Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | DAY ONE BIOPHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001845337 | |
Entity File Number | 001-40431 | |
Entity Tax Identification Number | 83-2415215 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 2000 Sierra Point Parkway | |
Entity Address, Address Line Two | Suite 501 | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 650 | |
Local Phone Number | 484-0899 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | DAWN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 86,973,819 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 189,211 | $ 85,262 |
Short-term investments | 253,671 | 257,007 |
Prepaid expenses and other current assets | 6,902 | 5,605 |
Total current assets | 449,784 | 347,874 |
Property and equipment, net | 183 | 20 |
Operating lease right-of-use asset | 530 | 699 |
Deposits and other long-term assets | 259 | 469 |
Total assets | 450,756 | 349,062 |
Current Liabilities: | ||
Accounts payable | 4,565 | 260 |
Accrued expenses and other current liabilities | 19,519 | 15,950 |
Current portion of operating lease liabilities | 428 | 405 |
Total current liabilities | 24,512 | 16,615 |
Long-term portion of lease liabilities | 190 | 408 |
Total liabilities | 24,702 | 17,023 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock, $0.001 par value; 500,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 86,841,864 and 73,458,176 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 9 | 7 |
Additional paid-in-capital | 783,978 | 601,771 |
Accumulated other comprehensive loss | (9) | (71) |
Accumulated deficit | (357,924) | (269,668) |
Total stockholders' equity | 426,054 | 332,039 |
Total liabilities and stockholders' equity | $ 450,756 | $ 349,062 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 86,971,328 | 73,458,176 |
Common Stock, Shares Outstanding | 86,971,328 | 73,458,176 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 32,182 | $ 22,560 | $ 60,010 | $ 37,563 |
General and administrative | 17,072 | 14,159 | 35,099 | 26,904 |
Total operating expenses | 49,254 | 36,719 | 95,109 | 64,467 |
Loss from operations | (49,254) | (36,719) | (95,109) | (64,467) |
Investment income, net | 3,406 | 189 | 6,872 | 191 |
Other expense, net | (15) | 0 | (19) | (1) |
Net loss attributable to common stockholders | $ (45,863) | $ (36,530) | $ (88,256) | $ (64,277) |
Net loss per share, basic | $ (0.61) | $ (0.6) | $ (1.2) | $ (1.08) |
Net loss per share, diluted | $ (0.61) | $ (0.6) | $ (1.2) | $ (1.08) |
Weighted-average number of common shares used in computing net loss per share, basic | 74,964,878 | 60,760,527 | 73,478,567 | 59,586,529 |
Weighted-average number of common shares used in computing net loss per share, diluted | 74,964,878 | 60,760,527 | 73,478,567 | 59,586,529 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss | $ (45,863) | $ (36,530) | $ (88,256) | $ (64,277) |
Other comprehensive loss: | ||||
Unrealized gain on available-for-sale securities | (76) | (3) | 62 | (3) |
Total comprehensive loss | $ (45,939) | $ (36,533) | $ (88,194) | $ (64,280) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2021 | $ 281,148 | $ 6 | $ 408,629 | $ (127,487) | |
Beginning Balance (In shares) at Dec. 31, 2021 | 61,952,292 | ||||
Share-based compensation expenses | 6,202 | 6,202 | |||
Unvested common stock forfeiture | (40,363) | ||||
Net loss attributable to common stockholders | (27,747) | (27,747) | |||
Ending Balance at Mar. 31, 2022 | 259,603 | $ 6 | 414,831 | (155,234) | |
Ending Balance (In shares) at Mar. 31, 2022 | 61,911,929 | ||||
Beginning Balance at Dec. 31, 2021 | 281,148 | $ 6 | 408,629 | (127,487) | |
Beginning Balance (In shares) at Dec. 31, 2021 | 61,952,292 | ||||
Unrealized gain on available-for-sale securities | (3) | ||||
Net loss attributable to common stockholders | (64,277) | ||||
Ending Balance at Jun. 30, 2022 | 390,631 | $ 7 | 582,391 | (191,764) | $ (3) |
Ending Balance (In shares) at Jun. 30, 2022 | 73,461,100 | ||||
Beginning Balance at Mar. 31, 2022 | 259,603 | $ 6 | 414,831 | (155,234) | |
Beginning Balance (In shares) at Mar. 31, 2022 | 61,911,929 | ||||
Share-based compensation expenses | 5,631 | 5,631 | |||
Unrealized gain on available-for-sale securities | (3) | (3) | |||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Shares | 11,500,000 | ||||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount | 161,610 | $ 1 | 161,609 | ||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares | 49,171 | ||||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount | 320 | 320 | |||
Net loss attributable to common stockholders | (36,530) | (36,530) | |||
Ending Balance at Jun. 30, 2022 | 390,631 | $ 7 | 582,391 | (191,764) | (3) |
Ending Balance (In shares) at Jun. 30, 2022 | 73,461,100 | ||||
Beginning Balance at Dec. 31, 2022 | 332,039 | $ 7 | 601,771 | (269,668) | (71) |
Beginning Balance (In shares) at Dec. 31, 2022 | 73,458,176 | ||||
Issuance of common stock upon exercise of stock options (share) | 75,184 | ||||
Issuance of common stock upon exercise of stock options, Amount | 1,184 | 1,184 | |||
Issuance of common stock upon release of restricted stock units, shares | 60,673 | ||||
Share-based compensation expenses | 9,447 | 9,447 | |||
Unrealized gain on available-for-sale securities | 138 | 138 | |||
Unvested common stock forfeiture | (21,400) | ||||
Net loss attributable to common stockholders | (42,393) | (42,393) | |||
Ending Balance at Mar. 31, 2023 | 300,415 | $ 7 | 612,402 | (312,061) | 67 |
Ending Balance (In shares) at Mar. 31, 2023 | 73,572,633 | ||||
Beginning Balance at Dec. 31, 2022 | 332,039 | $ 7 | 601,771 | (269,668) | (71) |
Beginning Balance (In shares) at Dec. 31, 2022 | 73,458,176 | ||||
Unrealized gain on available-for-sale securities | 62 | ||||
Net loss attributable to common stockholders | (88,256) | ||||
Ending Balance at Jun. 30, 2023 | 426,054 | $ 9 | 783,978 | (357,924) | (9) |
Ending Balance (In shares) at Jun. 30, 2023 | 86,971,328 | ||||
Beginning Balance at Mar. 31, 2023 | 300,415 | $ 7 | 612,402 | (312,061) | 67 |
Beginning Balance (In shares) at Mar. 31, 2023 | 73,572,633 | ||||
Issuance of common stock upon exercise of stock options (share) | 2,704 | ||||
Issuance of common stock upon exercise of stock options, Amount | 39 | 39 | |||
Issuance of common stock upon release of restricted stock units, shares | 69,020 | ||||
Share-based compensation expenses | 9,477 | 9,477 | |||
Unrealized gain on available-for-sale securities | (76) | (76) | |||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Shares | 13,269,231 | ||||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount | $ 161,409 | $ 2 | $ 161,407 | ||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares | 653 | 57,740 | 653 | ||
Net loss attributable to common stockholders | $ (45,863) | (45,863) | |||
Ending Balance at Jun. 30, 2023 | $ 426,054 | $ 9 | $ 783,978 | $ (357,924) | $ (9) |
Ending Balance (In shares) at Jun. 30, 2023 | 86,971,328 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Common Stock | ||
Stock issuance costs | $ 10,827 | $ 10,864 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (88,256) | $ (64,277) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 18,924 | 11,833 |
Depreciation expense | 12 | 12 |
Accretion of discounts on short term investment | (5,858) | 0 |
Amortization of operating right-of-use assets | 169 | 174 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,297) | (2,580) |
Deposits and other long-term assets | 210 | (315) |
Accounts payable | 4,305 | (1,305) |
Accrued expenses and other current liabilities | 3,569 | 5,224 |
Operating lease liabilities | (195) | (116) |
Net cash used in operating activities | (68,417) | (51,350) |
Cash flows from investing activities | ||
Cash paid for purchase of short-term investments | (264,744) | (5,990) |
Proceeds from maturity of short-term investments | 274,000 | 0 |
Cash paid for purchase of property and equipment | (175) | (22) |
Net Cash provided by (used) in investing activities | 9,081 | (6,012) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net | 161,409 | 161,610 |
Proceeds from issuance of common stock upon stock option exercises | 1,223 | 0 |
Proceeds from issuance of common stock upon ESPP purchase | 653 | 320 |
Cash provided by financing activities | 163,285 | 161,930 |
Net increase in cash and cash equivalents | 103,949 | 104,568 |
Cash and cash equivalents, beginning of period | 85,262 | 284,309 |
Cash and cash equivalents, end of period | 189,211 | 388,877 |
Supplemental disclosures of noncash activities | ||
Lease liability obtained in exchange for right-of-use asset | 0 | 940 |
Unpaid and Deferred Offering Costs | $ 307 | $ 519 |
Description of Business and Org
Description of Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1. Description of Business and Organization Organization and Business Day One Biopharmaceuticals, Inc., or the Company, is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases. The Company was formed as a limited liability company under the laws of the State of Delaware in November 2018, under the name Hero Therapeutics Holding Company, LLC. Subsequently, the Company changed its name to Day One Therapeutics Holding Company, LLC in December 2018 and to Day One Biopharmaceuticals Holding Company, LLC, or Day One Holding LLC, in March 2020. On May 26, 2021, the Company completed a conversion by filing a certificate of conversion with the Secretary of State of the State of Delaware and changed its name to Day One Biopharmaceuticals, Inc. |
Summary Of Significant Account
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2022 and 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States. Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products 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. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or 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 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 it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. As of December 31, 2023, the Company will no longer qualify as an emerging growth company and be able to take advantage of the exemptions from various reporting requirements beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2023 to be filed in 2024. |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | 3. Recurring Fair Value Measurements The following table sets forth the Company’s financial instruments as of June 30, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 23,703 $ — $ — $ 23,703 U.S. treasury securities — 68,548 — 68,548 U.S. government agency securities — 186,115 — 186,115 Total assets measured at fair value $ 23,703 $ 254,663 $ — $ 278,366 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. treasury securities — 145,785 — 145,785 U.S. government agency securities — 136,022 — 136,022 Total assets measured at fair value $ 18,765 $ 281,807 $ — $ 300,572 The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets. The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active. There were no assets or liabilities classified as Level 3 as of June 30, 2023 and December 31, 2022. There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented. The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands): June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 23,703 $ — $ — $ 23,703 U.S. government agency securities 992 — — 992 Total cash equivalents 24,695 — — 24,695 Short-term investments U.S. treasury securities 67,601 — ( 46 ) 67,555 U.S. government agency securities 186,079 42 ( 5 ) 186,116 Total short-term investments $ 253,680 $ 42 $ ( 51 ) $ 253,671 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. government agency securities 24,800 — — 24,800 Total cash equivalents 43,565 — — 43,565 Short-term investments U.S. treasury securities 145,880 1 ( 96 ) 145,785 U.S. government agency securities 111,197 37 ( 12 ) 111,222 Total short-term investments $ 257,077 $ 38 $ ( 108 ) $ 257,007 The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands): June 30, 2023 Amortized Cost Fair Value Mature in one year or less $ 278,375 $ 278,366 Total $ 278,375 $ 278,366 December 31, 2022 Amortized Cost Fair Value Mature in one year or less $ 300,642 $ 300,572 Total $ 300,642 $ 300,572 The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized (in thousands): June 30, 2023 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 67,556 $ ( 46 ) $ — $ — $ 67,556 $ ( 46 ) U.S. government agency securities 30,368 ( 5 ) — — 30,368 ( 5 ) Total financial assets $ 97,924 $ ( 51 ) $ — $ — $ 97,924 $ ( 51 ) December 31, 2022 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 140,822 $ ( 96 ) $ — $ — $ 140,822 $ ( 96 ) U.S. government agency securities 26,811 ( 12 ) — — 26,811 ( 12 ) Total financial assets $ 167,633 $ ( 108 ) $ — $ — $ 167,633 $ ( 108 ) The Company regularly reviews the changes to the rating of its securities and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of June 30, 2023 and December 31, 2022 , there were no securities that were in an unrealized loss position for more than 12 months. As of June 30, 2023 , the unrealized losses on the Company’s investments in U.S. treasury securities and U.S. government agency securities were caused by interest rate increases. The Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment with the contractual cash flows of these investments guaranteed by the issuer. No allowance for credit losses has been recorded since it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. |
Balance Sheet Items
Balance Sheet Items | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Items | 4. Balance Sheet Items Prepaid Expenses and Other Current Assets Prepaid and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 4,138 $ 3,007 Prepaid insurance 1,983 1,592 Other prepaid expenses and other assets 781 1,006 Total prepaid expenses and other current assets $ 6,902 $ 5,605 Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): June 30, December 31, Leasehold improvements $ 39 $ 26 Laboratory equipment 162 — Property and equipment, gross 201 26 Less: accumulated depreciation ( 18 ) ( 6 ) Property and equipment, net $ 183 $ 20 Depreciation expense for each of the three and six months ended June 30, 2023 and 2022 was immaterial. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 12,073 $ 7,554 Accrued payroll related expenses 5,132 6,129 Accrued professional service expenses 2,128 2,088 Other 186 179 Total accrued expenses and other current liabilities $ 19,519 $ 15,950 |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Agreements | 5. Significant Agreements License Agreement with Merck KGaA, Darmstadt, Germany On February 10, 2021, DOT Therapeutics-2, Inc., or DOT-2, the Company’s subsidiary, entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to research, develop, manufacture and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventory supplies to use in its research and development activities. The Company’s exclusive license grant is subject to a non-exclusive license granted by Merck KGaA, Darmstadt, Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib. Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029. In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment of $ 8.0 million, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities. Additionally, the Company made a milestone payment of $ 2.5 million, which was recorded as research and development expenses due to the nature of the license agreement and the milestone event relating to the first dosing of a patient in a first clinical trial of a product containing pimasertib, in the year ended December 31, 2022. The Company may also be required to make additional payments of up to $ 364.5 million based upon the achievement of specified development, regulatory, and commercial milestones, as well as a high, single-digit royalty percentage on future net sales of licensed products, if any. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. No milestones were achieved and due as of June 30, 2023. The term of the MRKDG License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company’s payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement. Effective December 31, 2021, DOT-2 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-2’s obligations under the MRKDG License Agreement. Takeda Asset Purchase Agreement On December 16, 2019, DOT Therapeutics-1, Inc., or DOT-1, the Company’s subsidiary, entered into an asset purchase agreement, or the Takeda Asset Agreement, with Millennium Pharmaceuticals, Inc., a related party and an affiliate of Takeda Pharmaceutical Company Limited, or Takeda. Pursuant to the Takeda Asset Agreement, DOT-1 purchased certain technology rights and know-how related to TAK-580 (which is now tovorafenib (DAY101)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. DOT-1 also received clinical inventory supplies to use in the Company’s research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to DOT-1 its exclusive license agreement, or the Viracta License Agreement, with Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta. Takeda also granted DOT-1 a worldwide, sublicensable exclusive license under specified patents and know-how and non-exclusive license under other patents and know-how generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the Takeda Asset Agreement, which is terminable either automatically or by DOT-1 in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of Conversion in connection with the Millennium Stock Exchange Agreement. In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, DOT-1 made an upfront payment of $ 1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in DOT-1 in December 2019. The fair value of issued shares was estimated as $ 9.9 million, based on the price paid by other investors for issued shares in the Series A financing of DOT-1. Based on the terms of the Millennium Stock Exchange Agreement, Takeda exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of DOT-1 for 6,470,382 shares of the Company’s common stock upon the effectiveness of the Conversion, on May 26, 2021. The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda may terminate the Takeda Asset Agreement prior to the Company's first commercial sale of a product if we cease conducting any development activities for a continuous and specified period of time and such cessation is not agreed upon by the parties and is not done in response to guidance from a regulatory authority. Additionally, Takeda can terminate the Takeda Asset Agreement in the event of the Company's bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of our cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products. Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under the Takeda Assets Purchase Agreement. Viracta License Agreement On December 16, 2019, DOT-1 amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Under the Viracta License Agreement, DOT-1 received a worldwide exclusive license under specified patent rights and know-how to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family. DOT-1 paid $ 2.0 million upfront in cash to Viracta, which was recorded as research and development expenses in 2019. DOT-1 made a milestone payment of $ 3.0 million to Viracta in February 2021, which was recorded as research and development expense when the milestone was achieved in April 2021. DOT-1 is also required to make additional milestone payments of up to $ 54.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication to achieve a specified milestone event being lower than milestones payable for the first indication. Additionally, if DOT-1 obtains a priority review voucher with respect to a licensed product and sells such priority review voucher to a third party or uses such priority review voucher, DOT-1 is obligated to pay Viracta a specified percentage in the mid-teen digits of all net consideration received from any such sale or of the value of such used priority review voucher, as applicable. Commencing on the first commercial sale of a licensed product in a country, DOT-1 is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products, if any. The obligation to pay royalties will end on a country-by-country and licensed product-by-licensed product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the Viracta licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country. No milestones were achieved and due as of June 30, 2023. The term of the Viracta License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country. DOT-1 has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period. Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under Viracta License Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Leases In April 2022, the Company entered into a lease agreement for approximately 12,000 square feet of general use office space in Brisbane, California. Such agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The term of the lease is 31 months and commenced in May 2022. There is no option to extend the lease term nor is there an option to terminate the lease term prior to its expiration. The Company is obligated to pay monthly rent expense and its pro rata share of the landlord's operating expenses which include utilities, common area maintenance expenses, and property taxes. Such expenses are a non-lease component and a variable consideration and included in the Company's operating expenses as incurred. The Company concluded that this lease is also an operating lease. The total payments for base rent over the term of the lease is approximately $ 1.1 million. Upon execution of the agreement, the Company paid a security deposit of approximately $ 40,000 classified as deposits and other long-term assets on the condensed consolidated balance sheets. The Company determined the lease incremental borrowing rate, or IBR, based on the information available at the applicable lease commencement date as the Company’s leases do not provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. As of June 30, 2023, the weighted-average remaining lease term and weighted-average discount rate were 1.4 years and 9.0 % , respectively. The Company’s lease does not require any contingent rental payments, impose financial restrictions, or contain any residual value guarantees. Lease expense of right-of-use assets is recognized on a straight-line basis over the applicable lease term. Lease expense was $ 0.1 million for each of the three months ended June 30, 2023 and 2022 and was $ 0.2 million for each of the six months ended June 30, 2023 and 2022. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.2 million and $ 0.1 million for the six months ended June 30, 2023 and 2022, respectively. Variable payments expensed during the three and six months ended June 30, 2023 and 2022 were immaterial. As of June 30, 2023, the future lease obligations were as follows (in thousands): June 30, Remaining in 2023 $ 231 2024 424 Total future minimum lease payments 655 Less: Imputed interest ( 37 ) Present value of operating lease liabilities 618 Less: current portion of operating lease liabilities ( 428 ) Operating lease liabilities $ 190 Research and Development Agreements The Company enters into contracts in the normal course of business with clinical research organizations, contract manufacturing organizations, and other third-party vendors for clinical trial, manufacturing, testing, and other research and development activities. These contracts generally provide for termination on notice, with the exception of one vendor where certain costs are non-cancellable after the approval of the project. As of June 30, 2023 and December 31, 2022 , there were no amounts accrued related to termination and cancellation charges as these are not probable. License Agreements The Company entered into the license agreements, as disclosed in Note 5, pursuant to which the Company is required to pay milestones contingent upon meeting specific events. The first milestone, related to the Viracta License Agreement, was achieved and recorded to research and development expense during the year ended December 31, 2021. The second milestone, related to the MRKDG License Agreement, was achieved and recorded to research and development during the year ended December 31, 2022. The Company may be required to pay royalties on sales of products developed under these agreements. All products are in development as of June 30, 2023 and December 31, 2022 , and no such royalties were due. Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened. Indemnification Agreements In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at its request in such capacities. There have been no claims to date and the Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had no t recorded any liabilities for these agreements as of June 30, 2023 and December 31, 2022 . |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 7. Common Stock Pursuant to its certificate of incorporation, the Company is authorized to issue 500.0 million shares of common stock at a par value of $ 0.0001 per share. As of June 30, 2023, 86,971,328 shares of common stock were issued and outstanding. June 2023 Follow-On Offering In June 2023, the Company completed a follow-on offering and issued and sold 13,269,231 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,730,769 shares of common stock) at a price to the public of $ 13.00 per share for net proceeds of approximately $ 161.4 million, after deducting underwriting discounts, commissions, and offering costs. At-The-Market Offering In June 2022, the Company entered into an equity distribution agreement, or the Equity Distribution Agreement, with Piper Sandler & Co. and JonesTrading Institutional Services LLC, as sales agents, relating to the issuance and sale of shares of the Company’s common stock for an aggregate offering price of up to $ 150.0 million under an at-the-market offering program, or the 2022 ATM. In June 2023, the Company suspended and terminated the prospectus related to its common stock, or the ATM Prospectus, issuable pursuant to the terms of the Equity Distribution Agreement. As a result, the Company will not make any sales of its securities pursuant to the Equity Distribution Agreement, unless and until a new prospectus, prospectus supplement or a new registration statement is filed. No shares have been sold under the 2022 ATM. Other than the termination of the ATM Prospectus, the Equity Distribution Agreement remains in full force and effect. June 2022 Follow-On Offering In June 2022, the Company completed a follow-on offering and issued and sold 11,500,000 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,500,000 shares of common stock) at a price to the public of $ 15.00 per share for net proceeds of approximately $ 161.6 million, after deducting underwriting discounts, commissions, and offering costs. The Company has reserved shares of common stock for future issuances as follows: June 30, Common stock options issued and outstanding 10,077,197 Common stock available for future grants 2,866,723 Common stock available for ESPP 1,778,597 Restricted stock units issued and outstanding 1,092,759 Total 15,815,276 |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Share-based Compensation | 8. Share-based Compensation 2022 Equity Inducement Plan In October 2022, the board of directors and stockholders approved the 2022 Equity Inducement Plan, or the 2022 Plan. The 2022 Plan provides for the grant of non-statutory stock options and restricted stock units. The number of shares of common stock reserved for issuance under the 2022 Plan is 1,000,000 shares. The following table provides a summary of stock option activity under the 2022 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 309,000 $ 21.14 Granted — $ — Exercised — $ — $ — Forfeiture — $ — Outstanding at June 30, 2023 309,000 $ 21.14 9.3 $ — Vested and expected to vest at June 30, 2023 309,000 $ 21.14 9.3 $ — Exercisable at June 30, 2023 — $ — — $ — Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. There was no fair value of options that vested during each of the six months ended June 30, 2023 and 2022 . There was no weighted-average grant date fair value of options granted since there were no options granted from the 2022 Plan during each of the six months ended June 30, 2023 and 2022. Unamortized share-based compensation for stock options as of June 30, 2023 was $ 3.9 million, which is expected to be recognized over a weighted-average period of 3.3 years. The following table provides a summary of restricted stock units activity under the 2022 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 47,400 $ 21.14 Granted — $ — Vested — $ — Forfeiture — $ — Unvested restricted stock units at June 30, 2023 47,400 $ 21.14 Unamortized share-based compensation for restricted stock units as of June 30, 2023 was $ 0.8 million, which is expected to be recognized over a weighted-average period of 3.4 years. 2021 Equity Incentive Plan Immediately prior to consummation of the Company’s initial public offering, or the IPO, all the outstanding incentive shares were converted into common stock. The following table provides a summary of the unvested common stock awards activity during the six months ended June 30, 2023. Number of Weighted Average Unvested common stock as of December 31, 2022 1,722,744 $ 16.00 Vested ( 499,087 ) $ 16.00 Forfeiture ( 21,400 ) $ 16.00 Unvested common stock as of June 30, 2023 1,202,257 $ 16.00 In May 2021, in connection with the IPO, the board of directors and stockholders approved, the 2021 Equity Incentive Plan, or the 2021 Plan, which became effective on the day before the date of the effectiveness of the IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other share-based awards. The number of shares of common stock reserved for issuance under the 2021 Plan is equal to the sum of: (x) 6,369,000 shares of common stock; plus (y) 4,719,605 shares of common stock issued in respect of the Conversion of incentive shares that were subject to vesting immediately prior to the effectiveness of the registration statement for the IPO that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of (a) 5 % of the number of shares of all classes of the Company’s common stock, plus the total number of shares of Company common stock issuable upon conversion of any preferred stock or exercise of any warrants to acquire shares of Company common stock for a nominal exercise price issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of shares determined by the board of directors. The following table provides a summary of stock option activity under the 2021 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 7,634,167 $ 16.42 Granted 2,315,700 $ 19.70 Exercised ( 80,379 ) $ 15.44 $ 625 Forfeiture ( 244,791 ) $ 19.01 Outstanding at June 30, 2023 9,624,697 $ 17.16 8.6 $ 541 Vested and expected to vest at June 30, 2023 9,624,697 $ 17.16 8.6 $ 541 Exercisable at June 30, 2023 3,410,580 $ 16.51 8.2 $ 150 Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The total fair value of options that vested during the six months ended June 30, 2023 and 2022 was $ 12.8 million and $ 10.1 million, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2023 and 2022 was $ 13.81 per share and $ 8.36 per share, respectively. Unamortized share-based compensation for stock options as of June 30, 2023 was $ 66.3 million, which is expected to be recognized over a weighted-average period of 2.8 years. The Company used the Black-Scholes option pricing model to estimate the fair value of stock options awards granted with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) 5.27 - 6.15 5.27 - 6.33 5.27 - 6.25 5.27 - 6.33 Expected volatility 69.21 % - 81.65 % 65.30 % - 69.43 % 69.21 % - 81.98 % 65.20 % - 69.43 % Risk-free interest rate 3.47 % - 3.98 % 1.73 % - 3.38 % 3.47 % - 4.08 % 1.47 % - 3.38 % Expected dividend yield — — — — The following table provides a summary of restricted stock units activity under the 2021 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 485,351 $ 16.83 Granted 635,460 $ 21.32 Vested ( 129,693 ) $ 19.01 Forfeiture ( 39,009 ) $ 20.40 Unvested restricted stock units at June 30, 2023 952,109 $ 19.38 Unamortized share-based compensation for restricted stock units as of June 30, 2023 was $ 17.4 million, which is expected to be recognized over a weighted-average period of 3.3 years. Performance Awards In June 2022, the Company granted performance awards, consisting of performance stock options, or PSOs, and performance stock units, or PSUs, to non-executive employees pursuant to the 2021 Plan. Each performance award is earned through the achievement of a performance-based metric over a defined performance period determined by the compensation committee of the Company's board of directors. The estimated fair value of the equity awards that contain performance conditions is expensed over the term of the award once the Company has determined that it is probable that the performance conditions will be satisfied. The following table provides a summary of PSO activity under the 2021 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 146,950 $ 15.25 Granted — $ — Exercised — $ — $ — Forfeiture ( 3,450 ) $ 15.25 Outstanding at June 30, 2023 143,500 $ 15.25 9.0 $ — Vested and expected to vest at June 30, 2023 — $ — — $ — Exercisable at June 30, 2023 — $ — — $ — Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money PSOs. There was no fair value of PSOs that vested since there were no PSOs that vested during each of the six months ended June 30, 2023 and 2022. There was no weighted-average grant date fair value of PSOs granted since there were no PSOs granted during the six months ended June 30, 2023 . The weighted-average grant date fair value of PSOs granted during the six months ended June 30, 2022 was $ 7.89 per share. As of June 30, 2023, there was $ 1.1 million of unrecognized compensation cost related to unvested PSOs. The Company will recognize the PSO expense through the expected vesting dates when the achievement of the performance-based metrics is probable. The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) — 2.96 - 3.71 — 2.96 - 3.71 Expected volatility — 72.13 % - 72.36 % — 72.13 % - 72.36 % Risk-free interest rate — 3.37 % — 3.37 % Expected dividend yield — — — — The following table provides a summary of PSU activity under the 2021 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 95,500 $ 15.25 Granted — $ — Vested — $ — Forfeiture ( 2,250 ) $ 15.25 Unvested restricted stock units at June 30, 2023 93,250 $ 15.25 As of June 30, 2023, there was $ 1.4 million of unrecognized compensation cost related to unvested PSUs. The Company will recognize the PSU expense through the expected vesting dates when the achievement of the performance-based metrics is probable. 2021 Employee Stock Purchase Plan In May 2021, the board of directors adopted, and the stockholders approved the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on May 26, 2021. A total of 603,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: (a) 1 % of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share) and (b) an amount determined by the board of directors. 178,506 shares have been issued under the ESPP as of June 30, 2023. The Company recognized compensation expense related to the ESPP of $ 0.3 million for each of the three months ended June 30, 2023 and 2022 and $ 0.5 million and $ 0.3 million for the six months ended June 30, 2023 and 2022, respectively. The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 63.57 % 58.49 % 63.57 % 58.49 % Risk-free interest rate 5.24 % 1.54 % 5.24 % 1.54 % Expected dividend yield — — — — Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 3,410 $ 2,075 $ 6,790 $ 4,222 General and administrative expense 6,067 3,556 12,134 7,611 Total share-based compensation expense $ 9,477 $ 5,631 $ 18,924 $ 11,833 As of June 30, 2023 , there was $ 94.1 million of unrecognized compensation cost related to unvested restricted stock, unvested restricted stock units, unvested stock options, and shares subject to purchase under the ESPP that is expected to be recognized over a weighted-average period of approximately 2.8 years. As of June 30, 2023 , there was $ 2.5 million of unrecognized compensation cost related to unvested PSOs and PSUs. The Company will recognize the PSO and PSU expense through the expected vesting dates when the achievement of the performance-based metrics is probable. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 45,863 ) $ ( 36,530 ) $ ( 88,256 ) $ ( 64,277 ) Net loss per share, basic and diluted $ ( 0.61 ) $ ( 0.60 ) $ ( 1.20 ) $ ( 1.08 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 74,964,878 60,760,527 73,478,567 59,586,529 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of June 30, 2023 2022 Stock options 9,933,697 7,525,836 Unvested common shares 1,202,257 2,808,097 Restricted stock units 999,509 430,850 Shares committed under ESPP 69,578 42,094 Total 12,205,041 10,806,877 |
Defined Contribution Plan
Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | 10. Defined Contribution Plan The Company maintains an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code. All employees are eligible to participate provided that they meet the requirements of the plan. For each of the three months ended June 30, 2023 and 2022 , the Company made matching contributions of $ 0.3 million. For the six months ended June 30, 2023 and 2022 , the Company made matching contributions of $ 0.8 million and $ 0.5 million, respectively. |
Summary of Significant Accou_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. |
Segments | Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States. |
Concentration of credit risk and other risks and uncertainties | Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products 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. |
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, or 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 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 it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. As of December 31, 2023, the Company will no longer qualify as an emerging growth company and be able to take advantage of the exemptions from various reporting requirements beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2023 to be filed in 2024. |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial instruments as of June 30, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 23,703 $ — $ — $ 23,703 U.S. treasury securities — 68,548 — 68,548 U.S. government agency securities — 186,115 — 186,115 Total assets measured at fair value $ 23,703 $ 254,663 $ — $ 278,366 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. treasury securities — 145,785 — 145,785 U.S. government agency securities — 136,022 — 136,022 Total assets measured at fair value $ 18,765 $ 281,807 $ — $ 300,572 |
Schedule of cash equivalents, marketable securities, and unrealized gains and losses | The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands): June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 23,703 $ — $ — $ 23,703 U.S. government agency securities 992 — — 992 Total cash equivalents 24,695 — — 24,695 Short-term investments U.S. treasury securities 67,601 — ( 46 ) 67,555 U.S. government agency securities 186,079 42 ( 5 ) 186,116 Total short-term investments $ 253,680 $ 42 $ ( 51 ) $ 253,671 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. government agency securities 24,800 — — 24,800 Total cash equivalents 43,565 — — 43,565 Short-term investments U.S. treasury securities 145,880 1 ( 96 ) 145,785 U.S. government agency securities 111,197 37 ( 12 ) 111,222 Total short-term investments $ 257,077 $ 38 $ ( 108 ) $ 257,007 |
Schedule of available-for-sale marketable securities with gross unrealized losses | The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized (in thousands): June 30, 2023 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 67,556 $ ( 46 ) $ — $ — $ 67,556 $ ( 46 ) U.S. government agency securities 30,368 ( 5 ) — — 30,368 ( 5 ) Total financial assets $ 97,924 $ ( 51 ) $ — $ — $ 97,924 $ ( 51 ) December 31, 2022 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 140,822 $ ( 96 ) $ — $ — $ 140,822 $ ( 96 ) U.S. government agency securities 26,811 ( 12 ) — — 26,811 ( 12 ) Total financial assets $ 167,633 $ ( 108 ) $ — $ — $ 167,633 $ ( 108 ) |
Schedule of maturities of our available-for-sale marketable securities table text block | The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands): June 30, 2023 Amortized Cost Fair Value Mature in one year or less $ 278,375 $ 278,366 Total $ 278,375 $ 278,366 December 31, 2022 Amortized Cost Fair Value Mature in one year or less $ 300,642 $ 300,572 Total $ 300,642 $ 300,572 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 4,138 $ 3,007 Prepaid insurance 1,983 1,592 Other prepaid expenses and other assets 781 1,006 Total prepaid expenses and other current assets $ 6,902 $ 5,605 |
Schedule of Property and Equipment | Property and equipment, net, consisted of the following (in thousands): June 30, December 31, Leasehold improvements $ 39 $ 26 Laboratory equipment 162 — Property and equipment, gross 201 26 Less: accumulated depreciation ( 18 ) ( 6 ) Property and equipment, net $ 183 $ 20 |
Schedule of Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 12,073 $ 7,554 Accrued payroll related expenses 5,132 6,129 Accrued professional service expenses 2,128 2,088 Other 186 179 Total accrued expenses and other current liabilities $ 19,519 $ 15,950 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Lease Obligations | As of June 30, 2023, the future lease obligations were as follows (in thousands): June 30, Remaining in 2023 $ 231 2024 424 Total future minimum lease payments 655 Less: Imputed interest ( 37 ) Present value of operating lease liabilities 618 Less: current portion of operating lease liabilities ( 428 ) Operating lease liabilities $ 190 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Shares Reserved for Future Issuance | The Company has reserved shares of common stock for future issuances as follows: June 30, Common stock options issued and outstanding 10,077,197 Common stock available for future grants 2,866,723 Common stock available for ESPP 1,778,597 Restricted stock units issued and outstanding 1,092,759 Total 15,815,276 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table provides a summary of stock option activity under the 2021 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 7,634,167 $ 16.42 Granted 2,315,700 $ 19.70 Exercised ( 80,379 ) $ 15.44 $ 625 Forfeiture ( 244,791 ) $ 19.01 Outstanding at June 30, 2023 9,624,697 $ 17.16 8.6 $ 541 Vested and expected to vest at June 30, 2023 9,624,697 $ 17.16 8.6 $ 541 Exercisable at June 30, 2023 3,410,580 $ 16.51 8.2 $ 150 |
Summary of Restricted Stock Units Activity | The following table provides a summary of restricted stock units activity under the 2021 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 485,351 $ 16.83 Granted 635,460 $ 21.32 Vested ( 129,693 ) $ 19.01 Forfeiture ( 39,009 ) $ 20.40 Unvested restricted stock units at June 30, 2023 952,109 $ 19.38 |
Summary of Performance Stock Options Activity | The following table provides a summary of PSO activity under the 2021 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 146,950 $ 15.25 Granted — $ — Exercised — $ — $ — Forfeiture ( 3,450 ) $ 15.25 Outstanding at June 30, 2023 143,500 $ 15.25 9.0 $ — Vested and expected to vest at June 30, 2023 — $ — — $ — Exercisable at June 30, 2023 — $ — — $ — |
Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Option Granted | The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) — 2.96 - 3.71 — 2.96 - 3.71 Expected volatility — 72.13 % - 72.36 % — 72.13 % - 72.36 % Risk-free interest rate — 3.37 % — 3.37 % Expected dividend yield — — — — |
Summary of Performance Stock Units Activity | The following table provides a summary of PSU activity under the 2021 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 95,500 $ 15.25 Granted — $ — Vested — $ — Forfeiture ( 2,250 ) $ 15.25 Unvested restricted stock units at June 30, 2023 93,250 $ 15.25 |
Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss | Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 3,410 $ 2,075 $ 6,790 $ 4,222 General and administrative expense 6,067 3,556 12,134 7,611 Total share-based compensation expense $ 9,477 $ 5,631 $ 18,924 $ 11,833 |
Summary of The Unvested Common Stock | The following table provides a summary of the unvested common stock awards activity during the six months ended June 30, 2023. Number of Weighted Average Unvested common stock as of December 31, 2022 1,722,744 $ 16.00 Vested ( 499,087 ) $ 16.00 Forfeiture ( 21,400 ) $ 16.00 Unvested common stock as of June 30, 2023 1,202,257 $ 16.00 |
Schedule of fair value of our common stock to be issued under the ESPP | The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) 0.5 0.5 0.5 0.5 Expected volatility 63.57 % 58.49 % 63.57 % 58.49 % Risk-free interest rate 5.24 % 1.54 % 5.24 % 1.54 % Expected dividend yield — — — — |
Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted | The Company used the Black-Scholes option pricing model to estimate the fair value of stock options awards granted with the following assumptions: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected term (in years) 5.27 - 6.15 5.27 - 6.33 5.27 - 6.25 5.27 - 6.33 Expected volatility 69.21 % - 81.65 % 65.30 % - 69.43 % 69.21 % - 81.98 % 65.20 % - 69.43 % Risk-free interest rate 3.47 % - 3.98 % 1.73 % - 3.38 % 3.47 % - 4.08 % 1.47 % - 3.38 % Expected dividend yield — — — — |
2022 Equity Inducement Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table provides a summary of stock option activity under the 2022 Plan during the six months ended June 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 309,000 $ 21.14 Granted — $ — Exercised — $ — $ — Forfeiture — $ — Outstanding at June 30, 2023 309,000 $ 21.14 9.3 $ — Vested and expected to vest at June 30, 2023 309,000 $ 21.14 9.3 $ — Exercisable at June 30, 2023 — $ — — $ — |
Summary of Restricted Stock Units Activity | The following table provides a summary of restricted stock units activity under the 2022 Plan during the six months ended June 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 47,400 $ 21.14 Granted — $ — Vested — $ — Forfeiture — $ — Unvested restricted stock units at June 30, 2023 47,400 $ 21.14 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders | Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 45,863 ) $ ( 36,530 ) $ ( 88,256 ) $ ( 64,277 ) Net loss per share, basic and diluted $ ( 0.61 ) $ ( 0.60 ) $ ( 1.20 ) $ ( 1.08 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 74,964,878 60,760,527 73,478,567 59,586,529 |
Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of June 30, 2023 2022 Stock options 9,933,697 7,525,836 Unvested common shares 1,202,257 2,808,097 Restricted stock units 999,509 430,850 Shares committed under ESPP 69,578 42,094 Total 12,205,041 10,806,877 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurement - Summary of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 23,703 | $ 18,765 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 992 | 24,800 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 278,366 | 300,572 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 23,703 | 18,765 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 254,663 | 281,807 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 23,703 | 18,765 |
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 23,703 | 18,765 |
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 68,548 | 145,785 |
Fair Value, Recurring | U.S. treasury securities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | U.S. treasury securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 68,548 | 145,785 |
Fair Value, Recurring | U.S. treasury securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 186,115 | 136,022 |
Fair Value, Recurring | U.S. government agency securities | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring | U.S. government agency securities | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 186,115 | 136,022 |
Fair Value, Recurring | U.S. government agency securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 0 | $ 0 |
Recurring Fair Value Measurem_4
Recurring Fair Value Measurement - Schedule of cash equivalents, marketable securities, and unrealized gains and losses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | $ 189,211 | $ 85,262 |
Marketable securities | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 253,680 | 257,077 |
Debt securities, available-for-sale, unrealized gain | 42 | 38 |
Debt securities, available-for-sale, unrealized loss | (51) | (108) |
Debt securities, available-for-sale, estimated fair value | 253,671 | 257,007 |
Cash equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 24,695 | 43,565 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 24,695 | 43,565 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 23,703 | 18,765 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 23,703 | 18,765 |
U.S. government agency securities | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 992 | 24,800 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 992 | 24,800 |
Debt securities, available-for-sale, amortized cost | 186,079 | 111,197 |
Debt securities, available-for-sale, unrealized gain | 42 | 37 |
Debt securities, available-for-sale, unrealized loss | (5) | (12) |
Debt securities, available-for-sale, estimated fair value | 186,116 | 111,222 |
U.S. treasury securities | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 67,601 | 145,880 |
Debt securities, available-for-sale, unrealized gain | 0 | 1 |
Debt securities, available-for-sale, unrealized loss | (46) | (96) |
Debt securities, available-for-sale, estimated fair value | $ 67,555 | $ 145,785 |
Recurring Fair Value Measurem_5
Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Amortized cost, Mature in one year or less | $ 278,375 | $ 300,642 |
Amortized Cost, Total | 278,375 | 300,642 |
Fair Value, Mature in one year or less | 278,366 | 300,572 |
Fair Value, Total | $ 278,366 | $ 300,572 |
Recurring Fair Value Measurem_6
Recurring Fair Value Measurement - Schedule of available-for-sale marketable securities with gross unrealized losses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Unrealized Losses Less Than 12 Months, Fair value | $ 97,924 | $ 167,633 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (51) | (108) |
Unrealized losses 12 months or greater, Fair Value | 0 | 0 |
Unrealized losses 12 months or greater, Unrealized Losses | 0 | 0 |
Fair Value | (51) | (108) |
Unrealized Losses | 97,924 | 167,633 |
U.S. treasury securities | ||
Cash and Cash Equivalents [Line Items] | ||
Unrealized Losses Less Than 12 Months, Fair value | 67,556 | 140,822 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (46) | (96) |
Unrealized losses 12 months or greater, Fair Value | 0 | 0 |
Unrealized losses 12 months or greater, Unrealized Losses | 0 | 0 |
Fair Value | (46) | (96) |
Unrealized Losses | 67,556 | 140,822 |
U.S. government agency securities | ||
Cash and Cash Equivalents [Line Items] | ||
Unrealized Losses Less Than 12 Months, Fair value | 30,368 | 26,811 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (5) | (12) |
Unrealized losses 12 months or greater, Fair Value | 0 | 0 |
Unrealized losses 12 months or greater, Unrealized Losses | 0 | 0 |
Fair Value | (5) | (12) |
Unrealized Losses | $ 30,368 | $ 26,811 |
Recurring Fair Value Measurem_7
Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, measurement recurring basis, asset, transfers, net | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Balance Sheet Items - Summary o
Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid research and development expenses | $ 4,138 | $ 3,007 |
Prepaid insurance | 1,983 | 1,592 |
Other prepaid expenses and other assets | 781 | 1,006 |
Total prepaid expenses and other current assets | $ 6,902 | $ 5,605 |
Balance Sheet Items - Summary_2
Balance Sheet Items - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 201 | $ 26 |
Less: accumulated depreciation | (18) | (6) |
Property and equipment, net | 183 | 20 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 39 | 26 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 162 | $ 0 |
Balance Sheet Items - Summary_3
Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 12,073 | $ 7,554 |
Accrued payroll related expenses | 5,132 | 6,129 |
Accrued professional service expenses | 2,128 | 2,088 |
Other | 186 | 179 |
Total accrued expenses and other current liabilities | $ 19,519 | $ 15,950 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 26, 2021 | Feb. 10, 2021 | Dec. 16, 2019 | Feb. 28, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | |
Takeda Asset Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Upfront of cash payment | $ 1,000 | |||||
Takeda Asset Agreement [Member] | Common Stock | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 6,470,382 | |||||
Takeda Asset Agreement [Member] | Series A Redeemable Convertible Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 9,857,143 | |||||
Stock Issued During Period, Value, New Issues | $ 9,900 | |||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 9,857,143 | |||||
Takeda Asset Agreement [Member] | Research And Development Expense | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Upfront payment | $ 8,000 | |||||
Merck License Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Payment of Milestones | $ 0 | |||||
Merck License Agreement [Member] | Research And Development Expense | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Payment of Milestones | $ 2,500 | |||||
Merck License Agreement [Member] | Research And Development Expense | Maximum [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Milestone payments not yet paid | $ 364,500 | |||||
Viracta License Agreement [Member] | Maximum [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Milestone payments not yet paid | $ 54,000 | |||||
Viracta License Agreement [Member] | Research And Development Expense | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Payment of Milestones | $ 3,000 | |||||
Upfront of cash payment | $ 2,000 |
Commitment and Contingencies -
Commitment and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining in 2023 | $ 231 | |
2024 | 424 | |
Total future minimum lease payments | 655 | |
Less: Imputed interest | (37) | |
Present value of operating lease liabilities | 618 | |
Less: current portion of operating lease liabilities | 428 | $ 405 |
Operating lease liabilities | $ 190 |
Commitment and Contingencies _2
Commitment and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 31 months | |||||
Amortization of operating right-of-use assets | $ 169,000 | $ 174,000 | ||||
Operating lease payments | $ 1,100,000 | |||||
Weighted Average Remaining Lease Term | 1 year 4 months 24 days | 1 year 4 months 24 days | ||||
Weighted Average Discount Rate Percent | 9% | 9% | ||||
Research And Development Agreements | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Termination and cancellation charges payable | $ 0 | $ 0 | $ 0 | |||
Viracta License Agreement | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Royalty fee payable | 0 | 0 | 0 | |||
Indemnification Agreement | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Termination and cancellation charges payable | 0 | 0 | $ 0 | |||
Brisbane, California | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Sublease agreement area | ft² | 12,000 | |||||
Security Deposit | $ 40,000 | |||||
Lease For Corporate Office Facility | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Amortization of operating right-of-use assets | $ 100,000 | $ 100,000 | 200,000 | 200,000 | ||
Operating lease payments | $ 200,000 | $ 100,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Common Stock, Shares Issued | 86,971,328 | 73,458,176 | ||
Common Stock, Shares Outstanding | 86,971,328 | 73,458,176 | ||
Common stock shares reserved for future issuance | 15,815,276 | |||
Proceeds from the issuance of common stock | $ 161,409 | $ 161,610 | ||
Common Shares Purchase Agreement | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 500,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |||
Common Stock, Shares Issued | 86,971,328 | |||
Common Stock, Shares Outstanding | 86,971,328 | |||
Sales Agreement with Piper Sandler and Jones Services LLC | ||||
Class of Stock [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 15 | $ 13 | $ 15 | |
Common Stock, Shares Issued | 11,500,000 | 13,269,231 | 11,500,000 | |
Common stock shares reserved for future issuance | 1,500,000 | 1,730,769 | 1,500,000 | |
Gross proceeds from issuance of common stock | $ 150,000 | |||
Proceeds from the issuance of common stock | $ 161,600 | $ 161,400 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details) | Jun. 30, 2023 shares |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 15,815,276 |
Share-based Payment Arrangement, Option | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 2,866,723 |
Restricted Stock Units (RSUs) | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 1,092,759 |
Employee Stock Purchase Plan | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 1,778,597 |
Common Stock | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 10,077,197 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
May 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock shares reserved for future issuance | 15,815,276 | 15,815,276 | |||||
Allocated share based compensation expense | $ 9,477 | $ 5,631 | $ 18,924 | $ 11,833 | |||
PSOs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value | $ 7.89 | ||||||
Unvested PSOs and PSUs [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement unrecognized compensation | 1,100 | 1,100 | |||||
Unvested PSUs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement unrecognized compensation | 1,400 | $ 1,400 | |||||
Incentive Share Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 3 years 3 months 18 days | ||||||
Unamortized stock-based compensation for stock options | 3,900 | $ 3,900 | |||||
2021 Equity Incentive Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Total fair value of options | 12,800 | 10,100 | $ 12,800 | $ 10,100 | |||
Number of shares issued upon conversion | 4,719,605 | ||||||
Common stock shares reserved for future issuance | 6,369,000 | ||||||
Share based compensation by share based payment arrangement non vested options granted during the period | 2,315,700 | ||||||
Weighted-average period expected to be recognized | 8 years 7 months 6 days | ||||||
Granted | 2,315,700 | ||||||
2021 Equity Incentive Plan | PSOs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value | $ 13.81 | $ 8.36 | |||||
Unamortized stock-based compensation for stock options | 66,300 | $ 66,300 | |||||
Weighted-average period expected to be recognized | 2 years 9 months 18 days | ||||||
2021 Equity Incentive Plan | Unvested Restricted Stock and Stock Options [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unamortized stock-based compensation for stock options | 17,400 | $ 17,400 | |||||
Weighted-average period expected to be recognized | 3 years 3 months 18 days | ||||||
2021 Equity Incentive Plan | Incremental Shares Reserved for Future Issuance [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 5% | ||||||
2021 Employee Stock Purchase Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock shares reserved for future issuance | 603,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 1% | ||||||
Allocated share based compensation expense | 300 | 300 | $ 500 | $ 300 | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 178,506 | ||||||
2021 Employee Stock Purchase Plan | Unvested Restricted Stock and Stock Options [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement unrecognized compensation | 94,100 | $ 94,100 | |||||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 2 years 9 months 18 days | ||||||
2021 Employee Stock Purchase Plan | Unvested PSOs and PSUs [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share based compensation by share based payment arrangement unrecognized compensation | 2,500 | $ 2,500 | |||||
2022 Equity Inducement Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Total fair value of options | 0 | $ 0 | $ 0 | $ 0 | |||
Common stock shares reserved for future issuance | 1,000,000 | ||||||
Share based compensation by share based payment arrangement non vested options granted during the period | 0 | 0 | |||||
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value | $ 0 | $ 0 | |||||
Weighted-average period expected to be recognized | 9 years 3 months 18 days | ||||||
Granted | 0 | 0 | |||||
2022 Equity Inducement Plan | Unvested Restricted Stock and Stock Options [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unamortized stock-based compensation for stock options | $ 800 | $ 800 | |||||
Weighted-average period expected to be recognized | 3 years 4 months 24 days |
Share-based Compensation - Summ
Share-based Compensation - Summary of The Unvested Common Stock (Detail) - 2021 Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Unvested Common Stock, Beginning balance | shares | 1,722,744 |
Vested | shares | (499,087) |
Forfeiture | shares | (21,400) |
Number of Shares, Unvested Common Stock, Ending balance | shares | 1,202,257 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 16 |
Vested | $ / shares | 16 |
Forfeiture | $ / shares | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 16 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 shares | |
2022 Equity Inducement Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | shares | 309,000 | |
Granted | shares | 0 | 0 |
Number of Shares, Ending Balance | shares | 309,000 | |
Number of Shares, Vested and expected to vest at June 30, 2023 | shares | 309,000 | |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 21.14 | |
Granted | $ / shares | 0 | |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | 21.14 | |
Weighted Average Exercise Price Per Share, Vested and expected to vest at June 30, 2023 | $ / shares | $ 21.14 | |
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2023 | 9 years 3 months 18 days | |
Weighted-Average Remaining Contractual Term, Vested and expected to vest at June 30, 2023 | 9 years 3 months 18 days | |
Outstanding at June 30, 2023, Aggregate Intrinsic Value | $ | $ 0 | |
Vested and expected to vest at June 30, 2023, Aggregate Intrinsic Value | $ | $ 0 | |
2021 Equity Incentive Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | shares | 7,634,167 | |
Granted | shares | 2,315,700 | |
Exercised | shares | (80,379) | |
Forfeiture | shares | (244,791) | |
Number of Shares, Ending Balance | shares | 9,624,697 | |
Number of Shares, Vested and expected to vest at June 30, 2023 | shares | 9,624,697 | |
Exercisable at June 30, 2023 | shares | 3,410,580 | |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 16.42 | |
Granted | $ / shares | 19.7 | |
Exercised | $ / shares | 15.44 | |
Forfeiture | $ / shares | 19.01 | |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | 17.16 | |
Weighted Average Exercise Price Per Share, Vested and expected to vest at June 30, 2023 | $ / shares | 17.16 | |
Exercisable at June 30, 2023 | $ / shares | $ 16.51 | |
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2023 | 8 years 7 months 6 days | |
Weighted-Average Remaining Contractual Term, Vested and expected to vest at June 30, 2023 | 8 years 7 months 6 days | |
Weighted-Average Remaining Contractual Term, Exercisable at June 30, 2023 | 8 years 2 months 12 days | |
Outstanding at June 30, 2023, Aggregate Intrinsic Value | $ | $ 541 | |
Vested and expected to vest at June 30, 2023, Aggregate Intrinsic Value | $ | 541 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ | 625 | |
Exercisable at June 30, 2023, Aggregate Intrinsic Value | $ | $ (150) |
Share-based Compensation - Su_3
Share-based Compensation - Summary of Restricted Stock Units Activity (Detail) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
2021 Equity Incentive Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vested | shares | (499,087) |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 16 |
Vested | 16 |
Weighted Average Grant Date Fair Value, Forfeited | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16 |
Restricted Stock Units | 2022 Equity Inducement Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested restricted stock, beginning balance | shares | 47,400 |
Unvested restricted stock, ending balance | shares | 47,400 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 21.14 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 21.14 |
Restricted Stock Units | 2021 Equity Incentive Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested restricted stock, beginning balance | shares | 485,351 |
Granted | shares | 635,460 |
Vested | shares | (129,693) |
Forfeiture | shares | (39,009) |
Unvested restricted stock, ending balance | shares | 952,109 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 16.83 |
Grant date fair value | 21.32 |
Vested | 19.01 |
Weighted Average Grant Date Fair Value, Forfeited | 20.4 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 19.38 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Performance Stock Options Activity (Details) - PSOs $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 146,950 |
Forfeiture | shares | (3,450) |
Number of Shares, Ending Balance | shares | 143,500 |
Forfeiture | $ / shares | $ 15.25 |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | 15.25 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 15.25 |
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2023 | 9 years |
Outstanding at June 30, 2023, Aggregate Intrinsic Value | $ | $ 0 |
Share-based Compensation - Fair
Share-based Compensation - Fair value of our common stock to be issued under the ESPP (Details) - 2021 Employee Stock Purchase Plan [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 63.57% | 58.49% | 63.57% | 58.49% |
Risk-free interest rate | 5.24% | 1.54% | 5.24% | 1.54% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Share-based Compensation - Su_5
Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Two Thousand And Twenty One Equity Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected volatility | 81.65% | 69.43% | 81.98% | 69.43% |
Risk-free interest rate | 3.98% | 3.38% | 4.08% | 3.38% |
Two Thousand And Twenty One Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 24 days | 6 years 3 months 29 days | 6 years 3 months | 6 years 3 months 29 days |
Two Thousand And Twenty One Equity Incentive Plan [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 months 7 days | 5 years 3 months 7 days | 5 years 3 months 7 days | 5 years 3 months 7 days |
Expected volatility | 69.21% | 65.30% | 69.21% | 65.20% |
Risk-free interest rate | 3.47% | 1.73% | 3.47% | 1.47% |
Two Thousand Twenty One Employee Stock Purchase Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | 6 months | 6 months |
Expected dividend yield | 0% | 0% | 0% | 0% |
Share-based Compensation - Su_6
Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Op (Details) - PSOs | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected volatility | 72.36% | 72.36% |
Risk-free interest rate | 3.37% | 3.37% |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 3 years 8 months 15 days | 3 years 8 months 15 days |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 2 years 11 months 15 days | 2 years 11 months 15 days |
Expected volatility | 72.13% | 72.13% |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Performance Stock Units Activity (Details) - 2021 Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vested | shares | (499,087) |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 16 |
Vested | 16 |
Weighted Average Grant Date Fair Value, Forfeited | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16 |
PSOs | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested restricted stock, beginning balance | shares | 95,500 |
Forfeiture | shares | (2,250) |
Unvested restricted stock, ending balance | shares | 93,250 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 15.25 |
Weighted Average Grant Date Fair Value, Forfeited | 15.25 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 15.25 |
Share-based Compensation - Su_8
Share-based Compensation - Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 9,477 | $ 5,631 | $ 18,924 | $ 11,833 |
Research And Development Expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 3,410 | 2,075 | 6,790 | 4,222 |
General And Administrative Expense | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 6,067 | $ 3,556 | $ 12,134 | $ 7,611 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net loss attributable to common stockholders | $ (45,863) | $ (42,393) | $ (36,530) | $ (27,747) | $ (88,256) | $ (64,277) |
Net loss per share, basic | $ (0.61) | $ (0.6) | $ (1.2) | $ (1.08) | ||
Net loss per share, diluted | $ (0.61) | $ (0.6) | $ (1.2) | $ (1.08) | ||
Weighted-average number of common shares used in computing net loss per share, basic | 74,964,878 | 60,760,527 | 73,478,567 | 59,586,529 | ||
Weighted-average number of common shares used in computing net loss per share, diluted | 74,964,878 | 60,760,527 | 73,478,567 | 59,586,529 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 12,205,041 | 10,806,877 |
Share-based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 9,933,697 | 7,525,836 |
Unvested common shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 1,202,257 | 2,808,097 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 999,509 | 430,850 |
Shares committed under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 69,578 | 42,094 |
Defined Contribution Plan (Addi
Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Matching Contribution | $ 0.3 | $ 0.3 | $ 0.8 | $ 0.5 |