Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 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 | ||
Trading Symbol | KZR | ||
Entity Registrant Name | Kezar Life Sciences, Inc. | ||
Entity Central Index Key | 0001645666 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 70,803,759 | ||
Entity Public Float | $ 551 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-38542 | ||
Entity Tax Identification Number | 47-3366145 | ||
Entity Address, Address Line One | 4000 Shoreline 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 | 822-5600 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the 2023 Annual Meeting of Stockholders of the registrant, or the Proxy Statement, are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 40,456 | $ 62,882 |
Marketable securities | 236,105 | 145,473 |
Prepaid expenses | 8,241 | 2,570 |
Other current assets | 920 | 729 |
Total current assets | 285,722 | 211,654 |
Property and equipment, net | 3,431 | 3,283 |
Operating lease right-of-use asset | 9,741 | 2,714 |
Other assets | 674 | 282 |
Total assets | 299,568 | 217,933 |
Current liabilities: | ||
Accounts payable | 2,479 | 2,028 |
Accrued liabilities | 5,953 | 4,985 |
Operating lease liabilities, current | 2,565 | 1,199 |
Total current liabilities | 10,997 | 8,212 |
Operating lease liabilities, noncurrent | 8,865 | 3,223 |
Debt, noncurrent | 9,834 | 9,622 |
Total liabilities | 29,696 | 21,057 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 125,000,000 shares authorized as of December 31, 2022 and 2021; 68,493,429 and 56,259,747 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 68 | 56 |
Preferred stock, $0.001 par value, 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2022 and 2021 | 0 | 0 |
Additional paid-in capital | 519,620 | 377,765 |
Accumulated other comprehensive loss | (923) | (291) |
Accumulated deficit | (248,893) | (180,654) |
Total stockholders' equity | 269,872 | 196,876 |
Total liabilities and stockholders' equity | $ 299,568 | $ 217,933 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 68,493,429 | 56,259,747 |
Common stock, shares outstanding | 68,493,429 | 56,259,747 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses: | |||
Research and development | $ 51,009 | $ 38,935 | $ 30,981 |
General and administrative | 20,153 | 15,724 | 11,969 |
Total operating expenses | 71,162 | 54,659 | 42,950 |
Loss from operations | (71,162) | (54,659) | (42,950) |
Interest income | 4,108 | 188 | 1,208 |
Interest expense | (1,185) | (159) | 0 |
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |
Net loss per common share, Basic | $ (1.01) | $ (1.04) | $ (0.95) |
Net loss per common share, Diluted | $ (1.01) | $ (1.04) | $ (0.95) |
Weighted-average shares used to compute net loss per common share, basic | 67,368,935 | 52,759,335 | 44,004,190 |
Weighted-average shares used to compute net loss per common share, diluted | 67,368,935 | 52,759,335 | 44,004,190 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments | (49) | (50) | 82 |
Net unrealized loss on marketable securities | (583) | (104) | (23) |
Total other comprehensive (loss) income, net of tax | (632) | (154) | 59 |
Comprehensive loss | $ (68,871) | $ (54,784) | $ (41,683) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | ATM Agreement | Common Stock | Common Stock ATM Agreement | Additional Paid-in Capital | Additional Paid-in Capital ATM Agreement | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ 78,046 | $ 19 | $ 162,505 | $ (196) | $ (84,282) | |||
Balance, shares at Dec. 31, 2019 | 19,208,077 | |||||||
Issuance of common stock and pre-funded warrants through underwritten offerings, net of offering costs | 99,161 | $ 27 | 99,134 | |||||
Issuance of common stock and pre-funded warrants through underwritten offerings, net of offering costs, shares | 26,984,001 | |||||||
Issuance of common stock under employee stock incentive plans | 470 | 470 | ||||||
Issuance of common stock under employee stock incentive plans, shares | 167,665 | |||||||
Vesting related to shares of common stock issued pursuant to early exercises | 41 | 41 | ||||||
Stock-based compensation expense | 4,943 | 4,943 | ||||||
Other comprehensive income | 59 | 59 | ||||||
Net loss | (41,742) | (41,742) | ||||||
Balance at Dec. 31, 2020 | $ 140,978 | $ 46 | 267,093 | (137) | (126,024) | |||
Balance, shares at Dec. 31, 2020 | 46,359,743 | |||||||
Issuance of common stock net of offering costs | $ 100,995 | $ 9 | $ 100,986 | |||||
Issuance of common stock net of offering costs, shares | 9,352,359 | 9,352,359 | ||||||
Issuance of common stock under employee stock incentive plans | $ 2,070 | $ 1 | 2,069 | |||||
Issuance of common stock under employee stock incentive plans, shares | 547,645 | |||||||
Vesting related to shares of common stock issued pursuant to early exercises | 21 | 21 | ||||||
Stock-based compensation expense | 7,596 | 7,596 | ||||||
Other comprehensive income | (154) | (154) | ||||||
Net loss | (54,630) | (54,630) | ||||||
Balance at Dec. 31, 2021 | $ 196,876 | $ 56 | 377,765 | (291) | (180,654) | |||
Balance, shares at Dec. 31, 2021 | 56,259,747 | |||||||
Issuance of common stock net of offering costs | $ 126,542 | $ 12 | $ 126,530 | |||||
Issuance of common stock net of offering costs, shares | 11,911,699 | 11,911,699 | ||||||
Issuance of common stock under employee stock incentive plans | $ 1,319 | 1,319 | ||||||
Issuance of common stock under employee stock incentive plans, shares | 321,983 | |||||||
Stock-based compensation expense | 14,006 | 14,006 | ||||||
Other comprehensive income | (632) | (632) | ||||||
Net loss | (68,239) | (68,239) | ||||||
Balance at Dec. 31, 2022 | $ 269,872 | $ 68 | $ 519,620 | $ (923) | $ (248,893) | |||
Balance, shares at Dec. 31, 2022 | 68,493,429 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pre-funded Warrants | |||
Issuance of common stock through underwritten offerings, offering costs | $ 6,748 | ||
ATM Agreement | |||
Issuance of common stock through underwritten offerings, offering costs | $ 3,913 | $ 3,123 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 1,023 | 1,510 | 1,544 |
Stock-based compensation | 14,006 | 7,596 | 4,943 |
Amortization of premiums and discounts on marketable securities | (1,401) | 1,770 | 317 |
Amortization of debt discount and issuance costs and other non-cash interest | 212 | 91 | 0 |
Loss on disposal of property and equipment | 12 | 0 | 0 |
Changes in operating assets and liabilities | |||
Prepaid expenses and other current assets | (5,787) | 1,051 | (1,424) |
Other assets | (392) | 0 | 0 |
Accounts payable and accrued liabilities | 1,814 | 1,217 | 313 |
Operating lease asset and liabilities | (94) | (1,042) | (900) |
Net cash used in operating activities | (58,846) | (42,437) | (36,949) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,578) | (316) | (194) |
Purchases of marketable securities | (332,203) | (156,378) | (225,728) |
Maturities of marketable securities | 242,389 | 128,250 | 169,424 |
Net cash used in investing activities | (91,392) | (28,444) | (56,498) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock under at-the-market offerings, net of issuance costs | 126,542 | 100,970 | 0 |
Proceeds from long-term debt, net of debt discount and issuance costs of $469 | 0 | 9,531 | 0 |
Proceeds from sale of common stock and pre-funded warrants in public offerings, net of offering costs | 0 | 0 | 99,186 |
Proceeds from issuance of common stock under employee stock incentive plans | 1,319 | 2,084 | 456 |
Net cash provided by financing activities | 127,861 | 112,585 | 99,642 |
Effect of exchange rate changes on cash and cash equivalents | (49) | (50) | 82 |
Net (decrease) increase in cash and cash equivalents | (22,426) | 41,654 | 6,277 |
Cash and cash equivalents at the beginning of period | 62,882 | 21,228 | 14,951 |
Cash and cash equivalents at the end of period | 40,456 | 62,882 | 21,228 |
Supplemental disclosures of noncash investing and financing information: | |||
Reclassification of employee stock liability to equity upon vesting | 0 | 21 | 41 |
Purchase of property and equipment in accounts payable | 47 | 442 | 0 |
Unpaid offering costs in accrued liabilities | 0 | 0 | 25 |
Supplemental disclosures | |||
Cash paid for interest | $ 973 | $ 69 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Statement of Cash Flows [Abstract] | |
Debt discount and issuance costs | $ 469 |
Organization and Description of
Organization and Description of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of the Business | 1. Organization and Description of the Business Description of Business Kezar Life Sciences, Inc. (the “Company”) was incorporated in Delaware on February 19, 2015, and commenced operations in June 2015. The Company is a clinical-stage biotechnology company, discovering and developing novel small molecule therapeutics to treat unmet needs in immune-mediated diseases and cancer. The Company’s principal operations are in South San Francisco, California, and it operates in one segment. Liquidity Since commencing operations in mid-2015, substantially all of the Company’s efforts have been focused on research, development and the advancement of the Company’s lead product candidates, zetomipzomib and KZR-261. The Company’s ultimate success depends on the outcome of the ongoing research and development activities. The Company has not yet generated product sales and as a result has experienced operating losses since inception and had an accumulated deficit of $ 248.9 million as of December 31, 2022. The Company expects to incur additional losses in the future to conduct research and development and will need to raise additional capital to fully implement management’s business plan. The Company intends to raise such capital through the issuance of additional equity and potentially through borrowings, strategic alliances with partner companies and other licensing transactions. However, if such financing is not available at adequate levels, the Company may need to reevaluate its operating plans. Management believes that its cash, cash equivalents and marketable securities as of December 31, 2022 will be sufficient to fund the Company’s cash requirements for at least 12 months following the issuance of these financial statements. In 2022, the Company sold an aggregate of 11,911,699 shares of its common stock at a weighted average purchase price of $ 10.95 per share pursuant to the Company's a t-the-market offering program for net proceeds of approximately $ 126.5 million after deducting $ 3.9 million in commissions paid. In 2021, the Company sold an aggregate of 9,352,359 shares of its common stock at a weighted average purchase price of $ 11.13 per share pursuant to the Company's a t-the-market offering program for net proceeds of approximately $ 101.0 million after deducting $ 3.1 million in commissions paid. In November 2021, the Company entered into a loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC (“Oxford Finance”), which provided the Company up to $ 50.0 million in borrowing capacity across five potential tranches. The initial tranche of $ 10.0 million was funded at the closing of the Loan Agreement. On June 11, 2020, the Company completed an underwritten public offering of 7,590,909 shares of its common stock and, to certain investors in lieu thereof, pre-funded warrants to purchase 909,091 shares of its common stock at an exercise price of $ 0.001 per share (the “June Offering”). The public offering price of the Company’s common stock was $ 5.50 per share and the public offering price of each pre-funded warrant was $ 5.499 per underlying share. In July 2020, the underwriters exercised an option to purchase an additional 427,707 shares of common stock. The net proceeds from the June Offering were approximately $ 45.8 million, after deducting underwriting discounts and commissions and other offering expenses paid by the Company. The Company’s existing stockholder, Equal Talent Investments Limited, and one of the Company’s directors purchased an aggregate of approximately $ 8.5 million of common stock in the June Offering. On February 4, 2020, the Company completed an underwritten public offering of 18,965,385 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase additional shares of common stock, and, to certain investors in lieu thereof, pre-funded warrants to purchase 2,884,615 shares of its common stock at an exercise price of $ 0.001 per share (the “February Offering”). The public offering price of the Company’s common stock was $ 2.60 per share and the public offering price of each pre-funded warrant was $ 2.599 per underlying share. The net proceeds from the February Offering were approximately $ 53.4 million, after deducting underwriting discounts and commissions and other offering expenses paid by the Company. The Company’s existing stockholder, Morningside Ventures Investments Ltd, and certain of the Company’s officers and directors purchased an aggregate of approximately $ 10.4 million of common stock in the February Offering. |
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 and Consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the Company’s accounts and those of its wholly owned Australian subsidiary, Kezar Life Sciences Australia Pty Ltd, which is a proprietary company limited by shares. All intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of marketable securities, stock-based compensation, and accrued research and development costs. Management bases its estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s consolidated financial statements. Foreign Currency Translation The functional currency of the Company’s non-U.S. subsidiary is the Australian dollar. Asset and liability balances denominated in non-U.S. dollar currency are translated into U.S. dollars using period-end exchange rates, while expenses are based upon the exchange rate at the time of the transaction, if known, or at the average rate for the period. Equity accounts, except for the change in accumulated deficit during the year, have been translated using historical exchange rates. Differences are included in stockholders’ equity as a component of accumulated other comprehensive loss. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents are stated at fair value. The Company has no restricted cash. Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value, based upon quoted market prices or pricing models for similar securities. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, those marketable securities with contractual maturities greater than one year from the date of purchase are classified as current assets on the accompanying balance sheets. Unrealized gains and losses are excluded from earnings and are included in other comprehensive income or loss and reported as a separate component of stockholders’ equity or deficit until realized or until a determination is made that an other-than-temporary decline in market value has occurred. Realized gains and losses as well as credit losses, if any, on available-for-sale securities are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, together with interest on securities, are included in interest income on the Company’s consolidated statements of operations. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in debt securities with high credit quality, including U.S. government securities. The Company regularly reviews all of its investments for other-than-temporary declines in estimated fair value. Its review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If a credit loss does exist for available-for-sale debt securities and should be recognized, an allowance will be recorded rather than a write-down of the amortized cost basis. To date, no such credit losses have occurred or have been recorded. Concentration of Credit Risk Financial instruments that potentially expose the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. As of December 31, 2022, the majority of the Company’s cash, cash equivalents and marketable securities were held by financial institutions in the United States, while approximately $ 0.7 million was held by a financial institution in Australia. Such deposits in the United States were in excess of insured limits. Impairment of Long-Lived Assets Long-lived assets include property and equipment. The Company reviews the carrying value of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company recognizes an impairment loss when the total estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. Through December 31, 2022, there have been no such impairment losses. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Furniture, laboratory and office equipment are depreciated over five to seven years . Computer equipment are depreciated over three years . Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. Other Assets Other assets consist of security deposits for the Company’s operating leases of office and laboratory space. Leases The Company determines if an arrangement contains a lease at inception of the contract and determines the classification of its leases at lease commencement. At lease commencement, the Company records a lease liability based on the present value of future lease payments over the expected lease term. The lease term used may include options to extend the lease when it is reasonably certain that the Company will exercise the option. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company records a corresponding right-of-use (“ROU”) lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. ROU lease asset and operating lease liabilities are remeasured upon reassessment events and modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate at the time of remeasurement, as applicable. The Company does not recognize ROU assets or lease liabilities for short-term leases with terms less than 12 months and separately accounts for lease and non-lease components for all of its leases. Debt Issuance Costs and Debt Discounts Debt issuance costs include legal fees, accounting fees, and other direct costs incurred in connection with the execution of the Company’s debt financing. Debt discounts represent costs paid to the lenders. Debt issuance costs and debt discounts are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method. Research and Development Costs Research and development costs are expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to consultants and entities that conduct certain research and development activities on the Company’s behalf and expenses incurred in connection with license agreements. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed. The Company records accrued expenses for estimated costs of our research and development activities conducted by third-party service providers, which include the conduct of clinical studies, contract manufacturing activities and preclinical studies. The Company determines the estimates by reviewing contracts, vendor agreements and purchase orders, and through discussions with our internal personnel and external service providers as to the progress or stage of completion of trials or services for the services when we have not yet been invoiced or notified of the actual progress and cost. Any payments made in advance of services provided are recorded as prepaid assets, which are expensed as the contracted services are performed. As actual costs become known, we adjust our accrued estimates. Although the Company do not expect its estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment may vary from its estimates and could result in us reporting amounts that are too high or too low in any particular period. Stock-Based Compensation Stock-based awards issued to employees, directors and nonemployee consultants, including stock options, are recorded at fair value as of the grant date using the Black-Scholes option pricing model and recognized as expense on a straight-line basis over the expected vesting period. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance against deferred tax assets if it is more likely than not that a portion or all of the asset will not be realized in future periods. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest charges or penalties related to unrecognized tax benefits. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The pre-funded warrants are included in the computation of basic and diluted net loss per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive. Recently Issued Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance that are of significance or potential significance to the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The carrying amount of certain financial instruments, including cash, cash equivalents, other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices 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 assets or liabilities. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the financial statements. The Company determines the fair value of Level 1 assets using quoted prices in active markets for identical assets. The Company reviews trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. In certain cases, where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3 within the valuation hierarchy. The Company did not have any assets or liabilities measured using Level 3 inputs as of December 31, 2022 or 2021. The following table summarizes the Company’s financial assets measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands): December 31, 2022 Total Level 1 Level 2 Level 3 Financial Assets: Cash equivalents: U.S. Treasury money market funds $ 38,745 $ 38,745 $ — $ — Marketable securities: U.S. Treasury securities 40,141 40,141 — — Commercial paper 117,478 — 117,478 — Corporate debt securities 1,978 — 1,978 — U.S. Government agency bonds 76,508 — 76,508 — Total $ 274,850 $ 78,886 $ 195,964 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Financial Assets: Cash equivalents: U.S. Treasury money market funds $ 60,375 $ 60,375 $ — $ — Marketable securities: U.S. Treasury securities 82,106 82,106 — — Commercial paper 46,687 — 46,687 — Corporate debt securities 15,481 — 15,481 — U.S. agency bonds 1,199 — 1,199 — Total $ 205,848 $ 142,481 $ 63,367 $ — |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Securities The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s consolidated balance sheets as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Unrealized Unrealized Fair Cash equivalents: U.S. Treasury money market funds $ 38,745 $ — $ — $ 38,745 Marketable securities: U.S. Treasury securities 40,340 — ( 199 ) 40,141 Commercial paper 117,855 2 ( 379 ) 117,478 Corporate debt securities 1,978 — — 1,978 U.S. Government agency bonds 76,610 56 ( 158 ) 76,508 Total $ 275,528 $ 58 $ ( 736 ) $ 274,850 Cash 1,711 Total cash, cash equivalent and marketable securities $ 276,561 December 31, 2021 Amortized Cost Unrealized Unrealized Fair Value Cash equivalents: U.S. Treasury money market funds $ 60,375 $ — $ — $ 60,375 Marketable securities: U.S. Treasury securities 82,204 — ( 98 ) 82,106 Commercial paper 46,678 13 ( 4 ) 46,687 Corporate debt securities 15,486 — ( 5 ) 15,481 U.S. agency bonds 1,200 — ( 1 ) 1,199 Total available-for-sale securities $ 205,943 $ 13 $ ( 108 ) $ 205,848 Cash 2,507 Total cash, cash equivalent and marketable securities $ 208,355 The Company has no t recognized an allowance for credit losses on any securities in an unrealized loss position as of December 31, 2022 and 2021. The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Less than 12 months 12 months or greater Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 33,782 $ ( 196 ) $ 6,359 $ ( 3 ) Commercial paper 112,706 ( 379 ) — — Corporate debt securities 1,978 — — — U.S. agency bonds 33,942 ( 147 ) 5,490 ( 11 ) Total $ 182,408 $ ( 722 ) $ 11,849 $ ( 14 ) December 31, 2021 Less than 12 months 12 months or greater Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 82,106 $ ( 98 ) $ — $ — Commercial paper 13,734 ( 4 ) — — Corporate debt securities 15,481 ( 5 ) — — U.S. agency bonds 1,199 ( 1 ) — — Total $ 112,520 $ ( 108 ) $ — $ — The Company believes that the individual unrealized losses represent temporary declines primarily resulting from interest rate changes, and intends to hold these marketable securities to their maturities. As of December 31, 2022, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Available-for-sale securities maturing in: One year or less $ 263,664 $ 263,001 One to two years 11,864 11,849 Total available-for-sale securities $ 275,528 $ 274,850 The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired at December 31, 2022. There were no sales of available-for-sale securities in any of the periods presented. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following as of December 31, 2022 and 2021 (in thousands): December 31, December 31, Leasehold improvements $ 3,366 $ 3,268 Furniture, laboratory and office equipment 4,423 3,423 Computer equipment 244 244 Total property and equipment 8,033 6,935 Less: accumulated depreciation and amortization ( 4,602 ) ( 3,652 ) Property and equipment, net $ 3,431 $ 3,283 Depreciation expense was $ 1.0 million, $ 0.9 million, and $ 0.9 million for the year ended December 31, 2022, 2021, and 2020, respectively. Accrued Liabilities Accrued liabilities consisted of the following as of December 31, 2022 and 2021 (in thousands): December 31, December 31, Accrued preclinical and research costs $ 1,368 $ 1,043 Accrued clinical costs 1,007 1,642 Accrued employee-related costs 3,260 1,970 Accrued professional services 53 231 Other 265 99 Total accrued liabilities $ 5,953 $ 4,985 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease | 6. Lease In November 2022, the Company entered into an amendment to the lease agreement for its corporate headquarters in South San Francisco, California, which expands the leased premises to include Suite 400 in the same building as its corporate headquarters and extending the lease term of the original premises to be coterminous with the expansion premises to July 31, 2026 . The transaction was treated as a lease modification as of the effective date and resulted in the recognition of approximately $ 8.0 million in new lease liabilities and right-of-use assets. The contractually specified minimum rent and annual rent increases for the operating lease are included in the measurement of the ROU asset and related lease liabilities. Under the lease arrangement, the Company may be required to pay directly, or reimburse the lessor for real estate taxes, insurance, utilities, maintenance and other operating costs. Such amounts are variable and therefore not included in the measurement of the ROU asset and related lease liability but are instead recognized as variable lease expense in the Company’s Consolidated Statements of Operations when they are incurred. The operating lease agreement has one option to extend the lease term for a period of five years at the fair market rate at the time of the extension. The option to extend the lease was not recognized as part of the Company’s lease liability and ROU asset as the Company determined the renewal rent costs are uncertain and the option is not reasonably certain to be exercised. As of December 31, 2022, the weighted average remaining lease term was 3.58 years and the weighted average discount rate used to determine the operating lease liability was 11.67 %. Information related to the Company’s ROU asset and related lease liabilities were as follows (in thousands): For the Year Ended December 31, 2022 2021 2020 Cash paid for operating lease liabilities $ 1,032 $ 1,042 $ 900 Operating lease costs 1,493 1,099 1,099 Variable lease costs 807 765 542 Maturities of lease liabilities as of December 31, 2022 were as follows: Less than 12 months $ 3,767 13 - 24 months 3,890 25 - 36 months 4,025 37 - 48 months 2,418 Total undiscounted lease payments 14,100 Less: imputed interest ( 2,670 ) Total lease liabilities $ 11,430 Operating lease liabilities, current 2,565 Operating lease liabilities, noncurrent 8,865 Total operating lease liabilities $ 11,430 For the years ended December 31, 2022, 2021 and 2020, the Company recognized $ 1.5 million, $ 1.1 million and $ 1.1 million of rent expense, respectively. Variable lease costs were $ 0.8 million, $ 0.8 million and $ 0.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt In November 2021, the Company entered into a Loan Agreement with Oxford Finance, which provides the Company up to $ 50.0 million in borrowing capacity across five potential tranches. The initial tranche of $ 10.0 million was funded at the closing of the Loan Agreement. Subsequent tranches of $ 20.0 million each would become available upon achieving milestones related to the Company’s MISSION Phase 2 clinical trial and KZR-261 Phase 1 clinical trial, up to the aggregate maximum amount of $50.0 million. As of December 31, 2022, a total of $ 40.0 million in borrowing capacity remained available to us under the Loan Agreement across two potential tranches. The loan facility is secured by all assets except intellectual property, which has a negative pledge, and will mature on November 1, 2026 . There are no warrants or financial covenants associated with the Loan Agreement. The term loans bear interest at a floating per annum rate (based on the actual number of days elapsed divided by a year of 360 days) equal to the sum of (a) the greater of (i) 30-day U.S. LIBOR rate reported in the Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue and (ii) 0.08 %, plus (b) 7.87 %. The Company is required to make monthly interest-only payments prior to the amortization date of January 1, 2025, subject to a potential one-year extension upon satisfaction of certain conditions. Upon the occurrence of a LIBOR transition event, Oxford Finance may amend the Loan Agreement to replace the LIBOR rate with a LIBOR Replacement Rate. All unpaid principal and accrued and unpaid interest with respect to each term loan is due and payable in full on November 1, 2026 (the “Maturity Date”). The Company has the option to prepay the outstanding balance prior to maturity, subject to a prepayment fee of 1.0 % to 2.0 % depending upon when the prepayment occurs. Upon repayment of the Term Loans, the Company is required to make a final payment fee to the Lenders equal to 6.5 % of the original principal amount of the Term Loans funded which will be accrued by charges to interest expense over the term of the loans using the effective interest method. The Agreement also includes subjective acceleration clauses which permit the lenders to accelerate the Maturity Date under certain circumstances, including, but not limited to, material adverse effects on a Company’s financial status or otherwise. As of December 31, 2022, the Company is in compliance with all covenants in Agreement. Interest expense was $ 1.2 million and $ 0.2 million for the year ended December 31, 2022 and 2021, respectively. The effective interest rate on the term loans, including the amortization of the debt discount and issuance costs, and accretion of the final payment, was 11 %. The components of the long-term debt balance are as follows: December 31, December 31, Principal loan balance $ 10,000 $ 10,000 Unamortized debt discount and issuance costs ( 342 ) ( 431 ) Cumulative accretion of final fee 176 53 Long-term debt, net $ 9,834 $ 9,622 As of December 31, 2022, the estimated future principal payments due were as follows: Years Ending December 31, 2023 $ — 2024 — 2025 5,217 2026 4,783 Total $ 10,000 |
Pre-Funded Warrants
Pre-Funded Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Pre-Funded Warrants | 8. Pre-Funded Warrants In February 2020, the Company completed the February Offering, which included the issuance and sale of pre-funded warrants to purchase 2,884,615 shares of its common stock. The public offering price of the pre-funded warrants was $ 2.599 per underlying share. In June 2020, the Company completed the June Offering, which included the issuance and sale of pre-funded warrants to purchase 909,091 shares of its common stock. The public offering price of the pre-funded warrants was $ 5.499 per underlying share. Each pre-funded warrant entitles the holder to purchase shares of common stock at an exercise price of $ 0.001 per share and expires 20 years from the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrant is not entitled to exercise any portion of the pre-funded warrant if, upon exercise of such portion of the warrant, the holder’s ownership of the Company’s common stock (together with its affiliates) or the combined voting power of the Company’s securities beneficially owned by such holder (together with its affiliates) would exceed 4.99 % after giving effect to the exercise (“Maximum Ownership Percentage”). Upon at least 61 days’ prior notice to the Company by the warrant holder, any warrant holder may increase or decrease the Maximum Ownership Percentage to any other percentage not to exceed 19.99 %. As of December 31, 2022, no shares underlying the pre-funded warrants have been exercised. The following table represents a summary of the pre-funded warrants outstanding as of December 31, 2022. Issue Date Classification Exercise price Expiration Date Number of shares underlying February 4, 2020 Equity $ 0.001 February 4, 2040 2,884,615 June 11, 2020 Equity $ 0.001 June 11, 2040 909,091 Total Outstanding 3,793,706 On January 6, 2023, investors exercised 2,236,553 pre-funded warrants at an exercise price of $ 0.001 per share. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Incentive Plans 2022 Inducement Plan In April 2022, the Company adopted the Kezar Life Sciences, Inc. 2022 Inducement Plan (the “Inducement Plan”), which is a non-stockholder approved stock plan adopted pursuant to the “inducement exception” provided under Nasdaq Listing Rule 5635(c)(4), for the award of nonstatutory stock options (“NSOs”), restricted stock units (“RSUs”) and other equity awards as permitted by the Inducement Plan (collectively, “Inducement Awards”) to persons not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company (“Eligible Recipients”). Under the Inducement Plan, the Company may grant up to 3,000,000 shares of Common Stock in the form of Inducement Awards to Eligible Recipients in compliance with the requirements of Nasdaq Listing Rule 5635(c)(4). Awards must be approved by either a majority of the Company’s independent directors or the Company’s independent compensation committee. Consultants and directors are not eligible to received grants under the Inducement Plan. As of December 31, 2022, options to purchase 624,000 shares of common stock were outstanding and 2,376,000 shares were available for future issuance under the Inducement Plan. 2018 Equity Incentive Plan In June 2018, the Company’s board of directors adopted and its stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”), which became effective as of June 20, 2018, at which point no further grants could be made under the 2015 Equity Incentive Plan (the “2015 Plan”) described below. Under the 2018 Plan, the Company may grant ISOs, NSOs, stock appreciation rights, restricted stock awards, RSUs and other stock-based awards. As of December 31, 2022, options to purchase 7,532,708 shares of common stock were outstanding and 782,397 shares were available for future issuance under the 2018 Plan. Initially, subject to adjustment as provided in the 2018 Plan, the aggregate number of shares of the Company’s common stock authorized for issuance pursuant to stock awards under the 2018 Plan was 4,000,000 shares, which is the sum of (i) 1,600,692 shares plus (ii) the number of shares reserved and available for issuance under the 2015 Plan at the time the 2018 Plan became effective and (iii) the number of shares subject to stock options or other stock awards granted under the 2015 Plan that expire, terminate, are forfeited or otherwise not issued, or are withheld to satisfy a tax withholding obligation in connection with an award or to satisfy a purchase or exercise price of an award (such as upon the expiration or termination of a stock award prior to vesting). The number of shares of the Company’s common stock reserved for issuance under the 2018 Plan automatically increases on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028 , by 5 % of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. On January 1, 2022, 2,812,987 shares were added to the 2018 Plan reserve and are available for issuance. The maximum number of shares that may be issued upon the exercise of ISOs under the 2018 Plan is 12,500,000 shares. 2015 Equity Incentive Plan The Company’s 2015 Plan provided for the granting of ISOs and NSOs to employees, directors and consultants at the discretion of the board of directors. The 2015 Plan was terminated as to future awards in June 2018, although it continues to govern the terms of options that remain outstanding under the 2015 Plan. No additional stock awards will be granted under the 2015 Plan, and all outstanding stock awards granted under the 2015 Plan that are repurchased, forfeited, expire or are cancelled will become available for grant under the 2018 Plan in accordance with its terms. Options granted under the 2015 Plan expire no later than 10 years from the date of grant. Options granted under the 2015 Plan vest over periods determined by the board of directors, generally over four years . The 2015 Plan allows for early exercise of certain options prior to vesting. Upon termination of employment, the unvested shares are subject to repurchase at the original exercise price. As of December 31, 2022, options to purchase 1,528,102 shares of common stock were outstanding under the 2015 Plan. 2018 Employee Stock Purchase Plan In June 2018, the Company’s board of directors adopted and its stockholders approved the 2018 Employee Stock Purchase Plan (the “ESPP”), which became effective as of June 20, 2018. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The number of shares of common stock initially reserved for issuance under the ESPP was 200,000 shares. The ESPP provides for an annual increase on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028, equal to the lesser of (i) 1 % of the shares of common stock outstanding on the last day of the prior fiscal year or (ii) 375,000 shares, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of December 31, 2022, 378,237 shares of common stock had been issued under the ESPP and 954,987 shares remained available for future issuance under the ESPP. On January 1, 2022, 375,000 shares were added to the ESPP reserve and are available for issuance. The price per share of common stock to be paid by an ESPP participant on the applicable purchase date of an offering period shall be equal to 85 % of the lesser of the fair market value of a share of common stock on (i) the applicable offering date or (ii) the applicable purchase date. The Company’s board of directors authorized an initial six-month offering period beginning on November 16, 2018 and ending on May 15, 2019 . The Company’s board of directors has subsequently authorized additional six-month offering periods, with the most recent offering period beginning on November 16, 2022 . Stock Option Activity The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts): Number of Weighted Weighted Average Aggregate Outstanding at December 31, 2021 6,945,184 $ 5.95 7.9 $ 77,363 Options granted 3,036,235 $ 12.80 Options exercised ( 189,978 ) $ 3.44 $ 1,504 Options cancelled/forfeited ( 106,631 ) $ 8.02 Outstanding at December 31, 2022 9,684,810 $ 8.12 7.6 $ 15,407 Vested and exercisable at December 31, 2022 5,063,304 $ 6.85 6.7 $ 11,532 The weighted average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $ 9.81 and $ 4.20 per share, respectively. The aggregate intrinsic value of exercised stock options during the years ended December 31, 2022 and 2021 was $ 1.5 million and $ 2.1 million, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock at the date of exercise. Restricted Stock Units During the 12 months ended December 31, 2022, the Company granted RSUs to certain employees pursuant to the 2018 Plan. One-third of each RSU grant will vest annually following the vesting commencement dates, over a vesting period of 3 years . RSUs are awards that entitle the holder to receive freely tradable shares of the Company's common stock upon vesting and are not forfeitable once fully vested. The valuations for these RSUs were based on the closing prices of the Company's common stock on the grant dates and recognized as stock-based compensation expense over the respective vesting terms. Number of RSUs Outstanding Weighted Average Grant-Date Fair Price Outstanding as of December 31, 2021 — RSUs granted 439,615 $ 9.81 RSUs vested — $ — RSUs forfeited ( 4,825 ) $ 10.60 Outstanding as of December 31, 2022 434,790 $ 9.80 Stock-Based Compensation Expense Total stock-based compensation expense recognized by function was as follows (in thousands): Year Ended December 31, 2022 2021 2020 Research and development $ 6,612 $ 2,955 $ 2,102 General and administrative 7,394 4,641 2,841 Total stock-based compensation expense $ 14,006 $ 7,596 $ 4,943 As of December 31, 2022, the unrecognized stock-based compensation cost was $ 33.1 million with an estimated weighted average amortization period of 2.5 years. The fair value of the employee stock options granted and the ESPP rights to purchase common stock of the Company is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Options ESPP Rights Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Expected term (years) 5.5 - 6.1 5.5 - 6.1 5.5 - 6.0 0.5 0.5 0.5 Expected volatility 84.3 - 88.5 % 85.4 - 88.1 % 83.8 - 91.9 % 85.6 - 114.9 % 64.0 - 77.2 % 101.7 - 114.3 % Risk-free interest rate 1.6 - 4.1 % 0.5 - 1.3 % 0.4 - 1.6 % 1.5 - 4.5 % 0.0 - 0.1 % 0.1 - 0.2 % Expected dividend yield — — — — — — The expected term of options granted represents the period of time that options granted are expected to be outstanding and was determined by calculating the midpoint between the date of vesting and the contractual life of each option. The expected term of the ESPP rights is equal to the six-month look-back period. Volatility is based on the average of the historical volatility of the Company's stock price and that of a peer group of public companies over the expected term. The peer group was selected on the basis of operational and economic similarity with the Company’s principal business operations. The risk-free interest rate for the expected term of the options is based on the U.S. Treasury yield curve with a maturity equal to the expected term in effect at the time of grant. The Company has no t paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments & Contingencies Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by California corporate law. The Company currently has directors’ and officers’ insurance. |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2022 | |
License Agreement [Abstract] | |
License Agreement | 11. License Agreement In June 2015, the Company entered into an exclusive license agreement with Onyx Therapeutics, Inc. (“Onyx”), a wholly owned subsidiary of Amgen, Inc., for a worldwide, exclusive license under certain patents, and a non-exclusive license to certain know-how, in each case controlled by Onyx and relating to the Company’s immunoproteasome program. The Company may be required to make future payments of up to $ 172.5 million upon achievement of certain development and commercial milestones for zetomipzomib, as well as royalty payments in the mid to high single digits on future annual net sales, if any. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | 12. Defined Contribution Plan The Company has a qualified 401(k) Savings and Investment Plan (the “Plan”) whereby employees may contribute up to the lesser of $ 56,000 or 100 % of their pre-tax compensation. The total contributed amount from the employees is only up to Federal annual limits. The Company matches $ 1.00 for every $ 1.00 contributed to the Plan by participants up to the first 4 % of base compensation and incentive cash bonus (subject to statutory limits). During the years ended December 31, 2022, 2021 and 2020, the Company recorded matching contributions of approximately $ 0.6 million, $ 0.4 million and $ 0.3 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes No provision for income taxes was recorded for the years ended December 31, 2022, 2021 and 2020. The U.S. federal deferred tax assets generated from the Company’s net operating losses have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized. The following table presents domestic and foreign components of net loss for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Domestic $ ( 68,097 ) $ ( 54,581 ) $ ( 41,599 ) Foreign ( 142 ) ( 49 ) ( 143 ) Total $ ( 68,239 ) $ ( 54,630 ) $ ( 41,742 ) In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (“PATH”) was signed into law, which created several new research and development (“R&D”) tax credit provisions, including allowing qualified small businesses to utilize the R&D credit against the employer’s portion of payroll tax up to a maximum of $ 250,000 per year. The Company qualified as a small business under PATH for years 2016 through 2020. The Company has utilized $ 79,000 , $ 325,000 and $ 373,000 of R&D tax credits as a reduction of payroll expenses to offset its payroll tax liabilities for the years ended December 31, 2022, 2021 and 2020, respectively. The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.3 1.3 1.1 Foreign tax rate differential 0.0 0.0 0.0 Permanent differences ( 0.6 ) ( 2.2 ) ( 2.7 ) Research and development credit 2.5 4.0 2.6 Change in valuation allowance ( 24.2 ) ( 24.1 ) ( 22.0 ) Provision for income taxes — % — % — % The components of the deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, 2022 2021 Deferred tax assets Reserves and accruals $ 3,420 $ 2,043 Net operating loss carryforwards 37,939 34,617 Research and development credit carryforwards 7,603 5,127 Lease Liabilities 2,402 929 R&D Capitalization 7,979 — Gross deferred tax assets 59,343 42,716 Valuation allowance ( 56,983 ) ( 41,771 ) Net deferred tax assets 2,360 945 Deferred tax liabilities Property and equipment ( 313 ) ( 375 ) Right-of-use asset ( 2,047 ) ( 570 ) Net deferred tax assets $ — $ — Effective January 1, 2022, under the Tax Cuts and Jobs Act, for tax purposes the Company is required to capitalize and subsequently amortize all R&D expenditures over five years for research activities conducted in the U.S. and over fifteen years for research activities conducted outside of the U.S. The Company generates a deferred tax asset for capitalized R&D expenditures for the year ended December 31, 2022 which is fully offset with a valuation allowance. Realization of the deferred tax assets is dependent upon future taxable income. Since the amount and timing of future income are uncertain, the net deferred tax assets, as of December 31, 2022, and December 31, 2021 have been fully offset by a valuation allowance. The valuation allowance increased approximately $ 15.2 million, $ 12.4 million and $ 9.2 million during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, the Company had federal net operating loss (“NOL”) carryforward of $ 172.2 million and a federal research and development tax credit carryforward of $ 7.0 million. If not utilized sooner, the federal NOL generated through December 31, 2017 and tax credit carryforwards will expire, beginning in 2035 . Federal net operating loss carryforwards of $ 150.1 million generated from years ended after December 31, 2017, carryforward indefinitely. As of December 31, 2022 the Company had a state NOL carryforward of $ 17.4 million, which will expire beginning in 2035 , and a state research and development tax credit carryforward of $ 3.7 million, which does not expire. As of December 31, 2022, the Company also had accumulated Australian tax losses of $ 1.9 million available for carry forward against future earnings, which under relevant tax laws do not expire but may not be available under certain circumstances. In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of the Company’s pre-change NOL carryforwards is subject to an annual limitation under Section 382 of the Code and similar California laws. The annual limitation generally is determined by multiplying the value of the Company’s stock at the time of such ownership change (subject to certain adjustments) by the applicable long-term tax-exempt rate. Such limitations may result in expiration of a portion of the NOL carryforwards before utilization. The Company has not utilized any NOL carryforwards through December 31, 2022. In addition, the Company’s deferred tax assets are subject to a full valuation allowance, and thus no benefit for deferred tax assets is recorded on the Company’s books. The Company’s ability to use the remaining NOL carryforwards may be further limited if the Company experiences a Section 382 ownership change as a result of future changes in the Company’s stock ownership. The Company had $ 2.5 million of unrecognized tax benefits as of December 31, 2022. No liability related to uncertain tax positions is recorded on the financial statements. All uncertain tax positions are currently recorded as a reduction to the Company’s deferred tax assets, which are subject to a valuation allowance. If recognized, none of the unrecognized tax benefits would affect the effective tax rate. The Company does not anticipate that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next 12 months. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes, as necessary. The Company did no t recognize any accrued interest and penalties related to gross unrecognized tax benefits related to the year ended December 31, 2022. A reconciliation of the Company’s unrecognized tax benefits for the year ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 1,643 $ 868 Decrease related to prior year tax positions ( 187 ) — Increase related to current year tax positions 1,066 775 Balance at the end of the year $ 2,522 $ 1,643 The Company files income tax returns in the United States federal jurisdiction, state jurisdictions and Australia. The Company currently has no federal, state or other jurisdictional tax examinations in progress. All years are open for examination by federal, state and Australian authorities. |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share Net Loss Per Share The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share data): Year Ended December 31, 2022 2021 2020 Numerator: Net loss $ ( 68,239 ) $ ( 54,630 ) $ ( 41,742 ) Denominator: Weighted-average shares of common stock outstanding 67,368,935 52,759,335 44,004,190 Net loss per share, basic and diluted $ ( 1.01 ) $ ( 1.04 ) $ ( 0.95 ) The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Year Ended December 31, 2022 2021 2020 Options to purchase common stock 9,684,810 6,945,184 4,489,122 Restricted stock units subject to future vesting 434,790 — — Common stock subject to future vesting — — 8,859 Total 10,119,600 6,945,184 4,497,981 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of Presentation and Consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the Company’s accounts and those of its wholly owned Australian subsidiary, Kezar Life Sciences Australia Pty Ltd, which is a proprietary company limited by shares. All intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of marketable securities, stock-based compensation, and accrued research and development costs. Management bases its estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s consolidated financial statements. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s non-U.S. subsidiary is the Australian dollar. Asset and liability balances denominated in non-U.S. dollar currency are translated into U.S. dollars using period-end exchange rates, while expenses are based upon the exchange rate at the time of the transaction, if known, or at the average rate for the period. Equity accounts, except for the change in accumulated deficit during the year, have been translated using historical exchange rates. Differences are included in stockholders’ equity as a component of accumulated other comprehensive loss. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents are stated at fair value. The Company has no restricted cash. |
Marketable Securities | Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value, based upon quoted market prices or pricing models for similar securities. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, those marketable securities with contractual maturities greater than one year from the date of purchase are classified as current assets on the accompanying balance sheets. Unrealized gains and losses are excluded from earnings and are included in other comprehensive income or loss and reported as a separate component of stockholders’ equity or deficit until realized or until a determination is made that an other-than-temporary decline in market value has occurred. Realized gains and losses as well as credit losses, if any, on available-for-sale securities are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, together with interest on securities, are included in interest income on the Company’s consolidated statements of operations. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in debt securities with high credit quality, including U.S. government securities. The Company regularly reviews all of its investments for other-than-temporary declines in estimated fair value. Its review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If a credit loss does exist for available-for-sale debt securities and should be recognized, an allowance will be recorded rather than a write-down of the amortized cost basis. To date, no such credit losses have occurred or have been recorded. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. As of December 31, 2022, the majority of the Company’s cash, cash equivalents and marketable securities were held by financial institutions in the United States, while approximately $ 0.7 million was held by a financial institution in Australia. Such deposits in the United States were in excess of insured limits. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets include property and equipment. The Company reviews the carrying value of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company recognizes an impairment loss when the total estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. Through December 31, 2022, there have been no such impairment losses. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Furniture, laboratory and office equipment are depreciated over five to seven years . Computer equipment are depreciated over three years . Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. |
Other Assets | Other Assets Other assets consist of security deposits for the Company’s operating leases of office and laboratory space. |
Leases | Leases The Company determines if an arrangement contains a lease at inception of the contract and determines the classification of its leases at lease commencement. At lease commencement, the Company records a lease liability based on the present value of future lease payments over the expected lease term. The lease term used may include options to extend the lease when it is reasonably certain that the Company will exercise the option. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company records a corresponding right-of-use (“ROU”) lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. ROU lease asset and operating lease liabilities are remeasured upon reassessment events and modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate at the time of remeasurement, as applicable. The Company does not recognize ROU assets or lease liabilities for short-term leases with terms less than 12 months and separately accounts for lease and non-lease components for all of its leases. |
Debt Issuance Costs and Debt Discounts | Debt Issuance Costs and Debt Discounts Debt issuance costs include legal fees, accounting fees, and other direct costs incurred in connection with the execution of the Company’s debt financing. Debt discounts represent costs paid to the lenders. Debt issuance costs and debt discounts are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to consultants and entities that conduct certain research and development activities on the Company’s behalf and expenses incurred in connection with license agreements. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed. The Company records accrued expenses for estimated costs of our research and development activities conducted by third-party service providers, which include the conduct of clinical studies, contract manufacturing activities and preclinical studies. The Company determines the estimates by reviewing contracts, vendor agreements and purchase orders, and through discussions with our internal personnel and external service providers as to the progress or stage of completion of trials or services for the services when we have not yet been invoiced or notified of the actual progress and cost. Any payments made in advance of services provided are recorded as prepaid assets, which are expensed as the contracted services are performed. As actual costs become known, we adjust our accrued estimates. Although the Company do not expect its estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment may vary from its estimates and could result in us reporting amounts that are too high or too low in any particular period. |
Stock-Based Compensation | Stock-Based Compensation Stock-based awards issued to employees, directors and nonemployee consultants, including stock options, are recorded at fair value as of the grant date using the Black-Scholes option pricing model and recognized as expense on a straight-line basis over the expected vesting period. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance against deferred tax assets if it is more likely than not that a portion or all of the asset will not be realized in future periods. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest charges or penalties related to unrecognized tax benefits. |
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 shares of common stock and pre-funded warrants outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The pre-funded warrants are included in the computation of basic and diluted net loss per common share as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive. |
Recently Issued Accounting Pronouncements to be Adopted | Recently Issued Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance that are of significance or potential significance to the Company. |
Fair Value Measurements | Financial assets and liabilities are recorded at fair value. The carrying amount of certain financial instruments, including cash, cash equivalents, other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 : Quoted prices in active markets for identical assets or liabilities. Level 2 : Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices 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 assets or liabilities. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the financial statements. The Company determines the fair value of Level 1 assets using quoted prices in active markets for identical assets. The Company reviews trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands): December 31, 2022 Total Level 1 Level 2 Level 3 Financial Assets: Cash equivalents: U.S. Treasury money market funds $ 38,745 $ 38,745 $ — $ — Marketable securities: U.S. Treasury securities 40,141 40,141 — — Commercial paper 117,478 — 117,478 — Corporate debt securities 1,978 — 1,978 — U.S. Government agency bonds 76,508 — 76,508 — Total $ 274,850 $ 78,886 $ 195,964 $ — December 31, 2021 Total Level 1 Level 2 Level 3 Financial Assets: Cash equivalents: U.S. Treasury money market funds $ 60,375 $ 60,375 $ — $ — Marketable securities: U.S. Treasury securities 82,106 82,106 — — Commercial paper 46,687 — 46,687 — Corporate debt securities 15,481 — 15,481 — U.S. agency bonds 1,199 — 1,199 — Total $ 205,848 $ 142,481 $ 63,367 $ — |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-For-Sale Securities Recorded in Cash and Cash Equivalents or Marketable Securities | The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s consolidated balance sheets as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Unrealized Unrealized Fair Cash equivalents: U.S. Treasury money market funds $ 38,745 $ — $ — $ 38,745 Marketable securities: U.S. Treasury securities 40,340 — ( 199 ) 40,141 Commercial paper 117,855 2 ( 379 ) 117,478 Corporate debt securities 1,978 — — 1,978 U.S. Government agency bonds 76,610 56 ( 158 ) 76,508 Total $ 275,528 $ 58 $ ( 736 ) $ 274,850 Cash 1,711 Total cash, cash equivalent and marketable securities $ 276,561 December 31, 2021 Amortized Cost Unrealized Unrealized Fair Value Cash equivalents: U.S. Treasury money market funds $ 60,375 $ — $ — $ 60,375 Marketable securities: U.S. Treasury securities 82,204 — ( 98 ) 82,106 Commercial paper 46,678 13 ( 4 ) 46,687 Corporate debt securities 15,486 — ( 5 ) 15,481 U.S. agency bonds 1,200 — ( 1 ) 1,199 Total available-for-sale securities $ 205,943 $ 13 $ ( 108 ) $ 205,848 Cash 2,507 Total cash, cash equivalent and marketable securities $ 208,355 |
Summary of Gross Unrealized Losses and Fair Value by Major Security Type for Available-For-Sale Securities in Unrealized Loss Position | The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Less than 12 months 12 months or greater Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 33,782 $ ( 196 ) $ 6,359 $ ( 3 ) Commercial paper 112,706 ( 379 ) — — Corporate debt securities 1,978 — — — U.S. agency bonds 33,942 ( 147 ) 5,490 ( 11 ) Total $ 182,408 $ ( 722 ) $ 11,849 $ ( 14 ) December 31, 2021 Less than 12 months 12 months or greater Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 82,106 $ ( 98 ) $ — $ — Commercial paper 13,734 ( 4 ) — — Corporate debt securities 15,481 ( 5 ) — — U.S. agency bonds 1,199 ( 1 ) — — Total $ 112,520 $ ( 108 ) $ — $ — |
Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity | As of December 31, 2022, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Available-for-sale securities maturing in: One year or less $ 263,664 $ 263,001 One to two years 11,864 11,849 Total available-for-sale securities $ 275,528 $ 274,850 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following as of December 31, 2022 and 2021 (in thousands): December 31, December 31, Leasehold improvements $ 3,366 $ 3,268 Furniture, laboratory and office equipment 4,423 3,423 Computer equipment 244 244 Total property and equipment 8,033 6,935 Less: accumulated depreciation and amortization ( 4,602 ) ( 3,652 ) Property and equipment, net $ 3,431 $ 3,283 |
Accrued Liabilities | Accrued liabilities consisted of the following as of December 31, 2022 and 2021 (in thousands): December 31, December 31, Accrued preclinical and research costs $ 1,368 $ 1,043 Accrued clinical costs 1,007 1,642 Accrued employee-related costs 3,260 1,970 Accrued professional services 53 231 Other 265 99 Total accrued liabilities $ 5,953 $ 4,985 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Details of Right-of-Use Assets and Lease Liabilities | Information related to the Company’s ROU asset and related lease liabilities were as follows (in thousands): For the Year Ended December 31, 2022 2021 2020 Cash paid for operating lease liabilities $ 1,032 $ 1,042 $ 900 Operating lease costs 1,493 1,099 1,099 Variable lease costs 807 765 542 Maturities of lease liabilities as of December 31, 2022 were as follows: Less than 12 months $ 3,767 13 - 24 months 3,890 25 - 36 months 4,025 37 - 48 months 2,418 Total undiscounted lease payments 14,100 Less: imputed interest ( 2,670 ) Total lease liabilities $ 11,430 Operating lease liabilities, current 2,565 Operating lease liabilities, noncurrent 8,865 Total operating lease liabilities $ 11,430 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Balance | The components of the long-term debt balance are as follows: December 31, December 31, Principal loan balance $ 10,000 $ 10,000 Unamortized debt discount and issuance costs ( 342 ) ( 431 ) Cumulative accretion of final fee 176 53 Long-term debt, net $ 9,834 $ 9,622 |
Schedule of Estimated Future Principal Payments | As of December 31, 2022, the estimated future principal payments due were as follows: Years Ending December 31, 2023 $ — 2024 — 2025 5,217 2026 4,783 Total $ 10,000 |
Pre-Funded Warrants (Tables)
Pre-Funded Warrants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Pre-Funded Warrants Outstanding | The following table represents a summary of the pre-funded warrants outstanding as of December 31, 2022. Issue Date Classification Exercise price Expiration Date Number of shares underlying February 4, 2020 Equity $ 0.001 February 4, 2040 2,884,615 June 11, 2020 Equity $ 0.001 June 11, 2040 909,091 Total Outstanding 3,793,706 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Activity under Stock Option Plans and Related Information | The following table summarizes activity under the Company’s stock option plans and related information (in thousands, except share and per share amounts): Number of Weighted Weighted Average Aggregate Outstanding at December 31, 2021 6,945,184 $ 5.95 7.9 $ 77,363 Options granted 3,036,235 $ 12.80 Options exercised ( 189,978 ) $ 3.44 $ 1,504 Options cancelled/forfeited ( 106,631 ) $ 8.02 Outstanding at December 31, 2022 9,684,810 $ 8.12 7.6 $ 15,407 Vested and exercisable at December 31, 2022 5,063,304 $ 6.85 6.7 $ 11,532 |
Summary of RSU Activity | Number of RSUs Outstanding Weighted Average Grant-Date Fair Price Outstanding as of December 31, 2021 — RSUs granted 439,615 $ 9.81 RSUs vested — $ — RSUs forfeited ( 4,825 ) $ 10.60 Outstanding as of December 31, 2022 434,790 $ 9.80 |
Stock-Based Compensation Expense Recognized | Total stock-based compensation expense recognized by function was as follows (in thousands): Year Ended December 31, 2022 2021 2020 Research and development $ 6,612 $ 2,955 $ 2,102 General and administrative 7,394 4,641 2,841 Total stock-based compensation expense $ 14,006 $ 7,596 $ 4,943 |
Fair Value of Employee Stock Options Granted and ESPP Rights to Purchase Common Stock Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions | The fair value of the employee stock options granted and the ESPP rights to purchase common stock of the Company is calculated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Options ESPP Rights Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Expected term (years) 5.5 - 6.1 5.5 - 6.1 5.5 - 6.0 0.5 0.5 0.5 Expected volatility 84.3 - 88.5 % 85.4 - 88.1 % 83.8 - 91.9 % 85.6 - 114.9 % 64.0 - 77.2 % 101.7 - 114.3 % Risk-free interest rate 1.6 - 4.1 % 0.5 - 1.3 % 0.4 - 1.6 % 1.5 - 4.5 % 0.0 - 0.1 % 0.1 - 0.2 % Expected dividend yield — — — — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Net Loss | The following table presents domestic and foreign components of net loss for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Domestic $ ( 68,097 ) $ ( 54,581 ) $ ( 41,599 ) Foreign ( 142 ) ( 49 ) ( 143 ) Total $ ( 68,239 ) $ ( 54,630 ) $ ( 41,742 ) |
Schedule of Effective Tax Rate of Provision for Income Taxes Differs From Federal Statutory Rate | The effective tax rate of the provision for income taxes differs from the federal statutory rate as follows: Year Ended December 31, 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 1.3 1.3 1.1 Foreign tax rate differential 0.0 0.0 0.0 Permanent differences ( 0.6 ) ( 2.2 ) ( 2.7 ) Research and development credit 2.5 4.0 2.6 Change in valuation allowance ( 24.2 ) ( 24.1 ) ( 22.0 ) Provision for income taxes — % — % — % |
Schedule of Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows (in thousands): Year Ended December 31, 2022 2021 Deferred tax assets Reserves and accruals $ 3,420 $ 2,043 Net operating loss carryforwards 37,939 34,617 Research and development credit carryforwards 7,603 5,127 Lease Liabilities 2,402 929 R&D Capitalization 7,979 — Gross deferred tax assets 59,343 42,716 Valuation allowance ( 56,983 ) ( 41,771 ) Net deferred tax assets 2,360 945 Deferred tax liabilities Property and equipment ( 313 ) ( 375 ) Right-of-use asset ( 2,047 ) ( 570 ) Net deferred tax assets $ — $ — |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits for the year ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 1,643 $ 868 Decrease related to prior year tax positions ( 187 ) — Increase related to current year tax positions 1,066 775 Balance at the end of the year $ 2,522 $ 1,643 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss per Share | The following table sets forth the calculation of basic and diluted net loss per share during the periods presented (in thousands, except share and per share data): Year Ended December 31, 2022 2021 2020 Numerator: Net loss $ ( 68,239 ) $ ( 54,630 ) $ ( 41,742 ) Denominator: Weighted-average shares of common stock outstanding 67,368,935 52,759,335 44,004,190 Net loss per share, basic and diluted $ ( 1.01 ) $ ( 1.04 ) $ ( 0.95 ) |
Anti-dilutive Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Year Ended December 31, 2022 2021 2020 Options to purchase common stock 9,684,810 6,945,184 4,489,122 Restricted stock units subject to future vesting 434,790 — — Common stock subject to future vesting — — 8,859 Total 10,119,600 6,945,184 4,497,981 |
Organization and Description _2
Organization and Description of the Business - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jun. 11, 2020 USD ($) $ / shares shares | Feb. 04, 2020 USD ($) $ / shares shares | Jul. 31, 2020 shares | Dec. 31, 2022 USD ($) Segment $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Jan. 06, 2023 $ / shares shares | Nov. 30, 2021 USD ($) Tranche | |
Organization And Description Of Business [Line Items] | ||||||||
Number of operating segments | Segment | 1 | |||||||
Accumulated deficit | $ 248,893,000 | $ 180,654,000 | ||||||
Issuance of common stock | shares | 11,911,699 | 9,352,359 | ||||||
Weighted average purchase price, per share | $ / shares | $ 10.95 | $ 11.13 | ||||||
Pre funded warrants to purchase shares of common stock | shares | 909,091 | 2,884,615 | 3,793,706 | |||||
Pre funded warrants exercise price | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Net proceeds under at-the-market offering programs | $ 126,542,000 | $ 100,970,000 | $ 0 | |||||
Common stock, shares authorized | shares | 125,000,000 | 125,000,000 | ||||||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | ||||||
Underwritten Public Offering | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Issuance of common stock | shares | 7,590,909 | 18,965,385 | 427,707 | |||||
Pre funded warrants to purchase shares of common stock | shares | 909,091 | 2,884,615 | ||||||
Pre funded warrants exercise price | $ / shares | $ 0.001 | $ 0.001 | ||||||
Common stock, shares issued, price per share | $ / shares | 5.50 | 2.60 | ||||||
Warrant issue price per share | $ / shares | $ 5.499 | $ 2.599 | ||||||
Net proceeds from the public offering | $ 45,800,000 | $ 53,400,000 | ||||||
Commission paid | $ 3,900,000 | $ 3,100,000 | ||||||
Underwritten Public Offering | Existing Stockholder, Equal Talent Investments Limited, and one of the Directors | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Net proceeds from the public offering | $ 8,500,000 | |||||||
Underwritten Public Offering | Existing Stockholder, Morningside Ventures and certain officers and directors | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Net proceeds from the public offering | $ 10,400,000 | |||||||
ATM Offering Program | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Net proceeds from the public offering | 126,500,000 | $ 101,000,000 | ||||||
Subsequent Event | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Pre funded warrants to purchase shares of common stock | shares | 2,236,553 | |||||||
Pre funded warrants exercise price | $ / shares | $ 0.001 | |||||||
Loan and Security Agreement | Oxford Finance LLC | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||||
Number of tranches | Tranche | 5 | |||||||
Current borrowing capacity | $ 40,000,000 | |||||||
Loan and Security Agreement | Oxford Finance LLC | Tranche One | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Current borrowing capacity | $ 10,000,000 | |||||||
Minimum | ||||||||
Organization And Description Of Business [Line Items] | ||||||||
Sufficient cash and cash equivalents available period term | 12 months |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Impairment losses | $ 0 |
Interest charges or penalties related to unrecognized tax benefits | 0 |
Restricted cash | $ 0 |
Furniture, Laboratory and Office Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of the assets | 5 years |
Furniture, Laboratory and Office Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of the assets | 7 years |
Computer Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful lives of the assets | 3 years |
Australia | |
Summary Of Significant Accounting Policies [Line Items] | |
Concentrations of credit risk | $ 700,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 274,850 | $ 205,848 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 78,886 | 142,481 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 195,964 | 63,367 |
U.S. Treasury money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 38,745 | 60,375 |
U.S. Treasury money market funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 38,745 | 60,375 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 40,141 | 82,106 |
U.S. Treasury Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 40,141 | 82,106 |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 117,478 | 46,687 |
Commercial paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 117,478 | 46,687 |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 1,978 | 15,481 |
Corporate debt securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 1,978 | 15,481 |
U.S. Government agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | 76,508 | 1,199 |
U.S. Government agency bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial Assets | $ 76,508 | $ 1,199 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-For-Sale Securities Recorded in Cash and Cash Equivalents or Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | $ 275,528 | |
Fair Value | 274,850 | |
Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 275,528 | $ 205,943 |
Unrealized Gains | 58 | 13 |
Unrealized Losses | (736) | (108) |
Fair Value | 274,850 | 205,848 |
Cash | 1,711 | 2,507 |
Total cash, cash equivalent and marketable securities | 276,561 | 208,355 |
Fair Value, Measurements, Recurring | U.S. Treasury money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 38,745 | 60,375 |
Fair Value | 38,745 | 60,375 |
Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 40,340 | 82,204 |
Unrealized Losses | (199) | (98) |
Fair Value | 40,141 | 82,106 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 117,855 | 46,678 |
Unrealized Gains | 2 | 13 |
Unrealized Losses | (379) | (4) |
Fair Value | 117,478 | 46,687 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 1,978 | 15,486 |
Unrealized Losses | (5) | |
Fair Value | 1,978 | 15,481 |
Fair Value, Measurements, Recurring | U.S. agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 76,610 | 1,200 |
Unrealized Gains | 56 | |
Unrealized Losses | (158) | (1) |
Fair Value | $ 76,508 | $ 1,199 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses on securities in unrealized loss position | $ 0 | $ 0 |
Sale of available-for-sale securities | $ 0 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Summary of Gross Unrealized Losses and Fair Value by Major Security Type for Available-For-Sale Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Less than 12 months | $ 182,408 | $ 112,520 |
Unrealized Losses, Less than 12 months | (722) | (108) |
Fair Value, 12 months or greater | 11,849 | |
Unrealized Losses, 12 months or greater | (14) | |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Less than 12 months | 33,782 | 82,106 |
Unrealized Losses, Less than 12 months | (196) | (98) |
Fair Value, 12 months or greater | 6,359 | |
Unrealized Losses, 12 months or greater | (3) | |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Less than 12 months | 112,706 | 13,734 |
Unrealized Losses, Less than 12 months | (379) | (4) |
Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Less than 12 months | 1,978 | 15,481 |
Unrealized Losses, Less than 12 months | (5) | |
U.S. agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Less than 12 months | 33,942 | 1,199 |
Unrealized Losses, Less than 12 months | (147) | $ (1) |
Fair Value, 12 months or greater | 5,490 | |
Unrealized Losses, 12 months or greater | $ (11) |
Available-for-Sale Securities_4
Available-for-Sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Available-for-sale securities maturing, Amortized Cost: | |
In one year or less, Amortized Cost | $ 263,664 |
In one to two years, Amortized Cost | 11,864 |
Total available-for-sale securities, Amortized Cost | 275,528 |
Available-for-sale securities maturing, Estimated Fair Value: | |
In one year or less, Estimated Fair Value | 263,001 |
In one to two years, Estimated Fair Value | 11,849 |
Total available-for-sale securities, Estimated Fair Value | $ 274,850 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 8,033 | $ 6,935 |
Less accumulated depreciation and amortization | (4,602) | (3,652) |
Property and equipment, net | 3,431 | 3,283 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,366 | 3,268 |
Furniture, Laboratory and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 4,423 | 3,423 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 244 | $ 244 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Depreciation expense | $ 1 | $ 0.9 | $ 0.9 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued preclinical and research costs | $ 1,368 | $ 1,043 |
Accrued clinical costs | 1,007 | 1,642 |
Accrued employee-related costs | 3,260 | 1,970 |
Accrued professional services | 53 | 231 |
Other | 265 | 99 |
Total accrued liabilities | $ 5,953 | $ 4,985 |
Lease - Additional Information
Lease - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2022 | |
Operating lease existence of option to extend [true false] | true | |||
Operating lease, option to extend | The operating lease agreement has one option to extend the lease term for a period of five years at the fair market rate at the time of the extension. | |||
Operating lease, renewal term | 5 years | |||
Weighted average remaining lease term | 3 years 6 months 29 days | |||
Operating lease liability, weighted average discount rate | 11.67% | |||
Rent expense | $ 1,500 | $ 1,100 | $ 1,100 | |
Variable lease costs | 807 | 765 | $ 542 | |
Operating lease liability | 11,430 | |||
Operating lease right-of-use asset | $ 9,741 | $ 2,714 | ||
South San Francisco, California [Member] | ||||
Operating lease, option to extend | July 31, 2026 | |||
Operating lease liability | $ 8,000 | |||
Operating lease right-of-use asset | $ 8,000 |
Lease - Details of Right-of-Use
Lease - Details of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |||
Cash paid for operating lease liabilities | $ 1,032 | $ 1,042 | $ 900 |
Operating lease costs | 1,493 | 1,099 | 1,099 |
Variable lease costs | 807 | 765 | $ 542 |
Less than 12 months | 3,767 | ||
13 - 24 months | 3,890 | ||
25 - 36 months | 4,025 | ||
37 - 48 months | 2,418 | ||
Total undiscounted lease payments | 14,100 | ||
Less: imputed interest | (2,670) | ||
Total lease liabilities | 11,430 | ||
Operating lease liabilities, current | 2,565 | 1,199 | |
Operating lease liabilities, noncurrent | 8,865 | $ 3,223 | |
Total operating lease liabilities | $ 11,430 |
Debt - Additional Information (
Debt - Additional Information (Details) - Loan and Security Agreement - Oxford Finance LLC | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 USD ($) Tranche | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||
Number of tranches | Tranche | 5 | ||
Current borrowing capacity | $ 40,000,000 | ||
Line of credit facility, Maturity period | Nov. 01, 2026 | ||
Line of credit facility frequency of payments | monthly interest-only payments | ||
Line of credit facility, extension period | 1 year | ||
Final payment fee percentage | 6.50% | ||
Interest expense | $ 1,200,000 | $ 200,000 | |
Effective interest rate percentage | 11% | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Prepayment fee percentage | 1% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Prepayment fee percentage | 2% | ||
Tranche One | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 10,000,000 | ||
Tranche Two | |||
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 20,000,000 | ||
Equal To Sum Of A | Floor Rate | |||
Debt Instrument [Line Items] | |||
Line of credit facility, additional interest rate | 0.08% | ||
Equal To Sum Of B | |||
Debt Instrument [Line Items] | |||
Line of credit facility, interest rate | 7.87% |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Principal loan balance | $ 10,000 | $ 10,000 |
Unamortized debt discount and issuance costs | (342) | (431) |
Cumulative accretion of final fee | 176 | 53 |
Long-term debt, net | $ 9,834 | $ 9,622 |
Debt - Schedule of Estimated Fu
Debt - Schedule of Estimated Future Principal Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2025 | $ 5,217 |
2026 | 4,783 |
Total | $ 10,000 |
Pre-Funded Warrants - Additiona
Pre-Funded Warrants - Additional Information (Details) - $ / shares | Jun. 11, 2020 | Feb. 04, 2020 | Jan. 06, 2023 | Dec. 31, 2022 |
Class Of Warrant Or Right [Line Items] | ||||
Pre funded warrants to purchase shares of common stock | 909,091 | 2,884,615 | 3,793,706 | |
Pre funded warrants exercise price | $ 0.001 | $ 0.001 | $ 0.001 | |
Pre-funded warrants, term | 20 years | |||
Maximum ownership percentage, not to exceed upon exercise of warrants | 4.99% | |||
Maximum ownership percentage, increase or decrease upon prior notice | 19.99% | |||
Pre-funded warrants exercised | 0 | |||
Subsequent Event | ||||
Class Of Warrant Or Right [Line Items] | ||||
Pre funded warrants to purchase shares of common stock | 2,236,553 | |||
Pre funded warrants exercise price | $ 0.001 | |||
February Offering | ||||
Class Of Warrant Or Right [Line Items] | ||||
Pre funded warrants to purchase shares of common stock | 2,884,615 | |||
June Offering | ||||
Class Of Warrant Or Right [Line Items] | ||||
Pre funded warrants to purchase shares of common stock | 909,091 | |||
Underwritten Public Offering | ||||
Class Of Warrant Or Right [Line Items] | ||||
Pre funded warrants to purchase shares of common stock | 909,091 | 2,884,615 | ||
Warrant issue price per share | $ 5.499 | $ 2.599 | ||
Pre funded warrants exercise price | $ 0.001 | $ 0.001 |
Pre-Funded Warrants - Summary o
Pre-Funded Warrants - Summary of Pre-Funded Warrants Outstanding (Details) - $ / shares | Jun. 11, 2020 | Feb. 04, 2020 | Dec. 31, 2022 |
Stockholders' Equity Note [Abstract] | |||
Issue Date | Jun. 11, 2020 | Feb. 04, 2020 | |
Exercise Price | $ 0.001 | $ 0.001 | $ 0.001 |
Expiration Date | Jun. 11, 2040 | Feb. 04, 2040 | |
Number of shares underlying warrants | 909,091 | 2,884,615 | 3,793,706 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options shares outstanding | 9,684,810 | 6,945,184 | |||
Common stock, shares issued | 68,493,429 | 56,259,747 | |||
Aggregate intrinsic value of exercised stock options | $ 1,504,000 | $ 2,100,000 | |||
Payments of dividends of common stock | $ 0 | ||||
Expected dividend yield | 0% | 0% | 0% | ||
Employee options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost | $ 33,100,000 | ||||
Estimated weighted average amortization period | 2 years 6 months | ||||
Employee options | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years | ||
Employee options | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term | 5 years 6 months | 5 years 6 months | 5 years 6 months | ||
ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term | 6 months | 6 months | 6 months | ||
2022 Stock Inducement Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options shares outstanding | 624,000 | ||||
Shares granted | 3,000,000 | ||||
shares available for future issuance | 2,376,000 | ||||
2018 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options shares outstanding | 7,532,708 | ||||
shares available for future issuance | 782,397 | ||||
additional shares authorized for future issuance | 2,812,987 | ||||
Number of shares will increase automatically through every year on specified date | --01-01 | ||||
Number of shares increase automatically continuing through maximum period | beginning on January 1, 2019 and continuing through and including January 1, 2028 | ||||
Weighted average grant date fair value of options granted | $ 9.81 | $ 4.20 | |||
2018 Equity Incentive Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of shares authorized available for issuance | 1,600,692 | ||||
Increase in number of shares reserved for issuance as percentage of total number of shares of capital stock outstanding on last date of preceding calendar year | 5% | ||||
2018 Equity Incentive Plan | Maximum | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of shares authorized available for issuance | 4,000,000 | ||||
2018 Equity Incentive Plan | Incentive Stock Options | Maximum | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of shares issued upon exercise of incentive stock options | 12,500,000 | ||||
2018 Equity Incentive Plan | RSU Member | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option grant vesting period | 3 years | ||||
2015 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option grant vesting period | 4 years | ||||
Options to purchase of common stock outstanding | 1,528,102 | ||||
2015 Equity Incentive Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted expiry period | 10 years | ||||
2018 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
shares available for future issuance | 375,000 | ||||
2018 Employee Stock Purchase Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
shares available for future issuance | 954,987 | 200,000 | |||
Common stock, shares issued | 378,237 | ||||
Authorized an offering beginning period | Nov. 16, 2018 | ||||
Authorized an offering ending period | May 15, 2019 | ||||
Authorized an additional offering beginning period | Nov. 16, 2022 | ||||
2018 Employee Stock Purchase Plan | Maximum | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of annual increase in number of common stock shares | 1% | ||||
Annual increase in number of common stock shares | 375,000 | ||||
Option price per share of common stock at fair market value | 85% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity under Stock Option Plans and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of options outstanding, Outstanding, Beginning balance | 6,945,184 | |
Number of options outstanding, Options granted | 3,036,235 | |
Number of options outstanding, Options exercised | (189,978) | |
Number of options outstanding, Options cancelled/forfeited | (106,631) | |
Number of options outstanding, Outstanding, Ending balance | 9,684,810 | 6,945,184 |
Number of options outstanding, options vested and exercisable | 5,063,304 | |
Weighted average exercise price, Outstanding, Beginning balance | $ 5.95 | |
Weighted average exercise price, Options granted | 12.80 | |
Weighted average exercise price, Options exercised | 3.44 | |
Weighted average exercise price, Options cancelled/forfeited | 8.02 | |
Weighted average exercise price, Outstanding, Ending balance | 8.12 | $ 5.95 |
Weighted average exercise price, options vested and exercisable | $ 6.85 | |
Weighted average remaining contractual term, (Years) Outstanding, Beginning balance | 7 years 7 months 6 days | 7 years 10 months 24 days |
Weighted average remaining contractual term, (Years) options vested and exercisable | 6 years 8 months 12 days | |
Aggregate intrinsic value, Outstanding, Beginning balance | $ 77,363 | |
Aggregate intrinsic value, Options exercised | 1,504 | $ 2,100 |
Aggregate intrinsic value, Outstanding, Ending balance | 15,407 | $ 77,363 |
Aggregate intrinsic value, options vested and exercisable | $ 11,532 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of RSU Activity (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average exercise price, Options cancelled/forfeited | $ 8.02 |
Weighted average exercise price, Outstanding, Ending balance | $ 8.12 |
RSU Member | 2018 Equity Incentive Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares, granted | shares | 439,615 |
Number of shares, vested | shares | 0 |
Number of shares, forfeited | shares | (4,825) |
Number of shares outstanding, ending balance | shares | 434,790 |
Weighted average exercise price, granted | $ 9.81 |
Weighted average exercise price, Options cancelled/forfeited | 10.60 |
Weighted average exercise price, Outstanding, Ending balance | $ 9.80 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 14,006 | $ 7,596 | $ 4,943 |
Research and Development Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 6,612 | 2,955 | 2,102 |
General and Administrative Expense | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 7,394 | $ 4,641 | $ 2,841 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Employee Stock Options Granted and ESPP Rights to Purchase Common Stock Calculated Using Black Scholes Option Pricing Model with Weighted Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, Minimum | 84.30% | 85.40% | 83.80% |
Expected volatility, Maximum | 88.50% | 88.10% | 91.90% |
Risk-free interest rate, Minimum | 1.60% | 0.50% | 0.40% |
Risk-free interest rate, Maximum | 4.10% | 1.30% | 1.60% |
ESPP Rights | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | 6 months |
Expected volatility, Minimum | 85.60% | 64% | 101.70% |
Expected volatility, Maximum | 114.90% | 77.20% | 114.30% |
Risk-free interest rate, Minimum | 1.50% | 0% | 0.10% |
Risk-free interest rate, Maximum | 4.50% | 0.10% | 0.20% |
Minimum | Employee options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum | Employee options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years |
License Agreement - Additional
License Agreement - Additional Information (Details) | 1 Months Ended |
Jun. 30, 2015 USD ($) | |
License Agreement | Amgen, Inc | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Maximum future payments upon achievement of certain development and commercial milestones | $ 172,500,000 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - Savings and Investment Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employees contributions amount up to lesser of pre-tax compensation | $ 56,000 | ||
Percentage of employees contributions amount up to lesser of pre-tax compensation | 100% | ||
Employer match of per contribution towards participants contribution | $ 1 | ||
Participants of plan per contribution | 1 | ||
Employer incurred matching contribution expenses | $ 600,000 | $ 400,000 | $ 300,000 |
Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer match of employees contributions in amount in percentage | 4% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes Disclosure [Line Items] | ||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | |
Research and development tax credit utilized against employer's portion of payroll tax | $ 250,000 | |||
Research and development tax credit utilized as reduction of payroll expenses | 79,000 | 325,000 | 373,000 | |
Valuation allowance increased | 15,200,000 | 12,400,000 | 9,200,000 | |
Benefit for deferred tax assets | 0 | |||
Unrecognized tax benefits | 2,522,000 | $ 1,643,000 | $ 868,000 | |
Liability related to uncertain tax positions | 0 | |||
Accrued interest and penalties related to gross unrecognized tax benefits | 0 | |||
Australian Taxation Office | ||||
Income Taxes Disclosure [Line Items] | ||||
Net operating loss (NOL) carryforwards | 1,900,000 | |||
Federal | ||||
Income Taxes Disclosure [Line Items] | ||||
Net operating loss (NOL) carryforwards | $ 172,200,000 | |||
Net operating loss carryforwards expiration start year | 2035 | |||
Net operating loss (NOL) carryforwards indefinite | $ 150,100,000 | |||
Federal | Research and Development | ||||
Income Taxes Disclosure [Line Items] | ||||
Tax credit carryforward expiration start year | 2035 | |||
Tax credit carryforward | $ 7,000,000 | |||
State | ||||
Income Taxes Disclosure [Line Items] | ||||
Net operating loss (NOL) carryforwards | $ 17,400,000 | |||
Net operating loss carryforwards expiration start year | 2035 | |||
State | Research and Development | ||||
Income Taxes Disclosure [Line Items] | ||||
Tax credit carryforward | $ 3,700,000 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Net Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |
Domestic | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss | (68,097) | (54,581) | (41,599) |
Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss | $ (142) | $ (49) | $ (143) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate of Provision for Income Taxes Differs From Federal Statutory Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
State taxes, net of federal benefit | 1.30% | 1.30% | 1.10% |
Foreign tax rate differential | 0% | 0% | 0% |
Permanent differences | (0.60%) | (2.20%) | (2.70%) |
Research and development credit | 2.50% | 4% | 2.60% |
Change in valuation allowance | (24.20%) | (24.10%) | (22.00%) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Reserves and accruals | $ 3,420 | $ 2,043 |
Net operating loss carryforwards | 37,939 | 34,617 |
Research and development credit carryforwards | 7,603 | 5,127 |
Lease Liabilities | 2,402 | 929 |
R&D Capitalization | 7,979 | |
Gross deferred tax assets | 59,343 | 42,716 |
Valuation allowance | (56,983) | (41,771) |
Net deferred tax assets | 2,360 | 945 |
Deferred tax liabilities | ||
Property and equipment | (313) | (375) |
Right-of-use asset | $ (2,047) | $ (570) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Balance at the beginning of the year | $ 1,643 | $ 868 |
Decrease related to prior year tax positions | (187) | |
Increase related to current year tax positions | 1,066 | 775 |
Balance at the end of the year | $ 2,522 | $ 1,643 |
Net Loss Per Share - Calculatio
Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |
Denominator: | |||
Weighted-average shares of common stock outstanding | 67,368,935 | 52,759,335 | 44,004,190 |
Net loss per common share, Basic | $ (1.01) | $ (1.04) | $ (0.95) |
Net loss per common share, Diluted | $ (1.01) | $ (1.04) | $ (0.95) |
Net Loss Per Share - Anti-dilut
Net Loss Per Share - Anti-dilutive Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 10,119,600 | 6,945,184 | 4,497,981 |
Options to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 9,684,810 | 6,945,184 | 4,489,122 |
Restricted stock units subject to future vesting [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 434,790 | ||
Common stock subject to future vesting [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 8,859 |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) - Schedule of Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Operating expenses | $ 71,162 | $ 54,659 | $ 42,950 |
Net loss | $ (68,239) | $ (54,630) | $ (41,742) |