Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001645569 | |
Entity File Number | 001-40794 | |
Entity Registrant Name | DICE THERAPEUTICS, INC. | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Tax Identification Number | 47-2286244 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 400 East Jamie Court | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 566-1420 | |
Entity Common Stock, Shares Outstanding | 47,671,176 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Trading Symbol | DICE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 48,271 | $ 115,826 |
Marketable securities | 218,343 | 203,495 |
Unbilled receivable | 2,000 | |
Restricted cash, current | 150 | |
Prepaid expenses and other current assets | 1,223 | 2,440 |
Total current assets | 267,837 | 323,911 |
Property and equipment, net | 3,014 | 1,645 |
Restricted cash | 198 | 198 |
Operating lease right-of-use assets | 13,474 | |
Other noncurrent assets | 471 | |
TOTAL ASSETS | 284,994 | 325,754 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,388 | 1,710 |
Accrued expenses and other current liabilities | 8,905 | 8,691 |
Operating lease liabilities, current portion | 1,372 | |
Term loan, current portion | 480 | |
Total current liabilities | 11,665 | 10,881 |
Operating lease liabilities, noncurrent | 12,215 | |
Other noncurrent liabilities | 8 | |
Term loan, noncurrent | 1,916 | |
TOTAL LIABILITIES | 23,880 | 12,805 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized, 38,182,260 and 38,224,299 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 426,798 | 416,710 |
Accumulated deficit | (164,370) | (103,707) |
Accumulated other comprehensive loss | (1,318) | (58) |
TOTAL STOCKHOLDERS’ EQUITY | 261,114 | 312,949 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 284,994 | $ 325,754 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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 Class Undefined | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 38,182,260 | 38,224,299 |
Common stock, shares outstanding | 38,182,260 | 38,224,299 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Collaboration Revenue | $ 1,125 | |||
Operating expenses: | ||||
Research and development | $ 14,730 | $ 11,689 | $ 42,470 | 24,292 |
General and administrative | 6,439 | 4,444 | 19,301 | 8,226 |
Total operating expenses | 21,169 | 16,133 | 61,771 | 32,518 |
Loss from operations | (21,169) | (16,133) | (61,771) | (31,393) |
Other income (expense): | ||||
Interest and other income, net | 702 | 20 | 1,516 | 61 |
Interest expense | (83) | (60) | (208) | (114) |
Loss on extinguishment of debt | (200) | |||
Change in fair value of warrant liability | (1,162) | (1,318) | ||
Net loss | (20,550) | (17,335) | (60,663) | (32,764) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on marketable securities | 264 | (2) | (1,260) | (2) |
Comprehensive loss | $ (20,286) | $ (17,337) | $ (61,923) | $ (32,766) |
Net loss per share, basic | $ (0.55) | $ (2.30) | $ (1.62) | $ (8.12) |
Net loss per share, diluted | $ (0.55) | $ (2.30) | $ (1.62) | $ (8.12) |
Weighted-average shares used in computing net loss per share, basic | 37,480,179 | 7,551,128 | 37,368,993 | 4,035,590 |
Weighted-average shares used in computing net loss per share, diluted | 37,480,179 | 7,551,128 | 37,368,993 | 4,035,590 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Units and Stockholders' Equity/ Members' (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Units | Series C Convertible Preferred Units [Member] | Series C1 Convertible Preferred Units [Member] | Common Units | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2020 | $ (53,145) | $ 1,603 | $ (54,748) | ||||||
Preferred units, Shares at Dec. 31, 2020 | 12,690,540 | ||||||||
Preferred units, Value at Dec. 31, 2020 | $ 107,374 | ||||||||
Balance (Shares) at Dec. 31, 2020 | 2,248,687 | ||||||||
Stock-based compensation | 347 | 347 | |||||||
Other comprehensive (loss) gain | (7) | $ (7) | |||||||
Net loss | (8,066) | (8,066) | |||||||
Balance at Mar. 31, 2021 | (60,871) | 1,950 | (62,814) | (7) | |||||
Preferred units, Shares at Mar. 31, 2021 | 12,690,540 | ||||||||
Preferred units, Value at Mar. 31, 2021 | $ 107,374 | ||||||||
Balance (Shares) at Mar. 31, 2021 | 2,248,687 | ||||||||
Balance at Dec. 31, 2020 | (53,145) | 1,603 | (54,748) | ||||||
Preferred units, Shares at Dec. 31, 2020 | 12,690,540 | ||||||||
Preferred units, Value at Dec. 31, 2020 | $ 107,374 | ||||||||
Balance (Shares) at Dec. 31, 2020 | 2,248,687 | ||||||||
Net loss | (32,764) | ||||||||
Balance at Sep. 30, 2021 | 327,520 | $ 4 | 415,030 | (87,512) | (2) | ||||
Balance (Shares) at Sep. 30, 2021 | 38,231,415 | ||||||||
Balance at Mar. 31, 2021 | (60,871) | 1,950 | (62,814) | (7) | |||||
Preferred units, Shares at Mar. 31, 2021 | 12,690,540 | ||||||||
Preferred units, Value at Mar. 31, 2021 | $ 107,374 | ||||||||
Balance (Shares) at Mar. 31, 2021 | 2,248,687 | ||||||||
Stock-based compensation | 396 | 396 | |||||||
Tax distributions | (60) | (60) | |||||||
Other comprehensive (loss) gain | 7 | 7 | |||||||
Net loss | (7,363) | (7,363) | |||||||
Balance at Jun. 30, 2021 | (67,891) | 2,286 | (70,177) | ||||||
Preferred units, Shares at Jun. 30, 2021 | 12,690,540 | ||||||||
Preferred units, Value at Jun. 30, 2021 | $ 107,374 | ||||||||
Balance (Shares) at Jun. 30, 2021 | 2,248,687 | ||||||||
Issuance of Series convertible preferred units, net of issuance costs, Shares | 2,619,994 | 4,446,056 | |||||||
Issuance of Series convertible preferred units, net of issuance costs | $ 26,044 | $ 59,705 | |||||||
Conversion of convertible preferred, common and profit interest units to common stock, shares | (19,756,590) | ||||||||
Conversion of convertible preferred, common and profit interest units to common stock | $ (193,123) | ||||||||
Conversion of convertible preferred, common and profit interest units to common stock ( Shares) | (2,248,687) | 24,366,797 | |||||||
Conversion of convertible preferred, common and profit interest units to common stock | 193,123 | $ 2 | 193,121 | ||||||
Conversion of preferred unit warrants to common stock warrants | 535 | 535 | |||||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $xx million, shares | 13,800,000 | ||||||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $xx million | 214,708 | $ 2 | 214,706 | ||||||
Exercise of common stock warrants, shares | 64,648 | ||||||||
Exercise of common stock warrants | 1,224 | 1,224 | |||||||
Settlement of fractional shares resulting from reverse stock split | (30) | ||||||||
Stock-based compensation | 3,158 | 3,158 | |||||||
Other comprehensive (loss) gain | (2) | (2) | |||||||
Net loss | (17,335) | (17,335) | |||||||
Balance at Sep. 30, 2021 | 327,520 | $ 4 | 415,030 | (87,512) | (2) | ||||
Balance (Shares) at Sep. 30, 2021 | 38,231,415 | ||||||||
Balance at Dec. 31, 2021 | 312,949 | $ 4 | 416,710 | (103,707) | (58) | ||||
Balance (Shares) at Dec. 31, 2021 | 38,224,299 | ||||||||
Issuance of common stock upon exercise of stock options | 84 | 84 | |||||||
Issuance of common stock upon exercise of stock options (Shares) | 4,976 | ||||||||
Stock-based compensation | 1,809 | 1,809 | |||||||
Other comprehensive (loss) gain | (1,082) | (1,082) | |||||||
Net loss | (18,591) | (18,591) | |||||||
Balance at Mar. 31, 2022 | 295,169 | $ 4 | 418,603 | (122,298) | (1,140) | ||||
Balance (Shares) at Mar. 31, 2022 | 38,229,275 | ||||||||
Balance at Dec. 31, 2021 | 312,949 | $ 4 | 416,710 | (103,707) | (58) | ||||
Balance (Shares) at Dec. 31, 2021 | 38,224,299 | ||||||||
Net loss | (60,663) | ||||||||
Balance at Sep. 30, 2022 | 261,114 | $ 4 | 426,798 | (164,370) | (1,318) | ||||
Balance (Shares) at Sep. 30, 2022 | 38,182,260 | ||||||||
Balance at Mar. 31, 2022 | 295,169 | $ 4 | 418,603 | (122,298) | (1,140) | ||||
Balance (Shares) at Mar. 31, 2022 | 38,229,275 | ||||||||
Forfeiture of unvested common stock (shares) | (18,449) | ||||||||
Stock-based compensation | 4,208 | 4,208 | |||||||
Issuance of common stock warrant | 522 | 522 | |||||||
Other comprehensive (loss) gain | (442) | (442) | |||||||
Net loss | (21,522) | (21,522) | |||||||
Balance at Jun. 30, 2022 | 277,935 | $ 4 | 423,333 | (143,820) | (1,582) | ||||
Balance (Shares) at Jun. 30, 2022 | 38,210,826 | ||||||||
Forfeiture of unvested common stock (shares) | (28,566) | ||||||||
Stock-based compensation | 3,465 | 3,465 | |||||||
Other comprehensive (loss) gain | 264 | 264 | |||||||
Net loss | (20,550) | (20,550) | |||||||
Balance at Sep. 30, 2022 | $ 261,114 | $ 4 | $ 426,798 | $ (164,370) | $ (1,318) | ||||
Balance (Shares) at Sep. 30, 2022 | 38,182,260 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Units and Stockholders' Equity/ Members' (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 30, 2021 USD ($) | |
Series C Convertible Preferred Units | |
Issuance costs | $ 1,132 |
Series C-1 Convertible Preferred Units | |
Issuance costs | 319 |
Initial Public Offering | |
Issuance costs | $ 19,864 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (60,663) | $ (32,764) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 593 | 505 |
Stock-based compensation | 9,482 | 3,901 |
Change in fair value of warrant liability | 1,318 | |
Gain on asset disposal | (28) | |
Amortization of operating lease right-of-use assets | 1,221 | |
Net accretion and amortization of marketable securities | 583 | 218 |
Loss on extinguishment of debt | 200 | |
Amortization of debt issuance costs | 131 | 78 |
Other non-cash items | 500 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,500 | |
Prepaid expenses and other assets | 1,040 | (2,612) |
Accounts payable | (287) | 1,363 |
Accrued expenses and other liabilities | 188 | 4,242 |
Operating lease liabilities | (890) | |
Deferred revenue | (1,125) | |
Deferred rent | (9) | |
Other assets | 5 | |
Net cash used in operating activities | (46,430) | (24,880) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (1,800) | (522) |
Purchases of marketable securities | (139,252) | (26,971) |
Proceeds from maturities of marketable securities | 122,561 | 2,700 |
Net cash used in investing activities | (18,491) | (24,793) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions, and offering costs | 216,182 | |
Proceeds from issuance of convertible preferred units, net of issuance costs | 83,341 | |
Proceeds from debt financing, net of debt issuance costs | 2,416 | |
Repayment of term loan | (2,644) | |
Payments of Series C issuance costs | (192) | |
Proceeds from stock option exercises | 84 | |
Payments of debt issuance costs | (32) | |
Payments on capital lease obligations | (99) | |
Payments for tax distributions | (45) | |
Net cash (used in) provided by financing activities | (2,784) | 301,795 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (67,705) | 252,122 |
Cash, cash equivalents and restricted cash at beginning of period | 116,174 | 59,836 |
Cash, cash equivalents and restricted cash at end of period | 48,469 | 311,958 |
SUPPLEMENTAL NON-CASH OPERATING INFORMATION: | ||
Right-of-use assets obtained in exchange for lease liabilities | 14,477 | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Property and equipment additions included in accounts payable and accrued liabilities | 343 | |
Offering costs included in accounts payable and accrued liabilities | 1,475 | |
Issuance costs for convertible preferred units included in accounts payable and accrued liabilities | 257 | |
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 48,271 | 311,610 |
Restricted cash | 198 | 348 |
Total cash, cash equivalents and restricted cash | $ 48,469 | $ 311,958 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business DICE Therapeutics, Inc. (“DICE”, or the “Company”), a successor to DiCE Molecules Holdings, LLC (“DiCE LLC”), is a Delaware Corporation headquartered in South San Francisco, California. DICE is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. The Company’s platform, DELSCAPE, is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (“PPIs”) as effectively as systemic biologics. Liquidity The Company has incurred significant operating losses since inception and has relied primarily on public and private equity to fund its operations. As of September 30, 2022, the Company had an accumulated deficit of $ 164.4 million . The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability, and until then, the Company will need to continue to raise additional capital. As of September 30, 2022, the Company had cash, cash equivalents, and marketable securities of $ 266.6 million . Based on the current plan, the Company believes that its cash, cash equivalents, and marketable securities as of September 30, 2022 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of these unaudited condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Unaudited Interim Condensed Consolidated Financial Statements The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all necessary adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2022, and its results of operations and comprehensive loss and changes in stockholders’ equity and members’ deficit for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and nine month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 , as filed on March 28, 2022. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments, and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company has a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue is recognized as the research and development services are being performed and the results of the research and development services are provided to the customer. The customers have options to elect commercial licenses of intellectual property. As the customer options are not considered to be a material right, customer options are accounted for as separate contracts if and when they are exercised by the customer. For collaborative arrangements under which the Company is eligible to receive milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For collaborative agreements under which the Company is eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. Under ASC 842, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and the current and noncurrent operating lease liabilities are included as operating lease liabilities in the Company’s condensed consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its condensed consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022 . The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $ 0.5 million, operating lease liabilities of $ 0.5 million and derecognized the deferred rent liability of $ 8,000 . In August 2020, the FASB issued Accounting Standards Updates 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022 . The adoption of ASU 2020-06 did no t have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value is measured based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The use of observable inputs is maximized, where available, and the use of unobservable inputs is minimized when measuring fair value. The three-level hierarchy of inputs is as follows: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the condensed consolidated balance sheets for cash, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 47,771 $ — $ — $ 47,771 US treasuries 56,300 — — 56,300 Corporate securities and commercial paper — 147,081 — 147,081 Asset-backed securities — 14,962 — 14,962 Total assets measured at fair value $ 104,071 $ 162,043 $ — $ 266,114 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 150,037 — 150,037 Asset-backed securities — 21,805 — 21,805 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ — $ 598 $ — $ 314 Fair value of warrants issued in connection with debt financing — ( 1 ) — 127 Change in fair value — 1,162 — 1,318 Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO — ( 535 ) — ( 535 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants — ( 1,224 ) — ( 1,224 ) Ending balance $ — $ — $ — $ — Prior to settlement, the fair value of the warrant liability was estimated using a hybrid approach between a probability-weighted expected return method (PWERM) and an option pricing model (OPM), which estimated the probability weighted value across multiple liquidity scenarios, while using OPM to estimate the allocation of value within one or more of those scenarios. The Company considered various scenarios, including a scenario in which the Company completed an IPO, a scenario in which the Company remained private, and a scenario contemplating a merger or acquisition. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. Investments The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): September 30, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 47,771 $ — $ — $ 47,771 US treasuries 56,597 — ( 297 ) 56,300 Corporate securities and commercial paper 148,021 — ( 940 ) 147,081 Asset-backed securities 15,043 — ( 81 ) 14,962 Total financial assets $ 267,432 $ — $ ( 1,318 ) $ 266,114 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,056 1 ( 4 ) 24,053 Government treasury and agency securities 7,606 — ( 6 ) 7,600 Corporate securities and commercial paper 150,074 3 ( 40 ) 150,037 Asset-backed securities 21,817 — ( 12 ) 21,805 Total financial assets $ 318,963 $ 4 $ ( 62 ) $ 318,905 Investments with unrealized losses have been in a loss position for less than twelve months, and the unrealized losses were considered to be temporary in nature. Unrealized losses as of September 30, 2022 are attributed to changes in market interest rates. The Company does not intend to sell the investments in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. As of September 30, 2022, the fair value of the Company’s marketable debt securities, by maturity date, were as follows (in thousands): Amount Due within one year $ 211,337 Due after one through five years 7,006 Total marketable securities $ 218,343 |
Collaboration Revenue
Collaboration Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Revenue | 5. Collaboration Revenue 2015 Sanofi Collaboration Agreement In December 2015, the Company entered into a license and collaboration agreement (the “Sanofi Agreement”) with Aventis, Inc. (“Sanofi”), which was amended and restated in August 2017 (as amended, the “2015 Collaboration Agreement”). Under the Sanofi Agreement, the Company agreed to provide research services on identified targets and to grant Sanofi an exclusive option to license to develop and commercialize (as applicable), certain compounds into products within the time frames specified therein. In particular, the Company agreed to identify, in two or more screening libraries, compounds that bind to seven agreed upon immuno-oncology targets and to generate collaboration compounds for use by Sanofi to develop and commercialize collaboration products. No revenue was recognized related to the Sanofi Agreement, as amended, for the three and nine months ended September 30, 2022 and 2021. In March 2022, Sanofi notified the Company that it no longer intended to develop therapeutic candidates under the Sanofi Agreement and terminated the agreement effective as of July 13, 2022. As a result, the Company regained worldwide rights to the previously partnered oral immuno-oncology program in July 2022. Under the Sanofi Agreement, the Company earned Sum of the Evidence (“SOE”) points depending on the milestone achieved and Sanofi’s elections. In connection with this right, the Company recognized $ 2.0 million in revenue in 2018, when SOE points were earned . The contract asset is recorded as an unbilled receivable of $ 2.0 million in the condensed consolidated balance sheets as of December 31, 2021. In August 2022, the Company reached a negotiated settlement of the receivable of $ 1.5 million . As of September 30, 2022 the receivable was collected and all related performance obligations have been satisfied. 2017 Genentech Collaboration Agreement In November 2017, the Company entered into a collaboration agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). Under the 2017 Collaboration Agreement, the Company was entitled to receive a one-time target access fee for each of the collaboration targets designated. The research collaboration with respect to each collaboration target has a two-year term that commences upon the Company’s initiation of certain research activities, unless terminated earlier under the terms of the Collaboration Agreement. On a per collaboration target basis, the Company is also eligible to receive preclinical, clinical, regulatory, and commercial milestone payments, as well as tiered low-single-digit royalties. Upon execution of the Genentech Agreement, Genentech designated certain collaboration targets and paid the Company a $ 4.5 million target access fee. In 2018, Genentech paid the Company an additional $ 1.5 million in target access fees. The Company’s performance obligation under the collaboration consists of research services. The revenue related to the performance obligation is recognized when the research services are completed and delivered to Genentech. In addition, the arrangement includes several customer options which will be accounted for as separate contracts if and when elected by Genentech. The Company initiated research activities on the active collaboration targets in March 2018 and submitted five milestone packages for Genentech to review in 2019. The Company recognized collaboration revenue upon the completion of the milestone packages and research services. In June 2021, the Genentech Agreement was terminated, and the Company recognized the remaining $ 1.1 million of deferred revenue as collaboration revenue for the nine months ended September 30, 2021 . No revenue was recognized for the three and nine months ended September 30, 2022 . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases In June 2021, the Company entered into a lease agreement for a new office space in South San Francisco, California. The lease has an initial term of seven years , beginning on the lease commencement date of March 25, 2022 , with an option to extend the lease for an additional period of five years . Under the terms of the lease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $ 0.2 million, commencing on the effective date of the agreement until the expiration of the lease. The deposit related to the letter of credit is included within restricted cash in the condensed consolidated balance sheets. The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022 . As of September 30, 2022, the Company had recorded an aggregate operating lease ROU asset of $ 13.5 million and an aggregate operating lease liability of $ 13.6 million in the accompanying unaudited condensed consolidated balance sheet. As of September 30, 2022, the weighted-average remaining lease term was 6.5 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 10.0 % . As of September 30, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2022 (remaining three months) $ 653 2023 2,665 2024 2,738 2025 2,814 2026 2,891 Thereafter 6,792 Total undiscounted lease payments 18,553 Less: imputed interest ( 4,966 ) Total lease liabilities 13,587 Less: lease liabilities – current portion 1,372 Lease liabilities – noncurrent portion $ 12,215 Operating lease cost for the three and nine months ended September 30, 2022 was $ 0.7 million and $ 1.9 million , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt Loan and Security Agreement On April 13, 2021, the Company entered into a senior secured term loan facility with Silicon Valley Bank (“SVB”) (the “SVB Loan and Security Agreement”), which provided for a $ 10.0 million term loan, of which $ 2.5 million was drawn (the “Term Loan”). On June 27, 2022, the Company entered into the Joinder and First Amendment to Loan and Security Agreement (the “Amendment”) with SVB. The Amendment amends certain key terms of the SVB Loan and Security Agreement (together the “Credit Facility”) to among other things: (1) provide additional term loan advances of up to $ 30.0 million (“Additional Term Loan Advances”), $ 20.0 million of which is available immediately, and an additional $ 10.0 million is available upon the satisfaction of certain conditions related to clinical development in Psoriasis; (2) extend the draw period from June 30, 2022 to February 29, 2024 ; (3) extend the maturity date from February 1, 2025 to May 1, 2027 ; and (4) reduce the per annum interest rate from the greater of (i) 1.75 % above the WSJ prime rate and (ii) 5.0 %, to the greater of (i) 0.75 % above the WSJ prime rate and (ii) 4.25 %. Amounts borrowed under the Additional Term Loan Advances will be interest only through June 1, 2024, followed by 36 monthly payments of principal and interest. There is no required minimum draw or financial covenants associated with the Credit Facility, as amended. The Credit Facility calls for a final payment fee equal to 5.0 % of the original principal amount borrowed under the Additional Term Loan Advances, due upon the earlier of maturity, prepayment or acceleration of the principal due to an event of default. Upon execution of the Amendment, the Company repaid the $ 2.5 million Term Loan and the final payment fee of $ 0.1 million. Per the Amendment, the associated prepayment fee was waived. As of September 30, 2022 , there was no outstanding balance on the Credit Facility. The Company recorded a loss on extinguishment of debt of approximately $ 0.2 million in the condensed consolidated statements of operations for the nine months ended September 30, 2022, representing the difference between the carrying amount of the Term Loan and the amount paid to retire the Term Loan. In conjunction with the Amendment, the Company issued to SVB a warrant to purchase up to 42,349 shares of the Company’s common stock at an exercise price of $ 14.43 per share. If the Company draws down any portion of the additional $ 10.0 million term loan, the amount of common stock issuable upon exercise of the warrant will increase by up to 21,174 shares. The warrant has a cashless exercise provision allowing the holder, in lieu of payment of the aggregate exercise price, to surrender to the Company shares having an aggregate value equal to the aggregate exercise price, based on the fair market value of the Company’s common stock at the time of exercise. The Company estimated the fair value of the warrant on the date of issuance using the Black-Scholes model. The Company incurred financing expenses of approximately $ 0.6 million (including the fair value of the warrant) related to the Amendment, which was recorded as deferred costs in other noncurrent assets in the condensed consolidated balance sheets and is being amortized to interest expense over the available draw period using the straight-line method. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 8. Warrants Common Stock Warrants As of September 30, 2022 , the Company has an outstanding common stock warrant, issued to SVB in conjunction with the Amendment, to purchase 42,349 shares of common stock at an exercise price of $ 14.43 per share. The outstanding warrant expires on June 26, 2032 . As of December 31, 2021 , there were no warrants outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation 2021 Equity Incentive Plan In January 2022, the common stock available for issuance under the 2021 Equity Incentive Plan automatically increased by 5 % of the total number of shares of the Company’s capital stock outstanding on December 31, 2021, or 1,911,215 shares. 2021 Employee Stock Purchase Plan In January 2022, the common stock available for issuance under the 2021 Employee Stock Purchase Plan automatically increased by 1 % of the total number of shares of the Company’s capital stock outstanding on December 31, 2021, or 382,243 shares. Stock-Based Compensation Expense The Company recognized stock-based compensation as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,701 $ 1,377 $ 4,752 $ 1,721 General and administrative 1,764 1,781 4,730 2,180 Total stock-based compensation expense $ 3,465 $ 3,158 $ 9,482 $ 3,901 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, less restricted stock subject to future vesting. Diluted net loss per share is the same as basic net loss per share for each period presented, as the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The following outstanding shares have been excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three and Nine Months Ended September 30, 2022 2021 Restricted stock subject to future vesting 657,270 1,134,007 Options to purchase common stock 3,678,936 1,417,226 Warrants to purchase common stock 42,349 — Total 4,378,555 2,551,233 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On October 17, 2022, the Company completed an underwritten public offering of 9,452,054 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase 1,232,876 shares of common stock, at an offering price of $ 36.50 per share. Proceeds from the underwritten public offering were approximately $ 323.6 million after deducting underwriting discounts and estimated offering costs. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. |
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all necessary adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2022, and its results of operations and comprehensive loss and changes in stockholders’ equity and members’ deficit for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and nine month periods are also unaudited. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 , as filed on March 28, 2022. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments, and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company has a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue is recognized as the research and development services are being performed and the results of the research and development services are provided to the customer. The customers have options to elect commercial licenses of intellectual property. As the customer options are not considered to be a material right, customer options are accounted for as separate contracts if and when they are exercised by the customer. For collaborative arrangements under which the Company is eligible to receive milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For collaborative agreements under which the Company is eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. Under ASC 842, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and the current and noncurrent operating lease liabilities are included as operating lease liabilities in the Company’s condensed consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its condensed consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022 . The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $ 0.5 million, operating lease liabilities of $ 0.5 million and derecognized the deferred rent liability of $ 8,000 . In August 2020, the FASB issued Accounting Standards Updates 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022 . The adoption of ASU 2020-06 did no t have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 47,771 $ — $ — $ 47,771 US treasuries 56,300 — — 56,300 Corporate securities and commercial paper — 147,081 — 147,081 Asset-backed securities — 14,962 — 14,962 Total assets measured at fair value $ 104,071 $ 162,043 $ — $ 266,114 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 150,037 — 150,037 Asset-backed securities — 21,805 — 21,805 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 |
Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities | The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ — $ 598 $ — $ 314 Fair value of warrants issued in connection with debt financing — ( 1 ) — 127 Change in fair value — 1,162 — 1,318 Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO — ( 535 ) — ( 535 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants — ( 1,224 ) — ( 1,224 ) Ending balance $ — $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities | The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): September 30, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 47,771 $ — $ — $ 47,771 US treasuries 56,597 — ( 297 ) 56,300 Corporate securities and commercial paper 148,021 — ( 940 ) 147,081 Asset-backed securities 15,043 — ( 81 ) 14,962 Total financial assets $ 267,432 $ — $ ( 1,318 ) $ 266,114 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,056 1 ( 4 ) 24,053 Government treasury and agency securities 7,606 — ( 6 ) 7,600 Corporate securities and commercial paper 150,074 3 ( 40 ) 150,037 Asset-backed securities 21,817 — ( 12 ) 21,805 Total financial assets $ 318,963 $ 4 $ ( 62 ) $ 318,905 |
Fair Value of Investments in Marketable Debt Securities | As of September 30, 2022, the fair value of the Company’s marketable debt securities, by maturity date, were as follows (in thousands): Amount Due within one year $ 211,337 Due after one through five years 7,006 Total marketable securities $ 218,343 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases Liabilities | As of September 30, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2022 (remaining three months) $ 653 2023 2,665 2024 2,738 2025 2,814 2026 2,891 Thereafter 6,792 Total undiscounted lease payments 18,553 Less: imputed interest ( 4,966 ) Total lease liabilities 13,587 Less: lease liabilities – current portion 1,372 Lease liabilities – noncurrent portion $ 12,215 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Recognized Stock-Based Compensation | The Company recognized stock-based compensation as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,701 $ 1,377 $ 4,752 $ 1,721 General and administrative 1,764 1,781 4,730 2,180 Total stock-based compensation expense $ 3,465 $ 3,158 $ 9,482 $ 3,901 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Shares Have Been Excluded from Computation of Diluted Net Loss Per Unit Because Their Effect Would have Been Anti-Dilutive | The following outstanding shares have been excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three and Nine Months Ended September 30, 2022 2021 Restricted stock subject to future vesting 657,270 1,134,007 Options to purchase common stock 3,678,936 1,417,226 Warrants to purchase common stock 42,349 — Total 4,378,555 2,551,233 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 164,370 | $ 103,707 |
Cash, cash equivalents and marketable securities | $ 266,600 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Sep. 30, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 13,474,000 | |
Operating lease liabilities | $ 13,587,000 | |
ASU 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |
Operating lease ROU assets | $ 500,000 | |
Operating lease liabilities | 500,000 | |
Deferred rent liability derecognized | $ 8,000 | |
ASU 2020-06 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |
Change In Accounting Principle Accounting Standards Update Immaterial Effect | true |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy (Details) - Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 266,114 | $ 318,905 |
Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,600 | |
Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 147,081 | 150,037 |
Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 14,962 | 21,805 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 47,771 | 115,410 |
US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 56,300 | 24,053 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 104,071 | 139,463 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 47,771 | 115,410 |
Level 1 | US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 56,300 | 24,053 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 162,043 | 179,442 |
Level 2 | Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,600 | |
Level 2 | Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 147,081 | 150,037 |
Level 2 | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 14,962 | $ 21,805 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities (Details) - Warrant Liability - Recurring Basis - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 598 | $ 314 |
Fair value of warrants issued in connection with debt financing | (1) | 127 |
Change in fair value | 1,162 | 1,318 |
Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO | (535) | (535) |
Reclassification of fair value of warrants to equity upon the net exercise of warrants | $ (1,224) | $ (1,224) |
Investments - Schedule of Fair
Investments - Schedule of Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 267,432 | $ 318,963 |
Unrealized Gain | 4 | |
Unrealized Loss | (1,318) | (62) |
Fair Value | 266,114 | 318,905 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 47,771 | 115,410 |
Fair Value | 47,771 | 115,410 |
US Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 56,597 | 24,056 |
Unrealized Gain | 1 | |
Unrealized Loss | (297) | (4) |
Fair Value | 56,300 | 24,053 |
Government Treasury and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 7,606 | |
Unrealized Loss | (6) | |
Fair Value | 7,600 | |
Corporate Securities and Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 148,021 | 150,074 |
Unrealized Gain | 3 | |
Unrealized Loss | (940) | (40) |
Fair Value | 147,081 | 150,037 |
Asset-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 15,043 | 21,817 |
Unrealized Loss | (81) | (12) |
Fair Value | $ 14,962 | $ 21,805 |
Investments - Schedule of Fai_2
Investments - Schedule of Fair Value of Marketable Debt Securities by Maturity Date (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within one year | $ 211,337 |
Due after one through five years | 7,006 |
Total marketable securities | $ 218,343 |
Collaboration Revenue - Additio
Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Nov. 30, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2018 | Aug. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue | $ 1,125 | |||||||
Contract asset recorded as accounts receivable and unbilled receivable | $ 2,000 | |||||||
Negotiated settlement of receivable recorded as accounts receivable, net | $ 1,500 | |||||||
2015 Sanofi Collaboration Agreement | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue | $ 0 | $ 0 | $ 0 | 0 | ||||
Deferred revenue recognized | $ 2,000 | |||||||
Contract asset recorded as accounts receivable and unbilled receivable | $ 2,000 | |||||||
2017 Genentech Collaboration Agreement | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue | $ 0 | $ 0 | $ 1,100 | |||||
Collaborative arrangement, collaboration target term | 2 years | |||||||
Collaboration target access fee | $ 4,500 | $ 1,500 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | |
Lessee Lease Description [Line Items] | |||
Operating lease ROU asset | $ 13,474 | $ 13,474 | |
Operating lease liability | $ 13,587 | $ 13,587 | |
Operating lease, weighted-average remaining lease term | 6 years 6 months | 6 years 6 months | |
Operating lease, weighted-average incremental borrowing rate | 10% | 10% | |
Operating lease cost | $ 700 | $ 1,900 | |
New Office Space | |||
Lessee Lease Description [Line Items] | |||
Lessee, operating lease, option to extend | The lease has an initial term of seven years, beginning on the lease commencement date of March 25, 2022, with an option to extend the lease for an additional period of five years. | ||
Lessee, operating lease, term of contract | 7 years | ||
Lessee operating lease start date | Mar. 25, 2022 | ||
Lessee operating lease additional number of period option to extend | 5 years | ||
Lessee operating lease amount of letter of credit maintain for benefit of landlord | $ 200 | ||
Offices and Laboratory Facilities | |||
Lessee Lease Description [Line Items] | |||
Lessee, operating lease term | The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022. | ||
Lessee operating lease sublease agreement period end | 2022-04 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (remaining six months) | $ 653 |
2023 | 2,665 |
2024 | 2,738 |
2025 | 2,814 |
2026 | 2,891 |
Thereafter | 6,792 |
Total undiscounted lease payments | 18,553 |
Less: imputed interest | (4,966) |
Total lease liabilities | 13,587 |
Less: lease liabilities – current portion | 1,372 |
Lease liabilities – noncurrent portion | $ 12,215 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Jun. 27, 2022 | Apr. 13, 2021 | Sep. 30, 2022 | |
Line of Credit Facility [Line Items] | |||
Loss on extinguishment of debt | $ (200,000) | ||
Warrants to Purchase Shares of Common Stock | |||
Line of Credit Facility [Line Items] | |||
Warrants to purchase shares of common stock | 42,349 | ||
Term Loan | |||
Line of Credit Facility [Line Items] | |||
Loss on extinguishment of debt | $ 200,000 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | |||
Line of Credit Facility [Line Items] | |||
Financing expenses | 600,000 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Warrants to Purchase Shares of Common Stock | |||
Line of Credit Facility [Line Items] | |||
Additional term loans | $ 10,000,000 | ||
Warrants to purchase shares of common stock | 42,349 | ||
Warrants exercise price per share | $ 14.43 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Maximum | Warrants to Purchase Shares of Common Stock | |||
Line of Credit Facility [Line Items] | |||
Increase in common stock shares issuable upon exercise of warrants | 21,174 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | |||
Line of Credit Facility [Line Items] | |||
Term loan | $ 10,000,000 | ||
Loan amount withdrawn | $ 2,500,000 | ||
Additional term loans | $ 20,000,000 | ||
Debt instrument, extension draw date | Feb. 29, 2024 | Jun. 30, 2022 | |
Debt instrument, maturity date | May 01, 2027 | Feb. 01, 2025 | |
Debt floating rate percentage | 5% | ||
Repaid amount | $ 2,500,000 | ||
Final payment fee | $ 100,000 | ||
Currently outstanding balance | $ 0 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | Clinical development | |||
Line of Credit Facility [Line Items] | |||
Additional term loans | $ 10,000,000 | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | Minimum | |||
Line of Credit Facility [Line Items] | |||
Debt floating rate percentage | 4.25% | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | Minimum | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread rate | 0.75% | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | Maximum | |||
Line of Credit Facility [Line Items] | |||
Additional term loans | $ 30,000,000 | ||
Debt floating rate percentage | 5% | ||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | Maximum | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread rate | 1.75% |
Warrants Additional Information
Warrants Additional Information (Details) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Warrants to Purchase Shares of Common Stock | ||
Class of Warrant or Right [Line Items] | ||
Warrants to purchase shares of common stock | 42,349 | |
Common Stock Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrants to purchase shares of common stock | 14.43 | |
Warrants outstanding | 0 | |
Outstanding warrant expiration date | Jun. 26, 2032 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | 1 Months Ended | |
Jan. 31, 2022 | Dec. 31, 2021 | |
2021 Stock Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increasing percentage value equal to total number of shares of capital stock outstanding | 5% | |
Number of shares of capital stock outstanding | 1,911,215 | |
2021 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increasing percentage value equal to total number of shares of capital stock outstanding | 1% | |
Number of shares of capital stock outstanding | 382,243 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Recognized Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 3,465 | $ 3,158 | $ 9,482 | $ 3,901 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,701 | 1,377 | 4,752 | 1,721 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,764 | $ 1,781 | $ 4,730 | $ 2,180 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Shares Have Been Excluded from Computation of Diluted Net Loss Per Share Because Their Effect Would have Been Anti-Dilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per unit | 4,378,555 | 2,551,233 | 4,378,555 | 2,551,233 |
Restricted Stock Subject to Future Vesting | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per unit | 657,270 | 1,134,007 | 657,270 | 1,134,007 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per unit | 3,678,936 | 1,417,226 | 3,678,936 | 1,417,226 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per unit | 42,349 | 42,349 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Oct. 17, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||
Proceeds from underwritten public offering | $ 216,182 | |
Common Stock | Initial Public Offering | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of shares issued in transaction | 9,452,054 | |
Shares issued price per share | $ 36.50 | |
Proceeds from underwritten public offering | $ 323,600 | |
Common Stock | Underwriters' Option to Purchase Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of shares issued in transaction | 1,232,876 |