Cymabay Therapeutics (CBAY) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	CBAY
Entity Registrant Name	CymaBay Therapeutics, Inc.
Entity Central Index Key	0001042074
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		113,403,353
Entity Shell Company	false
Entity File Number	001-36500
Entity Tax Identification Number	94-3103561
Entity Address, Address Line One	7575 Gateway Blvd
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	510
Local Phone Number	293-8800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 273,721	$ 20,291
Marketable securities	165,057	115,194
Prepaid expenses and other current assets	8,881	2,588
Total current assets	447,659	138,073
Property and equipment, net	453	701
Operating lease right-of-use asset	57	169
Other assets	2,879	2,909
Total assets	451,048	141,852
Current liabilities:
Accounts payable	2,731	1,096
Accrued research and development expenses	5,835	6,530
Other accrued liabilities	9,468	7,815
Deferred collaboration revenue—current portion	1,632	0
Total current liabilities	19,666	15,441
Development financing liability	104,091	90,227
Deferred collaboration revenue—non-current portion	1,100	0
Long-term portion of operating lease liability	0	30
Total liabilities	124,857	105,698
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value: 200,000,000 shares authorized; 113,250,244 and 84,681,063 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	18	8
Additional paid-in capital	1,262,560	909,329
Accumulated other comprehensive loss	(62)	(326)
Accumulated deficit	(936,325)	(872,857)
Total stockholders' equity	326,191	36,154
Total liabilities and stockholders' equity	$ 451,048	$ 141,852

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	113,250,244	84,681,063
Common stock, shares outstanding	113,250,244	84,681,063

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Collaboration revenue	$ 0	$ 0	$ 31,016	$ 0
Operating expenses:
Research and development	19,962	15,459	58,050	51,765
General and administrative	12,245	5,904	32,147	17,869
Total operating expenses	32,207	21,363	90,197	69,634
Loss from operations	(32,207)	(21,363)	(59,181)	(69,634)
Other income (expense), net:
Interest income	3,170	677	7,810	1,096
Interest expense	(4,843)	(3,819)	(13,864)	(10,832)
Other (expense) income	(2)	0	1,767	2
Total other income (expense), net	(1,675)	(3,142)	(4,287)	(9,734)
Net loss	(33,882)	(24,505)	(63,468)	(79,368)
Other comprehensive (loss) income:
Unrealized gain (loss) on marketable securities, net of tax	62	(133)	264	(561)
Total other comprehensive income (loss)	62	(133)	264	(561)
Comprehensive loss	$ (33,820)	$ (24,638)	$ (63,204)	$ (79,929)
Basic net loss per common share	$ (0.32)	$ (0.28)	$ (0.62)	$ (0.9)
Diluted net loss per common share	$ (0.32)	$ (0.28)	$ (0.62)	$ (0.9)
Weighted average common shares outstanding used to calculate basic net loss per common share	105,717,996	87,804,272	101,974,866	87,803,388
Weighted average common shares outstanding used to calculate diluted net loss per common share	105,717,996	87,804,272	101,974,866	87,803,388

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net loss	$ (63,468)	$ (79,368)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	625	525
Stock-based compensation expense	10,561	7,156
Accretion of development financing liability	13,864	10,832
Net (accretion) amortization of investments in marketable securities	(5,402)	(283)
Changes in assets and liabilities:
Prepaid expenses and other current assets	(6,213)	2,855
Other assets	30	(1,413)
Accounts payable	1,635	(2,061)
Deferred collaboration revenue	2,732	0
Accrued research and development expenses	(695)	(3,130)
Other accrued liabilities	1,180	(437)
Net cash used in operating activities	(45,151)	(65,324)
Investing activities
Purchases of property and equipment	(265)	(135)
Purchases of marketable securities	(189,746)	(162,346)
Proceeds from maturities of marketable securities	145,549	108,140
Net cash used in investing activities	(44,462)	(54,341)
Financing activities
Proceeds from issuance of common stock pursuant to equity award plans	7,459	9
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs	335,584	(459)
Proceeds from development financing	0	25,000
Net cash provided by financing activities	343,043	24,550
Net increase (decrease) in cash and cash equivalents	253,430	(95,115)
Cash and cash equivalents at beginning of period	20,291	125,806
Cash and cash equivalents at end of period	273,721	30,691
Supplemental operating activities
Cash paid for amounts included in the measurement of lease liabilities	529	513
Supplemental non-cash investing and financing activities
Accrued financing costs	443	0
Unsettled stock option exercise	81	0
Accrued costs for other assets	$ 0	$ 52

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at beginning of period at Dec. 31, 2021	$ 132,937	$ 8	$ 899,798	$ (13)	$ (766,856)
Balance at beginning of period (in shares) at Dec. 31, 2021		84,677,939
Stock-based compensation expense	2,414		2,414
Net loss	(27,769)				(27,769)
Net unrealized gain (loss) on marketable securities	(206)			(206)
Issuance costs related to issuance of common stock and pre-funded warrants	5		5
Balance at end of period at Mar. 31, 2022	107,381	$ 8	902,217	(219)	(794,625)
Balance at end of period (in shares) at Mar. 31, 2022		84,677,939
Balance at beginning of period at Dec. 31, 2021	132,937	$ 8	899,798	(13)	(766,856)
Balance at beginning of period (in shares) at Dec. 31, 2021		84,677,939
Net loss	(79,368)
Net unrealized gain (loss) on marketable securities	(561)
Balance at end of period at Sep. 30, 2022	60,178	$ 8	906,968	(574)	(846,224)
Balance at end of period (in shares) at Sep. 30, 2022		84,681,063
Balance at beginning of period at Mar. 31, 2022	107,381	$ 8	902,217	(219)	(794,625)
Balance at beginning of period (in shares) at Mar. 31, 2022		84,677,939
Stock-based compensation expense	2,392		2,392
Net loss	(27,094)				(27,094)
Net unrealized gain (loss) on marketable securities	(222)			(222)
Balance at end of period at Jun. 30, 2022	82,457	$ 8	904,609	(441)	(821,719)
Balance at end of period (in shares) at Jun. 30, 2022		84,677,939
Issuance of common stock upon exercise of stock options	9		9
Issuance of common stock upon exercise of stock options (Shares)		3,124
Stock-based compensation expense	2,350		2,350
Net loss	(24,505)				(24,505)
Net unrealized gain (loss) on marketable securities	(133)			(133)
Balance at end of period at Sep. 30, 2022	60,178	$ 8	906,968	(574)	(846,224)
Balance at end of period (in shares) at Sep. 30, 2022		84,681,063
Balance at beginning of period at Dec. 31, 2022	36,154	$ 8	909,329	(326)	(872,857)
Balance at beginning of period (in shares) at Dec. 31, 2022		84,681,063
Issuance of common stock upon exercise of stock options	710		710
Issuance of common stock upon exercise of stock options (Shares)		203,077
Issuance of common stock and pre-funded warrant, net of issuance costs	92,360	$ 9	92,351
Issuance of common stock and pre-funded warrant, net of issuance costs Shares		11,821,428
Exercise of pre-funded warrants, Value	0		0
Exercise of pre-funded warrants (Shares)		624,992
Stock-based compensation expense	3,487		3,487
Net loss	(28,778)				(28,778)
Net unrealized gain (loss) on marketable securities	256			256
Balance at end of period at Mar. 31, 2023	104,189	$ 17	1,005,877	(70)	(901,635)
Balance at end of period (in shares) at Mar. 31, 2023		97,330,560
Balance at beginning of period at Dec. 31, 2022	36,154	$ 8	909,329	(326)	(872,857)
Balance at beginning of period (in shares) at Dec. 31, 2022		84,681,063
Net loss	(63,468)
Net unrealized gain (loss) on marketable securities	264
Balance at end of period at Sep. 30, 2023	326,191	$ 18	1,262,560	(62)	(936,325)
Balance at end of period (in shares) at Sep. 30, 2023		113,250,244
Balance at beginning of period at Mar. 31, 2023	104,189	$ 17	1,005,877	(70)	(901,635)
Balance at beginning of period (in shares) at Mar. 31, 2023		97,330,560
Issuance of common stock upon exercise of stock options	1,731		1,731
Issuance of common stock upon exercise of stock options (Shares)		474,152
Stock-based compensation expense	3,350		3,350
Net loss	(808)				(808)
Net unrealized gain (loss) on marketable securities	(54)			(54)
Balance at end of period at Jun. 30, 2023	108,408	$ 17	1,010,958	(124)	(902,443)
Balance at end of period (in shares) at Jun. 30, 2023		97,804,712
Issuance of common stock upon exercise of stock options	5,099		5,099
Issuance of common stock upon exercise of stock options (Shares)		924,225
Issuance of common stock and pre-funded warrant, net of issuance costs	242,780	$ 1	242,779
Issuance of common stock and pre-funded warrant, net of issuance costs Shares		14,521,307
Stock-based compensation expense	3,724		3,724
Net loss	(33,882)				(33,882)
Net unrealized gain (loss) on marketable securities	62			62
Balance at end of period at Sep. 30, 2023	$ 326,191	$ 18	$ 1,262,560	$ (62)	$ (936,325)
Balance at end of period (in shares) at Sep. 30, 2023		113,250,244

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 15,969	$ 5,390

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business CymaBay Therapeutics, Inc. (the Company or CymaBay) is a clinical-stage biopharmaceutical company focused on developing and providing access to innovative therapies for patients with liver and other chronic diseases with high unmet medical need. The Company’s key clinical development candidate is seladelpar. Seladelpar has been under development primarily for the treatment of primary biliary cholangitis (PBC), a rare liver disease. The Company was incorporated in Delaware in October 1988 as Transtech Corporation. The Company’s headquarters and operations are located in Newark, California and it operates in segment. Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception. During the three and nine months ended September 30, 2023, the Company incurred a net loss of $33.9 million and $63.5 million, respectively, and during the nine months ended September 30, 2023, used $45.2 million of cash in operations. As of September 30, 2023, the Company had an accumulated deficit of $936.3 million. Historically, the Company has incurred substantial research and development expenses over the course of studying its product candidates in clinical trials. To date, none of the Company’s product candidates have been approved for marketing and sale, and the Company has not recorded any revenue from commercial product sales. Generally, the Company’s ability to achieve profitability is dependent on its ability to successfully develop, acquire or in-license As of September 30, 2023, the Company had cash, cash equivalents and marketable securities totaling $438.8 million, which the Company believes is sufficient to fund its current operating plan for at least twelve months from the issuance date of its financial statements. The Company has historically obtained, and expects to obtain in the future, additional financing to fund its business strategy through: future equity offerings; debt financing; one or more possible licenses, collaborations or other similar arrangements with respect to development and/or commercialization rights of the Company’s product candidates; or a combination of the above. It is unclear if or when any such transactions will occur, on satisfactory terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies. If adequate funds are not available to the Company, it could have a material adverse effect on the Company’s business, results of operations, and financial condition. Market volatility could also adversely impact the Company’s investments as well as its ability to access capital when and as needed. Failure to raise sufficient capital when needed could require the Company to significantly delay, scale back or discontinue one or more of its product development programs or commercialization efforts, or other aspects of its business plans, and the Company’s operating results and financial condition would be adversely affected.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying interim condensed consolidated financial statements are unaudited and are comprised of the accounts of CymaBay and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has no unconsolidated subsidiaries or investments accounted for under the equity method. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make informed estimates and assumptions that impact the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes, and the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include normal recurring adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2022, which is contained in the Company’s Annual Report on Form 10-K The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates and assumptions. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each reporting period and updated to reflect current information and any changes in estimates will generally be reflected in the period first identified. Revenue Recognition At the inception of an arrangement, the Company evaluates if a counterparty to a contract is a customer, if the arrangement is within the scope of ASC 606—Revenue from Contracts with Customers Collaboration Revenues The Company periodically enters into collaboration arrangements with third party collaborators, under which the Company may license certain rights to its intellectual property to permit collaborators to further develop, manufacture and/or commercialize its drug candidates. The terms of these agreements typically include, but are not limited to, payments to the Company for one or more of the following: nonrefundable, upfront license fees; development and commercial milestones whose payment is typically contingent upon milestone achievement; funding of research and/or development activities; product supply; and royalties on net sales of licensed products. For each collaboration agreement that results in revenues, the Company identifies all material promised goods and services, which may include, but are not limited to, one or more of the following: a license to intellectual property and know-how, re-assessed Once the estimated transaction price is established, amounts are allocated to identified performance obligations. The transaction price is generally allocated to each separate performance obligation based on its estimated standalone selling price (SSP). To determine SSPs, the Company uses various estimation methods, including the adjusted market assessment approach, which utilizes prices observable in the market for similar goods and services, the expected cost plus a margin approach, as well as applies valuation techniques involving projected discounted cash flows. These approaches may include the use of assumptions and estimates requiring significant judgement. The Company recognizes the amount of the transaction price allocated to each respective performance obligation as revenue when the performance obligation is satisfied or as it is satisfied. If a performance obligation is satisfied over time, the Company applies an appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on payment terms established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. If the arrangement includes optional goods and services, the Company assesses whether delivery of such goods and services requires the customer to pay fees consistent with their standalone selling prices, or if customer may be entitled to incremental discounts that it would not have received without entering into the agreement and committing to purchase the initial goods and services. The presence of such discounts indicates the customer has received material rights which also represent performance obligations. Upfront License Fees: Development and Regulatory Milestone Payments re-evaluates Sales-based Milestone and Royalty Payments: Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash, cash equivalents, marketable securities, accounts payable, certain accrued liabilities, and the development financing liability. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs and is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are significant to the fair value measurement and are unobservable (i.e., supported by little or no market activity), which requires the reporting entity to develop its own valuation techniques and assumptions. The carrying amounts of cash equivalents approximate their related fair values due to the short-term nature of these instruments. Cash equivalents are classified as level 1 and accounts payable and accrued liabilities as level 2 under the fair value hierarchy. The following tables present the Company’s financial assets that are measured at fair value on a recurring basis using the above input categories (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Marketable securities: U.S. and foreign commercial paper —  69,357 —  69,357 U.S. and foreign corporate debt securities —  5,490 —  5,490 U.S. agency securities —  28,393 —  28,393 U.S. treasury securities —  61,817 —  61,817 Total marketable securities —  165,057 —  165,057 Total assets measured at fair value $ 267,088 $ 165,057 $ —  $ 432,145 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $   9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Marketable securities: U.S. and foreign commercial paper —  46,121 —  46,121 U.S. and foreign corporate debt securities —  24,807 —  24,807 Supranational debt securities —  12,890 —  12,890 U.S. agency securities —  7,759 —  7,759 U.S. treasury securities —  23,617 —  23,617 Total marketable securities —  115,194 —  115,194 Total assets measured at fair value $ 9,770 $ 115,194 $ —  $ 124,964 The Company estimates the fair value of its money market funds, corporate debt, commercial paper, U.S. treasury securities, U.S agency securities, and supranational debt securities by taking into consideration data obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs. As of September 30, 2023, the fair value of the Company’s development financing liability is $91.5 million. The development financing liability is classified as level 3 under the fair value hierarchy, as its valuation is based on a discounted cash flow model that uses unobservable inputs such as the estimated timing of regulatory approval, attainment of certain sales milestones and the discount rate. Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and money market funds. The Company invests excess cash in marketable securities with high credit ratings. These securities consist of corporate debt securities, commercial paper, U.S. agency securities, U.S. treasury securities, and supranational debt securities and are classified as “available-for-sale.” Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific-identification method. Expected losses judged to be related partially or in whole to declines in credit risk-related factors of the security issuer are included in interest income or expense in the condensed consolidated statements of operations and comprehensive loss at the time the factors contributing to the expected losses are identified. Unrealized holding gains and losses are reported in accumulated other comprehensive loss in the condensed consolidated balance sheets. To date, the Company has not recorded any expected losses on its marketable securities related to credit risk-related declines in market value. In determining whether a decline in market value is related to expected credit losses, various factors are considered, including the cause, duration of time and severity of the expected loss, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. Unrealized gains and losses of the Company’s available-for-sale Amortized Gross Gross Estimated As of September 30, 2023: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Current marketable securities: U.S. and foreign commercial paper 69,357 —  —  69,357 U.S. and foreign corporate debt securities 5,503 —  (13 ) 5,490 U.S. agency securities 28,420 —  (27 ) 28,393 U.S. treasury securities 61,839 1 (23 ) 61,817 Total current marketable securities 165,119 1 (63 ) 165,057 Total marketable securities $ 432,207 $ 1 $ (63 ) $ 432,145 Amortized Gross Gross Estimated As of December 31, 2022: Cash equivalents: Money market funds $ 9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Current marketable securities: U.S. and foreign commercial paper 46,121 —  —  46,121 U.S. and foreign corporate debt securities 24,964 —  (157 ) 24,807 Supranational debt securities 12,946 —  (56 ) 12,890 U.S. agency securities 7,782 16 (39 ) 7,759 U.S. treasury securities 23,707 2 (92 ) 23,617 Total current marketable securities 115,520 18 (344 ) 115,194 Total marketable securities $ 125,290 $ 18 $ (344 ) $ 124,964 As of September 30, 2023, there were no investments which had a contractual maturity in excess of one year from the balance sheet date. Concentration of Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded on the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments and issuers of investments to the extent recorded on the condensed consolidated balance sheets. Certain materials and key components that the Company utilizes in its operations are obtained through single suppliers. Since the suppliers of key components and materials must be named in a new drug application (NDA) filed with the FDA for a product, significant delays can occur if the qualification of a new supplier is required. If delivery of material from the Company’s suppliers were interrupted for any reason, the Company may be unable to supply any of its product candidates for clinical trials. Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel, including related stock-based compensation; contract research organizations (CRO) and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In amortizing or accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred. Development Financing Agreement The Company accounts for the Development Financing Agreement (the Financing Agreement) (see Note 5) as a debt instrument. Accordingly, the Company has recorded payments received under the Financing Agreement as part of a development financing liability in the Company’s condensed consolidated balance sheet. The liability is recorded at amortized cost and accreted to the contractual success fee amounts based on the estimated timing of regulatory approval and attainment of certain sales milestones using an imputed interest rate. Certain transaction fees incurred specifically to complete the Financing Agreement were capitalized and recorded as a reduction to the carrying amount of the development financing liability and are being amortized to interest expense using the effective interest rate method. There are several factors that could affect the estimated timing of regulatory approval and attainment of sales milestones, some of which are not entirely within the Company’s control. Therefore, at each reporting date, the Company reassesses the estimated timing of regulatory approval and attainment of sales milestones and the expected contractual success fee payments due therefrom. If the timing and/or amount of such expected payments is materially different than original estimates, the Company will prospectively adjust the accretion of the development financing liability and the imputed interest rate. The Company identified certain contingent repayment features in the Financing Agreement that are required to be bifurcated from the debt host instrument as embedded derivative liabilities; however, the Company determined the fair value of these features, both individually and in the aggregate, was immaterial at inception and as of September 30, 2023. The fair value of these features will be assessed at each reporting date and will be marked to market, if material. To determine the amount to record for the embedded derivative liabilities, the Company must assess the probability of occurrence of various potential future events that could affect the timing and/or amount of future cash flows related to the Financing Agreement. Stock-Based Compensation Stock-based compensation is measured at fair value on the grant date of the award. Compensation cost is recognized as expense on a straight-line basis over the vesting period for options with service conditions, and forfeitures are accounted for as they occur. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The determination of fair value for stock-based awards using an option-pricing model requires management to make certain assumptions regarding subjective input variables such as expected term, dividends, volatility and risk-free rate. If actual results are not consistent with the Company’s assumptions and judgments used in making these estimates, the Company may be required to increase or decrease compensation expense, which could be material to the Company’s results of operations. Recently Issued Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments available-for-sale No. 2019-10,

Other Accrued Liabilities

Other Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Other Accrued Liabilities Current [Abstract]
Other Accrued Liabilities	3. Other Accrued Liabilities Other accrued liabilities consist of (in thousands): September 30, December 31, Accrued compensation $ 5,648 $ 5,779 Accrued professional fees and other 3,614 1,372 Current portion of operating lease liability 206 664 Total other accrued liabilities $ 9,468 $ 7,815

Collaboration and License Agree

Collaboration and License Agreement	9 Months Ended
	Sep. 30, 2023
Disclosure of Collaboration and License Agreement [Abstract]
Collaboration and License Agreement	4. Collaboration and License Agreement On January 6, 2023, the Company entered into a Collaboration and License Agreement (the License Agreement) with Kaken Pharmaceuticals Co., Ltd (Kaken). The Company granted Kaken an exclusive license to develop and commercialize seladelpar (the Licensed Product) for the treatment of primary biliary cholangitis (PBC) in Japan. Pursuant to the terms of the License Agreement, Kaken will bear the cost of, and be responsible for, among other things, conducting the clinical studies and other developmental activities for the Licensed Product in PBC in Japan as well as preparing and filing applications for regulatory approval and commercializing the Licensed Product in Japan. Kaken is obligated to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize, the Licensed Product in Japan, including obtaining pricing approval for the Licensed Product in Japan. The License Agreement also obligates the Company to transfer the licensed technology and know-how pre-clinical The Company agreed to supply to Kaken its requirements of Licensed Product for clinical and commercial use, which may be terminated upon specified circumstances, and with appropriate technology transfer. The supply of the Licensed Products to Kaken will be provided based on the clinical supply agreement, pursuant to which the Company will supply all of Kaken’s requirements for clinical materials and test materials to be used for Kaken’s development of the Licensed Product in accordance with the License Agreement and a commercial supply agreement, the terms of which are to be negotiated and finalized between the parties in the future. The Company is also responsible for the completion of global CMC development activities to enable future commercial supply of the Licensed Product to Kaken. The Company may also be requested by Kaken to conduct CMC activities specific to commercialization in Japan and to provide other assistance. Pursuant to the License Agreement, the Company and Kaken also agreed to establish a joint steering committee to provide strategic oversight of both parties’ activities under the License Agreement. The License Agreement may be terminated early by either party for material breach, upon a party’s insolvency or bankruptcy or upon a challenge by one party of any patents of the other party, and Kaken may terminate in specified situations, including for a safety concern, clinical failure, or termination of an underlying in-license to the In consideration of the license and other rights granted by the Company, Kaken made an upfront cash payment to the Company of ¥4.5 billion in January 2023 (or $34.2 million, comprised of $33.7 million of contract consideration and a $0.5 million foreign exchange gain recorded in the three months ended March 31, 2023) and is obligated to pay potential milestone payments to the Company totaling up to ¥17.0 billion (approximately $128.0 million at contract inception date) upon the achievement of certain regulatory and sales milestones. The Company concluded that Kaken is a customer and that the arrangement represents a contract with a customer under the scope of ASC 606. The Company identified the following key promised goods and services that represent performance obligations under the arrangement: (1) the exclusive license to develop and commercialize seladelpar in Japan, including the initial transfer of the underlying technology and know-how, (2) delivery of data gathered through the execution of the Company’s ongoing development activities for PBC to support Kaken’s regulatory filings in Japan which will occur at specific points in time when such information is available, and (3) completing the Company’s global CMC development activities and the reporting of such activities for the manufacture and supply of the Licensed Product to Kaken. To determine the standalone selling price of each performance obligation above, estimation approaches involving significant estimates and assumptions were used that include but are not limited to, expected market opportunity and pricing, future clinical trial and CMC development costs, timelines, and likelihood of success of clinical and regulatory activities. To determine the standalone selling price of the license, the Company used a discounted cash flow analysis of projected cash flows and potential revenues from the commercial sale of seladelpar in Japan. To determine the standalone selling prices of the Company’s obligation to deliver data from ongoing development activities and its obligation to complete global CMC development activities, the expected cost plus margin approach was used. The Company recognized $0 and $31.0 million of collaboration revenue for the three and nine months ended September 30, 2023, respectively, related to the $33.7 million upfront fee. The $ million of collaboration revenue recognized during the nine months ended September 30, 2023 relates to the completion of the initial technology transfer associated with the license to develop and commercialize seladelpar in Japan. The remaining $ non-current

Development Financing Agreement

Development Financing Agreement	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Development Financing Agreement	5. Development Financing Agreement On July 30, 2021 (the Effective Date), the Company entered into a Development Financing Agreement (the Financing Agreement) with an affiliate of Abingworth LLP (Abingworth) to provide funding to the Company to support its development of seladelpar for the treatment of PBC. The Financing Agreement provided the Company $75.0 million in base funding, of which $25.0 million was provided in August 2021, $25.0 million was provided in November 2021, and $25.0 million was provided in January 2022. The use of proceeds from the funding is limited to PBC “Development Program” costs incurred or paid as defined in the Financing Agreement. In return, the Company will pay to Abingworth: (1) contingent upon the first to occur of regulatory approval of seladelpar for the treatment of PBC in the U.S., U.K., Germany, Spain, Italy or France (Regulatory Approval), fixed success payments equal to 2.0x of the funding provided, consisting of $10 million payable in 90 days after the Regulatory Approval and thereafter, payments due on the first six anniversaries of the Regulatory Approval in the amounts of $15.0 million, $22.5 million, $22.5 million, $25.0 million, $27.5 million and $27.5 million, respectively and (2) variable success payments equal to 1.1x of the funding provided, consisting of sales milestone payments of (x) $17.5 million and $27.5 million, respectively upon first reaching certain cumulative U.S. product sales thresholds, and (y) $37.5 million upon first reaching a specified U.S. product sales run rate. Promptly following receipt of Regulatory Approval, the Company is required to execute a note agreement and deliver a promissory note to Abingworth within two business days to convert the fixed and variable success payments into a note payable. At the time that Abingworth receives, collectively, an aggregate of 3.1x of the funding provided ($232.5 million), the Company’s payment obligations under the Financing Agreement will be fully satisfied. The Company has the option to satisfy its payment obligations to Abingworth upon Regulatory Approval, or a change of control of the Company, by paying an amount equal to the remaining payments payable to Abingworth subject to a mid-single-digit Pursuant to the Financing Agreement, the Company granted Abingworth a security interest in all its assets (other than intellectual property not related to seladelpar), provided that the Company is permitted to incur certain indebtedness. The security interest will terminate when the Company has paid Abingworth 2.0x of the funding provided or upon certain terminations of the Financing Agreement. The Financing Agreement provides for negative, affirmative and additional covenants, which the Company must comply with for the duration of the Financing Agreement term. As of September 30, 2023, the Company was in compliance with all covenants stipulated in the Financing Agreement. In certain instances, upon the termination of the Financing Agreement, the Company will be obligated to pay Abingworth a multiple of the amounts paid to the Company under the Financing Agreement, including specifically: (i) 310% of such amounts in the event that Abingworth terminates the Financing Agreement due to (x) a Fundamental Breach, as defined in the Financing Agreement, (y) the bankruptcy of the Company, or (z) a safety concern resulting from gross negligence on the part of the Company or due to a safety concern that was material on the Effective Date and the material data showing such safety concern was not publicly known, disclosed to Abingworth, or in the diligence room made available to Abingworth, (ii) 200% of such amounts in the event the Financing Agreement is terminated due to (x) Material Breach, as defined in the Financing Agreement, by the Company or (y) the security interests of Abingworth being invalidated or terminated other than as set forth in the Financing Agreement, and (iii) 100% of such amounts in the event of certain irresolvable disagreements within the executive review committee overseeing the Company’s development of seladelpar. In addition, if, following certain terminations, the Company continues to develop seladelpar for the treatment of PBC and obtains regulatory approval, it will make the payments to Abingworth as if the Financing Agreement had not been terminated, less any payments made upon termination. The Company shall not be obligated to make any payments to Abingworth under certain instances of technical or regulatory failure of the PBC development program as defined in the Financing Agreement. As part of the arrangement, an executive review committee was established between the Company and Abingworth to discuss the Company’s development of seladelpar. The Company evaluated the Financing Agreement and determined it to be a research and development funding arrangement with the characteristics of a debt instrument, as the transfer of financial risk to Abingworth was not considered substantive and genuine. Accordingly, the Company has recorded payments received under the Financing Agreement as part of a development financing liability in its condensed consolidated balance sheets. The Company accounts for the overall development financing liability at amortized cost based on the estimated timing of regulatory approval and attainment of certain sales milestones and the contractual success fee payments expected to be due therefrom, as discounted using an imputed interest rate. The development financing liability is being accreted as interest expense to its expected future repayment amount over the expected life of the agreement using the effective interest rate method. Certain legal and financial advisory fees incurred specifically to complete the Financing Agreement were capitalized and recorded as a reduction to the carrying amount of the development financing liability and are also being amortized to interest expense using the effective interest method. There are several factors that could affect the estimated timing of regulatory approval and attainment of sales milestones, some of which are not entirely within the Company’s control. Therefore, the Company periodically reassesses the estimated timing of regulatory approval and attainment of sales milestones and the expected contractual success fee payments due therefrom. If the timing and/or amount of such expected payments is materially different than original estimates, the Company will prospectively adjust the accretion of the development financing liability and the imputed interest rate. The Company identified certain contingent repayment features in the agreement that are required to be bifurcated from the debt host instrument as embedded derivative liabilities; however, the fair value of these features was immaterial at the Effective Date and as of September 30, 2023. The fair value of the embedded derivative liabilities will be assessed at subsequent reporting dates if material. As of September 30, 2023, the development financing liability was classified as a long-term liability, as the Company expects the related repayments to take place between late 2024 and 2030 for purposes of the model used to calculate its carrying value. The imputed interest rate on the unamortized portion of the development financing liability was approximately 19.2% as of September 30, 2023.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity Preferred and Common Stock Authorized The Company is authorized to issue 10,000,000 shares of preferred stock and 200,000,000 shares of common stock as of September 30, 2023 and December 31, 2022. Sale of Common Stock and Prefunded Warrants On September 11, 2023, pursuant to a shelf registration statement on Form S-3, per share and a pre-funded per share in an underwriting public offering (September 2023 public offering). The pre-funded per share, was fully exercisable upon issuance and has no expiration date. The aggregate net proceeds to the Company from this offering was approximately $ The pre-funded paid-in pre-funded pre-funded On January 23, 2023, pursuant to a shelf registration statement on Form S-3, pre-funded per share. The pre-funded per share, was fully exercisable upon issuance, and has no expiration date. The aggregate net proceeds to the Company from this offering was $ The pre-funded paid-in pre-funded Pursuant to the Company’s public equity offering completed in November 2021, the Company issued pre-funded pre-funded pre-funded s ere th ei paid-in pre-funded pre-funded In total, pre-funded to At-the-Market In March 2023, the Company filed a registration statement on Form S-3 at-the-market

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Common Share	7. Net Loss Per Common Share Basic net loss per share of common stock is based on the weighted-average number of shares of common stock equivalents outstanding during the period. Pre-funded In all periods presented, the Company’s outstanding stock options were excluded from the calculation of net loss per share because their effect would be antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (33,882 ) $ (24,505 ) $ (63,468 ) $ (79,368 ) Denominator: Weighted average number of: Common stock shares outstanding 100,967,268 84,679,272 97,418,629 84,678,388 Pre-funded 4,750,728 3,125,000 4,556,237 3,125,000 Total 105,717,996 87,804,272 101,974,866 87,803,388 Net loss per share $ (0.32 ) $ (0.28) $ (0.62 ) $ (0.90 ) The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of net loss per share: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Common stock options 16,853,639 13,960,454 16,853,639 13,960,454 Incentive awards 51,369 101,182 51,369 101,182 Total 16,905,008 14,061,636 16,905,008 14,061,636

Stock Plans and Stock-Based Com

Stock Plans and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-based Payment Arrangement [Abstract]
Stock Plans and Stock-Based Compensation	8. Stock Plans and Stock-Based Compensation Stock Plans 2023 Equity Incentive Plan In June 2023, the Company’s stockholders approved the Company’s 2023 Equity Incentive Plan (the 2023 Plan), pursuant to which the Company may grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, and other stock awards to its directors, employees and consultants (each, a Participant), with certain limitations. The 2023 Plan is the successor to and continuation of the Company’s 2013 Equity Incentive Plan and returning and remaining shares under the 2013 Plan will become available for issuance pursuant to awards granted under the 2023 Plan. The 2023 Plan permits the Company to grant options and stock appreciation rights at an exercise price not less than 100% of the Fair Market Value (as defined in the 2023 Plan) on the grant date of the underlying award. With certain exceptions, (i) no option or stock appreciation right may be exercised after the expiration of ten years from the grant date of such award and (ii) the vesting of options and stock appreciation rights will cease upon termination of the Participant’s Continuous Service (as defined in the 2023 Plan). Restricted stock awards and restricted stock unit awards will be subject to terms and conditions as determined by the Company’s Board. Except as otherwise provided pursuant to agreement or by the determination of the Board, the vesting of restricted stock awards and restricted stock unit awards will cease upon termination of the Participant’s Continuous Service. A restricted stock unit award may be settled by the issuance of shares of common stock or cash (or any combination thereof) or in any form of payment as determined by the Board and specified in the restricted stock unit award agreement. The Board will determine factors related to the achievement of performance and other terms and conditions when granting performance awards pursuant to the 2023 Plan. The aggregate number of shares of common stock that may be issued under the 2023 Plan will not exceed 25,883,628 shares; provided, that, the aggregate maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options is 9,500,000 shares. The share reserve under the 2023 Plan may be increased upon approval by the Company’s stockholders. 2020 New Hire Plan In October 2020, the Company’s board of directors approved the 2020 New Hire Plan, as amended in July 2023 (the 2020 New Hire Plan), under which shares of common stock are reserved for the granting of nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards and other stock awards by the Company as an inducement to prospective new hire employees of the Company. The 2020 New Hire Plan has a term of ten years. The 2020 New Hire Plan permits the Company to (i) grant nonqualified options to new hire employees at not less than 85% of fair value; (ii) award stock bonuses; and (iii) grant rights to acquire restricted stock at not less than 85% of fair value. Options generally vest over a four-year period and have a term of ten years Stock Plan Summary As of September 30, 2023, there were 9,439,589 common stock shares available for future grants under the 2023 Plan and the 2020 New Hire Plan. During the three and nine months ended September 30, 2023, the Company granted to its employees and directors stock options to purchase 697,000 and 5,175,135 shares of common stock, respectively from all plans. Stock-Based Compensation Expense Stock-based compensation expense is included in the condensed consolidated statements of operations and comprehensive loss and is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,413 $ 1,052 $ 4,361 $ 3,220 General and administrative 2,311 1,298 6,200 3,936 Total stock-based compensation expense $ 3,724 $ 2,350 $ 10,561 $ 7,156

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying interim condensed consolidated financial statements are unaudited and are comprised of the accounts of CymaBay and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company has no unconsolidated subsidiaries or investments accounted for under the equity method. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make informed estimates and assumptions that impact the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes, and the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include normal recurring adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2022, which is contained in the Company’s Annual Report on Form 10-K The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates and assumptions. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Estimates are assessed each reporting period and updated to reflect current information and any changes in estimates will generally be reflected in the period first identified.
Revenue Recognition	Revenue Recognition At the inception of an arrangement, the Company evaluates if a counterparty to a contract is a customer, if the arrangement is within the scope of ASC 606—Revenue from Contracts with Customers Collaboration Revenues The Company periodically enters into collaboration arrangements with third party collaborators, under which the Company may license certain rights to its intellectual property to permit collaborators to further develop, manufacture and/or commercialize its drug candidates. The terms of these agreements typically include, but are not limited to, payments to the Company for one or more of the following: nonrefundable, upfront license fees; development and commercial milestones whose payment is typically contingent upon milestone achievement; funding of research and/or development activities; product supply; and royalties on net sales of licensed products. For each collaboration agreement that results in revenues, the Company identifies all material promised goods and services, which may include, but are not limited to, one or more of the following: a license to intellectual property and know-how, re-assessed Once the estimated transaction price is established, amounts are allocated to identified performance obligations. The transaction price is generally allocated to each separate performance obligation based on its estimated standalone selling price (SSP). To determine SSPs, the Company uses various estimation methods, including the adjusted market assessment approach, which utilizes prices observable in the market for similar goods and services, the expected cost plus a margin approach, as well as applies valuation techniques involving projected discounted cash flows. These approaches may include the use of assumptions and estimates requiring significant judgement. The Company recognizes the amount of the transaction price allocated to each respective performance obligation as revenue when the performance obligation is satisfied or as it is satisfied. If a performance obligation is satisfied over time, the Company applies an appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company receives payments from its customers based on payment terms established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. If the arrangement includes optional goods and services, the Company assesses whether delivery of such goods and services requires the customer to pay fees consistent with their standalone selling prices, or if customer may be entitled to incremental discounts that it would not have received without entering into the agreement and committing to purchase the initial goods and services. The presence of such discounts indicates the customer has received material rights which also represent performance obligations. Upfront License Fees: Development and Regulatory Milestone Payments re-evaluates Sales-based Milestone and Royalty Payments:
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash, cash equivalents, marketable securities, accounts payable, certain accrued liabilities, and the development financing liability. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs and is as follows: Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are significant to the fair value measurement and are unobservable (i.e., supported by little or no market activity), which requires the reporting entity to develop its own valuation techniques and assumptions. The carrying amounts of cash equivalents approximate their related fair values due to the short-term nature of these instruments. Cash equivalents are classified as level 1 and accounts payable and accrued liabilities as level 2 under the fair value hierarchy. The following tables present the Company’s financial assets that are measured at fair value on a recurring basis using the above input categories (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Marketable securities: U.S. and foreign commercial paper —  69,357 —  69,357 U.S. and foreign corporate debt securities —  5,490 —  5,490 U.S. agency securities —  28,393 —  28,393 U.S. treasury securities —  61,817 —  61,817 Total marketable securities —  165,057 —  165,057 Total assets measured at fair value $ 267,088 $ 165,057 $ —  $ 432,145 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $   9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Marketable securities: U.S. and foreign commercial paper —  46,121 —  46,121 U.S. and foreign corporate debt securities —  24,807 —  24,807 Supranational debt securities —  12,890 —  12,890 U.S. agency securities —  7,759 —  7,759 U.S. treasury securities —  23,617 —  23,617 Total marketable securities —  115,194 —  115,194 Total assets measured at fair value $ 9,770 $ 115,194 $ —  $ 124,964 The Company estimates the fair value of its money market funds, corporate debt, commercial paper, U.S. treasury securities, U.S agency securities, and supranational debt securities by taking into consideration data obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs. As of September 30, 2023, the fair value of the Company’s development financing liability is $91.5 million. The development financing liability is classified as level 3 under the fair value hierarchy, as its valuation is based on a discounted cash flow model that uses unobservable inputs such as the estimated timing of regulatory approval, attainment of certain sales milestones and the discount rate.
Cash, Cash Equivalents, and Marketable Securities	Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and money market funds. The Company invests excess cash in marketable securities with high credit ratings. These securities consist of corporate debt securities, commercial paper, U.S. agency securities, U.S. treasury securities, and supranational debt securities and are classified as “available-for-sale.” Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific-identification method. Expected losses judged to be related partially or in whole to declines in credit risk-related factors of the security issuer are included in interest income or expense in the condensed consolidated statements of operations and comprehensive loss at the time the factors contributing to the expected losses are identified. Unrealized holding gains and losses are reported in accumulated other comprehensive loss in the condensed consolidated balance sheets. To date, the Company has not recorded any expected losses on its marketable securities related to credit risk-related declines in market value. In determining whether a decline in market value is related to expected credit losses, various factors are considered, including the cause, duration of time and severity of the expected loss, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. Unrealized gains and losses of the Company’s available-for-sale Amortized Gross Gross Estimated As of September 30, 2023: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Current marketable securities: U.S. and foreign commercial paper 69,357 —  —  69,357 U.S. and foreign corporate debt securities 5,503 —  (13 ) 5,490 U.S. agency securities 28,420 —  (27 ) 28,393 U.S. treasury securities 61,839 1 (23 ) 61,817 Total current marketable securities 165,119 1 (63 ) 165,057 Total marketable securities $ 432,207 $ 1 $ (63 ) $ 432,145 Amortized Gross Gross Estimated As of December 31, 2022: Cash equivalents: Money market funds $ 9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Current marketable securities: U.S. and foreign commercial paper 46,121 —  —  46,121 U.S. and foreign corporate debt securities 24,964 —  (157 ) 24,807 Supranational debt securities 12,946 —  (56 ) 12,890 U.S. agency securities 7,782 16 (39 ) 7,759 U.S. treasury securities 23,707 2 (92 ) 23,617 Total current marketable securities 115,520 18 (344 ) 115,194 Total marketable securities $ 125,290 $ 18 $ (344 ) $ 124,964 As of September 30, 2023, there were no investments which had a contractual maturity in excess of one year from the balance sheet date.
Concentration of Risk	Concentration of Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded on the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments and issuers of investments to the extent recorded on the condensed consolidated balance sheets. Certain materials and key components that the Company utilizes in its operations are obtained through single suppliers. Since the suppliers of key components and materials must be named in a new drug application (NDA) filed with the FDA for a product, significant delays can occur if the qualification of a new supplier is required. If delivery of material from the Company’s suppliers were interrupted for any reason, the Company may be unable to supply any of its product candidates for clinical trials.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel, including related stock-based compensation; contract research organizations (CRO) and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In amortizing or accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred.
Development Financing Agreement	Development Financing Agreement The Company accounts for the Development Financing Agreement (the Financing Agreement) (see Note 5) as a debt instrument. Accordingly, the Company has recorded payments received under the Financing Agreement as part of a development financing liability in the Company’s condensed consolidated balance sheet. The liability is recorded at amortized cost and accreted to the contractual success fee amounts based on the estimated timing of regulatory approval and attainment of certain sales milestones using an imputed interest rate. Certain transaction fees incurred specifically to complete the Financing Agreement were capitalized and recorded as a reduction to the carrying amount of the development financing liability and are being amortized to interest expense using the effective interest rate method. There are several factors that could affect the estimated timing of regulatory approval and attainment of sales milestones, some of which are not entirely within the Company’s control. Therefore, at each reporting date, the Company reassesses the estimated timing of regulatory approval and attainment of sales milestones and the expected contractual success fee payments due therefrom. If the timing and/or amount of such expected payments is materially different than original estimates, the Company will prospectively adjust the accretion of the development financing liability and the imputed interest rate. The Company identified certain contingent repayment features in the Financing Agreement that are required to be bifurcated from the debt host instrument as embedded derivative liabilities; however, the Company determined the fair value of these features, both individually and in the aggregate, was immaterial at inception and as of September 30, 2023. The fair value of these features will be assessed at each reporting date and will be marked to market, if material. To determine the amount to record for the embedded derivative liabilities, the Company must assess the probability of occurrence of various potential future events that could affect the timing and/or amount of future cash flows related to the Financing Agreement.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation is measured at fair value on the grant date of the award. Compensation cost is recognized as expense on a straight-line basis over the vesting period for options with service conditions, and forfeitures are accounted for as they occur. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The determination of fair value for stock-based awards using an option-pricing model requires management to make certain assumptions regarding subjective input variables such as expected term, dividends, volatility and risk-free rate. If actual results are not consistent with the Company’s assumptions and judgments used in making these estimates, the Company may be required to increase or decrease compensation expense, which could be material to the Company’s results of operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments available-for-sale No. 2019-10,

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Fair Value Assets Measured on Recurring Basis	The following tables present the Company’s financial assets that are measured at fair value on a recurring basis using the above input categories (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Marketable securities: U.S. and foreign commercial paper —  69,357 —  69,357 U.S. and foreign corporate debt securities —  5,490 —  5,490 U.S. agency securities —  28,393 —  28,393 U.S. treasury securities —  61,817 —  61,817 Total marketable securities —  165,057 —  165,057 Total assets measured at fair value $ 267,088 $ 165,057 $ —  $ 432,145 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $   9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Marketable securities: U.S. and foreign commercial paper —  46,121 —  46,121 U.S. and foreign corporate debt securities —  24,807 —  24,807 Supranational debt securities —  12,890 —  12,890 U.S. agency securities —  7,759 —  7,759 U.S. treasury securities —  23,617 —  23,617 Total marketable securities —  115,194 —  115,194 Total assets measured at fair value $ 9,770 $ 115,194 $ —  $ 124,964
Summary of Marketable Available-for-Sale Securities	Unrealized gains and losses of the Company’s available-for-sale Amortized Gross Gross Estimated As of September 30, 2023: Cash equivalents: Money market funds $ 267,088 $ —  $ —  $ 267,088 Total cash equivalents 267,088 —  —  267,088 Current marketable securities: U.S. and foreign commercial paper 69,357 —  —  69,357 U.S. and foreign corporate debt securities 5,503 —  (13 ) 5,490 U.S. agency securities 28,420 —  (27 ) 28,393 U.S. treasury securities 61,839 1 (23 ) 61,817 Total current marketable securities 165,119 1 (63 ) 165,057 Total marketable securities $ 432,207 $ 1 $ (63 ) $ 432,145 Amortized Gross Gross Estimated As of December 31, 2022: Cash equivalents: Money market funds $ 9,770 $ —  $ —  $ 9,770 Total cash equivalents 9,770 —  —  9,770 Current marketable securities: U.S. and foreign commercial paper 46,121 —  —  46,121 U.S. and foreign corporate debt securities 24,964 —  (157 ) 24,807 Supranational debt securities 12,946 —  (56 ) 12,890 U.S. agency securities 7,782 16 (39 ) 7,759 U.S. treasury securities 23,707 2 (92 ) 23,617 Total current marketable securities 115,520 18 (344 ) 115,194 Total marketable securities $ 125,290 $ 18 $ (344 ) $ 124,964

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Other Accrued Liabilities Current [Abstract]
Schedule Of Other Accrued Liabilities	Other accrued liabilities consist of (in thousands): September 30, December 31, Accrued compensation $ 5,648 $ 5,779 Accrued professional fees and other 3,614 1,372 Current portion of operating lease liability 206 664 Total other accrued liabilities $ 9,468 $ 7,815

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss per Share	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (33,882 ) $ (24,505 ) $ (63,468 ) $ (79,368 ) Denominator: Weighted average number of: Common stock shares outstanding 100,967,268 84,679,272 97,418,629 84,678,388 Pre-funded 4,750,728 3,125,000 4,556,237 3,125,000 Total 105,717,996 87,804,272 101,974,866 87,803,388 Net loss per share $ (0.32 ) $ (0.28) $ (0.62 ) $ (0.90 )
Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share	The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of net loss per share: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Common stock options 16,853,639 13,960,454 16,853,639 13,960,454 Incentive awards 51,369 101,182 51,369 101,182 Total 16,905,008 14,061,636 16,905,008 14,061,636

Stock Plans and Stock-Based C_2

Stock Plans and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Stock-based compensation expense is included in the condensed consolidated statements of operations and comprehensive loss and is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,413 $ 1,052 $ 4,361 $ 3,220 General and administrative 2,311 1,298 6,200 3,936 Total stock-based compensation expense $ 3,724 $ 2,350 $ 10,561 $ 7,156

Organization and Description _2

Organization and Description of Business - Additional Information (Detail) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Number of operating segments | segment							1
Net loss	$ (33,882)	$ (808)	$ (28,778)	$ (24,505)	$ (27,094)	$ (27,769)	$ (63,468)	$ (79,368)
Cash flows from operating activities							(45,151)	$ (65,324)
Accumulated deficit	(936,325)						(936,325)		$ (872,857)
Cash and cash equivalents and marketable securities	$ 438,800						$ 438,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Product Information [Line Items]
Cash and cash equivalents, maturity description	90 days or less
Fair value of development financing liability	$ 91.5
Maximum [Member]
Product Information [Line Items]
Short-term contractual maturities	1 year
Minimum [Member]
Product Information [Line Items]
Short-term contractual maturities	1 year

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 432,145	$ 124,964
Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	267,088	9,770
Cash Equivalents [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	267,088	9,770
Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	165,057	115,194
Short-term Investments [Member] | U.S. and Foreign Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	69,357	46,121
Short-term Investments [Member] | U.S. and Foreign Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	5,490	24,807
Short-term Investments [Member] | Supranational Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		12,890
Short-term Investments [Member] | U.S. Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	28,393	7,759
Short-term Investments [Member] | U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	61,817	23,617
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	267,088	9,770
Level 1 [Member] | Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	267,088	9,770
Level 1 [Member] | Cash Equivalents [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	267,088	9,770
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	165,057	115,194
Level 2 [Member] | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	165,057	115,194
Level 2 [Member] | Short-term Investments [Member] | U.S. and Foreign Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	69,357	46,121
Level 2 [Member] | Short-term Investments [Member] | U.S. and Foreign Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	5,490	24,807
Level 2 [Member] | Short-term Investments [Member] | Supranational Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		12,890
Level 2 [Member] | Short-term Investments [Member] | U.S. Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	28,393	7,759
Level 2 [Member] | Short-term Investments [Member] | U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 61,817	$ 23,617

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Marketable Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 165,057	$ 115,194
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	267,088	9,770
Estimated Fair Value	267,088	9,770
Cash and Cash Equivalents [Member] | Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	267,088	9,770
Estimated Fair Value	267,088	9,770
Current marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	165,119	115,520
Unrealized Gains	1	18
Unrealized Losses	(63)	(344)
Estimated Fair Value	165,057	115,194
Current marketable securities [Member] | U.S. and Foreign Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	69,357	46,121
Estimated Fair Value	69,357	46,121
Current marketable securities [Member] | U.S. and Foreign Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,503	24,964
Unrealized Gains		0
Unrealized Losses	(13)	(157)
Estimated Fair Value	5,490	24,807
Current marketable securities [Member] | Supranational Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		12,946
Unrealized Gains		0
Unrealized Losses		(56)
Estimated Fair Value		12,890
Current marketable securities [Member] | U.S. agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	28,420	7,782
Unrealized Gains	0	16
Unrealized Losses	(27)	(39)
Estimated Fair Value	28,393	7,759
Current marketable securities [Member] | U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,839	23,707
Unrealized Gains	1	2
Unrealized Losses	(23)	(92)
Estimated Fair Value	61,817	23,617
Maketable Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	432,207	125,290
Unrealized Gains	1	18
Unrealized Losses	(63)	(344)
Estimated Fair Value	$ 432,145	$ 124,964

Other Accrued Liabilities - Sum

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Accrued Liabilities Current [Abstract]
Accrued compensation	$ 5,648	$ 5,779
Accrued professional fees and other	3,614	1,372
Current portion of operating lease liability	206	664
Total other accrued liabilities	$ 9,468	$ 7,815

Collaboration and License Agr_2

Collaboration and License Agreement - Additional Information (Detail) $ in Thousands, ¥ in Billions			3 Months Ended		9 Months Ended
	Jan. 06, 2023 USD ($)	Jan. 06, 2023 JPY (¥)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jan. 06, 2023 JPY (¥)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred collaboration revenue, noncurrent			$ 1,100		$ 1,100		$ 0
Collaboration and License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront cash payment	$ 34,200					¥ 4.5
Potential milestone payments	128,000	¥ 17
Collaborative arrangement contract consideration	33,700
Collaboration revenue			0		31,000
Deferred collaboration revenue			2,700		2,700
Deferred collaboration revenue, noncurrent			$ 1,100		$ 1,100
Upfront Payment Contract Consideration Fee Income Received	$ 33,700
Realized gain loss, foreign currency transaction, after tax				$ 500

Development Financing Agreeme_2

Development Financing Agreement - Additional Information (Detail) - USD ($) $ in Millions				9 Months Ended
	Jan. 31, 2022	Nov. 30, 2021	Aug. 31, 2021	Sep. 30, 2023	Jul. 30, 2021
Debt Instrument [Line Items]
Description Of Percentage Fixed Success Payments			2.0
Repayments of Lines of Credit			$ 10
Description Of Percentage Variable Success Payments			1.1
Description Of Aggregate Return From The Funds Provided			3.1
Aggregate Return Percentage From The Funds Provided			$ 232.5
Percentage of Accelerate Payment Payable On Funds provided			1.35
Description Repayments On Funds Provided Upon Termination Of Financing Agreement			2.0
Percentage of Unamortized Portion of The Development Financing Liability				19.20%
Fixed Success Payments [Member]
Debt Instrument [Line Items]
Anniversary Payments Due Year One			$ 15
Anniversary Payments Due Year Two			22.5
Anniversary Payments Due Year Three			22.5
Anniversary Payments Due Year Four			25
Anniversary Payments Due Year Five			27.5
Anniversary Payments Due Year Six			27.5
Variable Success Payments [Member]
Debt Instrument [Line Items]
Payments Upon Reaching Cumulative US Product Sales Thresholds Year One			17.5
Payments Upon Reaching Cumulative US Product Sales Thresholds Year Two			27.5
Payments upon reaching product sales run rate			37.5
Installment Funding Number Three [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit	$ 25
ABW Cyclops SPV LP [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 75
ABW Cyclops SPV LP [Member] | Installment Funding Number One [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit			$ 25
ABW Cyclops SPV LP [Member] | Installment Funding Number Two [Member]
Debt Instrument [Line Items]
Proceeds from Lines of Credit		$ 25
Financing Agreement Termination Event Condition One [Member] | ABW Cyclops SPV LP [Member]
Debt Instrument [Line Items]
Percentage of amount to be paid by entity upon the termination of the agreement				310%
Financing Agreement Termination Event Condition Two [Member] | ABW Cyclops SPV LP [Member]
Debt Instrument [Line Items]
Percentage of amount to be paid by entity upon the termination of the agreement				200%
Financing Agreement Termination Event Condition Three [Member] | ABW Cyclops SPV LP [Member]
Debt Instrument [Line Items]
Percentage of amount to be paid by entity upon the termination of the agreement				100%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	Sep. 11, 2023	Feb. 28, 2023	Jan. 23, 2023	Feb. 28, 2023	Sep. 30, 2023	Dec. 31, 2022	Nov. 30, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized					10,000,000	10,000,000
Common stock, shares authorized					200,000,000	200,000,000
Number of new stock issued during the period.	14,521,307		11,821,428
Sale of Stock, Price Per Share	$ 17.13		$ 7
Collaboration and License Agreement [Member]
Class of Stock [Line Items]
Sale of stock, consideration received on transaction	$ 242.8		$ 92.4
Prefunded warrants [Member]
Class of Stock [Line Items]
Number of common stock into which the class of warrant or right may be converted	583,771		2,142,857		5,226,628		3,125,000
Sale of Stock, Price Per Share	$ 17.1299		$ 6.9999				$ 3.9999
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.0001		$ 0.0001				$ 0.0001
Class Of warrant Or right number of common stock issuable on exercise of warrants				625,000
Stock issued on exercise of warrants		624,992
ATM Offering [Member]
Class of Stock [Line Items]
Common stock value subscribed					$ 100

Net Loss Per Common Share - Com

Net Loss Per Common Share - Computation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss	$ (33,882)	$ (808)	$ (28,778)	$ (24,505)	$ (27,094)	$ (27,769)	$ (63,468)	$ (79,368)
Denominator:
Weighted average number of common stock shares outstanding	100,967,268			84,679,272			97,418,629	84,678,388
Weighted average number of pre-funded warrants outstanding	4,750,728			3,125,000			4,556,237	3,125,000
Total, Basic	105,717,996			87,804,272			101,974,866	87,803,388
Total, Diluted	105,717,996			87,804,272			101,974,866	87,803,388
Net loss per share, Basic	$ (0.32)			$ (0.28)			$ (0.62)	$ (0.9)
Net loss per share, Diluted	$ (0.32)			$ (0.28)			$ (0.62)	$ (0.9)

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted loss per share	16,905,008	14,061,636	16,905,008	14,061,636
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted loss per share	16,853,639	13,960,454	16,853,639	13,960,454
Incentive Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted loss per share	51,369	101,182	51,369	101,182

Stock Plans and Stock-Based C_3

Stock Plans and Stock-Based Compensation - Additional Information (Detail) - shares		1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 06, 2023	Jul. 31, 2023	Sep. 30, 2023	Sep. 30, 2023
2023 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, expiration period	10 years
Share based compensation arrangement by share based payment award, exercise price percentage	100%
Share reserved for issue	9,500,000
Number of shares authorized for issuance under share-based payment arrangement	25,883,628
Stock Plan Summary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			697,000	5,175,135
Share reserved for issue			9,439,589	9,439,589
Amended In July 2023 [Member] | 2020 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, expiration period		10 years
Share based compensation arrangement by share based payment award, exercise price percentage		85%
Share based compensation by share based award vesting period		4 years

Stock Plans and Stock-Based C_4

Stock Plans and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,724	$ 2,350	$ 10,561	$ 7,156
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,413	1,052	4,361	3,220
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,311	$ 1,298	$ 6,200	$ 3,936