Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 0001645569 | ||
Entity File Number | 001-40794 | ||
Entity Registrant Name | DICE THERAPEUTICS, INC. | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Tax Identification Number | 47-2286244 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 400 East Jamie Court | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 566-1420 | ||
Entity Common Stock, Shares Outstanding | 47,711,123 | ||
Entity Public Float | $ 436,630,585 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | DICE | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | San Jose, California | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2022 , are incorporated herein by reference into Part III of this Annual Report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 461,393 | $ 115,826 |
Marketable securities | 112,832 | 203,495 |
Unbilled receivable | 2,000 | |
Restricted cash, current | 150 | |
Prepaid expenses and other current assets | 3,537 | 2,440 |
Total current assets | 577,762 | 323,911 |
Property and equipment, net | 2,921 | 1,645 |
Restricted cash | 198 | 198 |
Operating lease right-of-use assets | 13,097 | |
TOTAL ASSETS | 593,978 | 325,754 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,075 | 1,710 |
Accrued expenses and other current liabilities | 10,650 | 8,691 |
Operating lease liabilities, current portion | 1,424 | |
Term loan, current portion | 480 | |
Total current liabilities | 15,149 | 10,881 |
Operating lease liabilities, noncurrent portion | 11,841 | |
Other noncurrent liabilities | 8 | |
Term loan, noncurrent portion | 1,916 | |
TOTAL LIABILITIES | 26,990 | 12,805 |
Commitments and Contingencies (Note 8) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding | ||
Common units, $0.0001 par value; 500,000,000 shares authorized; 47,707,691 and 38,224,299 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 5 | 4 |
Additional paid-in capital | 755,174 | 416,710 |
Accumulated deficit | (187,594) | (103,707) |
Accumulated other comprehensive loss | (597) | (58) |
TOTAL STOCKHOLDERS' EQUITY | 566,988 | 312,949 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 593,978 | $ 325,754 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock Class Undefined | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 47,707,691 | 38,224,299 |
Common stock, shares outstanding | 47,707,691 | 38,224,299 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | ||
Collaboration revenue | $ 1,125 | |
Operating expenses: | ||
Research and development | $ 62,559 | 36,506 |
General and administrative | 25,662 | 12,222 |
Total operating expenses | 88,221 | 48,728 |
Loss from operations | (88,221) | (47,603) |
Other income (expense): | ||
Interest and other income, net | 5,213 | 136 |
Interest and other expense | (679) | (174) |
Loss on extinguishment of debt | (200) | |
Change in fair value of warrant liability | (1,318) | |
Net loss | (83,887) | (48,959) |
Other comprehensive loss: | ||
Unrealized loss on marketable securities | (539) | (58) |
Comprehensive loss | $ (84,426) | $ (49,017) |
Net loss per share, basic | $ (2.13) | $ (3.95) |
Net loss per share, diluted | $ (2.13) | $ (3.95) |
Weighted-average shares used in computing net loss per share, basic | 39,401,106 | 12,384,015 |
Weighted-average shares used in computing net loss per share, diluted | 39,401,106 | 12,384,015 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Units and Stockholders' Equity/ Members' Deficit - USD ($) $ in Thousands | Total | Convertible Preferred Units | Series C Convertible Preferred Units [Member] | Series C-1 Convertible Preferred Units [Member] | Common Units | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2020 | $ (53,145) | $ 1,603 | $ (54,748) | ||||||
Preferred units, Shares at Dec. 31, 2020 | 12,690,540 | ||||||||
Preferred units, Value at Dec. 31, 2020 | $ 107,374 | ||||||||
Balance (Shares) at Dec. 31, 2020 | 2,248,687 | ||||||||
Issuance of Series convertible preferred units, net of issuance costs | $ 26,044 | $ 59,705 | |||||||
Issuance of Series convertible preferred units, net of issuance costs, Shares | 2,619,994 | 4,446,056 | |||||||
Conversion of convertible preferred, common and profit interest units to common stock | $ (193,123) | ||||||||
Conversion of convertible preferred, common and profit interest units to common stock, shares | (19,756,590) | ||||||||
Conversion of convertible preferred, common and profit interest units to common stock | 193,123 | $ 2 | 193,121 | ||||||
Conversion of convertible preferred, common and profit interest units to common stock ( Shares) | (2,248,687) | 24,366,797 | |||||||
Conversion of preferred unit warrants to common stock warrants | 535 | 535 | |||||||
Issuance of common stock in connection with initial/ follow-on public offering, net of issuance costs | 214,708 | $ 2 | 214,706 | ||||||
Issuance of common stock in connection with initial/follow-on public offering, net of issuance costs, shares | 13,800,000 | ||||||||
Exercise of common stock warrants | 1,224 | 1,224 | |||||||
Exercise of common stock warrants, shares | 64,648 | ||||||||
Settlement of fractional shares resulting from reverse stock split | (30) | ||||||||
Forfeiture of unvested common stock (shares) | (7,116) | ||||||||
Stock-based compensation | 5,581 | 5,581 | |||||||
Tax distributions | (60) | (60) | |||||||
Other comprehensive loss | (58) | $ (58) | |||||||
Net loss | (48,959) | (48,959) | |||||||
Balance at Dec. 31, 2021 | 312,949 | $ 4 | 416,710 | (103,707) | (58) | ||||
Balance at Dec. 31, 2021 | 38,224,299 | ||||||||
Issuance of common stock in connection with initial/ follow-on public offering, net of issuance costs | 323,656 | $ 1 | 323,655 | ||||||
Issuance of common stock in connection with initial/follow-on public offering, net of issuance costs, shares | 9,452,054 | ||||||||
Issuance of common stock upon exercise of stock options | 1,462 | 1,462 | |||||||
Issuance of common stock upon exercise of stock options (Shares) | 84,241 | ||||||||
Forfeiture of unvested common stock (shares) | (52,903) | ||||||||
Stock-based compensation | 12,825 | 12,825 | |||||||
Issuance of common stock warrant | 522 | 522 | |||||||
Other comprehensive loss | (539) | (539) | |||||||
Net loss | (83,887) | (83,887) | |||||||
Balance at Dec. 31, 2022 | $ 566,988 | $ 5 | $ 755,174 | $ (187,594) | $ (597) | ||||
Balance at Dec. 31, 2022 | 47,707,691 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (83,887) | $ (48,959) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 825 | 661 |
Stock-based compensation | 12,825 | 5,581 |
Change in fair value of warrant liability | 1,318 | |
Gain on asset disposal | (28) | |
Amortization of operating lease right-of-use assets | 1,598 | |
Net accretion and amortization in marketable securities | 400 | 353 |
Loss on extinguishment of debt | 200 | |
Amortization and write-off of debt issuance costs | 602 | 107 |
Other non-cash items | 500 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 1,500 | |
Prepaid expenses and other assets | (1,250) | (2,072) |
Accounts payable | 1,334 | (772) |
Accrued expenses and other liabilities | 2,271 | 5,616 |
Operating lease liabilities | (1,212) | |
Deferred revenue | (1,125) | |
Net cash used in operating activities | (64,322) | (39,292) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,237) | (718) |
Purchases of marketable securities | (139,252) | (218,471) |
Proceeds from maturities of marketable securities | 228,976 | 14,565 |
Net cash provided by (used in) investing activities | 87,487 | (204,624) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in public offering, net of underwriting discounts and offering costs | 323,710 | 214,707 |
Proceeds from issuance of convertible preferred units, net of issuance costs | 83,275 | |
Proceeds from debt financings, net of debt issuance costs | 2,416 | |
Repayment of term loan | (2,644) | |
Payments of Series C issuance costs | (192) | |
Proceeds from issuance of common stock upon exercise of stock options | 1,412 | |
Payments of debt issuance costs | (32) | |
Payments on capital lease obligations | (99) | |
Payments for tax distributions | (2) | (45) |
Net cash provided by financing activities | 322,252 | 300,254 |
Net increase in cash, cash equivalents and restricted cash | 345,417 | 56,338 |
Cash, cash equivalents and restricted cash at beginning of period | 116,174 | 59,836 |
Cash, cash equivalents and restricted cash at end of period | 461,591 | 116,174 |
Supplemental non-cash operating information: | ||
Right-of-use assets obtained in exchange for lease liabilities | 14,477 | |
Interest paid on term loan | 76 | 81 |
Supplemental non-cash investing and financing information: | ||
Property and equipment additions included in accounts payable and accrued liabilities | 45 | 209 |
Issuance costs for convertible preferred units included in accounts payable and accrued liabilities | 192 | |
Public offering costs included in accounts payable and accrued liabilities | 54 | |
Stock option exercise proceeds included in prepaids and other current assets | 50 | |
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||
Cash and cash equivalents | 461,393 | 115,826 |
Restricted cash | 198 | 348 |
Total cash, cash equivalents, and restricted cash | $ 461,591 | $ 116,174 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business DICE Therapeutics, Inc. (“DICE”, or the “Company”), a successor to DiCE Molecules Holdings, LLC (“DiCE LLC”), is a Delaware Corporation headquartered in South San Francisco, California. DICE is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. The Company’s platform, DELSCAPE, is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (“PPIs”) as effectively as systemic biologics. Initial Public Offering and Corporate Conversion On September 17, 2021, the Company closed its initial public offering (the “IPO”) in which it sold an aggregate of 13,800,000 shares of common stock at a price to the public of $ 17.00 per share, which included 1,800,000 shares issued upon the full exercise by the underwriters of their option to purchase additional shares of common stock. The Company received aggregate net proceeds from the IPO of approximately $ 214.7 million, after deducting underwriting discounts and commissions. In contemplation of the IPO, on September 14, 2021, the Company completed the conversion (the “Conversion”), which included the following: DiCE Molecules Holdings LLC, converted from a Delaware limited liability company to a Delaware corporation by filing a certificate of conversion with the Secretary of State of the State of Delaware; and changed its name to DICE Therapeutics, Inc. As part of the Conversion: • holders of Series A-1 convertible preferred units of DiCE LLC received one share of Series A-1 convertible preferred stock of the Company for each unit of Series A-1 convertible preferred units held immediately prior to the Conversion; • holders of Series A-2 convertible preferred units of DiCE LLC received one share of Series A-2 convertible preferred stock of the Company for each unit of Series A-2 convertible preferred units held immediately prior to the Conversion; • holders of Series B convertible preferred units of DiCE LLC received one share of Series B convertible preferred stock of the Company for each unit of Series B convertible preferred units held immediately prior to the Conversion; • holders of Series C convertible preferred units of DiCE LLC received one share of Series C convertible preferred stock of the Company for each unit of Series C convertible preferred units held immediately prior to the Conversion; • holders of Series C-1 convertible preferred units of DiCE LLC received one share of Series C-1 convertible preferred stock of the Company for each unit of Series C-1 convertible preferred units held immediately prior to the Conversion; • holders of common units of DiCE LLC received one share of common stock of the Company for each common unit held immediately prior to the Conversion; and • each outstanding profit interest unit in DiCE LLC, all of which were intended to constitute profits interests for U.S. federal income tax purposes, converted into a number of shares of common stock of the Company based upon a conversion price determined by the board of directors. The conversion price was determined as the difference between the IPO price of $ 17.00 per share and the participating threshold for each profit interest unit. The Company issued 2,361,520 common stock shares upon conversion of profit interest units of DiCE LLC, of which 1,141,403 common stock shares continue to vest as per the original vesting terms of the profit interest awards. The Company continues to hold all property and assets of DiCE LLC and assumed all of the debts and obligations of DiCE LLC. The Conversion was a tax-free reorganization, that included authorization to issue to capital stock consisting of 500,000,000 shares of common stock, $ 0.0001 par value per share, and 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value per share. Immediately prior to the closing of the IPO, 19,756,590 of convertible preferred stock issued by the Company in the Conversion converted into an equal number of shares of common stock. October 2022 Public Offering On October 17, 2022, the Company closed an underwritten follow-on public offering (“Follow-on Offering”) in which it sold an aggregate of 9,452,054 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,232,876 shares of common stock, at an offering price of $ 36.50 per share. Proceeds from the Follow-on Offering were approximately $ 323.7 million , after deducting underwriting discounts and offering costs. Liquidity The Company has incurred significant operating losses since inception and has relied primarily on public and private equity to fund its operations. As of December 31, 2022, the Company had an accumulated deficit of $ 187.6 million . The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability, and until then, the Company will need to continue to raise additional capital. As of December 31, 2022, the Company had cash, cash equivalents, and marketable securities of $ 574.2 million . Based on the current plan, the Company believes that its cash, cash equivalents, and marketable securities as of December 31, 2022 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of these consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). Consolidation The consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants and common stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors that are believed to be reasonable under the circumstances, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates . Segments The Company has a single operating segment. The Company’s chief decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources, making operating decisions, and evaluating performance. Concentration of Credit Risk Cash and cash equivalents and marketable securities are financial instruments that potentially subject the Company to concentrations of credit risk. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper, corporate notes, and asset-backed securities. The Company limits its credit risk associated with cash and cash equivalents and marketable securities by placing them with banks and institutions which management believes are credit-worthy and in highly rated investments in accordance with the Company’s investment policy. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. Restricted cash consists of funds in a money market account that serves as collateral for a lease agreement. Marketable Securities Investments are classified as available-for-sale securities and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, deemed temporary in nature, are reported as a separate component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Dividend and interest income are recognized when earned and included in interest and other income, net. Realized gains and losses are included in earnings and the cost of securities sold is determined using the specific-identification method. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value is measured based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The use of observable inputs is maximized, where available, and the use of unobservable inputs is minimized when measuring fair value. The three-level hierarchy of inputs is as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 —Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets which range from three to five years . Leasehold improvements are amortized over the shorter of the lease term or their estimated useful life. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repairs are charged to the consolidated statements of operations as incurred. Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. Under ASC 842, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and the current and noncurrent operating lease liabilities are included as operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. Impairment of Long-Lived Assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. Recoverability is measured by comparing the carrying amount of the asset or asset group to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date. Warrants The Company accounts for its freestanding warrants in accordance with applicable accounting guidance as either liability-classified or equity-classified instruments depending on the specific terms of the warrant agreement. Liability-classified warrants are recorded at fair value upon issuance and re-measured at each reporting period until the earlier of the exercise of the warrants, the expiration of the warrants, or until such time as the warrants are no longer considered liability instruments. Changes in the fair value of liability-classified warrants are recognized as a component of other income (expense) in the consolidated statements of operations. Equity-classified warrants are recorded at fair value within additional paid-in capital at the time of issuance and not subject to remeasurement. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company has entered into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company had a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue was recognized as the research and development services were being performed and the results of the research and development services were provided to the customer. The customers had options to elect commercial licenses of intellectual property. As the customer options were not considered to be a material right, customer options were accounted for as separate contracts if and when they are exercised by the customer. For collaborative arrangements under which the Company is eligible to receive milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For collaborative arrangements under which the Company is eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Research and Development Expenses and Accrued Research and Development Costs Research and development costs are expensed as incurred and consist primarily of direct and indirect costs incurred for the discovery and development of therapeutic candidates. Research and development costs include salaries and benefits, stock-based compensation, consultant fees, manufacturing and process development costs, laboratory supplies, preparation of regulatory submission expenses, and allocated facilities related expenses, as well as fees paid to third parties that conduct certain preclinical and clinical activities on the Company’s behalf. A substantial portion of the Company’s ongoing research and development activities are conducted by third-party service providers. Such activities include preclinical studies, clinical trials and other research services. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in research and development expenses. These costs are accrued based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. As actual costs become known, the Company adjusts its accrued liabilities. Stock-Based Compensation Stock-based compensation is measured based on the estimated grant date fair value of the award and is recognized as expense on a straight-line basis over the requisite service period (usually the vesting period). Forfeitures are accounted for in the period in which they occur. The Company estimates the grant date fair value of profit interest units and stock options using the Black-Scholes option pricing model. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price. The Black-Scholes option pricing model requires the use of several variables and assumptions that require judgment, as discussed below. Fair Value of Common Units and Common Stock— Prior to the IPO in September 2021, because there had been no public market for the Company’s common units, the fair value of common units was determined by the Company’s Board of Managers with assistance of third-party valuation specialists. The Board of Managers exercised reasonable judgment and considered a number of objective and subjective factors to determine the best estimate of fair value. After completion of the IPO, the fair value of common stock is based on the closing market price on the date of grant. Expected Term— The expected term represents the period that stock-based awards are expected to be outstanding. Prior to the IPO, the Company’s profit interest units did not have a contractual term. However, there was a constructive maturity of the profit interest units based on the expected exit or liquidity scenarios for the Company. After the completion of the IPO, the Company’s historical stock option exercise information is limited due to a lack of sufficient data points and therefore does not provide a reasonable basis upon which to estimate an expected term. The Company has elected to use the simplified method for estimating the expected term, which is calculated as the mid-point between the vesting date and the contractual term. Expected Volatility— Expected volatility is estimated based on the average historical volatilities of comparable public peer companies within its industry over a period equal to the expected term. Beginning in 2022, expected volatility also takes into consideration the Company’s own historical volatility since its IPO. The comparable companies were chosen based on the similar size, stage in the life cycle, or area of specialty. 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. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero-coupon yield in effect at the measurement date with maturities approximately equal to the expected term. Expected Dividend Rate —The expected dividend rate is zero as the Company has never paid cash dividends and currently has no intention to pay cash dividends. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Shares of restricted stock subject to future vesting are excluded from the weighted-average number of common shares. Diluted net loss per share is calculated by adjusting the weighted-average number of common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, shares of restricted stock subject to future vesting, options to purchase common stock, and warrants to purchase common stock are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share for each period presented, as their effect would be anti-dilutive given the net loss of the Company. Comprehensive Loss Comprehensive loss is comprised of net loss and changes in accumulated other comprehensive income (loss) on the Company’s marketable securities related to unrealized gains and losses. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022 . The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $ 0.5 million, operating lease liabilities of $ 0.5 million and derecognized the deferred rent liability of $ 8,000 . In August 2020, the FASB issued Accounting Standards Updates 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022 . The adoption of ASU 2020-06 did no t have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”) . This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company on January 1, 2023. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 459,184 $ — $ — $ 459,184 US treasury securities 24,570 — — 24,570 Corporate securities and commercial paper — 80,266 — 80,266 Asset-backed securities — 7,996 — 7,996 Total assets measured at fair value $ 483,754 $ 88,262 $ — $ 572,016 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasury securities 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 150,037 — 150,037 Asset-backed securities — 21,805 — 21,805 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Year Ended Beginning balance $ 314 Fair value of warrants issued in connection with debt financing 127 Change in fair value 1,318 Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO ( 535 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants ( 1,224 ) Ending balance $ — Prior to settlement, the fair value of the warrant liability was estimated using a hybrid approach between a probability-weighted expected return method (“PWERM”) and an option pricing model (“OPM”), which estimated the probability weighted value across multiple liquidity scenarios, while using OPM to estimate the allocation of value within one or more of those scenarios. The Company considered various scenarios, including a scenario in which the Company completed an IPO, a scenario in which the Company remained private, and a scenario contemplating a merger or acquisition. There were no transfers into or out of Level 3 during the years ended December 31, 2022 and 2021 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. Investments The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 459,184 $ — $ — $ 459,184 US treasury securities 24,715 — ( 145 ) 24,570 Corporate securities and commercial paper 80,706 — ( 440 ) 80,266 Asset-backed securities 8,008 — ( 12 ) 7,996 Total financial assets $ 572,613 $ — $ ( 597 ) $ 572,016 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasury securities 24,056 1 ( 4 ) 24,053 Government treasury and agency securities 7,606 — ( 6 ) 7,600 Corporate securities and commercial paper 150,074 3 ( 40 ) 150,037 Asset-backed securities 21,817 — ( 12 ) 21,805 Total financial assets $ 318,963 $ 4 $ ( 62 ) $ 318,905 Investments with unrealized losses have been in a loss position for less than twelve months, and the unrealized losses were considered to be temporary in nature. Unrealized losses as of December 31, 2022 are attributed to changes in market interest rates. The Company does not intend to sell the investments in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. During the years ended December 31, 2022 and 2021 , there have been no significant realized gains or losses on available-for-sale investments. As of December 31, 2022 , the remaining maturity of the Company’s marketable securities was less than one year . |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands): December 31, 2022 2021 Machinery and equipment $ 4,276 $ 4,139 Leasehold improvements 1,155 103 Computer equipment 351 73 Furniture and fixtures 469 199 Construction-in-progress — 358 Total property and equipment, gross 6,251 4,872 Less accumulated depreciation and amortization ( 3,330 ) ( 3,227 ) Total property and equipment, net $ 2,921 $ 1,645 Depreciation expense was $ 0.8 million and $ 0.7 million for the years ended December 31, 2022 and 2021, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2022 2021 Accrued research and development $ 5,197 $ 4,023 Accrued employee related costs 4,262 1,957 Accrued clinical trial costs 196 1,672 Accrued general and administrative 964 756 Other accrued expenses and liabilities 31 283 Total accrued expenses and other current liabilities $ 10,650 $ 8,691 |
Collaboration Revenue
Collaboration Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Collaboration Revenue | 6. Collaboration Revenue 2015 Sanofi Collaboration Agreement In December 2015, the Company entered into a license and collaboration agreement (the “Sanofi Agreement”) with Aventis, Inc. (“Sanofi”), which was amended and restated in August 2017 (as amended, the “2015 Collaboration Agreement”). Under the Sanofi Agreement, the Company agreed to provide research services on identified targets and to grant Sanofi an exclusive option to license to develop and commercialize (as applicable), certain compounds into products within the time frames specified therein. In particular, the Company agreed to identify, in two or more screening libraries, compounds that bind to seven agreed upon immuno-oncology targets and to generate collaboration compounds for use by Sanofi to develop and commercialize collaboration products. No revenue was recognized related to the Sanofi Agreement, as amended for the years ended December 31, 2022 and 2021. In March 2022, Sanofi notified the Company that it no longer intended to develop therapeutic candidates under the Sanofi Agreement and terminated the agreement effective as of July 13, 2022. As a result, the Company regained worldwide rights to the previously partnered oral immuno-oncology program in July 2022. Under the Sanofi Agreement, the Company earned Sum of the Evidence (“SOE”) points depending on the milestone achieved and Sanofi’s elections. In connection with this right, the Company recognized $ 2.0 million in revenue in 2018, when SOE points were earned. The contract asset is recorded as an unbilled receivable of $ 2.0 million in the consolidated balance sheets as of December 31, 2021. In August 2022, the Company reached a negotiated settlement of the receivable of $ 1.5 million. As of December 31, 2022 the receivable was collected and all related performance obligations have been satisfied. 2017 Genentech Collaboration Agreement In November 2017, the Company entered into a collaboration agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). Under the 2017 Collaboration Agreement, the Company was entitled to receive a one-time target access fee for each of the collaboration targets designated. The research collaboration with respect to each collaboration target had a two-year term that commenced upon the Company’s initiation of certain research activities, unless terminated earlier under the terms of the Collaboration Agreement. Upon execution of the Genentech Agreement, Genentech designated certain collaboration targets and paid the Company a $ 4.5 million target access fee. In 2018, Genentech paid the Company an additional $ 1.5 million in target access fees. The Company’s performance obligation under the collaboration consists of research services. The revenue related to the performance obligation was recognized when the research services were completed and delivered to Genentech. The Company initiated research activities on the active collaboration targets in March 2018 and submitted five milestone packages for Genentech to review in 2019. The Company recognized collaboration revenue upon the completion of the milestone packages and research services. In June 2021, the Genentech Agreement was terminated, and the Company recognized the remaining $ 1.1 million of deferred revenue as collaboration revenue for the year ended December 31, 2021 . No revenue was recognized for the year ended December 31, 2022 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 7. Leases In June 2021, the Company entered into a lease agreement for a new office space in South San Francisco, California. The lease has an initial term of seven years , beginning on the lease commencement date of March 25, 2022 , with an option to extend the lease for an additional period of five years . Under the terms of the lease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $ 0.2 million, commencing on the effective date of the agreement until the expiration of the lease. The deposit related to the letter of credit is included within restricted cash in the consolidated balance sheets. The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022 . As of December 31, 2022, the weighted-average remaining lease term was 6.3 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 10.0 % . As of December 31, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2023 $ 2,665 2024 2,738 2025 2,814 2026 2,891 2027 2,971 Thereafter 3,821 Total undiscounted lease payments 17,900 Less: imputed interest ( 4,635 ) Total lease liabilities 13,265 Less: lease liabilities – current portion 1,424 Lease liabilities – noncurrent portion $ 11,841 Total lease cost for the year ended December 31, 2022 was $ 3.5 million ; total rent expense for the year ended December 31, 2021 was $ 1.4 million. The components of lease costs, which were included in selling, general, and administrative, net in its consolidated statements of operations, were as follows (in thousands): Year Ended Operating lease cost $ 2,618 Variable lease cost 873 Total lease cost $ 3,491 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Purchase Commitments The Company enters into contracts in the normal course of business that include, among other things, arrangements with CROs for clinical trials, vendors for preclinical research, and vendors for manufacturing. These contracts generally provide for termination upon notice, and therefore the Company believes that its obligations under these agreements are not material. As of December 31, 2022, the Company had non-cancelable purchase commitments of $ 5.0 million due within one year. Legal Proceedings From time to time, the Company may become involved in various legal proceedings arising from the ordinary course of business. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its partners, suppliers and vendors, among others. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such obligations in these consolidated financial statements as management believes such liability is immaterial. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s consolidated financial statements. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements. However, the Company currently has directors’ and officers’ insurance that reduces its exposure and may enable the Company to recover a portion of any future amounts paid . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Loan and Security Agreement On April 13, 2021, the Company entered into a senior secured term loan facility with Silicon Valley Bank (“SVB”) (the “SVB Loan and Security Agreement”), which provided for a $ 10.0 million term loan, of which $ 2.5 million was drawn (the “Term Loan”). On June 27, 2022, the Company entered into the Joinder and First Amendment to Loan and Security Agreement (the “Amendment”) with SVB. The Amendment amends certain key terms of the SVB Loan and Security Agreement (together the “Credit Facility”) to among other things: (1) provide additional term loan advances of up to $ 30.0 million (“Additional Term Loan Advances”); (2) extend the draw period from June 30, 2022 to February 29, 2024 ; (3) extend the maturity date from February 1, 2025 to May 1, 2027 ; and (4) reduce the per annum interest rate from the greater of (i) 1.75 % above the WSJ prime rate and (ii) 5.0 %, to the greater of (i) 0.75 % above the WSJ prime rate and (ii) 4.25 %. Amounts borrowed under the Additional Term Loan Advances will be interest only through June 1, 2024, followed by 36 monthly payments of principal and interest. There is no required minimum draw or financial covenants associated with the Credit Facility, as amended. The Credit Facility calls for a final payment fee equal to 5.0 % of the original principal amount borrowed under the Additional Term Loan Advances, due upon the earlier of maturity, prepayment or acceleration of the principal due to an event of default. Upon execution of the Amendment, the Company rep aid the $ 2.5 million Term Loan and the final payment fee of $ 0.1 million. Per the Amendment, the associated prepayment fee was waived. As of December 31, 2022 , there was no outstanding balance on the Credit Facility. The Company recorded a loss on extinguishment of debt of approximately $ 0.2 million in the consolidated statements of operations during the year ended December 31, 2022, representing the difference between the carrying amount of the Term Loan and the amount paid to retire the Term Loan. In conjunction with the Amendment, the Company issued to SVB a warrant to purchase up to 42,349 shares of the Company’s common stock at an exercise price of $ 14.43 per share. If the Company draws down any portion of the additional $ 10.0 million term loan, the amount of common stock issuable upon exercise of the warrant will increase by up to 21,174 shares. The warrant has a cashless exercise provision allowing the holder, in lieu of payment of the aggregate exercise price, to surrender to the Company shares having an aggregate value equal to the aggregate exercise price, based on the fair market value of the C ompany’s common stock at the time of exercise. The Company estimated the fair value of the warrant on the date of issuance using the Black-Scholes model. The Company incurred financing expenses related to the Amendment of approximately $ 0.6 million (including the fair value of the warrant) during the year ended December 31, 2022. In connection with the Credit Facility, the Company recognized interest expense, including amortization of the debt discount, of $ 0.3 million and $ 0.2 million for the years ended December 31, 2022 and 2021, respectively. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which also appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. With the closure of SVB, there can be no assurance that this credit facility will be available to the Company for borrowing. |
Convertible Preferred Units and
Convertible Preferred Units and Stockholders' Equity/Members' Deficit | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Convertible Preferred Units and Stockholders' Equity/Members' Deficit | 10. Convertible Preferred Units and Stockholders’ Equity/Members’ Deficit Convertible Preferred Units In December 2020, the Company entered into the Series C Convertible Preferred Unit Purchase Agreement (“ Series C Agreement”) for the issuance of up to 7,859,623 Series C Convertible Preferred Units at a price of $ 10.37 per unit. In the same month, the Company issued 5,239,629 Series C Convertible Preferred Units at a price of $ 10.37 per unit for net proceeds of $ 51.7 million (net of $ 2.7 million in issuance costs). In July 2021, the Company issued and sold the remaining 2,619,994 shares of Series C Convertible Preferred Units at a price of $ 10.37 per share for net proceeds of $ 26.0 million, net of $ 1.1 million in issuance costs. In August 2021, the Company issued and sold an aggregate of 4,446,056 shares of Series C-1 Convertible Preferred Units at a price of $ 13.50 per share for net proceeds of $ 59.7 million, net of $ 0.3 million in issuance costs. In September 2021, the Company completed the Conversion in which all outstanding convertible preferred units were converted into an equal number of shares of convertible preferred stock. Immediately prior to the closing of the IPO (See Note 1), all of the then-outstanding shares of convertible preferred stock converted into 19,756,590 shares of common stock. Common stock The holders of the Company’s common stock have one vote for each share of common stock. Common stockholders are entitled to dividends when, as, and if declared by the Board of Directors. The holders have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. As of December 31, 2022 , no dividends had been declared by the Board of Directors. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 11. Warrants Convertible Preferred Stock Warrants On the closing of the IPO, the 64,003 aggregate outstanding convertible preferred stock warrants converted into 64,003 common stock warrants with an exercise price of $ 8.64 per share, which resulted in the reclassification of the convertible preferred stock warrant liability of $ 0.5 million to additional paid-in capital. In September 2021, all of these common stock warrants were net exercised into 31,460 shares of common stock. Common Stock Warrants In September 2021, common stock warrants, issued to SVB in April 2021 in connection with the SVB Loan and Security Agreement, to purchase 38,058 shares of the Company’s stock at an exercise price of $ 4.72 per share were net exercised into 33,188 shares of common stock, which resulted in the reclassification of the common stock warrant liability of $ 1.2 million to additional paid-in capital. As of December 31, 2022 , the Company has an outstanding common stock warrant, issued to SVB in June 2022 in conjunction with the Amendment, to purchase 42,349 shares of common stock at an exercise price of $ 14.43 per share. The outstanding warrant expires on June 26, 2032 . As of December 31, 2021 , there were no warrants outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation 2014 Equity Incentive Plan Prior to the Conversion, the Company granted profit interest units under the 2014 Equity Incentive Plan (the “2014 Plan”). Under the provisions of the 2014 Plan, the Board of Managers granted profit interest units (“PI Units”) to employees, managers, and consultants (collectively, the “Participants”). PI Units were Common Units that were issued to Participants with a threshold amount. In the event of a distribution by the Company, the proceeds distributed to the holder would be reduced by the threshold amount. PI Units were economically similar to a stock option award and vested based on time or performance-based milestones, as determined by the Board of Managers and stipulated in the grant agreements. Profit interest units generally vested 25 % after one-year with the remainder vesting monthly over the following three-year period. The Company has determined that the underlying terms and intended purpose of the PI Units are more akin to an equity-based compensation for employees and non-employees than a performance bonus or profit-sharing arrangement. Immediately prior to consummation of the IPO, all of the outstanding PI Units were converted into 2,361,520 shares of common stock, of which 1,141,403 were subject to certain vesting conditions. The following table provides a summary of the unvested common stock activity for the year ended December 31, 2022: Number Weighted- Unvested as of December 31, 2021 1,028,389 $ 6.76 Vested ( 410,266 ) $ 6.35 Forfeited ( 52,903 ) $ 13.78 Unvested as of December 31, 2022 565,220 $ 6.62 The weighted-average grant date fair value of PI Units granted during the year ended December 31, 2021 was $ 5.03 . The aggregate intrinsic value of common stock that vested during the years ended December 31, 2022 and 2021 was $ 2.6 million and $ 0.5 million , respectively. The aggregate intrinsic value of restricted stock awards outstanding on December 31, 2022 was $ 17.6 million . The estimated grant-date fair value of all the Company’s PI Units was calculated using the Black-Scholes option pricing model, based on the following assumptions: Year Ended Expected term (in years) 5.5 - 6.1 Expected volatility 75 % Risk-free interest rate 0.74 % - 1.10 % Expected dividend rate — 2021 Equity Incentive Plan In September 2021, the Company’s board of directors and stockholders adopted and approved the 2021 Equity Incentive Plan (“2021 Plan”), which became effective in connection with the IPO. The Company reserved 6,189,332 shares of common stock for future issuance under the 2021 Plan. In addition, any awards subject to the 2014 Plan which are forfeited or repurchased by the Company after the effective date of the 2021 Plan are added to the 2021 Plan reserve. The number of shares of common stock reserved for issuance under the 2021 Plan automatically increase on the first day of January, commencing on January 1, 2022 and through 2031, in an amount equal to 5 % of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. On January 1, 2022, the common stock available for issuance under the 2021 Plan automatically increased by 1,911,215 shares. As of December 31, 2022, there were 4,415,628 shares available for issuance under the 2021 Plan. Awards granted under the 2021 Plan expire no later than ten years from the date of grant. For the Incentive Stock Options, or ISOs, and Nonqualified Stock Options, or NSOs, the option price shall not be less than 100 % of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. Stock option activity under the 2021 Plan was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 1,473,812 $ 17.57 Granted 2,466,116 19.09 Exercised ( 84,241 ) 17.35 Cancelled/Forfeited ( 194,990 ) 18.15 Outstanding as of December 31, 2022 3,660,697 18.57 9.10 46,325 Exercisable as of December 31, 2022 893,310 18.19 8.91 11,619 The intrinsic value of options exercised, calculated as the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price of the stock option, was approximately $ 1.5 million for the year ended December 31, 2022 . There were no stock option exercises during the year ended December 31, 2021. The weighted-average grant date fair value of options granted to employees during the years ended December 31, 2022 and 2021 was $ 12.53 and $ 11.01 , respectively. The total fair value of stock options that vested during the years ended December 31, 2022 and 2021 was $ 8.2 million and $ 3.1 million , respectively. The estimated grant-date fair value of the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: Year Ended December 31, 2022 2021 Expected term (in years) 5.5 - 6.1 5.0 - 6.7 Expected volatility 72 % - 76 % 72 % - 73 % Risk-free interest rate 1.52 % - 4.30 % 0.79 % - 1.34 % Dividend yield — — 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors and stockholders adopted and approved the Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the IPO. The Company reserved 375,000 shares of common stock for future issuance under the ESPP. The number of shares of common stock reserved for issuance under the ESPP automatically increase on the first day of January, commencing on January 1, 2022 and through 2031, in an amount equal to 1 % of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. On January 1, 2022, the common stock available for issuance under the ESPP automatically increased by 382,243 shares. Under the ESPP, employees, subject to certain restrictions, may purchase shares of common stock at 85 % of the fair market value at either the beginning of the offering period or the date of purchase, whichever is less. Purchases are limited to the lesser of 15 % of each employee’s eligible annual compensation or $ 25,000 . As of December 31, 2022 the Company has issued no shares under the ESPP as the first offering period has not begun. As of December 31, 2022, there were 757,243 shares available for issuance under the ESPP. Stock-Based Compensation Expense The Company recognized stock-based compensation as follows (in thousands): Year Ended December 31, 2022 2021 Research and development $ 6,484 $ 2,625 General and administrative 6,341 2,956 Total stock-based compensation expense $ 12,825 $ 5,581 As of December 31, 2022, there was a total of $ 30.8 million and $ 3.6 million of unrecognized compensation costs related to stock options and restricted stock awards, respectively, that is expected to be recognized over a weighted-average period of approximately 2.9 and 2.1 years, respectively. The Company did not recognize incremental stock-based compensation expense related to the conversion of the profit interest units to unvested common stock in accordance with the Conversion, as such exchange was at fair value. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 13. Employee Benefit Plan The Company has a qualified contributory savings plan under Section 401(k) of the Internal Revenue Code (the “Code”) covering substantially all U.S. employees of DICE Therapeutics, Inc. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Code. Eligible employees may defer up to 100 % of their eligible compensation up to the annual maximum as determined by the Internal Revenue Service. The Company’s contributions to the plan are discretionary. For the years ended December 31, 2022 and 2021 , the Company did no t make any contributions to the plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The company has not recognized any current or deferred tax expense for the years ended December 31, 2022 and 2021. The Company has incurred net operating losses in the United States only for all periods presented. The Company has not reflected any benefit of such net operating loss carryforwards in the accompanying financial statements. The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate: Year Ended December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State tax 0.6 ( 3.9 ) Tax credits 1.4 1.2 Change in valuation allowance ( 20.9 ) ( 17.0 ) Other — ( 0.4 ) Stock compensation ( 2.1 ) ( 0.9 ) Effective income tax rate — % — % The following table presents the significant components of the Company’s deferred tax assets and liabilities (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,340 $ 13,482 R&D Capitalization 16,642 5,711 Tax credit carryforwards 3,940 2,276 Lease liabilities 2,789 — Stock compensation 1,215 505 Accrual and other 1,134 455 Total deferred tax assets 43,060 22,429 Deferred tax liabilities: Property and equipment ( 294 ) ( 90 ) Right of use assets ( 2,753 ) — Total deferred tax liabilities ( 3,047 ) ( 90 ) Valuation allowance ( 40,013 ) ( 22,339 ) Net deferred taxes $ — $ — The tax benefits of net operating losses, temporary differences and credit carryforwards are recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $ 17.7 million and $ 8.0 million during the years ended December 31, 2022 and 2021, respectively. The Company had pre-tax net operating losses and tax credit carryforwards as of December 31, 2022 as follows (in thousands): Amount Expiration Net operating losses, federal $ 77,353 Do not expire Net operating losses, state 15,699 2038 - 2042 Tax credits, federal 3,491 2038 - 2042 Tax credits, state 2,230 N/A The ability of the Company to utilize net operating losses and credit carryforwards to reduce future domestic taxable income and domestic income tax is subject to various limitations under the Internal Revenue Code (“Code”). Internal Revenue Code Section 382 places a limitation (Section 382 Limitation) on the amount of taxable income that can be offset by NOL carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation . California has similar rules. Generally, after a change in control, a loss corporation cannot deduct NOL carryforwards in excess of the Section 382 Limitation. Due to these “change in ownership” provisions, utilization of the NOL and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2022 2021 Balance, beginning of year $ 832 $ 515 Additions based on tax positions related to current year 598 317 Balance, end of year $ 1,430 $ 832 The entire amount of the unrecognized tax benefits would not impact the Company’s effective tax rate if recognized and there would be no cash tax impact. The Company has elected to include interest and penalties as a component of tax expense. During the year ended December 31, 2022 , the Company did no t recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease during the next 12 months. The Company files income tax returns in the U.S. federal and California tax jurisdictions. The federal and state income tax returns from inception to December 31, 2021 remain subject to inspection. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 15. Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Year Ended December 31, 2022 2021 Restricted stock subject to future vesting 565,220 1,028,389 Options to purchase common stock 3,660,697 1,473,812 Warrants to purchase common stock 42,349 — Total 4,268,266 2,502,201 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which also appointed the FDIC as receiver. At the time of the closure of SVB, the Company had approximately 1 % of total current cash, cash equivalents and marketable securities in deposit accounts with SVB. On March 12, 2023, the FDIC announced that all depositors of the bank would have access to all funds starting on March 13, 2023. The remainder of the Company’s cash, cash equivalents and marketable securities resides in a custodial account held in the Company’s name at U.S. Bank for which SVB Asset Management is the advisor, and management does not believe the investments in this account are directly exposed to risk of loss as a result of the insolvency of SVB. As disclosed in Note 9, the Company has a credit facility with SVB under which it has the option to borrow up to $ 30.0 million of term loan advances. There is no outstanding balance on this credit facility. There can be no assurance that this credit facility will be available to the Company for borrowing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). |
Consolidation | Consolidation The consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants and common stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors that are believed to be reasonable under the circumstances, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from these estimates . |
Segments | Segments The Company has a single operating segment. The Company’s chief decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources, making operating decisions, and evaluating performance. |
Concentration of Credit Risk | Concentration of Credit Risk Cash and cash equivalents and marketable securities are financial instruments that potentially subject the Company to concentrations of credit risk. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper, corporate notes, and asset-backed securities. The Company limits its credit risk associated with cash and cash equivalents and marketable securities by placing them with banks and institutions which management believes are credit-worthy and in highly rated investments in accordance with the Company’s investment policy. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase. Restricted cash consists of funds in a money market account that serves as collateral for a lease agreement. |
Marketable Securities | Marketable Securities Investments are classified as available-for-sale securities and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, deemed temporary in nature, are reported as a separate component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Dividend and interest income are recognized when earned and included in interest and other income, net. Realized gains and losses are included in earnings and the cost of securities sold is determined using the specific-identification method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value is measured based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The use of observable inputs is maximized, where available, and the use of unobservable inputs is minimized when measuring fair value. The three-level hierarchy of inputs is as follows: Level 1 —Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 —Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. |
Property and Equipment, Net | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets which range from three to five years . Leasehold improvements are amortized over the shorter of the lease term or their estimated useful life. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statements of operations in the period realized. Maintenance and repairs are charged to the consolidated statements of operations as incurred. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. Under ASC 842, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and the current and noncurrent operating lease liabilities are included as operating lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be fully recoverable. Recoverability is measured by comparing the carrying amount of the asset or asset group to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date. |
Warrants | Warrants The Company accounts for its freestanding warrants in accordance with applicable accounting guidance as either liability-classified or equity-classified instruments depending on the specific terms of the warrant agreement. Liability-classified warrants are recorded at fair value upon issuance and re-measured at each reporting period until the earlier of the exercise of the warrants, the expiration of the warrants, or until such time as the warrants are no longer considered liability instruments. Changes in the fair value of liability-classified warrants are recognized as a component of other income (expense) in the consolidated statements of operations. Equity-classified warrants are recorded at fair value within additional paid-in capital at the time of issuance and not subject to remeasurement. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company has entered into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company had a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue was recognized as the research and development services were being performed and the results of the research and development services were provided to the customer. The customers had options to elect commercial licenses of intellectual property. As the customer options were not considered to be a material right, customer options were accounted for as separate contracts if and when they are exercised by the customer. For collaborative arrangements under which the Company is eligible to receive milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. For collaborative arrangements under which the Company is eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. |
Research and Development Expenses and Accrued Research and Development Costs | Research and Development Expenses and Accrued Research and Development Costs Research and development costs are expensed as incurred and consist primarily of direct and indirect costs incurred for the discovery and development of therapeutic candidates. Research and development costs include salaries and benefits, stock-based compensation, consultant fees, manufacturing and process development costs, laboratory supplies, preparation of regulatory submission expenses, and allocated facilities related expenses, as well as fees paid to third parties that conduct certain preclinical and clinical activities on the Company’s behalf. A substantial portion of the Company’s ongoing research and development activities are conducted by third-party service providers. Such activities include preclinical studies, clinical trials and other research services. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and includes these costs in research and development expenses. These costs are accrued based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. As actual costs become known, the Company adjusts its accrued liabilities. |
Share-Based Compensation | Stock-Based Compensation Stock-based compensation is measured based on the estimated grant date fair value of the award and is recognized as expense on a straight-line basis over the requisite service period (usually the vesting period). Forfeitures are accounted for in the period in which they occur. The Company estimates the grant date fair value of profit interest units and stock options using the Black-Scholes option pricing model. When determining the grant-date fair value of stock-based awards, management further considers whether an adjustment is required to the observable market price or volatility of the Company’s common stock that is used in the valuation as a result of material non-public information, if that information is expected to result in a material increase in share price. The Black-Scholes option pricing model requires the use of several variables and assumptions that require judgment, as discussed below. Fair Value of Common Units and Common Stock— Prior to the IPO in September 2021, because there had been no public market for the Company’s common units, the fair value of common units was determined by the Company’s Board of Managers with assistance of third-party valuation specialists. The Board of Managers exercised reasonable judgment and considered a number of objective and subjective factors to determine the best estimate of fair value. After completion of the IPO, the fair value of common stock is based on the closing market price on the date of grant. Expected Term— The expected term represents the period that stock-based awards are expected to be outstanding. Prior to the IPO, the Company’s profit interest units did not have a contractual term. However, there was a constructive maturity of the profit interest units based on the expected exit or liquidity scenarios for the Company. After the completion of the IPO, the Company’s historical stock option exercise information is limited due to a lack of sufficient data points and therefore does not provide a reasonable basis upon which to estimate an expected term. The Company has elected to use the simplified method for estimating the expected term, which is calculated as the mid-point between the vesting date and the contractual term. Expected Volatility— Expected volatility is estimated based on the average historical volatilities of comparable public peer companies within its industry over a period equal to the expected term. Beginning in 2022, expected volatility also takes into consideration the Company’s own historical volatility since its IPO. The comparable companies were chosen based on the similar size, stage in the life cycle, or area of specialty. 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. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero-coupon yield in effect at the measurement date with maturities approximately equal to the expected term. Expected Dividend Rate —The expected dividend rate is zero as the Company has never paid cash dividends and currently has no intention to pay cash dividends. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Shares of restricted stock subject to future vesting are excluded from the weighted-average number of common shares. Diluted net loss per share is calculated by adjusting the weighted-average number of common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, shares of restricted stock subject to future vesting, options to purchase common stock, and warrants to purchase common stock are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share for each period presented, as their effect would be anti-dilutive given the net loss of the Company. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is comprised of net loss and changes in accumulated other comprehensive income (loss) on the Company’s marketable securities related to unrealized gains and losses. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022 . The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $ 0.5 million, operating lease liabilities of $ 0.5 million and derecognized the deferred rent liability of $ 8,000 . In August 2020, the FASB issued Accounting Standards Updates 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022 . The adoption of ASU 2020-06 did no t have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”) . This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company on January 1, 2023. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 459,184 $ — $ — $ 459,184 US treasury securities 24,570 — — 24,570 Corporate securities and commercial paper — 80,266 — 80,266 Asset-backed securities — 7,996 — 7,996 Total assets measured at fair value $ 483,754 $ 88,262 $ — $ 572,016 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasury securities 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 150,037 — 150,037 Asset-backed securities — 21,805 — 21,805 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 |
Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities | The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Year Ended Beginning balance $ 314 Fair value of warrants issued in connection with debt financing 127 Change in fair value 1,318 Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO ( 535 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants ( 1,224 ) Ending balance $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities | The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 459,184 $ — $ — $ 459,184 US treasury securities 24,715 — ( 145 ) 24,570 Corporate securities and commercial paper 80,706 — ( 440 ) 80,266 Asset-backed securities 8,008 — ( 12 ) 7,996 Total financial assets $ 572,613 $ — $ ( 597 ) $ 572,016 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasury securities 24,056 1 ( 4 ) 24,053 Government treasury and agency securities 7,606 — ( 6 ) 7,600 Corporate securities and commercial paper 150,074 3 ( 40 ) 150,037 Asset-backed securities 21,817 — ( 12 ) 21,805 Total financial assets $ 318,963 $ 4 $ ( 62 ) $ 318,905 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): December 31, 2022 2021 Machinery and equipment $ 4,276 $ 4,139 Leasehold improvements 1,155 103 Computer equipment 351 73 Furniture and fixtures 469 199 Construction-in-progress — 358 Total property and equipment, gross 6,251 4,872 Less accumulated depreciation and amortization ( 3,330 ) ( 3,227 ) Total property and equipment, net $ 2,921 $ 1,645 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2022 2021 Accrued research and development $ 5,197 $ 4,023 Accrued employee related costs 4,262 1,957 Accrued clinical trial costs 196 1,672 Accrued general and administrative 964 756 Other accrued expenses and liabilities 31 283 Total accrued expenses and other current liabilities $ 10,650 $ 8,691 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases Liabilities | As of December 31, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2023 $ 2,665 2024 2,738 2025 2,814 2026 2,891 2027 2,971 Thereafter 3,821 Total undiscounted lease payments 17,900 Less: imputed interest ( 4,635 ) Total lease liabilities 13,265 Less: lease liabilities – current portion 1,424 Lease liabilities – noncurrent portion $ 11,841 |
Components of Lease Costs | The components of lease costs, which were included in selling, general, and administrative, net in its consolidated statements of operations, were as follows (in thousands): Year Ended Operating lease cost $ 2,618 Variable lease cost 873 Total lease cost $ 3,491 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Unvested Common Stock Activity | The following table provides a summary of the unvested common stock activity for the year ended December 31, 2022: Number Weighted- Unvested as of December 31, 2021 1,028,389 $ 6.76 Vested ( 410,266 ) $ 6.35 Forfeited ( 52,903 ) $ 13.78 Unvested as of December 31, 2022 565,220 $ 6.62 |
Summary of Recognized Stock-Based Compensation | The Company recognized stock-based compensation as follows (in thousands): Year Ended December 31, 2022 2021 Research and development $ 6,484 $ 2,625 General and administrative 6,341 2,956 Total stock-based compensation expense $ 12,825 $ 5,581 |
2014 Equity Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Estimated Grant-Date Fair Value of Units/Awards Calculated Using Black-Scholes Option Pricing Model | The estimated grant-date fair value of all the Company’s PI Units was calculated using the Black-Scholes option pricing model, based on the following assumptions: Year Ended Expected term (in years) 5.5 - 6.1 Expected volatility 75 % Risk-free interest rate 0.74 % - 1.10 % Expected dividend rate — |
2021 Equity Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Estimated Grant-Date Fair Value of Units/Awards Calculated Using Black-Scholes Option Pricing Model | The estimated grant-date fair value of the Company’s stock options was calculated using the Black-Scholes option pricing model, based on the following assumptions: Year Ended December 31, 2022 2021 Expected term (in years) 5.5 - 6.1 5.0 - 6.7 Expected volatility 72 % - 76 % 72 % - 73 % Risk-free interest rate 1.52 % - 4.30 % 0.79 % - 1.34 % Dividend yield — — |
Summary of Stock Option Activity under 2021 Plan | Stock option activity under the 2021 Plan was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 1,473,812 $ 17.57 Granted 2,466,116 19.09 Exercised ( 84,241 ) 17.35 Cancelled/Forfeited ( 194,990 ) 18.15 Outstanding as of December 31, 2022 3,660,697 18.57 9.10 46,325 Exercisable as of December 31, 2022 893,310 18.19 8.91 11,619 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Effective Income Tax Rate | The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate: Year Ended December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State tax 0.6 ( 3.9 ) Tax credits 1.4 1.2 Change in valuation allowance ( 20.9 ) ( 17.0 ) Other — ( 0.4 ) Stock compensation ( 2.1 ) ( 0.9 ) Effective income tax rate — % — % |
Schedule of Components of Deferred Tax Assets and Liabilities | The following table presents the significant components of the Company’s deferred tax assets and liabilities (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,340 $ 13,482 R&D Capitalization 16,642 5,711 Tax credit carryforwards 3,940 2,276 Lease liabilities 2,789 — Stock compensation 1,215 505 Accrual and other 1,134 455 Total deferred tax assets 43,060 22,429 Deferred tax liabilities: Property and equipment ( 294 ) ( 90 ) Right of use assets ( 2,753 ) — Total deferred tax liabilities ( 3,047 ) ( 90 ) Valuation allowance ( 40,013 ) ( 22,339 ) Net deferred taxes $ — $ — |
Schedule of Pre-Tax Net Operating Losses and Credit Carryforwards | The Company had pre-tax net operating losses and tax credit carryforwards as of December 31, 2022 as follows (in thousands): Amount Expiration Net operating losses, federal $ 77,353 Do not expire Net operating losses, state 15,699 2038 - 2042 Tax credits, federal 3,491 2038 - 2042 Tax credits, state 2,230 N/A |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2022 2021 Balance, beginning of year $ 832 $ 515 Additions based on tax positions related to current year 598 317 Balance, end of year $ 1,430 $ 832 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding potentially dilutive Shares Have Been Excluded from Computation of Diluted Net Loss Per Unit Because Their Effect Would have Been Anti-Dilutive | The following outstanding potentially dilutive shares have been excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Year Ended December 31, 2022 2021 Restricted stock subject to future vesting 565,220 1,028,389 Options to purchase common stock 3,660,697 1,473,812 Warrants to purchase common stock 42,349 — Total 4,268,266 2,502,201 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Oct. 17, 2022 | Sep. 17, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 12, 2021 | |
Organization And Description Of Business [Line Items] | |||||
Aggregate net proceeds from initial public offering | $ 323,710 | $ 214,707 | |||
Convertible preferred stock, shares issued upon conversion | 19,756,590 | 19,756,590 | |||
Number of outstanding profit interest units converted into common stock | 2,361,520 | ||||
Number of shares subject to certain vesting conditions | 1,141,403 | ||||
Common Stock, Shares Authorized | 500,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Accumulated deficit | $ 187,594 | $ 103,707 | |||
Cash, cash equivalents and marketable securities | $ 574,200 | ||||
Series A-1 Convertible Preferred Units | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 1 | ||||
Series A-2 Convertible Preferred Units | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 1 | ||||
Series B Convertible Preferred Units | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 1 | ||||
Series C Convertible Preferred Units [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 1 | ||||
Series C-1 Convertible Preferred Units [Member] | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | 1 | ||||
Common Stock | |||||
Organization And Description Of Business [Line Items] | |||||
Convertible common stock, shares issued upon conversion | 1 | ||||
Initial Public Offering | Common Stock | |||||
Organization And Description Of Business [Line Items] | |||||
Number of shares issued in transaction | 13,800,000 | ||||
Shares issued price per share | $ 17 | ||||
Aggregate net proceeds from initial public offering | $ 214,700 | ||||
Follow-on Public Offering | Common Stock | |||||
Organization And Description Of Business [Line Items] | |||||
Number of shares issued in transaction | 9,452,054 | ||||
Shares issued price per share | $ 36.50 | ||||
Aggregate net proceeds from initial public offering | $ 323,700 | ||||
Underwriters' Option to Purchase Additional Shares | Common Stock | |||||
Organization And Description Of Business [Line Items] | |||||
Number of shares issued in transaction | 1,232,876 | 1,800,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Operating lease ROU assets | $ 13,097,000 | |
Operating lease liabilities | $ 13,265,000 | |
ASU 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 500,000 | |
Operating lease liabilities | 500,000 | |
Deferred rent liability derecognized | $ 8,000 | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |
ASU 2020-06 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy (Details) - Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 572,016 | $ 318,905 |
Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,600 | |
Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 80,266 | 150,037 |
Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,996 | 21,805 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 459,184 | 115,410 |
US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24,570 | 24,053 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 483,754 | 139,463 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 459,184 | 115,410 |
Level 1 | US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24,570 | 24,053 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 88,262 | 179,442 |
Level 2 | Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 7,600 | |
Level 2 | Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 80,266 | 150,037 |
Level 2 | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 7,996 | $ 21,805 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities (Details) - Warrant Liability - Recurring Basis - Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 314 |
Fair value of warrants issued in connection with debt financing | 127 |
Change in fair value | 1,318 |
Conversion of convertible preferred stock warrants to common stock warrants upon the closing of the IPO | (535) |
Reclassification of fair value of warrants to equity upon the net exercise of warrants | $ (1,224) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair value, assets transfers into or out of Level 3 | $ 0 | $ 0 |
Fair value, liabilities transfers into or out of Level 3 | $ 0 | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale investments (gains) losses | $ 0 | $ 0 |
Maximum | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale investments, remaining maturity | 1 year |
Investments - Schedule of Fair
Investments - Schedule of Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 572,613 | $ 318,963 |
Unrealized Gain | 4 | |
Unrealized Loss | (597) | (62) |
Fair Value | 572,016 | 318,905 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 459,184 | 115,410 |
Fair Value | 459,184 | 115,410 |
US Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 24,715 | 24,056 |
Unrealized Gain | 1 | |
Unrealized Loss | (145) | (4) |
Fair Value | 24,570 | 24,053 |
Government Treasury and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 7,606 | |
Unrealized Loss | (6) | |
Fair Value | 7,600 | |
Corporate Securities and Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 80,706 | 150,074 |
Unrealized Gain | 3 | |
Unrealized Loss | (440) | (40) |
Fair Value | 80,266 | 150,037 |
Asset-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 8,008 | 21,817 |
Unrealized Loss | (12) | (12) |
Fair Value | $ 7,996 | $ 21,805 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 6,251 | $ 4,872 |
Less accumulated depreciation and amortization | (3,330) | (3,227) |
Total property and equipment, net | 2,921 | 1,645 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,276 | 4,139 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,155 | 103 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 351 | 73 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 469 | 199 |
Construction-In-Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 358 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Property and equipment under capital leases | $ 0.8 | $ 0.7 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued research and development | $ 5,197 | $ 4,023 |
Accrued employee related costs | 4,262 | 1,957 |
Accrued clinical trial costs | 196 | 1,672 |
Accrued general and administrative | 964 | 756 |
Other accrued expenses and liabilities | 31 | 283 |
Total accrued expenses and other current liabilities | $ 10,650 | $ 8,691 |
Collaboration Revenue - Additio
Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Aug. 31, 2022 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 1,125 | ||||
Contract asset recorded as accounts receivable and unbilled receivable | 2,000 | ||||
Negotiated settlement of receivable recorded as accounts receivable, net | $ 1,500 | ||||
2015 Sanofi Collaboration Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 0 | 0 | |||
Deferred revenue recognized | $ 2,000 | ||||
Contract asset recorded as accounts receivable and unbilled receivable | 2,000 | ||||
2017 Genentech Collaboration Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 0 | $ 1,100 | |||
Collaborative arrangement, collaboration target term | 2 years | ||||
Collaboration target access fee | $ 4,500 | $ 1,500 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Lease cost | $ 3,491 | |
Rent expense | $ 1,400 | |
Operating lease, weighted-average remaining lease term | 6 years 3 months 18 days | |
Operating lease, weighted-average incremental borrowing rate | 10% | |
New Office Space | ||
Loss Contingencies [Line Items] | ||
Lessee, operating lease, option to extend | The lease has an initial term of seven years, beginning on the lease commencement date of March 25, 2022, with an option to extend the lease for an additional period of five years | |
Lessee, operating lease, term of contract | 7 years | |
Lessee operating lease additional number of period option to extend | 5 years | |
Lessee operating lease start date | Mar. 25, 2022 | |
Lessee operating lease amount of letter of credit maintain for benefit of landlord | $ 200 | |
Offices and Laboratory Facilities | ||
Loss Contingencies [Line Items] | ||
Lessee, operating lease term | The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022. | |
Lessee operating lease sublease agreement period end | 2022-04 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Operating Leases Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 2,665 |
2024 | 2,738 |
2025 | 2,814 |
2026 | 2,891 |
2027 | 2,971 |
Thereafter | 3,821 |
Total undiscounted lease payments | 17,900 |
Less: imputed interest | (4,635) |
Total lease liabilities | 13,265 |
Less: lease liabilities - current portion | 1,424 |
Lease liabilities - noncurrent portion | $ 11,841 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Lease, Cost [Abstract] | |
Operating lease cost | $ 2,618 |
Variable lease cost | 873 |
Total lease cost | $ 3,491 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Non-cancelable purchase commitments | $ 5 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Jun. 27, 2022 | Apr. 13, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Line Of Credit Facility [Line Items] | |||||
Loss on extinguishment of debt | $ (200,000) | ||||
Warrants to Purchase Shares of Common Stock | |||||
Line Of Credit Facility [Line Items] | |||||
Warrants to purchase shares of common stock | 42,349 | 38,058 | |||
Warrants exercise price per share | $ 4.72 | ||||
Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Loss on extinguishment of debt | $ 200,000 | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | |||||
Line Of Credit Facility [Line Items] | |||||
Financing expenses | 600,000 | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Warrants to Purchase Shares of Common Stock | |||||
Line Of Credit Facility [Line Items] | |||||
Additional term loans | $ 10,000,000 | ||||
Warrants to purchase shares of common stock | 42,349 | ||||
Warrants exercise price per share | $ 14.43 | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Term loan | $ 10,000,000 | ||||
Loan amount withdrawn | $ 2,500,000 | ||||
Debt instrument, extension draw date | Feb. 29, 2024 | Jun. 30, 2022 | |||
Debt instrument, maturity date | May 01, 2027 | Feb. 01, 2025 | |||
Debt floating rate percentage | 5% | ||||
Repaid amount | $ 2,500,000 | ||||
Final payment fee | $ 100,000 | ||||
Currently outstanding balance | 0 | ||||
Interest expense | $ 300,000 | $ 200,000 | |||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Minimum | Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Debt floating rate percentage | 4.25% | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Minimum | Term Loan | Prime Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument, basis spread rate | 0.75% | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Maximum | Warrants to Purchase Shares of Common Stock | |||||
Line Of Credit Facility [Line Items] | |||||
Increase in common stock shares issuable upon exercise of warrants | 21,174 | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Maximum | Term Loan | |||||
Line Of Credit Facility [Line Items] | |||||
Additional term loans | $ 30,000,000 | ||||
Debt floating rate percentage | 5% | ||||
Loan and Security Agreement | Silicon Valley Bank (SVB) | Maximum | Term Loan | Prime Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Debt instrument, basis spread rate | 1.75% |
Convertible Preferred Units a_2
Convertible Preferred Units and Stockholders' Equity/Members' Deficit - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) Vote | Dec. 31, 2021 USD ($) | Sep. 17, 2021 shares | Sep. 12, 2021 shares | |
Class Of Stock [Line Items] | |||||||
Net proceeds from issuance of convertible preferred units | $ 83,275,000 | ||||||
Issuance costs | $ 192,000 | ||||||
Convertible preferred stock, shares issued upon conversion | shares | 19,756,590 | 19,756,590 | |||||
Number of vote for each share of common stock | Vote | 1 | ||||||
Dividends declared | $ 0 | ||||||
Series C Convertible Preferred Units | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred units issued | shares | 2,619,994 | 5,239,629 | |||||
Issuance Price Per Unit | $ / shares | $ 10.37 | $ 10.37 | |||||
Net proceeds from issuance of convertible preferred units | $ 26,000,000 | $ 51,700,000 | |||||
Issuance costs | $ 1,100,000 | $ 2,700,000 | |||||
Series C Convertible Preferred Units | Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred units issued | shares | 7,859,623 | ||||||
Series C-1 Convertible Preferred Units | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred units issued | shares | 4,446,056 | ||||||
Issuance Price Per Unit | $ / shares | $ 13.50 | ||||||
Net proceeds from issuance of convertible preferred units | $ 59,700,000 | ||||||
Issuance costs | $ 300,000 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Sep. 17, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible Preferred Stock Warrants | ||||
Class Of Warrant Or Right [Line Items] | ||||
Aggregate outstanding warrants converted | 64,003 | |||
Reclassification of convertible preferred stock warrant liability to additional paid-in capital | $ 0.5 | |||
Warrants to purchase shares of common stock | 31,460 | |||
Common Stock Warrants | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants issued on conversion | 64,003 | |||
Warrants exercise price per share | $ 8.64 | |||
Reclassification of convertible preferred stock warrant liability to additional paid-in capital | $ 1.2 | |||
Warrants to purchase shares of common stock | 33,188 | 14.43 | ||
Outstanding warrant expiration date | Jun. 26, 2032 | |||
Warrants outstanding | 0 | |||
Warrants to Purchase Shares of Common Stock | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants exercise price per share | $ 4.72 | |||
Warrants to purchase shares of common stock | 38,058 | 42,349 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 01, 2022 | Sep. 17, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of outstanding profit interest units converted into common stock | 2,361,520 | ||||
Number of shares subject to certain vesting conditions | 1,141,403 | ||||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to stock options | $ 30,800,000 | ||||
Unrecognized compensation cost related to stock options period for recognition | 2 years 10 months 24 days | ||||
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to awards | $ 3,600,000 | ||||
Unrecognized compensation cost related to stock options period for recognition | 2 years 1 month 6 days | ||||
2014 Equity Incentive Plan | Profit Interest Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting rights after one-year, percentage | 25% | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights | Profit interest units generally vested 25% after one-year with the remainder vesting monthly over the following three-year period. | ||||
Weighted average grant date fair value, granted | $ 5.03 | ||||
Number of outstanding profit interest units converted into common stock | 2,361,520 | ||||
2014 Equity Incentive Plan | Unvested Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Aggregate intrinsic value of common stock, vested | $ 2,600,000 | $ 500,000 | |||
Number of shares subject to certain vesting conditions | 1,141,403 | ||||
2014 Equity Incentive Plan | Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Aggregate intrinsic value of restricted stock awards outstanding | 17,600,000 | ||||
2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of common stock reserved for future issuance | 6,189,332 | ||||
Increasing percentage value equal to total number of shares of capital stock outstanding | 5% | ||||
Common stock, shares outstanding | 1,911,215 | ||||
Stock option exercises | 1,500,000 | 0 | |||
Fair value of stock options, vested | $ 8,200,000 | $ 3,100,000 | |||
Estimated fair value of option price | 100% | ||||
Shares available for issuance | 4,415,628 | ||||
Weighted-average grant date fair value of options granted to employees | $ 12.53 | $ 11.01 | |||
2021 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares of common stock reserved for future issuance | 375,000 | ||||
Increasing percentage value equal to total number of shares of capital stock outstanding | 85% | 1% | |||
Common stock, shares outstanding | 382,243 | ||||
Percentage of annual compensation of the employee to be deducted for purchase of shares | 15% | ||||
Employee eligible annual compensation | $ 25,000 | ||||
Stock issued during period, shares, employee stock purchase plans | 0 | ||||
Shares available for issuance | 757,243 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Unvested Common Stock Activity (Details) - 2014 Equity Incentive Plan - Unvested Common Stock | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 1,028,389 |
Number of Shares, Vested | shares | (410,266) |
Number of Shares, Forfeited | shares | (52,903) |
Number of Shares, Ending Balance | shares | 565,220 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 6.76 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 6.35 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 13.78 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 6.62 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Estimated Grant-Date Fair Value of Units/Awards Calculated Using Black-Scholes Option Pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
2014 Equity Incentive Plan | Profit Interest Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility | 75% | |
Risk-free interest rate, minimum | 0.74% | |
Risk-free interest rate, maximum | 1.10% | |
2014 Equity Incentive Plan | Profit Interest Units | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | |
2014 Equity Incentive Plan | Profit Interest Units | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years 1 month 6 days | |
2021 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 1.52% | 0.79% |
Risk-free interest rate, maximum | 4.30% | 1.34% |
Expected volatility, Minimum | 72% | 72% |
Expected volatility, Maximum | 76% | 73% |
2021 Equity Incentive Plan | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | 5 years |
2021 Equity Incentive Plan | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years 1 month 6 days | 6 years 8 months 12 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Option Activity under 2021 Plan (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of stock optios, Balances as of December 31, 2021 | shares | 1,473,812 |
Number of stock options, granted | shares | 2,466,116 |
Number of stock options, Exercised | shares | (84,241) |
Number of stock options, Cancelled/Forfeited | shares | (194,990) |
Number of stock options, Balances as of December 31, 2022 | shares | 3,660,697 |
Number of stock options, Exercisable as of December 31, 2022 | shares | 893,310 |
Weighted-Average Exercise Price Per Share, Balances as of December 31, 2021 | $ / shares | $ 17.57 |
Weighted-Average Exercise Price Per Share, Stock options granted | $ / shares | 19.09 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 17.35 |
Weighted-Average Exercise Price Per Share, Cancelled/Forfeited | $ / shares | 18.15 |
Weighted-Average Exercise Price Per Share, Balances as of December 31, 2022 | $ / shares | 18.57 |
Weighted-Average Exercise Price Per Share, Exercisable as of December 31, 2022 | $ / shares | $ 18.19 |
Weighted-Average Remaining Contractual Term, Balances as of December 31, 2022 | 9 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Exercisable as of December 31, 2022 | 8 years 10 months 28 days |
Aggregate Intrinsic Value, Balances | $ | $ 46,325 |
Aggregate Intrinsic Value, Exercisable as of December 31, 2022 | $ | $ 11,619 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Recognized Share-Based Compensation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation | $ 12,825 | $ 5,581 |
Research and Development Expenses | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation | 6,484 | 2,625 |
General and Administrative Expenses | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation | $ 6,341 | $ 2,956 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Employer matching contribution, percent of match | 100% | |
Contributions to the 401(k) plan | $ 0 | $ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 21% | 21% |
State tax | 0.60% | (3.90%) |
Tax credits | 1.40% | 1.20% |
Change in valuation allowance | (20.90%) | (17.00%) |
Other | (0.40%) | |
Stock compensation | (2.10%) | (0.90%) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 17,340 | $ 13,482 |
R&D Capitalization | 16,642 | 5,711 |
Tax credit carryforwards | 3,940 | 2,276 |
Lease liabilities | 2,789 | |
Stock compensation | 1,215 | 505 |
Accrual and other | 1,134 | 455 |
Total deferred tax assets | 43,060 | 22,429 |
Deferred tax liabilities: | ||
Property and equipment | (294) | (90) |
Right of use assets | 2,753 | |
Total deferred tax liabilities | (3,047) | (90) |
Valuation allowance | $ (40,013) | $ (22,339) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance increased | $ 17,700,000 | $ 8,000,000 |
Operating loss carryforwards, limitations on use | the amount of taxable income that can be offset by NOL carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation | |
Accrued interest and penalties related to unrecognized tax benefits | $ 0 |
Income Taxes - Schedule of Pre-
Income Taxes - Schedule of Pre-Tax Net Operating Losses and Credit Carryforwards (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Federal | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Net operating losses, amount | $ 77,353 |
Tax credits, amount | $ 3,491 |
Federal | Earliest Tax Year | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Tax credits, Expiration Years | 2038 |
Federal | Latest Tax Year | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Tax credits, Expiration Years | 2042 |
State | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Net operating losses, amount | $ 15,699 |
Tax credits, amount | $ 2,230 |
State | Earliest Tax Year | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Net operating losses ,Expiration Years | 2038 |
State | Latest Tax Year | |
Operating Loss And Tax Credit Carryforward [Line Items] | |
Net operating losses ,Expiration Years | 2042 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of year | $ 832 | $ 515 |
Additions based on tax positions related to current year | 598 | 317 |
Balance, end of year | $ 1,430 | $ 832 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Shares Have Been Excluded from Computation of Diluted Net Loss Per Share Because Their Effect Would have Been Anti-Dilutive (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 4,268,266 | 2,502,201 |
Restricted Stock Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 565,220 | 1,028,389 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 3,660,697 | 1,473,812 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 42,349 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
Proceeds from Issuance of Common Stock | $ 1,412 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Events - Silicon Valley Bank (SVB) | Mar. 10, 2023 USD ($) |
Subsequent Event [Line Items] | |
Percentage of total current cash, cash equivalents and marketable securities | 1% |
Term Loan | |
Subsequent Event [Line Items] | |
Maximum borrowing capacity of term loan advances | $ 30,000,000 |
Outstanding balance | $ 0 |