2.8 million of employee retention credits related to wages paid to our employees from July 2020 through September 2021 within operating expenses as a reduction to personnel costs in the statements of operations and comprehensive loss. We filed for the credit with the Internal Revenue Service in the first quarter of 2023. As of December 31, 2023, an employee retention credit receivable of $ 2.8 million was included within prepaid expenses and other current assets on the balance sheets. Fair Value Measurements Fair value is defined as the 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. 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 liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; • Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Computer software and equipment are depreciated over their estimated useful lives of three to five years . Laboratory equipment is depreciated over its estimated useful life of five years . Furniture and fixtures are depreciated over their estimated useful lives of five years . Leasehold improvements are depreciated over the lesser of the term of the related lease or the useful life of the asset. Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, including its eventual residual value, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their estimated fair values. For the years ended December 31, 2023, 2022 and 2021 , there were no impairments of the value of long-lived assets. Leases We determine if an arrangement is a lease or contains lease components at inception. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. For operating leases with an initial term greater than 12 months, we recognize operating lease right-of-use, or ROU, assets and operating lease liabilities based on the present value of lease payments over the lease term at commencement date. Operating lease ROU assets are comprised of the lease liability plus any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate when we are reasonably certain that the options will be exercised. We do not separate lease components from non-lease components. For our operating leases, we generally cannot determine the interest rate implicit in the lease, in which case we use our incremental borrowing rate as the discount rate for the lease. We estimate our incremental borrowing rate for our operating leases based on what we would normally pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional ROU that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional ROU. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, we reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the lease liability for the modified lease as an adjustment to the corresponding operating lease ROU asset. Research and Development Expenses Research and development expenses consist of costs associated with our research and development activities including salaries, benefits, share-based compensation and other personnel costs, clinical trial costs, manufacturing costs for non-commercial products, fees paid to external service providers and consultants, facilities costs and supplies, equipment and materials used in clinical and preclinical studies and research and development. All such costs are charged to research and development expense as incurred when these expenditures have no alternative future uses. We are obligated to make upfront payments upon execution of certain research and development agreements. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as expense as the related goods are delivered or the related services are performed or such time when we do not expect the goods to be delivered or services to be performed. Payments that we make in connection with in-licensed technology for a particular research and development project that have no alternative future uses in other research and development projects or otherwise, and therefore have no separate economic value, are expensed as research and development costs at the time such costs are incurred. As of December 31, 2023 , we had no in-licensed technologies that have alternative future uses in research and development projects or otherwise. Clinical Trial Costs and Accruals A significant portion of our clinical trial costs relate to contracts with contract research organizations, or CROs. The financial terms of our CRO contracts may result in payment flows that do not match the periods over which materials or services are provided to us under such contracts. Our objective is to reflect the appropriate clinical trial expenses in our financial statements by matching those expenses with the period in which services and efforts are expended. As part of the process of preparing our financial statements, we rely on cost information provided by our CROs concerning monthly expenses as well as reimbursement for pass through costs. We are also required to estimate certain of our expenses resulting from our obligations under our CRO contracts. Accordingly, our clinical trial expense accrual is dependent upon the timely and accurate reporting of CROs and other third-party vendors. If the contracted amounts are modified, for instance, as a result of changes in the clinical trial protocol or scope of work to be performed, we modify our accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. Historically, we have had no material changes in clinical trial expense that had a material impact on our results of operations or financial position. Patent Costs We expense all costs as incurred in connection with patent applications, including direct application fees, and the legal and consulting expenses related to making such applications, and such costs are included in general and administrative expenses on the statements of operations and comprehensive loss. Share-Based Compensation Our share-based awards are measured at fair value on the date of grant based upon the estimated fair value of common stock. The fair value of awards expected to vest are recognized and amortized on a straight-line basis over the requisite service period of the award less actual forfeitures. The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model, or Black-Scholes model, that requires the use of assumptions including volatility, expected term, risk-free rate and the fair value of the underlying common stock. We estimate the fair value of restricted stock units and performance-based restricted stock units granted based on the closing market price of our common stock on the date of grant. Actual forfeitures are applied as they occur, and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited. Income Taxes Income taxes are accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. For uncertain tax positions that meet “a more likely than not” threshold, we recognize the benefit of uncertain tax positions in the financial statements. Comprehensive Loss Comprehensive loss is defined as the change in equity during the period from transactions and other events and non-owner sources. For the periods presented, accumulated other comprehensive loss consisted of unrealized gains and losses on marketable securities and foreign currency. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, which includes the shares related to outstanding pre-funded warrants (see Note 9), but excludes other potential common stock equivalents. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration, and are fully vested and exercisable. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period. As we have reported net loss for the years ended December 31, 2023, 2022 and 2021, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, performance-based restricted stock units, warrants and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Common stock equivalents outstanding as of December 31, 2023, 2022 and 2021 totaling approximately 12,642,000 , 9,266,000 and 7,156,000 , respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be anti-dilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that we adopt as of the specified effective date. We have evaluated recently issued accounting pronouncements and, based on our preliminary assessment, we do not believe any will have a material impact on our financial statements or related footnote disclosures. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | 3. Investments We invest in available-for-sale securities consisting of U.S. Treasury securities, corporate debt securities, non-U.S. government and supranational debt securities, money market funds, U.S. Agency bonds and commercial paper. Available-for-sale securities are classified as either cash and cash equivalents or short-term investments on the balance sheets. The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: December 31, 2023 Maturities Amortized Unrealized Unrealized Estimated Fair Value Cash equivalents: Money market funds 1 or less $ 13,590 $ — $ — $ 13,590 Short-term investments: U.S. Treasury securities 2 or less 300,388 395 ( 569 ) 300,214 Corporate debt securities 2 or less 64,591 4 ( 825 ) 63,770 Non-U.S. government debt securities 1 or less 15,000 — ( 273 ) 14,727 U.S. Agency bonds 1 or less 7,931 — ( 3 ) 7,928 Total short-term investments 387,910 399 ( 1,670 ) 386,639 Total $ 401,500 $ 399 $ ( 1,670 ) $ 400,229 December 31, 2022 Maturities Amortized Unrealized Unrealized Estimated Fair Value Cash equivalents: Money market funds 1 or less $ 37,878 $ — $ — $ 37,878 U.S. Agency bonds 1 or less 9,956 — — 9,956 Total cash equivalents 47,834 — — 47,834 Short-term investments: U.S. Treasury securities 2 or less 183,051 16 ( 3,018 ) 180,049 Corporate debt securities 2 or less 115,763 — ( 3,931 ) 111,832 Commercial paper 1 or less 52,941 — — 52,941 Non-U.S. government and supranational debt securities 2 or less 26,268 — ( 950 ) 25,318 U.S. Agency bonds 1 or less 16,192 11 ( 160 ) 16,043 Total short-term investments 394,215 27 ( 8,059 ) 386,183 Total $ 442,049 $ 27 $ ( 8,059 ) $ 434,017 Short-term investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. As of December 31, 2023 and 2022, short-term investm ents of $ 336.6 million and $ 274.3 million, respectively, had maturities less than one year, and short-term investments of $ 50.0 million and $ 111.9 million, respectively, had maturities between one to two years. Realized gains and losses were de minimis for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022 , 16 available-for-sale securities with a fair market value o f $ 155.2 million and 34 available-for-sale securities with a fair market value of $ 290.0 million, respectively, were in gross unrealized loss positions, $ 105.0 million and $ 172.4 million of which were in a continuous unrealized loss position for greater than 12 months, respectively. We do not intend to sell these available-for-sale securities, and it is not more likely than not that we will be required to sell these securities prior to recovery of their amortized cost basis. Based on our review of these available-for-sale securities, the unrealized losses as of December 31, 2023 were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities . We have no allowance for credit losses as of December 31, 2023 and 2022. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive loss. Accrued interest receivable on available-for-sale securities were $ 1.1 million and $ 0.9 million as of December 31, 2023 and 2022, respectively. We have not written off any accrued interest receivables for the years ended December 31, 2023, 2022 and 2021 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements As of December 31, 2023 and 2022, we had cash equivalents and short-term investments measured at fair value on a recurring basis. Available-for-sale securities consist of U.S. Treasury securities, which are measured at fair value using Level 1 inputs, and corporate debt securities, non-U.S. government and supranational debt securities, U.S. Agency bonds and commercial paper which are measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: December 31, 2023 Total Level 1 Level 2 Cash equivalents: Money market funds $ 13,590 $ 13,590 $ — Short-term investments: U.S. Treasury securities 300,214 300,214 — Corporate debt securities 63,770 — 63,770 Non-U.S. government debt securities 14,727 — 14,727 U.S. Agency bonds 7,928 — 7,928 Total short-term investments 386,639 300,214 86,425 Total $ 400,229 $ 313,804 $ 86,425 December 31, 2022 Total Level 1 Level 2 Cash equivalents: Money market funds $ 37,878 $ 37,878 $ — U.S. Agency bonds 9,956 — 9,956 Total cash equivalents 47,834 37,878 9,956 Short-term investments: U.S. Treasury securities 180,049 180,049 — Corporate debt securities 111,832 — 111,832 Commercial paper 52,941 — 52,941 Non-U.S. government and supranational debt securities 25,318 — 25,318 U.S. Agency bonds 16,043 — 16,043 Total short-term investments 386,183 180,049 206,134 Total $ 434,017 $ 217,927 $ 216,090 We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy. See Note 6, Long-Term Debt, for further discussion of our term loan facility. |
Balance Sheet Detail
Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Detail | 5. Balance Sheet Detail Property and equipment consisted of the following, in thousands: December 31, 2023 2022 Laboratory and computer equipment $ 1,657 $ 1,568 Leasehold improvements 1,543 1,543 Furniture and fixtures 1,111 1,032 Property and equipment, gross 4,311 4,143 Less: accumulated depreciation ( 2,452 ) ( 1,603 ) Property and equipment, net $ 1,859 $ 2,540 Depreciation expense was $ 0.8 million , $ 0.8 million and $ 0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accounts payable and accrued expenses consisted of the following, in thousands: December 31, 2023 2022 Accounts payable $ 2,300 $ 1,533 Accrued clinical trial research and development expenses 7,737 2,440 Accrued other research and development expenses 9,265 5,030 Accrued compensation and benefits 13,153 10,300 Other accrued expenses 1,302 2,436 Total accounts payable and accrued expenses $ 33,757 $ 21,739 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Lo ng-Term Debt On November 2, 2022, we entered into a loan and security agreement, or Loan Agreement, with several banks and other financial institutions or entities party thereto, or collectively Lenders, and Hercules Capital, Inc., or Hercules, in its capacity as adminis trative agent and collateral agent for itself and the Lenders, or in such capacity, Agent. Under the terms of the Loan Agreement, we borrowed $ 10.0 million of an initial $ 25.0 million tranche of term loans, or the Tranche 1 Loan. On September 15, 2023 , the draw period for the remaining $ 15.0 million of the Tranche 1 Loan expired without us drawing down the additional loan. We have achieved the Tranche 2 Milestone (as defined in the Loan Agreement) and may borrow up to $ 35.0 million at any time until March 15, 2024 . Thereafter, we may borrow (i) an additional tranche of Term Loans in the amount of up to $ 40.0 million which will become available to us upon our satisfaction of certain terms and conditions set forth in the Loan Agreement, and (ii) a final tranche of term loans in the amount of up to $ 25.0 million, subject to the Lenders’ investment committee approval in its sole discretion. All of the Term Loans have a maturity date of November 2, 2027 , or the Maturity Date. Repayment of the Term Loans is interest only through (a) May 1, 2025 , with the satisfaction of the Interest Only Milestone 1 Conditions (as defined in the Loan Agreement), (b) if we satisfy the Interest Only Milestone 2 Conditions (as defined in the Loan Agreement), November 1, 2025 , and (c) if we satisfy the Approval Milestone (as defined in the Loan Agreement), November 1, 2026 . After the interest-only payment period, borrowings under the Loan Agreement are repayable in equal monthly payments of principal and accrued interest until the Maturity Date. The per annum interest rate for the Term Loans is the greater of (i) the prime rate as reported in The Wall Street Journal minus 6.25% plus 8.65% and (ii) 8.65%. As of December 31, 2023, the interest rate on the Term Loans w as 10.90 %. At our option, we may prepay all or any portion of the outstanding Term Loans at any time. Prepayments made on or prior to the third anniversary of the date of the Loan Agreement will be subject to a prepayment fee equal to 1.50 % of the principal amount being prepaid. In addition, we paid a facility charge of approximately $ 0.1 million upon closing and an additional approximately $ 0.2 million of facility charges in November 2023 due to the availability of the Tranche 2 Loan. Additional facility charges will be incurred upon the availability of the Tranche 3 Loan or Tranche 4 Loan, in each case in the amount of 0.50 % of the amount of such tranche of loans. The Loan Agreement also provides for an end of term fee in an amount equal to the greater of approximately (i) $ 1.5 million (which is 6.05 % of the maximum amount of the first tranche of loans) or (ii) 6.05 % of the aggregate principal amount of loan advances actually made under the Loan Agreement, which fee is due and payable on the earliest to occur of (i) the Maturity Date, (ii) the date we prepay the outstanding loans in full, and (iii) the date that the secured obligations become due and payable. Our obligations under the Loan Agreement are secured by substantially all of our assets other than our intellectual property, but including proceeds from the sale, licensing or other disposition of our intellectual property. As part of the Loan Agreement, we are subject to certain negative covenants, which, among other things, prohibit us from selling, transferring, assigning, mortgaging, pledging, leasing, granting a security interest in or otherwise encumbering our intellectual property, subject to limited exceptions. The Loan Agreement also contains a minimum cash covenant, commencing on June 1, 2024, requiring us to hold cash in the United States and subject to a first-priority perfected security interest in favor of the Lenders in an amount greater than or equal to (x) 55.0% of the outstanding loan obligations if we have not received FDA approval for ziftomenib, or (y) 35.0% of the outstanding loan obligations if we have received FDA approval for ziftomenib, provided that neither (x) nor (y) will apply at any time our market capitalization is equal to or greater than $ 1,250.0 million. Additionally, the Loan Agreement contains minimum cash requirements in the event of (i) any Corporate Collaborations (as defined in the Loan Agreement) or (ii) any cash payment in respect of permitted convertible debt subject to the satisfaction of the Redemption Conditions (as defined in the Loan Agreement). In addition, the Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness, and dividends and other distributions, subject to certain exceptions. The Loan Agreement also contains events of default that are customary for financings of this type relating to, among other things, payment defaults, breach of covenants, material adverse effects, breach of representations and warranties, cross-default to material indebtedness, bankruptcy-related defaults, judgment defaults, breach of the financial covenants described above, and the occurrence of certain change of control events. Following an event of default and any applicable cure period, a default interest rate equal to the then-applicable interest rate plus 5.0 % may be applied to the outstanding principal balance, and the Lenders will have the right upon notice to terminate any undrawn commitments and may accelerate all amounts outstanding under the Loan Agreement, in addition to other remedies available to them as our secured c reditors. We were in compliance with all covenants of the Loan Agreement as of December 31, 2023. In addition, in connection with the entry into the Loan Agreement, we issued warrants to certain of the Lenders, or collectively, the Warrants, to purchase up to 26,078 shares of our common stock at an exercise price of $ 14.38 per share, or the Warrant Shares. The Warrants may be exercised through the earlier of (i) the seventh anniversary of November 2, 2022 and (ii) the consummation of certain acquisition transactions involving us, as set forth in the Warrants. The number of Warrant Shares for which the Warrants are exercisable and the associated exercise price are subject to certain customary proportional adjustments for fundamental events, including stock splits and reverse stock splits, as set forth in the Warrants. If we make additional draws on the Tranche 2 Loan, Tranche 3 Loan or Tranche 4 Loan, upon the funding of such additional tranches, the Warrants shall become exercisable for an additional aggregate number of shares of our common stock equal to 1.50 % of each drawn amount divided by the exercise price of $ 14.38 per share. The initial tranche 1 borrowing of $ 10.0 million and the warrants issued upon closing to purchase 26,078 shares of our common stock are accounted for as freestanding debt and equity financial instruments, respectively, as they are legally detachable and separately exercisable. The additional borrowings available under the Tranche 1 Loan, Tranche 2 Loan, Tranche 3 Loan and Tranche 4 Loan plus the additional warrants to purchase shares of our common stock, which would be issued concurrently, are accounted for as a single freestanding financial instrument that are not assets or obligations of ours; this financial instrument meets the loan commitment derivative scope exception and will be accounted for when and if we borrow additional tranches in the future. In connection with the Loan Agreement, we recognized the initial 26,078 issued warrants at their relative fair value of approximately $ 0.3 million, and we incurred debt issuance costs of $ 0.6 million, which were recorded as debt discounts. The fair value of the warrants, debt issuance costs and end of term fee are being amortized and accreted into interest expense using the effective interest rate method over the term of the loan. The following table summarizes maturities of principal obligation payments under the term loan facility as of December 31, 2023, in thousands: Years Ending December 31, 2025 $ 2,307 2026 3,798 2027 3,895 Total principal outstanding 10,000 Less: unamortized discounts ( 668 ) Long-term debt, net $ 9,332 In November 2018, we entered into a loan and security agreement with Silicon Valley Bank, or the SVB Loan Agreement, providing for up to $ 20.0 million in a series of term loans. Upon entering into the SVB Loan Agreement, we borrowed $ 7.5 million, or the SVB Term Loan. The SVB Term Loan had a scheduled maturity date of May 1, 2023 . In May 2021, we paid $ 6.6 million to repay all amounts owed under the SVB Term Loan, which included a final payment of $ 0.6 million, representing 7.75 % of the SVB Term Loan which was being accrued through interest expense using the effective interest method, and a prepayment fee of $ 30,000 . In accordance with ASC 470-50, Debt Modifications and Extinguishments, we accounted for the transaction as an extinguishment of debt. Accordingly, we recorded a loss of approximately $ 0.2 million, which is included in interest expense on the statements of operations and comprehensive loss for the year ended December 31, 2021. |
License Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2023 | |
License Agreements [Abstract] | |
License Agreements | 7. License Agreements The University of Michigan License Agreement In December 2014 , we entered into a license agreement with the Regents of the University of Michigan, or the University of Michigan, which was amended in March 2015, July 2015, September 2016, February 2017, May 2017 and August 2017, under which we received certain license rights for a non-refundable upfront license, annual maintenance fees and payments upon achievement of certain development and sales-based milestones. The licensed asset consists of several compounds, including our development candidate ziftomenib. All future development, regulatory and commercial work on the asset will be completed fully and at our sole expense. The University of Michigan retains the right to use the asset for non-commercial research, internal and/or educational purposes, with the right to grant the same limited rights to other non-profit research institutions. The agreement will terminate upon the last-to-expire patent rights, or may be terminated by us at any time with 90 days written notice of termination or terminated by the University of Michigan upon a bankruptcy by us, payment failure by us that is not cured within 30 days or a material breach of the agreement by us that is not cured within 60 days . Janssen License Agreement In December 2014 , we entered into a license agreement with Janssen which was amended in June 2016, under which we received certain intellectual property rights related to tipifarnib in all indications other than virology for a non-refundable $ 1.0 million upfront license fee and payments upon achievement of certain development and sales-based milestones. Tipifarnib is a clinical-stage compound and all ongoing development, regulatory and commercial work will be completed fully and at our sole expense. The agreement will terminate upon the last-to-expire patent rights or last-to-expire royalty term, or may be terminated by us with 180 days written notice of termination. Either party may terminate the agreement in the event of material breach of the agreement that is not cured within 45 days. Janssen may also terminate the agreement due to our lack of diligence that is not cured within a three-month period. Future Milestone Payments under License Agreements Collectively, all of our license agreements provide for specified development, regulatory and sales-based milestone payments up to a total of $ 80.2 million payable upon occurrence of each stated event, of which $ 0.5 million relates to the initiation of certain development activities, $ 28.9 million relates to the achievement of specified regulatory approvals for the first indication and up to $ 50.8 million relates to the achievement of specified levels of product sales. Additional payments will be due for each subsequent indication if specified regulatory approvals are achieved. As of December 31, 2023, we have paid milestone payments tot aling $ 0.3 million u nder the above-mentioned license agreements. Furthermore, if all the programs are successfully commercialized, we will be required to pay tiered royalties on annual net product sales ranging from the low single digits to the low teens, depending on the volume of sales and the respective agreement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases We currently have three operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2024 and July 2031 . Under the terms of the operating leases, we are required to pay our proportionate share of property taxes, insurance and normal maintenance costs. Two of our leases include renewal options for an additional five years , which were not included in the determination of the ROU asset or lease liability as the renewal was not reasonably certain at the inception of the lease. Our San Diego corporate headquarters lease and our San Diego lease for lab and office space provided for $ 1.0 million and $ 0.1 million, respectively, in reimbursements for allowable tenant improvements, which effectively reduced the total lease payments owed. On August 30, 2023, we entered into an amendment to the lease agreement for office space in Boston, Massachusetts, or the Amendment, pursuant to which the term of the lease was extended by seven years , or the Extended Term, such that the lease will now expire in July 2031. The minimum rent payable during the Extended Term is approximately $ 0.1 million per month for the first year, which amount will increase by 2 % per year over the Extended Term. The Amendment provides (i) a rent credit in the amount of approximately $ 0.5 million to be applied as a credit against the rent payments due for the months of August 2023 through July 2024, inclusive, and (ii) a tenant improvement allowance in an amount not to exceed approximately $ 0.8 million, in each case subject to certain conditions. We elected to apply the tenant improvement allowance as a credit against the rent payments due for the months of August 2024 through March 2025, inclusive. Prior to the Amendment, we were required to maintain a standby letter of credit of approximately $ 0.2 million during the term of the lease. Under the terms of the Amendment, we are required to maintain a cash deposit of approximately $ 0.2 million during the term of the lease which was included within other long-term assets in the balance sheet. Maturities of our lease liabilities as of December 31, 2023 are as follows, in thousands: Year Ending December 31, 2024 $ 1,545 2025 1,964 2026 1,344 2027 1,371 2028 1,398 Thereafter 3,740 Total lease payments 11,362 Less: imputed interest ( 3,494 ) Total operating lease liabilities $ 7,868 As of December 31, 2023 and 2022 , the weighted-average discount rate was 10.4 % and 5.5 %, respectively, and the weighted-average remaining lease term was 6.2 years and 2.3 years, respectively. Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, was $ 2.1 million, $ 2.3 million and $ 2.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Operating lease ROU assets obtained in exchange for operating lease liabilities were $ 4.7 million, zero and $ 1.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total operating lease expense and rent expense were approximately $ 2.0 million for all the years ended December 31, 2023, 2022 and 2021. Litigation From time to time, we may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of our business. Any of these claims could subject us to costly legal expenses and, while we generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage or our policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on our results of operations and financial position. Additionally, any such claims, whether or not successful, could damage our reputation and business. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our results of operations or financial position. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity In June 2023, we completed a public offering in which we sold an aggregate of 5,660,871 shares of our common stock at a price of $ 11.50 per share and pre-funded warrants to purchase 3,034,782 shares of our common stock at a price of $ 11.4999 per pre-funded warrant. The exercise price of each pre-funded warrant is $ 0.0001 per share and the pre-funded warrants are exercisable from the date of issuance until fully exercised. Net proceeds from the public offering, after deducting underwriting discounts and commissions and offering expenses, were approximately $ 93.6 million. In February 2022, we entered into a Sales Agreement with SVB Securities LLC, Credit Suisse Securities (USA) LLC and Cantor Fitzgerald & Co., or the 2022 Sales Agreement, under which we could offer and sell, from time to time, at our sole discretion, shares of our common stock having an aggregate offering price of up to $ 150.0 million. We did not sell any shares of our common stock under the 2022 Sales Agreement. On November 2, 2023, we terminated the 2022 Sales Agreement and we entered into a new Sales Agreement with Leerink Partners LLC and Cantor Fitzgerald & Co., or the ATM Facility, under which we may offer and sell, from time to time, at our sole discretion, shares of our common stock having an aggregate offering price of up to $ 150.0 million. We have not sold any shares of our common stock under the ATM Facility. In November 2022, we entered into a securities purchase agreement with Bristol-Myers Squibb Company, or BMS, pursuant to which BMS purchased an aggregate of 1,370,171 shares of our common stock at a purchase price of approximately $ 18.25 per share, for gross proceeds of approximately $ 25.0 million. In November 2022, in connection with the Loan Agreement, we issued warrants to certain of the Lenders to purchase up to 26,078 shares of our common stock at an exercise price of $ 14.38 per share, which are outstanding as of December 31, 2023. In connection with the loan and security agreement with Oxford Finance LLC and Silicon Valley Bank in 2016, we issued a warrant to Oxford Finance LLC to purchase up to 33,988 shares of our common stock at an exercise price of $ 3.31 per share, which remains outstanding as of December 31, 2023. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation Equity Incentive Plan In March 2015, our board of directors adopted our Amended and Restated 2014 Equity Incentive Plan, which was most recently amended in May 2023, or 2014 Plan, to, among other things, increase the shares available for future grant by 4,050,000 shares and remove the automatic annual 4 % increase to shares available for future grant. The 2014 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity compensation to our employees, consultants and members of our board of directors. We issue shares of common stock upon the exercise of options and vesting of restricted stock unit awards and performance-based restricted stock unit awards with the source of those shares of common stock being newly issued shares. As of December 31, 2023, 24,327,686 shares of common stock had been reserved for issuance and 3,713,092 shares of common stock were available for grant under the 2014 Plan. Inducement Option Plan On December 18, 2023, our board of directors adopted the 2023 Inducement Option Plan, or Inducement Plan, to reserve 600,000 shares of our common stock to be used exclusively for grants of nonstatutory stock options to individuals that were not previously our employees or directors (or following a bona fide period of non-employment), as an inducement material to the individual’s entry into employment with us, pursuant to Nasdaq Listing Rule 5635(c)(4). The terms and conditions of the Inducement Plan are substantially similar to our 2014 Plan. As of December 31, 2023, there were 600,000 shares available to be issued from the Inducement Plan. Employee Stock Purchase Plan In March 2015, our board of directors adopted the 2015 Employee Stock Purchase Plan, or ESPP. The ESPP permits eligible employees to purchase our common stock at a discount through payroll deductions during defined six-month offering periods. Eligibl e employees may elect to withhold up to 15 % of their base earnings to purchase shares of our common stock at a price equal to 85 % of the fair market value on the first day of the offering period or the purchase date, whichever is lower. The number of shares of our common stock reserved for issuance under the ESPP will automatically increase on January 1 of each calendar year through January 1, 2025 by the lesser of 1 % of the total number of shares of our common stock outstanding on December 31 of the preceding calendar year and 2,000,000 shares of common stock, subject to the ability of our board of directors to take action to reduce the size of the increase in any given year. In December 2023, the compensation committee of our board of directors elected not to automatically increase the number of shares of our common stock reserved for issuance under the ESPP in 202 4. As of December 31, 2023, we have issued 250,573 s hares of common stock, and 653,852 s hares of common stock are reserved for future issuance under the ESPP. Share-based compensation expense related to the ESPP for the years ended December 31, 2023, 2022 and 2021 was $ 0.3 million in each year. Stock Options, Restricted Stock Unit Awards and Performance-Based Restricted Stock Unit Awards Stock Options The exercise price of all stock options granted was equal to the fair market value of such stock on the date of grant. Stock options generally vest over a four-year period. The maximum contractual term for all stock options is ten years . The following is a summary of stock option activity for the year ended December 31, 2023, in thousands (except per share and years data): Number of Weighted Average Weighted Average Aggregate Outstanding as of December 31, 2022 8,425 $ 18.12 Granted 2,857 $ 11.74 Exercised ( 83 ) $ 6.40 Canceled ( 902 ) $ 18.01 Outstanding as of December 31, 2023 10,297 $ 16.46 7.3 $ 12,883 Vested and expected to vest as of December 31, 2023 10,297 $ 16.46 7.3 $ 12,883 Exercisable as of December 31, 2023 5,962 $ 17.76 6.3 $ 6,000 The aggregate intrinsic value in the above table is calculated as the difference between the closing price of our common stock as of December 31, 2023 of $ 14.38 per share and the exercise price of stock options that had strike prices below the closing price. The following summarizes certain information regarding stock options, in thousands (except per share data): Years Ended December 31, 2023 2022 2021 Cash received from options exercised $ 534 $ 3,756 $ 3,809 Intrinsic value of options exercised $ 280 $ 701 $ 3,475 Weighted-average grant date fair value per share $ 6.99 $ 8.90 $ 17.84 As of December 31, 2023 , unrecognized estimated compensation expense related to stock options was $ 37.1 million, which is expected to be recognized over the weighted-average remaining requisite service period of approximately 2.4 years. Restricted Stock Unit Awards Restricted stock unit awards, or RSUs, are share awards that, upon vesting, will deliver to the holder shares of our common stock. We began issuing RSUs in 2021. The RSUs generally vest annually over four years . The following is a summary of RSU activity for the year ended December 31, 2023, in thousands (except per share and years data): Number of Weighted Average Weighted Average Aggregate Outstanding as of December 31, 2022 768 $ 16.20 Granted 528 $ 11.97 Released ( 218 ) $ 16.59 Canceled ( 122 ) $ 14.25 Outstanding as of December 31, 2023 956 $ 14.03 1.2 $ 13,748 Expected to vest as of December 31, 2023 956 $ 14.03 1.2 $ 13,748 As of December 31, 2023, unrecognized estimated compensation expense related to RSUs was $ 9.1 million, which is expected to be recognized over the weighted-average remaining requisite service period of approximately 2.2 years. Performance-Based Restricted Stock Unit Awards On May 31, 2023, upon approval by our stockholders of our amended 2014 Plan, we granted an aggregate of 1,313,100 performance-based restricted stock units, or PSUs, to certain executives. The PSUs vest in six equal tranches upon the achievement of certain milestones and service conditions. As of December 31, 2023, we determined that the vesting of the PSUs was not probable and therefore have not included them in share-based compensation expense or unrecognized estimated compensation expense. Share-Based Compensation Expense Total share-based compensation expense included on the statements of operations and comprehensive loss was comprised of the following, in thousands: Years Ended December 31, 2023 2022 2021 Research and development $ 12,660 $ 10,373 $ 7,454 General and administrative 15,422 15,945 16,125 Total share-based compensation expense $ 28,082 $ 26,318 $ 23,579 We estimated the fair value of stock options and ESPP stock purchase rights using the Black-Scholes model based on the date of grant with the following assumptions: Options ESPP Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Expected term (in years) 5.48 — 6.05 5.45 — 6.57 5.50 — 6.08 0.50 0.50 0.50 Expected volatility 59.9 % — 66.9 % 67.1 % — 71.9 % 72.0 % — 74.6 % 51.0 % — 52.7 % 61.0 % — 75.8 % 44.8 % — 61.8 % Risk-free interest rate 3.5 % — 4.7 % 1.6 % — 4.2 % 0.6 % — 1.3 % 5.4 % 1.6 %— 4.6 % 0.0 %— 0.1 % Expected dividend yield — — — — — — Expected term. The expected term of stock options represents the period that the stock options are expected to remain outstanding. Beginning in 2022, we determined our expected term assumption using our own historical exercise experience. In prior years, due to our limited historical exercise behavior, we determined the expected term assumption using the simplified method. The expected term of the ESPP stock purchase rights is six months, which represents the length of each purchase period. Expected volatility. Beginning in 2022, expected volatility for stock options was calculated based on our historical volatility. In prior years, due to our limited trading history, expected volatility was based, in part, on our historical volatility and the historical volatility of comparable publicly-traded companies. Expected volatility for the ESPP stock purchase rights is based on our historical volatility. Risk-free interest rate. The risk-free interest rates are based on the U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected dividend yield. The expected dividend yield of zero reflects that we have not paid cash dividends since inception and do not intend to pay cash dividends in the foreseeable future. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Our president and chief executive officer is also the sole managing member and a significant stockholder of Araxes Pharma LLC, or Araxes. We have a management services agreement with Araxes pursuant to which Araxes pays us monthly fees for management services calculated based on costs incurred by us in the provision of services to Araxes, plus a reasonable mark-up. For the years ended December 31, 2023, 2022 and 2021, we recorded management fee income of approximate ly $ 0.1 million each year, which is included in interest and other income, net on the statements of operations and comprehensive loss. In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full-time equivalents performing research and development services for Araxes, plus actual expenses as reasonably incurred. For the years ended December 31, 2023 , 2022 and 2021, we did no t record any reimbursements for research and development expenses provided to Araxes. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | 12. Employee Benefit Plan We have a defined contribution 401(k) plan for all employees. Under the terms of the plan, employees may make voluntary contributions as a percentage or defined amount of compensation. We provided a safe harbor contribution of 4.0 % of the employee’s compensation, not to exceed eligible limits. For the years ended December 31, 2023, 2022 and 2021, we incurred approximately $ 1.5 million, $ 1.2 million and $ 1.0 million, respectively, in expenses related to the safe harbor contribution. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes For the years ended December 31, 2023, 2022 and 2021 , we did no t record a provision for income taxes due to a full valuation against our deferred taxes. Our effective income tax rate differs from the statutory federal rate of 21 % for the years ended December 31, 2023, 2022 and 2021, due to the following, in thousands: Years Ended December 31, 2023 2022 2021 Income taxes at statutory federal rate $ ( 32,053 ) $ ( 28,526 ) $ ( 27,398 ) State income tax, net of federal benefit ( 11,027 ) ( 9,721 ) ( 9,758 ) Research and development tax credits ( 10,551 ) ( 6,970 ) ( 5,850 ) Share-based compensation 4,125 3,998 2,819 Other ( 332 ) ( 69 ) ( 496 ) Valuation allowance 49,838 41,288 40,683 Income tax expense $ — $ — $ — Significant components of our deferred tax assets and liabilities are shown below, in thousands: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 144,451 $ 125,986 Research and development tax credit carryforwards 31,816 20,876 Section 174 capitalization 33,947 16,684 Share-based compensation 8,946 6,599 Accruals 3,396 2,713 Operating lease liabilities 2,311 1,430 Other 1,139 1,018 Other comprehensive income 373 2,360 Total deferred tax assets 226,379 177,666 Deferred tax liabilities ( 2,198 ) ( 1,338 ) Less: valuation allowance ( 224,181 ) ( 176,328 ) Net deferred tax assets $ — $ — As of December 31, 2023 , we had federal net operating loss, or NOL, carryforwards of $ 457.3 million, of which $ 381.8 million can be carried forward indefinitely. The remaining federal net operating loss carryforwards of $ 75.5 million will begin to expire in 2034 , unless previously utilized. As of December 31, 2023, we had state loss carryforwards of $ 703.4 million, which will begin to expire in 2030 , unless previously utilized. We also have federal and state research and development credit carryforwards of $ 35.1 million and $ 7.7 million, respectively, as of December 31, 2023 . The federal research and development credits will begin to expire in 2034 , unless previously utilized. Of the state research and development credits, $ 3.7 million will carryforward indefinitely and approximately $ 4.0 million will begin to expire in 2031 , unless previously utilized. We file tax returns as prescribed by the tax laws of the jurisdictions in which we operate. Our tax years since inception are subject to examination by the federal and state jurisdictions due to the carryforward of unutilized net operating losses and research and development credits. We have not been, nor are we currently, under examination by the federal or any state tax authority. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use existing deferred tax assets. Based on the weight of the evidence, including our limited existence and losses since inception, management has determined that it is more likely than not that the deferred tax assets will not be realized and therefore has recorded a full valuation allowance against the deferred taxes. The valuation allowance increased by $ 47.9 million from December 31, 2023. Pursuant to Sections 382 and 383 of the Internal Revenue Code, or IRC, annual use of our NOL or research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. We previously completed a study to assess whether an ownership change, as defined by IRC Section 382, had occurred from our formation through March 31, 2016. Based upon this study, we determined that an ownership change occurred but concluded the annual utilization limitation would be sufficient to utilize our pre-ownership change NOLs and research and development credits prior to expiration. We completed additional studies and concluded no further ownership changes occurred through December 31, 2021. We plan to complete a 382 study for 2023, however, we do not expect any material limitations to the utilization of NOL’s or research and development credits. Future ownership changes may limit our ability to utilize remaining tax attributes. Any carryforwards that will expire prior to utilization as a result of such additional limitations will be removed from deferred tax assets, with a corresponding reduction of the valuation allowance. In accordance with authoritative guidance, the impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained. The following table summarizes the activity related to our unrecognized tax benefits, in thousands: December 31, 2023 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 6,485 $ 4,402 $ 2,978 Increases related to prior year tax positions 82 67 — Increases from tax positions taken in the current year 3,547 2,016 1,424 Gross unrecognized tax benefits at the end of the year $ 10,114 $ 6,485 $ 4,402 Our practice is to recognize interest and penalties related to income tax matters in income tax expense. There was no accrued interest or penalties included on the balance sheets as of December 31, 2023 and 2022, and we have not recognized interest and penalties on the statements of operations and comprehensive loss for the years ended December 31, 2023, 2022 or 2021. We do not expect that there will be a significant change in the unrecognized tax benefits over the next 12 months. Due to the existence of the valuation allowance, future changes in our unrecognized tax benefits will not impact our effective tax rate. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On January 26, 2024 , we completed a private placement in which we sold to certain institutional accredited investors an aggregate of 1,376,813 shares of our common stock at a purchase price of $ 17.25 per share and pre-funded warrants to purchase up to an aggregate of 7,318,886 shares of common stock at a purchase price of $ 17.2499 per pre-funded warrant (representing the $ 17.25 per share purchase price less the exercise price of $ 0.0001 per warrant share), or the Private Placement. We received aggregate gross proceeds from the Private Placement of approximately $ 150.0 million, before deducting estimated offering expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications The prior period restricted cash balance of approximately $ 0.2 million has been reclassified to other long-term assets in the accompanying financial statements. See Note 8, Commitments and Contingencies, for further details. |
Use of Estimates | Use of Estimates Our financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. |
Segment Reporting | Segment Reporting 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. We operate in a single industry segment which is the discovery and development of precision medicines for the treatment of cancer. Troy E. Wilson, our president and chief executive officer, who serves as the chief operating decision-maker, reviews the operating results on an aggregate basis and manages the operations as a single operating segment in the United States. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of checking, money market and highly liquid investments that are readily convertible to cash and that have an original maturity of three months or less from date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. |
Short-Term Investments | Short-Term Investments Short-term investments are marketable securities with maturities greater than three months from date of purchase that are specifically identified to fund current operations. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. The cost of short-term investments is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion is included in interest income. Dividend and interest income is recognized as interest income on the statements of operations and comprehensive loss when earned. Short-term investments are classified as available-for-sale securities and carried at fair value with unrealized gains and non-credit related losses recorded in other comprehensive loss and included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities are determined on a specific identification basis and included in interest and other income, net on the statements of operations and comprehensive loss. |
Allowance for Credit Losses on Available-for-Sale Debt Securities | Allowance for Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive loss on the statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded in prepaid expenses and other current assets on our balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity. |
Employee Retention Credit | Employee Retention Credit Under the Coronavirus Aid, Relief, and Economic Security Act of 2020, or CARES Act, we were eligible to claim the employee retention credit, which is a refundable tax credit against certain employment taxes. For the year ended December 31, 2023, we recognized $ 2.8 million of employee retention credits related to wages paid to our employees from July 2020 through September 2021 within operating expenses as a reduction to personnel costs in the statements of operations and comprehensive loss. We filed for the credit with the Internal Revenue Service in the first quarter of 2023. As of December 31, 2023, an employee retention credit receivable of $ 2.8 million was included within prepaid expenses and other current assets on the balance sheets. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the 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. 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 liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; • Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Computer software and equipment are depreciated over their estimated useful lives of three to five years . Laboratory equipment is depreciated over its estimated useful life of five years . Furniture and fixtures are depreciated over their estimated useful lives of five years . Leasehold improvements are depreciated over the lesser of the term of the related lease or the useful life of the asset. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, including its eventual residual value, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written-down to their estimated fair values. For the years ended December 31, 2023, 2022 and 2021 , there were no impairments of the value of long-lived assets. |
Leases | Leases We determine if an arrangement is a lease or contains lease components at inception. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. For operating leases with an initial term greater than 12 months, we recognize operating lease right-of-use, or ROU, assets and operating lease liabilities based on the present value of lease payments over the lease term at commencement date. Operating lease ROU assets are comprised of the lease liability plus any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate when we are reasonably certain that the options will be exercised. We do not separate lease components from non-lease components. For our operating leases, we generally cannot determine the interest rate implicit in the lease, in which case we use our incremental borrowing rate as the discount rate for the lease. We estimate our incremental borrowing rate for our operating leases based on what we would normally pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional ROU that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional ROU. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, we reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the lease liability for the modified lease as an adjustment to the corresponding operating lease ROU asset. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of costs associated with our research and development activities including salaries, benefits, share-based compensation and other personnel costs, clinical trial costs, manufacturing costs for non-commercial products, fees paid to external service providers and consultants, facilities costs and supplies, equipment and materials used in clinical and preclinical studies and research and development. All such costs are charged to research and development expense as incurred when these expenditures have no alternative future uses. We are obligated to make upfront payments upon execution of certain research and development agreements. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as expense as the related goods are delivered or the related services are performed or such time when we do not expect the goods to be delivered or services to be performed. Payments that we make in connection with in-licensed technology for a particular research and development project that have no alternative future uses in other research and development projects or otherwise, and therefore have no separate economic value, are expensed as research and development costs at the time such costs are incurred. As of December 31, 2023 , we had no in-licensed technologies that have alternative future uses in research and development projects or otherwise. |
Clinical Trial Costs and Accruals | Clinical Trial Costs and Accruals A significant portion of our clinical trial costs relate to contracts with contract research organizations, or CROs. The financial terms of our CRO contracts may result in payment flows that do not match the periods over which materials or services are provided to us under such contracts. Our objective is to reflect the appropriate clinical trial expenses in our financial statements by matching those expenses with the period in which services and efforts are expended. As part of the process of preparing our financial statements, we rely on cost information provided by our CROs concerning monthly expenses as well as reimbursement for pass through costs. We are also required to estimate certain of our expenses resulting from our obligations under our CRO contracts. Accordingly, our clinical trial expense accrual is dependent upon the timely and accurate reporting of CROs and other third-party vendors. If the contracted amounts are modified, for instance, as a result of changes in the clinical trial protocol or scope of work to be performed, we modify our accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. Historically, we have had no material changes in clinical trial expense that had a material impact on our results of operations or financial position. |
Patent Costs | Patent Costs We expense all costs as incurred in connection with patent applications, including direct application fees, and the legal and consulting expenses related to making such applications, and such costs are included in general and administrative expenses on the statements of operations and comprehensive loss. |
Share-Based Compensation | Share-Based Compensation Our share-based awards are measured at fair value on the date of grant based upon the estimated fair value of common stock. The fair value of awards expected to vest are recognized and amortized on a straight-line basis over the requisite service period of the award less actual forfeitures. The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model, or Black-Scholes model, that requires the use of assumptions including volatility, expected term, risk-free rate and the fair value of the underlying common stock. We estimate the fair value of restricted stock units and performance-based restricted stock units granted based on the closing market price of our common stock on the date of grant. Actual forfeitures are applied as they occur, and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. For uncertain tax positions that meet “a more likely than not” threshold, we recognize the benefit of uncertain tax positions in the financial statements. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the change in equity during the period from transactions and other events and non-owner sources. For the periods presented, accumulated other comprehensive loss consisted of unrealized gains and losses on marketable securities and foreign currency. |
Net Loss per Share | Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, which includes the shares related to outstanding pre-funded warrants (see Note 9), but excludes other potential common stock equivalents. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration, and are fully vested and exercisable. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period. As we have reported net loss for the years ended December 31, 2023, 2022 and 2021, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, performance-based restricted stock units, warrants and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Common stock equivalents outstanding as of December 31, 2023, 2022 and 2021 totaling approximately 12,642,000 , 9,266,000 and 7,156,000 , respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that we adopt as of the specified effective date. We have evaluated recently issued accounting pronouncements and, based on our preliminary assessment, we do not believe any will have a material impact on our financial statements or related footnote disclosures. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands: December 31, 2023 Maturities Amortized Unrealized Unrealized Estimated Fair Value Cash equivalents: Money market funds 1 or less $ 13,590 $ — $ — $ 13,590 Short-term investments: U.S. Treasury securities 2 or less 300,388 395 ( 569 ) 300,214 Corporate debt securities 2 or less 64,591 4 ( 825 ) 63,770 Non-U.S. government debt securities 1 or less 15,000 — ( 273 ) 14,727 U.S. Agency bonds 1 or less 7,931 — ( 3 ) 7,928 Total short-term investments 387,910 399 ( 1,670 ) 386,639 Total $ 401,500 $ 399 $ ( 1,670 ) $ 400,229 December 31, 2022 Maturities Amortized Unrealized Unrealized Estimated Fair Value Cash equivalents: Money market funds 1 or less $ 37,878 $ — $ — $ 37,878 U.S. Agency bonds 1 or less 9,956 — — 9,956 Total cash equivalents 47,834 — — 47,834 Short-term investments: U.S. Treasury securities 2 or less 183,051 16 ( 3,018 ) 180,049 Corporate debt securities 2 or less 115,763 — ( 3,931 ) 111,832 Commercial paper 1 or less 52,941 — — 52,941 Non-U.S. government and supranational debt securities 2 or less 26,268 — ( 950 ) 25,318 U.S. Agency bonds 1 or less 16,192 11 ( 160 ) 16,043 Total short-term investments 394,215 27 ( 8,059 ) 386,183 Total $ 442,049 $ 27 $ ( 8,059 ) $ 434,017 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Measurements, By Major Security Type | The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: December 31, 2023 Total Level 1 Level 2 Cash equivalents: Money market funds $ 13,590 $ 13,590 $ — Short-term investments: U.S. Treasury securities 300,214 300,214 — Corporate debt securities 63,770 — 63,770 Non-U.S. government debt securities 14,727 — 14,727 U.S. Agency bonds 7,928 — 7,928 Total short-term investments 386,639 300,214 86,425 Total $ 400,229 $ 313,804 $ 86,425 December 31, 2022 Total Level 1 Level 2 Cash equivalents: Money market funds $ 37,878 $ 37,878 $ — U.S. Agency bonds 9,956 — 9,956 Total cash equivalents 47,834 37,878 9,956 Short-term investments: U.S. Treasury securities 180,049 180,049 — Corporate debt securities 111,832 — 111,832 Commercial paper 52,941 — 52,941 Non-U.S. government and supranational debt securities 25,318 — 25,318 U.S. Agency bonds 16,043 — 16,043 Total short-term investments 386,183 180,049 206,134 Total $ 434,017 $ 217,927 $ 216,090 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following, in thousands: December 31, 2023 2022 Laboratory and computer equipment $ 1,657 $ 1,568 Leasehold improvements 1,543 1,543 Furniture and fixtures 1,111 1,032 Property and equipment, gross 4,311 4,143 Less: accumulated depreciation ( 2,452 ) ( 1,603 ) Property and equipment, net $ 1,859 $ 2,540 |
Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following, in thousands: December 31, 2023 2022 Accounts payable $ 2,300 $ 1,533 Accrued clinical trial research and development expenses 7,737 2,440 Accrued other research and development expenses 9,265 5,030 Accrued compensation and benefits 13,153 10,300 Other accrued expenses 1,302 2,436 Total accounts payable and accrued expenses $ 33,757 $ 21,739 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Maturities of Principal Obligation Under Term Loan Facility | The following table summarizes maturities of principal obligation payments under the term loan facility as of December 31, 2023, in thousands: Years Ending December 31, 2025 $ 2,307 2026 3,798 2027 3,895 Total principal outstanding 10,000 Less: unamortized discounts ( 668 ) Long-term debt, net $ 9,332 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturities of Lease Liabilities | Maturities of our lease liabilities as of December 31, 2023 are as follows, in thousands: Year Ending December 31, 2024 $ 1,545 2025 1,964 2026 1,344 2027 1,371 2028 1,398 Thereafter 3,740 Total lease payments 11,362 Less: imputed interest ( 3,494 ) Total operating lease liabilities $ 7,868 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activities | The following is a summary of stock option activity for the year ended December 31, 2023, in thousands (except per share and years data): Number of Weighted Average Weighted Average Aggregate Outstanding as of December 31, 2022 8,425 $ 18.12 Granted 2,857 $ 11.74 Exercised ( 83 ) $ 6.40 Canceled ( 902 ) $ 18.01 Outstanding as of December 31, 2023 10,297 $ 16.46 7.3 $ 12,883 Vested and expected to vest as of December 31, 2023 10,297 $ 16.46 7.3 $ 12,883 Exercisable as of December 31, 2023 5,962 $ 17.76 6.3 $ 6,000 |
Summary of Information Regarding Stock Options | The following summarizes certain information regarding stock options, in thousands (except per share data): Years Ended December 31, 2023 2022 2021 Cash received from options exercised $ 534 $ 3,756 $ 3,809 Intrinsic value of options exercised $ 280 $ 701 $ 3,475 Weighted-average grant date fair value per share $ 6.99 $ 8.90 $ 17.84 |
Summary of RSU Activity | The following is a summary of RSU activity for the year ended December 31, 2023, in thousands (except per share and years data): Number of Weighted Average Weighted Average Aggregate Outstanding as of December 31, 2022 768 $ 16.20 Granted 528 $ 11.97 Released ( 218 ) $ 16.59 Canceled ( 122 ) $ 14.25 Outstanding as of December 31, 2023 956 $ 14.03 1.2 $ 13,748 Expected to vest as of December 31, 2023 956 $ 14.03 1.2 $ 13,748 |
Summary of Share-based Compensation Expense | Total share-based compensation expense included on the statements of operations and comprehensive loss was comprised of the following, in thousands: Years Ended December 31, 2023 2022 2021 Research and development $ 12,660 $ 10,373 $ 7,454 General and administrative 15,422 15,945 16,125 Total share-based compensation expense $ 28,082 $ 26,318 $ 23,579 |
Summary of Estimate Fair Value of Stock Options and ESPP Stock Purchase Rights Using Black-Scholes Model | We estimated the fair value of stock options and ESPP stock purchase rights using the Black-Scholes model based on the date of grant with the following assumptions: Options ESPP Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Expected term (in years) 5.48 — 6.05 5.45 — 6.57 5.50 — 6.08 0.50 0.50 0.50 Expected volatility 59.9 % — 66.9 % 67.1 % — 71.9 % 72.0 % — 74.6 % 51.0 % — 52.7 % 61.0 % — 75.8 % 44.8 % — 61.8 % Risk-free interest rate 3.5 % — 4.7 % 1.6 % — 4.2 % 0.6 % — 1.3 % 5.4 % 1.6 %— 4.6 % 0.0 %— 0.1 % Expected dividend yield — — — — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Our effective income tax rate differs from the statutory federal rate of 21 % for the years ended December 31, 2023, 2022 and 2021, due to the following, in thousands: Years Ended December 31, 2023 2022 2021 Income taxes at statutory federal rate $ ( 32,053 ) $ ( 28,526 ) $ ( 27,398 ) State income tax, net of federal benefit ( 11,027 ) ( 9,721 ) ( 9,758 ) Research and development tax credits ( 10,551 ) ( 6,970 ) ( 5,850 ) Share-based compensation 4,125 3,998 2,819 Other ( 332 ) ( 69 ) ( 496 ) Valuation allowance 49,838 41,288 40,683 Income tax expense $ — $ — $ — |
Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are shown below, in thousands: December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 144,451 $ 125,986 Research and development tax credit carryforwards 31,816 20,876 Section 174 capitalization 33,947 16,684 Share-based compensation 8,946 6,599 Accruals 3,396 2,713 Operating lease liabilities 2,311 1,430 Other 1,139 1,018 Other comprehensive income 373 2,360 Total deferred tax assets 226,379 177,666 Deferred tax liabilities ( 2,198 ) ( 1,338 ) Less: valuation allowance ( 224,181 ) ( 176,328 ) Net deferred tax assets $ — $ — |
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits, in thousands: December 31, 2023 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 6,485 $ 4,402 $ 2,978 Increases related to prior year tax positions 82 67 — Increases from tax positions taken in the current year 3,547 2,016 1,424 Gross unrecognized tax benefits at the end of the year $ 10,114 $ 6,485 $ 4,402 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 200,000 | ||
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | ||
Number of operating segments | Segment | 1 | ||
Employee retention credit recognized during period | $ 2,800,000 | ||
Employee retention credit receivable during period | 2,800,000 | ||
Impairment losses on long-lived assets | $ 0 | $ 0 | $ 0 |
Operating lease, existence of option to extend | true | ||
Operating lease, existence of option to extend description | Lease terms may include options to extend or terminate when we are reasonably certain that the options will be exercised. | ||
Operating lease, existence of option to terminate | true | ||
Operating lease, option to terminate description | Lease terms may include options to extend or terminate when we are reasonably certain that the options will be exercised. | ||
Total potentially dilutive securities | shares | 12,642,000 | 9,266,000 | 7,156,000 |
Computer Software and Equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Computer Software and Equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 5 years | ||
Laboratory Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 5 years | ||
Furniture and Fixtures | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 5 years |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Estimated Fair Value | $ 386,639 | $ 386,183 |
Fair Value Measurements on Recurring Basis | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, Amortized Cost | 47,834 | |
Cash equivalents, Estimated Fair Value | 47,834 | |
Short-term investments, Amortized Cost | 387,910 | 394,215 |
Short-term investments, Unrealized Gains | 399 | 27 |
Short-term investments, Unrealized Losses | (1,670) | (8,059) |
Short-term investments, Estimated Fair Value | 386,639 | 386,183 |
Cash equivalents and Short-term investments, Amortized Cost | 401,500 | 442,049 |
Cash equivalents and Short-term investments, Unrealized Gains | 399 | 27 |
Cash equivalents and Short-term investments, Unrealized Losses | (1,670) | (8,059) |
Cash equivalents and Short-term investments, Estimated Fair Value | 400,229 | 434,017 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, Amortized Cost | 13,590 | 37,878 |
Cash equivalents, Estimated Fair Value | $ 13,590 | $ 37,878 |
Fair Value Measurements on Recurring Basis | Money Market Funds | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | 1 year |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 300,388 | $ 183,051 |
Short-term investments, Unrealized Gains | 395 | 16 |
Short-term investments, Unrealized Losses | (569) | (3,018) |
Short-term investments, Estimated Fair Value | $ 300,214 | $ 180,049 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | 2 years |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 64,591 | $ 115,763 |
Short-term investments, Unrealized Gains | 4 | |
Short-term investments, Unrealized Losses | (825) | (3,931) |
Short-term investments, Estimated Fair Value | $ 63,770 | $ 111,832 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | 2 years |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 52,941 | |
Short-term investments, Estimated Fair Value | $ 52,941 | |
Fair Value Measurements on Recurring Basis | Commercial Paper | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 26,268 | |
Short-term investments, Unrealized Losses | (950) | |
Short-term investments, Estimated Fair Value | $ 25,318 | |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 2 years | |
Fair Value Measurements on Recurring Basis | Non-U.S. government debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Short-term investments, Amortized Cost | $ 15,000 | |
Short-term investments, Unrealized Losses | (273) | |
Short-term investments, Estimated Fair Value | $ 14,727 | |
Fair Value Measurements on Recurring Basis | Non-U.S. government debt securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | |
Fair Value Measurements on Recurring Basis | U.S. Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash equivalents, Amortized Cost | $ 9,956 | |
Cash equivalents, Estimated Fair Value | 9,956 | |
Short-term investments, Amortized Cost | $ 7,931 | 16,192 |
Short-term investments, Unrealized Gains | 11 | |
Short-term investments, Unrealized Losses | (3) | (160) |
Short-term investments, Estimated Fair Value | $ 7,928 | $ 16,043 |
Fair Value Measurements on Recurring Basis | U.S. Agency Bonds | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities (years) | 1 year | |
Maturities (years) | 1 year | 1 year |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security | |
Investments, All Other Investments [Abstract] | ||
Short-term investments with maturities less than one year | $ 336,600 | $ 274,300 |
Short-term investments with maturities between one to two years | $ 50,000 | $ 111,900 |
Short-term investments maturities, description | As of December 31, 2023 and 2022, short-term investments of $336.6 million and $274.3 million, respectively, had maturities less than one year, and short-term investments of $50.0 million and $111.9 million, respectively, had maturities between one to two years. | |
Number of available-for-sale securities | Security | 16 | 34 |
Available for sale securities gross unrealized loss positions | $ 155,200 | $ 290,000 |
Available for sale securities gross unrealized loss positions greater than 12 months | 105,000 | 172,400 |
Allowance for credit losses | 0 | 0 |
Accrued interest receivable on available-for-sale securities | $ 1,100 | $ 900 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Measurements, By Major Security Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 386,639 | $ 386,183 |
Fair Value Measurements on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 47,834 | |
Short-term investments | 386,639 | 386,183 |
Cash equivalents and short-term investments | 400,229 | 434,017 |
Fair Value Measurements on Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 37,878 | |
Short-term investments | 300,214 | 180,049 |
Cash equivalents and short-term investments | 313,804 | 217,927 |
Fair Value Measurements on Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 9,956 | |
Short-term investments | 86,425 | 206,134 |
Cash equivalents and short-term investments | 86,425 | 216,090 |
Fair Value Measurements on Recurring Basis | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,590 | 37,878 |
Fair Value Measurements on Recurring Basis | Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,590 | 37,878 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 300,214 | 180,049 |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 300,214 | 180,049 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 63,770 | 111,832 |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 63,770 | 111,832 |
Fair Value Measurements on Recurring Basis | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 52,941 | |
Fair Value Measurements on Recurring Basis | Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 52,941 | |
Fair Value Measurements on Recurring Basis | Non-U.S. government debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 14,727 | |
Fair Value Measurements on Recurring Basis | Non-U.S. government debt securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 14,727 | |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 25,318 | |
Fair Value Measurements on Recurring Basis | Non U S Government And Supranational Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 25,318 | |
Fair Value Measurements on Recurring Basis | U S Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,928 | 9,956 |
Short-term investments | 16,043 | |
Fair Value Measurements on Recurring Basis | U S Agency Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 7,928 | 9,956 |
Short-term investments | $ 16,043 |
Balance Sheet Detail - Summary
Balance Sheet Detail - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,311 | $ 4,143 |
Less: accumulated depreciation | (2,452) | (1,603) |
Property and equipment, net | 1,859 | 2,540 |
Laboratory and Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,657 | 1,568 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,543 | 1,543 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,111 | $ 1,032 |
Balance Sheet Detail - Addition
Balance Sheet Detail - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation expense | $ 849 | $ 759 | $ 558 |
Balance Sheet Detail - Summar_2
Balance Sheet Detail - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 2,300 | $ 1,533 |
Accrued clinical trial research and development expenses | 7,737 | 2,440 |
Accrued other research and development expenses | 9,265 | 5,030 |
Accrued compensation and benefits | 13,153 | 10,300 |
Other accrued expenses | 1,302 | 2,436 |
Total accounts payable and accrued expenses | $ 33,757 | $ 21,739 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 15, 2023 | Nov. 02, 2022 | Nov. 30, 2023 | May 31, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | Nov. 01, 2018 | |
Debt Instrument [Line Items] | |||||||
Principal amount outstanding on loan | $ 10,000,000 | ||||||
Loan agreement, description | The Loan Agreement also contains a minimum cash covenant, commencing on June 1, 2024, requiring us to hold cash in the United States and subject to a first-priority perfected security interest in favor of the Lenders in an amount greater than or equal to (x) 55.0% of the outstanding loan obligations if we have not received FDA approval for ziftomenib, or (y) 35.0% of the outstanding loan obligations if we have received FDA approval for ziftomenib, provided that neither (x) nor (y) will apply at any time our market capitalization is equal to or greater than $1,250.0 million. | ||||||
Event of default interest rate increase | 5% | ||||||
Prepayment fee related to extinguishment of debt | $ 611,000 | ||||||
Loss from extinguishment of debt | 212,000 | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Cash covenant market capitalization requirement | $ 1,250,000,000 | ||||||
Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Warrant issued | 26,078 | ||||||
Warrants exercisable exercise price | $ 14.38 | $ 14.38 | |||||
Fair value associated with equity classified warrants | $ 300,000 | ||||||
Debt issuance cost | 600,000 | ||||||
Tranche 1 draw | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount outstanding on loan | $ 10,000,000 | ||||||
Warrant issued | 26,078 | ||||||
Tranche 1 Loan | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under term loans | $ 25,000,000 | ||||||
Remaining borrowing capacity under term loans | $ 15,000,000 | ||||||
Tranche 1 availability end date | Sep. 15, 2023 | ||||||
Tranche 2 Milestone | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under term loans | $ 35,000,000 | ||||||
Tranche 2 availability end date | Mar. 15, 2024 | ||||||
Tranche 2 Loan | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under term loans | $ 40,000,000 | ||||||
Commitment fees | $ 200,000 | ||||||
Tranche 3 Loan | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under term loans | $ 25,000,000 | ||||||
Term Loan | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Principal and interest payments start date | May 01, 2025 | ||||||
Term loan facility per annum interest rate terms | The per annum interest rate for the Term Loans is the greater of (i) the prime rate as reported in The Wall Street Journal minus 6.25% plus 8.65% and (ii) 8.65%. | ||||||
Percentage of prepayment fee to be paid due to early payment | 1.50% | ||||||
Commitment fees | $ 100,000 | ||||||
Percentage of facility charge | 0.50% | ||||||
Final payment | $ 1,500,000 | ||||||
Term loan facility maturity date | Nov. 02, 2027 | ||||||
Final payment percentage | 10.90% | ||||||
Term Loan | Loan and Security Agreement | Additional Interest Due as Final Payment | |||||||
Debt Instrument [Line Items] | |||||||
Final payment percentage | 6.05% | ||||||
Term Loan | Loan and Security Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Final payment percentage | 6.05% | ||||||
Interest Only Milestone 2 Conditions | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of term loan facility start date | Nov. 01, 2025 | ||||||
Approval Milestone | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of term loan facility start date | Nov. 01, 2026 | ||||||
Additional Tranche | Loan and Security Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Warrants exercisable exercise price | $ 14.38 | ||||||
Percentage of additional warrant | 1.50% | ||||||
Silicon Valley Bank | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity under term loans | $ 20,000,000 | ||||||
Principal amount outstanding on loan | $ 7,500,000 | ||||||
Final payment | $ 600,000 | ||||||
Description of term loan payment terms | The SVB Term Loan had a scheduled maturity date of May 1, 2023. | ||||||
Term loan facility maturity date | May 01, 2023 | ||||||
Repayments Of Debt | $ 6,600,000 | ||||||
Final payment percentage | 7.75% | ||||||
Prepayment fee related to extinguishment of debt | $ 30,000 | ||||||
Loss from extinguishment of debt | $ 200,000 |
Long-Term Debt - Summary of Mat
Long-Term Debt - Summary of Maturities of Principal Obligation Under Term Loan Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2025 | $ 2,307 | |
2026 | 3,798 | |
2027 | 3,895 | |
Total future minimum payments | 10,000 | |
Less: unamortized discounts | (668) | |
Long-term debt, net | $ 9,332 | $ 9,158 |
License Agreements - Additional
License Agreements - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2023 | |
License Agreements [Line Items] | ||
Total future milestone payments under license agreements with non-related parties | $ 80.2 | |
Milestone paid to date | 0.3 | |
The University of Michigan License Agreement | ||
License Agreements [Line Items] | ||
License agreement date | Dec. 22, 2014 | |
Agreement termination written notice | 90 days | |
Agreement termination notice period in event of material breach | 60 days | |
Agreement termination period due to payment failure | 30 days | |
Janssen License Agreement | ||
License Agreements [Line Items] | ||
License agreement date | Dec. 22, 2014 | |
Agreement termination written notice | 180 days | |
Agreement termination notice period in event of material breach | 45 days | |
Janssen License Agreement | Up front Payment Arrangement | ||
License Agreements [Line Items] | ||
Upfront license fee | $ 1 | |
Initiation of Certain Development Activities | ||
License Agreements [Line Items] | ||
Total future milestone payments under license agreements with non-related parties | 0.5 | |
Specified Regulatory Approvals | ||
License Agreements [Line Items] | ||
Total future milestone payments under license agreements with non-related parties | 28.9 | |
Specified Levels of Product Sales | ||
License Agreements [Line Items] | ||
Total future milestone payments under license agreements with non-related parties | $ 50.8 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||
Aug. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) Lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of operating leases | Lease | 3 | |||
Lessee, operating lease, expiration period | We currently have three operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between July 2024 and July 2031. | |||
Lessee, operating lease, option to extend, description | Lease terms may include options to extend or terminate when we are reasonably certain that the options will be exercised. | |||
Number of leases that include renewal option | Lease | 2 | |||
Operating lease, existence of option to extend | true | |||
Lease agreement additional extended lease term | 5 years | |||
Weighted-average discount rate | 10.40% | 5.50% | ||
Weighted-average remaining lease term | 6 years 2 months 12 days | 2 years 3 months 18 days | ||
Total cash paid for amounts included in the measurement of lease liabilities | $ 2,100,000 | $ 2,300,000 | $ 2,100,000 | |
ROU assets obtained in exchange for operating lease liabilities | 4,700,000 | 0 | 1,000,000 | |
ASC 842 | ||||
Loss Contingencies [Line Items] | ||||
Total operating lease rent expense | 2,000,000 | $ 2,000,000 | $ 2,000,000 | |
San Diego Corporate Headquarters Lease | ||||
Loss Contingencies [Line Items] | ||||
Reimbursements for tenant improvements | 1,000,000 | |||
Office Lease in Boston | Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letter of Credit | 200,000 | |||
San Diego Lease for Lab and Office Space | ||||
Loss Contingencies [Line Items] | ||||
Reimbursements for tenant improvements | $ 100,000 | |||
Boston Lease | ||||
Loss Contingencies [Line Items] | ||||
Lessee, operating lease, option to extend, description | On August 30, 2023, we entered into an amendment to the lease agreement for office space in Boston, Massachusetts, or the Amendment, pursuant to which the term of the lease was extended by seven years, or the Extended Term, such that the lease will now expire in July 2031. | |||
Operating lease, existence of option to extend | true | |||
Lease agreement additional extended lease term | 7 years | |||
Operating lease expense minimum rent payable per month | $ 100,000 | |||
Percentage of increase in operating lease rent expense per year | 2% | |||
Rent credit to be applied as credit, in equal monthly installments | $ 500,000 | |||
Lease allowance | 800,000 | |||
Cash deposit during the term of lease | $ 200,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Loss Contingency [Abstract] | |
2024 | $ 1,545 |
2025 | 1,964 |
2026 | 1,344 |
2027 | 1,371 |
2028 | 1,398 |
Thereafter | 3,740 |
Total lease payments | 11,362 |
Less: imputed interest | (3,494) |
Total operating lease liabilities | $ 7,868 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 02, 2023 | Jun. 30, 2023 | Nov. 30, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 02, 2022 | |
Stockholders' Equity Note [Abstract] | |||||||
Common stock, shares issued | 5,660,871 | ||||||
Common stock, issued price per share | $ 11.5 | ||||||
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs | $ 93,600 | $ 93,577 | $ 24,721 | ||||
Loan and Security Agreement | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Warrants issued to purchase of common stock | 26,078 | ||||||
Warrants exercisable exercise price | $ 14.38 | $ 14.38 | |||||
Pre-funded Warrants | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Warrants issued price per warrants | $ 11.4999 | ||||||
Warrants issued to purchase of common stock | 3,034,782 | ||||||
Warrants exercisable exercise price | $ 0.0001 | ||||||
Bristol Myers Squibb [Member] | Securities Purchase Agreement | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Common stock, shares issued | 1,370,171 | ||||||
Common stock, issued price per share | $ 18.25 | ||||||
Proceeds from issuance of common stock, net | $ 25,000 | ||||||
SVB Securities LLC, Credit Suisse Securities (USA) LLC and Cantor Fitzgerald & Co. | ATM Facility | Maximum | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Aggregate offering price | $ 150,000 | ||||||
Leerink Partners LLC and Cantor Fitzgerald & Co. | ATM Facility | Maximum | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Aggregate offering price | $ 150,000 | ||||||
Term Loan | Oxford Finance LLC and Silicon Valley Bank | |||||||
Stockholders' Equity Note [Abstract] | |||||||
Warrants issued to purchase of common stock | 33,988 | ||||||
Warrants exercisable exercise price | $ 3.31 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 28,082 | $ 26,318 | $ 23,579 | |
Stock units granted | 528,000 | |||
Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Closing price of common stock | $ 14.38 | |||
Unrecognized estimated stock option compensation expenses | $ 37,100 | |||
Weighted average service period | 2 years 4 months 24 days | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized estimated RSUs compensation expenses | $ 9,100 | |||
Weighted average service period | 2 years 2 months 12 days | |||
Maximum | Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Term of options to be granted under the Plan | 10 years | |||
Amended and Restated 2014 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional shares available for future grant | 4,050,000 | |||
Percentage of automatic increase in common shares reserved for future issuance pursuant to future grants | 4% | |||
Common shares available for future issuance pursuant to future grants | 3,713,092 | |||
Amended and Restated 2014 Equity Incentive Plan | Performance Based Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock units granted | 1,313,100 | |||
Amended and Restated 2014 Equity Incentive Plan | Common Stock | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for issuance | 24,327,686 | |||
Inducement Option Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common shares available for future issuance pursuant to future grants | 600,000 | |||
2015 Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, Maximum number of share issuable | 2,000,000 | |||
Share-based compensation expense | $ 300 | $ 300 | $ 300 | |
Common shares available for future issuance pursuant to future grants | 653,852 | |||
Stock purchase plan term of offering period | 6 months | |||
Percentage of maximum earnings withhold to purchase shares | 15% | |||
Percentage of common stock purchase | 85% | |||
Shares issued under ESPP | 250,573 | |||
2015 Stock Purchase Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of increase in common shares reserved for future issuance pursuant to future grants | 1% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activities (Detail) - Stock Option $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options Outstanding, Beginning Balance, Number of Shares | shares | 8,425 |
Granted, Number of Shares | shares | 2,857 |
Exercised, Number of Shares | shares | (83) |
Canceled, Number of Shares | shares | (902) |
Stock Options Outstanding, Ending Balance, Number of Shares | shares | 10,297 |
Vested and expected to vest, Number of Shares | shares | 10,297 |
Exercisable, Number of Shares | shares | 5,962 |
Outstanding, Beginning Balance, Weighted-Average Exercise Price per Share | $ / shares | $ 18.12 |
Granted, Weighted-Average Exercise Price per Share | $ / shares | 11.74 |
Exercised, Weighted-Average Exercise Price per Share | $ / shares | 6.40 |
Canceled, Weighted-Average Exercise Price per Share | $ / shares | 18.01 |
Outstanding, Ending Balance, Weighted-Average Exercise Price per Share | $ / shares | 16.46 |
Vested and expected to vest, Weighted-Average Exercise Price per Share | $ / shares | 16.46 |
Exercisable, Weighted-Average Exercise Price per Share | $ / shares | $ 17.76 |
Outstanding, Weighted-Average Remaining Contractual Term (years) | 7 years 3 months 18 days |
Vested and expected to vest, Weighted-Average Remaining Contractual Term (years) | 7 years 3 months 18 days |
Exercisable, Weighted-Average Remaining Contractual Term (years) | 6 years 3 months 18 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 12,883 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 12,883 |
Exercisable, Aggregate Intrinsic Value | $ | $ 6,000 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Information Regarding Stock Options (Detail) - Stock Option - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Cash received from options exercised | $ 534 | $ 3,756 | $ 3,809 |
Intrinsic value of options exercised | $ 280 | $ 701 | $ 3,475 |
Weighted-average grant date fair value per share | $ 6.99 | $ 8.90 | $ 17.84 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of RSU Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted Stock Units Outstanding, Beginning Balance, Number of Shares | shares | 768 |
Granted, Number of Shares | shares | 528 |
Released, Number of Shares | shares | (218) |
Canceled, Number of Shares | shares | (122) |
Restricted Stock Units Outstanding, Ending Balance, Number of Shares | shares | 956 |
Expected to vest, Number of Shares | shares | 956 |
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value per Share | $ / shares | $ 16.2 |
Granted, Weighted Average Grant Date Fair Value per Share | $ / shares | 11.97 |
Released, Weighted Average Grant Date Fair Value per Share | $ / shares | 16.59 |
Canceled, Weighted Average Grant Date Fair Value per Share | $ / shares | 14.25 |
Outstanding, Ending Balance, Weighted Average Grant Date Fair Value per Share | $ / shares | 14.03 |
Expected to Vest, Weighted Average Grant Date Fair Value per Share | $ / shares | $ 14.03 |
Outstanding, Ending Balance, Weighted Average Remaining Vesting Period (years) | 1 year 2 months 12 days |
Expected to vest, Weighted Average Remaining Vesting Period (years) | 1 year 2 months 12 days |
Outstanding, Ending Balance, Aggregate Intrinsic Value | $ | $ 13,748 |
Expected to Vest, Aggregate Intrinsic Value | $ | $ 13,748 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 28,082 | $ 26,318 | $ 23,579 |
Research and development | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | 12,660 | 10,373 | 7,454 |
General and administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 15,422 | $ 15,945 | $ 16,125 |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of Estimate Fair Value of Stock Options and ESPP Stock Purchase Rights Using Black-Scholes Model (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, Minimum | 59.90% | 67.10% | 72% |
Expected volatility, Maximum | 66.90% | 71.90% | 74.60% |
Risk free interest rate, Minimum | 3.50% | 1.60% | 0.60% |
Risk free interest rate, Maximum | 4.70% | 4.20% | 1.30% |
Stock Option | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 5 months 23 days | 5 years 5 months 12 days | 5 years 6 months |
Stock Option | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 18 days | 6 years 6 months 25 days | 6 years 29 days |
2015 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Expected volatility, Minimum | 51% | 61% | 44.80% |
Expected volatility, Maximum | 52.70% | 75.80% | 61.80% |
Risk free interest rate | 5.40% | ||
Risk free interest rate, Minimum | 1.60% | 0% | |
Risk free interest rate, Maximum | 4.60% | 0.10% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Araxes Pharma LLC - Management Fees - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Research and development services reimbursement, description | In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full-time equivalents performing research and development services for Araxes, plus actual expenses as reasonably incurred. | ||
Management fee income, related party | $ 100,000 | $ 100,000 | $ 100,000 |
Reimbursements of research and development services | $ 0 | $ 0 | $ 0 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - Safe Harbor 401(k) Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses related to contribution plan | $ 1.5 | $ 1.2 | $ 1 |
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percent of employees compensation | 4% | 4% | 4% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Effective federal statutory income tax rate, percent | 21% | 21% | 21% |
Increase in valuation allowance | $ 47,900,000 | ||
Income tax examination, likelihood of unfavorable settlement | An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained. | ||
Unrecognized interest and penalties | $ 0 | $ 0 | $ 0 |
Domestic Tax Authority | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carryforrwards | $ 457,300,000 | ||
Loss carryforwards begin to expire | 2034 | ||
Research and development credit carryforwards | $ 35,100,000 | ||
Credit carry forward begin to expire | 2034 | ||
Domestic Tax Authority | Not Subject to Expiration | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carryforrwards | $ 381,800,000 | ||
Domestic Tax Authority | Begin to Expire in 2034 | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carryforrwards | 75,500,000 | ||
State and Local Jurisdiction | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Research and development credit carryforwards | 7,700,000 | ||
State and Local Jurisdiction | Research and Development Credits | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Credit carryforwards not subject to expiration | 3,700,000 | ||
State and Local Jurisdiction | Begin to Expire in 2030 | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net operating loss carryforrwards | $ 703,400,000 | ||
Loss carryforwards begin to expire | 2030 | ||
State and Local Jurisdiction | Begin to Expire in 2031 | Research and Development Credits | |||
Significant Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Credit carry forward begin to expire | 2031 | ||
Credit carryforwards subject to expiration | $ 4,000,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at statutory federal rate | $ (32,053,000) | $ (28,526,000) | $ (27,398,000) |
State income tax, net of federal benefit | (11,027,000) | (9,721,000) | (9,758,000) |
Research and development tax credits | (10,551,000) | (6,970,000) | (5,850,000) |
Share-based compensation | 4,125,000 | 3,998,000 | 2,819,000 |
Other | (332,000) | (69,000) | (496,000) |
Valuation allowance | 49,838,000 | 41,288,000 | 40,683,000 |
Income tax expense | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 144,451 | $ 125,986 |
Research and development tax credit carryforwards | 31,816 | 20,876 |
Section 174 capitalization | 33,947 | 16,684 |
Share-based compensation | 8,946 | 6,599 |
Accruals | 3,396 | 2,713 |
Operating lease liabilities | 2,311 | 1,430 |
Other | 1,139 | 1,018 |
Other comprehensive income | 373 | 2,360 |
Total gross deferred tax assets | 226,379 | 177,666 |
Deferred tax liabilities | (2,198) | (1,338) |
Less: valuation allowance | (224,181) | (176,328) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Acti
Income Taxes - Schedule of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at the beginning of the year | $ 6,485 | $ 4,402 | $ 2,978 |
Increases related to prior year tax positions | 82 | 67 | 0 |
Increases from tax positions taken in the current year | 3,547 | 2,016 | 1,424 |
Gross unrecognized tax benefits at the end of the year | $ 10,114 | $ 6,485 | $ 4,402 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |
Jan. 26, 2024 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||
Common stock, shares issued | 5,660,871 | |
Common stock, issued price per share | $ 11.5 | |
Pre-funded Warrants | ||
Subsequent Event [Line Items] | ||
Warrants exercisable exercise price | $ 0.0001 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Subsequent events, date | Jan. 26, 2024 | |
Common stock, shares issued | 1,376,813 | |
Common stock, issued price per share | $ 17.25 | |
Proceeds from issuance of common stock and pre-funded warrants including offering expenses | $ 150 | |
Subsequent Event | Pre-funded Warrants | ||
Subsequent Event [Line Items] | ||
Common stock, issued price per share | $ 17.25 | |
Pre-funded warrants issued | 7,318,886 | |
Pre-funded warrants issued price per warrants | $ 17.2499 | |
Warrants exercisable exercise price | $ 0.0001 |