AnaptysBio (ANAB) 10-K 1 Mar 23 2022 FY Annual report Financial data

Cover page

Cover page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 27, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37985
Entity Registrant Name	ANAPTYSBIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3828755
Entity Address, Address Line One	10770 Wateridge Circle
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	362-6295
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ANAB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 400,388,471
Entity Common Stock, Shares Outstanding		27,931,028
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2023 Annual Meeting of Stockholders, scheduled to be held on June 15, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. The Definitive Proxy Statement will be filed within 120 days of the Registrant’s fiscal year ended December 31, 2022. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.
Entity Central Index Key	0001370053
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	San Diego, California
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 71,308	$ 495,729
Receivables from collaborative partners	1,419	876
Short-term investments	369,933	52,368
Prepaid expenses and other current assets	4,545	4,903
Total current assets	447,205	553,876
Property and equipment, net	2,089	2,283
Operating lease right-of-use assets	17,898	19,558
Long-term investments	142,935	67,097
Other long-term assets	256	256
Total assets	610,383	643,070
Current liabilities:
Accounts payable	2,784	1,741
Accrued expenses	21,633	12,853
Current portion of operating lease liability	1,637	1,505
Total current liabilities	26,054	16,099
Liability related to sale of future royalties	304,413	251,093
Operating lease liability, net of current portion	17,813	19,450
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares, issued or outstanding at December 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized, 28,513 shares and 27,647 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	29	28
Additional paid in capital	717,797	678,575
Accumulated other comprehensive loss	(5,246)	(422)
Accumulated deficit	(450,477)	(321,753)
Total stockholders’ equity	262,103	356,428
Total liabilities and stockholders’ equity	$ 610,383	$ 643,070

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	28,513,163	27,647,000
Common stock, shares outstanding (in shares)	28,513,163	27,647,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Collaboration revenue	$ 10,287,000	$ 63,175,000	$ 75,000,000
Operating expenses:
Research and development	88,798,000	98,496,000	80,025,000
General and administrative	36,643,000	21,493,000	18,854,000
Total operating expenses	125,441,000	119,989,000	98,879,000
Loss from operations	(115,154,000)	(56,814,000)	(23,879,000)
Other (expense) income, net:
Interest income	7,550,000	431,000	3,959,000
Non-cash interest expense for the sale of future royalties	(21,108,000)	(1,450,000)	0
Other income (expense), net	12,000	37,000	(11,000)
Total other (expense) income, net	(13,546,000)	(982,000)	3,948,000
Loss before income taxes	(128,700,000)	(57,796,000)	(19,931,000)
Provision for income taxes	(24,000)	0	0
Net loss	(128,724,000)	(57,796,000)	(19,931,000)
Other comprehensive loss:
Unrealized loss on available for sale securities	(4,824,000)	(418,000)	(342,000)
Comprehensive loss	$ (133,548,000)	$ (58,214,000)	$ (20,273,000)
Net loss per common share:
Basic (in dollars per share)	$ (4.57)	$ (2.11)	$ (0.73)
Diluted (in dollars per share)	$ (4.57)	$ (2.11)	$ (0.73)
Weighted-average number of shares outstanding:
Basic (in shares)	28,165	27,431	27,302
Diluted (in shares)	28,165	27,431	27,302

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parenthetical)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019		27,255,000
Stockholders' equity, beginning balance at Dec. 31, 2019	$ 405,008	$ 27	$ 648,669	$ 338	$ (244,026)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		101,000
Issuance of common stock from exercises of options and employee stock purchase plan	497		497
Stock-based compensation	11,499		11,499
Comprehensive income (loss)	(342)			(342)
Net loss	(19,931)				(19,931)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2020		27,356,000
Stockholders' equity, ending balance at Dec. 31, 2020	396,731	$ 27	660,665	(4)	(263,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)		291,000
Issuance of common stock from exercises of options and employee stock purchase plan	2,564	$ 1	2,563
Stock-based compensation	15,347		15,347
Comprehensive income (loss)	(418)			(418)
Net loss	(57,796)				(57,796)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2021		27,647,000
Stockholders' equity, ending balance at Dec. 31, 2021	$ 356,428	$ 28	678,575	(422)	(321,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercises of options and employee stock purchase plan (in shares)	835,159	866,000
Issuance of common stock from exercises of options and employee stock purchase plan	$ 11,867	$ 1	11,866
Stock-based compensation	27,356		27,356
Comprehensive income (loss)	(4,824)			(4,824)
Net loss	(128,724)				(128,724)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2022		28,513,000
Stockholders' equity, ending balance at Dec. 31, 2022	$ 262,103	$ 29	$ 717,797	$ (5,246)	$ (450,477)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (128,724)	$ (57,796)	$ (19,931)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	675	619	559
Stock-based compensation	27,356	15,347	11,499
Accretion/amortization of investments, net	(2,507)	493	461
Amortization of right-of-use assets – operating	1,660	1,471	1,058
Non-cash interest expense	21,108	1,450	0
(Gain) loss on disposal of property and equipment, net of gain on lease termination	0	(15)	26
Changes in operating assets and liabilities:
Receivables from collaborative partners	(543)	(876)	0
Prepaid expenses and other assets	(813)	(1,801)	1,048
Accounts payable and other liabilities	9,700	(4,740)	(7,694)
Operating lease liabilities	(1,505)	(72)	(1,183)
Net cash used in operating activities	(73,593)	(45,920)	(14,157)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	(802,503)	(118,662)	(194,927)
Sales and maturities of investments	408,016	158,848	289,971
Proceeds from the sale of property and equipment	0	15	0
Purchases of property and equipment	(358)	(1,366)	(569)
Net cash (used in) provided by investing activities	(394,845)	38,835	94,475
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	11,827	2,553	496
Proceeds from the sale of future royalties	35,000	250,000	0
Payments on notes payable	0	0	(1,375)
Repayment of liability for sale of future royalties	(2,474)	0	0
Payments for issuance costs related to the sale of future royalties	(336)	(255)	0
Net cash provided (used in) by financing activities	44,017	252,298	(879)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(424,421)	245,213	79,439
Cash, cash equivalents and restricted cash, beginning of period	495,729	250,516	171,077
Cash, cash equivalents and restricted cash, end of period	71,308	495,729	250,516
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	0	0	4
Non-cash investing and financing activities:
Leased assets obtained in exchange for operating lease liabilities	0	20,685	0
Amounts accrued for property and equipment	154	31	279
Receivable related to issuance of common stock, upon exercise of stock options	40	11	0
Amounts accrued for issuance costs related to the sale of future royalties	$ 80	$ 102	$ 0

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics. We are developing immune cell modulating antibodies, including two wholly owned checkpoint agonists in clinical-stage development, for autoimmune and inflammatory disease: rosnilimab, our PD-1 agonist, previously referred to as ANB030, in a planned Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (“RA”); and ANB032, our BTLA agonist, in a planned Phase 2b trial for the treatment of moderate-to-severe atopic dermatitis (“AD”). We also have other preclinical immune cell modulator candidates in our portfolio, including ANB033, an anti-CD122 antagonist antibody for the treatment of autoimmune and inflammatory diseases. In addition, we have two cytokine antagonists that we are exploring options for out-licensing: imsidolimab, our anti-IL-36R antibody, in a Phase 3 trial for the treatment of generalized pustular psoriasis (“GPP”), and etokimab, our anti-IL-33 antagonist that is Phase 2/3 ready. We have also discovered multiple therapeutic antibodies licensed to GlaxoSmithKline, Inc. (“GSK”) in a financial collaboration for immune-oncology, including an anti-PD-1 antagonist antibody (JEMPERLI (dostarlimab-gxly)), an anti-TIM-3 antagonist antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist antibody (GSK4074386). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK. Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common stock, royalty monetizations, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next twelve months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. Cash and Cash Equivalents We consider all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist primarily of money market and mutual funds with original maturities of 90 days or less. Short-Term and Long-Term Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). We review our portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which range from three Long Lived Assets Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets. No impairment charges were recorded during the years ended December 31, 2022, 2021, or 2020. Leases Our leases consist of a lease for office and lab space that is classified as an operating lease. We determine if an arrangement is a lease at inception. Rent expense is recognized on a straight-line basis. When an operating lease includes rent abatements or requires fixed escalations of the minimum lease payments, the aggregate rental expense is recognized on a straight-line basis over the term of the lease. When an operating lease includes lease incentives such as leasehold improvement allowances, the lease incentive is included in ROU asset. For leases that have greater than a 12-month lease term, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement. As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. We account for fixed lease components separately from non-lease components. We keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Liability Related to the Sale of Future Royalties We treat the liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the JEMPERLI Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. See Note 5. The amortization of the liability related to the sale of future revenue is based on our current estimates of future royalty payments. Royalty and milestone revenue will be recognized as earned and the payments made will be recorded as a reduction of the liability when paid. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are deferred and amortized over the term of the debt using the effective interest method. These costs are recorded as a direct reduction to the carrying value of the debt on the balance sheet and the amortization expense is included in non-cash interest expense in the statement of operations. Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties The total threshold of royalties paid, less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method and record expense based on the timing of payments received over the term of the JEMPERLI Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. Over the course of the agreement, the actual interest rate will be affected by the timing of royalty and milestone payments made and changes in the forecasted revenue. Revenue Recognition Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five basic steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period. Performance Obligations. We evaluate deliverables on a contract-by-contract basis to determine whether each deliverable represents a good or service that is distinct or has the same pattern of transfer as other deliverables. A deliverable is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the deliverable is not considered distinct, we combine such deliverables and account for them as a single performance obligation. We allocate the consideration to each deliverable at the inception of the arrangement based on the transaction price. Our performance obligations may include the following: • License Arrangements. The performance obligations under our collaboration and license agreements generally include exclusive or nonexclusive licenses to one or more products generated using our technologies. Licenses for multiple antibodies within a single contract are generally combined as they have substantially the same pattern of transfer to the customer. Historically, our licenses have held no value to the customer, as the antibodies were in the discovery phase and required our expertise for further development. Accordingly, licenses are not considered distinct. • Research and Development Services. The performance obligations under our collaboration and license agreements generally include research and development services we perform on behalf of or with our collaborators. As discussed within license arrangements above, our licenses have historically held no value without the research and development services we provide. As we generally only provide research and development services for internally generated antibodies that require a license to be utilized by a third party, our research and development services are not considered distinct. • Steering Committee Meetings. The performance obligations under our collaboration and license agreements may also include our participation on steering committees, which allows us to direct the progression of our discovery programs. As these steering committees would not occur or benefit the customer without the use of our licenses, these are not considered distinct. We recognize consideration allocated to a performance obligation as the performance obligation is satisfied, and the determination as to whether consideration is recognized over time or at a point in time is made upon contract inception. For our collaboration agreements, this is generally over the period in which research and development services have been performed. Transaction Price. Our collaboration and license agreements generally include both fixed and variable consideration. Fixed payments, such as those for upfront fees are included in the transaction price at contract value, while variable consideration such as reimbursement for research and development services, milestone and royalty payments are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and development services are updated for actual invoices. Given the nature of our agreements, milestones are estimated using the most likely amount and are evaluated on a quarterly basis. Upon commercialization, royalty payments will be recognized in the period incurred. Royalty Revenue We receive royalty revenue on sales by our partners of products covered by patents or contract rights that we own and net sales of their approved drugs, where we have concluded the license is the predominant item to which the royalties relate. We do not have future performance obligations under these license arrangements. We generally satisfy our obligation to grant intellectual property rights on the effective date of the contract. However, we apply the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded when the underlying sale occurs. Therefore, royalties on sales of products commercialized by our partners are recognized in the quarter the product is sold. Our partners generally report sales information to us on a quarter lag. Thus, we estimate the expected royalty proceeds based on an analysis of our partners’ historical experience including their publicly announced sales. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known, typically the following quarter. As of December 31, 2022, there have not been material differences between actual and estimated royalty revenues. Research and Development Expenses Research and development costs primarily include third-party clinical and preclinical research and development services such as manufacturing, laboratory and related supplies, salaries and personnel-related costs, in-licensing fees, outside services, and an allocation of information technology, and facility overhead costs. Costs associated with research and development activities are expensed as incurred. We account for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. We estimate research and development costs incurred during the period, which impacts the amount of accrued expenses and prepaid balances related to such costs as of each balance sheet date. This process involves reviewing open contracts and purchase orders, communicating with our personnel and service providers to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. The majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met. We make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. The significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced. Upfront and milestone payments incurred under our in-licensing agreements are expensed as acquired in-process research and development in the period in which they are incurred, provided that the technology or method has no alternative future use. Stock-Based Compensation We recognize stock-based compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options. Stock-based compensation cost for stock options granted to our employees and directors is measured at the grant date based on the fair-value of the award which is estimated using the Black-Scholes option-pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We recognize forfeitures in the period in which forfeitures occur and record stock-based compensation expense as though all awards are expected to vest. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. Each Restricted Stock Unit (“RSU”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. No tax benefits for stock-based compensation have been recognized in the statements of changes in stockholders’ equity or cash flows. We have not recognized, and do not expect to recognize in the near future, any tax benefit related to stock-based compensation cost as a result of our full valuation allowance on net deferred tax assets and net operating loss carryforwards. Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more likely than not that some portion or all of a deferred tax asset will not be realized based on the weight of available evidence, including expected future earnings. We recognize an uncertain tax position in our consolidated financial statements when we conclude that a tax position is more likely than not to be sustained upon examination based solely on technical merits. Only after a tax position passes the first step of recognition will measurement be required. Under the measurement step, the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon effective settlement. This is determined on a cumulative probability basis. The full impact of any change in recognition or measurement is reflected in the period in which such change occurs. We have elected to accrue any interest or penalties related to income taxes as part of our income tax expense. Functional Currency of Foreign Operations Our Australian subsidiary operates in a U.S. dollar functional currency environment. Assets and liabilities of our foreign subsidiary that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets and capital accounts, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Expenses are generally remeasured at monthly foreign currency exchange rates which approximate average rates in effect during each period. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), net, in the consolidated statements of operations. Comprehensive Income (Loss) Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. Our unrealized gain and losses on available for sale investments represent the only component of other comprehensive income (loss) that is excluded from the reported net income (loss). Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share. The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended (in thousands) 2022 2021 2020 Options to purchase common stock 3,602 3,631 2,901 Restricted stock units 375 — — Total 3,977 3,631 2,901 Recent Accounting Pronouncements

Balance Sheet Accounts and Supp

Balance Sheet Accounts and Supplemental Disclosures	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Accounts and Supplemental Disclosures	Balance Sheet Accounts and Supplemental Disclosures Property and Equipment Property and equipment consist of the following: (in thousands) December 31, 2022 December 31, 2021 Laboratory equipment $ 5,869 $ 5,683 Office furniture and equipment 1,593 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,665 7,205 Less: accumulated depreciation and amortization (5,576) (4,922) Total property and equipment, net $ 2,089 $ 2,283 Accrued Expenses Accrued expenses consist of the following: (in thousands) December 31, 2022 December 31, 2021 Accrued compensation and related expenses $ 5,379 $ 4,177 Accrued professional fees 607 569 Accrued research and development expenses 15,351 7,953 Other 296 154 Total accrued expenses $ 21,633 $ 12,853

Collaborative Research and Deve

Collaborative Research and Development Agreements	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Collaborative Research and Development Agreements	Collaborative Research and Development Agreements GlaxoSmithKline Collaboration In March 2014, we entered into a Collaboration and Exclusive License Agreement (the “GSK Agreement”) with TESARO, Inc. (“Tesaro”), an oncology-focused biopharmaceutical company now a part of GlaxoSmithKline (Tesaro and GlaxoSmithKline are hereinafter referred to, collectively, as “GSK”). Under the terms of the GSK Agreement, we agreed to perform certain discovery and early preclinical development of therapeutic antibodies with the goal of generating immunotherapy antibodies for subsequent preclinical, clinical, regulatory, and commercial development to be performed by GSK. Under the terms of the GSK Agreement, GSK paid an upfront license fee of $17.0 million in March 2014 and agreed to provide funding to us for research and development services related to antibody discovery programs for three specific targets. In November 2014, Amendment No. 1 to the GSK Agreement was agreed by both parties to add an additional antibody discovery program for an upfront license fee of $2.0 million. Currently, under the GSK Agreement, GSK is developing JEMPERLI (dostarlimab), an anti-PD-1 antagonist antibody, as a monotherapy and in combination with additional therapies, for various solid tumor indications. In addition, under the collaboration, GSK is developing dostarlimab in combination with two other development programs from the GSK Agreement: cobolimab, an anti-TIM-3 antibody, and GSK40974386, an anti-LAG antibody, for various solid tumor indications. For each development program, we are eligible to receive milestone payments of up to $18.0 million if certain preclinical and clinical trial events are achieved by GSK, up to an additional $90.0 million if certain U.S. and European regulatory submissions and approvals in multiple indications are achieved, and up to an additional $165.0 million upon the achievement of specified levels of annual worldwide net sales. We will also be eligible to receive tiered 4-8% royalties related to worldwide net sales of products developed under the collaboration. Unless earlier terminated by either party upon specified circumstances, the GSK Agreement will terminate, with respect to each specific developed product, upon the later of the 12th anniversary of the first commercial sale of the product or the expiration of the last to expire of any patent. Prior to the adoption of ASC 606, Revenue from Contracts with Customers , we determined that the upfront license fees and research funding under the GSK Agreement, as amended, should be accounted for as a single unit of accounting and that the upfront license fees should be deferred and recognized as revenue over the same period that the research and development services are performed. In February 2016, Amendment No. 2 to the GSK Agreement was agreed by both parties to define the effective dates of the development programs of the GSK Agreement. We determined that the research and development services would be extended through December 31, 2016. As a result, the period over which the unrecognized license fees and discovery milestones were recognized was extended through December 31, 2016 and have since been recognized in full. We assessed these arrangements in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. We identified the following material promises under the GSK Agreement: (1) the licenses under certain patent rights relating to six discovery programs (four targets) and transfer of certain development and regulatory information, (2) research and development (“R&D”) services, and (3) joint steering committee meetings. We considered the research and discovery capabilities of GSK for these specific programs and the fact that the discovery and optimization of these antibodies is proprietary and could not, at the time of contract inception, be provided by other vendors, to conclude that the license does not have stand-alone functionality and is therefore not distinct. Additionally, we determined that the joint steering committee participation would not have been provided without the R&D services and GSK Agreement. Based on these assessments, we identified all services to be interrelated and therefore concluded that the promises should be combined into a single performance obligation at the inception of the arrangement. On October 23, 2020, Amendment No. 3 to the GSK Agreement (the “Amendment”) was agreed to by both parties to permit GSK to conduct development and commercialization in combination with any third-party molecules of Zejula, an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor. Under the Amendment, we were granted increased royalties upon sales of JEMPERLI, equal to 8% of Net Sales (as defined in the GSK Agreement) below $1.0 billion and from 12% up to 25% of Net Sales above $1.0 billion. The Amendment also provided for a one-time, non-refundable cash payment of $60.0 million that we received and recognized as revenue in the fourth quarter of 2020. The $1.1 billion in cash milestone payments due under the GSK Agreement remain unchanged. Additionally, under the terms of the Amendment, GSK has agreed to certain diligence commitments with respect to the future development of JEMPERLI, and the parties have agreed to review such commitments under regular joint review committee meetings going forward. We assessed this Amendment in accordance with ASC 606 and concluded the Amendment was a contract modification to the GSK Agreement. Based on our assessment, we identified the terms of the Amendment to be interrelated to the GSK Agreement’s single performance obligation, noting completion and delivery of terms under the Amendment were satisfied by both parties with the execution of the Amendment. As of December 31, 2022, the transaction price for the GSK Agreement and Amendment includes the upfront payment, research reimbursement revenue, one-time payment associated with the Amendment, and milestones and royalties earned to date, which are allocated in their entirety to the single performance obligation. We earned and recognized $5.3 million in royalty revenue during the year ended December 31, 2022 related to GSK’s net sales of Zejula and JEMPERLI during the period based on estimates or actual GSK’s sales historical experience. Of the royalty revenue recognized, $2.3 million is JEMPERLI non-cash revenue related to the JEMPERLI Royalty Monetization Agreement, $1.6 million is Zejula revenue prior to the Zejula Royalty Monetization Agreement and $1.4 million is Zejula non-cash revenue related to the Zejula Royalty Monetization Agreement, see Note 5. We earned and recognized $3.2 million in royalty revenue during the year ended December 31, 2021 related to GSK’s net sales of Zejula and JEMPERLI during the period based on estimates or actual GSK’s sales historical experience. Of the royalty revenue recognized, $0.2 million is JEMPERLI non-cash revenue related to the JEMPERLI Royalty Monetization Agreement and the remaining is Zejula and JEMPERLI revenue prior to the royalty monetization agreements. GSK reports sales information to us on a one quarter lag and differences between actual and estimated royalty revenues will be adjusted in the following quarter. There was no royalty revenue recognized during the year ended December 31, 2020. All royalty revenue related to Zejula global net sales starting July 2022, will be paid directly to a wholly-owned subsidiary of DRI Healthcare Trust pursuant to the Zejula Royalty Monetization Agreement, see Note 5. We earned and recognized one clinical milestone for $5.0 million during the year ended December 31, 2022. No other future clinical or regulatory milestones have been included in the transaction price, as all milestone amounts were subject to the revenue constraint. As part of the constraint evaluation, we considered numerous factors including the fact that the receipt of milestones is outside of our control and contingent upon success in future clinical trials, an outcome that is difficult to predict, and GSK’s efforts. Any consideration related to sales-based milestones, including royalties, will be recognized when the related sales occur as they were determined to relate predominantly to the intellectual property license granted to GSK and therefore have also been excluded from the transaction price. We will re-evaluate the variable transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Milestones under the GSK Agreement are as follows: Anti-PD-1 Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 $5.0M Q4'22 $5.0M — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 $5.0M — $5.0M — Filing of the first BLA (1) - first indication $10.0M Q1'20 $10.0M — $10.0M — Filing of the first MAA (2) - first indication $5.0M Q1'20 $5.0M — $5.0M — Filing of the first BLA - second indication $10.0M Q1'21 $10.0M — $10.0M — First BLA approval - first indication $20.0M Q2'21 $20.0M — $20.0M — First MAA approval - first indication $10.0M Q2'21 $10.0M — $10.0M — First BLA approval - second indication $20.0M Q3'21 $20.0M — $20.0M — Filing of the first MAA - second indication (3) $5.0M — $5.0M — $5.0M — First MAA approval - second indication (3) $10.0M — $10.0M — $10.0M — First commercial sales milestone (3) $15.0M — $15.0M — $15.0M — Second commercial sales milestone (3) $25.0M — $25.0M — $25.0M — Third commercial sales milestone (3) $50.0M — $50.0M — $50.0M — Fourth commercial sales milestone $75.0M — $75.0M — $75.0M — Milestones recognized through December 31, 2022 $93.0M — $13.0M — $8.0M — Milestones that may be recognized in the future $180.0M — $260.0M — $265.0M — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”) (3) For JEMPERLI, the filing and approval of the first MAA for a second indication and first three commercial sales milestones are included as part of the royalty monetization agreement with Sagard, see Note 5 Milestones achieved during the discovery period were recognized as revenue pro-rata through December 31, 2016. Milestones achieved during fiscal 2017 were recognized as revenue in the period earned, while milestones after December 31, 2017 are recognized upon determination that a significant reversal of revenue would not be probable. Cash is generally received within 30 days of milestone achievement. We recognized $10.3 million in revenue under the GSK Agreement during the year ended December 31, 2022, of which $5.0 million was related to one milestone and $5.3 million was related to royalty revenue. We recognized $63.2 million in revenue during the year ended December 31, 2021, of which $60.0 million was related to four milestones and $3.2 million was related to royalty revenue. We recognized $75.0 million in revenue during the year ended December 31, 2020, of which $60.0 million was related to terms under Amendment No. 3 to the GSK Agreement that were satisfied and $15.0 million in milestone revenue related to two milestones. Antibody Generation Agreement with Bristol-Myers Squibb In December 2011, we entered into a license and collaboration agreement (the “BMS Agreement”) with Celgene, now a part of Bristol-Myers Squibb (Celgene and Bristol-Myers Squibb are hereinafter referred to, collectively, as “BMS”), to develop therapeutic antibodies against multiple targets. We granted BMS the option to obtain worldwide commercial rights to antibodies generated against each of the targets under the agreement, which option was triggered on a target-by-target basis by our delivery of antibodies meeting certain pre-specified parameters pertaining to each target under the agreement. The BMS Agreement provided for an upfront payment of $6.0 million from BMS, which we received in 2011 and recognized through 2014, milestone payments of up to $53.0 million per target, low single-digit royalties on net sales of antibodies against each target, and reimbursement of specified research and development costs.

Sale of Future Royalties

Sale of Future Royalties	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Sale of Future Royalties	Sale of Future Royalties JEMPERLI Royalty Monetization Agreement In October 2021, we signed a royalty monetization agreement (“JEMPERLI Royalty Monetization Agreement”) with Sagard Healthcare Royalty Partners, LP (“Sagard”). Under the terms of the JEMPERLI Royalty Monetization Agreement, we received $250.0 million in exchange for royalties and milestones payable to us under our GSK collaboration on annual global net sales of JEMPERLI below $1.0 billion starting in October 2021. The aggregate JEMPERLI royalties and milestones to be received by Sagard under the JEMPERLI Royalty Monetization Agreement is capped at certain fixed multiples of the upfront payment based on time. Once Sagard receives an aggregate amount of either $312.5 million (125% of the upfront) by the end of 2026, or $337.5 million (135% of the upfront) during 2027, or $412.5 million (165% of the upfront) at any time after 2027, the JEMPERLI Royalty Monetization Agreement will expire resulting in us regaining all subsequent JEMPERLI royalties and milestones. As of December 31, 2022, Sagard has received a total of $1.8 million in royalties and milestones. The JEMPERLI Royalty Monetization Agreement includes a call option pursuant to which at any time after December 1, 2024, we may reacquire our interest in the specified royalties by paying Sagard (in cash) a specified amount as described in the JEMPERLI Royalty Monetization Agreement. The exercise of this call option is at our sole discretion, which we currently do not anticipate exercising. The proceeds received from Sagard of $250.0 million were recorded as a liability, net of transaction costs of $0.4 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. The aggregate future estimated payments, less the $249.6 million, net of proceeds, will be recognized as non-cash interest expense over the life of the agreement. Royalty and milestone revenue will be recognized as earned on net sales of JEMPERLI, and we will record the royalty payments to Sagard as a reduction of the liability when paid. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the JEMPERLI Royalty Monetization Agreement. We estimate the effective interest rate used to record non-cash interest expense under the JEMPERLI Royalty Monetization Agreement based on the estimate of future royalty payments to be received by Sagard. As of December 31, 2022, the estimated effective rate under the agreement was 5.5%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by Sagard and changes in our forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation. We recognized JEMPERLI non-cash royalty revenue of approximately $2.3 million and $0.2 million during the years ended December 31, 2022 and 2021, respectively and non-cash interest expense of approximately $20.4 million and $1.5 million during the years ended December 31, 2022 and 2021, respectively. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations. The following table shows the activity within the liability account for the year ended December 31, 2022: (in thousands) December 31, 2022 Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021 $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 54 Royalty and milestone payments to Sagard (1,782) Non-cash interest expense recognized 20,305 Liability related to sale of future royalties - ending balance $ 269,540 Zejula Royalty Monetization Agreement In October 2020, in connection with Amendment No. 3 to the GSK Agreement, GSK agreed, under the terms of a settlement agreement (the “GSK Settlement Agreement”), to pay us a royalty on all GSK net sales of Zejula starting January 1, 2021. Under the GSK Settlement Agreement, the royalty is paid at a rate of 1.0% but is subject to reduction due to royalties paid to third parties, with a minimum royalty payable under the GSK Settlement Agreement of 0.5% of global net sales of Zejula. The current effective royalty rate is 0.5%. In September 2022, we signed a purchase and sale agreement (the “Zejula Royalty Monetization Agreement”) with a wholly-owned subsidiary of DRI Healthcare Trust (“DRI”) to monetize all of our future royalties on global net sales of Zejula under the GSK Settlement Agreement. Under the terms of the Zejula Royalty Monetization Agreement, we received $35.0 million in exchange for all royalties payable by GSK to us under the GSK Settlement Agreement on global net sales of Zejula starting in July 2022 (the “Purchased Royalty Interest”). In addition, under the Zejula Royalty Monetization Agreement, we are entitled to receive an additional $10.0 million payment from DRI if Zejula is approved by the U.S. Food and Drug Administration for the treatment of endometrial cancer on or prior to December 31, 2025. The proceeds received from DRI of $35.0 million were recorded as a liability, net of transaction costs of $0.2 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. Royalty revenue will be recognized as earned on net sales of Zejula, and we will record the royalty payments to DRI as a reduction of the liability when paid. The aggregate future estimated payments, less the $34.8 million, of net proceeds, will be recorded as non-cash interest expense over the life of the arrangement. As such payments are made to DRI, the balance of the liability will be effectively repaid over the life of the Zejula Royalty Monetization Agreement. We estimate the effective interest rate used to record non-cash interest expense under the Zejula Royalty Monetization Agreement based on the estimate of future royalty payments to be received by DRI. As of December 31, 2022, the estimated effective rate under the agreement was 5.2%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and the timing of the royalty payments received by DRI and the changes in our forecasted royalties. At each reporting date, we will reassess our estimate of total future royalty payments to be received and if such payments are materially different than our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the royalty obligation. We recognized Zejula non-cash royalty revenue of approximately $1.4 million and non-cash interest expense of approximately $0.7 million for the year ended December 31, 2022. The interest and amortization of issuance costs is reflected as non-cash interest expense for the sale of future royalties in the Consolidated Statements of Operations. The following table shows the activity within the liability account for the year ended December 31, 2022: (in thousands) December 31, 2022 Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2021 $ — Proceeds from sale of future royalties 35,000 Issuance costs related to the sale of future royalties (184) Amortization of issuance costs 7 Royalty and milestone payments to DRI (692) Non-cash interest expense recognized 742 Liability related to sale of future royalties and milestones - ending balance $ 34,873

Fair Value Measurements and Ava

Fair Value Measurements and Available for Sale Investments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Available for Sale Investments	Fair Value Measurements and Available for Sale Investments Fair Value Measurements Our financial instruments consist principally of cash, cash equivalents, short-term and long-term investments, receivables, and accounts payable. Certain of our financial assets and liabilities have been recorded at fair value in the consolidated balance sheet in accordance with the accounting standards for fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 - Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Quoted Market Significant Significant At December 31, 2022 Money market funds (1) $ 29,702 $ 29,702 $ — $ — Mutual funds (1) 41,812 41,812 — — U.S. Treasury securities (2) 374,527 374,527 — — Certificates of deposit (2) 2,856 — 2,856 — Agency securities (2) 74,602 — 74,602 — Commercial and corporate obligations (2) 60,883 — 60,883 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date. The following methods and assumptions were used to estimate the fair value of our financial instruments for which it is practicable to estimate that value: Marketable Securities. For fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. For fair values determined by Level 2 inputs, which utilize quoted prices in less active markets for similar assets, the level of judgment required to estimate fair value is also considered relatively low. Fair Value of Other Financial Instruments The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term nature. Available for Sale Investments We invest our excess cash in agency securities, debt instruments of financial institutions and corporations, commercial obligations, and U.S. Treasury securities, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 75,504 $ 11 $ (913) $ 74,602 Certificates of deposit (2) 2,915 — (59) 2,856 Commercial and corporate obligations (3) 61,791 8 (916) 60,883 US Treasury securities (4) 377,697 19 (3,189) 374,527 Total available-for-sale investments $ 517,907 $ 38 $ (5,077) $ 512,868 (1) Of our outstanding agency securities, $57.1 million have maturity dates of less than one year and $17.5 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $2.6 million have a maturity date of less than one year and $0.3 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $44.0 million have maturity dates of less than one year and $16.9 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $266.2 million have maturity dates of less than one year and $108.3 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available-for-sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 61,117 $ (843) $ 3,437 $ (70) $ 64,554 $ (913) Certificates of Deposit 481 (10) 2,375 (49) 2,856 (59) Commercial and corporate obligations 44,213 (624) 14,778 (292) 58,991 (916) US Treasury Securities 298,575 (2,667) 41,937 (522) 340,513 (3,189) Total $ 404,386 $ (4,144) $ 62,527 $ (933) $ 466,914 $ (5,077) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217)

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Of the 500,000,000 shares of common stock authorized, 28,513,163 shares were issued and outstanding as of December 31, 2022. Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at December 31, 2022 are as follows: Issued and Outstanding: Stock options 3,673,208 Restricted stock units 1,028,843 Shares Reserved For: 2017 Equity Incentive Plan 2,297,242 2017 Employee Stock Purchase Plan 1,497,742 Total 8,497,035 Open Market Sales Agreement In November 2022, we entered into the Cowen Sales Agreement with Cowen and Company, LLC, through which we may offer and sell shares of our common stock, having an aggregate offering of up to $150.0 million through Cowen and Company, LLC as our sales agent. As of December 31, 2022, we had sold no shares under this agreement.

Equity Incentive Plans

Equity Incentive Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans 2017 Equity Incentive Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017, and replaced our prior 2006 Equity Incentive Plan. Under the 2017 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then our employees, officers, directors or consultants. In addition, the number of shares of stock available for issuance under the 2017 Plan will be automatically increased each January 1, beginning on January 1, 2018, by 4% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The 2017 Plan automatically increased by 1,105,890 shares as of January 1, 2022. Employee Stock Purchase Plan On January 12, 2017, our board of directors and stockholders approved and adopted the 2017 Employee Stock Purchase Plan or the ESPP. The ESPP became effective upon the execution and delivery of the underwriting agreement for our initial public offering on January 26, 2017. In addition, the number shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2018, by 1% of the aggregate number of outstanding shares of our common stock as of the immediately preceding December 31 or such lesser number as determined by our board of directors. The ESPP automatically increased by 276,472 shares as of January 1, 2022. As of December 31, 2022, 49,967 shares have been issued under the ESPP. Stock Options Stock options granted to employees and non-employees generally vest over a four-year period while stock options granted to directors vest over a one-year period. Each stock option award has a maximum term of 10 years from the date of grant, subject to earlier cancellation prior to vesting upon cessation of service to us. A summary of the activity related to stock option awards during the year ended December 31, 2022 is as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,693,080 $ 29.23 Exercises (835,159) $ 13.55 Forfeitures and cancellations (645,008) $ 31.41 Outstanding at December 31, 2022 3,673,208 $ 32.04 6.28 $ 18,686 Exercisable at December 31, 2022 1,735,447 $ 37.02 5.57 $ 11,531 Total cash received from the exercise of stock options was approximately $11.3 million during the year ended December 31, 2022. Time-based Restricted Stock Units Each Restricted Stock Unit represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis. The RSUs do not entitle the participants to the rights of holders of common stock, such as voting rights, until the shares are issued. Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 — $ — $ — Granted 1,030,443 $ 26.14 Vested — $ — Forfeitures and cancellations (1,600) $ 23.62 Outstanding at December 31, 2022 1,028,843 $ 26.14 1.17 $ 31,884 RSU expected to vest at December 31, 2022 1,028,843 $ 26.14 1.17 $ 31,884 Stock-Based Compensation Expense We recognize stock-based compensation expense for awards issued to employees and non-employees over the requisite service period based on the estimated grant-date fair value of such awards. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance- based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Year Ended 2022 2021 2020 Risk-free interest rate 2.5 % 0.7 % 0.5 % Expected volatility 87.4 % 92.9 % 90.2 % Expected dividend yield — % — % — % Expected term (in years) 6.09 6.18 6.25 Weighted average grant date fair value per share $ 21.58 $ 22.34 $ 14.51 We determine the appropriate risk-free interest rate, expected term for employee stock-based awards, contractual term for non-employee stock-based awards, and volatility assumptions. The weighted-average expected option term for employee and non-employee stock-based awards reflects the application of the simplified method, which defines the life as the average of the contractual term of the options and the weighted-average vesting period for all option tranches. Expected volatility for 2022 and 2021 incorporates the historical volatility of our stock price, and volatility for 2020 incorporates our stock price as well as similar entities whose share prices are publicly available. The risk-free interest rate is based upon U.S. Treasury securities with remaining terms similar to the expected or contractual term of the stock-based payment awards. The assumed dividend yield is based on our expectation of not paying dividends in the foreseeable future. Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Year Ended (in thousands) 2022 2021 2020 Research and development $ 6,775 $ 5,856 $ 4,122 General and administrative 20,581 9,491 7,377 Total $ 27,356 $ 15,347 $ 11,499 On March 20, 2022, our then Chief Executive Officer (“former CEO”), resigned by mutual agreement with the Board of Directors. In connection with his separation agreement, we modified certain equity awards and recognized approximately $3.2 million in non-cash stock-based compensation expense. Given the former CEO had substantially rendered the required services per his separation agreement, we recorded the full expense related to the modification in the period ending March 31, 2022. Additionally, on March 21, 2022, we awarded our newly appointed Interim President and Chief Executive Officer RSUs for 887,043 shares of the Company’s common stock. The fair value of the award will be recognized as part of compensation cost, occurring ratably over the stated 24-month requisite service period. During the year ended December 31, 2022, we recognized $9.2 million of non-cash stock-based compensation cost related to the award. At December 31, 2022, there was $27.1 million of unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over a remaining weighted average vesting period of 2.32 years, $16.8 million of unrecognized cost related to unvested RSU awards, which is expected to be recognized over a period of 1.24 years, and $0.2 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a remaining weighted-average vesting period of 0.37 years.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanWe have a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under U.S. federal tax regulations. We elected to match 100% of an employee’s contributions up to 6% of the employees’ eligible salary with a maximum annual match limit of $11,000 in 2022, $8,000 in 2021, and 50% of an employee’s contributions up to 6% of the employees’ eligible salary with a maximum annual match limit of $6,000 in 2020. For the years ended December 31, 2022, 2021, and 2020, we incurred approximately $1.0 million, $0.6 million and $0.5 million, respectively of costs related to the 401(k) plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases On May 4, 2020, we entered into a lease agreement with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “Lease Agreement”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space for a term of 124 months, beginning on April 5, 2021. The terms of the Lease Agreement provide us with an option to extend the term of the lease for an additional five years, as well as a one-time option to terminate the lease after seven years with the payment of a termination fee. The exercise of the lease option is at our sole discretion, which we currently do not anticipate exercising and as such was not recognized as part of the ROU asset and lease liability. The monthly base rent will be $4.20 per rentable square foot and will be increased by 3% annually. Under the Lease Agreement, we are also responsible for our pro rata share of real estate taxes, building insurance, maintenance, direct expenses, and utilities. Upon lease commencement, on April 5, 2021, we recognized an ROU asset of $20.6 million, with a corresponding lease liability of $20.7 million on the consolidated balance sheets. The ROU asset includes adjustments for prepayments, initial direct costs, and lease incentives. As of December 31, 2022, we have recorded $0.3 million as a security deposit in accordance with the terms of the Lease Agreement. Our lease payments are fixed, and we recognize lease expense for leases on a straight-line basis over the lease term. Operating lease ROU assets and lease liabilities are recorded based on the present value of the future minimum lease payments over the lease term at commencement date. As our lease does not provide an implicit rate, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The weighted-average discount rate used was 4.0% and the weighted-average remaining lease term is approximately 8.7 years. The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Year Ended December 31, Leases Classification on the Cash Flow 2022 2021 2020 Operating lease cost Operating $ 2,478 $ 2,213 $ 865 Cash paid for amounts included in the measurement of lease liabilities Operating 2,316 705 938 At December 31, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows: Years Ending December 31, (in thousands) 2023 $ 2,386 2024 2,457 2025 2,531 2026 2,607 2027 2,685 Thereafter 10,554 Total minimum payments required $ 23,220 Less: imputed interest (3,770) Total $ 19,450 License Agreements We have certain obligations under licensing agreements with third parties that are contingent upon achieving various development, regulatory and commercial milestones. Pursuant to these license agreements, we are required to make milestone payments if certain development, regulatory and commercial sales milestones are achieved. Also, pursuant to the terms of each of these license agreements, when and if commercial sales of a product commence, we will pay royalties to our licensors on net sales of the respective products. Certain of the licensing agreements require guaranteed minimum annual payments. Terms of the licensing agreements generally range from the remaining life of the patent up to 19 years and, in some cases, may be subject to earlier termination by either party upon specified circumstances. Total expense incurred under all collaborative licensing agreements for upfront, milestone and royalty payments were $0.7 million, $0.2 million, and $0.2 million during the years ended December 31, 2022, 2021 and 2020, respectively. Total cash paid under these agreements was $0.1 million, $0.2 million, and $0.3 million during the years ended December 31, 2022, 2021, and 2020, respectively. Future minimum annual obligations under all such license agreements will be $0.2 million during 2023 and thereafter. These obligations are payable through ten years from the first commercial sale, if any, or expiration of the last patent to expire, the dates of which are not determinable at this time. Other Commitments and Contingencies We have entered into agreements with certain vendors for the provision of goods and services, which includes manufacturing services with contract manufacturing organizations and development services with contract research organizations. These agreements may include certain provisions for purchase obligations and termination obligations that could require payments for the cancellation of committed purchase obligations or for early termination of the agreements. The amount of the cancellation or termination payments vary and are based on the timing of the cancellation or termination and the specific terms of the agreement. Guarantees and Indemnifications We enter into standard indemnification arrangements in the ordinary course of business. Pursuant to certain of these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party for third-party claims in connection with our breach of the agreement, our negligence or willful misconduct in connection with the agreement, or any trade secret, copyright, patent or other intellectual property infringement claim with respect to our technology. The term of these indemnification arrangements is generally perpetual. The maximum potential amount of future payments we could be required to make under these agreements is not determinable because it involves claims that may be made against us in the future, but have not yet been made. We indemnify our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving in such capacity, as permitted under Delaware law, in accordance with our certificate of incorporation and bylaws, and pursuant to agreements providing for indemnification entered into with our officers and directors. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification of directors and officers is unlimited; however, we currently hold director and officer liability insurance. This insurance allows the transfer of risk associated with our exposure and may enable us to recover a portion of any future amounts paid. We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of loss before income tax provision consist of the following: Year Ended December 31, (in thousands) 2022 2021 2020 U.S. $ (128,650) $ (57,741) $ (19,832) Foreign (50) (55) (99) Consolidated net loss before income taxes $ (128,700) $ (57,796) $ (19,931) For the year ended December 31, 2022, we recognized income tax expense of $24,000, related to state income taxes. For the years ended December 31, 2021 and 2020, we recognized no provision or benefit from income taxes. Significant components of our deferred tax assets and liabilities are as follows: December 31, (in thousands) 2022 2021 Deferred Tax Assets: Net operating loss carryforwards $ 66,160 $ 67,203 Section 174 Capitalized R&D 16,570 — Research and development credits 12,844 9,527 Equity compensation 10,021 8,091 Deferred Zejula royalty revenue 7,371 — Lease liability 4,194 4,451 Other, net 3,458 1,201 Total deferred tax assets 120,618 90,473 Deferred Tax Liabilities: ROU asset (3,859) (4,154) Fixed assets (189) (115) Total deferred tax liabilities (4,048) (4,269) Net deferred tax assets 116,570 86,204 Less: valuation allowance (116,570) (86,204) Deferred tax assets, net of valuation allowance $ — $ — We have recorded a full valuation allowance against our net deferred tax assets due to the uncertainty surrounding the realization of such assets. Management has determined it more likely than not that the deferred tax assets are not realizable due to our historical loss position. As of December 31, 2022, we had federal and state net operating loss carryforwards (“NOLs”), of $287.4 million and $69.6 million, respectively. The federal and state NOLs generated prior to 2018 will begin to expire in 2029 and 2028, respectively, unless previously utilized. The federal NOL includes $234.3 million of net operating losses generated in 2018 and after. Federal net operating losses generated in 2018 and after carryover indefinitely and may generally be used to offset up to 80% of future taxable income. As of December 31, 2022, we had federal and California research tax credit carryforwards of approximately $6.1 million and $12.2 million, respectively. The federal research tax credit carryforwards will begin to expire in 2041 and the California research tax credits carryforward indefinitely. We also have foreign tax losses of $3.1 million, which will carry forward indefinitely, subject to a continuity of ownership test. The above NOL carryforward and the federal and state research tax credit carryforwards may be subject to an annual limitation under section 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state provisions if we experience one or more ownership changes which would limit the amount of NOL and tax credit carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change as defined by Section 382 and 383, results from transactions increasing ownership of certain stockholders or public groups in the stock of the corporation by more than 50 percentage points over a three-year period. In September 2015, we completed a Section 382 analysis through December 31, 2014 and determined that there was an ownership change in 2007 that may limit the utilization of approximately $5.3 million and $5.4 million in federal and state NOLs, respectively, and $0.2 million in both federal and state research tax credits. We subsequently extended the analysis period of the study through December 31, 2022, noting ownership changes on January 31, 2017 and March 8, 2021. To reflect the impact of the January 31, 2017 and March 8, 2021 ownership changes, we reduced federal research credit carryforwards by approximately $15.0 million. Our use of federal and state NOLs and research credits could be limited further by the provisions of Section 382 of the U.S. Internal Revenue Code of 1986, as amended, depending upon the timing and amount of additional equity securities that we have issued or will issue. State NOL carryforwards may be similarly limited. If a change in ownership were to have occurred, NOL and tax credits carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by ownership changes, if any, will not impact our effective tax rate. The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision: Year Ended December 31, (in thousands) 2022 2021 2020 Expected income tax benefit at federal statutory tax rate $ (27,026) $ (12,138) $ (4,186) State income taxes, net of federal benefit (800) (142) (21) Permanent items 27 17 18 Equity compensation (297) (708) 871 Non-deductible compensation 2,060 — — Research credits (3,319) 8,087 (3,389) Other (6) 42 29 Change in the valuation allowance 29,385 4,842 6,678 Income tax expense $ 24 $ — $ — We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more likely than not recognition at the effective date to be recognized. At December 31, 2022 and 2021, we had no unrecognized tax benefits that, if recognized and realized, would affect the effective tax rate due to the valuation allowance against deferred tax assets. The following table summarizes the activity related to our unrecognized tax benefits: Year Ended December 31, (in thousands) 2022 2021 Balance at the beginning of the year $ 2,473 $ 4,044 Decrease related to prior year tax positions — (2,555) Increase related to current year tax positions 896 984 Balance at the end of the year $ 3,369 $ 2,473 If recognized, these amounts would not affect our effective tax rate, since they would be offset by an equal corresponding adjustment in the deferred tax asset valuation allowance. We do not anticipate there will be a significant change in unrecognized tax benefits within the next 12 months. Our policy is to recognize interest and penalties related to income tax matters in the provision for income taxes. As of December 31, 2022 and 2021, there were no interest or penalties on uncertain tax benefits. We file income tax returns in the United States, California, various U.S. state jurisdictions and Australia. Due to our losses incurred, we are essentially subject to income tax examination by tax authorities from inception to date.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Stock Repurchase Plan In January 2023, our Board of Directors authorized a Stock Repurchase Plan under which we may repurchase up to $50.0 million of the Company’s outstanding common stock. To the extent we repurchase any of our stock, we will provide information regarding such repurchases on a quarterly basis in our Forms 10-Q and 10-K for the applicable completed quarter.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Reclassification
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements include us and our wholly-owned Australian subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. We operate in one reportable segment, and our functional and reporting currency is the U.S. dollar.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with a maturity at date of purchase of three months or less to be cash equivalents. Cash equivalents consist primarily of money market and mutual funds with original maturities of 90 days or less.
Short Term and Long Term Investments	Short-Term and Long-Term InvestmentsAll investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). We review our portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which range from three
Long Lived Assets	Long Lived Assets Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets.
Leases	Leases Our leases consist of a lease for office and lab space that is classified as an operating lease. We determine if an arrangement is a lease at inception. Rent expense is recognized on a straight-line basis. When an operating lease includes rent abatements or requires fixed escalations of the minimum lease payments, the aggregate rental expense is recognized on a straight-line basis over the term of the lease. When an operating lease includes lease incentives such as leasehold improvement allowances, the lease incentive is included in ROU asset. For leases that have greater than a 12-month lease term, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement. As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. We account for fixed lease components separately from non-lease components.
Liability Related to the Sale of Future Royalties	Liability Related to the Sale of Future Royalties We treat the liability related to the sale of future royalties as debt, amortized under the effective interest rate method over the estimated life of the JEMPERLI Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. See Note 5. The amortization of the liability related to the sale of future revenue is based on our current estimates of future
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are deferred and amortized over the term of the debt using the effective interest method. These costs are recorded as a direct reduction to the carrying value of the debt on the balance sheet and the amortization expense is included in non-cash interest expense in the statement of operations.
Non-Cash Interest Expense on the Liability Related to the Sale of Future Royalties	Non-Cash Interest Expense on the Liability Related to the Sale of Future RoyaltiesThe total threshold of royalties paid, less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method and record expense based on the timing of payments received over the term of the JEMPERLI Royalty Monetization Agreement and the Zejula Royalty Monetization Agreement. Over the course of the agreement, the actual interest rate will be affected by the timing of royalty and milestone payments made and changes in the forecasted revenue.
Revenue Recognition	Revenue Recognition Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five basic steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) determine the recognition period. Performance Obligations. We evaluate deliverables on a contract-by-contract basis to determine whether each deliverable represents a good or service that is distinct or has the same pattern of transfer as other deliverables. A deliverable is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the deliverable is not considered distinct, we combine such deliverables and account for them as a single performance obligation. We allocate the consideration to each deliverable at the inception of the arrangement based on the transaction price. Our performance obligations may include the following: • License Arrangements. The performance obligations under our collaboration and license agreements generally include exclusive or nonexclusive licenses to one or more products generated using our technologies. Licenses for multiple antibodies within a single contract are generally combined as they have substantially the same pattern of transfer to the customer. Historically, our licenses have held no value to the customer, as the antibodies were in the discovery phase and required our expertise for further development. Accordingly, licenses are not considered distinct. • Research and Development Services. The performance obligations under our collaboration and license agreements generally include research and development services we perform on behalf of or with our collaborators. As discussed within license arrangements above, our licenses have historically held no value without the research and development services we provide. As we generally only provide research and development services for internally generated antibodies that require a license to be utilized by a third party, our research and development services are not considered distinct. • Steering Committee Meetings. The performance obligations under our collaboration and license agreements may also include our participation on steering committees, which allows us to direct the progression of our discovery programs. As these steering committees would not occur or benefit the customer without the use of our licenses, these are not considered distinct. We recognize consideration allocated to a performance obligation as the performance obligation is satisfied, and the determination as to whether consideration is recognized over time or at a point in time is made upon contract inception. For our collaboration agreements, this is generally over the period in which research and development services have been performed. Transaction Price. Our collaboration and license agreements generally include both fixed and variable consideration. Fixed payments, such as those for upfront fees are included in the transaction price at contract value, while variable consideration such as reimbursement for research and development services, milestone and royalty payments are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and development services are updated for actual invoices. Given the nature of our agreements, milestones are estimated using the most likely amount and are evaluated on a quarterly basis. Upon commercialization, royalty payments will be recognized in the period incurred.
Research and Development Expenses	Research and Development Expenses Research and development costs primarily include third-party clinical and preclinical research and development services such as manufacturing, laboratory and related supplies, salaries and personnel-related costs, in-licensing fees, outside services, and an allocation of information technology, and facility overhead costs. Costs associated with research and development activities are expensed as incurred. We account for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. We estimate research and development costs incurred during the period, which impacts the amount of accrued expenses and prepaid balances related to such costs as of each balance sheet date. This process involves reviewing open contracts and purchase orders, communicating with our personnel and service providers to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. The majority of our service providers invoice us monthly in arrears for services performed or when contractual milestones are met. We make estimates of our accrued expenses as of each balance sheet date based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary. The significant estimates in our accrued research and development expenses include the costs incurred for services performed by our vendors in connection with research and development activities for which we have not yet been invoiced. Upfront and milestone payments incurred under our in-licensing agreements are expensed as acquired in-process research and development in the period in which they are incurred, provided that the technology or method has no alternative future use.
Share-Based Compensation	Stock-Based Compensation We recognize stock-based compensation expense using a fair-value-based method for costs related to all share-based payments, including stock options. Stock-based compensation cost for stock options granted to our employees and directors is measured at the grant date based on the fair-value of the award which is estimated using the Black-Scholes option-pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We recognize forfeitures in the period in which forfeitures occur and record stock-based compensation expense as though all awards are expected to vest. We record the expense for stock-based compensation awards subject to performance-based milestone vesting over the requisite service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. Each Restricted Stock Unit (“RSU”) represents one equivalent share of our common stock to be issued after satisfying the applicable continued service-based vesting criteria over a specified period. The fair value of these RSUs is based on the closing price of our common stock on the date of the grant. We measure compensation expense over the expected vesting period on a straight-line basis.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Realization of deferred tax assets is dependent upon future taxable income. A valuation allowance is recognized if it is more
Foreign Currency of Foreign Operations	Functional Currency of Foreign Operations Our Australian subsidiary operates in a U.S. dollar functional currency environment. Assets and liabilities of our foreign subsidiary that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets and capital accounts, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Expenses are generally remeasured at monthly foreign currency exchange rates which approximate average rates in effect during each period. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), net, in the consolidated statements of operations.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. Our unrealized gain and losses on available for sale investments represent the only component of other comprehensive income (loss) that is excluded from the reported net income (loss).
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common equivalent shares outstanding for the period, as well as any dilutive effect from outstanding stock options and warrants using the treasury stock method. For each period presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share.
Accounting Pronouncements Recently Adopted	Recent Accounting Pronouncements We have implemented all new accounting pronouncements that are in effect and may have an impact on our consolidated financial statements. Unless otherwise discussed, we believe the impact of any recently issued pronouncements, not yet effective will not have a material impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Outstanding Potentially Dilutive Securities Excluded in the Calculation of Diluted Net Loss Per Share	The following table sets forth the weighted-average outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): Year Ended (in thousands) 2022 2021 2020 Options to purchase common stock 3,602 3,631 2,901 Restricted stock units 375 — — Total 3,977 3,631 2,901

Balance Sheet Accounts and Su_2

Balance Sheet Accounts and Supplemental Disclosures (Tables)	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: (in thousands) December 31, 2022 December 31, 2021 Laboratory equipment $ 5,869 $ 5,683 Office furniture and equipment 1,593 1,319 Leasehold improvements 203 203 Property and equipment, gross 7,665 7,205 Less: accumulated depreciation and amortization (5,576) (4,922) Total property and equipment, net $ 2,089 $ 2,283
Schedule of Accrued Expenses	Accrued expenses consist of the following: (in thousands) December 31, 2022 December 31, 2021 Accrued compensation and related expenses $ 5,379 $ 4,177 Accrued professional fees 607 569 Accrued research and development expenses 15,351 7,953 Other 296 154 Total accrued expenses $ 21,633 $ 12,853

Collaborative Research and De_2

Collaborative Research and Development Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue Recognition [Abstract]
Schedule of Milestones Achieved	Milestones under the GSK Agreement are as follows: Anti-PD-1 Anti-TIM-3 Anti-LAG-3 (GSK40974386) Milestone Event Amount Quarter Recognized Amount Quarter Recognized Amount Quarter Recognized Initiated in vivo toxicology studies using good laboratory practices (GLPs) $1.0M Q2'15 $1.0M Q4'15 $1.0M Q3'16 IND clearance from the FDA $4.0M Q1'16 $4.0M Q2'16 $4.0M Q2'17 Phase 2 clinical trial initiation $3.0M Q2'17 $3.0M Q4'17 $3.0M Q4'19 Phase 3 clinical trial initiation - first indication $5.0M Q3'18 $5.0M Q4'22 $5.0M — Phase 3 clinical trial initiation - second indication $5.0M Q2'19 $5.0M — $5.0M — Filing of the first BLA (1) - first indication $10.0M Q1'20 $10.0M — $10.0M — Filing of the first MAA (2) - first indication $5.0M Q1'20 $5.0M — $5.0M — Filing of the first BLA - second indication $10.0M Q1'21 $10.0M — $10.0M — First BLA approval - first indication $20.0M Q2'21 $20.0M — $20.0M — First MAA approval - first indication $10.0M Q2'21 $10.0M — $10.0M — First BLA approval - second indication $20.0M Q3'21 $20.0M — $20.0M — Filing of the first MAA - second indication (3) $5.0M — $5.0M — $5.0M — First MAA approval - second indication (3) $10.0M — $10.0M — $10.0M — First commercial sales milestone (3) $15.0M — $15.0M — $15.0M — Second commercial sales milestone (3) $25.0M — $25.0M — $25.0M — Third commercial sales milestone (3) $50.0M — $50.0M — $50.0M — Fourth commercial sales milestone $75.0M — $75.0M — $75.0M — Milestones recognized through December 31, 2022 $93.0M — $13.0M — $8.0M — Milestones that may be recognized in the future $180.0M — $260.0M — $265.0M — (1) Biologics License Application (“BLA”) (2) Marketing Authorization Application (“MAA”)

Sale of Future Royalties (Table

Sale of Future Royalties (Tables)	12 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Royalty Transaction Activity	The following table shows the activity within the liability account for the year ended December 31, 2022: (in thousands) December 31, 2022 Liability related to sale of future JEMPERLI royalties and milestones - balance at 12/31/2021 $ 251,093 Issuance costs related to the sale of future royalties (130) Amortization of issuance costs 54 Royalty and milestone payments to Sagard (1,782) Non-cash interest expense recognized 20,305 Liability related to sale of future royalties - ending balance $ 269,540 The following table shows the activity within the liability account for the year ended December 31, 2022: (in thousands) December 31, 2022 Liability related to sale of future Zejula royalties and milestones - balance at 12/31/2021 $ — Proceeds from sale of future royalties 35,000 Issuance costs related to the sale of future royalties (184) Amortization of issuance costs 7 Royalty and milestone payments to DRI (692) Non-cash interest expense recognized 742 Liability related to sale of future royalties and milestones - ending balance $ 34,873

Fair Value Measurements and A_2

Fair Value Measurements and Available for Sale Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis	The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy: Fair Value Measurements at End of Period Using: (in thousands) Fair Quoted Market Significant Significant At December 31, 2022 Money market funds (1) $ 29,702 $ 29,702 $ — $ — Mutual funds (1) 41,812 41,812 — — U.S. Treasury securities (2) 374,527 374,527 — — Certificates of deposit (2) 2,856 — 2,856 — Agency securities (2) 74,602 — 74,602 — Commercial and corporate obligations (2) 60,883 — 60,883 — At December 31, 2021 Money market funds (1) $ 445,647 $ 445,647 $ — $ — Mutual funds (1) 50,326 50,326 — — U.S. Treasury securities (2) 87,831 87,831 — — Certificates of deposit (2) 3,766 — 3,766 — Agency securities (2) 5,814 — 5,814 — Commercial and corporate obligations (2) 22,054 — 22,054 — (1) Included in cash and cash equivalents in the accompanying consolidated balance sheets.
Schedule of Available-for-sale Investments	The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2022 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 75,504 $ 11 $ (913) $ 74,602 Certificates of deposit (2) 2,915 — (59) 2,856 Commercial and corporate obligations (3) 61,791 8 (916) 60,883 US Treasury securities (4) 377,697 19 (3,189) 374,527 Total available-for-sale investments $ 517,907 $ 38 $ (5,077) $ 512,868 (1) Of our outstanding agency securities, $57.1 million have maturity dates of less than one year and $17.5 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $2.6 million have a maturity date of less than one year and $0.3 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $44.0 million have maturity dates of less than one year and $16.9 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $266.2 million have maturity dates of less than one year and $108.3 million have a maturity date of between one The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of December 31, 2021 are as follows: (in thousands) Amortized Gross Gross Total Agency securities (1) $ 5,821 $ — $ (7) $ 5,814 Certificates of deposit (2) 3,770 — (4) 3,766 Commercial and corporate obligations (3) 22,094 2 (42) 22,054 US Treasury securities (4) 87,995 — (164) 87,831 Total available-for-sale investments $ 119,680 $ 2 $ (217) $ 119,465 (1) Of our outstanding agency securities, $1.0 million have maturity dates of less than one year and $4.8 million have a maturity date of between one (2) Of our outstanding certificates of deposit, $1.3 million have a maturity date of less than one year and $2.5 million have a maturity date of between one (3) Of our outstanding commercial and corporate obligations, $4.8 million have maturity dates of less than one year and $17.3 million have a maturity date of between one (4) Of our outstanding U.S. Treasury securities, $45.3 million have maturity dates of less than one year and $42.5 million have a maturity date of between one
Schedule of Unrealized Loss and Fair Values in a Loss Position	The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2022 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 61,117 $ (843) $ 3,437 $ (70) $ 64,554 $ (913) Certificates of Deposit 481 (10) 2,375 (49) 2,856 (59) Commercial and corporate obligations 44,213 (624) 14,778 (292) 58,991 (916) US Treasury Securities 298,575 (2,667) 41,937 (522) 340,513 (3,189) Total $ 404,386 $ (4,144) $ 62,527 $ (933) $ 466,914 $ (5,077) December 31, 2021 Less than 12 Months 12 Months or Greater Total (in thousands) Fair Value Gross Fair Value Gross Fair Value Gross Agency securities $ 4,477 $ (7) $ — $ — $ 4,477 $ (7) Certificates of Deposit 2,870 (4) — — 2,870 (4) Commercial and corporate obligations 18,524 (42) — — 18,524 (42) US Treasury Securities 82,823 (164) — — 82,823 (164) Total $ 108,694 $ (217) $ — $ — $ 108,694 $ (217)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance upon the exercise, issuance or conversion of the respective equity instruments at December 31, 2022 are as follows: Issued and Outstanding: Stock options 3,673,208 Restricted stock units 1,028,843 Shares Reserved For: 2017 Equity Incentive Plan 2,297,242 2017 Employee Stock Purchase Plan 1,497,742 Total 8,497,035

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Activity Related to Stock Option Awards	A summary of the activity related to stock option awards during the year ended December 31, 2022 is as follows: Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2022 3,460,295 $ 28.84 7.17 $ 42,987 Granted 1,693,080 $ 29.23 Exercises (835,159) $ 13.55 Forfeitures and cancellations (645,008) $ 31.41 Outstanding at December 31, 2022 3,673,208 $ 32.04 6.28 $ 18,686 Exercisable at December 31, 2022 1,735,447 $ 37.02 5.57 $ 11,531
Schedule of Time-based Restricted Stock Units Activity	Number of Restricted Stock Units Weighted-Average Grant Date Fair Value Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 — $ — $ — Granted 1,030,443 $ 26.14 Vested — $ — Forfeitures and cancellations (1,600) $ 23.62 Outstanding at December 31, 2022 1,028,843 $ 26.14 1.17 $ 31,884 RSU expected to vest at December 31, 2022 1,028,843 $ 26.14 1.17 $ 31,884
Schedule of Weighted Average Assumptions in Stock Option Valuations	The estimated fair values of stock option awards granted to employees were determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions: Year Ended 2022 2021 2020 Risk-free interest rate 2.5 % 0.7 % 0.5 % Expected volatility 87.4 % 92.9 % 90.2 % Expected dividend yield — % — % — % Expected term (in years) 6.09 6.18 6.25 Weighted average grant date fair value per share $ 21.58 $ 22.34 $ 14.51
Schedule of Non-cash Stock-based Compensation Expense	Total non-cash stock-based compensation expense for all stock awards that was recognized in the consolidated statements of operations and comprehensive loss is as follows: Year Ended (in thousands) 2022 2021 2020 Research and development $ 6,775 $ 5,856 $ 4,122 General and administrative 20,581 9,491 7,377 Total $ 27,356 $ 15,347 $ 11,499

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Costs in Cash Flow Statement	The following non-cancellable office lease costs are included in our consolidated statements of cash flow (in thousands): Year Ended December 31, Leases Classification on the Cash Flow 2022 2021 2020 Operating lease cost Operating $ 2,478 $ 2,213 $ 865 Cash paid for amounts included in the measurement of lease liabilities Operating 2,316 705 938
Schedule of Future Minimum Annual Obligations	At December 31, 2022, the future minimum annual obligations for the Company’s operating lease liabilities are as follows: Years Ending December 31, (in thousands) 2023 $ 2,386 2024 2,457 2025 2,531 2026 2,607 2027 2,685 Thereafter 10,554 Total minimum payments required $ 23,220 Less: imputed interest (3,770) Total $ 19,450

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income/(Loss) before Income Tax Provision (Benefit)	The components of loss before income tax provision consist of the following: Year Ended December 31, (in thousands) 2022 2021 2020 U.S. $ (128,650) $ (57,741) $ (19,832) Foreign (50) (55) (99) Consolidated net loss before income taxes $ (128,700) $ (57,796) $ (19,931)
Schedule of Components of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities are as follows: December 31, (in thousands) 2022 2021 Deferred Tax Assets: Net operating loss carryforwards $ 66,160 $ 67,203 Section 174 Capitalized R&D 16,570 — Research and development credits 12,844 9,527 Equity compensation 10,021 8,091 Deferred Zejula royalty revenue 7,371 — Lease liability 4,194 4,451 Other, net 3,458 1,201 Total deferred tax assets 120,618 90,473 Deferred Tax Liabilities: ROU asset (3,859) (4,154) Fixed assets (189) (115) Total deferred tax liabilities (4,048) (4,269) Net deferred tax assets 116,570 86,204 Less: valuation allowance (116,570) (86,204) Deferred tax assets, net of valuation allowance $ — $ —
Schedule of Reconciliation of Expected Statutory Federal Income Tax Provision and Actual Income Tax Provision	The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision: Year Ended December 31, (in thousands) 2022 2021 2020 Expected income tax benefit at federal statutory tax rate $ (27,026) $ (12,138) $ (4,186) State income taxes, net of federal benefit (800) (142) (21) Permanent items 27 17 18 Equity compensation (297) (708) 871 Non-deductible compensation 2,060 — — Research credits (3,319) 8,087 (3,389) Other (6) 42 29 Change in the valuation allowance 29,385 4,842 6,678 Income tax expense $ 24 $ — $ —
Schedule of Activity Related to Unrecognized Tax Benefits	The following table summarizes the activity related to our unrecognized tax benefits: Year Ended December 31, (in thousands) 2022 2021 Balance at the beginning of the year $ 2,473 $ 4,044 Decrease related to prior year tax positions — (2,555) Increase related to current year tax positions 896 984 Balance at the end of the year $ 3,369 $ 2,473

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) bank segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Number of banks utilized for diversification of funds (in banks) | bank	3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-lived asset impairment charges | $	$ 0	$ 0	$ 0
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life (in years)	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	3,977	3,631	2,901
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	3,602	3,631	2,901
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock (in shares)	375	0	0

Balance Sheet Accounts and Su_3

Balance Sheet Accounts and Supplemental Disclosures - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,665	$ 7,205
Less: accumulated depreciation and amortization	(5,576)	(4,922)
Total property and equipment, net	2,089	2,283
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,869	5,683
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,593	1,319
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 203	$ 203

Balance Sheet Accounts and Su_4

Balance Sheet Accounts and Supplemental Disclosures - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 5,379	$ 4,177
Accrued professional fees	607	569
Accrued research and development expenses	15,351	7,953
Other	296	154
Total accrued expenses	$ 21,633	$ 12,853

Collaborative Research and De_3

Collaborative Research and Development Agreements - Narrative (Details)		1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 23, 2020 USD ($)	Nov. 30, 2014 USD ($)	Mar. 31, 2014 USD ($) target	Dec. 31, 2020 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2022 USD ($) milestone	Dec. 31, 2021 USD ($) milestone	Dec. 31, 2020 USD ($) milestone	Dec. 31, 2011 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						$ 10,287,000	$ 63,175,000	$ 75,000,000
Milestone revenue recognition						Milestones achieved during the discovery period were recognized as revenue pro-rata through December 31, 2016. Milestones achieved during fiscal 2017 were recognized as revenue in the period earned, while milestones after December 31, 2017 are recognized upon determination that a significant reversal of revenue would not be probable. Cash is generally received within 30 days of milestone achievement.
GSK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						$ 10,300,000	$ 63,200,000
GSK | Collaborative Research and Development Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee received		$ 2,000,000	$ 17,000,000
Number of outstanding research and development targets | target			3
Milestone payments, contingent upon preclinical and clinical trial events (up to)		18,000,000
Milestone payments, contingent upon certain U.S. and European regulatory submissions and approvals (up to)		90,000,000
Milestone payments, contingent upon achievement of specified levels of worldwide sales (up to)		$ 165,000,000
Royalty percent on net sales (as a percent)		8%
Agreement term following first commercial sale or expiration of the last to expire patent (in years)		12 years
Collaboration revenue								$ 75,000,000
Number of milestones achieved during period | milestone							4	2
GSK | Collaborative Research and Development Agreement | Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue							$ 60,000,000
GSK | Collaborative Research and Development Agreement | AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable								$ 60,000,000
Collaboration revenue								15,000,000
GSK | Phase 3 clinical trial initiation - first indication | Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue					$ 5,000,000
GSK | Phase 3 clinical trial initiation - first indication | Anti-TIM-3 (GSK4069889A/Cobolimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						$ 5,000,000
Number of milestones achieved during period | milestone						1
GSK | Collaboration And Exclusive License Agreement | Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognition multiple deliverable arrangements upfront fee receivable				$ 60,000,000
GSK | Collaboration And Exclusive License Agreement | AnaptysBio-generated Anti-PD-1 Antagonist Antibody (TSR-042)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones achieved during period, amount						$ 1,100,000,000
GSK | Royalty Agreement | Zejula and JEMPERLI
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						5,300,000	3,200,000	0
GSK | Royalty Agreement, up To $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)	8%
Royalty sales	$ 1,000,000,000
GSK | Royalty Agreement, above $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab) | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)	12%
GSK | Royalty Agreement, above $1. 0 billion | Anti-PD-1 (JEMPERLI/Dostarlimab) | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty percent on net sales (as a percent)	25%
Royalty sales	$ 1,000,000,000
GSK | Zejula Royalty Monetization Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						1,400,000
Non cash royalty revenue, for sale of future royalties						1,400,000
GSK | JEMPERLI Royalty Monetization Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						2,300,000
Non cash royalty revenue, for sale of future royalties						2,300,000	200,000
GSK | Zejula Revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue						1,600,000
BMS | Collaborative Research and Development Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee received									$ 6,000,000
Collaboration revenue						$ 0	$ 0	$ 0
Maximum milestone payments per target									$ 53,000,000

Collaborative Research and De_4

Collaborative Research and Development Agreements - Schedule of Milestone Achieved (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2019

Jun. 30, 2019

Sep. 30, 2018

Dec. 31, 2017

Jun. 30, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Jun. 30, 2015

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 10,287

$ 63,175

$ 75,000

GSK

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

10,300

$ 63,200

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | IND clearance from the FDA

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 2 clinical trial initiation

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 3,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Phase 3 clinical trial initiation - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first MAA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first BLA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 20,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First MAA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First BLA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 20,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Filing of the first MAA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First MAA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | First commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

15,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Second commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

25,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Third commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

50,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Fourth commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

75,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Milestones recognized through December 31, 2022

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

93,000

GSK | Anti-PD-1 (JEMPERLI/Dostarlimab) | Milestones that may be recognized in the future

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

180,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | IND clearance from the FDA

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Phase 2 clinical trial initiation

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 3,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Phase 3 clinical trial initiation - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

5,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Phase 3 clinical trial initiation - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Filing of the first BLA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Filing of the first MAA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Filing of the first BLA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | First BLA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

20,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | First MAA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | First BLA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

20,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Filing of the first MAA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | First MAA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | First commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

15,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Second commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

25,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Third commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

50,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Fourth commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

75,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Milestones recognized through December 31, 2022

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

13,000

GSK | Anti-TIM-3 (GSK4069889A/Cobolimab) | Milestones that may be recognized in the future

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

260,000

GSK | Anti-LAG-3 (GSK40974386) | Initiated in vivo toxicology studies using good laboratory practices (GLPs)

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 1,000

GSK | Anti-LAG-3 (GSK40974386) | IND clearance from the FDA

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 4,000

GSK | Anti-LAG-3 (GSK40974386) | Phase 2 clinical trial initiation

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

$ 3,000

GSK | Anti-LAG-3 (GSK40974386) | Phase 3 clinical trial initiation - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-LAG-3 (GSK40974386) | Phase 3 clinical trial initiation - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-LAG-3 (GSK40974386) | Filing of the first BLA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-LAG-3 (GSK40974386) | Filing of the first MAA - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-LAG-3 (GSK40974386) | Filing of the first BLA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-LAG-3 (GSK40974386) | First BLA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

20,000

GSK | Anti-LAG-3 (GSK40974386) | First MAA approval - first indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-LAG-3 (GSK40974386) | First BLA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

20,000

GSK | Anti-LAG-3 (GSK40974386) | Filing of the first MAA - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

5,000

GSK | Anti-LAG-3 (GSK40974386) | First MAA approval - second indication

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

10,000

GSK | Anti-LAG-3 (GSK40974386) | First commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

15,000

GSK | Anti-LAG-3 (GSK40974386) | Second commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

25,000

GSK | Anti-LAG-3 (GSK40974386) | Third commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

50,000

GSK | Anti-LAG-3 (GSK40974386) | Fourth commercial sales milestone

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

75,000

GSK | Anti-LAG-3 (GSK40974386) | Milestones recognized through December 31, 2022

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Collaboration revenue

8,000

GSK | Anti-LAG-3 (GSK40974386) | Milestones that may be recognized in the future

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Milestones that may be recognized in the future

$ 265,000

Sale of Future Royalties - Narr

Sale of Future Royalties - Narratives (Details) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 30, 2022	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to DRI			$ (2,474,000)	$ 0	$ 0
Liability related to sale of future royalties			304,413,000	251,093,000
Non-cash interest expense for the sale of future royalties			21,108,000	1,450,000	$ 0
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalty and milestone payments to DRI			(1,782,000)
Issuance costs related to the sale of future royalties		$ 400,000	$ 130,000
Net of proceeds		249,600,000
Effective interest rate (as a percent)			5.50%
JEMPERLI Royalty Monetization Agreement | Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties		250,000,000
Royalties agreement, maximum annual royalty payout capacity		1,000,000,000
Royalty and milestone payments to DRI			$ (1,800,000)
Liability related to sale of future royalties		250,000,000
JEMPERLI Royalty Monetization Agreement | Sagard | By the end of 2026
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received		$ 312,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)		125%
JEMPERLI Royalty Monetization Agreement | Sagard | During 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received		$ 337,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)		135%
JEMPERLI Royalty Monetization Agreement | Sagard | At any time after 2027
Liabilities Related To Sale Of Future Royalties [Line Items]
Royalties and milestones, agreement amount to be received		$ 412,500,000
Proceeds, contingent on annual sales milestones upfront (as a percent)		165%
JEMPERLI Royalty Monetization Agreement | GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Non cash royalty revenue, for sale of future royalties			2,300,000	200,000
Non-cash interest expense for the sale of future royalties			20,400,000	$ 1,500,000
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties			35,000,000
Royalty and milestone payments to DRI			(692,000)
Issuance costs related to the sale of future royalties			$ 184,000
Net of proceeds	$ 34,800,000
Effective interest rate (as a percent)			5.20%
Zejula Royalty Monetization Agreement | GSK
Liabilities Related To Sale Of Future Royalties [Line Items]
Non cash royalty revenue, for sale of future royalties			$ 1,400,000
Non-cash interest expense for the sale of future royalties			$ 700,000
Payment rate						1%
Settlement agreement rate						0.50%
Effective royalty rate			0.50%
Zejula Royalty Monetization Agreement | DRI Healthcare Trust
Liabilities Related To Sale Of Future Royalties [Line Items]
Proceeds from sale of future royalties	35,000,000
Royalties and milestones, agreement amount to be received	10,000,000
Liability related to sale of future royalties			$ 35,000,000
Issuance costs related to the sale of future royalties	$ 200,000
Royalty Purchase Agreement | Sagard
Liabilities Related To Sale Of Future Royalties [Line Items]
Advance future royalties agreement term (in years)		3 years

Sale of Future Royalties - Sche

Sale of Future Royalties - Schedule of Royalty Transaction Activity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Royalty and milestone payments to DRI		$ (2,474)	$ 0	$ 0
JEMPERLI Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance		251,093
Issuance costs related to the sale of future royalties	$ (400)	(130)
Amortization of issuance costs		54
Royalty and milestone payments to DRI		(1,782)
Non-cash interest expense recognized		20,305
Ending balance		269,540	251,093
Zejula Royalty Monetization Agreement
Liabilities Related To Sale Of Future Royalties [Roll Forward]
Beginning balance		0
Proceeds from sale of future royalties		35,000
Issuance costs related to the sale of future royalties		(184)
Amortization of issuance costs		7
Royalty and milestone payments to DRI		(692)
Non-cash interest expense recognized		742
Ending balance		$ 34,873	$ 0

Fair Value Measurements and A_3

Fair Value Measurements and Available for Sale Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 512,868	$ 119,465
US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	374,527	87,831
Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	2,856	3,766
Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	74,602	5,814
Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	60,883	22,054
Recurring | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	374,527	87,831
Recurring | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	2,856	3,766
Recurring | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	74,602	5,814
Recurring | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	60,883	22,054
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	29,702	445,647
Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	41,812	50,326
Recurring | Quoted Market Prices for Identical Assets (Level 1) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	374,527	87,831
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	29,702	445,647
Recurring | Quoted Market Prices for Identical Assets (Level 1) | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	41,812	50,326
Recurring | Significant Other Observable Inputs (Level 2) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	2,856	3,766
Recurring | Significant Other Observable Inputs (Level 2) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	74,602	5,814
Recurring | Significant Other Observable Inputs (Level 2) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	60,883	22,054
Recurring | Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Commercial and corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0	$ 0

Fair Value Measurements and A_4

Fair Value Measurements and Available for Sale Investments - Available-for-sale Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 517,907	$ 119,680
Gross Unrealized Gains	38	2
Gross Unrealized Losses	(5,077)	(217)
Total Fair Value	512,868	119,465
Short-term investments	369,933	52,368
Long-term investments	142,935	67,097
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75,504	5,821
Gross Unrealized Gains	11	0
Gross Unrealized Losses	(913)	(7)
Total Fair Value	74,602	5,814
Short-term investments	57,100	1,000
Long-term investments	$ 17,500	$ 4,800
Agency securities | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Agency securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,915	$ 3,770
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(59)	(4)
Total Fair Value	2,856	3,766
Short-term investments	2,600	1,300
Long-term investments	$ 300	$ 2,500
Certificates of Deposit | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Certificates of Deposit | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 61,791	$ 22,094
Gross Unrealized Gains	8	2
Gross Unrealized Losses	(916)	(42)
Total Fair Value	60,883	22,054
Short-term investments	44,000	4,800
Long-term investments	$ 16,900	$ 17,300
Commercial and corporate obligations | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
Commercial and corporate obligations | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 377,697	$ 87,995
Gross Unrealized Gains	19	0
Gross Unrealized Losses	(3,189)	(164)
Total Fair Value	374,527	87,831
Short-term investments	266,200	45,300
Long-term investments	$ 108,300	$ 42,500
US Treasury Securities | Minimum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	1 year	1 year
US Treasury Securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Remaining maturity (in years)	2 years	2 years

Fair Value Measurements and A_5

Fair Value Measurements and Available for Sale Investments - Schedule of Unrealized Loss and Fair Values in a Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 404,386	$ 108,694
Less than 12 Months, Gross Unrealized Losses	(4,144)	(217)
12 Months or Greater, Fair Value	62,527	0
12 Months or Greater, Gross Unrealized Losses	(933)	0
Fair Value	466,914	108,694
Gross Unrealized Losses	(5,077)	(217)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	61,117	4,477
Less than 12 Months, Gross Unrealized Losses	(843)	(7)
12 Months or Greater, Fair Value	3,437	0
12 Months or Greater, Gross Unrealized Losses	(70)	0
Fair Value	64,554	4,477
Gross Unrealized Losses	(913)	(7)
Certificates of Deposit
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	481	2,870
Less than 12 Months, Gross Unrealized Losses	(10)	(4)
12 Months or Greater, Fair Value	2,375	0
12 Months or Greater, Gross Unrealized Losses	(49)	0
Fair Value	2,856	2,870
Gross Unrealized Losses	(59)	(4)
Commercial and corporate obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	44,213	18,524
Less than 12 Months, Gross Unrealized Losses	(624)	(42)
12 Months or Greater, Fair Value	14,778	0
12 Months or Greater, Gross Unrealized Losses	(292)	0
Fair Value	58,991	18,524
Gross Unrealized Losses	(916)	(42)
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	298,575	82,823
Less than 12 Months, Gross Unrealized Losses	(2,667)	(164)
12 Months or Greater, Fair Value	41,937	0
12 Months or Greater, Gross Unrealized Losses	(522)	0
Fair Value	340,513	82,823
Gross Unrealized Losses	$ (3,189)	$ (164)

Fair Value Measurements and A_6

Fair Value Measurements and Available for Sale Investments - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Available for sale investments	$ 5,077,000	$ 217,000
Unrealized loss position for greater than 12 months	933,000	0
Allowance for credit losses	$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares issued (in shares)		28,513,163	27,647,000
Common stock, shares outstanding (in shares)		28,513,163	27,647,000
Open Market Sales Agreement
Class of Stock [Line Items]
Aggregate offering of (up to)	$ 150,000,000
Shares sold (in shares)	0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Issued and Outstanding:
Stock options (in shares)	3,673,208	3,460,295
Restricted stock units (in shares)	1,028,843
Common stock, shares reserved for issuance (in shares)	8,497,035
2017 Equity Incentive Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	2,297,242
2017 Employee Stock Purchase Plan
Issued and Outstanding:
Shares reserved for future award grants (in shares)	1,497,742

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) $ in Millions					12 Months Ended
	Mar. 21, 2022 shares	Mar. 20, 2022 USD ($)	Jan. 01, 2021 shares	Jan. 01, 2018	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 11.3
Chief Executive Officer | Former Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non cash share based compensation expense		$ 3.2
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost					$ 0.2
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					4 months 13 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					4 years
Award expiration period (in years)					10 years
Unrecognized compensation cost					$ 27.1
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					2 years 3 months 25 days
Options | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equivalent shares					1
Granted (in shares) | shares					1,030,443
Unrecognized compensation cost					$ 16.8
Weighted average period remaining for amortization of unrecognized compensation cost (in years)					1 year 2 months 26 days
RSUs | Chief Executive Officer | Interim President And Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					24 months
Granted (in shares) | shares	887,043
Non-cash stock-based compensation cost					$ 9.2
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance (as a percent)				4%
Capital shares reserved for future issuance, increase (in shares) | shares			1,105,890
2017 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase in number of shares available for issuance (as a percent)				1%
Capital shares reserved for future issuance, increase (in shares) | shares			276,472
Issued under ESPP (in shares) | shares					49,967

Equity Incentive Plans - Option

Equity Incentive Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares Subject to Options
Beginning balance (in shares)	3,460,295
Granted (in shares)	1,693,080
Exercises (in shares)	(835,159)
Forfeitures and cancellations (in shares)	(645,008)
Ending balance (in shares)	3,673,208	3,460,295
Stock options exercisable, ending balance (in shares)	1,735,447
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 28.84
Granted (in dollars per share)	29.23
Exercises (in dollars per share)	13.55
Forfeitures and cancellations (in dollars per share)	31.41
Ending balance (in dollars per share)	32.04	$ 28.84
Stock options exercisable, ending balance (in dollars per share)	$ 37.02
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, options outstanding	6 years 3 months 10 days	7 years 2 months 1 day
Weighted average remaining contractual term, options exercisable	5 years 6 months 25 days
Aggregate intrinsic value, options outstanding	$ 18,686	$ 42,987
Aggregate intrinsic value, options exercisable	$ 11,531

Equity Incentive Plans - Time-b

Equity Incentive Plans - Time-based Restricted Stock Units (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Restricted Stock Units
Number of shares, beginning balance (in shares)	0
Granted (in shares)	1,030,443
Vested (in shares)	0
Forfeitures and cancellations (in shares)	(1,600)
Number of shares, ending balance (in shares)	1,028,843
Number of shares, Restricted stock units expected to vest (in shares)	1,028,843
Weighted-Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	26.14
Vested (in dollars per share)	0
Forfeitures and cancellations (in dollars per share)	23.62
Weighted average grant date fair value, ending balance (in dollars per share)	26.14
Weighted average grant date fair value , Restricted stock units expected to vest (in dollars per share)	$ 26.14
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term, other than options outstanding (in years)	1 year 2 months 1 day
Weighted average remaining contractual term, other than options vested and expected to vest (in years)	1 year 2 months 1 day
Aggregate intrinsic value, outstanding	$ 31,884	$ 0
Aggregate intrinsic value, restricted stock units expected to vest	$ 31,884

Equity Incentive Plans - Opti_2

Equity Incentive Plans - Option Fair Value Assumptions (Details) - Options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.50%	0.70%	0.50%
Expected volatility	87.40%	92.90%	90.20%
Expected dividend yield	0%	0%	0%
Expected term (in years)	6 years 1 month 2 days	6 years 2 months 4 days	6 years 3 months
Weighted average grant date fair value per share (in dollars per share)	$ 21.58	$ 22.34	$ 14.51

Equity Incentive Plans - Alloca

Equity Incentive Plans - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 27,356	$ 15,347	$ 11,499
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	6,775	5,856	4,122
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 20,581	$ 9,491	$ 7,377

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer match, percent of contributions (as a percent)	100%	50%	50%
Employer match, percent of employees' gross pay (as a percent)	6%	6%	6%
Employer match, maximum contributions	$ 11,000	$ 8,000	$ 6,000
Employer contributions to the plan	$ 1,000,000	$ 600,000	$ 500,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	May 04, 2020 ft² $ / ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 05, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating ROU assets		$ 17,898	$ 19,558
Total		$ 19,450
Weighted-average discount rate (as a percent)		4%
Weighted average remaining lease term (in years)		8 years 8 months 12 days
Licensing agreement, remaining life (in years)		19 years
License costs		$ 700	200	$ 200
Cash payments under licensing agreements		100	$ 200	$ 300
Future minimum annual cash obligations, Thereafter		$ 200
License agreement, obligation payable period (in years)		10 years
Lease Agreement
Lessee, Lease, Description [Line Items]
Area of leased property (sqft) | ft²	45
Lease term (in months)	124 months
Lease renewal term (in years)	5 years
Lease termination term (in years)	7 years
Monthly base rate (usd per sqft) | $ / ft²	4.20
Increase in annual rent (as a percent)	3%
Operating ROU assets					$ 20,600
Total					$ 20,700
Security deposit		$ 300

Commitments and Contingencies_2

Commitments and Contingencies - Costs in Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,478	$ 2,213	$ 865
Cash paid for amounts included in the measurement of lease liabilities	$ 2,316	$ 705	$ 938

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Future Minimum Annual Obligations under Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 2,386
2024	2,457
2025	2,531
2026	2,607
2027	2,685
Thereafter	10,554
Total minimum payments required	23,220
Less: imputed interest	(3,770)
Total	$ 19,450

Income Taxes - Components of in

Income Taxes - Components of income/(loss) before income tax provision (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (128,650)	$ (57,741)	$ (19,832)
Foreign	(50)	(55)	(99)
Loss before income taxes	$ (128,700)	$ (57,796)	$ (19,931)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2014
Deferred Tax Assets:
Net operating loss carryforwards	$ 66,160	$ 67,203
Section 174 Capitalized R&D	16,570	0
Research and development credits	12,844	9,527	$ 200
Equity compensation	10,021	8,091
Deferred Zejula royalty revenue	7,371	0
Lease liability	4,194	4,451
Other, net	3,458	1,201
Total deferred tax assets	120,618	90,473
Deferred Tax Liabilities:
ROU asset	(3,859)	(4,154)
Fixed assets	(189)	(115)
Total deferred tax liabilities	(4,048)	(4,269)
Net deferred tax assets	116,570	86,204
Less: valuation allowance	(116,570)	(86,204)
Deferred tax assets, net of valuation allowance	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 24,000	$ 0	$ 0
Research and development credits	12,844,000	9,527,000		$ 200,000
Unrecognized tax benefits that if recognized and realized would affect the effective tax rate	0	0
Interest or penalties on uncertain tax benefits	0	0
Federal tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	287,400,000
Domestic				5,300,000
Research and development credits		$ 15,000,000
Federal tax authority | 2018 and after
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	234,300,000
Federal tax authority | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	6,100,000
State tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	69,600,000
State and local				$ 5,400,000
State tax authority | Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	12,200,000
Foreign tax authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 3,100,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Expected income tax benefit at federal statutory tax rate	$ (27,026,000)	$ (12,138,000)	$ (4,186,000)
State income taxes, net of federal benefit	(800,000)	(142,000)	(21,000)
Permanent items	27,000	17,000	18,000
Equity compensation	(297,000)	(708,000)	871,000
Non-deductible compensation	2,060,000	0	0
Research credits	(3,319,000)	8,087,000	(3,389,000)
Other	(6,000)	42,000	29,000
Change in the valuation allowance	29,385,000	4,842,000	6,678,000
Income tax expense	$ 24,000	$ 0	$ 0

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 2,473	$ 4,044
Decrease related to prior year tax positions	0	(2,555)
Increase related to current year tax positions	896	984
Balance at the end of the year	$ 3,369	$ 2,473

Subsequent Event (Details)

Subsequent Event (Details)	Jan. 31, 2023 USD ($)
Subsequent event
Subsequent Event [Line Items]
Authorized repurchase amount	$ 50,000,000