Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 10, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Registrant Name | IKENA ONCOLOGY, INC. | ||
Entity Central Index Key | 0001835579 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 001-40287 | ||
Entity Tax Identification Number | 81-1697316 | ||
Entity Address, Address Line One | 645 Summer Street | ||
Entity Address, Address Line Two | Suite 101 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02210 | ||
City Area Code | 857 | ||
Local Phone Number | 273-8343 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | IKNA | ||
Security Exchange Name | NASDAQ | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Common Stock, Shares Outstanding | 36,108,995 | ||
Entity Public Float | $ 296.7 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 42 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the 2022 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2021, are incorporated by reference in Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 232,217 | $ 162,491 |
Prepaid expenses and other current assets | 4,299 | 3,478 |
Total current assets | 236,516 | 165,969 |
Property and equipment, net | 2,439 | 1,393 |
Right-of-use asset | 6,538 | 170 |
Deposits and Other assets | 2,386 | 872 |
Total assets | 247,879 | 168,404 |
Current liabilities: | ||
Accounts payable | 2,384 | 2,122 |
Accrued expenses and other current liabilities | 5,854 | 5,402 |
Operating lease liability | 1,851 | 186 |
Deferred revenue | 17,100 | 20,622 |
Total current liabilities | 27,189 | 28,332 |
Long-term portion of lease liabilities | 5,135 | |
Deferred revenue, net of current portion | 7,678 | 35,141 |
Total liabilities | 40,002 | 63,473 |
Commitments and contingencies (Note 15) | ||
Redeemable convertible preferred stock (Series A, A-1, A-2, and B), $0.001 par value. No shares authorized, issued and outstanding as of December 31, 2021; 169,396,576 shares, authorized, issued and outstanding as of December 31, 2020 (liquidation preference $0 as of December 31, 2021 and $202.2 million as of December 31, 2020) | 0 | 205,979 |
Stockholders' deficit: | ||
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of December 31, 2021 and no shares authorized as of December 31, 2020; No shares issued and outstanding as of December 31, 2021 or December 31, 2020 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31, 2021; 230,000,000 shares authorized, 3,096,903 issued and outstanding as of December 31, 2020 | 36 | 3 |
Additional paid-in capital | 353,295 | 10,288 |
Accumulated deficit | (145,454) | (111,339) |
Total stockholders' equity (deficit) | 207,877 | (101,048) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ 247,879 | $ 168,404 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Redeemable convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, shares authorized | 0 | 169,396,576 |
Redeemable convertible preferred stock, shares issued | 0 | 169,396,576 |
Redeemable convertible preferred stock, shares outstanding | 0 | 169,396,576 |
Redeemable convertible preferred stock, liquidation preference | $ 0 | $ 202,227 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 230,000,000 |
Common stock, shares issued | 35,975,034 | 3,096,903 |
Common stock, shares outstanding | 35,975,034 | 3,096,903 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | ||
Research and development revenue under collaboration agreement | $ 30,985 | $ 9,194 |
Revenue from Contract with Customer, Product and Service [Extensible List] | Research And Development Member | Research And Development Member |
Operating expenses | ||
Research and development | $ 47,108 | $ 44,847 |
General and administrative | 18,015 | 8,866 |
Total operating expenses | 65,123 | 53,713 |
Loss from operations | (34,138) | (44,519) |
Other income, net | 23 | 263 |
Net loss and comprehensive loss | $ (34,115) | $ (44,256) |
Net loss per share attributable to common stockholders, basic and diluted | $ (1.22) | $ (16) |
Weighted-average shares of common stock outstanding, basic and diluted | 27,983,359 | 2,765,494 |
CONSOLIDATED STATEMENTS REDEEMA
CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Redeemable Convertible Preferred Stock |
Beginning Balance, Shares at Dec. 31, 2019 | 75,727,268 | ||||
Beginning Balance at Dec. 31, 2019 | $ 78,867 | ||||
Beginning Balance, Shares at Dec. 31, 2019 | 2,651,333 | ||||
Beginning Balance at Dec. 31, 2019 | $ (61,463) | $ 3 | $ 5,617 | $ (67,083) | |
Issuance of preferred stock in connection with the acquisition of Amplify Medicines, Inc. | $ 10,924 | ||||
Issuance of preferred stock in connection with the acquisition of Amplify Medicines, Inc., Shares | 7,863,094 | ||||
Issuance of common stock in connection with the acquisition of Amplify Medicines, Inc. | 2,804 | 2,804 | |||
Issuance of common stock in connection with the acquisition of Amplify Medicines, Inc., Shares | 426,159 | ||||
Issuance of preferred stock in connection with private placement | $ 116,188 | ||||
Issuance of preferred stock in connection with private placement, Shares | 85,806,214 | ||||
Exercise of stock options | 70 | 70 | |||
Exercise of stock options, Shares | 19,411 | ||||
Stock-based compensation | 1,797 | 1,797 | |||
Net loss and comprehensive loss | $ (44,256) | (44,256) | |||
Ending Balance, Shares at Dec. 31, 2020 | 169,396,576 | 169,396,576 | |||
Ending Balance at Dec. 31, 2020 | $ 205,979 | $ 205,979 | |||
Ending Balance, Shares at Dec. 31, 2020 | 3,096,903 | ||||
Ending Balance at Dec. 31, 2020 | (101,048) | $ 3 | 10,288 | (111,339) | |
Initial public offering, net of issuance costs | 131,302 | $ 9 | 131,293 | ||
Initial public offering, net of issuance costs, Shares | 8,984,375 | ||||
Conversion of convertible preferred stock into common stock | $ (205,979) | ||||
Conversion of convertible preferred stock into common stock, Shares | (169,396,576) | ||||
Conversion of convertible preferred stock into common stock | 205,979 | $ 24 | 205,955 | ||
Conversion of convertible preferred stock into common stock, Shares | 23,678,568 | ||||
Exercise of stock options | $ 582 | 582 | |||
Exercise of stock options, Shares | 215,188 | 215,188 | |||
Stock-based compensation | $ 5,177 | 5,177 | |||
Net loss and comprehensive loss | $ (34,115) | (34,115) | |||
Ending Balance, Shares at Dec. 31, 2021 | 0 | ||||
Ending Balance at Dec. 31, 2021 | $ 0 | ||||
Ending Balance, Shares at Dec. 31, 2021 | 35,975,034 | ||||
Ending Balance at Dec. 31, 2021 | $ 207,877 | $ 36 | $ 353,295 | $ (145,454) |
CONSOLIDATED STATEMENTS REDEE_2
CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Initial Public Offering | |
Issuance costs | $ 2.4 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (34,115) | $ (44,256) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Depreciation expense | 544 | 300 |
Stock-based compensation | 5,177 | 1,797 |
Non-cash research and development expense for in-process research and development acquired in acquisition | 11,140 | |
Non-cash lease expense | 1,174 | 964 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,452) | 297 |
Accounts payable | 361 | 519 |
Accrued expenses and other current liabilities | 1,298 | 1,585 |
Lease liability | (740) | (978) |
Deferred revenue | (30,985) | (9,194) |
Deposits and other assets | (1,514) | |
Net cash flows used in operating activities | (60,252) | (37,826) |
Cash flows from investing activities | ||
Cash obtained in asset acquisition | 3,688 | |
Payments to acquire property and equipment | (1,760) | (766) |
Net cash flows (used in) provided by investing activities | (1,760) | 2,922 |
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock, net of offering costs | (146) | 116,171 |
Proceeds from initial public offering, net of offering costs | 131,302 | (57) |
Proceeds from exercise of stock options | 582 | 70 |
Net cash flows provided by financing activities | 131,738 | 116,184 |
Net increase in cash and cash equivalents | 69,726 | 81,280 |
Cash, cash equivalents and restricted cash, beginning of year | 163,363 | 82,083 |
Cash, cash equivalents and restricted cash, end of year | 233,089 | 163,363 |
Cash and cash equivalents | 232,217 | 162,491 |
Restricted cash included in other assets | 872 | 872 |
Cash, cash equivalents and restricted cash, end of year | 233,089 | 163,363 |
Supplemental disclosure of non-cash activities | ||
Assets obtained in asset acquisition | 34 | |
Liabilities assumed in asset acquisition | 970 | |
Fair value of equity instruments issued in connection with asset acquisition | 13,892 | |
Purchases of property and equipment in accounts payable and accrued expenses | 13 | 367 |
Deferred transaction costs in accounts payable and accrued liabilities | 591 | |
Right-of-use assets recognized upon adoption of ASC 842 | $ 956 | |
Right-of-use assets and lease liabilities recognized upon lease inception | $ 7,541 |
Nature of Business and Organiza
Nature of Business and Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Organization | 1. NATURE OF BUSINESS AND ORGANIZATION We are a targeted oncology company developing precision medicines tailored to biomarker-defined patient groups with specific unmet needs. With our robust biomarker and translational approach we aim to develop targeted treatments and define patient populations who are most likely to respond to treatment. Our current programs are across the Hippo pathway, RAS pathway, and key immune signals in the tumor-microenvironment (TME), with approaches to targeting both cancer-driving targets and mechanisms of resistance to targeted therapies. Our focus on patient-driven development is platform and process agnostic, allowing us to research both known and novel targets , with a shared guiding principle of aiming to address the unmet need of a biomarker-defined patient population. Since we commenced operations in 2016, we have advanced multiple product candidates into clinical development. In addition, we have a robust pipeline of discovery-stage targeted oncology programs. On March 22, 2021, ahead of the initial public offering, the Company effected a one-for- 7.154 reverse stock split of the Company’s common stock. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the appropriate securities agreements. Shares of common stock reserved for issuance upon the conversion of the Company’s convertible preferred stock were proportionately reduced and the respective conversion prices were proportionately increased. On March 25, 2021, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock was declared effective by the Securities and Exchange Commission (“SEC”). In the IPO, which closed on March 30, 2021, the Company issued and sold 8,984,375 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 1,171,875 shares, at a public offering price of $ 16.00 per share and received $ 131.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates: The preparation of the Company’s 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 revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement, and intangible assets acquired in an asset acquisition and, for periods prior to the completion of the IPO, stock based compensation expense. Liquidity: Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities as of December 31, 2021, will be sufficient to enable us to advance our long-term strategic goals for at least the next 12 months from the filing of this annual report on Form 10-K. In addition, the Company expects that it will seek additional funding through public or private financings, debt financing, collaboration agreements or government grants. The inability to obtain funding, as and when needed, could have a negative impact on the Company’s financial condition and ability to pursue its business strategies, which may include amending, delaying, limiting, reducing, or terminating planned activities related to its product candidates. Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States. Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. As of December 31, 2021 , substantially all of the Company’s cash and cash equivalents were deposited at two highly rated financial institutions. The Company maintains balances in operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Fair Value of Financial Instruments: The amounts reported for cash equivalents, accounts payable and accrued expenses approximate fair value because of their short maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in our fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Our cash equivalents are generally composed of commercial paper, corporate notes, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds. Restricted Cash: As of December 31, 2021 and 2020 , the Company maintained restricted cash totaling approximately $ 0.9 million and $ 0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets. Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years . Electronic equipment and software are depreciated over three years . Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred. Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets. Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods. Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties. To determine revenue recognition, the entity 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. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. As of December 31, 2021 , the Company had one collaborative agreement with Bristol-Myers Squibb (“BMS”), which the Company entered into in January 2019 (the “BMS Collaboration Agreement”). For a complete discussion of the accounting related to BMS Collaboration Agreement, see Note 7, Collaboration Agreement and Stock Purchase Agreement with BMS. Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. Research and development expense for the year ended December 31, 2020, also includes the write-off of acquired in-process research and development (“IPR&D”) assets with no alternative future use. Asset Acquisitions: The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to research and development expense at the acquisition date. Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in our consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock. Leases: Under Accounting Standards Codification (ASC) 842 Leases, which was adopted on January 1, 2020 , the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company's operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases. Right-of-use 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 right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The 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 is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components. Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities. Deferred Issuance Costs: Deferred issuance costs consist of legal, accounting and other third-party fees that are directly associated with in-process equity financings and remain deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the proceeds generated as a result of the offering. On March 30, 2021, the Company completed its IPO. Accordingly, the Company recognized offering costs of approximately $ 2.4 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying consolidated balance sheet. The Company incurred deferred offering costs of $ 0.5 million as of December 31, 2020 which were included in prepaid expenses and other current assets. Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 232,017 $ 232,017 — — Total Cash Equivalents $ 232,017 $ 232,017 $ — $ — As of December 31, 2020 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 162,290 $ 162,290 — — Total Cash Equivalents $ 162,290 $ 162,290 $ — $ — For the years ended December 31, 2021 and 2020 , there were no transfers between Level 1 and Level 2 financial assets. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, 2021 2020 Clinical, manufacturing and scientific development $ 2,820 $ 1,917 Prepaid Insurance 850 23 Other 629 1,538 Total $ 4,299 $ 3,478 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. PROPERTY AND EQUITPMENT, NET Property and equipment consisted of the following (in thousands): As of December 31, 2021 2020 Property and equipment: Lab equipment $ 1,776 $ 1,071 Leasehold improvements 923 939 Electronic equipment and software 430 71 Furniture and fixtures 384 — Total property and equipment 3,513 2,081 Less: accumulated depreciation ( 1,074 ) ( 688 ) Property and equipment, net $ 2,439 $ 1,393 Depreciation expense for the years ended December 31, 2021 and 2020 was $ 0.5 million and $ 0.3 million, respectively. There were no impairments for the years ended December 31, 2021 and 2020 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2021 2020 Employee compensation $ 2,809 $ 1,816 Research and development expenses 2,489 2,251 Professional fees 530 955 Other current liabilities 26 380 Total $ 5,854 $ 5,402 |
Collaboration Agreement and Sto
Collaboration Agreement and Stock Purchase Agreement with BMS | 12 Months Ended |
Dec. 31, 2021 | |
Collaboration And Stock Purchase Agreement [Abstract] | |
Collaboration Agreement and Stock Purchase Agreement with BMS | 7. COLLABORATION AGREEMENT AND STOCK PURCHASE AGREEMENT WITH BMS In January 2019, the Company entered into the BMS Collaboration Agreement with Celgene Corporation, which was acquired by BMS in November 2019, whereby the Company will carry out initial research and development activities with the goal of identifying and developing drug candidates for certain cancer types. Concurrent with execution of the BMS Collaboration Agreement, the Company entered into a stock purchase agreement with BMS, which resulted in the issuance of 14,545,450 shares of Series A-1 Preferred Stock (the “Stock Purchase Agreement”). In connection with the Company’s IPO, the series A-1 preferred stock converted into common stock. Agreement Structure Under the BMS Collaboration Agreement, the Company will conduct exploratory and discovery activities, with the goal of identifying product candidates for certain targets, which are in the kynurenine pathway, which the Company is developing as IK-412, and the aryl hydrocarbon receptor (“AHR”), which the Company is developing as IK-175. The Company is obligated to advance research and development activities through the earlier of January 2024 or the completion of a Phase 1b clinical trial for each program ("the research term"). BMS has the option to receive a global-development, manufacture and commercialization license for the product candidate, which expires in January 2024. Subsequent to the delivery of a license, BMS is responsible for the worldwide development, manufacturing and commercialization of these product candidates. BMS paid the Company a total of $ 95.0 million in aggregate upfront consideration related to the BMS Collaboration Agreement and Stock Purchase Agreement. The Company is eligible to receive $ 50.0 million, in case of an exercise of its option with respect to IK-175, and $ 40.0 million, in case of an exercise of its option with respect to IK-412. If the Company does not complete a Phase 1b clinical trial by the end of the research term, the Company may provide a data package to BMS to support the decision to exercise the option for an additional $ 0.25 million. Upon the exercise of the delivery of each license, the Company becomes eligible to receive up to $ 450 million in milestone payments as well as a tiered royalty on worldwide sales from the high single to low teen digits. Accounting Considerations of the Agreement The BMS Collaboration Agreement and the Stock Purchase Agreement were executed concurrently and in contemplation of each other. The issuance of Series A-1 Preferred Stock was initially accounted for at fair value. The purchase price for the Series A-1 Preferred Stock was considered to be at a discount from fair value, and therefore $ 1.8 million of the upfront from the BMS Collaboration Agreement was allocated to the equity arrangement. The Company determined that the BMS Collaboration Agreement represented a contract with a customer and should be accounted for in accordance with ASC 606. The Company identified the two performance obligations, which are research and development services for IK-175 and IK-412. The options to receive worldwide development and commercialization licenses for the two targets and the option to receive manufacturing services in the future were determined to not provide any material rights to the customer and are therefore not considered to be performance obligations. The arrangement also contains certain di minimis items, including participation on joint oversight committees. The Company identified $ 78.7 million of total transaction price which represents the upfront consideration allocated to the revenue arrangement. Additional consideration to be paid to the Company upon exercise of a right to receive a license or potential milestone and royalty payments are excluded from the transaction price as they relate to amounts that can only be achieved subsequent to the exercise of an options and are outside of the initial contact term. Based on the distinct performance obligations identified above, the Company allocated the $ 78.7 million transaction price based on relative estimated standalone selling prices of each of its performance obligations as follows: • $ 41.2 million for research and development services for IK-175; and • $ 37.5 million for research and development services for IK-412. The Company determined the estimated standalone selling price for the research and development services based on internal estimates of the costs to perform the services, including expected internal expenses and expenses with third parties, adjusted to include a reasonable profit margin. Significant inputs used to determine the total expense of the research and development activities include the length of time required and the number and cost of various studies that will be performed to complete the applicable development plan. The Company is recognizing revenue related to each of its performance obligations as the research and development services are performed through January 2024. The Company recognizes revenue related to research and development services performed using an input method by calculating costs incurred at each period end relative to total costs expected to be incurred. In December 2021, the Company re-assessed the IK-412 program, which experienced manufacturing delays as a key component required in the manufacturing of IK-412, is similarly essential to the manufacturing of COVID-19 vaccines and therapies. As such, the availability of the component was delayed as resources were allocated towards vaccine production. Considering these delays and the timeline of the BMS partnership, the Company made the strategic decision to pause IK-412 developm ent activities for the remainder of the BMS research term once the ongoing CMC work has been completed. As a result of the decision to pause, the Company recorded a change in estimate during the three months ended December 31, 2021 and recognized $ 16.5 million of research and development revenue. During the year ended December 31, 2021 and 2020 , the Company recognized revenue of $ 31.0 million and $ 9.2 million , respectively, from the BMS Collaboration Agreement. The consolidated balance sheet as of December 31, 2021 includes deferred revenue of $ 24.8 million related this agreement, of which $ 17.1 million and $ 7.7 million were classified as current and non-current, respectively. This amount is expected to be recognized as performance obligations are satisfied through the completion of the research and development services for IK-175 and IK-412. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Redeemable Convertible Preferred Stock | 8. REDEEMABLE CONVERTIBLE PREFERRED STOCK In connection with the closing of the Company’s IPO on March 30, 2021, all issued and outstanding Redeemable Convertible Preferred Stock of 169,396,576 were converted to 23,678,568 shares of the Company’s common stock and are no longer issued. As of December 31, 2020, the authorized capital stock of the Company included 169,396,576 shares of redeemable convertible preferred stock. As of December 31, 2020, redeemable convertible preferred stock consisted of the following: As of December 31, 2020 Shares Shares Issued Carrying Aggregate Series A 28,000,000 28,000,000 $ 27,832 $ 28,000 Series A-1 47,727,268 47,727,268 51,035 47,727 Series A-2 7,863,094 7,863,094 10,924 6,500 Series B 85,806,214 85,806,214 116,188 120,000 Total 169,396,576 169,396,576 $ 205,979 $ 202,227 The Preferred Stock had the following characteristics as of December 31, 2020: (a) Voting On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Company’s Amended and Restated Certificate of Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and have other special voting rights. The holders of outstanding shares of Preferred Stock shall be entitled to elect three directors of the Company. The investors have agreed that two of the directors are to be named by one investor and the other director is to be named by a separate investor. (b) Dividends The holders of Preferred Stock are entitled to an 8 % non-cumulative dividend. Dividends are payable only when, as and if declared by the Board. No dividends are payable to the common stockholders unless a dividend is also paid to Preferred Stockholders equal to at least the amount that would be received if the shares of Preferred Stock were converted into common stock. Through December 31, 2020 and the completion of the IPO, no dividends have been declared or paid by the Company. (c) Liquidation Preference In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or upon the event of certain other deemed liquidation events, holders of shares of Preferred Stock then outstanding shall be entitled to receive the greater of (i) an amount per share equal to the Preferred Stock original issue price, plus any dividends declared but unpaid thereon or (ii) the amount that would be received if the Preferred Stock was converted into common stock just prior to the liquidation event. (d) Conversion Each share of Preferred Stock shall be convertible into shares of common stock at the option of the stockholder, at any time, at a rate of one for one and are automatically converted upon a qualified initial public offering or upon written consent of at least 75 % of the holders of the outstanding shares of Preferred Stock. The conversion ratio is initially set at one for one, but may be adjusted for certain issuances of additional shares of Common Stock, stock splits, stock combinations, certain dividends and distributions, and mergers and reorganizations. The conversion ratio was changed to 7.154 for one upon the Company’s filing of its amendment to its Amended and Restated Certificate of Incorporation on March 22, 2021. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 9. COMMON STOCK As of December 31, 2021 and 2020 , the Company had 150,000,000 and 230,000,000 shares of common stock authorized, respectively, of which 35,975,034 and 3,096,903 were issued and outstanding as of December 31, 2021 and 2020, respectively. Voting: The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company. Dividends: The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. No dividends have been declared or paid by the Company since its inception Liquidation: After payment to the holders of shares of Preferred Stock of their liquidation preferences, the remaining assets of the Company are distributed to the holders of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | . STOCK BASED COMPENSATION In March 2016, the Company’s board of directors and stockholders adopted the 2016 Stock Incentive Plan which was amended and restated in December 2020, (as so amended and restated, the “2016 Plan”) which permits the granting of (1) options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code, and (2) options that do not so qualify. On March 19, 2021, the Company’s board of directors approved, and on March 20, 2021, the Company’s stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective on March 30, 2021 . The 2021 Plan replaced the 2016 Plan as the board of directors had determined it would not to make additional awards under the 2016 Plan following the closing of the initial public offering. However, the 2016 Plan will continue to govern outstanding equity awards granted thereunder. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to officers, employees, directors and consultants. As of the effective date of the 2021 Plan, no further awards will be made under the 2016 Plan. Any options or awards outstanding under the 2016 Plan remain outstanding and effective and are governed by their existing terms. The shares of the Company’s common stock subject to outstanding awards under the 2016 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2021 Plan. No more than 3,263,664 shares of the Company’s common stock may be granted subject to incentive stock options under the 2021 Plan. In addition, the 2021 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2021 Plan on the first day of each fiscal year during the period beginning in fiscal year 2022. The annual increase in the number of shares shall be equal to 4 % of the number of shares of common stock outstanding on the immediately preceding December 31; and such lesser number of shares as determined by the Administrator as provided in the 2021 Plan. As of December 31, 2021 , 2,250,479 shares of common stock remain available for future issuance under the 2021 Plan. The vesting periods for equity awards, which generally is four years , are determined by the Board of Directors. The contractual term for stock option awards is ten years . The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands): Year Ended December 31, 2021 2020 Research and development $ 2,427 $ 790 General and administrative 2,750 1,007 Total share-based compensation expense $ 5,177 $ 1,797 The weighted-average fair value of the stock options granted during the year ended December 31, 2021 and 2020 was $ 6.13 and $ 3.53 per share, respectively. As of December 31, 2021, the total unrecognized stock-based compensation balance for unvested options was $ 19.1 million which is expected to be recognized over 2.97 years. The following table summarizes stock option activity under the Plan for the year ended December 31, 2021: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 2,650,396 $ 3.45 8.01 $ 5,463 Granted 3,435,687 9.73 Exercised ( 215,188 ) 2.70 Cancelled or forfeited ( 48,522 ) 5.21 Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Vested or expected to vest as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Options exercisable as of December 31, 2021 1,841,894 $ 3.35 6.71 $ 16,928 The intrinsic value of options exercised for the years ended December 31, 2021 and 2020 was $ 1.9 million and $ 30 thousand, respectively. The fair value of each option award granted during the years ended December 31, 2021 and 2020 is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions noted in the following table: Year Ended December 31, 2021 2020 Risk-free interest rate 0.68 % to 1.33 % 0.27 % to 0.47 % Expected dividend yield 0 % 0 % Expected option term (in years) 6.00 to 6.08 5.00 to 6.08 Expected stock price volatility range 68.58 % to 73.30 % 73.15 % to 74.89 % Employee Stock Purchase Plan On March 20, 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on March 30, 2021 . The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 346,613 shares of the Company’s common stock. An annual increase in the number of shares of common stock reserved and available for issuance under the ESPP shall be equal to 1 % of the number of shares of common stock outstanding on the immediately preceding December 31; and such lesser number of shares as determined by the Administrator as provided in the ESPP. As of December 31, 2021, no shares have been purchased by employees under the ESPP. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 11. EMPLOYEE BENEFIT PLAN The Company has a defined-contribution savings plan covering all eligible U.S. employees under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). During the years ended December 31, 2021 and 2020, the Company did no t make any employer contributions to the plan. Employees can designate the investment of their 401(k) accounts into several mutual funds. Administrative costs of the plan for each of the years ended December 31, 2021 and 2020, were immaterial. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows: Year Ended December 31, 2021 2020 Tax effected at statutory rate 21.0 % 21.0 % State taxes 7.4 % 5.2 % Stock compensation ( 0.7 )% ( 0.4 )% Non-deductible expenses ( 0.5 )% — % Acquired in-process R&D — % ( 5.1 )% Federal research and development credits 5.0 % 3.2 % Change in valuation allowance ( 32.2 )% ( 23.9 )% Total — % — % The Company’s total deferred tax assets are as follows (in thousands): As of December 31, 2021 2020 Deferred tax assets: Federal net operating loss carryforward $ 18,233 $ 5,445 State net operating loss carryforward 5,269 1,593 R&D credit carryforwards 6,385 4,023 Capitalized start-up costs 242 264 Accruals and reserves 629 327 Deferred revenue 6,769 15,234 Stock options 1,026 318 Lease liability 1,908 — Total deferred tax asset 40,461 27,204 Deferred tax liability: Fixed assets ( 648 ) ( 170 ) Right of use asset ( 1,786 ) — Total deferred tax liability ( 2,434 ) ( 170 ) Valuation Allowance ( 38,027 ) ( 27,034 ) Net deferred tax assets and liability $ — $ — The Company has had no income tax expense due to operating losses incurred since inception. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. During 2021, the valuation allowance increased by $ 11.0 million primarily due to the increase in the Company's book loss reported in the period. As of December 31, 2021, the Company had approximately $ 86.8 million and $ 83.4 million of Federal and State operating loss carryforwards respectively. The Federal net operating losses are not subject to expiration and the state net operating losses begin to expire in 2037 . These loss carryforwards are available to reduce future federal taxable income, if any. As of December 31, 2021, the Company also has federal and state research and development tax credit carryforwards of approximately $ 5.0 million and $ 1.7 million respectively, to offset future income taxes, which will begin to expire beginning in December 2031 . These loss carryforwards are subject to review and possible adjustment by the appropriate taxing authorities. The amount of loss carryforwards that may be utilized in any future period may be limited based upon changes in the ownership of the company's ultimate parent. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements; requires certain disclosures of uncertain tax matters; specifies how reserves for uncertain tax positions should be classified on the balance sheet; and provides transition and interim period guidance, among other provisions. As of December 31, 2021, and 2020, the Company has no t recorded tax reserves associated with any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its statements of income. As of December 31, 2021, and 2020, the Company had no reserves for uncertain tax positions. For the years ended December 31, 2021 and 2020, no estimated interest or penalties were recognized on uncertain tax positions. The Company has not conducted a study of its research and development credit carryforwards. This study may result in an adjustment to research and development credit carryforwards; however, until a study is completed, and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheets or statements of operations if an adjustment were required. The Company's Federal and Massachusetts income tax returns for the years ended December 31, 2018 to December 31, 2021 remain open and are subject to examination by the Internal Revenue Service and state taxing authorities. |
Research License Agreements
Research License Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Research and Development [Abstract] | |
Research License Agreements | 13. RESEARCH LICENSE AGREEMENTS During 2015, the Company entered into an exclusive patent license agreement (the “UT Austin License”) to license certain technologies and intellectual property rights from the University of Texas at Austin (the “University”), an entity affiliated with a director of the Company at the time of the agreement. The UT Austin License shall remain in effect until the expiration or abandonment of the last to expire technologies and intellectual property rights. The Company shall pay License Maintenance fees annually of $ 40 thousand. Additionally, the Company shall make additional milestone payments to the University upon meeting certain development milestones in the aggregate of $ 4.7 million upon meeting certain development milestones during the term of the UT Austin License. The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits. The Company will also be responsible for reimbursing the University for certain patent-related costs incurred on its behalf. In 2018, the Company acquired IPR&D on an Arrys’ immune-oncology candidate based on the intellectual property associated with Arrys’ AskAt License as part of the acquisition of Arrys. Total consideration allocated to the technology was $ 28.5 million and was recognized as research and development expense upon the acquisition. The AskAt License is intended to be used by the Company in its future development of therapeutic drug candidates for eventual clinical development and commercialization. The Company shall make additional milestone payments to AskAt upon meeting certain development milestones totaling $ 4 million, as well as certain sales event milestones ranging from $ 50 million to $ 250 million contingent on sales in a calendar year, during the term of the AskAt License. The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology. |
Lease Obligation
Lease Obligation | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Obligation | 14. LEASE OBLIGATION In December 2018, the Company entered into an operating lease with Vertex Pharmaceuticals Inc. (“Vertex”) to lease approximately 13,170 square feet of office, laboratory and vivarium space at 50 Northern Ave, Boston, Massachusetts, expiring in December 2020 . In July 2020, the Company extended the term of the lease through February 2021 . On July 21, 2020, the Company entered into an operating lease agreement for 20,752 square feet of office, lab and animal care facility space located in Boston, Massachusetts for the Company’s corporate headquarters. The commencement date of the lease was February 19, 2021 and the lease term is 63 months . The lease provides a three-month free rent period, which commenced on the lease commencement date. The base rent at commencement is $ 145 thousand per month and escalates by 3 % annually for total lease payments during the term of $ 9.3 million. The Company's lease agreement requires the Company to maintain a cash letter of credit to secure their obligations under the lease of $ 0.9 million. This balance is included in other assets on the accompanying consolidated balance sheets. The Company recognized a right of use asset of $ 7.5 million and an operating lease liability of $ 7.5 million upon the commencement of the lease. The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands): Year Ended December 31, 2021 2020 Operating lease costs $ 1,693 $ 1,011 Variable lease costs 479 706 Total lease costs $ 2,172 $ 1,717 Our variable lease cost primarily related to operating expenses, parking, taxes and insurance associated with our operating leases. Supplemental cash flow information relating to the Company’s leases were as follows (in thousands): December 31, 2021 2020 Cash paid for amounts included in the measurement of $ 1,259 $ 1,025 The remaining lease terms and discount rates related to our leases were as follows: As of December 31, 2021 2020 Remaining lease term 4.4 years 0.2 years Discount Rate 7.7 % 8.0 % The future minimum lease payments for the Company’s operating lease as of December 31, 2021, were as follows (in thousands ): Fiscal Year Operating 2022 $ 1,774 2023 1,827 2024 1,882 2025 1,938 2026 817 Thereafter — Total minimum lease payments 8,238 Less amounts representing interest or imputed interest 1,251 Present value of lease liabilities $ 6,987 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met as of December 31, 2021 or royalties on future sales of specified products that have not yet occurred as of December 31, 2021 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS The Company entered into several agreements with a director and an entity affiliated with a director: 1. As discussed in Note 11 abov e, the Company has entered into a license agreement with the University, which was affiliated with a director of the Company at the time of the license agreement. During the years ended December 31, 2021 and 2020 the Company recorded expenses in connection with University license fees and certain patent-related costs incurred on its behalf of $ 233 thousand and $ 182 thousand, respectively. 2. Certain entities affiliated with directors purchased shares in the IPO. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 17. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding during the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, convertible preferred stock, restricted common stock, restricted stock units and stock options are considered to be potentially dilutive securities, but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive: Year ended December 31, 2021 2020 Redeemable Convertible Preferred Stock — 169,396,576 Options to Purchase Common Stock 5,822,373 2,650,396 Total 5,822,373 172,046,972 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates: The preparation of the Company’s 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 revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement, and intangible assets acquired in an asset acquisition and, for periods prior to the completion of the IPO, stock based compensation expense. |
Liquidity | Liquidity: Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities as of December 31, 2021, will be sufficient to enable us to advance our long-term strategic goals for at least the next 12 months from the filing of this annual report on Form 10-K. In addition, the Company expects that it will seek additional funding through public or private financings, debt financing, collaboration agreements or government grants. The inability to obtain funding, as and when needed, could have a negative impact on the Company’s financial condition and ability to pursue its business strategies, which may include amending, delaying, limiting, reducing, or terminating planned activities related to its product candidates. |
Segments | Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. As of December 31, 2021 , substantially all of the Company’s cash and cash equivalents were deposited at two highly rated financial institutions. The Company maintains balances in operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The amounts reported for cash equivalents, accounts payable and accrued expenses approximate fair value because of their short maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in our fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Our cash equivalents are generally composed of commercial paper, corporate notes, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds. |
Restricted Cash | Restricted Cash: As of December 31, 2021 and 2020 , the Company maintained restricted cash totaling approximately $ 0.9 million and $ 0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets. |
Property and Equipment | Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years . Electronic equipment and software are depreciated over three years . Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred. |
Long-lived Assets | Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets. |
Income Taxes | Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods. |
Revenue Recognition | Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties. To determine revenue recognition, the entity 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. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. As of December 31, 2021 , the Company had one collaborative agreement with Bristol-Myers Squibb (“BMS”), which the Company entered into in January 2019 (the “BMS Collaboration Agreement”). For a complete discussion of the accounting related to BMS Collaboration Agreement, see Note 7, Collaboration Agreement and Stock Purchase Agreement with BMS. |
Research and Development Expense | Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. Research and development expense for the year ended December 31, 2020, also includes the write-off of acquired in-process research and development (“IPR&D”) assets with no alternative future use. |
Asset Acquisitions | Asset Acquisitions: The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to research and development expense at the acquisition date. |
Stock-based Compensation | Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in our consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock. |
Leases | Leases: Under Accounting Standards Codification (ASC) 842 Leases, which was adopted on January 1, 2020 , the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company's operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases. Right-of-use 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 right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The 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 is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components. |
Comprehensive Loss | Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities. |
Deferred Issuance Costs | Deferred Issuance Costs: Deferred issuance costs consist of legal, accounting and other third-party fees that are directly associated with in-process equity financings and remain deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the proceeds generated as a result of the offering. On March 30, 2021, the Company completed its IPO. Accordingly, the Company recognized offering costs of approximately $ 2.4 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying consolidated balance sheet. The Company incurred deferred offering costs of $ 0.5 million as of December 31, 2020 which were included in prepaid expenses and other current assets. |
Emerging Growth Company Status | Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value On Recurring Basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 232,017 $ 232,017 — — Total Cash Equivalents $ 232,017 $ 232,017 $ — $ — As of December 31, 2020 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 162,290 $ 162,290 — — Total Cash Equivalents $ 162,290 $ 162,290 $ — $ — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, 2021 2020 Clinical, manufacturing and scientific development $ 2,820 $ 1,917 Prepaid Insurance 850 23 Other 629 1,538 Total $ 4,299 $ 3,478 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment consisted of the following (in thousands): As of December 31, 2021 2020 Property and equipment: Lab equipment $ 1,776 $ 1,071 Leasehold improvements 923 939 Electronic equipment and software 430 71 Furniture and fixtures 384 — Total property and equipment 3,513 2,081 Less: accumulated depreciation ( 1,074 ) ( 688 ) Property and equipment, net $ 2,439 $ 1,393 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2021 2020 Employee compensation $ 2,809 $ 1,816 Research and development expenses 2,489 2,251 Professional fees 530 955 Other current liabilities 26 380 Total $ 5,854 $ 5,402 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock | As of December 31, 2020, redeemable convertible preferred stock consisted of the following: As of December 31, 2020 Shares Shares Issued Carrying Aggregate Series A 28,000,000 28,000,000 $ 27,832 $ 28,000 Series A-1 47,727,268 47,727,268 51,035 47,727 Series A-2 7,863,094 7,863,094 10,924 6,500 Series B 85,806,214 85,806,214 116,188 120,000 Total 169,396,576 169,396,576 $ 205,979 $ 202,227 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Total Compensation Expense | The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands): Year Ended December 31, 2021 2020 Research and development $ 2,427 $ 790 General and administrative 2,750 1,007 Total share-based compensation expense $ 5,177 $ 1,797 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the year ended December 31, 2021: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2020 2,650,396 $ 3.45 8.01 $ 5,463 Granted 3,435,687 9.73 Exercised ( 215,188 ) 2.70 Cancelled or forfeited ( 48,522 ) 5.21 Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Vested or expected to vest as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Options exercisable as of December 31, 2021 1,841,894 $ 3.35 6.71 $ 16,928 |
Summary of Estimated Date of Grant Using the Black-Scholes Option Pricing Model and The Weighted Average Assumptions | The fair value of each option award granted during the years ended December 31, 2021 and 2020 is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions noted in the following table: Year Ended December 31, 2021 2020 Risk-free interest rate 0.68 % to 1.33 % 0.27 % to 0.47 % Expected dividend yield 0 % 0 % Expected option term (in years) 6.00 to 6.08 5.00 to 6.08 Expected stock price volatility range 68.58 % to 73.30 % 73.15 % to 74.89 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate | The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows: Year Ended December 31, 2021 2020 Tax effected at statutory rate 21.0 % 21.0 % State taxes 7.4 % 5.2 % Stock compensation ( 0.7 )% ( 0.4 )% Non-deductible expenses ( 0.5 )% — % Acquired in-process R&D — % ( 5.1 )% Federal research and development credits 5.0 % 3.2 % Change in valuation allowance ( 32.2 )% ( 23.9 )% Total — % — % |
Schedule of Total Deferred Tax Assets | The Company’s total deferred tax assets are as follows (in thousands): As of December 31, 2021 2020 Deferred tax assets: Federal net operating loss carryforward $ 18,233 $ 5,445 State net operating loss carryforward 5,269 1,593 R&D credit carryforwards 6,385 4,023 Capitalized start-up costs 242 264 Accruals and reserves 629 327 Deferred revenue 6,769 15,234 Stock options 1,026 318 Lease liability 1,908 — Total deferred tax asset 40,461 27,204 Deferred tax liability: Fixed assets ( 648 ) ( 170 ) Right of use asset ( 1,786 ) — Total deferred tax liability ( 2,434 ) ( 170 ) Valuation Allowance ( 38,027 ) ( 27,034 ) Net deferred tax assets and liability $ — $ — |
Lease Obligation (Tables)
Lease Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of components of Lease Costs | The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands): Year Ended December 31, 2021 2020 Operating lease costs $ 1,693 $ 1,011 Variable lease costs 479 706 Total lease costs $ 2,172 $ 1,717 |
Summary of Supplemental Cash Flow Information Relating to the Company's Leases | Supplemental cash flow information relating to the Company’s leases were as follows (in thousands): December 31, 2021 2020 Cash paid for amounts included in the measurement of $ 1,259 $ 1,025 |
Summary of Remaining Lease Terms and Discount Rates | The remaining lease terms and discount rates related to our leases were as follows: As of December 31, 2021 2020 Remaining lease term 4.4 years 0.2 years Discount Rate 7.7 % 8.0 % |
Summary of Future Minimum Lease Payments for Operating Lease | The future minimum lease payments for the Company’s operating lease as of December 31, 2021, were as follows (in thousands ): Fiscal Year Operating 2022 $ 1,774 2023 1,827 2024 1,882 2025 1,938 2026 817 Thereafter — Total minimum lease payments 8,238 Less amounts representing interest or imputed interest 1,251 Present value of lease liabilities $ 6,987 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share | The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive: Year ended December 31, 2021 2020 Redeemable Convertible Preferred Stock — 169,396,576 Options to Purchase Common Stock 5,822,373 2,650,396 Total 5,822,373 172,046,972 |
Nature of Business and Organi_2
Nature of Business and Organization - Additional Information (Details) | Mar. 30, 2021USD ($)$ / sharesshares | Mar. 22, 2021 | Dec. 31, 2021 |
Subsidiary Sale Of Stock [Line Items] | |||
Reverse stock split | one-for-7.154 reverse stock split | ||
Stock split, conversion ratio | 0.1397 | ||
Public offering price | $ / shares | $ 16 | ||
Net proceeds received after deducting underwriting discounts and commissions | $ | $ 131,300 | ||
IPO | |||
Subsidiary Sale Of Stock [Line Items] | |||
Company issued and sold shares of common stock | 8,984,375 | ||
Over-allotment Option to Purchase | |||
Subsidiary Sale Of Stock [Line Items] | |||
Company issued and sold shares of common stock | 1,171,875 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | Mar. 30, 2021USD ($) | Dec. 31, 2021USD ($)SegmentFinancialInstitution | Dec. 31, 2020USD ($) |
Subsidiary Sale Of Stock [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Concentration of credit risk, number of financial institutions | FinancialInstitution | 2 | ||
Restricted cash | $ 0.9 | $ 0.9 | |
Dividend yield | 0.00% | 0.00% | |
Change in accounting principle, ASU, Adopted [true false] | true | ||
Change in accounting principle, ASU, Adoption date | Jan. 1, 2020 | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201602Member | ||
Lab Equipment | |||
Subsidiary Sale Of Stock [Line Items] | |||
Property and equipment, estimated useful life | 5 years | ||
Electronic Equipment and Software | |||
Subsidiary Sale Of Stock [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Leasehold Improvements | |||
Subsidiary Sale Of Stock [Line Items] | |||
Property and equipment, estimated useful life | the shorter of their useful life or lease term. | ||
IPO | |||
Subsidiary Sale Of Stock [Line Items] | |||
Offering costs recognized | $ 2.4 | ||
Deferred offering costs | $ 0.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details)1 - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | 12 Months Ended |
Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value On Recurring Basis (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | $ 232,017 | $ 162,290 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 232,017 | 162,290 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 232,017 | 162,290 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | $ 232,017 | $ 162,290 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Transfers between level 1 to level 2 financial assets | $ 0 | $ 0 |
Transfers between level 2 to level 1 financial assets | $ 0 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Clinical, manufacturing and scientific development | $ 2,820 | $ 1,917 |
Prepaid Insurance | 850 | 23 |
Other | 629 | 1,538 |
Total | $ 4,299 | $ 3,478 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment: | ||
Total property and equipment, gross | $ 3,513 | $ 2,081 |
Less: accumulated depreciation | (1,074) | (688) |
Property and equipment, net | 2,439 | 1,393 |
Lab Equipment | ||
Property and equipment: | ||
Total property and equipment, gross | 1,776 | 1,071 |
Leasehold Improvements | ||
Property and equipment: | ||
Total property and equipment, gross | 923 | 939 |
Electronic Equipment and Software | ||
Property and equipment: | ||
Total property and equipment, gross | 430 | $ 71 |
Furniture and Fixtures | ||
Property and equipment: | ||
Total property and equipment, gross | $ 384 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 544,000 | $ 300,000 |
Impairment of property and equipment | $ 0 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Employee compensation | $ 2,809 | $ 1,816 |
Research and development expenses | 2,489 | 2,251 |
Professional fees | 530 | 955 |
Other current liabilities | 26 | 380 |
Total | $ 5,854 | $ 5,402 |
Collaboration Agreement and S_2
Collaboration Agreement and Stock Purchase Agreement with BMS - Additional Information (Details) - USD ($) $ in Thousands | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Preferred stock, shares issued | 0 | 0 | 0 | |
Deferred revenue current | $ 17,100 | $ 17,100 | $ 20,622 | |
Deferred revenue non-current | 7,678 | 7,678 | 35,141 | |
Stock Purchase Agreement with BMS | Series A-1 Preferred Stock | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Preferred stock, shares issued | 14,545,450 | |||
BMS Collaboration Agreement and Stock Purchase Agreement | BMS | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront consideration payment | $ 95,000 | |||
Option to exercise additional consideration if clinical trial not completed within research term | 250 | |||
Milestone payments eligible to receive | 450,000 | |||
BMS Collaboration Agreement and Stock Purchase Agreement | BMS | IK-175 | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Amount eligible to receive in case of exercise of options | 50,000 | |||
BMS Collaboration Agreement and Stock Purchase Agreement | BMS | IK-412 | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Amount eligible to receive in case of exercise of options | 40,000 | |||
BMS Collaboration Agreement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront amount allocated to equity arrangements | 1,800 | |||
Transaction price allocated to revenue arrangement | 78,700 | |||
Revenue recognized which were previously included in deferred revenue | 31,000 | $ 9,200 | ||
Deferred revenue | 24,800 | 24,800 | ||
Deferred revenue current | 17,100 | 17,100 | ||
Deferred revenue non-current | 7,700 | $ 7,700 | ||
BMS Collaboration Agreement | IK-175 | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Transaction price allocated to revenue arrangement | 41,200 | |||
BMS Collaboration Agreement | IK-412 | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Transaction price allocated to revenue arrangement | $ 37,500 | |||
Revenue recognized which were previously included in deferred revenue | $ 16,500 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) | Mar. 30, 2021shares | Mar. 30, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Mar. 22, 2021 | Dec. 31, 2019shares |
Class Of Stock [Line Items] | ||||||
Redeemable convertible preferred stock, shares outstanding | 0 | 169,396,576 | ||||
Redeemable convertible preferred stock, shares issued | 0 | 169,396,576 | ||||
Redeemable convertible preferred stock, shares authorized | 0 | 169,396,576 | ||||
Voting rights | The holders of outstanding shares of Preferred Stock shall be entitled to elect three directors of the Company. The investors have agreed that two of the directors are to be named by one investor and the other director is to be named by a separate investor. | |||||
Dividends payable to common stockholders | $ | $ 0 | |||||
Redeemable Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Redeemable convertible preferred stock, shares outstanding | 169,396,576 | 75,727,268 | ||||
Redeemable convertible preferred stock, shares authorized | 169,396,576 | |||||
Shares converted | (169,396,576) | |||||
Percentage of non-cumulative dividend | 8.00% | |||||
Temporary equity dividend declared or paid | $ | $ 0 | $ 0 | ||||
Conversion ratio | 1 | 7.154 | ||||
Percentage of holders of outstanding shares of preferred stock | 75.00% | |||||
Redeemable Convertible Preferred Stock | IPO | ||||||
Class Of Stock [Line Items] | ||||||
Redeemable convertible preferred stock, shares outstanding | 169,396,576 | 169,396,576 | ||||
Redeemable convertible preferred stock, shares issued | 0 | |||||
Shares converted | 23,678,568 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Shares Authorized | 0 | 169,396,576 |
Shares Issued | 0 | 169,396,576 |
Shares Outstanding | 0 | 169,396,576 |
Carrying Value | $ 0 | $ 205,979 |
Aggregate Liquidation Preference | $ 0 | $ 202,227 |
Series A | ||
Class of Stock [Line Items] | ||
Shares Authorized | 28,000,000 | |
Shares Issued | 28,000,000 | |
Shares Outstanding | 28,000,000 | |
Carrying Value | $ 27,832 | |
Aggregate Liquidation Preference | $ 28,000 | |
Series A-1 | ||
Class of Stock [Line Items] | ||
Shares Authorized | 47,727,268 | |
Shares Issued | 47,727,268 | |
Shares Outstanding | 47,727,268 | |
Carrying Value | $ 51,035 | |
Aggregate Liquidation Preference | $ 47,727 | |
Series A-2 | ||
Class of Stock [Line Items] | ||
Shares Authorized | 7,863,094 | |
Shares Issued | 7,863,094 | |
Shares Outstanding | 7,863,094 | |
Carrying Value | $ 10,924 | |
Aggregate Liquidation Preference | $ 6,500 | |
Series B | ||
Class of Stock [Line Items] | ||
Shares Authorized | 85,806,214 | |
Shares Issued | 85,806,214 | |
Shares Outstanding | 85,806,214 | |
Carrying Value | $ 116,188 | |
Aggregate Liquidation Preference | $ 120,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Common stock, shares authorized | 150,000,000 | 230,000,000 |
Common stock, shares issued | 35,975,034 | 3,096,903 |
Common stock, shares outstanding | 35,975,034 | 3,096,903 |
Common stock voting rights | The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 30, 2021 | Mar. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average fair value of the stock options granted | $ 6.13 | $ 3.53 | ||
Number of shares granted | 3,435,687 | |||
Total unrecognized stock-based compensation balance for unvested options | $ 19,100 | |||
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period | 2 years 11 months 19 days | |||
Intrinsic value of options exercised | $ 1,900 | $ 30 | ||
2021 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Plan effective date | Mar. 30, 2021 | |||
Number of stock granted | 3,263,664 | |||
Available for issuance percentage of annual increase in number of common stock outstanding | 4.00% | |||
Number of shares reserved for issuance | 2,250,479 | |||
Vesting period | 4 years | |||
Stock option contractual term | 10 years | |||
2021 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Plan effective date | Mar. 30, 2021 | |||
Increase in number of shares reserved and available for issuance as percentage on common stock outstanding | 1.00% | |||
Number of shares purchased by employees | 0 | |||
2021 Employee Stock Purchase Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issued for purchase | 346,613 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 5,177 | $ 1,797 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | 2,427 | 790 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 2,750 | $ 1,007 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding | 2,650,396 | |
Number of Options, Granted | 3,435,687 | |
Number of Options, Exercised | (215,188) | |
Number of Options, Cancelled or forfeited | (48,522) | |
Number of Options, Outstanding | 5,822,373 | 2,650,396 |
Number of Options, Vested or expected to vest | 5,822,373 | |
Number of Options, Options exercisable | 1,841,894 | |
Weighted- Average Exercise Price, Outstanding | $ 3.45 | |
Weighted- Average Exercise Price, Granted | 9.73 | |
Weighted- Average Exercise Price, Exercised | 2.70 | |
Weighted- Average Exercise Price, Cancelled or forfeited | 5.21 | |
Weighted- Average Exercise Price, Outstanding | 7.17 | $ 3.45 |
Weighted- Average Exercise Price, Vested or expected to vest | 7.17 | |
Weighted- Average Exercise Price, Options exercisable | $ 3.35 | |
Weighted- Average Remaining Contractual Term, Outstanding | 8 years 3 months 7 days | 8 years 3 days |
Weighted- Average Remaining Contractual Term, Vested or expected to vest | 8 years 3 months 7 days | |
Weighted- Average Remaining Contractual Term, Option exercisable | 6 years 8 months 15 days | |
Aggregate Intrinsic Value, Outstanding | $ 33,275 | $ 5,463 |
Aggregate Intrinsic Value, Vested or expected to vest | 33,275 | |
Aggregate Intrinsic Value, Options exercisable as of December 31, 2021 | $ 16,928 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Estimated Date of Grant Using the Black-Scholes Option Pricing Model and The Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate minimum | 0.68% | 0.27% |
Risk-free interest rate maximum | 1.33% | 0.47% |
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility range minimum | 68.58% | 73.15% |
Expected stock price volatility range maximum | 73.30% | 74.89% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term (in years) | 6 years 29 days | 6 years 29 days |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term (in years) | 6 years | 5 years |
Employee Benefit Plan (Addition
Employee Benefit Plan (Additional Information) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employer contributions to defined contribution savings plan | $ 0 | $ 0 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax effected at statutory rate | 21.00% | 21.00% |
State taxes | 7.40% | 5.20% |
Stock compensation | (0.70%) | (0.40%) |
Non-deductible expenses | (0.50%) | |
Acquired in-process R&D | (5.10%) | |
Federal research and development credits | 5.00% | 3.20% |
Change in valuation allowance | (32.20%) | (23.90%) |
Income Taxes - Schedule of Tota
Income Taxes - Schedule of Total Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 18,233 | $ 5,445 |
State net operating loss carryforward | 5,269 | 1,593 |
R&D credit carryforwards | 6,385 | 4,023 |
Capitalized start-up costs | 242 | 264 |
Accruals and reserves | 629 | 327 |
Deferred revenue | 6,769 | 15,234 |
Stock options | 1,026 | 318 |
Lease liability | 1,908 | |
Total deferred tax asset | 40,461 | 27,204 |
Deferred tax liability: | ||
Fixed assets | (648) | (170) |
Right of use asset | (1,786) | |
Total deferred tax liability | (2,434) | (170) |
Valuation Allowance | $ (38,027) | $ (27,034) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | ||
Valuation allowance increased amount | $ 11,000,000 | |
Income tax expense | 0 | |
Reserves for uncertain tax positions | 0 | $ 0 |
Interest and penalties accrued on uncertain tax positions | 0 | 0 |
Interest or penalties recognized on uncertain tax positions | $ 0 | $ 0 |
Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Income tax returns years open and subject to examination | 2018 | |
Latest Tax Year | ||
Income Taxes [Line Items] | ||
Income tax returns years open and subject to examination | 2021 | |
Federal | Research and Development Tax Credit Carryforwards | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards amount | $ 5,000,000 | |
Tax credit carryforwards begin to expire | 2031-12 | |
Federal | Not Subject to Expiration | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 86,800,000 | |
State | Research and Development Tax Credit Carryforwards | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards amount | $ 1,700,000 | |
Tax credit carryforwards begin to expire | 2031-12 | |
State | Begin to Expire in 2037 | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 83,400,000 | |
Operating loss carryforwards expiration year | 2037 |
Research License Agreements - A
Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2015 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Total consideration allocated to technology recognized as research and development expense | $ 11,140 | |||
UT Austin License | University | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
License maintenance fees | $ 40 | |||
Additional milestone payments payable upon meeting certain development milestones | $ 4,700 | |||
Royalties terms | The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits. | |||
AskAt License | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Additional milestone payments payable upon meeting certain development milestones | $ 4,000 | |||
Royalties terms | The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology. | |||
Total consideration allocated to technology recognized as research and development expense | 28,500 | |||
AskAt License | Minimum | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Milestones payable contingent on sales in calendar year | 50,000 | |||
AskAt License | Maximum | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Milestones payable contingent on sales in calendar year | $ 250,000 |
Lease Obligation - Additional I
Lease Obligation - Additional Information (Details) $ in Thousands | Jul. 21, 2020USD ($)ft² | Jul. 31, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018ft² |
Lessee Lease Description [Line Items] | |||||
Total lease rent payments | $ 1,174 | $ 964 | |||
Right-of-use asset | 6,538 | $ 170 | |||
Present value of lease liabilities | $ 6,987 | ||||
Boston, Massachusetts | |||||
Lessee Lease Description [Line Items] | |||||
Area of leased property | ft² | 20,752 | ||||
Lease commencement date | Feb. 19, 2021 | ||||
Lease term | 63 months | ||||
Lease rent free period | 3 months | ||||
Monthly base rent | $ 145 | ||||
Percentage escalation in annual base rent | 3.00% | ||||
Total lease rent payments | $ 9,300 | ||||
Letter of credit to secure lease | 900 | ||||
Right-of-use asset | 7,500 | ||||
Present value of lease liabilities | $ 7,500 | ||||
Boston, Massachusetts | Vertex Pharmaceuticals Inc. | |||||
Lessee Lease Description [Line Items] | |||||
Area of leased property | ft² | 13,170 | ||||
Lease maturity | 2020-12 | ||||
Lease extended term period | 2021-02 |
Lease Obligation - Summary of c
Lease Obligation - Summary of components of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease costs | $ 1,693 | $ 1,011 |
Variable lease costs | 479 | 706 |
Total lease costs | $ 2,172 | $ 1,717 |
Lease Obligation - Summary of S
Lease Obligation - Summary of Supplemental Cash Flow Information Relating to the Company's Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SupplementalCashFlowInformationLeasesAbstract | ||
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ 1,259 | $ 1,025 |
Lease Obligation - Summary of R
Lease Obligation - Summary of Remaining Lease Terms and Discount Rates (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Description [Abstract] | ||
Remaining lease term | 4 years 4 months 24 days | 2 months 12 days |
Discount Rate | 7.70% | 8.00% |
Lease Obligation - Summary of F
Lease Obligation - Summary of Future Minimum Lease Payments for Operating Lease (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2022 | $ 1,774 |
2023 | 1,827 |
2024 | 1,882 |
2025 | 1,938 |
2026 | 817 |
Total minimum lease payments | 8,238 |
Less amounts representing interest or imputed interest | 1,251 |
Present value of lease liabilities | $ 6,987 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
UT Austin License | University | Affiliated to Director | ||
Related Party Transaction [Line Items] | ||
University license fees and certain-patent related costs | $ 233 | $ 182 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 5,822,373 | 172,046,972 |
Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 169,396,576 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 5,822,373 | 2,650,396 |