Chinook Therapeutics (KDNY) 10-Q 12 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		44,799,736
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	1600 Fairview Avenue East, Suite 100
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address Postal Zip Code	98102
City Area Code	(206)
Local Phone Number	485-7051

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 135,466	$ 187,750
Marketable securities	61,684	59,622
Accounts receivable	467	262
Prepaid expenses and other current assets	5,710	6,447
Total current assets	203,327	254,081
Marketable securities	32,682	3,000
Property and equipment, net	19,359	20,626
Restricted cash	2,074	1,750
Operating lease right-of-use assets	53,157	55,673
Equity method investment	9,972
Intangible assets, net	26,854	27,696
In process research & development	36,550	39,295
Goodwill	18,541	22,441
Other assets	5,349	4,440
Total assets	407,865	429,002
Current liabilities:
Accounts payable	9,221	3,995
Accrued and other current liabilities	11,269	15,674
Operating lease liabilities	3,280	3,045
Deferred revenue		95
Total current liabilities	23,770	22,809
Contingent value rights liability	29,050	13,780
Contingent consideration liability	4,780	1,800
Deferred tax liabilities	15,635	16,377
Operating lease liabilities, net of current maturities	37,147	38,709
Other long-term liabilities	754	905
Total liabilities	111,136	94,380
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 10,000 shares authorized as of June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 300,000 shares authorized as of June 30, 2021 and December 31, 2020; 44,776 and 42,282 shares issued and outstanding at March 31, 2021 and December 31, 2020	4	4
Additional paid-in capital	505,168	463,436
Accumulated deficit	(208,615)	(128,829)
Accumulated other comprehensive income	172	11
Total stockholders’ equity	296,729	334,622
Total liabilities and stockholders’ equity	$ 407,865	$ 429,002

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	44,776,000	42,282,000
Common stock shares outstanding	44,776,000	42,282,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Collaboration and license revenue	$ 34,000		$ 385,000
Operating expenses:
Research and development	22,787,000	$ 3,870,000	48,484,000	$ 6,688,000
General and administrative	7,768,000	3,879,000	17,311,000	5,150,000
Change in fair value of contingent consideration and contingent value rights liabilities	19,557,000		21,396,000
Amortization of intangible assets	422,000	0	842,000	0
Total operating expenses	50,534,000	7,749,000	88,033,000	11,838,000
Gain on sale of assets to equity method investment	7,227,000		7,227,000
Loss from operations	(43,273,000)	(7,749,000)	(80,421,000)	(11,838,000)
Other income (expense):
Other income (expense), net	(39,000)	(4,000)	(106,000)	115,000
Change in fair value of redeemable convertible preferred stock tranche liability		10,000		(1,169,000)
Loss before income taxes	(43,312,000)	(7,743,000)	(80,527,000)	(12,892,000)
Income tax benefit	741,000	0	741,000	0
Net loss	$ (42,571,000)	$ (7,743,000)	$ (79,786,000)	$ (12,892,000)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.97)	$ (1.87)	$ (1.86)	$ (3.12)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	43,861	4,151	43,004	4,128
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $0	$ 99,000	$ 49,000	$ 137,000	$ (166,000)
Unrealized gain on marketable securities, net of tax of $0	8,000		24,000
Total other comprehensive income (loss)	107,000	49,000	161,000	(166,000)
Comprehensive loss	$ (42,464,000)	$ (7,694,000)	$ (79,625,000)	$ (13,058,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized gain on marketable securities, tax	$ 0		$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ (41,119)			$ 6,095	$ (7)	$ (47,207)
Beginning balance, Shares at Dec. 31, 2019		7,597
Beginning balance at Dec. 31, 2019		$ 19,835
Beginning balance, Shares at Dec. 31, 2019			4,502
Issuance of common stock upon exercise of stock options	1			1
Issuance of common stock upon exercise of stock options, Shares			4
Repurchase of unvested restricted stock awards			(40)
Issuance of Series A redeemable convertible preferred stock		$ 14,479
Issuance of Series A redeemable, Shares		4,237
Exercise of redeemable convertible preferred stock tranche liability		$ 9,723
Stock-based compensation expense	100			100
Other comprehensive income (loss)	(215)				(215)
Net loss	(5,149)					(5,149)
Ending balance at Mar. 31, 2020	(46,382)			6,196	(222)	(52,356)
Ending balance, Shares at Mar. 31, 2020		11,834
Ending balance at Mar. 31, 2020		$ 44,037
Ending balance, Shares at Mar. 31, 2020			4,466
Beginning balance at Dec. 31, 2019	(41,119)			6,095	(7)	(47,207)
Beginning balance, Shares at Dec. 31, 2019		7,597
Beginning balance at Dec. 31, 2019		$ 19,835
Beginning balance, Shares at Dec. 31, 2019			4,502
Net loss	(12,892)
Ending balance at Jun. 30, 2020	(53,777)	$ 44,037		6,495	(173)	(60,099)
Ending balance, Shares at Jun. 30, 2020		11,834
Ending balance, Shares at Jun. 30, 2020			4,466
Beginning balance at Mar. 31, 2020	(46,382)			6,196	(222)	(52,356)
Beginning balance, Shares at Mar. 31, 2020		11,834
Beginning balance at Mar. 31, 2020		$ 44,037
Beginning balance, Shares at Mar. 31, 2020			4,466
Stock-based compensation expense	299			299
Other comprehensive income (loss)	49				49
Net loss	(7,743)					(7,743)
Ending balance at Jun. 30, 2020	(53,777)	$ 44,037		6,495	(173)	(60,099)
Ending balance, Shares at Jun. 30, 2020		11,834
Ending balance, Shares at Jun. 30, 2020			4,466
Beginning balance at Dec. 31, 2020	$ 334,622		$ 4	463,436	11	(128,829)
Beginning balance, Shares at Dec. 31, 2020	42,282		42,282
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units	$ 580			580
Issuance of common stock upon exercise of stock options and warrants and vesting of restricted stock units, shares			100
Stock-based compensation expense	2,478			2,478
Other comprehensive income (loss)	54				54
Net loss	(37,215)					(37,215)
Ending balance at Mar. 31, 2021	300,519		$ 4	466,494	65	(166,044)
Ending balance, Shares at Mar. 31, 2021			42,382
Beginning balance at Dec. 31, 2020	$ 334,622		$ 4	463,436	11	(128,829)
Beginning balance, Shares at Dec. 31, 2020	42,282		42,282
Issuance of common stock upon exercise of stock options, Shares	236
Net loss	$ (79,786)
Ending balance at Jun. 30, 2021	$ 296,729		$ 4	505,168	172	(208,615)
Ending balance, Shares at Jun. 30, 2021	44,776		44,776
Beginning balance at Mar. 31, 2021	$ 300,519		$ 4	466,494	65	(166,044)
Beginning balance, Shares at Mar. 31, 2021			42,382
Issuance of common stock upon exercise of stock options and warrants, issuance of common stock under Employee Stock Purchase Plan, and vesting of restricted stock units	1,188			1,188
Issuance of common stock upon exercise of stock options and warrants, issuance of common stock under Employee Stock Purchase Plan, and vesting of restricted stock units, shares			178
Issuance of common stock under the at-the-market sales agreement,net of offering costs	33,891			33,891
Issuance of common stock under the at-the-market sales agreement net of offering costs, shares			2,216
Stock-based compensation expense	3,595			3,595
Other comprehensive income (loss)	107				107
Net loss	(42,571)					(42,571)
Ending balance at Jun. 30, 2021	$ 296,729		$ 4	$ 505,168	$ 172	$ (208,615)
Ending balance, Shares at Jun. 30, 2021	44,776		44,776

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Redeemable Convertible Preferred Stock
Issuance cost	$ 21

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities
Net loss			$ (79,786)	$ (12,892)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense			1,552	162
Amortization of finance lease right-of-use asset				22
Amortization of intangible assets	$ 422	$ 0	842	0
Non-cash operating lease expense			2,596	124
Stock-based compensation expense	3,595	299	6,073	399
Change in fair value of redeemable convertible preferred stock tranche liability		(10)		1,169
Change in fair value of contingent consideration and contingent value rights liabilities	19,557		21,396
Accretion of discounts and amortization of premiums on marketable securities			(6)
Deferred income tax			(741)
Gain on sale of assets to equity method investment			(7,227)
Changes in operating assets and liabilities:
Accounts receivable			(205)
Prepaid expenses and other assets			(153)	(188)
Accounts payable			5,610	1,362
Accrued and other liabilities			(3,956)	2,752
Operating lease liabilities			(1,413)	(116)
Deferred revenue			(95)
Net cash used in operating activities			(55,513)	(7,206)
Cash Flows from Investing Activities
Purchases of marketable securities			(105,328)
Proceeds from marketable securities			73,615
Purchases of property and equipment			(744)	(400)
Proceeds from sale of property and equipment			267
Net cash used in investing activities			(32,190)	(400)
Cash Flows from Financing Activities
Proceeds from issuance of common stock, net of offering costs				1
Proceeds from exercise of stock options and warrants			1,768
Proceeds from at-the-market sales agreement, net of offering costs			33,891
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs				14,479
Repayment of finance lease liability-related party				(31)
Net cash provided by financing activities			35,659	14,449
Effect of exchange rate changes on cash, cash equivalents and restricted cash			84	(152)
Net increase (decrease) in cash, cash equivalents and restricted cash			(51,960)	6,691
Cash, cash equivalents and restricted cash at beginning of period			189,500	11,357
Cash, cash equivalents and restricted cash at end of period	137,540	18,048	137,540	18,048
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			129	15
Right-of-use asset for office space acquired through leases				199
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	135,466	17,901	135,466	17,901
Restricted cash	2,074	147	2,074	147
Cash, cash equivalents and restricted cash at end of period	$ 137,540	$ 18,048	$ 137,540	$ 18,048

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2021
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, an endothelin receptor antagonist that was in-licensed from AbbVie in late 2019. In March 2021, we initiated the phase 3 ALIGN trial of atrasentan for IgA nephropathy (“IgAN”) and in April 2021, we initiated the phase 2 AFFINITY basket trial of atrasentan for proteinuric glomerular diseases. Our pipeline also includes BION-1301, an anti-APRIL monoclonal antibody that is being evaluated in a phase 1b trial for IgAN, as well as CHK-336, an oral small molecule LDHA inhibitor in preclinical development for the treatment of primary hyperoxaluria. 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. The Company as used in the accompanying notes to the unaudited condensed consolidated financial statements, refers to Private Chinook prior to the completion of the Merger and Public Chinook subsequent to the completion of the Merger. See the note “Reverse Merger and Contingent Value Rights” in the accompanying notes to the condensed consolidated financial statements.

Basis of Presentation and Conso

Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements	2. Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the 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 and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying 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, 2020 included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 7, 2021. The 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, contingent consideration, redeemable convertible preferred stock tranche liability, lease right-of-use assets, and lease obligations, as well as Recent Accounting Pronouncements, Not Yet Adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard is effective for smaller reporting companies in fiscal years beginning after December 15, 2022 with early adoption permitted for all periods beginning after December 15, 2018. We do not plan to early adopt ASU No. 2016-13 and are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Reverse Merger and Contingent V

Reverse Merger and Contingent Value Rights	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Reverse Merger and Contingent Value Rights	3. Reverse Merger and Contingent Value Rights We completed our Merger with Aduro on October 5, 2020. Based upon the terms of the merger agreement dated June 1, 2020 and amended August 17, 2020, Private Chinook was determined to be the acquiring company for accounting purposes, and the transaction was accounted for as a reverse acquisition under the acquisition method of accounting for business combinations in accordance with U.S. GAAP. Accordingly, the assets and liabilities of Aduro were recorded at estimated fair value as of the merger closing date. 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 contingent value right (“CVR”) for each outstanding share of Aduro common stock held by such stockholder on such date. Each CVR represents the contractual right to receive payments from us upon the receipt of consideration resulting from milestones and royalties from certain pre-existing agreements and the disposition or licensing of any of Aduro’s non-renal assets, net of any tax, and certain other expenses that could be deducted by us.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2021
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): June 30, 2021 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 15,545 $ — $ — $ 15,545 Money market funds 114,921 — — 114,921 Certificate of deposit — — — — Commercial paper 5,000 — — 5,000 U.S. government and agency securities — — — — Total cash and cash equivalents $ 135,466 $ — $ — $ 135,466 Marketable securities: Commercial paper $ 52,665 $ 4 $ (5 ) $ 52,664 U.S. government and agency securities 35,677 5 — 35,682 Corporate debt securities 6,021 — (1 ) 6,020 Total marketable securities $ 94,363 $ 9 $ (6 ) $ 94,366 December 31, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 5,659 $ — $ — $ 5,659 Money market funds 113,592 — — 113,592 Certificate of deposit 157 — — 157 Commercial paper 40,844 — — 40,844 U.S. government and agency securities 27,498 — — 27,498 Total cash and cash equivalents $ 187,750 $ — $ — $ 187,750 Marketable securities: Commercial paper $ 35,089 $ — $ — $ 35,089 U.S. government and agency securities 26,026 6 (3 ) 26,029 Corporate debt securities 1,504 — — 1,504 Total marketable securities $ 62,619 $ 6 $ (3 ) $ 62,622 The amortized cost and estimated fair value of our available-for-sale marketable securities by contractual maturity are summarized below as of June 30 Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 61,685 $ 4 $ (5 ) $ 61,684 Mature after one year through two years 32,678 5 (1 ) 32,682 Total available-for-sale marketable securities $ 94,363 $ 9 $ (6 ) $ 94,366 None of our marketable securities were in a continuous unrealized loss position as of June 30 June 30

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 820 on fair value measurements. As defined in the guidance, fair value, defined as an exit price, represents the amount that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants. As a result, fair value is a market-based approach that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering these assumptions, the guidance defines a three-tier valuation hierarchy that prioritizes the inputs used in the valuation methodologies in measuring fair value. 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 Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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. The Company considers 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): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 130,466 $ — $ — $ 130,466 Commercial paper — — — — U.S. government and agency securities — 5,000 — 5,000 Total cash and cash equivalents 130,466 5,000 — 135,466 Marketable securities: Commercial paper — 52,664 — 52,664 U.S. government and agency securities — 35,682 — 35,682 Corporate debt securities — 6,020 — 6,020 Total marketable securities — 94,366 — 94,366 Total fair value of assets $ 130,466 $ 99,366 $ — $ 229,832 Liabilities: Contingent value rights liability $ — $ — $ 29,050 $ 29,050 Contingent consideration liability — — 4,780 4,780 Total fair value of liabilities $ — $ — $ 33,830 $ 33,830 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 119,251 $ — $ — $ 119,251 Certificate of deposit — 157 — 157 Commercial paper — 40,844 — 40,844 U.S. government and agency securities — 27,498 — 27,498 Total cash and cash equivalents 119,251 68,499 — 187,750 Marketable securities: Commercial paper — 35,089 — 35,089 U.S. government and agency securities — 26,029 — 26,029 Corporate debt securities — 1,504 — 1,504 Total marketable securities — 62,622 — 62,622 Total fair value of assets $ 119,251 $ 131,121 $ — $ 250,372 Liabilities: Contingent value rights liability $ — $ — $ 13,780 $ 13,780 Contingent consideration liability — — 1,800 1,800 Total fair value of liabilities $ — $ — $ 15,580 $ 15,580 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, as well as certificate of deposit, 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 Value Rights Liability Contingent Consideration Liability Balance at December 31, 2020 $ 13,780 $ 1,800 Net change in fair value upon remeasurement 15,270 2,980 Balance at June 30, 2021 $ 29,050 $ 4,780 The fair values of the CVR and contingent consideration liabilities related to the Merger 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 related to the Merger, we used a probability-adjusted, scenario-based income approach. For the three and six months ended June 30, 2021, the change in fair value of the CVR and the contingent value rights liabilities related to the Merger was $16.4 million and $18.3 million, respectively, and was recorded in the consolidated statement of operations and comprehensive loss. The change in the fair value during the periods, resulted from a change in estimate of the potential future proceeds derived from Aduro’s license agreement with Merck and from the sale of certain of our non-renal assets in exchange for preferred shares in Sairopa during the three months ended June 30, 2021. 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. Refer to Note 15, “Equity Method Investment,” for more information. In addition, we identified measurement period adjustments, which reduced the CVR liability. Refer to Note 7, “Goodwill and Intangible Assets” for more information.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Research and lab equipment $ 3,446 $ 3,616 Computer equipment 1,151 921 Computer software 44 27 Furniture and fixtures 1,106 1,099 Leasehold improvements 16,189 16,111 Total property and equipment 21,936 21,774 Total accumulated depreciation (2,577 ) (1,148 ) Property and equipment, net $ 19,359 $ 20,626 Approximately $3.4 million of our property and equipment as of June 30, 2021 is located in Canada.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill The gross carrying amount and net book value of goodwill was $18.5 million at June 30, 2021, all of which resulted from the Merger. During the second quarter of 2021, we identified and recorded measurement period adjustments for taxes related to the merger, which reduced goodwill by $3.9 million from the preliminary purchase price allocation and reduced our deferred tax liabilities by $0.8 million and reduced the CVR liability by $3.1 million. The measurement period adjustments were the result of additional analysis performed and information identified during the second quarter of 2021 based on facts and circumstances that existed as of the merger date. As of June 30, 2021, the preliminary purchase price allocation for the merger with Aduro is subject to change as we use the measurement period, not to exceed one-year We test goodwill for impairment on an annual basis or more frequently if an impairment indicator exists. To determine if an impairment has occurred, we perform a quantitative test in which the fair value of a single reporting unit is compared to its carrying value. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, we record an impairment loss equal to that difference. Intangible assets The gross carrying amounts and net book value of intangible assets were as follows (in thousands): June 30, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,182 $ 25,503 In-place lease 1,433 82 1,351 Total intangible assets with finite lives 28,118 1,264 26,854 Acquired in-process research and development assets ("IPR&D") 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 1,264 $ 63,404 December 31, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 398 $ 26,287 In-place lease 1,433 24 1,409 Total intangible assets with finite lives 28,118 422 27,696 Acquired IPR&D assets 39,295 — 39,295 Total intangible and acquired IPR&D assets $ 67,413 $ 422 $ 66,991 Intangible assets are carried at cost less accumulated amortization and impairment. Amortization is over a period of 9 to 17 years, with a 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. Acquired IPR&D decreased by $2.7 million from the sale of certain of our non-renal assets in exchange for stock during the three months ended June 30, 2021. Refer to Note 15, “Equity Method Investment,” for more information. Amortization expense was $0.4 million and $0 for the three months ended June 30 June 30, 2021 and 2020, respectively June 30 Year Ending December 31, Estimated Amortization Expense 2021 (remaining six months) $ 845 2022 1,722 2023 1,733 2024 1,733 2025 1,733 Thereafter 19,088

Accrued Liabilities and Other

Accrued Liabilities and Other	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Accrued Liabilities and Other	8. Accrued liabilities and other consisted of the following (in thousands): June 30 December 31, 2021 2020 Research and development costs $ 5,426 $ 8,135 Compensation and benefits 3,489 4,530 Sublease rent and security deposit 675 1,400 Business taxes and licensing fees 1,052 898 Consulting and outside services 306 499 Other 321 212 Total accrued expenses and other liabilities $ 11,269 $ 15,674

Collaboration and License Agree

Collaboration and License Agreements	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration and License Agreements	9. Collaboration and License Agreements AbbVie Ireland Unlimited Company On December 16, 2019, we entered into a license agreement (the “License Agreement”) with AbbVie Ireland Unlimited Company (“AbbVie”), which granted us an exclusive license to atrasentan, an endothelin receptor antagonist, under AbbVie’s patent rights to develop and commercialize licensed products for the treatment of rare, severe chronic kidney diseases. 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 1,999,415 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 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 not recognize any milestone payments for the three and six months ended June 30 June 30 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 $297.0 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 holders of the CVRs, net of tax and certain other expenses that could be deducted by us. 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 is to perform research services through 2021, for which we will be reimbursed up to a specified amount. For the three and six months ended June 30, 2021, we recognized revenue of less than $0.1 million and $0.4 million, respectively, under the Lilly agreement. Novartis Pharmaceuticals Corporation In connection with the Merger, we assumed an ongoing collaboration and license agreement with Novartis Pharmaceuticals Corporation (“Novartis”) for the development and potential commercialization of product candidates in the field of oncology. On April 1, 2021, we received notice that Novartis terminated for convenience the Collaboration and License Agreement, dated March 12, 2015. As a result of the termination, the only remaining activity under this agreement is reimbursement resulting from development costs that are shared between us and Novartis. We record any amounts paid to Novartis under the agreement as research and development expense and any amounts received from Novartis as an offset to research and development expense. For the three and six months ended June 30, 2021, the amounts recognized under the agreement with Novartis were not material.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Redeemable Convertible Preferred Stock Tranche Liability In February 2019, as amended in July 2019, we entered into a Series A financing transaction, pursuant to which we were authorized to issue up to 18,992,220 shares of Series A redeemable convertible preferred stock having a per share par value of $0.0001, at a purchase price of $3.4225 per share. The terms of the Series A redeemable convertible preferred stock agreement include provisions requiring the investors to purchase, and obligating us to deliver, additional shares of redeemable convertible preferred stock at a specified price in the future based on the achievement of certain development-based milestones by us. The investors are also able to waive the milestone requirements, which provides the investors with an option to purchase additional Series A redeemable convertible preferred stock if the milestone is not met. The rights to purchase additional shares were recorded as a tranche liability at the estimated fair value of the obligation on the date of issuance with the carrying values adjusted at each reporting date for any changes in the estimated fair values. For the three and six months ended , 2020, we recorded less than a $0.1 million and $1.2 million, respectively, for the change in the fair value of the redeemable convertible preferred stock tranche liability. Upon closing of the Merger, the outstanding redeemable convertible preferred stock tranche rights terminated and all redeemable convertible preferred stock that had been issued converted to common stock. Leases We have a total of five operating leases as of June 30 In June 2021, we entered into a sublease agreement for office space in Seattle, Washington (“Seattle Sublease”), which we expect to 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 term of the Seattle Sublease is approximately $5.7 million. As of June 30 June 30 We maintain a letter of credit as security for one of our leases in the amount of $1.8 million, which is collateralized by a certificate of deposit that is included in restricted cash in our Condensed Consolidated Balance Sheet as of June 30, 2021. Additionally, in connection with the Seattle Sublease, we posted a security deposit of $0.3 million in the form of a letter of credit, which was collateralized by a certificate of deposit and is included in restricted cash in our Condensed Consolidated Balance Sheet as of June 30, 2021. The maturity of our operating lease liabilities as of June 30, 2021 is as follows (in thousands): Undiscounted Lease Payments Amounts 2021 (remaining six months) $ 2,980 2022 6,124 2023 6,250 2024 6,361 2025 6,475 Thereafter 25,538 Total undiscounted lease payments 1) 53,728 Present value adjustment 13,301 Total net lease liability $ 40,427 Net lease liability - current $ 3,280 Net lease liability - non-current 37,147 Total net lease liability $ 40,427 1) Excludes future operating lease payments under the Seattle Sublease entered into in June 2021, in addition to future operating lease payments associated with another lease agreement entered into in June 2021, both of which have not commenced. The undiscounted future operating lease payments related to these agreements are approximately $6.9 million. Undiscounted future operating lease payments including these agreements are $ 60.6 million. Rent expense recognized for operating leases was $2.1 million and $0.1 million for the three months ended June 30 June 30, 2021 and 2020, respectively June 30 The following summarizes additional information related to operating leases: June 30, 2021 December 31, 2020 Weighted-average remaining lease terms (in years) Operating leases 8.3 8.8 Weighted-average discount rate Operating leases 7.1% 7.1% Indemnification 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 its 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 its 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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	11. Common Stock Warrants At June 30, 2021, warrants outstanding were not material. Restricted Stock Awards (“RSAs”) The following table summarizes RSA activity: RSAs Outstanding Number of RSAs (in thousands) Weighted- Average Grant Date Fair Value Per Share Balance—December 31, 2020 196 $ 0.00034 Vested (48 ) 0.00034 Balance—June 30, 2021 148 $ 0.00034 The fair value of RSAs vested during the six months ended June 30, 2021 was $0.8 million. 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 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 Cantor Fitzgerald & Co. and SVB Leerink LLC, as our sales agents. We will pay the sales agents a commission of up to 3% of the gross proceeds of sales made through the 2021 Sales Agreement. In April 2021, we sold 2.2 million shares for $33.9 million in net proceeds under the 2021 Sales Agreement. We have $40.0 million remaining under the 2021 Sales Agreement, which is subject to the continued effectiveness of our shelf registration statement on Form S-3 (Registration No. 333-255099) that expires on April 7, 2024, or upon an effective replacement shelf registration statement.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation Equity Incentive Plan In February 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”). 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. The number of shares subject to and the exercise prices applicable to these awards were adjusted to reflect the one-for-five reverse stock split. As of June 30, 2021 and December 31, 2020, there were 1.2 million and 0.9 million shares available for future grant, respectively. Stock Options The following table summarizes stock option activity: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2020 5,514 $ 13.24 $ 38,433 Granted 1,280 15.66 Exercised (236 ) 6.23 $ 2,515 Canceled (144 ) 35.77 Balance—June 30, 2021 6,414 $ 13.48 $ 29,740 Options exercisable—June 30, 2021 2,385 $ 17.91 $ 13,672 Options vested and expected to vest—June 30, 2021 6,414 $ 13.48 $ 29,740 The aggregate intrinsic value represents the difference between the exercise price of the options and the closing price of our common stock for stock options that were in-the-money at June 30 The weighted average grant-date fair value of options granted was $10.65 and $3.64 for the six months ended June 30, 2021 and 2020, respectively. As of June 30 We estimate the fair value of stock options using the Black Scholes option-pricing model. The fair value of stock options is amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 6.1 6.1 6.1 6.1 Volatility 78.6 % 80.3 % 79.0 % 79.5 % Risk-free interest rate 1.1 % 0.4 % 0.8 % 0.8 % Dividend yield — — — — Restricted Stock Units (“RSUs”) The following table summarizes RSU activity: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2020 441 $ 14.51 Granted 466 15.43 Vested (15 ) 14.74 Forfeited (16 ) 14.81 Balance—June 30, 2021 876 $ 14.99 The total fair value of RSUs that vested in the six months ended June 30 The fair value of RSUs is determined on the date of grant based on the market price of our common stock on that date. As of June 30, 2021, there was $11.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 2.5 years. 2015 Employee Stock Purchase Plan (“ESPP”) We had 0.7 million shares available for future issuance under the 2015 ESPP as of June 30 The fair value of our common stock to be issued under the 2015 ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 0.5 — 0.5 — Volatility 60.9 % 0 % 60.9 % 0 % Risk-free interest rate 0.0 % 0 % 0.0 % 0 % Dividend yield — — — — As of June 30, 2021, the unrecognized stock-based compensation expense related to the ESPP was $0.1 million, which is expected to be recognized over a weighted-average period of Stock-based Compensation Expense Total stock Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,732 $ 143 $ 2,760 $ 183 General and administrative 1,863 156 3,313 216 Total stock-based compensation expense $ 3,595 $ 299 $ 6,073 $ 399

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes We recorded income tax benefit of $0.7 million for the three and six months ended June 30, 2021. No income tax benefit or expense was recorded for the three and six months ended June 30, 2020. Our effective tax rate was 1.7% and 0.9% for the three and six months ended June 30, 2021, respectively. The 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, offset by deferred tax benefits associated with the sale of certain non-renal assets.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Common Share	14. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (42,571 ) $ (7,743 ) $ (79,786 ) $ (12,892 ) Denominator: Weighted-average shares outstanding 44,021 4,466 43,176 4,465 Less: weighted-average unvested restricted shares and shares subject to repurchase (160 ) (315 ) (172 ) (337 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 43,861 4,151 43,004 4,128 Net loss per share attributable to common stockholders, basic and diluted $ (0.97 ) $ (1.87 ) (1.86 ) (3.12 ) 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): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 11,834 — 11,834 Conversion of redeemable convertible preferred stock issuable upon settlement of the redeemable convertible preferred stock tranche liability — 7,159 — 7,159 Unvested restricted stock units 876 — 876 — Unvested restricted stock awards 148 297 148 297 Options to purchase common stock 6,414 2,007 6,414 2,007 Total 7,438 21,297 7,438 21,297

Equity Method Investment

Equity Method Investment	6 Months Ended
	Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investment	15. Equity Method Investment On April 2, 2021, we entered into a definitive agreement with Sairopa B.V. (“Sairopa”), 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 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 taxes and certain expenses that could be deducted by us, will accrue to the benefit of the CVR holders. As of June 30, 2021, we own a 44% 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, participation in policy-making decisions and material intercompany transactions. 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. The sale of the non-renal assets to Sairopa resulted in a $7.2 million gain, which is the difference between the fair value of the equity received and the carrying value of the non-renal assets. The gain is reported in our Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2021. Our equity method investment is reported at cost and adjusted each period for our share of the investee’s income or loss, which are reported in our Condensed Consolidated Statement of Operations on a one quarter lag . 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

Basis of Presentation and Con_2

Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
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, or U.S. GAAP, and follow the requirements of the Securities and Exchange Commission, or the 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 and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying 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, 2020 included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 7, 2021. The 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, contingent consideration, redeemable convertible preferred stock tranche liability, lease right-of-use assets, and lease obligations, as well as
Recent Accounting Pronouncements, Not Yet Adopted	Recent Accounting Pronouncements, Not Yet Adopted In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard is effective for smaller reporting companies in fiscal years beginning after December 15, 2022 with early adoption permitted for all periods beginning after December 15, 2018. We do not plan to early adopt ASU No. 2016-13 and are currently evaluating the impact the adoption of this ASU will have on our consolidated financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
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): June 30, 2021 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 15,545 $ — $ — $ 15,545 Money market funds 114,921 — — 114,921 Certificate of deposit — — — — Commercial paper 5,000 — — 5,000 U.S. government and agency securities — — — — Total cash and cash equivalents $ 135,466 $ — $ — $ 135,466 Marketable securities: Commercial paper $ 52,665 $ 4 $ (5 ) $ 52,664 U.S. government and agency securities 35,677 5 — 35,682 Corporate debt securities 6,021 — (1 ) 6,020 Total marketable securities $ 94,363 $ 9 $ (6 ) $ 94,366 December 31, 2020 Amortized cost Unrealized gains Unrealized losses Estimated Fair Value Cash and cash equivalents: Cash $ 5,659 $ — $ — $ 5,659 Money market funds 113,592 — — 113,592 Certificate of deposit 157 — — 157 Commercial paper 40,844 — — 40,844 U.S. government and agency securities 27,498 — — 27,498 Total cash and cash equivalents $ 187,750 $ — $ — $ 187,750 Marketable securities: Commercial paper $ 35,089 $ — $ — $ 35,089 U.S. government and agency securities 26,026 6 (3 ) 26,029 Corporate debt securities 1,504 — — 1,504 Total marketable securities $ 62,619 $ 6 $ (3 ) $ 62,622
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 June 30 Amortized cost Unrealized gains Unrealized losses Estimated Fair Mature in one year or less $ 61,685 $ 4 $ (5 ) $ 61,684 Mature after one year through two years 32,678 5 (1 ) 32,682 Total available-for-sale marketable securities $ 94,363 $ 9 $ (6 ) $ 94,366

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 130,466 $ — $ — $ 130,466 Commercial paper — — — — U.S. government and agency securities — 5,000 — 5,000 Total cash and cash equivalents 130,466 5,000 — 135,466 Marketable securities: Commercial paper — 52,664 — 52,664 U.S. government and agency securities — 35,682 — 35,682 Corporate debt securities — 6,020 — 6,020 Total marketable securities — 94,366 — 94,366 Total fair value of assets $ 130,466 $ 99,366 $ — $ 229,832 Liabilities: Contingent value rights liability $ — $ — $ 29,050 $ 29,050 Contingent consideration liability — — 4,780 4,780 Total fair value of liabilities $ — $ — $ 33,830 $ 33,830 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Cash and money market funds $ 119,251 $ — $ — $ 119,251 Certificate of deposit — 157 — 157 Commercial paper — 40,844 — 40,844 U.S. government and agency securities — 27,498 — 27,498 Total cash and cash equivalents 119,251 68,499 — 187,750 Marketable securities: Commercial paper — 35,089 — 35,089 U.S. government and agency securities — 26,029 — 26,029 Corporate debt securities — 1,504 — 1,504 Total marketable securities — 62,622 — 62,622 Total fair value of assets $ 119,251 $ 131,121 $ — $ 250,372 Liabilities: Contingent value rights liability $ — $ — $ 13,780 $ 13,780 Contingent consideration liability — — 1,800 1,800 Total fair value of liabilities $ — $ — $ 15,580 $ 15,580
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 Value Rights Liability Contingent Consideration Liability Balance at December 31, 2020 $ 13,780 $ 1,800 Net change in fair value upon remeasurement 15,270 2,980 Balance at June 30, 2021 $ 29,050 $ 4,780

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Research and lab equipment $ 3,446 $ 3,616 Computer equipment 1,151 921 Computer software 44 27 Furniture and fixtures 1,106 1,099 Leasehold improvements 16,189 16,111 Total property and equipment 21,936 21,774 Total accumulated depreciation (2,577 ) (1,148 ) Property and equipment, net $ 19,359 $ 20,626

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The gross carrying amounts and net book value of intangible assets were as follows (in thousands): June 30, 2021 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 1,182 $ 25,503 In-place lease 1,433 82 1,351 Total intangible assets with finite lives 28,118 1,264 26,854 Acquired in-process research and development assets ("IPR&D") 36,550 — 36,550 Total intangible and acquired IPR&D assets $ 64,668 $ 1,264 $ 63,404 December 31, 2020 Gross Amount Accumulated Amortization Net Book Value Intangible assets with finite lives: Acquired license agreement $ 26,685 $ 398 $ 26,287 In-place lease 1,433 24 1,409 Total intangible assets with finite lives 28,118 422 27,696 Acquired IPR&D assets 39,295 — 39,295 Total intangible and acquired IPR&D assets $ 67,413 $ 422 $ 66,991
Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense	Based on finite-lived intangible assets recorded as of June 30 Year Ending December 31, Estimated Amortization Expense 2021 (remaining six months) $ 845 2022 1,722 2023 1,733 2024 1,733 2025 1,733 Thereafter 19,088

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Schedule of Accrued Liabilities and Other	Accrued liabilities and other consisted of the following (in thousands): June 30 December 31, 2021 2020 Research and development costs $ 5,426 $ 8,135 Compensation and benefits 3,489 4,530 Sublease rent and security deposit 675 1,400 Business taxes and licensing fees 1,052 898 Consulting and outside services 306 499 Other 321 212 Total accrued expenses and other liabilities $ 11,269 $ 15,674

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Maturity of Operating Lease Liabilities	The maturity of our operating lease liabilities as of June 30, 2021 is as follows (in thousands): Undiscounted Lease Payments Amounts 2021 (remaining six months) $ 2,980 2022 6,124 2023 6,250 2024 6,361 2025 6,475 Thereafter 25,538 Total undiscounted lease payments 1) 53,728 Present value adjustment 13,301 Total net lease liability $ 40,427 Net lease liability - current $ 3,280 Net lease liability - non-current 37,147 Total net lease liability $ 40,427 1) Excludes future operating lease payments under the Seattle Sublease entered into in June 2021, in addition to future operating lease payments associated with another lease agreement entered into in June 2021, both of which have not commenced. The undiscounted future operating lease payments related to these agreements are approximately $6.9 million. Undiscounted future operating lease payments including these agreements are $ 60.6 million.
Schedule of Additional Information Related to Operating Leases	The following summarizes additional information related to operating leases: June 30, 2021 December 31, 2020 Weighted-average remaining lease terms (in years) Operating leases 8.3 8.8 Weighted-average discount rate Operating leases 7.1% 7.1%

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Restricted Stock Awards (RSAs)
Summary of RSA Activity	The following table summarizes RSA activity: RSAs Outstanding Number of RSAs (in thousands) Weighted- Average Grant Date Fair Value Per Share Balance—December 31, 2020 196 $ 0.00034 Vested (48 ) 0.00034 Balance—June 30, 2021 148 $ 0.00034

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Summary of Stock Option Activity	The following table summarizes stock option activity: Number of Shares Underlying Options (in thousands) Weighted- Average Exercise Price Aggregate Intrinsic Value (In thousands) Balance—December 31, 2020 5,514 $ 13.24 $ 38,433 Granted 1,280 15.66 Exercised (236 ) 6.23 $ 2,515 Canceled (144 ) 35.77 Balance—June 30, 2021 6,414 $ 13.48 $ 29,740 Options exercisable—June 30, 2021 2,385 $ 17.91 $ 13,672 Options vested and expected to vest—June 30, 2021 6,414 $ 13.48 $ 29,740
Summary of Restricted Stock Unit or RSU Activity	The following table summarizes RSU activity: RSUs Outstanding Number of RSUs (in thousands) Weighted- Average Grant Date Fair Share Balance—December 31, 2020 441 $ 14.51 Granted 466 15.43 Vested (15 ) 14.74 Forfeited (16 ) 14.81 Balance—June 30, 2021 876 $ 14.99
Summary of Stock-Based Compensation	Total stock Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,732 $ 143 $ 2,760 $ 183 General and administrative 1,863 156 3,313 216 Total stock-based compensation expense $ 3,595 $ 299 $ 6,073 $ 399
2015 ESPP
Schedule of Black Scholes Option-Pricing Model	The fair value of our common stock to be issued under the 2015 ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 0.5 — 0.5 — Volatility 60.9 % 0 % 60.9 % 0 % Risk-free interest rate 0.0 % 0 % 0.0 % 0 % Dividend yield — — — —
Stock Options
Schedule of Black Scholes Option-Pricing Model	The fair value of stock options is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 6.1 6.1 6.1 6.1 Volatility 78.6 % 80.3 % 79.0 % 79.5 % Risk-free interest rate 1.1 % 0.4 % 0.8 % 0.8 % Dividend yield — — — —

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (42,571 ) $ (7,743 ) $ (79,786 ) $ (12,892 ) Denominator: Weighted-average shares outstanding 44,021 4,466 43,176 4,465 Less: weighted-average unvested restricted shares and shares subject to repurchase (160 ) (315 ) (172 ) (337 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 43,861 4,151 43,004 4,128 Net loss per share attributable to common stockholders, basic and diluted $ (0.97 ) $ (1.87 ) (1.86 ) (3.12 )
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): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Redeemable convertible preferred stock — 11,834 — 11,834 Conversion of redeemable convertible preferred stock issuable upon settlement of the redeemable convertible preferred stock tranche liability — 7,159 — 7,159 Unvested restricted stock units 876 — 876 — Unvested restricted stock awards 148 297 148 297 Options to purchase common stock 6,414 2,007 6,414 2,007 Total 7,438 21,297 7,438 21,297

Basis of Presentation and Con_3

Basis of Presentation and Consolidation, Use of Estimates and Recent Accounting Pronouncements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201912Member

Reverse Merger and Contingent_2

Reverse Merger and Contingent Value Rights - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Description of contingent value rights granted	one contingent value right (“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	Jun. 30, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	$ 135,466	$ 187,750
Cash and cash equivalents, Estimated Fair Value	135,466	187,750
Marketable securities, Amortized cost	94,363	62,619
Marketable securities, Unrealized gains	9	6
Marketable securities, Unrealized losses	(6)	(3)
Marketable securities, Estimated Fair Value	94,366	62,622
Cash
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	15,545	5,659
Cash and cash equivalents, Estimated Fair Value	15,545	5,659
Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	114,921	113,592
Cash and cash equivalents, Estimated Fair Value	114,921	113,592
Certificates of Deposit
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost		157
Cash and cash equivalents, Estimated Fair Value		157
Commercial Paper
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost	5,000	40,844
Cash and cash equivalents, Estimated Fair Value	5,000	40,844
Marketable securities, Amortized cost	52,665	35,089
Marketable securities, Unrealized gains	4
Marketable securities, Unrealized losses	(5)
Marketable securities, Estimated Fair Value	52,664	35,089
U.S. Government and Agency Securities
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents, Amortized cost		27,498
Cash and cash equivalents, Estimated Fair Value		27,498
Marketable securities, Amortized cost	35,677	26,026
Marketable securities, Unrealized gains	5	6
Marketable securities, Unrealized losses		(3)
Marketable securities, Estimated Fair Value	35,682	26,029
Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Marketable securities, Amortized cost	6,021	1,504
Marketable securities, Unrealized losses	(1)
Marketable securities, Estimated Fair Value	$ 6,020	$ 1,504

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	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Mature in one year or less, Amortized cost	$ 61,685
Mature after one year through two years, Amortized cost	32,678
Marketable securities, Amortized cost	94,363	$ 62,619
Mature in one year or less, Unrealized gains	4
Mature after one year through two years, Unrealized gains	5
Total available-for-sale marketable securities, Unrealized gains	9	6
Mature in one year or less, Unrealized losses	(5)
Mature after one year through two years, Unrealized losses	(1)
Total available-for-sale marketable securities, Unrealized losses	(6)	(3)
Mature in one year or less, Estimated Fair Value	61,684
Mature after one year through two years, Estimated Fair Value	32,682
Total available-for-sale marketable securities, Estimated Fair Value	$ 94,366	$ 62,622

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Additional Information (Details)	Jun. 30, 2021USD ($)
Cash And Cash Equivalents [Abstract]
Marketable securities in continuous unrealized loss position	$ 0
Investment in portfolio temporary impaired	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents, Estimated Fair Value	$ 135,466	$ 187,750
Marketable securities	94,366	62,622
Assets	229,832	250,372
Liabilities:
Liabilities	33,830	15,580
Contingent Value Rights Liability
Liabilities:
Liabilities	29,050	13,780
Contingent Consideration Liability
Liabilities:
Liabilities	4,780	1,800
Cash and Money Market Funds
Assets:
Cash and cash equivalents, Estimated Fair Value	130,466	119,251
Certificates of Deposit
Assets:
Cash and cash equivalents, Estimated Fair Value		157
Commercial Paper
Assets:
Cash and cash equivalents, Estimated Fair Value		40,844
Marketable securities	52,664	35,089
U.S. Government and Agency Securities
Assets:
Cash and cash equivalents, Estimated Fair Value	5,000	27,498
Marketable securities	35,682	26,029
Corporate Debt Securities
Assets:
Marketable securities	6,020	1,504
Level 1
Assets:
Cash and cash equivalents, Estimated Fair Value	130,466	119,251
Assets	130,466	119,251
Level 1 | Cash and Money Market Funds
Assets:
Cash and cash equivalents, Estimated Fair Value	130,466	119,251
Level 2
Assets:
Cash and cash equivalents, Estimated Fair Value	5,000	68,499
Marketable securities	94,366	62,622
Assets	99,366	131,121
Level 2 | Certificates of Deposit
Assets:
Cash and cash equivalents, Estimated Fair Value		157
Level 2 | Commercial Paper
Assets:
Cash and cash equivalents, Estimated Fair Value		40,844
Marketable securities	52,664	35,089
Level 2 | U.S. Government and Agency Securities
Assets:
Cash and cash equivalents, Estimated Fair Value	5,000	27,498
Marketable securities	35,682	26,029
Level 2 | Corporate Debt Securities
Assets:
Marketable securities	6,020	1,504
Level 3
Liabilities:
Liabilities	33,830	15,580
Level 3 | Contingent Value Rights Liability
Liabilities:
Liabilities	29,050	13,780
Level 3 | Contingent Consideration Liability
Liabilities:
Liabilities	$ 4,780	$ 1,800

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Contingent Value Rights Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at December 31, 2020	$ 13,780
Net change in fair value upon remeasurement	15,270
Balance at June 30, 2021	29,050
Contingent Consideration Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance at December 31, 2020	1,800
Net change in fair value upon remeasurement	2,980
Balance at June 30, 2021	$ 4,780

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - CVR Agreement - USD ($) $ in Millions	Apr. 02, 2021	Jun. 30, 2021	Jun. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value of CVR and contingent value rights liabilities related to Merger		$ 16.4	$ 18.3
Sairopa B.V.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of net proceeds received from transaction of liquidation event	50.00%		50.00%

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 21,936	$ 21,774
Total accumulated depreciation	(2,577)	(1,148)
Property and equipment, net	19,359	20,626
Research and Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,446	3,616
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,151	921
Computer Software
Property Plant And Equipment [Line Items]
Total property and equipment	44	27
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	1,106	1,099
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 16,189	$ 16,111

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment	$ 19,359	$ 20,626
Canada
Property Plant And Equipment [Line Items]
Property and equipment	$ 3,400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 18,541		$ 18,541		$ 22,441
Reduced goodwill	3,900
Reduced deferred tax liabilities	800
Reduced CVR liability	3,100
Measurement period of merger			1 year
Amortization of intangible assets	422	$ 0	$ 842	$ 0
Novartis
Goodwill And Intangible Assets [Line Items]
Intangible assets, weighted average period			16 years 8 months 12 days
Novartis | Minimum
Goodwill And Intangible Assets [Line Items]
Intangible assets, amortization period			9 years
Novartis | Maximum
Goodwill And Intangible Assets [Line Items]
Intangible assets, amortization period			17 years
Acquired IPR&D assets
Goodwill And Intangible Assets [Line Items]
Acquired IPR&D decreased	$ 2,700

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
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	1,264	422
Intangible assets, net	26,854	27,696
Intangible Assets, Gross Carrying Amount	64,668	67,413
Intangible assets, Net Book Value	63,404	66,991
Acquired IPR&D assets
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Gross Carrying Amount	36,550	39,295
Indefinite-Lived Intangible Assets, Net Book Value	36,550	39,295
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	1,182	398
Intangible assets, net	25,503	26,287
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	82	24
Intangible assets, net	$ 1,351	$ 1,409

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (remaining six months)	$ 845
2022	1,722
2023	1,733
2024	1,733
2025	1,733
Thereafter	$ 19,088

Accrued Liabilities and Other -

Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities And Other Liabilities [Abstract]
Research and development costs	$ 5,426	$ 8,135
Compensation and benefits	3,489	4,530
Sublease rent and security deposit	675	1,400
Business taxes and licensing fees	1,052	898
Consulting and outside services	306	499
Other	321	212
Total accrued expenses and other liabilities	$ 11,269	$ 15,674

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details) - USD ($)	Dec. 16, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AbbVie Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock shares issued	1,999,415
Issuance of common stock	$ 6,700,000
Milestone payment		$ 0	$ 0	$ 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				297,000,000
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 | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 100,000		$ 400,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)ft²LeaseFacility	Jun. 30, 2021USD ($)ft²LeaseFacility	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)ft²LeaseFacility	Jun. 30, 2020USD ($)	Feb. 28, 2019$ / sharesshares
Operating Leased Assets [Line Items]
Redeemable convertible preferred stock, shares authorized | shares						18,992,220
Redeemable convertible preferred stock, shares issued | shares						18,992,220
Redeemable convertible preferred stock, par value per share | $ / shares						$ 0.0001
Redeemable convertible preferred stock, purchase price per share | $ / shares						$ 3.4225
Change in fair value of redeemable convertible preferred stock tranche liability			$ (10,000)		$ 1,169,000
Number of lease facility | LeaseFacility	5	5		5
Aggregate sublease income to be earned				$ 69,200,000
Letter of credit outstanding	$ 1,800,000	$ 1,800,000		1,800,000
Operating leases rent expense		2,100,000	100,000	4,100,000	300,000
Operating leases variable lease payments		600,000		1,200,000	100,000
Seattle Sublease
Operating Leased Assets [Line Items]
Sublease agreement term	2021-06
Sublease commencement date	Jul. 1, 2021
Sublease period	58 months
Aggregate estimated base rent payments	$ 5,700,000
Letter of credit outstanding	$ 300,000	$ 300,000		$ 300,000
Sublease | CANADA
Operating Leased Assets [Line Items]
Total square footage of leased property | ft²	100,000	100,000		100,000
Sublease Income		$ 1,400,000	0	$ 2,600,000	0
Maximum
Operating Leased Assets [Line Items]
Change in fair value of redeemable convertible preferred stock tranche liability			100,000		$ 1,200,000
Operating lease, remaining lease term	9 years	9 years		9 years
Operating leases variable lease payments			$ 100,000
Minimum
Operating Leased Assets [Line Items]
Operating lease, remaining lease term	6 months	6 months		6 months

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining six months)			$ 2,980
2022			6,124
2023			6,250
2024			6,361
2025			6,475
Thereafter			25,538
Total undiscounted lease payments			53,728
Present value adjustment			13,301
Total net lease liability			40,427
Net lease liability - current	$ 3,280	$ 3,045	3,280
Net lease liability - non-current	$ 37,147	$ 38,709	37,147
Total net lease liability			$ 40,427

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturity of Company's Operating Lease Liabilities (Parenthetical) (Details) $ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)
Operating Leased Assets [Line Items]
Other lease agreements term	2021-06
Undiscounted future operating lease payments related to agreements	$ 6.9
Undiscounted future operating lease payments including agreements	$ 60.6
Seattle Sublease
Operating Leased Assets [Line Items]
Sublease agreement term	2021-06

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Additional Information Related to Operating Leases (Details)	Jun. 30, 2021	Dec. 31, 2020
Weighted-average remaining lease terms (in years)
Operating leases		8 years 9 months 18 days
Weighted-average discount rate
Operating leases	7.10%	7.10%

Common Stock - Summary of RSA A

Common Stock - Summary of RSA Activity (Details) - Restricted Stock Awards (RSAs)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance | shares	196,000
Number of Restricted Stock, Vested | shares	(48,000)
Number of Restricted Stock, Ending balance | shares	148,000
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares	$ 0.00034
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	0.00034
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares	$ 0.00034

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2021	Jun. 30, 2021
At-the-Market Offering | 2021 Sales Agreement | Cantor Fitzgerald & Co. and SVB Leerink LLC
Class Of Stock [Line Items]
Commission on sales of common stock, percentage	3.00%
Issuance of common stock (in shares)	2.2
Net proceeds from issuance of common stock	$ 33.9
Aggregate offering available for issuance of common stock	$ 40
Agreement maturity date	Apr. 7, 2024
At-the-Market Offering | 2021 Sales Agreement | Maximum | Cantor Fitzgerald & Co. and SVB Leerink LLC
Class Of Stock [Line Items]
Aggregate offering price from offer and sale of common stock	$ 75
Restricted Stock Awards (RSAs)
Class Of Stock [Line Items]
Fair value of RSAs vested		$ 0.8

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2019IncentivePlanshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity incentive plans | IncentivePlan	2
Number of common shares, granted | shares		1,280,000
Number of shares available for future grant | shares		1,200,000		900,000
Weighted average grant-date fair value of options granted | $ / shares		$ 10.65	$ 3.64
Unrecognized compensation expense | $		$ 29.1
Weighted-average period of unrecognized compensation expense		3 years 1 month 6 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period of unrecognized compensation expense		2 years 6 months
Total fair value of restricted stock units vested during the period | $		$ 0.2
Unrecognized stock-based compensation expense related to RSUs | $		$ 11.1
2009 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares, granted | shares	0
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reverse stock split	one-for-five
2015 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant | shares		0.7
Weighted-average period of unrecognized compensation expense		4 months 24 days
Unrecognized stock-based compensation expense related to RSUs | $		$ 0.1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Number of Shares Underlying Options, Beginning balance | shares	5,514
Number of common shares, granted | shares	1,280
Options Outstanding, Number of Shares Underlying Options, Exercised | shares	(236)
Options Outstanding, Number of Shares Underlying Options, Canceled | shares	(144)
Options Outstanding, Number of Shares Underlying Options, Ending balance | shares	6,414
Options Outstanding, Number of Shares Underlying Options, Options exercisable | shares	2,385
Options Outstanding, Number of Shares Underlying Options, Options vested and expected to vest | shares	6,414
Options Outstanding, Weighted-Average Exercise Price, Beginning balance | $ / shares	$ 13.24
Options Outstanding, Weighted-Average Exercise Price, Granted | $ / shares	15.66
Options Outstanding, Weighted-Average Exercise Price, Exercised | $ / shares	6.23
Options Outstanding, Weighted-Average Exercise Price, Canceled | $ / shares	35.77
Options Outstanding, Weighted-Average Exercise Price, Ending balance | $ / shares	13.48
Options Outstanding, Weighted-Average Exercise Price, Options exercisable | $ / shares	17.91
Options Outstanding, Weighted-Average Exercise Price, Options vested and expected to vest | $ / shares	$ 13.48
Options Outstanding, Aggregate Intrinsic Value, Balance | $	$ 38,433
Options Outstanding, Aggregate Intrinsic Value, Options Exercised | $	2,515
Options Outstanding, Aggregate Intrinsic Value, Balance | $	29,740
Options Outstanding, Aggregate Intrinsic Value, Options exercisable-March 31, 2021 | $	13,672
Options Outstanding, Aggregate Intrinsic Value, Options vested and expected to vest-March 31, 2021 | $	$ 29,740

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Black Scholes Option-Pricing Model (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
2015 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months		6 months
Volatility	60.90%	0.00%	60.90%	0.00%
Risk-free interest rate	0.00%	0.00%	0.00%	0.00%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days
Volatility	78.60%	80.30%	79.00%	79.50%
Risk-free interest rate	1.10%	0.40%	0.80%	0.80%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit or RSU Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance | shares	441
Number of Restricted Stock, Granted | shares	466
Number of Restricted Stock, Vested | shares	(15)
Number of Restricted Stock, Forfeited | shares	(16)
Number of Restricted Stock, Ending balance | shares	876
Weighted-Average Grant Date Fair Value per Share, Beginning Balance | $ / shares	$ 14.51
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares	15.43
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	14.74
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares	14.81
Weighted-Average Grant Date Fair Value per Share, Ending Balance | $ / shares	$ 14.99

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,595	$ 299	$ 6,073	$ 399
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,732	143	2,760	183
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,863	$ 156	$ 3,313	$ 216

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 741,000	$ 0	$ 741,000	$ 0
Effective income tax rate	1.70%		0.90%
Statutory tax rate			21.00%

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (42,571)	$ (37,215)	$ (7,743)	$ (5,149)	$ (79,786)	$ (12,892)
Weighted-average shares outstanding	44,021		4,466		43,176	4,465
Less: weighted-average unvested restricted shares and shares subject to repurchase	(160)		(315)		(172)	(337)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	43,861		4,151		43,004	4,128
Net loss per share attributable to common stockholders, basic and diluted	$ (0.97)		$ (1.87)		$ (1.86)	$ (3.12)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	7,438,000	21,297,000	7,438,000	21,297,000
Redeemable Convertible Preferred 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		11,834,000		11,834,000
Conversion of Redeemable Convertible Preferred Stock Issuable Upon Settlement of Redeemable Convertible Preferred Stock Tranche Liability
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		7,159,000		7,159,000
Unvested Restricted Stock Units
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	876,000		876,000
Unvested Restricted Stock Awards
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	148,000	297,000	148,000	297,000
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	6,414,000	2,007,000	6,414,000	2,007,000

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) $ in Thousands, € in Millions	Apr. 02, 2021	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)
Schedule Of Equity Method Investments [Line Items]
Equity method investment, gain on sale			$ 7,227
Sairopa B.V.
Schedule Of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				44.00%
Equity method investment, initial capitalization | €				€ 12.5
Equity method investment, recorded			10,000
Equity method investment, gain on sale		$ 7,200	$ 7,200
Equity method investment, income or loss recorded term			one quarter lag
CVR Agreement | Sairopa B.V.
Schedule Of Equity Method Investments [Line Items]
Percentage of net proceeds received from transaction of liquidation event	50.00%		50.00%