Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-39321 | ||
Entity Registrant Name | AVIDITY BIOSCIENCES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1336960 | ||
Entity Address, Address Line One | 10578 Science Center Drive | ||
Entity Address, Address Line Two | Suite 125 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92121 | ||
City Area Code | 858 | ||
Local Phone Number | 401-7900 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | RNA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 811.3 | ||
Entity Common Stock, Shares Outstanding | 79,719,473 | ||
Documents Incorporated by Reference | Certain sections of the registrant’s definitive proxy statement for the 2024 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K. | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001599901 | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 243 |
Auditor Name | BDO USA, P.C. |
Auditor Location | San Diego, California |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 185,082 | $ 340,396 |
Marketable securities | 410,269 | 270,331 |
Prepaid and other assets | 15,956 | 12,215 |
Total current assets | 611,307 | 622,942 |
Property and equipment, net | 8,381 | 6,254 |
Restricted cash | 295 | 251 |
Right-of-use assets | 8,271 | 8,755 |
Other assets | 301 | 598 |
Total assets | 628,555 | 638,800 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 34,341 | 32,572 |
Accrued compensation | 14,335 | 11,190 |
Lease liabilities, current portion | 3,639 | 3,105 |
Deferred revenue, current portion | 28,365 | 5,041 |
Total current liabilities | 80,680 | 51,908 |
Lease liabilities, net of current portion | 6,213 | 7,582 |
Deferred revenue, net of current portion | 40,898 | 1,235 |
Total liabilities | 127,791 | 60,725 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value; authorized shares – 400,000; issued and outstanding shares – 79,275 and 69,768 at December 31, 2023 and 2022, respectively | 8 | 7 |
Additional paid-in capital | 1,071,395 | 939,310 |
Accumulated other comprehensive income (loss) | 125 | (2,698) |
Accumulated deficit | (570,764) | (358,544) |
Total stockholders’ equity | 500,764 | 578,075 |
Total liabilities and stockholders’ equity | $ 628,555 | $ 638,800 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 79,275,000 | 69,768,000 |
Common stock, shares outstanding (in shares) | 79,275,000 | 69,768,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Collaboration revenue | $ 9,560 | $ 9,224 | $ 9,326 |
Operating expenses: | |||
Research and development | 190,968 | 150,404 | 101,182 |
General and administrative | 54,190 | 37,733 | 26,195 |
Total operating expenses | 245,158 | 188,137 | 127,377 |
Loss from operations | (235,598) | (178,913) | (118,051) |
Other income (expense): | |||
Interest income | 23,972 | 4,975 | 104 |
Other expense | (594) | (57) | (62) |
Total other income (expense) | 23,378 | 4,918 | 42 |
Net loss | $ (212,220) | $ (173,995) | $ (118,009) |
Net loss per share, basic (in dollars per share) | $ (2.91) | $ (3.34) | $ (2.85) |
Net loss per share, diluted (in dollars per share) | $ (2.91) | $ (3.34) | $ (2.85) |
Weighted-average shares outstanding, basic (in shares) | 73,012 | 52,162 | 41,428 |
Weighted-average shares outstanding, diluted (in shares) | 73,012 | 52,162 | 41,428 |
Other comprehensive loss: | |||
Net unrealized gains (losses) on marketable securities | $ 2,823 | $ (2,511) | $ (182) |
Comprehensive loss | $ (209,397) | $ (176,506) | $ (118,191) |
Statements of Stockholders_ Equ
Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Total | Private Placement | Public Stock Offering | Common Stock | Common Stock Private Placement | Common Stock Public Stock Offering | Additional Paid-in Capital | Additional Paid-in Capital Private Placement | Additional Paid-in Capital Public Stock Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 37,569 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ 306,223 | $ 4 | $ 372,764 | $ (5) | $ (66,540) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock, net of issuance costs (in shares) | 9,980 | ||||||||||
Issuance of common stock, net of issuance costs | 174,677 | $ 1 | 174,676 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 172 | ||||||||||
Issuance of common stock upon exercise of stock options | 930 | 930 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 33 | ||||||||||
Issuance of common stock under employee stock purchase plan | 709 | 709 | |||||||||
Vesting of early exercise options | 26 | 26 | |||||||||
Stock-based compensation | 17,056 | 17,056 | |||||||||
Net loss | (118,009) | (118,009) | |||||||||
Other comprehensive loss (income) | (182) | (182) | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 47,754 | ||||||||||
Ending balance at Dec. 31, 2021 | 381,430 | $ 5 | 566,161 | (187) | (184,549) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock, net of issuance costs (in shares) | 21,572 | ||||||||||
Issuance of common stock, net of issuance costs | 344,616 | $ 2 | 344,614 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 351 | ||||||||||
Issuance of common stock upon exercise of stock options | 470 | 470 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 91 | ||||||||||
Issuance of common stock under employee stock purchase plan | 922 | 922 | |||||||||
Vesting of early exercise options | 4 | 4 | |||||||||
Stock-based compensation | 27,139 | 27,139 | |||||||||
Net loss | (173,995) | (173,995) | |||||||||
Other comprehensive loss (income) | $ (2,511) | (2,511) | |||||||||
Ending balance (in shares) at Dec. 31, 2022 | 69,768 | 69,768 | |||||||||
Ending balance at Dec. 31, 2022 | $ 578,075 | $ 7 | 939,310 | (2,698) | (358,544) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock, net of issuance costs (in shares) | 5,075 | 4,107 | |||||||||
Issuance of common stock, net of issuance costs | $ 31,190 | $ 60,547 | $ 1 | $ 31,189 | $ 60,547 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 149 | 149 | |||||||||
Issuance of common stock upon exercise of stock options | $ 573 | 573 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 176 | ||||||||||
Issuance of common stock under employee stock purchase plan | 1,554 | 1,554 | |||||||||
Stock-based compensation | 38,222 | 38,222 | |||||||||
Net loss | (212,220) | (212,220) | |||||||||
Other comprehensive loss (income) | $ 2,823 | 2,823 | |||||||||
Ending balance (in shares) at Dec. 31, 2023 | 79,275 | 79,275 | |||||||||
Ending balance at Dec. 31, 2023 | $ 500,764 | $ 8 | $ 1,071,395 | $ 125 | $ (570,764) |
Statements of Stockholders_ E_2
Statements of Stockholders’ Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Private Placement | |
Public offering issuance costs | $ 74 |
Public Stock Offering | |
Public offering issuance costs | $ 1,385 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net loss | $ (212,220) | $ (173,995) | $ (118,009) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2,101 | 1,387 | 639 |
Stock-based compensation expense | 38,222 | 27,139 | 17,056 |
Amortization of premiums and discounts on marketable securities, net | (11,274) | (615) | 179 |
Noncash operating lease costs | 2,978 | 2,749 | 695 |
Other non-cash adjustments | 0 | 0 | (16) |
Changes in operating assets and liabilities: | |||
Prepaid and other assets | (3,444) | (6,616) | (2,510) |
Accounts payable and accrued liabilities | 1,769 | 18,315 | 6,043 |
Accrued compensation | 3,145 | 2,250 | 5,788 |
Operating lease liabilities | (3,328) | (1,762) | (234) |
Deferred revenue | 62,987 | (5,120) | (4,444) |
Net cash used in operating activities | (119,064) | (136,268) | (94,813) |
Cash flows from investing activities | |||
Purchases of marketable securities | (461,002) | (355,837) | (85,357) |
Maturities of marketable securities | 335,160 | 168,705 | 6,580 |
Purchases of property and equipment | (4,228) | (2,823) | (3,740) |
Net cash used in investing activities | (130,070) | (189,955) | (82,517) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock in public offerings, net of issuance costs | 60,547 | 344,779 | 174,677 |
Proceeds from issuance of common stock in a private placement, net of issuance costs and allocation to deferred revenues (Note 5) | 31,190 | 0 | 0 |
Proceeds from the issuance of common stock under employee incentive equity plans | 2,127 | 1,392 | 1,639 |
Net cash provided by financing activities | 93,864 | 346,171 | 176,316 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (155,270) | 19,948 | (1,014) |
Cash, cash equivalents and restricted cash at beginning of period | 340,647 | 320,699 | 321,713 |
Cash, cash equivalents and restricted cash at end of period | 185,377 | 340,647 | 320,699 |
Supplemental schedule of noncash investing and financing activities: | |||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,741 | $ 0 | $ 12,074 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Avidity Biosciences, Inc. (the Company or Avidity) is a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs). The Company’s proprietary AOC platform is designed to combine the specificity of monoclonal antibodies with the precision of RNA therapeutics to target the root cause of diseases previously untreatable with such therapeutics. Liquidity Since inception, the Company has relied on various means of raising capital, including public offerings, various sales agreements, the sale and issuance of convertible preferred stock, funding under collaboration agreements, and a private placement of common stock. The Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital, developing its proprietary AOC platform, identifying potential product candidates, establishing its intellectual property portfolio, conducting research, preclinical studies, advancing its clinical programs and providing other general and administrative support for these operations. In addition, the Company has a limited operating history, has incurred operating losses since inception and expects that it will continue to incur net losses into the foreseeable future as it continues the development of its product candidates and development programs. As of December 31, 2023, the Company had an accumulated deficit of $570.8 million and cash, cash equivalents, and marketable securities of $595.4 million. The Company believes that existing cash, cash equivalents and marketable securities will be sufficient to fund the Company’s operations for at least 12 months from the date of the filing of this Form 10-K. The Company plans to finance its future cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, it may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or delay or reduce the scope of its planned development programs. Any of these actions could materially harm the Company’s business, results of operations, and future prospects. Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC). The financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these financial statements are not necessarily indicative of the results that may be expected for any future periods. In December 2023, the Company formed Avidity Biosciences Ireland Limited, a wholly-owned subsidiary (the Subsidiary). During 2023, there were no operations in the Subsidiary and there were no assets or liabilities held by the Subsidiary at December 31, 2023. Immaterial Out of Period Adjustment During the year ended December 31, 2023, the Company identified an immaterial adjustment to research and development expenses that impacted the Company’s previously issued financial statements. Therefore, the Company recorded an out of period adjustment that decreased research and development expenses for the year ended December 31, 2023 by $3.6 million, which related to the year ended December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to revenue recognition, stock-based compensation, and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. Restricted cash represents cash held as collateral for the letter of credit required under the Company’s facility lease and is reported as a long-term asset in the accompanying balance sheets. Cash and cash equivalents are considered Level 1 investments. Marketable Securities The Company’s marketable securities primarily consist of U.S. Government and corporate debt securities. The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than one year as current assets because such marketable securities are available to fund the Company’s current operations. Realized gains and losses are calculated on the specific identification method and recorded as interest income. There were no realized gains and losses recognized during the periods presented. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in net income (loss). For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of the Company’s available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid and other assets See Note 4 (Marketable Securities) for further information. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has established guidelines regarding approved investments, credit quality, diversification, liquidity and maturities of investments, which are designed to maintain safety and liquidity. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institutions in which those deposits are held. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs, such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. None of the Company’s non-financial assets are recorded at fair value on a non-recurring basis. The carrying amounts reflected in the Company’s balance sheets for prepaid and other assets and accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There have been no transfers into or out of level 3 assets during any of the periods presented. See Note 3 (Fair Value Measurements) for information on assets measured at fair value. Property and Equipment, net Property and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets, which ranges from three Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or an asset group may not be recoverable. If such triggering event is determined to have occurred, the asset’s or asset group’s carrying value is compared to the future undiscounted cash flows expected to be generated. The Company has not recognized any impairment losses in any of the periods presented in these financial statements. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The CODM manages its operations as a single operating segment in the United States for the purposes of assessing performance and making operating decisions. Revenue Recognition To date, all the Company’s revenue has been derived from collaboration and research agreements. The terms of these arrangements include the following types of payments to the Company: non-refundable, upfront license fees; development, regulatory and commercial milestone payments; payments for research and development services provided by the Company or for manufacturing supply services the Company provides through its contract manufacturers; and royalties on net sales of licensed products. At the inception of a collaboration arrangement, the Company first assesses whether the contractual arrangement is within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) to determine whether the arrangement involves a joint operating activity and involves two (or more) parties that are both active participants in the activity and exposed to significant risks and rewards dependent on the commercial success of such activity. Then the Company determines whether the collaboration arrangement in its entirety represents a contract with a customer as defined by ASC Topic 606 (ASC 606). If only a portion of the collaboration arrangement is potentially with a customer, the Company applies the distinct good or service unit-of-account guidance in ASC 606 to determine whether there is a unit of account that should be accounted for under ASC 606. The Company performs the following steps in determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of these agreements: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when, or as, the Company satisfies each performance obligation. The Company applies significant judgment when making estimates and assumptions under these agreements, including (i) evaluating whether contractual obligations represent distinct performance obligations, (ii) the assessment of whether options represent material rights, (iii) determining whether there are observable standalone prices and allocating transaction price to performance obligations within a contract, (iv) assessing whether any licenses are functional or symbolic, (v) determining when performance obligations have been met, and (vi) assessing the recognition of variable consideration. The Company evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. The Company receives payments from its collaborators based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under its research and collaboration arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. License fees, non-refundable upfront fees, and funding of research activities are considered fixed, while milestone payments are identified as variable consideration and excluded from the transaction price. The Company will recognize revenue for sales-based royalty if and when a subsequent sale occurs. See Note 5 (Collaboration, License and Research Agreements) for further information. Research and Development Costs and Accruals Research and development costs are expensed as incurred and include salaries, benefits and stock-based compensation associated with research and development personnel, third-party research and development expenses, license fees, laboratory supplies, facilities, overhead costs, and consultants. Nonrefundable advance payments for goods and services that will be used in future research and development activities are capitalized and recorded as expense in the period that the Company receives the goods or when services are performed. The Company has entered into various research and development contracts with research institutions, clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying balance sheets as prepaid and other assets or accrued liabilities. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received, and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Upfront and milestone payments to acquire contractual rights to licensed technology are expensed when incurred if there is uncertainty in the Company receiving future economic benefit from the acquired contractual rights. Certain of these contractual rights may require the Company to make additional milestone payments upon initiation of a pivotal trial and the U.S. Food and Drug Administration approval. Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain. Income Taxes Income taxes are accounted for using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company is subject to taxation in the United States and various state jurisdictions. As of December 31, 2023, the Company’s tax years since conversion to a corporation in 2019 are subject to examination by taxing authorities. Leases The Company determines if an arrangement is a lease at inception. Lease right-of-use assets represent Company's right to use an underlying asset for the lease term and lease liabilities represent Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and costs related to leases with terms of less than 12 months are expensed as incurred. Stock-Based Compensation Stock-based compensation expense is incurred related to stock option and restricted stock grants, and to shares sold under the Employee Stock Purchase Plan (the ESPP). Stock-based compensation expense for stock option grants is determined using the Black-Scholes-Merton (BSM) option pricing model and is recorded at the estimated fair value of the award as of the grant date and recognized as expense on a straight-line basis over the requisite service period (usually the vesting period) of the stock-based award. Stock-based compensation expense for Restricted Stock Units (RSUs) is recorded at the market price of a share of the Company's stock on the date of grant and is recognized as expense on a straight-line basis over the four-year service period. Stock-based compensation expense for Performance Stock Units (PSUs) is recorded at the market price of a share of the Company's stock on the date of grant and recognized on a straight-line basis over the requisite service periods beginning when the achievement of the performance condition is determined to be probable. Stock-based compensation expense for employee stock purchases under the Company’s ESPP is determined using the BSM option pricing model and is recorded at the estimated fair value of the purchase as of the plan enrollment date and is recognized as expense on a straight-line basis over the applicable six-month ESPP offering period. The estimation of fair value for stock-based compensation requires management to make estimates and judgments about, among other things, the estimated life of options and volatility of the Company’s common stock. These judgments directly affect the amount of compensation expense that will be recognized. Forfeitures are accounted for as incurred. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities. Comprehensive gains (losses) have been reflected in the statements of operations and comprehensive loss for all periods presented. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, adjusted for the weighted-average number of common shares outstanding that are subject to repurchase or forfeiture. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the common stock equivalent securities would be anti-dilutive. Common stock equivalent securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares; in thousands): December 31, 2023 2022 2021 Common stock options issued and outstanding 12,495 9,352 5,778 Restricted stock units 758 — — Performance stock units 750 — — ESPP shares pending issuance 12 5 3 Total 14,015 9,357 5,781 Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 will be applied retrospectively and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, primarily through standardization and disaggregation of the income tax rate reconciliation and disaggregation of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. ASU 2023-09 can be applied either prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its financial statements and accompanying notes. Recently Adopted Accounting Pronouncements |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables summarize the Company’s cash equivalents and marketable securities measured at fair value (in thousands): Fair Value Measurements Using As of December 31, 2023 Total Quoted Prices in Significant Significant Marketable securities: U.S. Treasury securities $ 399,890 $ 399,890 $ — $ — U.S. Government agency securities 4,998 — 4,998 — Negotiable certificates of deposit 5,381 — 5,381 — Total $ 410,269 $ 399,890 $ 10,379 $ — Fair Value Measurements Using As of December 31, 2022 Total Quoted Prices in Significant Significant Cash equivalents: U.S. Treasury securities $ 2,498 $ 2,498 $ — $ — Marketable securities: U.S. Treasury securities 244,945 244,945 — — U.S. Government agency securities 4,966 — 4,966 — Negotiable certificates of deposit 4,346 — 4,346 — Corporate debt securities 16,074 — 16,074 — Total $ 272,829 $ 247,443 $ 25,386 $ — |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands): As of December 31, 2023 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 301,053 $ 102 $ (530) $ 300,625 U.S. Government agency securities 1 or less 5,000 — (2) 4,998 Negotiable certificates of deposit 1 or less 4,410 1 (4) 4,407 U.S. Treasury securities 1 - 2 98,701 600 (36) 99,265 Negotiable certificates of deposit 1 - 2 980 — (6) 974 Total $ 410,144 $ 703 $ (578) $ 410,269 As of December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 230,349 $ 1 $ (2,283) $ 228,067 U.S. Government agency securities 1 or less 5,000 — (34) 4,966 Negotiable certificates of deposit 1 or less 3,911 1 (57) 3,855 Corporate debt securities 1 or less 16,360 — (286) 16,074 U.S. Treasury securities 1 - 2 16,919 — (41) 16,878 Negotiable certificates of deposit 1 - 2 490 1 — 491 Total $ 273,029 $ 3 $ (2,701) $ 270,331 The unrealized losses on the Company’s marketable securities were caused by interest rate increases and resulted in the decrease in market value of these securities. There were no allowances for credit losses at December 31, 2023 and 2022 because (i) the decline in fair value is attributable to changes in interest rates and not credit quality, (ii) the Company does not intend to sell the investments before maturity, and (iii) and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. The following table summarizes marketable securities in a continuous unrealized loss position for which an allowance for credit losses was not recorded (in thousands): Less Than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 214,291 $ 566 $ — $ — $ 214,291 $ 566 U.S. Government agency securities 4,998 2 — — 4,998 2 Negotiable certificates of deposit 3,665 10 — — 3,665 10 Total $ 222,954 $ 578 $ — $ — $ 222,954 $ 578 Less Than 12 Months 12 Months or Greater Total As of December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 178,568 $ 1,056 $ 61,377 $ 1,267 $ 239,945 $ 2,323 U.S. Government agency securities 4,966 34 — — 4,966 34 Corporate debt securities 2,228 21 13,846 265 16,074 286 Negotiable certificates of deposit 726 9 1,903 48 2,629 57 Total $ 186,488 $ 1,120 $ 77,126 $ 1,580 $ 263,614 $ 2,700 Accrued interest receivable on available-for-sale securities was $2.6 million and $1.3 million at December 31, 2023 and 2022, respectively. We have not written off any accrued interest receivable in any of the periods presented in these financial statements. |
Collaboration, License and Rese
Collaboration, License and Research Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Collaboration License And Research Agreements [Abstract] | |
Collaboration, License and Research Agreements | Collaboration, License and Research Agreements Research Collaboration and License Agreement and Securities Purchase Agreement with Bristol Myers Squibb Company In November 2023, the Company entered into (i) a Research Collaboration and License Agreement (the BMS Collaboration Agreement) with Bristol Myers Squibb Company (BMS) to expand on the research with MyoKardia Inc. (MyoKardia) and (ii) a Securities Purchase Agreement (the BMS Purchase Agreement) with BMS for the sale of 5,075,304 shares of the Company's common stock in a private placement transaction. The BMS Collaboration Agreement and the BMS Purchase Agreement are referred to herein as the "BMS Agreements." Under the terms of the BMS Collaboration Agreement, BMS will have the right to select up to five cardiovascular targets (each a “Target”) for collaborative research programs under which the Company will utilize its proprietary AOC platform to conduct research and development activities in order to identify, generate, and optimize AOC compounds directed to such Targets with the goal of generating an applicable development candidate. On a Target-by-Target basis, after the Company completes specified research activities in accordance with a research plan, BMS will have the right to develop, manufacture and commercialize such compounds generated during the research term, and products containing such compounds, worldwide. The research and activities conducted under the BMS Collaboration Agreement will be governed by a joint steering committee comprised of representatives from the Company and BMS. Avidity received approximately $100 million upfront, including a $60 million nonrefundable cash payment and approximately $40 million from the sale of Avidity common stock at $7.8813 per share, which included an $8.7 million premium for the per share amount in excess of the fair value at the time of the transaction. Avidity is also eligible to receive up to approximately $1.35 billion in research and development milestone payments, up to approximately $825 million in commercial milestone payments, and tiered royalties from high single digits up to low double-digits on net sales. Avidity is responsible for its own research costs incurred under the agreement, subject to a cumulative spending cap of $40 million. BMS will fund all future clinical development, regulatory and commercialization activities coming from this collaboration. We have determined that the BMS Agreements should be accounted for separately from the research collaboration with MyoKardia (the MyoKardia Agreement). We identified two distinct units of accounting under the BMS Agreements. The first distinct unit of accounting includes (i) a license to technology and patents; (ii) collaboration services, including research services and technical and regulatory support; and (iii) participation on research oversight committees. The Company has determined that these elements individually are either not capable of being distinct or are not distinct within the context of the contract and, therefore, will account for them as a single distinct performance obligation for purposes of revenue recognition. The second distinct unit of accounting is related to the sale of common stock, which will be accounted for as an issuance of equity at fair value in accordance with the applicable accounting standards. Consideration received related to the premium on sale of the Company's common stock was allocated to the transaction price for purposes of revenue recognition. At the time the BMS Agreements were entered into, the fixed and determinable amount related to the first unit of accounting was $68.7 million, which includes the upfront cash payment and premium on sale of the Company's common stock. The Company will recognize revenue using the input method in an amount proportional to the collaboration expenses incurred and the total estimated collaboration expenses over the seven-year period in which it expects to deliver its performance obligation as this method provides the most faithful depiction of the Company's transfer of services under the BMS Agreements. The Company periodically reviews and updates the estimated collaboration expenses, when appropriate, which adjusts the percentage of revenue that is recognized for the period. The remaining $31.3 million was allocated to the second unit of accounting related to the sale of common stock (Note 8). The initial consideration related to the $60 million cash payment and approximate $40 million sale of common stock was received prior to December 31, 2023 . No revenues have been recognized related to the BMS Agreements in 2023. Research Collaboration and License Agreement with Eli Lilly and Company In April 2019, the Company entered into a Research Collaboration and License Agreement (the Lilly Agreement) with Eli Lilly and Company (Lilly) for the discovery, development and commercialization of AOC products directed against certain targets in immunology and other select indications on a worldwide basis. Under the Lilly Agreement, the Company granted Lilly an exclusive, worldwide, royalty-bearing license, with the right to sublicense (subject to certain conditions), under the Company’s technology to research, develop, manufacture and sell products containing AOCs that are directed to up to six mRNA targets. The Company retains the right to use its technology to perform its obligations under the Lilly Agreement and for all purposes not granted to Lilly. The Company agreed that it will not, itself or with a third party, research, develop, manufacture or commercialize or otherwise exploit any compound or product directed against targets subject to the Lilly Agreement. In consideration of the rights granted to Lilly under the Lilly Agreement, the Company received a one-time upfront fee of $20.0 million and is eligible to receive up to $60.0 million in development milestone payments, up to $140.0 million in regulatory milestone payments and up to $205.0 million in commercialization milestone payments per target. In addition, Lilly is obligated to reimburse the Company for research expenses, as defined in and incurred under the Lilly Agreement. Lilly is obligated to pay the Company a tiered royalty ranging from the mid-single to low-double digits on worldwide annual net sales of licensed products, subject to specified and capped reductions for the market entry of biosimilar products, loss of patent coverage of licensed products, and for payments owed to third parties for additional rights necessary to commercialize licensed products in the territory. Lilly’s royalty obligations and the Lilly Agreement will expire on a licensed product-by-licensed product and country-by-country basis on the later of ten years from the date of the first commercial sale or when there is no longer a valid patent claim covering such licensed product in such country. The Company has identified multiple promises to deliver goods and services, which include at inception of the agreement: (i) a license to technology and patents, information and know-how; and (ii) collaboration, including research services and technical and regulatory support provided by the Company. At inception, the Company has identified one performance obligation for the promises under the Lilly Agreement since the elements are either not capable of being distinct or are not distinct within the context of the contract. Accordingly, the Company recognizes revenue for the fixed or determinable collaboration in an amount proportional to the collaboration expenses incurred and the total estimated collaboration expenses over the five-year period in which it expects to deliver its performance obligation. The Company periodically reviews and updates the estimated collaboration expenses, when appropriate, which adjusts the percentage of revenue that is recognized for the period. In connection with the Lilly Agreement, the Company recognized revenue of $9.5 million, $9.0 million, and $9.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Collaboration receivables related to the Lilly Agreement were $0.8 million and $2.1 million as of December 31, 2023 and 2022, respectively, which are included in prepaid and other assets on the balance sheets. Research Agreement with MyoKardia, Inc. In December 2020, the Company entered into a research collaboration (the MyoKardia Agreement) with MyoKardia, a wholly-owned subsidiary of BMS, to demonstrate the potential utility of AOCs in cardiac tissue by leveraging MyoKardia’s genetic cardiomyopathy platform including, among other aspects, its novel target discovery engine and proprietary cardiac disease models. In connection with the MyoKardia Agreement, the Company recognized an immaterial amount of revenue in each of the periods presented. Under the terms of the MyoKardia Agreement, in July 2023, BMS as the successor in interest to MyoKardia, exercised its option to negotiate and enter into a License Agreement covering AOCs that modulate the function of cardiovascular targets. The Research Collaboration with MyoKardia was terminated in November 2023 upon execution of the Research Collaboration and License Agreement with BMS. A reconciliation of the closing balance of deferred revenue related to all collaboration agreements for the years ended December 31, 2023 and 2022 is as follows (in thousands): Revenue recognized that was included in the balance at the beginning of the period $ (4,732) Balance at December 31, 2021 11,108 Revenue recognized that was included in the balance at the beginning of the period (4,933) Balance at December 31, 2022 6,175 Unearned revenue from cash received during the period 68,736 Revenue recognized that was included in the balance at the beginning of the period (5,648) Balance at December 31, 2023 $ 69,263 |
Composition of Certain Financia
Composition of Certain Financial Statement Items | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Composition of Certain Financial Statement Items | Composition of Certain Financial Statement Items Prepaid and other assets (in thousands) December 31, 2023 2022 Accounts receivable $ 1,105 $ 2,364 Prepaid assets 7,333 8,340 Interest receivable and other assets 7,518 1,511 Total prepaid and other assets $ 15,956 $ 12,215 Property and equipment, net (in thousands) December 31, 2023 2022 Laboratory equipment $ 11,208 $ 7,217 Computers and software 127 116 Office furniture and equipment 1,979 1,792 Leasehold improvements 288 249 Property and equipment, gross 13,602 9,374 Less accumulated depreciation and amortization (5,221) (3,120) Total property and equipment, net $ 8,381 $ 6,254 Depreciation and amortization expense related to property and equipment was $2.1 million, $1.4 million, and $0.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. Accounts payable and accrued liabilities (in thousands) December 31, 2023 2022 Accounts payable $ 8,809 $ 4,637 Accrued non-clinical liabilities 19,535 22,535 Accrued clinical liabilities 5,997 5,400 Total accounts payable and accrued liabilities $ 34,341 $ 32,572 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Agreements The Company determines if an arrangement is a finance lease, operating lease or short-term lease at inception. During the periods presented, the Company was party to various non-cancellable office and laboratory space operating leases and short-term leases. Short-term leases are not subject to recognition of an ROU asset or liability or straight-line lease expense requirements. As of December 31, 2023, the Company’s ROU assets and liabilities related to the operating lease for the Company headquarters are as follows (in thousands): ROU assets $ 8,271 Lease liabilities, current portion $ 3,639 Lease liabilities, net of current portion 6,213 Total lease liabilities $ 9,852 As of December 31, 2023, maturities of the lease liabilities due under the operating lease are as follows (in thousands): Year ending December 31, 2024 $ 3,697 2025 3,854 2026 3,639 Total lease payments 11,190 Less imputed interest (1,338) Total operating lease liabilities 9,852 Less lease liabilities, current portion (3,639) Lease liabilities, net of current portion $ 6,213 Other information related to leases was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid included in operating cash flows $ 3,328 $ 1,762 $ 234 Weighted-average remaining lease term (in years) 2.9 3.9 4.9 Weighted-average discount rate 5.9 % 5.5 % 5.5 % Lease cost was $3.0 million, $2.7 million and $0.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Short-term and variable lease costs were immaterial for all periods presented. Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no such matters currently outstanding for which any liabilities have been accrued. Contractual Obligations The Company enters into contracts in the normal course of business for contract research services, contract manufacturing services, professional services, and other services and products for operating purposes. These contracts may include certain provisions that could require payments for early termination. The amount of any such termination payments will vary depending on the timing of the termination and the specific terms of the contract. Further, the Company has entered into various contracts to acquire contractual rights to licensed technology, some of which may require the Company to make additional milestone payments upon initiation of a pivotal trial and U.S. Food and Drug Administration approval. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Amended and Restated Certificate of Incorporation On June 16, 2020, the Company’s certificate of incorporation was amended and restated to authorize 400,000,000 shares of common stock and 40,000,000 shares of undesignated preferred stock, each with a par value of $0.0001 per share. There was no preferred stock outstanding as of December 31, 2023, 2022, or 2021. Common Stock On June 16, 2020, the Company completed its IPO in which it sold 16,560,000 shares of common stock at an offering price of $18.00 per share. Proceeds from the IPO, net of underwriting discounts, commissions and offering costs of $24.0 million, were $274.1 million. On July 2, 2021, the Company entered into a sales agreement (the 2021 Sales Agreement) with Cowen and Company, LLC (the Sales Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent. Sales of the Company’s common stock made pursuant to the 2021 Sales Agreement are made under the Company’s shelf registration statement on Form S-3, which became automatically effective upon filing on July 2, 2021 (the Shelf Registration Statement). On November 8, 2022, the Company entered into a sales agreement (the 2022 Sales Agreement) with the Sales Agent, with substantially similar terms as the 2021 Sales Agreement (collectively the Sales Agreements). Under the 2022 Sales Agreement, the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $200.0 million through the Sales Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Sales Agent. The Company is not obligated to sell, and the Sales Agent is not obligated to buy or sell, any shares of common stock under the 2022 Sales Agreement. Upon entry into the 2022 Sales Agreement, the 2021 Sales Agreement was terminated. During the years ended December 31, 2023 and 2022, the Company sold 4,107,810 and 7,771,812 shares of its common stock, respectively, pursuant to the Sales Agreements and received net proceeds of $60.5 million and $121.1 million, respectively, after deducting offering-related transaction costs and commissions of $1.4 million and $3.7 million, respectively. On August 6, 2021, the Company completed a public offering of 9,200,000 shares of its common stock at a public offering price of $18.00 per share. The net proceeds from the offering were $155.1 million, after deducting underwriting discounts, commissions and offering costs of $10.5 million. The shares sold in the offering were registered pursuant to the Company’s Shelf Registration Statement. On December 15, 2022, the Company completed a public offering of 13,800,000 shares of its common stock at a public offering price of $17.25 per share. The net proceeds from the offering were $223.8 million, after deducting underwriting discounts, commissions and offering costs of $14.3 million. The shares sold in the offering were registered pursuant to the Company’s Shelf Registration Statement. On November 27, 2023, the Company sold 5,075,304 unregistered shares of its common stock to BMS in a private placement under the terms of the BMS Purchase Agreement. The approximate proceeds related to the sale were $40.0 million of which $31.2 million was recorded as common stock and additional paid in capital, net of issuance costs of $0.1 million, and $8.7 million was recorded as deferred revenue (Note 5). The Company is required to file a registration statement covering these shares with the SEC on or before April 25, 2024. Equity Incentive Plans The Company's board of directors adopted, and the company's shareholders approved, the 2013 Equity Incentive Plan (the 2013 Plan) and the 2020 Incentive Award Plan (the 2020 Plan). Under the plans, the Company may grant stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash-based awards to individuals who are then employees, officers, non-employee directors or consultants of the Company. The Company ceased granting awards under the 2013 Plan in June 2020 upon adopting the 2020 Plan. A total of 3,900,000 shares of common stock were initially reserved for issuance under the 2020 Plan. The number of shares of common stock available for issuance under the 2020 Plan will be increased annually on the first day of each fiscal year during the term of the 2020 Plan, beginning with the 2021 fiscal year, by an amount equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (b) such smaller number of shares as determined by the Company’s board of directors. At December 31, 2023, 499,402 shares were available for grant under the 2020 Plan, inclusive of 3,500,000 additional shares which were reserved for issuance during the year ended December 31, 2023. In December 2022, the Company’s board of directors adopted the 2022 Employment Inducement Incentive Award Plan (the Inducement Plan). Under the Inducement Plan, the Company may grant non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock or cash-based awards to an employee in connection with his or her commencement of employment with the Company or an affiliate. A total of 1,500,000 shares of common stock were reserved for issuance under the Inducement Plan. At December 31, 2023, 737,475 shares were available for grant under the Inducement Plan. Stock Options Options granted from the 2013 Plan, 2020 Plan, and the Inducement Plan are exercisable at various dates and will expire no more than ten years from their date of grant. Options generally vest over a four-year period. Prior to the IPO, the exercise price of options was determined by the Company’s board of directors. Following the IPO, the Company grants options with an exercise price equal to the fair market value of the Company’s stock on the date of the option grant. Stock option activity in 2023 for employee and non-employee awards and related information is as follows (in thousands, except per share and contractual term data): Number of Outstanding Options Weighted- Weighted- Aggregate Balance at December 31, 2022 9,352 $ 15.28 Granted 4,015 14.47 Exercised (149) 3.81 Forfeited/expired (723) 19.52 Balance at December 31, 2023 12,495 $ 14.91 7.91 $ 15,833 Vested and expected to vest at December 31, 2023 12,495 $ 14.91 7.91 $ 15,833 Exercisable at December 31, 2023 6,246 $ 14.39 7.11 $ 13,061 The aggregate intrinsic values presented in the table above were calculated as the difference between the closing price of the Company’s common stock at December 31, 2023 and the exercise price of stock options that had strike prices below the closing price. The following summarizes additional information regarding stock options (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Cash received from options exercised $ 573 $ 470 $ 930 Intrinsic value of options exercised $ 2,421 $ 6,724 $ 3,436 Weighted-average grant date fair value per share $ 10.33 $ 11.11 $ 16.78 The total intrinsic values of options exercised were calculated as the difference between the fair value of the Company’s common stock at the time of the option exercise and the exercise price of that stock option. Restricted Stock Units and Performance Stock Units During the year ended December 31, 2023, under the 2020 Incentive Award Plan and the 2022 Employment Inducement Incentive Award Plan, the Company granted restricted stock units (RSUs) and performance stock units (PSUs) to employees of the Company. PSUs were only granted to the Company's officers. RSUs are valued at the market price of a share of the Company’s stock on the date of grant. RSUs vest ratably on an annual basis over a four-year service period and are payable in shares of common stock on the vesting date. Compensation expense for RSUs is recognized on a straight-line basis over the four-year service period. The following table summarizes the RSU activity for the year ended December 31, 2023 (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 822 18.89 Vested — — Forfeited (64) 20.78 Unvested at December 31, 2023 758 $ 18.73 During the year ended December 31, 2023, the Company granted 750,000 PSUs at a weighted-average grant date fair value of $6.57 per share. The PSUs vest upon achievement of certain clinical milestones and continued employment thereafter. The PSUs have a two-year term and any unvested awards at the end of the term will be forfeited. Compensation expense for PSUs is recognized on a straight-line basis over the requisite service periods when the achievement of the performance condition is determined to be probable. If a performance condition is not determined to be probable or is not met, no stock-based compensation expense is recognized, and any previously recognized expense is reversed. As of December 31, 2023, no PSUs were vested and no stock-based compensation expense was recognized as the performance conditions were not deemed probable. Employee Stock Purchase Plan In June 2020, the Company adopted the ESPP, which permits participants to contribute up to 15% of their eligible compensation during defined rolling six-month offering periods to purchase the Company’s common stock. The purchase price of the shares will be 85% of the lower of the fair market value of the Company’s common stock on the first day of trading of the offering period or on the applicable purchase date. The Company issued 175,511, 90,535, and 33,147 shares of common stock under the ESPP during the years ended December 31, 2023, 2022, and 2021, respectively. The Company had an outstanding liability of $0.1 million at December 31, 2023, which is included in accounts payable and accrued liabilities on the balance sheet, for employee contributions to the ESPP for shares pending issuance at the end of the current offering period. As of December 31, 2023, 372,517 shares of common stock were available for issuance under the ESPP. Stock-Based Compensation Expense The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and shares purchasable under the ESPP were as follows: Options ESPP Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Risk-free interest rate 3.5% - 4.9% 1.5% - 4.2% 0.5% - 1.3% 5.4% 2.2% - 4.7% 0.1% Expected volatility 78% - 82% 85% 86% - 88% 68% - 76% 78% - 79% 69% - 75% Expected term (in years) 5.5 - 6.1 5.5 - 6.1 5.5 - 6.1 0.5 0.5 0.5 Expected dividend yield —% —% —% —% —% —% Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected Volatility. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and the Company's own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Prior to 2023, the Company exclusively used peer group companies to determine expected volatility. The expected volatility for employee stock purchases under the ESPP is based on the Company's own historical volatility for the prior six months to conform with the six-month ESPP offering period. Expected Term. The Company's limited option exercise history does not provide a reasonable basis for estimating expected term, therefore the Company has estimated the expected life of its stock options using the simplified method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The expected life assumption for employee stock purchases under the ESPP is six months to conform with the six-month ESPP offering period. Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future. The allocation of stock-based compensation expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Research and development expense $ 22,007 $ 15,222 $ 9,228 General and administrative expense 16,215 11,917 7,828 Total stock-based compensation expense $ 38,222 $ 27,139 $ 17,056 As of December 31, 2023, the unrecognized compensation cost related to outstanding time-based options and RSUs was $66.0 million and $11.1 million, respectively, which is expected to be recognized over a weighted-average period of 2.5 years and 3.2 years, respectively. Unrecognized compensation cost related to PSUs, which the Company has concluded are not probable of vesting, was $4.9 million. As of December 31, 2023, the unrecognized compensation cost related to stock purchase rights under the ESPP was $0.4 million, which is expected to be recognized over a weighted-average period of 0.5 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company was treated as a partnership for U.S. federal income tax purposes until its conversion to a corporation on March 31, 2019. The Company had deferred tax assets in existence on March 31, 2019 when the Company became a corporation for U.S. federal income tax purposes. Deferred tax assets were not recognized due to the uncertainty that such assets will be realized. The Company retained the valuation allowance on the deferred tax assets at December 31, 2019. No provision for income taxes was recorded for the years ended December 31, 2023, 2022, and 2021. A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at statutory rates $ (44,566) $ (36,539) $ (24,784) State income tax, net of federal benefit (5,882) (11,821) (7,868) Permanent items 342 1,078 210 Reserve for uncertain tax positions 5,993 2,583 1,170 Research and development tax credits (24,054) (9,983) (4,792) Valuation allowance 62,004 54,093 35,326 Stock-based compensation 3,331 492 828 Rate adjustment 2,526 (5) (2) Other 306 102 (88) Income tax expense (benefit) $ — $ — $ — Significant components of the Company’s deferred tax assets as of December 31, 2023, and 2022 are shown below (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 72,658 $ 56,854 Section 174 R&E capitalization 52,085 25,039 Research and development tax credits 31,053 12,947 Deferred revenue 125 1,762 Accrued expenses 2,809 3,909 Intangibles and fixed assets 1,265 1,822 Lease liabilities 2,342 3,000 Stock-based compensation 12,451 8,614 Total deferred tax assets 174,788 113,947 Less valuation allowance (172,822) (111,489) Net deferred tax assets 1,966 2,458 Deferred tax liabilities: Right-of-use assets (1,966) (2,458) Total deferred tax liabilities (1,966) (2,458) Net deferred tax assets $ — $ — The Company has established a valuation allowance against its net deferred tax assets due to the uncertainty that such assets will be realized. The Company periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that the deferred tax assets will be realizable, the valuation allowance will be released. The change in the valuation allowance was an increase of $61.3 million and $54.8 million for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023, the Company had federal and state net operating loss (NOL) carryforwards of $226.9 million and $355.0 million, respectively. The federal NOL carryforwards will carryforward indefinitely and can offset 80% of future taxable income each year, and the state NOLs begin to expire in 2039 unless previously utilized. At December 31, 2023, the Company had federal and state research and development tax credits of approximately $11.7 million and $8.8 million, respectively. The federal research and development tax credits begin to expire in 2039 unless previously utilized, and the California state credits carry forward indefinitely. At December 31, 2023, the Company had federal orphan drug tax credits of $22.8 million, which begin to expire in 2041. Pursuant to Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended (the "Code"), the Company’s ability to use NOL and R&D tax credit carryforwards (“tax attribute carryforwards”) to offset future taxable income is limited if the Company experiences a cumulative change in ownership by certain stockholders or groups of stockholders of more than 50 percentage points within a three-year testing period. The Company has not completed an ownership change analysis pursuant to Code Section 382 and therefore has established a valuation allowance as the realization of such deferred asset has not met the more likely than not threshold requirement. If ownership changes within the meaning of Code Section 382 have occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income taxes in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets, along with the corresponding valuation allowance, associated with such tax attributes could be significantly reduced upon an ownership change within the meaning of Code Section 382. Due to the existence of the valuation allowance, changes in the Company's deferred tax assets from any such limitation will not impact the Company's effective tax rate. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 4,771 $ 1,996 $ 671 Increases related to current year positions 6,156 2,614 1,283 Increases related to prior year positions 122 161 42 Gross unrecognized tax benefits at the end of the year $ 11,049 $ 4,771 $ 1,996 The unrecognized tax benefit amounts are reflected in the determination of the Company’s deferred tax assets. If recognized, none of these amounts would affect the Company’s effective tax rate, since it would be offset by a corresponding adjustment to the deferred tax asset valuation allowance. The Company does not foresee material changes to its liability for uncertain tax benefits within the next twelve months. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties as of December 31, 2023 or 2022. As of December 31, 2023, the Company’s tax years since conversion to a corporation in 2019 are subject to examination by U.S. federal and various state taxing authorities. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net loss | $ (212,220) | $ (173,995) | $ (118,009) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC). The financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these financial statements are not necessarily indicative of the results that may be expected for any future periods. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to revenue recognition, stock-based compensation, and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. Restricted cash represents cash held as collateral for the letter of credit required under the Company’s facility lease and is reported as a long-term asset in the accompanying balance sheets. Cash and cash equivalents are considered Level 1 investments. |
Marketable Securities | Marketable Securities The Company’s marketable securities primarily consist of U.S. Government and corporate debt securities. The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than one year as current assets because such marketable securities are available to fund the Company’s current operations. Realized gains and losses are calculated on the specific identification method and recorded as interest income. There were no realized gains and losses recognized during the periods presented. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in net income (loss). For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of the Company’s available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid and other assets |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has established guidelines regarding approved investments, credit quality, diversification, liquidity and maturities of investments, |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs, such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. None of the Company’s non-financial assets are recorded at fair value on a non-recurring basis. The carrying amounts reflected in the Company’s balance sheets for prepaid and other assets and accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There have been no transfers into or out of level 3 assets during any of the periods presented. |
Property and Equipment, net | Property and Equipment, net Property and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets, which ranges from three |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or an asset group may not be recoverable. If such triggering event is determined to have occurred, the asset’s or asset group’s carrying value is compared to the future undiscounted cash flows expected to be generated. The Company has not recognized any impairment losses in any of the periods presented in these financial statements. |
Segment Information | Segment Information |
Revenue Recognition | Revenue Recognition To date, all the Company’s revenue has been derived from collaboration and research agreements. The terms of these arrangements include the following types of payments to the Company: non-refundable, upfront license fees; development, regulatory and commercial milestone payments; payments for research and development services provided by the Company or for manufacturing supply services the Company provides through its contract manufacturers; and royalties on net sales of licensed products. At the inception of a collaboration arrangement, the Company first assesses whether the contractual arrangement is within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) to determine whether the arrangement involves a joint operating activity and involves two (or more) parties that are both active participants in the activity and exposed to significant risks and rewards dependent on the commercial success of such activity. Then the Company determines whether the collaboration arrangement in its entirety represents a contract with a customer as defined by ASC Topic 606 (ASC 606). If only a portion of the collaboration arrangement is potentially with a customer, the Company applies the distinct good or service unit-of-account guidance in ASC 606 to determine whether there is a unit of account that should be accounted for under ASC 606. The Company performs the following steps in determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of these agreements: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when, or as, the Company satisfies each performance obligation. The Company applies significant judgment when making estimates and assumptions under these agreements, including (i) evaluating whether contractual obligations represent distinct performance obligations, (ii) the assessment of whether options represent material rights, (iii) determining whether there are observable standalone prices and allocating transaction price to performance obligations within a contract, (iv) assessing whether any licenses are functional or symbolic, (v) determining when performance obligations have been met, and (vi) assessing the recognition of variable consideration. The Company evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. The Company receives payments from its collaborators based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under its research and collaboration arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. License fees, non-refundable upfront fees, and funding of research activities are considered fixed, while milestone payments are identified as variable consideration and excluded from the transaction price. The Company will recognize revenue for sales-based royalty if and when a subsequent sale occurs. |
Research and Development Costs and Accruals | Research and Development Costs and Accruals Research and development costs are expensed as incurred and include salaries, benefits and stock-based compensation associated with research and development personnel, third-party research and development expenses, license fees, laboratory supplies, facilities, overhead costs, and consultants. Nonrefundable advance payments for goods and services that will be used in future research and development activities are capitalized and recorded as expense in the period that the Company receives the goods or when services are performed. The Company has entered into various research and development contracts with research institutions, clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying balance sheets as prepaid and other assets or accrued liabilities. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received, and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Upfront and milestone payments to acquire contractual rights to licensed technology are expensed when incurred if there is uncertainty in the Company receiving future economic benefit from the acquired contractual rights. Certain of these contractual rights may require the Company to make additional milestone payments upon initiation of a pivotal trial and the U.S. Food and Drug Administration approval. |
Patent Costs | Patent Costs |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company is subject to taxation in the United States and various state jurisdictions. As of December 31, 2023, the Company’s tax years since conversion to a corporation in 2019 are subject to examination by taxing authorities. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Lease right-of-use assets represent Company's right to use an underlying asset for the lease term and lease liabilities represent Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in similar economic environments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and costs related to leases with terms of less than 12 months are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense is incurred related to stock option and restricted stock grants, and to shares sold under the Employee Stock Purchase Plan (the ESPP). Stock-based compensation expense for stock option grants is determined using the Black-Scholes-Merton (BSM) option pricing model and is recorded at the estimated fair value of the award as of the grant date and recognized as expense on a straight-line basis over the requisite service period (usually the vesting period) of the stock-based award. Stock-based compensation expense for Restricted Stock Units (RSUs) is recorded at the market price of a share of the Company's stock on the date of grant and is recognized as expense on a straight-line basis over the four-year service period. Stock-based compensation expense for Performance Stock Units (PSUs) is recorded at the market price of a share of the Company's stock on the date of grant and recognized on a straight-line basis over the requisite service periods beginning when the achievement of the performance condition is determined to be probable. Stock-based compensation expense for employee stock purchases under the Company’s ESPP is determined using the BSM option pricing model and is recorded at the estimated fair value of the purchase as of the plan enrollment date and is recognized as expense on a straight-line basis over the applicable six-month ESPP offering period. The estimation of fair value for stock-based compensation requires management to make estimates and judgments about, among other things, the estimated life of options and volatility of the Company’s common stock. These judgments directly affect the amount of compensation expense that will be recognized. Forfeitures are accounted for as incurred. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities. Comprehensive gains (losses) have been reflected in the statements of operations and comprehensive loss for all periods presented. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, adjusted for the weighted-average number of common shares outstanding that are subject to repurchase or forfeiture. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the common stock equivalent securities would be anti-dilutive. |
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. ASU 2023-07 will be applied retrospectively and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, primarily through standardization and disaggregation of the income tax rate reconciliation and disaggregation of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. ASU 2023-09 can be applied either prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its financial statements and accompanying notes. Recently Adopted Accounting Pronouncements |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share/Unit | Common stock equivalent securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares; in thousands): December 31, 2023 2022 2021 Common stock options issued and outstanding 12,495 9,352 5,778 Restricted stock units 758 — — Performance stock units 750 — — ESPP shares pending issuance 12 5 3 Total 14,015 9,357 5,781 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value | The following tables summarize the Company’s cash equivalents and marketable securities measured at fair value (in thousands): Fair Value Measurements Using As of December 31, 2023 Total Quoted Prices in Significant Significant Marketable securities: U.S. Treasury securities $ 399,890 $ 399,890 $ — $ — U.S. Government agency securities 4,998 — 4,998 — Negotiable certificates of deposit 5,381 — 5,381 — Total $ 410,269 $ 399,890 $ 10,379 $ — Fair Value Measurements Using As of December 31, 2022 Total Quoted Prices in Significant Significant Cash equivalents: U.S. Treasury securities $ 2,498 $ 2,498 $ — $ — Marketable securities: U.S. Treasury securities 244,945 244,945 — — U.S. Government agency securities 4,966 — 4,966 — Negotiable certificates of deposit 4,346 — 4,346 — Corporate debt securities 16,074 — 16,074 — Total $ 272,829 $ 247,443 $ 25,386 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands): As of December 31, 2023 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 301,053 $ 102 $ (530) $ 300,625 U.S. Government agency securities 1 or less 5,000 — (2) 4,998 Negotiable certificates of deposit 1 or less 4,410 1 (4) 4,407 U.S. Treasury securities 1 - 2 98,701 600 (36) 99,265 Negotiable certificates of deposit 1 - 2 980 — (6) 974 Total $ 410,144 $ 703 $ (578) $ 410,269 As of December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 230,349 $ 1 $ (2,283) $ 228,067 U.S. Government agency securities 1 or less 5,000 — (34) 4,966 Negotiable certificates of deposit 1 or less 3,911 1 (57) 3,855 Corporate debt securities 1 or less 16,360 — (286) 16,074 U.S. Treasury securities 1 - 2 16,919 — (41) 16,878 Negotiable certificates of deposit 1 - 2 490 1 — 491 Total $ 273,029 $ 3 $ (2,701) $ 270,331 |
Schedule of Available-for-sale Securities in an Unrealized Loss Position | The following table summarizes marketable securities in a continuous unrealized loss position for which an allowance for credit losses was not recorded (in thousands): Less Than 12 Months 12 Months or Greater Total As of December 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 214,291 $ 566 $ — $ — $ 214,291 $ 566 U.S. Government agency securities 4,998 2 — — 4,998 2 Negotiable certificates of deposit 3,665 10 — — 3,665 10 Total $ 222,954 $ 578 $ — $ — $ 222,954 $ 578 Less Than 12 Months 12 Months or Greater Total As of December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 178,568 $ 1,056 $ 61,377 $ 1,267 $ 239,945 $ 2,323 U.S. Government agency securities 4,966 34 — — 4,966 34 Corporate debt securities 2,228 21 13,846 265 16,074 286 Negotiable certificates of deposit 726 9 1,903 48 2,629 57 Total $ 186,488 $ 1,120 $ 77,126 $ 1,580 $ 263,614 $ 2,700 |
Collaboration, License and Re_2
Collaboration, License and Research Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Collaboration License And Research Agreements [Abstract] | |
Schedule of Reconciliation of Deferred Revenue | A reconciliation of the closing balance of deferred revenue related to all collaboration agreements for the years ended December 31, 2023 and 2022 is as follows (in thousands): Revenue recognized that was included in the balance at the beginning of the period $ (4,732) Balance at December 31, 2021 11,108 Revenue recognized that was included in the balance at the beginning of the period (4,933) Balance at December 31, 2022 6,175 Unearned revenue from cash received during the period 68,736 Revenue recognized that was included in the balance at the beginning of the period (5,648) Balance at December 31, 2023 $ 69,263 |
Composition of Certain Financ_2
Composition of Certain Financial Statement Items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Other Current Assets | Prepaid and other assets (in thousands) December 31, 2023 2022 Accounts receivable $ 1,105 $ 2,364 Prepaid assets 7,333 8,340 Interest receivable and other assets 7,518 1,511 Total prepaid and other assets $ 15,956 $ 12,215 |
Schedule of Property and Equipment | Property and equipment, net (in thousands) December 31, 2023 2022 Laboratory equipment $ 11,208 $ 7,217 Computers and software 127 116 Office furniture and equipment 1,979 1,792 Leasehold improvements 288 249 Property and equipment, gross 13,602 9,374 Less accumulated depreciation and amortization (5,221) (3,120) Total property and equipment, net $ 8,381 $ 6,254 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities (in thousands) December 31, 2023 2022 Accounts payable $ 8,809 $ 4,637 Accrued non-clinical liabilities 19,535 22,535 Accrued clinical liabilities 5,997 5,400 Total accounts payable and accrued liabilities $ 34,341 $ 32,572 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Leases Recorded On Balance Sheet | As of December 31, 2023, the Company’s ROU assets and liabilities related to the operating lease for the Company headquarters are as follows (in thousands): ROU assets $ 8,271 Lease liabilities, current portion $ 3,639 Lease liabilities, net of current portion 6,213 Total lease liabilities $ 9,852 |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2023, maturities of the lease liabilities due under the operating lease are as follows (in thousands): Year ending December 31, 2024 $ 3,697 2025 3,854 2026 3,639 Total lease payments 11,190 Less imputed interest (1,338) Total operating lease liabilities 9,852 Less lease liabilities, current portion (3,639) Lease liabilities, net of current portion $ 6,213 |
Schedule of Lease, Cost | Other information related to leases was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid included in operating cash flows $ 3,328 $ 1,762 $ 234 Weighted-average remaining lease term (in years) 2.9 3.9 4.9 Weighted-average discount rate 5.9 % 5.5 % 5.5 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | Stock option activity in 2023 for employee and non-employee awards and related information is as follows (in thousands, except per share and contractual term data): Number of Outstanding Options Weighted- Weighted- Aggregate Balance at December 31, 2022 9,352 $ 15.28 Granted 4,015 14.47 Exercised (149) 3.81 Forfeited/expired (723) 19.52 Balance at December 31, 2023 12,495 $ 14.91 7.91 $ 15,833 Vested and expected to vest at December 31, 2023 12,495 $ 14.91 7.91 $ 15,833 Exercisable at December 31, 2023 6,246 $ 14.39 7.11 $ 13,061 The following summarizes additional information regarding stock options (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Cash received from options exercised $ 573 $ 470 $ 930 Intrinsic value of options exercised $ 2,421 $ 6,724 $ 3,436 Weighted-average grant date fair value per share $ 10.33 $ 11.11 $ 16.78 |
Schedule of Unvested Restricted Stock Units Roll Forward | The following table summarizes the RSU activity for the year ended December 31, 2023 (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 822 18.89 Vested — — Forfeited (64) 20.78 Unvested at December 31, 2023 758 $ 18.73 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and shares purchasable under the ESPP were as follows: Options ESPP Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Risk-free interest rate 3.5% - 4.9% 1.5% - 4.2% 0.5% - 1.3% 5.4% 2.2% - 4.7% 0.1% Expected volatility 78% - 82% 85% 86% - 88% 68% - 76% 78% - 79% 69% - 75% Expected term (in years) 5.5 - 6.1 5.5 - 6.1 5.5 - 6.1 0.5 0.5 0.5 Expected dividend yield —% —% —% —% —% —% |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in the Black-Scholes model to determine the fair value of stock option grants and shares purchasable under the ESPP were as follows: Options ESPP Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Risk-free interest rate 3.5% - 4.9% 1.5% - 4.2% 0.5% - 1.3% 5.4% 2.2% - 4.7% 0.1% Expected volatility 78% - 82% 85% 86% - 88% 68% - 76% 78% - 79% 69% - 75% Expected term (in years) 5.5 - 6.1 5.5 - 6.1 5.5 - 6.1 0.5 0.5 0.5 Expected dividend yield —% —% —% —% —% —% |
Schedule of Allocated Stock-based Compensation Expense | The allocation of stock-based compensation expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Research and development expense $ 22,007 $ 15,222 $ 9,228 General and administrative expense 16,215 11,917 7,828 Total stock-based compensation expense $ 38,222 $ 27,139 $ 17,056 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate | A reconciliation of the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at statutory rates $ (44,566) $ (36,539) $ (24,784) State income tax, net of federal benefit (5,882) (11,821) (7,868) Permanent items 342 1,078 210 Reserve for uncertain tax positions 5,993 2,583 1,170 Research and development tax credits (24,054) (9,983) (4,792) Valuation allowance 62,004 54,093 35,326 Stock-based compensation 3,331 492 828 Rate adjustment 2,526 (5) (2) Other 306 102 (88) Income tax expense (benefit) $ — $ — $ — |
Schedule of Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of December 31, 2023, and 2022 are shown below (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 72,658 $ 56,854 Section 174 R&E capitalization 52,085 25,039 Research and development tax credits 31,053 12,947 Deferred revenue 125 1,762 Accrued expenses 2,809 3,909 Intangibles and fixed assets 1,265 1,822 Lease liabilities 2,342 3,000 Stock-based compensation 12,451 8,614 Total deferred tax assets 174,788 113,947 Less valuation allowance (172,822) (111,489) Net deferred tax assets 1,966 2,458 Deferred tax liabilities: Right-of-use assets (1,966) (2,458) Total deferred tax liabilities (1,966) (2,458) Net deferred tax assets $ — $ — |
Schedule of Activity Related to Gross Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Gross unrecognized tax benefits at the beginning of the year $ 4,771 $ 1,996 $ 671 Increases related to current year positions 6,156 2,614 1,283 Increases related to prior year positions 122 161 42 Gross unrecognized tax benefits at the end of the year $ 11,049 $ 4,771 $ 1,996 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Description Of Business And Basis Of Presentation [Line Items] | |||
Accumulated deficit | $ 570,764 | $ 358,544 | |
Cash, cash equivalents and marketable securities | 595,400 | ||
Research and development | (190,968) | $ (150,404) | $ (101,182) |
Revision of Prior Period, Adjustment | Related to the Year Ended December 31, 2022 | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Research and development | $ 3,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Realized gains and losses on marketable securities | $ 0 | $ 0 | $ 0 |
Prepaid and other assets [Extensible Enumeration] | Prepaid and other assets | ||
Transfers of financial instrument classified as asset into level 3 | $ 0 | 0 | 0 |
Transfers of financial instrument classified as asset out of level 3 | 0 | 0 | 0 |
Impairments of long-lived assets | $ 0 | $ 0 | $ 0 |
Number of operating segments | Segment | 1 | ||
Restricted stock units | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Award service period | 4 years | ||
Employee Stock | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Award offering period | 6 months | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share/Unit (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total (in shares) | 14,015 | 9,357 | 5,781 |
Common stock options issued and outstanding | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total (in shares) | 12,495 | 9,352 | 5,778 |
Restricted stock units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total (in shares) | 758 | 0 | 0 |
Performance stock units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total (in shares) | 750 | 0 | 0 |
ESPP shares pending issuance | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total (in shares) | 12 | 5 | 3 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 410,269 | $ 270,331 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 410,269 | 272,829 |
Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,498 | |
Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 399,890 | 244,945 |
Recurring | U.S. Government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 4,998 | 4,966 |
Recurring | Negotiable certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 5,381 | 4,346 |
Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 16,074 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 399,890 | 247,443 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,498 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 399,890 | 244,945 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Negotiable certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 10,379 | 25,386 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 4,998 | 4,966 |
Recurring | Significant Other Observable Inputs (Level 2) | Negotiable certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 5,381 | 4,346 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 16,074 | |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Negotiable certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 410,144 | $ 273,029 |
Unrealized Gains | 703 | 3 |
Unrealized Losses | (578) | (2,701) |
Estimated Fair Value, current | 410,269 | 270,331 |
Estimated Fair Value | 410,269 | 270,331 |
U.S. Treasury securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 301,053 | 230,349 |
Amortized Cost, noncurrent | 98,701 | 16,919 |
Estimated Fair Value, current | 300,625 | 228,067 |
Estimate Fair Value, noncurrent | 99,265 | 16,878 |
U.S. Treasury securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 102 | 1 |
Unrealized Losses | (530) | (2,283) |
U.S. Treasury securities | 1 - 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 600 | 0 |
Unrealized Losses | (36) | (41) |
U.S. Government agency securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 5,000 | 5,000 |
Estimated Fair Value, current | 4,998 | 4,966 |
U.S. Government agency securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 0 |
Unrealized Losses | (2) | (34) |
Negotiable certificates of deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 4,410 | 3,911 |
Amortized Cost, noncurrent | 980 | 490 |
Estimated Fair Value, current | 4,407 | 3,855 |
Estimate Fair Value, noncurrent | 974 | 491 |
Negotiable certificates of deposit | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 1 | 1 |
Unrealized Losses | (4) | (57) |
Negotiable certificates of deposit | 1 - 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 1 |
Unrealized Losses | $ (6) | 0 |
Corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 16,360 | |
Estimated Fair Value, current | 16,074 | |
Corporate debt securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | |
Unrealized Losses | $ (286) |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Available-for-sale Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less Than 12 months, Fair Value | $ 222,954 | $ 186,488 |
12 months or Greater, Fair Value | 0 | 77,126 |
Total Fair Value | 222,954 | 263,614 |
Unrealized Losses | ||
Less Than 12 months, Gross Unrealized Losses | 578 | 1,120 |
12 months or Greater, Gross Unrealized Losses | 0 | 1,580 |
Total Gross Unrealized Losses | 578 | 2,700 |
U.S. Treasury securities | ||
Fair Value | ||
Less Than 12 months, Fair Value | 214,291 | 178,568 |
12 months or Greater, Fair Value | 0 | 61,377 |
Total Fair Value | 214,291 | 239,945 |
Unrealized Losses | ||
Less Than 12 months, Gross Unrealized Losses | 566 | 1,056 |
12 months or Greater, Gross Unrealized Losses | 0 | 1,267 |
Total Gross Unrealized Losses | 566 | 2,323 |
U.S. Government agency securities | ||
Fair Value | ||
Less Than 12 months, Fair Value | 4,998 | 4,966 |
12 months or Greater, Fair Value | 0 | 0 |
Total Fair Value | 4,998 | 4,966 |
Unrealized Losses | ||
Less Than 12 months, Gross Unrealized Losses | 2 | 34 |
12 months or Greater, Gross Unrealized Losses | 0 | 0 |
Total Gross Unrealized Losses | 2 | 34 |
Corporate debt securities | ||
Fair Value | ||
Less Than 12 months, Fair Value | 2,228 | |
12 months or Greater, Fair Value | 13,846 | |
Total Fair Value | 16,074 | |
Unrealized Losses | ||
Less Than 12 months, Gross Unrealized Losses | 21 | |
12 months or Greater, Gross Unrealized Losses | 265 | |
Total Gross Unrealized Losses | 286 | |
Negotiable certificates of deposit | ||
Fair Value | ||
Less Than 12 months, Fair Value | 3,665 | 726 |
12 months or Greater, Fair Value | 0 | 1,903 |
Total Fair Value | 3,665 | 2,629 |
Unrealized Losses | ||
Less Than 12 months, Gross Unrealized Losses | 10 | 9 |
12 months or Greater, Gross Unrealized Losses | 0 | 48 |
Total Gross Unrealized Losses | $ 10 | $ 57 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Allowances for credit losses | $ 0 | $ 0 | |
Accrued interest receivable on available-for-sale securities | 2,600,000 | 1,300,000 | |
Debt securities, available-for-sale, accrued interest writeoff | $ 0 | $ 0 | $ 0 |
Collaboration, License and Re_3
Collaboration, License and Research Agreements - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 27, 2023 USD ($) shares | Nov. 30, 2023 USD ($) $ / shares shares | Apr. 30, 2019 USD ($) Product Obligation | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaboration revenue | $ 9,560,000 | $ 9,224,000 | $ 9,326,000 | |||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront fees received | $ 100,000,000 | |||||
Collaborative arrangement, nonrefundable cash payment received | 60,000,000 | |||||
Sale of stock, consideration received on transaction | 40,000,000 | |||||
Cumulative spending cap | 40,000,000 | |||||
Period for expected performance obligation | 7 years | |||||
Collaboration revenue | $ 0 | |||||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | First Unit Of Accounting | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenue, remaining performance obligation, amount | 68,700,000 | |||||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | Second Unit Of Accounting | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenue, remaining performance obligation, amount | $ 31,300,000 | |||||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | Private Placement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Sale of stock number of shares issued in transaction (in shares) | shares | 5,075,304 | 5,075,304 | ||||
Sale of stock, consideration received on transaction | $ 40,000,000 | $ 40,000,000 | ||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 7.8813 | |||||
Premium In excess of fair value | $ 8,700,000 | |||||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Development milestone payment eligible to receive | 1,350,000,000 | |||||
Commercialization milestone payment eligible to receive | $ 825,000,000 | |||||
Research Collaboration and License Agreement with Eli Lilly | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront fees received | $ 20,000,000 | |||||
Period for expected performance obligation | 5 years | |||||
Collaboration revenue | $ 9,500,000 | 9,000,000 | $ 9,100,000 | |||
License agreement expiry period | 10 years | |||||
Number of performance obligation | Obligation | 1 | |||||
Collaboration receivables | $ 800,000 | $ 2,100,000 | ||||
Research Collaboration and License Agreement with Eli Lilly | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Development milestone payment eligible to receive | $ 60,000,000 | |||||
Commercialization milestone payment eligible to receive | $ 205,000,000 | |||||
Rights to antibody oligonucleotide conjugates for messengers RNA targets. | Product | 6 | |||||
Regulatory milestone payment eligible to receive | $ 140,000,000 |
Collaboration, License and Re_4
Collaboration, License and Research Agreements - Schedule of Reconciliation of Deferred Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contract With Customer, Liability [Roll Forward] | |||
Revenue recognized that was included in the balance at the beginning of the period | $ (5,648) | $ (4,933) | $ (4,732) |
Beginning balance | 6,175 | 11,108 | |
Unearned revenue from cash received during the period | 68,736 | ||
Ending balance | $ 69,263 | $ 6,175 | $ 11,108 |
Composition of Certain Financ_3
Composition of Certain Financial Statement Items - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Accounts receivable | $ 1,105 | $ 2,364 |
Prepaid assets | 7,333 | 8,340 |
Interest receivable and other assets | 7,518 | 1,511 |
Total prepaid and other assets | $ 15,956 | $ 12,215 |
Composition of Certain Financ_4
Composition of Certain Financial Statement Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 13,602 | $ 9,374 |
Less accumulated depreciation and amortization | (5,221) | (3,120) |
Total property and equipment, net | 8,381 | 6,254 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 11,208 | 7,217 |
Computers and software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 127 | 116 |
Office furniture and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,979 | 1,792 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 288 | $ 249 |
Composition of Certain Financ_5
Composition of Certain Financial Statement Items - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses related to property and equipment | $ 2,101 | $ 1,387 | $ 639 |
Composition of Certain Financ_6
Composition of Certain Financial Statement Items - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Accounts payable | $ 8,809 | $ 4,637 |
Accrued non-clinical liabilities | 19,535 | 22,535 |
Accrued clinical liabilities | 5,997 | 5,400 |
Total accounts payable and accrued liabilities | $ 34,341 | $ 32,572 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule Of Leases Recorded On Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
ROU assets | $ 8,271 | $ 8,755 |
Lease liabilities, current portion | 3,639 | 3,105 |
Lease liabilities, net of current portion | 6,213 | $ 7,582 |
Total operating lease liabilities | $ 9,852 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 3,697 | |
2025 | 3,854 | |
2026 | 3,639 | |
Total lease payments | 11,190 | |
Less imputed interest | (1,338) | |
Total operating lease liabilities | 9,852 | |
Less lease liabilities, current portion | (3,639) | $ (3,105) |
Lease liabilities, net of current portion | $ 6,213 | $ 7,582 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lessee Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Cash paid included in operating cash flows | $ 3,328 | $ 1,762 | $ 234 |
Weighted-average remaining lease term (in years) | 2 years 10 months 24 days | 3 years 10 months 24 days | 4 years 10 months 24 days |
Weighted-average discount rate | 5.90% | 5.50% | 5.50% |
Commitments and Contingencies_4
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease cost | $ 3,000,000 | $ 2,700,000 | $ 900,000 |
Loss contingencies accrued | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2023 | Dec. 15, 2022 | Nov. 08, 2022 | Aug. 06, 2021 | Jul. 02, 2021 | Jun. 16, 2020 | Nov. 30, 2023 | Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock shares authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||
Preferred stock undesignated shares authorized (in shares) | 40,000,000 | ||||||||||
Common stock par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Preferred stock par value per share (in dollars per share) | $ 0.0001 | ||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||||||||
Public offering issuance costs | $ 18,230,000 | $ 11,262,000 | |||||||||
Proceeds from issuance of common stock in public offerings, net of issuance costs | $ 60,547,000 | 344,779,000 | 174,677,000 | ||||||||
Issuance of common stock, net of issuance costs | 344,616,000 | 174,677,000 | |||||||||
Award vesting period | 4 years | ||||||||||
Total stock-based compensation expense | $ 38,222,000 | $ 27,139,000 | $ 17,056,000 | ||||||||
Expected dividend yield | 0% | ||||||||||
Unrecognized compensation cost, options | $ 66,000,000 | ||||||||||
Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of stock, consideration received on transaction | $ 40,000,000 | ||||||||||
Employee Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares available for grant (in shares) | 372,517 | ||||||||||
Weighted-average period of unrecognized compensation cost | 6 months | ||||||||||
Participant maximum contribution as percentage of eligible compensation | 15% | ||||||||||
Expected volatility rate period | 6 months | ||||||||||
Award offering period | 6 months | ||||||||||
Percentage of purchase price of shares of lower of fair market value | 85% | ||||||||||
Shares issued under ESPP (in shares) | 175,511 | 90,535 | 33,147 | ||||||||
Expected term (in years) | 6 months | 6 months | 6 months | ||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||
Unrecognized compensation cost, excluding options | $ 400,000 | ||||||||||
Stock Options | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted-average period of unrecognized compensation cost | 2 years 6 months | ||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||
Performance stock units | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expiration period | 2 years | ||||||||||
Granted (in shares) | 750,000 | ||||||||||
Granted (in dollars per share) | $ 6.57 | ||||||||||
PSUs vested (in shares) | 0 | ||||||||||
Total stock-based compensation expense | $ 0 | ||||||||||
Unrecognized compensation cost | $ 4,900,000 | ||||||||||
Restricted stock units | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Award vesting period | 4 years | ||||||||||
Weighted-average period of unrecognized compensation cost | 4 years | ||||||||||
Granted (in shares) | 822,000 | ||||||||||
Granted (in dollars per share) | $ 18.89 | ||||||||||
PSUs vested (in shares) | 0 | ||||||||||
Unrecognized compensation cost | $ 11,100,000 | ||||||||||
Accounts Payable and Accrued Liabilities | Employee Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Outstanding liability | $ 100,000 | ||||||||||
Maximum | 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 | ||||||||
Minimum | Stock Options | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months | ||||||||
Weighted Average | Restricted stock units | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted-average period of unrecognized compensation cost | 3 years 2 months 12 days | ||||||||||
2013 Equity Incentive Plan | Maximum | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expiration period | 10 years | ||||||||||
2020 Incentive Award Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares of common stock reserved for future issuance (in shares) | 3,900,000 | ||||||||||
Percentage of shares of common stock outstanding on final day of immediately preceding calendar year | 5% | ||||||||||
Shares available for grant (in shares) | 499,402 | ||||||||||
Additional shares reserved for future issuance (in shares) | 3,500,000 | ||||||||||
2020 Incentive Award Plan | Maximum | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expiration period | 10 years | ||||||||||
2022 Employment Inducement Incentive Award Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Shares of common stock reserved for future issuance (in shares) | 1,500,000 | ||||||||||
Shares available for grant (in shares) | 737,475 | ||||||||||
2022 Employment Inducement Incentive Award Plan | Maximum | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expiration period | 10 years | ||||||||||
Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Issuance of common stock, net of issuance costs | $ 2,000 | $ 1,000 | |||||||||
Shares issued under ESPP (in shares) | 176,000 | 91,000 | 33,000 | ||||||||
Public Offering | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of stock number of shares issued in transaction (in shares) | 16,560,000 | ||||||||||
Sale of stock, price per share (in dollars per share) | $ 18 | ||||||||||
Public offering issuance costs | $ 24,000,000 | ||||||||||
Proceeds from the IPO, net of underwriting discounts, commissions and offering costs | $ 274,100,000 | ||||||||||
Private Placement, 2021 Sales Agreement | Sales Agent | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of stock number of shares issued in transaction (in shares) | 4,107,810,000 | 7,771,812 | |||||||||
Public offering issuance costs | $ 1,400,000 | $ 3,700,000 | |||||||||
Sale of common stock maximum aggregate offering price | $ 150,000,000 | ||||||||||
Proceeds from issuance of common stock in public offerings, net of issuance costs | 60,500,000 | $ 121,100,000 | |||||||||
Private Placement, 2022 Sales Agreement | Sales Agent | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of common stock maximum aggregate offering price | $ 200,000,000 | ||||||||||
Follow-on Public Offering | Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of stock number of shares issued in transaction (in shares) | 13,800,000 | 9,200,000 | |||||||||
Sale of stock, price per share (in dollars per share) | $ 17.25 | $ 18 | |||||||||
Public offering issuance costs | $ 14,300,000 | $ 10,500,000 | |||||||||
Sale of stock, consideration received on transaction | $ 223,800,000 | $ 155,100,000 | |||||||||
Private Placement | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Public offering issuance costs | 74,000 | ||||||||||
Issuance of common stock, net of issuance costs | 31,190,000 | ||||||||||
Private Placement | Research Collaboration, License Agreement and Securities Purchase Agreement with BMS | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Sale of stock number of shares issued in transaction (in shares) | 5,075,304 | 5,075,304 | |||||||||
Sale of stock, price per share (in dollars per share) | $ 7.8813 | ||||||||||
Public offering issuance costs | $ 100,000 | ||||||||||
Sale of stock, consideration received on transaction | 40,000,000 | $ 40,000,000 | |||||||||
Issuance of common stock, net of issuance costs | $ 31,200,000 | ||||||||||
Premium In excess of fair value | $ 8,700,000 | ||||||||||
Private Placement | Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Issuance of common stock, net of issuance costs | $ 1,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Additional Information Regarding Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Outstanding Options | ||
Beginning balance (in shares) | 9,352 | |
Granted (in shares) | 4,015 | |
Exercised (in shares) | (149) | |
Forfeited/expired (in shares) | (723) | |
Ending balance (in shares) | 12,495 | 9,352 |
Vested and expected to vest (in shares) | 12,495 | |
Exercisable (in shares) | 6,246 | |
Weighted- Average Exercise Price Per Share | ||
Outstanding (in dollars per share) | $ 14.91 | $ 15.28 |
Granted (in dollars per share) | 14.47 | |
Exercised (in dollars per share) | 3.81 | |
Forfeited/expired (in dollars per share) | 19.52 | |
Vested and expected to vest (in dollars per share) | 14.91 | |
Exercisable (in dollars per share) | $ 14.39 | |
Weighted- Average Remaining Contractual Term (in years) | ||
Outstanding | 7 years 10 months 28 days | |
Vested and expected to vest | 7 years 10 months 28 days | |
Exercisable | 7 years 1 month 9 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ 15,833 | |
Vested and expected to vest | 15,833 | |
Exercisable | $ 13,061 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Additional Information Regarding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Cash received from options exercised | $ 573 | $ 470 | $ 930 |
Intrinsic value of options exercised | $ 2,421 | $ 6,724 | $ 3,436 |
Weighted-average grant date fair value per share (in dollars per share) | $ 10.33 | $ 11.11 | $ 16.78 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted stock units shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 822 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (64) |
Ending balance (in shares) | shares | 758 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 18.89 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 20.78 |
Ending balance (in dollars per share) | $ / shares | $ 18.73 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0% | ||
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate, Minimum | 3.50% | 1.50% | 0.50% |
Risk-free interest rate, Maximum | 4.90% | 4.20% | 1.30% |
Expected volatility, Minimum | 78% | 86% | |
Expected volatility, Maximum | 82% | 88% | |
Expected volatility | 85% | ||
Expected dividend yield | 0% | 0% | 0% |
Employee Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate, Minimum | 5.40% | 2.20% | |
Risk-free interest rate, Maximum | 4.70% | ||
Risk-free interest rate | 0.001% | ||
Expected volatility, Minimum | 68% | 78% | 69% |
Expected volatility, Maximum | 76% | 79% | 75% |
Expected term (in years) | 6 months | 6 months | 6 months |
Expected dividend yield | 0% | 0% | 0% |
Minimum | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum | 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 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Allocated Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 38,222 | $ 27,139 | $ 17,056 |
Research and development expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 22,007 | 15,222 | 9,228 |
General and administrative expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 16,215 | $ 11,917 | $ 7,828 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Disclosure [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Increase in the valuation allowance | 61,300,000 | 54,800,000 | |
Unrecognized tax benefits that would impact effective tax rate | 0 | ||
Accruals for interest or penalties | 0 | $ 0 | |
Federal | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss (NOL) carryforwards | 226,900,000 | ||
Federal and state tax credit carryforwards | 11,700,000 | ||
Federal | Orphan Drug Tax Credits | |||
Income Taxes Disclosure [Line Items] | |||
Federal and state tax credit carryforwards | 22,800,000 | ||
State | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss (NOL) carryforwards | 355,000,000 | ||
Federal and state tax credit carryforwards | $ 8,800,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Taxes Computed by Applying Statutory Federal Income Tax Rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at statutory rates | $ (44,566,000) | $ (36,539,000) | $ (24,784,000) |
State income tax, net of federal benefit | (5,882,000) | (11,821,000) | (7,868,000) |
Permanent items | 342,000 | 1,078,000 | 210,000 |
Reserve for uncertain tax positions | 5,993,000 | 2,583,000 | 1,170,000 |
Research and development tax credits | (24,054,000) | (9,983,000) | (4,792,000) |
Valuation allowance | 62,004,000 | 54,093,000 | 35,326,000 |
Stock-based compensation | 3,331,000 | 492,000 | 828,000 |
Rate adjustment | 2,526,000 | (5,000) | (2,000) |
Other | 306,000 | 102,000 | (88,000) |
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 72,658 | $ 56,854 |
Section 174 R&E capitalization | 52,085 | 25,039 |
Research and development tax credits | 31,053 | 12,947 |
Deferred revenue | 125 | 1,762 |
Accrued expenses | 2,809 | 3,909 |
Intangibles and fixed assets | 1,265 | 1,822 |
Lease liabilities | 2,342 | 3,000 |
Stock-based compensation | 12,451 | 8,614 |
Total deferred tax assets | 174,788 | 113,947 |
Less valuation allowance | (172,822) | (111,489) |
Net deferred tax assets | 1,966 | 2,458 |
Deferred tax liabilities: | ||
Right-of-use assets | (1,966) | (2,458) |
Total deferred tax liabilities | (1,966) | (2,458) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Acti
Income Taxes - Schedule of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at the beginning of the year | $ 4,771 | $ 1,996 | $ 671 |
Increases related to current year positions | 6,156 | 2,614 | 1,283 |
Increases related to prior year positions | 122 | 161 | 42 |
Gross unrecognized tax benefits at the end of the year | $ 11,049 | $ 4,771 | $ 1,996 |