Chinook Therapeutics (KDNY) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	KDNY
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Registrant Name	CHINOOK THERAPEUTICS, INC.
Entity Central Index Key	0001435049
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		66,889,369
Entity Current Reporting Status	Yes
Entity File Number	001-37345
Entity Tax Identification Number	94-3348934
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	400 Fairview Avenue North, Suite 900
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address Postal Zip Code	98109
City Area Code	(206)
Local Phone Number	485-7241

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 118,495	$ 115,438
Marketable securities	231,881	262,887
Accounts receivable	2,444	1,091
Prepaid expenses and other current assets	5,824	6,176
Total current assets	358,644	385,592
Marketable securities	7,002	6,989
Property and equipment, net	16,974	16,908
Restricted cash	2,074	2,074
Operating lease right-of-use assets	47,345	48,970
Investment in equity securities	41,200	41,200
Equity method investment	2,653	4,071
Intangible assets, net	23,854	24,287
In-process research & development	36,550	36,550
Goodwill	117	117
Other assets	7,462	7,326
Total assets	543,875	574,084
Current liabilities:
Accounts payable	9,774	9,751
Accrued and other current liabilities	33,605	33,636
Operating lease liabilities	5,085	4,948
Contingent value rights liability	2,500	2,500
Total current liabilities	50,964	50,835
Contingent value rights liability - non-current	37,794	37,318
Contingent consideration liability	4,470	4,420
Deferred tax liabilities	5,076	5,076
Operating lease liabilities, net of current maturities	33,178	34,494
Total liabilities	131,482	132,143
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 shares authorized as of March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock, $0.0001 par value; 300,000 shares authorized as of March 31, 2023 and December 31, 2022; 66,822 and 165,471 shares issued and outstanding at March 31, 2023 and December 31, 2022	7	7
Additional paid-in capital	893,905	864,729
Accumulated deficit	(479,808)	(419,631)
Accumulated other comprehensive loss	(1,711)	(3,164)
Total stockholders’ equity	412,393	441,941
Total liabilities and stockholders’ equity	$ 543,875	$ 574,084

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock par value per share	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	300,000,000	300,000,000
Common stock shares issued	66,822,000	65,471,000
Common stock shares outstanding	66,822,000	65,471,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Collaboration and license revenue	$ 1,828	$ 2,697
Operating expenses:
Research and development	50,883	26,252
General and administrative	11,404	7,868
Change in fair value of contingent consideration and contingent value rights liabilities	526	(1,038)
Amortization of intangible assets	433	429
Total operating expenses	63,246	33,511
Loss from operations	(61,418)	(30,814)
Investment and other income (expense), net	3,102	(95)
Loss before income taxes and equity method investment loss	(58,316)	(30,909)
Equity method investment loss	(1,861)	(775)
Net loss	$ (60,177)	$ (31,684)
Net loss per share attributable to common stockholders, basic	$ (0.85)	$ (0.54)
Net loss per share attributable to common stockholders, diluted	$ (0.85)	$ (0.54)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	70,703	58,340
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	70,703	58,340
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $0	$ 470	$ 107
Unrealized gain (loss) on marketable debt securities, net of tax of $0	983	(1,589)
Total other comprehensive income (loss)	1,453	(1,482)
Comprehensive loss	$ (58,724)	$ (33,166)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0
Unrealized gain (loss) on marketable debt securities, tax	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021	$ 453,643	$ 5	$ 685,459	$ (231,766)	$ (55)
Beginning balance, Shares at Dec. 31, 2021		54,761
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares		356
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	2,049	$ 1	2,048
Stock-based compensation expense	4,269		4,269
Other comprehensive loss	(1,482)				(1,482)
Net loss	(31,684)			(31,684)
Ending balance at Mar. 31, 2022	426,795	$ 6	691,776	(263,450)	(1,537)
Ending balance, Shares at Mar. 31, 2022		55,117
Beginning balance at Dec. 31, 2022	$ 441,941	$ 7	864,729	(419,631)	(3,164)
Beginning balance, Shares at Dec. 31, 2022	65,471	65,471
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares		432
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	$ 1,666		1,666
Issuance Of Common Stock Under At Market Sales Agreement Net Of Offering Costs Shares		919
Issuance Of Common Stock Under At Market Sales Agreement Net Of Offering Costs	19,600		19,600
Stock-based compensation expense	7,910		7,910
Other comprehensive loss	1,453				1,453
Net loss	(60,177)			(60,177)
Ending balance at Mar. 31, 2023	$ 412,393	$ 7	$ 893,905	$ (479,808)	$ (1,711)
Ending balance, Shares at Mar. 31, 2023	66,822	66,822

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (60,177)	$ (31,684)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	872	866
Loss on disposal of property and equipment		234
Amortization of intangible assets	433	429
Non-cash operating lease expense	1,626	1,528
Stock-based compensation expense	7,910	4,269
Change in fair value of contingent consideration and contingent value rights liabilities	526	(1,038)
Accretion of discounts and amortization of premiums on marketable securities	(1,384)	406
Equity method investment loss	1,861	775
Changes in operating assets and liabilities:
Accounts receivable	(1,353)	7,114
Prepaid expenses and other assets	218	(3,155)
Accounts payable	13	745
Accrued and other liabilities	(33)	(4,191)
Operating lease liabilities	(1,180)	(1,020)
Net cash used in operating activities	(50,668)	(24,722)
Cash Flows from Investing Activities
Purchases of marketable securities	(64,140)	(79,033)
Proceeds from marketable securities	97,500	23,834
Purchases of property and equipment	(927)	(374)
Net cash provided by (used in) investing activities	32,433	(55,573)
Cash Flows from Financing Activities
Proceeds from exercise of stock options and warrants	1,666	2,049
Proceeds from at-the-market-sales agreement, net of issuance costs	19,600
Previously incurred issuance costs related to an underwritten public offering paid during period		(286)
Net cash provided by financing activities	21,266	1,763
Effect of exchange rate changes on cash, cash equivalents and restricted cash	26	308
Net decrease in cash, cash equivalents and restricted cash	3,057	(78,224)
Cash, cash equivalents and restricted cash at beginning of period	117,512	183,798
Cash, cash equivalents and restricted cash at end of period	120,569	105,574
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	118,495	103,500
Restricted cash	2,074	2,074
Total cash, cash equivalents and restricted cash	120,569	105,574
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	1,895	1,861
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchases of property and equipment included in accounts payable and in accrued and other current liabilities	$ 283	157
Receivable from option exercises		$ 1,325

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Chinook Therapeutics, Inc. (the “Company”, “Chinook”, “we”, “our”, or “us”) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing precision medicines for kidney diseases. Our lead clinical program is atrasentan, a potent and selective endothelin A receptor antagonist. We are currently conducting the phase 3 ALIGN trial of atrasentan for IgA nephropathy (“IgAN”) and the phase 2 AFFINITY basket trial for proteinuric glomerular diseases. Our second product candidate, BION-1301, is an anti-APRIL monoclonal antibody also in phase 2 development for patients with IgAN. Our third product candidate is CHK-336, an oral small molecule lactate dehydrogenase inhibitor for the treatment of primary and idiopathic hyperoxaluria that is currently in phase 1 development. In addition, we are building our precision medicine pipeline through research and discovery programs for other rare, severe chronic kidney diseases. We were incorporated in Delaware and are headquartered in Seattle, Washington.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial information. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. The unaudited condensed consolidated financial statements include the accounts of Chinook Therapeutics, Inc. and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include the valuation of intangible assets, acquired property and equipment, investments, contingent value rights (“CVR”) liability, contingent consideration liability, lease right-of-use assets, and lease obligations, as well as accruals for research and development activities, stock-based compensation expense, and income taxes. Actual results could differ from those estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the three months ended March 31, 2023, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022.

Reverse Merger and Contingent V

Reverse Merger and Contingent Value Rights	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Reverse Merger and Contingent Value Rights	3. Reverse Merger and Contingent Value Rights Chinook Therapeutics U.S., Inc. (“Private Chinook”) completed a merger with Aduro Biotech, Inc. (“Aduro”) on October 5, 2020 (the “Merger”). Refer to Note 1 “Description of Business” in our Annual Report on Form 10-K for the year ended December 31, 2022 for more information. At the effective time of the Merger, we also entered into an agreement pursuant to which Aduro’s common stockholders of record as of the close of business on October 2, 2020 received one CVR for each outstanding share of Aduro common stock held by such stockholder on such date (the “CVR Agreement”). Each CVR represents the contractual right to receive payments from us upon the receipt of consideration resulting from certain events described in the CVR Agreement, including taxes and certain other expenses.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	4. Cash, Cash Equivalents and Marketable Securities Cash, cash equivalents and marketable securities consisted of the following (in thousands): March 31, 2023 Amortized Unrealized Unrealized Estimated Cash and cash equivalents: Cash $ 5,649 $ — $ — $ 5,649 Money market funds 54,439 — — 54,439 Commercial paper 39,190 — ( 9 ) 39,181 U.S. government and agency securities 19,221 5 — 19,226 Total cash and cash equivalents $ 118,499 $ 5 $ ( 9 ) $ 118,495 Marketable securities: Commercial paper $ 51,990 $ 39 $ ( 35 ) $ 51,994 U.S. government and agency securities 153,003 34 ( 799 ) 152,238 Corporate debt securities 34,952 — ( 301 ) 34,651 Total marketable securities $ 239,945 $ 73 $ ( 1,135 ) $ 238,883 December 31, 2022 Amortized Unrealized Unrealized Estimated Cash and cash equivalents: Cash $ 15,724 $ — $ — $ 15,724 Money market funds 45,443 — — 45,443 Commercial paper 41,972 — ( 15 ) 41,957 U.S. government and agency securities 12,311 3 — 12,314 Total cash and cash equivalents $ 115,450 $ 3 $ ( 15 ) $ 115,438 Marketable securities: Commercial paper $ 69,630 $ 2 $ ( 58 ) $ 69,574 U.S. government and agency securities 148,160 6 ( 1,461 ) 146,705 Corporate debt securities 54,123 — ( 526 ) 53,597 Total marketable securities $ 271,913 $ 8 $ ( 2,045 ) $ 269,876 The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2023 (in thousands): Amortized Unrealized Unrealized Estimated Value Mature in one year or less $ 232,949 $ 64 $ ( 1,132 ) $ 231,881 Mature after one year through two years 6,996 9 ( 3 ) 7,002 Total available-for-sale marketable securities $ 239,945 $ 73 $ ( 1,135 ) $ 238,883 For all securities with a fair value less than its amortized cost basis, we determined the decline in fair value below amortized cost basis to be noncredit related. We have no t recognized any impairment losses through March 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements We determine the fair value of certain financial assets and liabilities using the fair value of hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: Level 1: Unadjusted quoted prices in active, accessible markets for identical assets or liabilities. Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable activity. The determination of a financial instrument’s level within the fair value hierarchy is based on an assessment of the lowest level of any input that is significant to the fair value measurement. We consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 60,088 $ — $ — $ 60,088 Commercial paper — 39,181 — 39,181 U.S. government and agency securities — 19,226 19,226 Total cash and cash equivalents 60,088 58,407 — 118,495 Marketable securities: Commercial paper — 51,994 — 51,994 U.S. government and agency securities — 152,238 — 152,238 Corporate debt securities — 34,651 — 34,651 Total marketable securities — 238,883 — 238,883 Total fair value of assets $ 60,088 $ 297,290 $ — $ 357,378 Liabilities: Contingent value rights liability $ — $ — $ 40,294 $ 40,294 Contingent consideration liability — — 4,470 4,470 Total fair value of liabilities $ — $ — $ 44,764 $ 44,764 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 61,167 $ — $ — $ 61,167 Commercial paper — 41,957 — 41,957 U.S. government and agency securities 12,314 12,314 Total cash and cash equivalents 61,167 54,271 — 115,438 Marketable securities: Commercial paper — 69,574 — 69,574 U.S. government and agency securities — 146,705 — 146,705 Corporate debt securities — 53,597 — 53,597 Total marketable securities — 269,876 — 269,876 Total fair value of assets $ 61,167 $ 324,147 $ — $ 385,314 Liabilities: Contingent value rights liability $ — $ — $ 39,818 $ 39,818 Contingent consideration liability — — 4,420 4,420 Total fair value of liabilities $ — $ — $ 44,238 $ 44,238 Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Other cash equivalents and marketable securities, such as commercial paper, U.S. government and agency securities, and corporate debt securities are classified within Level 2 of the fair value hierarchy as the valuation is obtained from third-party pricing services, which utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, estimated interest rates based on the issuer credit rating and term, and other observable inputs. The following table presents a summary of the changes in the fair value of our Level 3 financial instruments (in thousands): Contingent Contingent Balance at December 31, 2022 $ 39,818 $ 4,420 Net change in fair value upon remeasurement 476 50 Balance at March 31, 2023 $ 40,294 $ 4,470 The fair values of the CVR and contingent consideration liabilities are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the CVR and the contingent consideration liabilities, we used the income approach, primarily discounted cash flow models. The discounted cash flow models require the use of significant judgment, estimates and assumptions, including estimated revenues and costs, the probability of technical and regulatory success, and discount rates. The fair value of the CVR liability increased during the three months ended March 31, 2023 by $ 0.5 million primarily due to a change in estimate of the potential future proceeds derived from Aduro’s license agreement with Merck for MK-5890. The contingent consideration liability did not change significantly during the three months ended March 31, 2023. In addition, we will hold the shares in Sairopa until there is a liquidation event, at which time, in accordance with the CVR Agreement, 50 % of any net proceeds will accrue to the benefit of the CVR holders, net of deductions permitted under the CVR Agreement, including taxes and certain other expenses. Refer to Note 10 “Equity Method Investment” for more information.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Research and lab equipment $ 3,213 $ 3,212 Computer equipment and software 2,146 1,670 Furniture and fixtures 1,352 1,351 Leasehold improvements 16,961 16,957 Construction in progress 1,351 895 Total property and equipment 25,023 24,085 Total accumulated depreciation ( 8,049 ) ( 7,177 ) Property and equipment, net $ 16,974 $ 16,908 Depreciation and amortization expense for property and equipment for both the three months ended March 31, 2023 and 2022 was $ 0.9 million. Approximately $ 2.9 million of our property and equipment as of March 31, 2023 is located in Canada.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	7. Intangible Assets Intangible assets The gross carrying amounts and net book value of intangible assets were as follows (in thousands): March 31, 2023 Gross Carrying Accumulated Net Book Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 3,930 $ 22,755 In-place lease 1,433 334 1,099 Total intangible assets with finite lives 28,118 4,264 23,854 Acquired in-process research & development ( ‟ IPR&D ˮ ) assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 4,264 $ 60,404 December 31, 2022 Gross Carrying Accumulated Net Book Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 3,538 $ 23,147 In-place lease 1,433 293 1,140 Total intangible assets with finite lives 28,118 3,831 24,287 Acquired IPR&D assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 3,831 $ 60,837 Intangible assets are carried at cost less accumulated amortization and impairment. Amortization is over periods of 9 to 17 years, with an original weighted average period of 16.7 years, and the amortization expense is recorded in operating expenses. We test our acquired IPR&D assets for impairment on an annual basis, or more frequently if an impairment indicator exists. Amortization expense was $ 0.4 million for both the three months ended March 31, 2023 and 2022. Based on finite-lived intangible assets recorded as of March 31, 2023, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated 2023 (remaining nine months) $ 1,299 2024 1,733 2025 1,733 2026 1,733 2027 1,733 Thereafter 15,623

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued and Other Current Liabilities	8. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): March 31 December 31, 2023 2022 Research and development costs $ 26,911 $ 21,970 Compensation and benefits 6,138 11,085 Sublease rent and security deposit 127 157 Business taxes and licensing fees 345 — Consulting and outside services 84 403 Other — 21 Total accrued and other current liabilities $ 33,605 $ 33,636

Investment in Equity Securities

Investment in Equity Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Equity Securities	9. Investment in Equity Securities In November 2021, we entered into agreements related to the formation of SanReno, a corporation established to develop, manufacture and commercialize kidney disease therapies in mainland China, Hong Kong, Macau, Taiwan and Singapore (collectively, the “Territory”). In connection with the formation of SanReno and pursuant to a license agreement entered into between Chinook and SanReno in November 2021 (the “China License Agreement”), Chinook granted SanReno exclusive licenses under certain intellectual property to develop and commercialize atrasentan and BION-1301 in the Territory for use in all human indications. In return, Chinook received 40.0 million Series A preferred shares in SanReno representing 50 % ownership of the outstanding voting securities and a warrant to purchase a total of 5.0 million common shares of SanReno at an exercise price of $ 0.01 per share upon the attainment of regulatory exclusivity for atrasentan in the Territory. Such warrant will only be exercisable if and provided that SanReno obtains, before the 10-year anniversary of the closing of the formation of SanReno, the regulatory exclusivity for atrasentan in China for at least three years commencing from the New Drug Application approval by the National Medical Product Administration of China. The warrant will have a five-year exercise period after it becomes exercisable upon satisfaction of the exercise conditions and was valued at $ 1.2 million on the grant date based on the probability of exercise of the warrant and the market for such instruments. An investor syndicate led by Frazier Healthcare Partners and Pivotal bioVenture Partners China, along with existing Chinook investors Versant Ventures and Samsara BioCapital, invested $ 40.0 million in exchange for the remaining 50 % of the outstanding voting securities of SanReno. Refer to Note 11 “Collaboration and License Agreements” for more information regarding the China License Agreement. In connection with the formation of SanReno in November 2021, Chinook also entered into a Shareholders Agreement (the “Shareholders Agreement”) providing for certain rights and obligations of SanReno and its shareholders. Pursuant to the Shareholders Agreement, Chinook has the right to designate an individual for election to the board of directors of SanReno and SanReno has agreed that certain specified events (including certain liquidation events) shall require the approval of shareholders of SanReno holding a supermajority of SanReno’s Series A preferred shares. The Shareholders Agreement terminates by mutual consent of the parties, and automatically terminates upon the dissolution of SanReno or immediately prior to the consummation of a qualified initial public offering. We account for the investment in SanReno in accordance with the provisions of ASC Topic 321, Investments – Equity Securities , and elect to use the measurement alternative therein. As such, the investment is valued at $ 41.2 million as of March 31, 2023, which was the total of the aggregate cost value of the 40.0 million preferred shares in SanReno received by us on the date of the closing of the formation of SanReno and the grant date value of the warrant. The investment will be re-measured upon future observable price changes(s) in orderly transaction(s) or upon impairment, if any. We have no t recognized any impairment losses through March 31, 2023. Pursuant to the terms of the Series A preferred stock, we are entitled to non-cumulative dividends at 8 % of our initial investment, payable when and if declared by the board of directors of SanReno. Dividends from our investment in equity securities, if declared, are reflected in the consolidated statements of operations and comprehensive loss. There were no dividends declared through March 31, 2023.

Equity Method Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	0. Equity Method Investment In April 2021, we entered into a definitive agreement with Sairopa B.V., a private company created by Van Herk Royalty B.V. and D.S. Chahal (the “Sairopa Investors”) to acquire certain non-renal assets of Chinook in exchange for preferred stock in Sairopa. We will hold such shares until such time as there is a liquidation event, as defined in the shareholders agreement, in Sairopa. In accordance with the CVR Agreement, 50 % of any net proceeds received from this transaction by way of a liquidation event of Sairopa by October 4, 2030, net of deductions permitted under the CVR Agreement, including taxes and certain other expenses, will accrue to the benefit of the CVR holders. As of March 31, 2023, we own a 36 % interest in Sairopa. We determined that we have the ability to exercise significant influence over Sairopa but do not have a controlling interest. Therefore, the investment in Sairopa was accounted for using the equity method. Judgment regarding the level of influence over each equity method investment includes considering key factors such as ownership interest, representation on the board of directors, and participation in policy-making decisions. The Sairopa Investors provided an initial capitalization of 12.5 million Euros. We recorded the equity method investment at $ 10.0 million, which is the fair value of the equity received by us in exchange for the non-renal assets. Our equity method investment was recorded at cost at inception and is adjusted each period for our share of the investee’s income or loss, which is reported in our consolidated statements of operations and comprehensive loss on a one quarter lag . In November 2022, Sairopa executed a license agreement with Exelixis, Inc (“Exelixis”). Under the terms of the agreement, Exelixis made an upfront payment of $ 40.0 million to obtain an exclusive, worldwide license to develop and commercialize ADU-1805 and other anti-SIRPα antibodies, and for certain expenses to be incurred by Sairopa in conducting phase 1 clinical studies of ADU-1805. Additionally, during the first quarter of 2023, Sairopa earned a $ 35.0 million milestone under the terms of the agreement. Sairopa is eligible to receive additional near-term development milestone payments totaling up to $ 62.5 million. Following the completion of certain clinical studies, Exelixis may exercise an option to continue the license agreement for $ 225.0 million based upon its evaluation of a pre-specified clinical data package to be delivered by Sairopa. Following the exercise of the option, Sairopa would be eligible to receive up to $ 465.0 million in additional development, commercial, and net sales milestone payments, as well as tiered royalties on future net sales of products. Our equity method investment is also adjusted each period for gains or losses from changes in our ownership interest in Sairopa, if any. We assess our equity method investment for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable. We have no t recognized any impairment losses through March 31, 2023.

Collaboration and License Agree

Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreements	11. Collaboration and License Agreements SanReno Therapeutics In November 2021, we entered into the China License Agreement, pursuant to which we granted SanReno exclusive licenses under certain intellectual property to develop, manufacture and commercialize for atrasentan and BION-1301 in the Territory. Refer to Note 9 “Investment in Equity Securities” for further details on the agreements executed with SanReno. We evaluated the China License Agreement under ASC Topic 606 and determined that the China License Agreement represents a contract with a customer. We identified the following performance obligations: (i) the licenses to develop, manufacture and commercialize atrasentan and BION-1301; (ii) our obligation to transfer know-how for the licensed product candidates (“Technology Transfers”); (iii) manufacturing and supply services; and (iv) opt-in global studies. Refer to Note 11 “Collaboration and License Agreements” in our Annual Report on Form 10-K for the year ended December 31, 2022. Pursuant to the China License Agreement, SanReno will reimburse the manufacturing and supply services at cost plus a mark-up and will reimburse the opt-in global studies at cost, which represent pass-through fees from third-party vendors, including clinical research organization. Revenue attributable to the manufacturing and supply services and opt-in global studies will be recognized as incurred. For the three months ended March 31, 2023 and 2022, we recognized revenue of $ 1.8 million and $ 2.7 million, respectively, under the China License Agreement for costs reimbursed related to opt-in global studies and manufacturing and supply services. We are also eligible to receive a progress-dependent milestone payment of up to approximately $ 25.0 million with respect to BION-1301. Under the China License Agreement, SanReno is also obligated to pay Chinook royalty payments at a percentage in the low teens based on net sales of atrasentan in the Territory on the portion of annual net sales in excess of a pre-determined amount, which royalty will be payable until the expiration of all licensed patents covering the sale of atrasentan in the Territory. The China License Agreement expires on a licensed product-by-licensed product basis on the latest of: (i) the expiration of the royalty term for atrasentan, (ii) the expiration of the last valid claim of a licensed patent for BION-1301 in the Territory. The parties may terminate the China License Agreement pursuant to terms specified in the agreement. Chinook and SanReno also have reciprocal rights of first negotiation in their respective territories for certain future kidney disease products developed or in-licensed by either company. Chinook retains full rights to atrasentan and BION-1301 outside of the Territory. The potential progress-dependent cash milestone payment that we are eligible to receive is fully constrained based on the probability of achievement. Accordingly, any future milestone payment received under the agreement will be recorded upon or over a period following receipt. Further, we will apply the exception under ASC Topic 606 for variable consideration related to sales-or-usage based royalties received in exchange for licensed intellectual property associated with atrasentan, therefore the royalties are not included in the transaction price until the licensee sells product. No progress-dependent milestone payments and royalties were earned during the three months ended March 31, 2023 and 2022. AbbVie Ireland Unlimited Company In December 2019, we entered into a license agreement (the “License Agreement”) with AbbVie Ireland Unlimited Company (“AbbVie”), which granted us an exclusive license to develop and commercialize atrasentan, an endothelin receptor antagonist. Under the agreement, we assumed all global development and commercialization responsibilities for atrasentan. In consideration of the license and rights granted under the License Agreement, we made an upfront cash payment and issued 2.0 million shares of common stock for total consideration of $ 6.7 million to AbbVie. We concluded that this transaction should be accounted for as an asset purchase, and as such, recorded the associated expense within research and development expense in the statements of operations and comprehensive loss, as the product has not reached technological feasibility and does not have alternative future use. Under the License Agreement, we are obligated to make contingent development, regulatory and commercial milestone payments of up to a maximum of $ 135.0 million in the aggregate, as well as pay royalties on the worldwide net sales of licensed products ranging from upper-single-digit to high-teen percentages. We did no t recognize any milestone payments for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, we did no t have any payable or receivable balances associated with the License Agreement. Merck In connection with the Merger, we became party to an agreement with Merck. The agreement sets forth the parties’ respective obligations for development, commercialization, regulatory and manufacturing and supply activities for antibody product candidates. All performance obligations of Aduro were completed prior to the Merger. We are eligible to receive future contingent payments, including up to $ 287.0 million in potential development milestone payments, and up to $ 135.0 million in commercial and net sales milestones for a product candidate. In addition, we are eligible to receive royalties at percentages in the mid-single digits to low teens based on net sales of the product. Future milestone payments and royalties will be recognized as revenue when earned as we have no performance obligations under this agreement. Any such milestones and royalties earned prior to October 4, 2030 will be payable by us to the CVR holders, net of deductions permitted under the CVR Agreement, including taxes and certain other expenses. Eli Lilly and Company In connection with the Merger, we assumed an ongoing research collaboration and exclusive license agreement with Eli Lilly and Company (“Lilly”) for the research and development of novel immunotherapies for autoimmune and other inflammatory diseases. Our only remaining performance obligation under the agreement was to perform research services through 2021, for which we were reimbursed up to a specified amount. We are eligible to receive future contingent milestone payments of up to approximately $ 463.0 million per licensed product and tiered royalties on net sales at percentages in the single digits. We determined that the potential milestone payments are not considered probable of being achieved and, accordingly, such milestones will be recognized as revenue when earned. We did no t recognize revenue for the three months ended March 31, 2023 and 2022 under the Lilly agreement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Leases We have a total of four operating leases as of March 31, 2023 with remaining lease terms of approximately 3 to 7 years. In June 2021 , we entered into a sublease agreement for office space in Seattle, Washington (“Seattle Sublease”), which we use as our corporate headquarters. The Seattle Sublease commenced on July 1, 2021 and continues for a period of 58 months. The aggregate estimated base rent payments due over the remaining term of the Seattle Sublease is approximately $ 3.9 million. As of March 31, 2023, we are subleasing approximately 112,000 square feet in one of our facilities. Sublease income was $ 1.8 million and $ 2.0 million for the three months ended March 31, 2023 and 2022, respectively, which was netted against rent expense and is recorded as a component of general and administrative expenses in the consolidated statement of operations and comprehensive loss. Total sublease income to be earned, in aggregate, will be approximately $ 55.0 million over the remaining term of the sublease agreement. We maintain a letter of credit as security for a facility lease that expires in 2029 . The letter of credit is collateralized by a certificate of deposit in the amount of $ 1.8 million, which is classified as long-term restricted cash in our condensed consolidated balance sheet as of March 31, 2023. Additionally, we maintain a letter of credit as a security deposit for a facility lease that expires in 2026 . The letter of credit is collateralized by a certificate of deposit in the amount of $ 0.3 million, which is classified as long-term restricted cash in our condensed consolidated balance sheet as of March 31, 2023. The maturity of our operating lease liabilities as of March 31, 2023 is as follows (in thousands): Undiscounted Lease Payments Amounts 2023 (remaining nine months) $ 5,768 2024 7,817 2025 7,976 2026 7,125 2027 6,475 Thereafter 12,422 Total undiscounted lease payments 47,583 Present value adjustment ( 9,320 ) Total net lease liability $ 38,263 Net lease liability - current $ 5,085 Net lease liability - non-current 33,178 Total net lease liability $ 38,263 Rent expense recognized for operating leases was $ 2.3 million for both the three months ended March 31, 2023 and 2022. Variable lease payments, including non-lease components such as common area maintenance fees, recognized as rent expense for operating leases were $ 1.0 million and $ 0.8 million for the three months ended March 31, 2023 and 2022, respectively. The following summarizes additional information related to our operating leases: March 31, December 31, Weighted-average remaining lease terms (in years) Operating leases 6.2 6.5 Weighted-average discount rate Operating leases 7.4 % 7.4 % Indemnification Agreements In the ordinary course of business, we enter into agreements that may include indemnification provisions. Pursuant to such agreements, we may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments we could be required to make under these provisions is not determinable. We have never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. We have also entered into indemnification agreements with our directors and officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. We currently maintain directors’ and officers’ liability insurance. Legal Proceedings From time to time, we may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no actions pending against us currently, the ultimate disposition of which would have a material adverse effect on our results of operations, financial condition or cash flows. Other Commitments We have various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of our business. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, we would only be obligated for the products or services that we had received at the time the termination became effective as well as non-cancelable and non-refundable obligations, including payment obligations for costs or expenses incurred by the vendor for products or services before the termination became effective. In the case of terminating a clinical trial agreement at a particular site, we would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Common Stock	13. Common Stock At-the-Market Sales Agreement In April 2021, we entered into an “at-the-market” sales agreement (the “2021 Sales Agreement”), with Cantor Fitzgerald & Co. and SVB Securities LLC, previously known as SVB Leerink LLC, through which we may offer and sell shares of our common stock having an aggregate offering of up to $ 75.0 million through our sales agents, Cantor Fitzgerald & Co. and SVB Securities LLC. In November 2022, we amended the 2021 Sales Agreement to provide for offerings of up to $ 150.0 million. We will pay the sales agents a commission of up to 3 % of the gross proceeds of sales made through the 2021 Sales Agreement. During the three months ended March 31, 2023, we sold 0.9 million shares for $ 19.6 million in net proceeds under the 2021 Sales Agreement. As of March 31, 2023, we have $ 115.6 million remaining under the 2021 Sales Agreement, which is subject to the continued effectiveness of our automatic shelf registration statement on Form S-3 ASR (Registration No. 333-265168), or upon an effective replacement shelf registration statement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	14. Stock-Based Compensation Equity Incentive Plans In 2019, Private Chinook adopted the 2019 Equity Incentive Plan (the “2019 Plan”). In connection with the Merger, we assumed Aduro’s two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2009 Stock Incentive Plan (the “2009 Plan,” and collectively the “Aduro Plans” and together with the 2019 Plan, the “Plans”). No additional grants may be made from the 2009 Plan; however, shares subject to awards granted under the 2009 Plan remain subject to the terms of the 2009 Plan. In 2022, our Board of Directors approved the 2022 Employment Inducement Incentive Award Plan (the “2022 Inducement Plan”). We reserved 1.5 million shares of our common stock for issuance pursuant to awards to be granted under the 2022 Inducement Plan. The terms of the 2022 Inducement Plan are substantially similar to the terms of the Plans with the exception that awards may only be made to an employee who has not previously been an employee or member of our Board of Directors if the award is in connection with commencement of employment. As of March 31, 2023 and December 31, 2022, there were 2.3 million and 2.1 million shares available for future grant, respectively, under the Plans and the 2022 Inducement Plan. In connection with the Merger, we assumed Aduro’s 2015 employee stock purchase plan (“2015 ESPP”). As of March 31, 2023 and December 31, 2022, there were 1.8 million and 1.1 million shares available for future issuance under the 2015 ESPP, respectively. As of March 31, 2023, there was $ 0.1 million of total unrecognized compensation expense related to ESPP that is expected to be recognized over a weighted-average period of 0.1 years. Stock option activity und er the Plans and the 2022 Inducement Plan is set forth below: Number of Weighted- Weighted Aggregate Balance—December 31, 2022 6,127 $ 12.49 8.2 $ 85,766 Granted 1,932 24.80 Exercised ( 178 ) 9.39 Canceled or forfeited ( 39 ) 20.35 Balance—March 31, 2023 7,842 $ 15.56 8.4 $ 65,118 Options exercisable—March 31, 2023 2,747 $ 10.95 7.4 $ 35,457 Options vested and expected to vest—March 31, 2023 7,842 $ 15.56 8.4 $ 65,118 The aggregate intrinsic values of options outstanding, exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the market price for shares of our common stock as of March 31, 2023. Options for 0.2 million shares of our common stock were exercised during both the three months ended March 31, 2023 and 2022 with an intrinsic value of $ 2.8 million and $ 1.6 million, respectively. As of March 31, 2023, there was $ 60.3 million of total unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 2.9 years. Restricted stock unit (“RSU”) activity under the Plans and the 2022 Inducement Plan is set forth below: RSUs Outstanding Number of Weighted- Value Per Balance—December 31, 2022 1,364 $ 15.33 Granted 649 24.79 Vested ( 255 ) 13.82 Canceled or forfeited ( 20 ) 20.30 Balance—March 31, 2023 1,738 $ 19.04 The total fair value of RSUs that vested in the three months ended March 31, 2023 and 2022 was $ 6.3 million and $ 1.5 million, respectively. As of March 31, 2023, there was $ 28.6 million of total unrecognized compensation expense related to RSUs that is expected to be recognized over a weighted-average period of 2.0 years. Performance share unit (“PSU”) activity under the Plans is set forth below: PSUs Outstanding Number of Weighted- Balance—December 31, 2022 812 $ 22.00 Canceled or forfeited ( 13 ) 21.75 Balance—March 31, 2023 799 $ 22.00 In 2022, we granted PSUs to our employees under the Plans. The vesting of these awards is subject to the achievement of specified regulatory performance targets. As of March 31, 2023, there was $ 17.6 million of total unrecognized compensation expense related to these PSUs with performance targets that are considered not probable of achievement. Valuation Assumptions The weighted-average assumptions used to estimate the fair value of stock options under the Plans and the 2022 Inducement Plan using the Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2023 2022 Assumptions: Expected term (in years) 6.3 6.2 Volatility 75.4 % 77.8 % Risk-free interest rate 3.6 % 1.7 % Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 17.16 $ 8.94 The weighted-average assumptions used to estimate the fair value of our common stock to be issued under the 2015 ESPP using a Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2023 2022 Assumptions: Expected term (in years) 0.5 0.5 Volatility 48.5 % 64.9 % Risk-free interest rate 4.5 % 0.1 % Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 6.30 $ 5.43 Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 4,326 $ 2,185 General and administrative 3,584 2,084 Total stock-based compensation expense $ 7,910 $ 4,269

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes No income tax benefit or expense was recorded for the three months ended March 31, 2023 and 2022. Our effective tax rate is lower than the statutory tax rate of 21 % primarily due to us maintaining a full valuation allowance against our net deferred tax assets.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Common Share	16. Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by us (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 60,177 ) $ ( 31,684 ) Denominator: Weighted-average shares outstanding 70,705 58,428 Less: weighted-average unvested restricted shares and ( 2 ) ( 88 ) Weighted-average shares used in computing net loss per 70,703 58,340 Net loss per share attributable to common stockholders, $ ( 0.85 ) $ ( 0.54 ) As of March 31, 2023 and 2022, 4.6 million and 3.6 million pre-funded warrants to purchase common stock, respectively, issued in connection with the November 2021 and May 2022 public offerings, were included in the weighted-average shares outstanding used in the calculation of basic and diluted net loss per share. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive (in thousands): March 31, 2023 2022 Unvested RSUs 1,738 1,207 Unvested RSAs — 76 Unvested PSUs 799 — Options to purchase common stock 7,842 6,943 Total 10,379 8,226

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of financial information. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. The unaudited condensed consolidated financial statements include the accounts of Chinook Therapeutics, Inc. and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include the valuation of intangible assets, acquired property and equipment, investments, contingent value rights (“CVR”) liability, contingent consideration liability, lease right-of-use assets, and lease obligations, as well as accruals for research and development activities, stock-based compensation expense, and income taxes. Actual results could differ from those estimates.

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Summary of Cash, Cash Equivalents and Marketable Securities	Cash, cash equivalents and marketable securities consisted of the following (in thousands): March 31, 2023 Amortized Unrealized Unrealized Estimated Cash and cash equivalents: Cash $ 5,649 $ — $ — $ 5,649 Money market funds 54,439 — — 54,439 Commercial paper 39,190 — ( 9 ) 39,181 U.S. government and agency securities 19,221 5 — 19,226 Total cash and cash equivalents $ 118,499 $ 5 $ ( 9 ) $ 118,495 Marketable securities: Commercial paper $ 51,990 $ 39 $ ( 35 ) $ 51,994 U.S. government and agency securities 153,003 34 ( 799 ) 152,238 Corporate debt securities 34,952 — ( 301 ) 34,651 Total marketable securities $ 239,945 $ 73 $ ( 1,135 ) $ 238,883 December 31, 2022 Amortized Unrealized Unrealized Estimated Cash and cash equivalents: Cash $ 15,724 $ — $ — $ 15,724 Money market funds 45,443 — — 45,443 Commercial paper 41,972 — ( 15 ) 41,957 U.S. government and agency securities 12,311 3 — 12,314 Total cash and cash equivalents $ 115,450 $ 3 $ ( 15 ) $ 115,438 Marketable securities: Commercial paper $ 69,630 $ 2 $ ( 58 ) $ 69,574 U.S. government and agency securities 148,160 6 ( 1,461 ) 146,705 Corporate debt securities 54,123 — ( 526 ) 53,597 Total marketable securities $ 271,913 $ 8 $ ( 2,045 ) $ 269,876
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity	The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2023 (in thousands): Amortized Unrealized Unrealized Estimated Value Mature in one year or less $ 232,949 $ 64 $ ( 1,132 ) $ 231,881 Mature after one year through two years 6,996 9 ( 3 ) 7,002 Total available-for-sale marketable securities $ 239,945 $ 73 $ ( 1,135 ) $ 238,883

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 60,088 $ — $ — $ 60,088 Commercial paper — 39,181 — 39,181 U.S. government and agency securities — 19,226 19,226 Total cash and cash equivalents 60,088 58,407 — 118,495 Marketable securities: Commercial paper — 51,994 — 51,994 U.S. government and agency securities — 152,238 — 152,238 Corporate debt securities — 34,651 — 34,651 Total marketable securities — 238,883 — 238,883 Total fair value of assets $ 60,088 $ 297,290 $ — $ 357,378 Liabilities: Contingent value rights liability $ — $ — $ 40,294 $ 40,294 Contingent consideration liability — — 4,470 4,470 Total fair value of liabilities $ — $ — $ 44,764 $ 44,764 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 61,167 $ — $ — $ 61,167 Commercial paper — 41,957 — 41,957 U.S. government and agency securities 12,314 12,314 Total cash and cash equivalents 61,167 54,271 — 115,438 Marketable securities: Commercial paper — 69,574 — 69,574 U.S. government and agency securities — 146,705 — 146,705 Corporate debt securities — 53,597 — 53,597 Total marketable securities — 269,876 — 269,876 Total fair value of assets $ 61,167 $ 324,147 $ — $ 385,314 Liabilities: Contingent value rights liability $ — $ — $ 39,818 $ 39,818 Contingent consideration liability — — 4,420 4,420 Total fair value of liabilities $ — $ — $ 44,238 $ 44,238
Summary of Changes in Fair Value of Level 3 Financial Instruments	The following table presents a summary of the changes in the fair value of our Level 3 financial instruments (in thousands): Contingent Contingent Balance at December 31, 2022 $ 39,818 $ 4,420 Net change in fair value upon remeasurement 476 50 Balance at March 31, 2023 $ 40,294 $ 4,470

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Research and lab equipment $ 3,213 $ 3,212 Computer equipment and software 2,146 1,670 Furniture and fixtures 1,352 1,351 Leasehold improvements 16,961 16,957 Construction in progress 1,351 895 Total property and equipment 25,023 24,085 Total accumulated depreciation ( 8,049 ) ( 7,177 ) Property and equipment, net $ 16,974 $ 16,908

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	The gross carrying amounts and net book value of intangible assets were as follows (in thousands): March 31, 2023 Gross Carrying Accumulated Net Book Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 3,930 $ 22,755 In-place lease 1,433 334 1,099 Total intangible assets with finite lives 28,118 4,264 23,854 Acquired in-process research & development ( ‟ IPR&D ˮ ) assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 4,264 $ 60,404 December 31, 2022 Gross Carrying Accumulated Net Book Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 3,538 $ 23,147 In-place lease 1,433 293 1,140 Total intangible assets with finite lives 28,118 3,831 24,287 Acquired IPR&D assets 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 3,831 $ 60,837
Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense	Based on finite-lived intangible assets recorded as of March 31, 2023, the estimated future amortization expense for the next five years is as follows (in thousands): Year Ending December 31, Estimated 2023 (remaining nine months) $ 1,299 2024 1,733 2025 1,733 2026 1,733 2027 1,733 Thereafter 15,623

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following (in thousands): March 31 December 31, 2023 2022 Research and development costs $ 26,911 $ 21,970 Compensation and benefits 6,138 11,085 Sublease rent and security deposit 127 157 Business taxes and licensing fees 345 — Consulting and outside services 84 403 Other — 21 Total accrued and other current liabilities $ 33,605 $ 33,636

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturity of Operating Lease Liabilities	The maturity of our operating lease liabilities as of March 31, 2023 is as follows (in thousands): Undiscounted Lease Payments Amounts 2023 (remaining nine months) $ 5,768 2024 7,817 2025 7,976 2026 7,125 2027 6,475 Thereafter 12,422 Total undiscounted lease payments 47,583 Present value adjustment ( 9,320 ) Total net lease liability $ 38,263 Net lease liability - current $ 5,085 Net lease liability - non-current 33,178 Total net lease liability $ 38,263
Schedule of Additional Information Related to Operating Leases	The following summarizes additional information related to our operating leases: March 31, December 31, Weighted-average remaining lease terms (in years) Operating leases 6.2 6.5 Weighted-average discount rate Operating leases 7.4 % 7.4 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Stock Option Activity	Stock option activity und er the Plans and the 2022 Inducement Plan is set forth below: Number of Weighted- Weighted Aggregate Balance—December 31, 2022 6,127 $ 12.49 8.2 $ 85,766 Granted 1,932 24.80 Exercised ( 178 ) 9.39 Canceled or forfeited ( 39 ) 20.35 Balance—March 31, 2023 7,842 $ 15.56 8.4 $ 65,118 Options exercisable—March 31, 2023 2,747 $ 10.95 7.4 $ 35,457 Options vested and expected to vest—March 31, 2023 7,842 $ 15.56 8.4 $ 65,118
Summary of Restricted Stock Unit ("RSU") Activity	Restricted stock unit (“RSU”) activity under the Plans and the 2022 Inducement Plan is set forth below: RSUs Outstanding Number of Weighted- Value Per Balance—December 31, 2022 1,364 $ 15.33 Granted 649 24.79 Vested ( 255 ) 13.82 Canceled or forfeited ( 20 ) 20.30 Balance—March 31, 2023 1,738 $ 19.04
Summary of PSU Activity	Performance share unit (“PSU”) activity under the Plans is set forth below: PSUs Outstanding Number of Weighted- Balance—December 31, 2022 812 $ 22.00 Canceled or forfeited ( 13 ) 21.75 Balance—March 31, 2023 799 $ 22.00
Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Stock Options Using Black Scholes Option-Pricing Model	The weighted-average assumptions used to estimate the fair value of stock options under the Plans and the 2022 Inducement Plan using the Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2023 2022 Assumptions: Expected term (in years) 6.3 6.2 Volatility 75.4 % 77.8 % Risk-free interest rate 3.6 % 1.7 % Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 17.16 $ 8.94
Summary of Stock-Based Compensation	Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 4,326 $ 2,185 General and administrative 3,584 2,084 Total stock-based compensation expense $ 7,910 $ 4,269
2015 ESPP
Schedule of Black Scholes Option-Pricing Model	The weighted-average assumptions used to estimate the fair value of our common stock to be issued under the 2015 ESPP using a Black-Scholes option-pricing model and the resulting weighted-average grant date fair value were as follows: Three Months Ended March 31, 2023 2022 Assumptions: Expected term (in years) 0.5 0.5 Volatility 48.5 % 64.9 % Risk-free interest rate 4.5 % 0.1 % Dividend yield — — Fair Value: Weighted-average grant date fair value per share $ 6.30 $ 5.43

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by us (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 60,177 ) $ ( 31,684 ) Denominator: Weighted-average shares outstanding 70,705 58,428 Less: weighted-average unvested restricted shares and ( 2 ) ( 88 ) Weighted-average shares used in computing net loss per 70,703 58,340 Net loss per share attributable to common stockholders, $ ( 0.85 ) $ ( 0.54 )
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive (in thousands): March 31, 2023 2022 Unvested RSUs 1,738 1,207 Unvested RSAs — 76 Unvested PSUs 799 — Options to purchase common stock 7,842 6,943 Total 10,379 8,226

Reverse Merger and Contingent_2

Reverse Merger and Contingent Value Rights - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Description of contingent value rights granted	one CVR for each outstanding share of Aduro common stock

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized Cost	$ 118,499	$ 115,450
Cash and cash equivalents, Unrealized Gains	5	3
Cash and cash equivalents, Unrealized Losses	(9)	(15)
Cash and cash equivalents, Estimated Fair Value	118,495	115,438
Marketable securities, Amortized Cost	239,945	271,913
Marketable securities, Unrealized Gains	73	8	$ 73
Marketable securities, Unrealized Losses	(1,135)	(2,045)	$ (1,135)
Marketable securities, Estimated Fair Value	238,883	269,876
Cash
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized Cost	5,649	15,724
Cash and cash equivalents, Estimated Fair Value	5,649	15,724
Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized Cost	54,439	45,443
Cash and cash equivalents, Estimated Fair Value	54,439	45,443
Commercial Paper
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized Cost	39,190	41,972
Cash and cash equivalents, Unrealized Losses	(9)	(15)
Cash and cash equivalents, Estimated Fair Value	39,181	41,957
Marketable securities, Amortized Cost	51,990	69,630
Marketable securities, Unrealized Gains	39	2
Marketable securities, Unrealized Losses	(35)	(58)
Marketable securities, Estimated Fair Value	51,994	69,574
U.S. Government and Agency Securities
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized Cost	19,221	12,311
Cash and cash equivalents, Unrealized Gains	5	3
Cash and cash equivalents, Estimated Fair Value	19,226	12,314
Marketable securities, Amortized Cost	153,003	148,160
Marketable securities, Unrealized Gains	34	6
Marketable securities, Unrealized Losses	(799)	(1,461)
Marketable securities, Estimated Fair Value	152,238	146,705
Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Marketable securities, Amortized Cost	34,952	54,123
Marketable securities, Unrealized Losses	(301)	(526)
Marketable securities, Estimated Fair Value	$ 34,651	$ 53,597

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Mature in one year or less, Amortized Cost	$ 232,949
Mature after one year through two years, Amortized Cost	6,996
Marketable securities, Amortized Cost	239,945	$ 271,913
Mature in one year or less, Unrealized Gains	64
Mature after one year through two years, Unrealized Gains	9
Total available-for-sale marketable securities, Unrealized Gains	73	8	$ 73
Mature in one year or less, Unrealized Losses	(1,132)
Mature after one year through two years, Unrealized Losses	(3)
Total available-for-sale marketable securities, Unrealized Losses	(1,135)	(2,045)	$ (1,135)
Mature in one year or less, Estimated Fair Value	231,881
Mature after one year through two years, Estimated Fair Value	7,002
Total available-for-sale marketable securities, Estimated Fair Value	$ 238,883	$ 269,876

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Impairement losses	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents, Estimated Fair Value	$ 118,495	$ 115,438
Marketable securities	238,883	269,876
Assets	357,378	385,314
Liabilities:
Liabilities	44,764	44,238
Contingent Value Rights Liability
Liabilities:
Liabilities	40,294	39,818
Contingent Consideration Liability
Liabilities:
Liabilities	4,470	4,420
Cash and Money Market Funds
Assets:
Cash and cash equivalents, Estimated Fair Value	60,088	61,167
Commercial Paper
Assets:
Cash and cash equivalents, Estimated Fair Value	39,181	41,957
Marketable securities	51,994	69,574
U.S. Government and Agency Securities
Assets:
Cash and cash equivalents, Estimated Fair Value	19,226	12,314
Marketable securities	152,238	146,705
Corporate Debt Securities
Assets:
Marketable securities	34,651	53,597
Level 1
Assets:
Cash and cash equivalents, Estimated Fair Value	60,088	61,167
Assets	60,088	61,167
Level 1 | Cash and Money Market Funds
Assets:
Cash and cash equivalents, Estimated Fair Value	60,088	61,167
Level 2
Assets:
Cash and cash equivalents, Estimated Fair Value	58,407	54,271
Marketable securities	238,883	269,876
Assets	297,290	324,147
Level 2 | Commercial Paper
Assets:
Cash and cash equivalents, Estimated Fair Value	39,181	41,957
Marketable securities	51,994	69,574
Level 2 | U.S. Government and Agency Securities
Assets:
Cash and cash equivalents, Estimated Fair Value	19,226	12,314
Marketable securities	152,238	146,705
Level 2 | Corporate Debt Securities
Assets:
Marketable securities	34,651	53,597
Level 3
Liabilities:
Liabilities	44,764	44,238
Level 3 | Contingent Value Rights Liability
Liabilities:
Liabilities	40,294	39,818
Level 3 | Contingent Consideration Liability
Liabilities:
Liabilities	$ 4,470	$ 4,420

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contingent Value Rights Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at December 31, 2022	$ 39,818
Net change in fair value upon remeasurement	476
Balance at March 31, 2023	40,294
Contingent Consideration Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at December 31, 2022	4,420
Net change in fair value upon remeasurement	50
Balance at March 31, 2023	$ 4,470

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - CVR Agreement $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase (decrease) in fair value of contingent value rights liability	$ 0.5
Percentage of net proceeds received from transaction of liquidation event	50%

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 25,023	$ 24,085
Total accumulated depreciation	(8,049)	(7,177)
Property and equipment, net	16,974	16,908
Research and Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,213	3,212
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	2,146	1,670
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,352	1,351
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	16,961	16,957
Construction in progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,351	$ 895

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment	$ 16,974		$ 16,908
Depreciation and amortization expense for property and equipment	900	$ 900
Canada
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,900

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross Carrying Amount	$ 28,118	$ 28,118
Finite Lived Intangible Assets, Accumulated Amortization	4,264	3,831
Intangible assets, net	23,854	24,287
Intangible Assets, Gross Carrying Amount	64,668	64,668
Intangible assets, Net Book Value	60,404	60,837
Acquired in-process research & development ("IPR&D") assets
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Gross Carrying Amount	36,550	36,550
Indefinite-Lived Intangible Assets, Net Book Value	36,550	36,550
Acquired license agreement
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross Carrying Amount	26,685	26,685
Finite Lived Intangible Assets, Accumulated Amortization	3,930	3,538
Intangible assets, net	22,755	23,147
In Place Lease
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets, Gross Carrying Amount	1,433	1,433
Finite Lived Intangible Assets, Accumulated Amortization	334	293
Intangible assets, net	$ 1,099	$ 1,140

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Line Items]
Intangible assets, weighted average period	16 years 8 months 12 days
Amortization of intangible assets	$ 433	$ 429
Minimum
Intangible Assets, Net (Excluding Goodwill) [Line Items]
Intangible assets, amortization period	9 years
Maximum
Intangible Assets, Net (Excluding Goodwill) [Line Items]
Intangible assets, amortization period	17 years

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining nine months)	$ 1,299
2024	1,733
2025	1,733
2026	1,733
2027	1,733
Thereafter	$ 15,623

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Research and development costs	$ 26,911	$ 21,970
Compensation and benefits	6,138	11,085
Sublease rent and security deposit	127	157
Business taxes and licensing fees	345
Consulting and outside services	84	403
Other		21
Total accrued and other current liabilities	$ 33,605	$ 33,636

Investment in Equity Securiti_2

Investment in Equity Securities - Additional Information (Details) - SanReno - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2023
Investment In Equity Securities [Line Items]
Investment in equity security, ownership percentage	50%
Investment in equity securities	$ 40,000,000
Impairment losses		$ 0
Warrants to purchase common shares	5
Exercise price of warrants	$ 0.01
Warrant exercise period	5 years
Fair value of warrant	$ 1,200,000
Equity securities invested amount	$ 40,000,000
Investment in equity security, remaining ownership percentage	50%
Investment in equity securities		41,200,000
Dividends declared on investment in equity securities		$ 0
Series A Preferred Stock
Investment In Equity Securities [Line Items]
Investment in equity securities	$ 40,000,000
Dividends percentage	8%

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) € in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2022 USD ($)	Apr. 30, 2021 USD ($)	Mar. 31, 2023 USD ($)	Apr. 30, 2021 EUR (€)
Sairopa B.V.
Schedule Of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			36%
Equity method investment, initial capitalization | €				€ 12.5
Equity method investment, recorded		$ 10,000,000
Equity method investment, income or loss recorded term			one quarter lag
Upfront payment	$ 40,000,000
Milestone earned under terms of agreement			$ 35,000,000
Potential near term milestone payments	62,500,000
Exercise an option upon evaluation of prespecified clinical data package	225,000,000
Potential development commercial and net sales milestone payments	$ 465,000,000
Impairments On Investment In Equity Securities			$ 0
CVR Agreement
Schedule Of Equity Method Investments [Line Items]
Percentage of net proceeds received from transaction of liquidation event			50%
CVR Agreement | Sairopa B.V.
Schedule Of Equity Method Investments [Line Items]
Percentage of net proceeds received from transaction of liquidation event		50%

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payable related to license agreement		$ 0		$ 0
Receivable related to license agreement		0		$ 0
China License Agreement | SanReno
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized		1,800,000	$ 2,700,000
Progress-dependent milestone payments and royalties received		0	0
China License Agreement | SanReno | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Progress-dependent milestone receivable		25,000,000
AbbVie Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock shares issued	2,000,000
Proceeds from issuance of common stock	$ 6,700,000
Milestone payment		0	0
AbbVie Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent development, regulatory and commercial milestone payments		135,000,000
Merck | Maximum | Product Candidate
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone amount eligible to receive for products or product candidates		287,000,000
Merck | Maximum | Product
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone amount eligible to receive for products or product candidates		135,000,000
Lilly Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized		0	$ 0
Lilly Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone amount eligible to receive for products or product candidates		$ 463,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2021 USD ($)	Mar. 31, 2023 USD ($) ft² LeaseFacility	Mar. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Number of lease facility | LeaseFacility		4
Aggregate sublease income to be earned		$ 55
Lease expiration date		2029
Operating leases rent expense		$ 2.3	$ 2.3
Operating leases variable lease payments		1	0.8
Long-Term Restricted Cash
Operating Leased Assets [Line Items]
Security deposit		$ 1.8
Collateralized Certificate of Deposit
Operating Leased Assets [Line Items]
Lease expiration date		2026
Collateralized Certificate of Deposit | Long-Term Restricted Cash
Operating Leased Assets [Line Items]
Security deposit		$ 0.3
Seattle Sublease
Operating Leased Assets [Line Items]
Sublease agreement entered date	2021-06
Sublease commencement date	Jul. 01, 2021
Sublease period	58 months
Aggregate estimated base rent payments	$ 3.9
Sublease
Operating Leased Assets [Line Items]
Sublease Income		$ 1.8	$ 2
Sublease | C A
Operating Leased Assets [Line Items]
Total square footage of leased property | ft²		112,000
Minimum
Operating Leased Assets [Line Items]
Operating lease, remaining lease term		3 years
Maximum
Operating Leased Assets [Line Items]
Operating lease, remaining lease term		7 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining nine months)	$ 5,768
2024	7,817
2025	7,976
2026	7,125
2027	6,475
Thereafter	12,422
Total undiscounted lease payments	47,583
Present value adjustment	(9,320)
Total net lease liability	38,263
Net lease liability - current	5,085	$ 4,948
Net lease liability - non-current	33,178	$ 34,494
Total net lease liability	$ 38,263

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details)	Mar. 31, 2023	Mar. 31, 2022
Weighted-average remaining lease terms (in years)
Operating leases	6 years 2 months 12 days	6 years 6 months
Weighted-average discount rate
Operating leases	7.40%	7.40%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - At-the-Market Offering - 2021 Sales Agreement - Cantor Fitzgerald & Co. and SVB Securities LLC - USD ($) shares in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2022	Apr. 30, 2021	Mar. 31, 2023
Class Of Stock [Line Items]
Commission on sales of common stock, percentage		3%
Aggregate offering available for issuance of common stock			$ 115.6
Issuance of common stock (in shares)			0.9
Proceeds from issuance of common stock			$ 19.6
Maximum
Class Of Stock [Line Items]
Aggregate offering available for issuance of common stock		$ 75
Aggregate offering available for issuance of common stock	$ 150

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) IncentivePlan shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 60.3
Number of equity incentive plans | IncentivePlan	2
Number of shares available for future grant | shares	2,300,000		2,100,000
Weighted-average remaining vesting period (years)	2 years 10 months 24 days
Common Stock options exercised | shares	178,000	200,000
Intrinsic value of options exercised	$ 2.8	$ 1.6
Restricted Stock Units ("RSU")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 28.6
Weighted-average remaining vesting period (years)	2 years
Total fair value of restricted stock units vested during the period	$ 6.3	$ 1.5
Performance Based Share Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 17.6
2009 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares, may be granted | shares	0
2022 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock for issuance pursuant to awards granted | shares	1,500,000
2015 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant | shares	1,800,000		1,100,000
Unrecognized stock compensation expense	$ 0.1
Weighted-average remaining vesting period (years)	1 month 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares Underlying Options, Beginning balance	6,127
Number of Shares Underlying Options, Granted	1,932
Number of Shares Underlying Options, Exercised	(178)	(200)
Number of Shares Underlying Options, Cancelled or forfeited	(39)
Number of Shares Underlying Options, Ending balance	7,842		6,127
Number of Shares Underlying Options, Options exercisable	2,747
Number of Shares Underlying Options, Vested and expected to vest	7,842
Options Outstanding, Weighted-Average Exercise Price, Beginning balance	$ 12.49
Options Outstanding, Weighted-Average Exercise Price, Granted	24.80
Options Outstanding, Weighted-Average Exercise Price, Exercised	9.39
Options Outstanding, Weighted-Average Exercise Price, Canceled or forfeited	20.35
Options Outstanding, Weighted-Average Exercise Price, Ending balance	15.56		$ 12.49
Options Outstanding, Weighted-Average Exercise Price, Options exercisable	10.95
Options Outstanding, Weighted-Average Exercise Price, Options vested and expected to vest	$ 15.56
Options Outstanding, Weighted Average Remaining Contractual Term, Beginning balance	8 years 4 months 24 days		8 years 2 months 12 days
Options exercisable, Weighted Average Remaining Contractual Term	7 years 4 months 24 days
Options vested and expected to vest, Weighted Average Remaining Contractual Term	8 years 4 months 24 days
Options Outstanding, Aggregate Intrinsic Value, Balance	$ 85,766
Options Outstanding, Aggregate Intrinsic Value, Ending	65,118		$ 85,766
Options Outstanding, Aggregate Intrinsic Value, Options exercisable-March 31, 2023	35,457
Options Outstanding, Aggregate Intrinsic Value, Options vested and expected to vest-March 31, 2023	$ 65,118

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units ("RSU") Activity (Details) - Restricted Stock Units ("RSU") shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance | shares	1,364
Number of Restricted Stock, Granted | shares	649
Number of Restricted Stock, Vested | shares	(255)
Number of Restricted Stock, Forfeited | shares	(20)
Number of Restricted Stock, Ending balance | shares	1,738
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares	$ 15.33
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares	24.79
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	13.82
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	20.30
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares	$ 19.04

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation - Summary of PSU Activity (Details) - Performance Based Share Units (PSUs)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance | shares	812,000
Number of Restricted Stock, Canceled or forfeited | shares	(13,000)
Number of Restricted Stock, Ending balance | shares	799,000
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares	$ 22
Weighted-Average Grant Date Fair Value per Share, Canceled or forfeited | $ / shares	21.75
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares	$ 22

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Stock Options Using Black Scholes Option-Pricing Model (Details) - Stock Options - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months 18 days	6 years 2 months 12 days
Volatility	75.40%	77.80%
Risk-free interest rate	3.60%	1.70%
Weighted-average grant date fair value per share	$ 17.16	$ 8.94

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Black Scholes Option-Pricing Model (Details) - 2015 ESPP - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Volatility	48.50%	64.90%
Risk-free interest rate	4.50%	0.10%
Weighted-average grant date fair value per share	$ 6.30	$ 5.43

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,910	$ 4,269
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	4,326	2,185
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,584	$ 2,084

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0
Statutory tax rate	21%

Net Loss per Common Share - Sch

Net Loss per Common Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (60,177)	$ (31,684)
Weighted-average shares outstanding	70,705	58,428
Less: weighted-average unvested restricted shares and shares subject to repurchase	(2)	(88)
Weighted Average Number of Shares Outstanding, Basic, Total	70,703	58,340
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	70,703	58,340
Net loss per share attributable to common stockholders, basic	$ (0.85)	$ (0.54)
Net loss per share attributable to common stockholders, diluted	$ (0.85)	$ (0.54)

Net Loss Per Common Share - Add

Net Loss Per Common Share - Additional Information (Details) - shares shares in Millions	Mar. 31, 2023	Mar. 31, 2022
Pre-Funded Warrants
Earnings Per Share Basic [Line Items]
Pre-funded warrants to purchase common stock (in shares)	4.6	3.6

Net Loss per Common Share - S_2

Net Loss per Common Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive	10,379	8,226
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive	1,738	1,207
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive		76
Unvested PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive	799
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from diluted net loss per share would have been antidilutive	7,842	6,943