Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Crinetics Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001658247 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38583 | |
Entity Tax Identification Number | 26-3744114 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 6055 Lusk Boulevard | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 450-6464 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CRNX | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 78,859,510 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 395,924 | $ 54,897 |
Investment securities | 505,037 | 503,658 |
Prepaid expenses and other current assets | 16,267 | 15,598 |
Total current assets | 917,228 | 574,153 |
Property and equipment, net | 11,865 | 10,881 |
Operating lease right-of-use assets | 45,760 | 46,549 |
Investment in Radionetics | 0 | 470 |
Restricted cash | 1,300 | 1,300 |
Other assets | 2,000 | 2,000 |
Total assets | 978,153 | 635,353 |
Current liabilities: | ||
Accounts payable and accrued expenses | 28,683 | 23,196 |
Accrued compensation and related expenses | 14,829 | 14,517 |
Deferred revenue | 2,463 | 2,056 |
Operating lease liabilities | 5,792 | 4,173 |
Total current liabilities | 51,767 | 43,942 |
Operating lease liabilities, non-current | 46,712 | 47,555 |
Deferred revenue, non-current | 4,741 | 4,750 |
Total liabilities | 103,220 | 96,247 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par; 10,000 shares authorized; no shares issued or outstanding at March 31, 2024 or December 31, 2023 | 0 | 0 |
Common stock and paid-in capital, $0.001 par; 200,000 shares authorized; 78,539 shares issued and outstanding at March 31, 2024; 68,175 shares issued and outstanding at December 31, 2023 | 1,595,415 | 1,191,831 |
Accumulated other comprehensive loss | 150 | 977 |
Accumulated deficit | (720,632) | (653,702) |
Total stockholders’ equity | 874,933 | 539,106 |
Total liabilities and stockholders’ equity | $ 978,153 | $ 635,353 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
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 |
Common stock and paid-in capital, par value | $ 0.001 | $ 0.001 |
Common stock and paid-in capital, shares authorized | 200,000,000 | 200,000,000 |
Common stock and paid-in capital, shares issued | 78,539,000 | 68,175,000 |
Common stock and paid-in capital, shares outstanding | 78,539,000 | 68,175,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 640 | $ 2,679 |
Operating expenses: | ||
Research and development | 53,341 | 38,468 |
General and administrative | 20,828 | 12,189 |
Total operating expenses | 74,169 | 50,657 |
Loss from operations | (73,529) | (47,978) |
Other income (expense): | ||
Interest income | 7,320 | 2,038 |
Other expense, net | (251) | (55) |
Total other income, net | 7,069 | 1,983 |
Loss before equity method investment | (66,460) | (45,995) |
Loss on equity method investment | (470) | 0 |
Net loss | $ (66,930) | $ (45,995) |
Net loss per share: | ||
Net loss per share - basic | $ (0.93) | $ (0.85) |
Net loss per share - diluted | $ (0.93) | $ (0.85) |
Weighted average shares - basic | 72,289 | 53,908 |
Weighted average shares - diluted | 72,289 | 53,908 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities | $ (827) | $ 1,417 |
Comprehensive loss | $ (67,757) | $ (44,578) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common stock and Paid-In Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2022 | $ 316,328 | $ 759,432 | $ (3,931) | $ (439,173) | |
Beginning Balance, Shares at Dec. 31, 2022 | 53,877,000 | ||||
Stock issued under Employee Stock Purchase Plan, shares | 0 | ||||
Issuance of common stock upon vesting of restricted stock units shares | 81,000 | ||||
Exercise of stock options | $ 484 | 484 | |||
Exercise of stock options, shares | 32,000 | ||||
Stock-based compensation | 8,096 | 8,096 | |||
Comprehensive loss | 1,417 | 1,417 | |||
Net Income (Loss) | (45,995) | (45,995) | |||
Ending Balance at Mar. 31, 2023 | 280,330 | 768,012 | (2,514) | (485,168) | |
Ending Balance, Shares at Mar. 31, 2023 | 53,990,000 | ||||
Beginning Balance at Dec. 31, 2023 | 539,106 | 1,191,831 | 977 | (653,702) | |
Beginning Balance, Shares at Dec. 31, 2023 | 68,175,000 | ||||
Issuance of common stock, net of transaction costs, shares | 9,557,000 | ||||
Issuance of common stock, net of transaction costs, value | $ 378,890 | 378,890 | |||
Stock issued under Employee Stock Purchase Plan, shares | 0 | ||||
Issuance of common stock upon vesting of restricted stock units shares | 202,000 | ||||
Exercise of stock options | $ 11,240 | 11,240 | |||
Exercise of stock options, shares | 605,083 | 605,000 | |||
Stock-based compensation | $ 13,454 | 13,454 | |||
Comprehensive loss | (827) | (827) | |||
Net Income (Loss) | (66,930) | (66,930) | |||
Ending Balance at Mar. 31, 2024 | $ 874,933 | $ 1,595,415 | $ 150 | $ (720,632) | |
Ending Balance, Shares at Mar. 31, 2024 | 78,539,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Transaction cost on issuance | $ 15,810 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net Income (Loss) | $ (66,930) | $ (45,995) |
Reconciliation of net loss to net cash used in operating activities: | ||
Stock-based compensation | 13,454 | 8,096 |
Depreciation and amortization | 474 | 283 |
Noncash lease expense | 789 | 115 |
Accretion of purchase discounts and amortization of premiums on investment securities, net | (3,847) | (530) |
Loss on disposal of property and equipment | 42 | 0 |
Loss on equity method investment | 470 | 0 |
Noncash license revenues | 0 | (2,000) |
Increase (decrease) in cash resulting from changes in: | ||
Prepaid expenses and other assets | 212 | 1,516 |
Accounts payable and accrued expenses, compensation and related expenses | 1,306 | (1,345) |
Deferred revenue | 398 | (605) |
Operating lease liabilities | 776 | (253) |
Net cash used in operating activities | (52,856) | (40,718) |
Investing activities: | ||
Purchases of investment securities | (99,741) | (22,671) |
Maturities of investment securities | 101,382 | 71,442 |
Purchases of property and equipment | (1,332) | (16) |
Net cash used in investing activities | 309 | 48,755 |
Financing activities: | ||
Proceeds from issuance of common stock, gross | 383,215 | 0 |
Proceeds from exercise of stock options | 10,359 | 484 |
Net cash provided by financing activities | 393,574 | 484 |
Net change in cash, cash equivalents and restricted cash | 341,027 | 8,521 |
Cash, cash equivalents and restricted cash at beginning of period | 56,197 | 33,973 |
Cash, cash equivalents and restricted cash at end of period | 397,224 | 42,494 |
Components of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 395,924 | 41,193 |
Restricted cash | 1,300 | 1,301 |
Cash, cash equivalents and restricted cash at end of period | 397,224 | 42,494 |
Noncash investing and financing activities: | ||
Accrued financing costs | 4,325 | 0 |
Stock options exercised receivable | 881 | 0 |
Amounts accrued for purchases of property and equipment | 168 | 33 |
Private company shares received under licensing arrangement | $ 0 | $ 2,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from issuance of common stock, net | $ 15,810 | $ 15,810 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (66,930) | $ (45,995) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans On March 22, 2024 , James Hassard , Chief Commercial Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 30,000 shares of our common stock until March 21, 2025 . On March 27, 2024 , Jeff Knight , Chief Operating Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 81,000 shares of our common stock until March 26, 2025 . On March 28, 2024 , Marc Wilson , Chief Financial Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 126,185 shares of our common stock until March 31, 2025 . None of our officers (as defined in Rule 16a–1(f)) or directors terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each such term is defined in Item 408 of Regulation S-K. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
James Hassard [Member] | |
Trading Arrangements, by Individual | |
Name | James Hassard |
Title | Chief Commercial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 22, 2024 |
Termination Date | March 21, 2025 |
Aggregate Available | 30,000 |
Jeff Knight [Member] | |
Trading Arrangements, by Individual | |
Name | Jeff Knight |
Title | Chief Operating Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 27, 2024 |
Termination Date | March 26, 2025 |
Aggregate Available | 81,000 |
Marc Wilson [Member] | |
Trading Arrangements, by Individual | |
Name | Marc Wilson |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 28, 2024 |
Termination Date | March 31, 2025 |
Aggregate Available | 126,185 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008, and based in San Diego, California. The Company is focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly-owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and comprehensive loss and were not material for all periods presented. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Liquidity From inception, the Company has devoted substantially all of its efforts to drug discovery and development, and conducting preclinical studies and clinical trials. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit o f $ 720.6 m illion as of March 31, 2024. As of March 31, 2024, the Com pany had $ 901.0 million i n unrestricted cash, cash equivalents and investment securities, which the Company believes is sufficient to meet its funding requirements for at least the next 12 months. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses, and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the three months ended March 31, 2024, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of common stock subject to repurchase and stock options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities on loss per share would be antidilutive. Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows ( in thousands ): As of March 31, 2024 2023 Stock options 14,457 11,537 Restricted stock units 1,478 806 Employee stock purchase plan 292 276 Total 16,227 12,619 Recent Accounting Pronouncements ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“Topic 280”), which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its condensed consolidated financial statements and accompanying notes. ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures ”. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES The Company reports its available-for-sale investment securities at t heir estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. government obligations $ 297,260 $ 134 $ ( 109 ) $ 297,285 Agency obligations 12,702 2 ( 4 ) 12,700 Certificates of deposit 2,450 — ( 7 ) 2,443 Corporate debt securities 192,474 258 ( 123 ) 192,609 Total $ 504,886 $ 394 $ ( 243 ) $ 505,037 As of December 31, 2023 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. government obligations $ 279,577 $ 731 $ ( 99 ) $ 280,209 Agency obligations 21,271 16 ( 17 ) 21,270 Certificates of deposit 2,450 2 ( 12 ) 2,440 Corporate debt securities 196,399 526 ( 170 ) 196,755 Commercial paper 2,984 — — 2,984 Total $ 502,681 $ 1,275 $ ( 298 ) $ 503,658 As of March 31, 2024 and December 31, 2023, available-for-sale investment securities by contractual maturity were as follows (in thousands): As of March 31, 2024 As of December 31, 2023 Amortized Fair Amortized Fair Available-for-sale investment securities: Due in one year or less $ 458,986 $ 459,136 $ 414,031 $ 414,406 Due after one year through five years 45,900 45,901 88,650 89,252 Total $ 504,886 $ 505,037 $ 502,681 $ 503,658 The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 Less Than 12 Months More Than 12 Months Total Fair Gross Fair Gross Fair Gross Available-for-sale investment securities: U.S. government obligations $ 109,356 $ ( 86 ) $ 7,456 $ ( 23 ) $ 116,812 $ ( 109 ) Agency obligations 7,699 ( 4 ) — — 7,699 ( 4 ) Certificates of deposit — — 1,463 ( 7 ) 1,463 ( 7 ) Corporate debt securities 69,062 ( 99 ) 10,209 ( 24 ) 79,271 ( 123 ) Total $ 186,117 $ ( 189 ) $ 19,128 $ ( 54 ) $ 205,245 $ ( 243 ) As of December 31, 2023 Less Than 12 Months More Than 12 Months Total Fair Gross Fair Gross Fair Gross Available-for-sale investment securities: U.S. government obligations $ 10,400 $ ( 11 ) $ 12,374 $ ( 88 ) $ 22,774 $ ( 99 ) Agency obligations 8,170 ( 3 ) 5,484 ( 14 ) 13,654 ( 17 ) Certificates of deposit 244 ( 1 ) 1,213 ( 11 ) 1,457 ( 12 ) Corporate debt securities 3,595 — 32,612 ( 170 ) 36,207 ( 170 ) Total $ 22,409 $ ( 15 ) $ 51,683 $ ( 283 ) $ 74,092 $ ( 298 ) The Company reviewed its investment holdings as of March 31, 2024 and December 31, 2023 and determined that the decline in fair value is attributable to changes in interest rates and not credit quality, and as the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Therefore, there were no allowances for credit losses as of March 31, 2024 and December 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS Investment Securities The Company holds investment securities that consist of highly liquid, investment grade debt securities. The Company determines the fair value of its investment securities based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures. Financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 were as follows ( in thousands ): As of March 31, 2024 Level 1 Level 2 Level 3 Total Investment securities: U.S. government obligations $ 297,284 $ — $ — $ 297,284 Agency obligations — 12,701 — 12,701 Certificates of deposit — 2,443 — 2,443 Corporate debt securities — 192,609 — 192,609 Total assets measured at fair value $ 297,284 $ 207,753 $ — $ 505,037 As of December 31, 2023 Level 1 Level 2 Level 3 Total Investment securities: U.S. government obligations $ 280,209 $ — $ — $ 280,209 Agency obligations — 21,270 — 21,270 Certificates of deposit — 2,440 — 2,440 Corporate debt securities — 196,755 — 196,755 Commercial paper — 2,984 — 2,984 Total assets measured at fair value $ 280,209 $ 223,449 $ — $ 503,658 The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the three months ended March 31, 2024 and 2023. |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Details | 5. BALANCE SHEET DETAILS Prepaid expenses and other current assets consisted of the follo wing ( in thousands ): March 31, December 31, Prepaid clinical costs $ 2,358 $ 2,574 Prepaid research and development costs 444 1,238 Australian tax incentive receivable 711 747 Prepaid insurance 469 857 Interest receivable 3,173 3,051 Due from Radionetics (Note 11) 114 90 Landlord improvements receivable 4,561 5,210 Receivable for common stock issued 881 253 Other 3,556 1,578 Total $ 16,267 $ 15,598 Property and equipment, net consisted of the following ( in thousands ): March 31, December 31, Leasehold improvements $ 10,373 $ 9,837 Lab equipment 4,936 4,253 Office equipment 2,009 1,854 Computers and software 25 5 Property and equipment at cost 17,343 15,949 Less accumulated depreciation and amortization ( 5,478 ) ( 5,068 ) Total $ 11,865 $ 10,881 Accounts payable and accrued expenses consisted of the following ( in thousands ): March 31, December 31, Accounts payable $ 10,756 $ 6,548 Accrued clinical trial costs 5,717 5,527 Accrued research and development costs 4,245 2,312 Accrued outside services and professional fees 4,550 1,726 Accrued landlord improvements 2,926 3,816 Other accrued expenses 489 3,267 Total $ 28,683 $ 23,196 |
Operating Lease
Operating Lease | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Operating Lease | 6. OPERATING LEASES In February 2018, as amended in March 2018, the Company entered into a non-cancellable operating lease for a facility in San Diego, California (the "2018 Lease"). The 2018 Lease has an initial term of seven years which expires in August 2025 , and the Company has an option to extend the term of the 2018 Lease for an additional five years , a termination option subject to early termination fees and an option to sublease the facility. The 2018 Lease is subject to base lease payments and additional charges for common area maintenance and other costs and includes certain lease incentives and tenant improvement allowances. The Company’s estimated incremental fully collateralized borrowing rate of 8.0 % was used in its present value calculation as the 2018 Lease does not have a stated rate and the implicit rate was not readily determinable. In 2022, the Company entered into a lease agreement for laboratory and office space in San Diego, California (the "2022 Lease"). Under the terms of the 2022 Lease, the Company's expected future monthly minimum lease payments of $ 0.5 million, with six months of rent abatement in the first year, start on the earlier of (i) the date which is ten (10) months after substantial completion of demolition work, or (ii) the date of the substantial completion of improvements and first occupancy for business purposes, and the term expires on the date immediately preceding the one hundred thirty-seventh (137th) monthly anniversary of this lease payment start date. Lease payments are subject to annual 3 % increases. The Company is also responsible for certain operating expenses and taxes during the term of the 2022 Lease. The 2022 Lease provides the Company with specified tenant improvement and landlord work allowances. The Company has (i) two options to extend the term of the 2022 Lease for an additional period of five (5) years each, and (ii) a right of first offer on adjacent space to the new facility, subject to the terms and conditions of the 2022 Lease. The 2022 Lease commenced in 2023 when the building was ready and available for its intended use. As of the date of the recording of the 2022 Lease, the Company is not reasonably certain that these options will be exercised. In September 2023, the Company recorded a right-of-use asset and corresponding lease liability in the accompanying condensed consolidated balance sheets in connection with the 2022 Lease. In December 2023, the Company entered into a lease amendment to the 2022 Lease that moved the initial payment date and start of the hundred thirty-seventh month from September 2023 to November 2023. The amendment was a modification that did not result in a new contract as the modification did not provide the Company additional right-of-use assets. As a result, the Company recorded a $ 0.7 million reduction to right-of-use assets and lease liabilities in the accompanying condensed consolidated balance sheets. The Company’s estimated incremental fully collateralized borrowing rate of 8.6 % was used in its present value calculation as the 2022 Lease does not have a stated rate and the implicit rate was not readily determinable. The rate was determined using a synthetic credit rating analysis. Under the terms of the 2018 Lease and 2022 Lease, the Company provided the lessors with irrevocable letters of credit in the amounts of $ 0.5 million and $ 0.8 million, respectively. The lessors are entitled to draw on the letters of credit in the event of any default by the Company under the terms of the leases. As of March 31, 2024, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands): Year ending December 31, Minimum 2024 (nine months) $ 4,173 2025 7,468 2026 6,795 2027 6,999 2028 7,209 Thereafter 50,975 Total future minimum lease payments 83,619 Less imputed interest ( 31,115 ) Total operating lease liabilities 52,504 Less operating lease liabilities, current ( 5,792 ) Operating lease liabilities, non-current $ 46,712 Operating lease cost was $ 2.0 million and $ 0.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, the Company’s weighted average remaining term was 10.8 years and 11. 1 years, respectively. As of March 31, 2024 and December 31, 2023 , the Company’s weighted-average discount rate was 8.6 % and 8.6 %, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases w as $ 0.3 million and $ 0.3 million for the three months ended March 31, 2024 and 2023 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition | 8. REVENUE RECOGNITION Sanwa Kagaku Kenkyusho Co., Ltd On February 25, 2022, the Company and Sanwa Kagaku Kenkyusho Co., Ltd. ("Sanwa"), entered into a license agreement (the “Sanwa License”) whereby the Company granted Sanwa an exclusive license to develop and commercialize paltusotine in Japan. Under the Sanwa License, Sanwa has the right to receive data obtained by the Company through certain paltusotine studies. The Company assessed the Sanwa License and concluded that Sanwa is a customer within the agreement. Sanwa will assume all costs associated with clinical trials and regulatory applications associated with these processes in Japan. Further, the Company retains all rights to develop and commercialize the product outside Japan. The Company also granted Sanwa the right to purchase supply of paltusotine for clinical and commercial requirements at cost plus a pre-negotiated percentage which was a market rate and therefore not a material right. The Company determined that its performance obligations under the Sanwa License comprised the license and data exchange. Certain professional services, such as the Company's participation on committees, were deemed to be immaterial to the context of the contract. In exchange, the Company received a $ 13.0 million nonrefundable, upfront payment and will be eligible to receive up to an additional $ 25.5 million in milestone payments related to the achievement of certain development, regulatory and commercial goals. In addition, upon market approval of paltusotine in Japan, the Company will be eligible to receive certain sales-based royalties. Initially, the Company determined that the transaction price amounted to the upfront payment of $ 13.0 million. During the three months ended March 31, 2024, the Company achieved a $ 1.0 million milestone for the first indication of the development milestones. As of March 31, 2024, the Company updated its estimated transaction price to $ 14.0 million and recorded a cumulative catch-up adjustment of $ 0.4 million during the three months ended March 31, 2024. As there have been no sales to date, no sales-based milestones or royalties were recognized to date. Further, using the most-likely-method, the other developmental milestone payments continued to be considered fully constrained. The control of the license was transferred to Sanwa at the inception of the contract and the Company does not have an ongoing performance obligation to support or maintain the licensed intellectual property. Revenue allocated to the data exchange obligation is recognized over time using the cost-to-cost measure as this method represents a faithful depiction of progress toward the ongoing paltusotine studies in the U.S. and related data transfer. Revenue is recognized on a gross basis as the Company is the principal. Deferred revenue consisted of the following ( in thousands ): Three months ended March 31, 2024 2023 Deferred revenues at beginning of period $ 6,806 $ 8,341 Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period 576 — Revenue recognized that was included in deferred revenues as of the beginning of the period ( 178 ) ( 605 ) Balance at end of period 7,204 7,736 Less deferred revenue, current ( 2,463 ) ( 2,121 ) Deferred revenue, non-current $ 4,741 $ 5,615 During the three months ended March 31, 2024 and 2023 , $ 0.6 million and $ 0.6 million, respectively, of the $ 14.0 million estimated transaction price was recognized as revenues in the accompanying condensed consolidated statements of operations and comprehensive loss. Deferred revenues are expected to be recognized over the duration of certain paltusotine studies conducted by the Company. On June 14, 2022, the Company and Sanwa, entered into a clinical supply agreement (the "Sanwa Clinical Supply Agreement") whereby the Company is responsible for manufacturing and supplying certain materials to Sanwa for the completion of certain studies and trials under the Sanwa License. During the three months ended March 31, 2024 , the Company recognized $ 38,000 of revenues from the Sanwa Clinical Supply Agreement in the accompanying condensed consolidated statements of operations and comprehensive loss. No significant supply purchases made by Sanwa through the Sanwa Clinical Supply Agreement during the three months ended March 31, 2024 or during the three months ended March 31, 2023. Cellular Longevity, Inc., doing business as Loyal On March 24, 2023, the Company and Cellular Longevity Inc., doing business as Loyal ("Loyal") entered into a license agreement (the “Loyal License”) whereby the Company granted Loyal an exclusive license to develop and commercialize CRN01941, a somatostatin receptor type 2 agonist, for veterinary use. In exchange the Company received a $ 0.1 million nonrefundable, upfront payment an d preferred stock in Loyal valued at approximately $ 2.0 million . The Company will also be eligible to receive certain single-digit sales-based royalties if the licensed intellectual property is approved for veterinary use. During the three months ended March 31, 2024, the Company did not recognize any revenues from the Loyal License. During the three months ended March 31, 2023, the Company recognized $ 2.1 million of revenues from the Loyal License in the accompanying condensed consolidated statements of operations and comprehensive loss. As of March 31, 2024 , the shares of Loyal preferred stock issued and to be issued to the Company valued at $ 2.0 million is included in other assets in the accompanying condensed consolidated balance sheets. The Loyal preferred stock does not have a readily determinable fair value and is recorded at cost less impairment. The Company assesses equity securities without a readily determinable fair value for changes in observable prices each period, noting none. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY Stock Offerings On March 1, 2024, the Company completed a private placement offering of 8,333,334 shares of its common stock at a price of $ 42.00 per share. Net proceeds from the offering were approximately $ 335.5 million, after offering costs of approximately $ 14.5 million. On March 19, 2024, the Company registered for resale the shares issued and sold in the Private Placement, pursuant to the Registration Rights Agreement entered into with the Purchasers, dated February 27, 2024. Shelf Registration Statements and ATM Offering On August 13, 2019, the Company entered into a Sales Agreement (as amended to the date hereof, the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company may, from time to time, sell up to $ 150.0 million of shares of its common stock through the Sales Agents (the “ATM Offering” ). During the three months ended March 31, 2024, the Company issued 1,223,775 shares of common stock in the ATM Offering for net proceeds of approximately $ 43.4 million, after deducting commissions. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | 10. EQUITY INCENTIVE PLANS 2021 Employment Inducement Incentive Award Plan The Company adopted the 2021 Employment Inducement Incentive Award Plan (the "2021 Inducement Plan") in December 2021. The Company initially reserved 1,500,000 shares of the Company’s common stock for issuance pursuant to awards granted under the 2021 Inducement Plan. The terms of the 2021 Inducement Plan are substantially similar to the terms of the Company’s 2018 Incentive Award Plan with the exception that awards may only be made to an employee who has not previously been an employee or member of the board of directors of the Company if the award is in connection with commencement of employment. In 2022, the Company amended the 2021 Inducement Plan to increase the number of shares of the Company’s common stock available for future issuance under the 2021 Inducement Plan to 5,000,000 shares. In November 2023, the Company amended the 2021 Inducement Plan to increase the number of shares of the Company’s common stock available for future issuance under the 2021 Inducement Plan to 7,500,000 shares. A s of March 31, 2024 , 2,143,854 s hares of common stock were available for future issuance under the 2021 Inducement Plan. 2018 Incentive Award Plan The Company adopted the 2018 Incentive Award Plan (the “2018 Plan”) in July 2018. Under the 2018 Plan, which expires in July 2028 , the Company may grant equity-based awards to individuals who are employees, officers, directors or con sultants of the Company. Options issued under the 2018 Plan will generally expire ten years from the date of grant and vest over a four-year period. As of March 31, 2024 , 2,884,010 shares of common stock were available for future issuance under the 2018 Plan. The 2018 Plan contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028 , in an amount equal to the lesser of: (i) 5 % of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2024, an additional 3,408,761 shares became available for future issuance under the 2018 Plan. 2015 Stock Incentive Plan The Company adopted the 2015 Stock Incentive Plan (the “2015 Plan”) in February 2015, which provided for the issuance of equity awards to the Company’s employees, members of its board of directors and consultants. In general, options issued under this plan vest over four years and expire after 10 years. Subsequent to the adoption of the 2018 Plan, no additional equity awards can be made under the 2015 Plan. 2018 Employee Stock Purchase Plan The Company adopted the 2018 Employee Stock Purchase Plan (the “ESPP”) in July 2018. The ESPP permits participants to purchase common stock through payroll deductions of up to 20 % of their eligible compensation . As of March 31, 2024 , 2,273,349 shares of common stock were available for issuance under the ESPP. The ESPP contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028, in an amount equal to the lesser of: (i) 1 % of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company. Under this evergreen provision, on January 1, 2024, an additional 681,752 shares became available for future issuance under the ESPP. Stock Awards Stock Options Activity under the Company’s stock option plans during the three months ended March 31, 2024 was as follows: Weighted- Weighted- Aggregate Average Average Intrinsic Options Exercise Remaining Value Outstanding Price Term (000’s) Balance at December 31, 2023 12,627,124 $ 18.96 Granted 2,518,953 $ 43.06 Exercised ( 605,083 ) $ 18.57 Forfeited and expired ( 84,255 ) $ 19.31 Balance at March 31, 2024 14,456,739 $ 23.17 8.1 $ 341,736 Vested and expected to vest at March 31, 2024 14,456,739 $ 23.17 8.1 $ 341,736 Exercisable at March 31, 2024 5,376,802 $ 17.39 6.6 $ 158,183 Aggregate intrinsic value is calculated as the difference at a specific point in time between the closing price of the Company’s common stock on March 28, 2024, the last trading day of the quarter, and the exercise price of stock options that had exercise prices below the closing price. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $ 13.8 million and $ 0.1 million, respectively. Restricted Stock Units The Company’s restricted stock unit activity during the three months ended March 31, 2024, was as follows: Weighted- Restricted Stock Average Units Grant Date Outstanding Fair Value Balance at December 31, 2023 813,634 $ 19.71 Granted 873,886 $ 43.51 Vested ( 201,910 ) $ 19.76 Forfeited ( 8,052 ) $ 19.64 Balance at March 31, 2024 1,477,558 $ 33.78 Fair Value of Stock Awards The Company estimates the fair value of all stock option grants and the ESPP using the Black-Scholes option pricing model and recognizes forfeitures as they occur. The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below: Stock Option Awards Three months ended March 31, 2024 2023 Expected option term 6.0 years 6.0 years Expected volatility 67 % 67 % Risk free interest rate 4.2 % 4.2 % Expected dividend yield — % — % The weighted-average fair value of stock options awarded was $ 27.38 and $ 12.29 per share during the three months ended March 31, 2024 and 2023, respectively. There were no ESPP awards during the three months ended March 31, 2024 and 2023. The key assumptions used in determining the fair value of equity awards, and the Company’s rationale, were as follows: (i) Expected term - the expected term for stock options represents the period that the stock options are expected to be outstanding and has been estimated using the simplified method, due to limited historical exercise behavior. The expected term using the simplified method is an average of the contractual option term and its vesting period; the expected term for awards granted under the ESPP represents the term the awards are expected to be outstanding; (ii) Expected volatility - the expected volatility assumption is based on the historical volatility of the Company's common stock; (iii) Risk-free interest rate - the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities that approximate the expected terms of awards; and (iv) Expected dividend yield - the expected dividend yield assumption is zero as the Company has never paid dividends and has no present intention to do so in the future. Restricted stock units are valued using the closing price of our common stock on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands): Three months ended March 31, 2024 2023 Included in research and development $ 7,565 $ 4,678 Included in general and administrative 5,889 3,418 Total stock-based compensation expense $ 13,454 $ 8,096 As of March 31, 2024 , unrecognized stock-based compensation cost related to option awards, restricted stock units, and ESPP was $ 150.4 million, $ 48.2 million and $ 2.6 million, respectively, which is expected to be recognized over a remaining weighted-average period of 2.2 years, 3.5 years and 1.2 years, respectively. |
Investment in Radionetics
Investment in Radionetics | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Investments [Abstract] | |
Investment in Radionetics | 11. INVESTMENT IN RADIONETICS Investment in Radionetics In October 2021, the Company entered into a Collaboration and License Agreement with Radionetics (the "Radionetics License"), in which the Company granted Radionetics an exclusive worldwide license to its technology for the development of radiotherapeutics and related radio-imaging agents in exchange for 50,500,000 shares of common stock of Radionetics, which represented an initial majority stake in Radionetics of 64 %, and a warrant (the "Radionetics Warrant") to purchase the greater of 3,407,285 additional shares of Radionetics common stock or the number of additional shares of Radionetics common stock that would allow the Company to maintain an aggregate equity interest of 22 % of the fully diluted capitalization of Radionetics. Radionetics is a variable interest entity ("VIE") due to having insufficient equity to finance its activities without additional subordinated financial support. The Company evaluated whether it is the primary beneficiary of Radionetics by evaluating Radionetics’ key activities: (1) conducting research and development, (2) making financing decisions, and (3) determining the strategic direction of Radionetics. Decisions about research and development activities are made by unanimous vote of members of the research and development committee, in which no individual party has unilateral decision making power. Decisions about financing and strategic direction rest with Radionetics’ board of directors, and no party was determined to be in control, given the Radionetics board of directors was comprised of three members for which each of Crinetics, 5AM Ventures ("5AM") and Frazier Healthcare Partners ("Frazier") were entitled to appoint and replace, as needed, their board designee, and a fourth member mutually agreed upon by the other three board members. Radionetics’ management was separate from the Company and was determined by Radionetics’ board of directors. As the Company did not control any of Radionetics' key activities, it was not the primary beneficiary of the VIE and did not consolidate the financial results of Radionetics. The Company accounts for its investment in Radionetics common stock under the equity method of accounting due to its ability to exercise significant influence. The Company records its share of Radionetics income (loss) outside of operations in the statements of operations and comprehensive loss on a quarterly lag. The Company's equity method investment in Radionetics was written down to zero during the first quarter of 2022 as a result of the allocation of the Company’s share of losses of the investee. In August 2023, Radionetics completed a refinancing that included a number of transactions that were negotiated by the Company as a package (the “August 2023 Radionetics Transaction”). In connection with the August 2023 Radionetics Transaction, (1) the Company exercised the Radionetics Warrant to purchase 3,407,285 shares of Radionetics common stock with an exercise price of $ 0.00001 per share, (2) the Company exchanged 32,344,371 shares of Radionetics common stock for Radionetics preferred stock on a one-for-one basis, (3) the Company invested $ 5.0 million to purchase 14,404,656 shares of preferred stock in Radionetics along with other new and existing investors who participated in the financing, and (4) the Company and Radionetics agreed to amend the Radionetics License to include additional sales milestones of up to $ 15 millio n. Radionetics’ convertible notes held by other investors were also converted to Radionetics preferred stock and certain Radionetics common shares held by other investors were cancelled in connection with the August 2023 Radionetics Transaction. The August 2023 Radionetics Transaction was a VIE reconsideration event. The Company determined that Radionetics continues to be a VIE due to Radionetics having insufficient equity to finance its activities without additional subordinated financial support. The Company also reevaluated whether it is the primary beneficiary of Radionetics and noted there were no changes to Radionetics’ key activities or the conclusion that the Company does not control any of these activities. The size of Radionetics’ board of directors was increased from four to six members. Crinetics, 5AM and Frazier are each entitled to appoint and replace, as needed, their board designee, the fourth member is Radionetics’ CEO, and the fifth and sixth members must be mutually agreed upon by the other four board members. All changes to board composition are subject to shareholder approval with common and preferred shareholders having equal votes. Radionetics’ management continues to be entirely separate from the Company and determined by the Radionetics’ board of directors. As the Company does not control any of Radionetics' key activities, it is not the primary beneficiary and does not consolidate the financial results of Radionetics. Accordingly, the Company continues to account for its investment in Radionetics under the equity method of accounting due to its ability to exercise significant influence. The Company determined that its preferred stock investment in Radionetics represents in-substance common stock. The preferred stock investment is substantially similar to common stock in that it does not have a substantive liquidation preference since the preferred stock will participate in substantially all of Radionetics losses, the conversion ratio for preferred stock into common stock is on a one-for-one basis without any significant restrictions or contingencies, and the preferred stock lacks redemption features, among other factors. The Company is not obligated to fund losses incurred by Radionetics. The Company’s $ 5.0 million purchase of preferred stock in the August 2023 Radionetics Transaction was alongside new and existing investors and did not fund previous losses. In connection with the August 2023 Radionetics Transaction, the Company exercised the Radionetics Warrant, which had a fair value of $ 0.7 million, and purchased $ 5.0 million of preferred stock. These transactions resulted in a $ 5.7 million increase in the Company’s investment in Radionetics. As a result of the August 2023 Radionetics Transaction, the Company experienced net dilution in its ownership of Radionetics from a 55 % ownership stake in Radionetics common stock to a 31 % combined ownership stake in Radionetics common and preferred stock. No gain was recorded upon dilution since cumulative losses that had been suspended exceeded the gain on dilution. Additionally, i n December 2023, Radionetics completed a financing to sell additional shares of preferred stock to other investors. As of March 31, 2024, we have an approximately 26 % ownership stake in Radionetics consisting of common and preferred stock. During the three months ended March 31, 2024 and 2023, the Company recorded equity method losses of $ 0.5 million and zero , respectively, in the accompanying condensed consolidated statements of operations and comprehensive loss, as a result of the allocation of the Company’s share of Radionetics eligible losses, which is recorded on a quarterly lag. As of March 31, 2024 the Company's investment in Radionetics was written down to zero. As of December 31, 2023, the Company’s investment in Radionetics of $ 0.5 million is recorded as a long-term asset in the accompanying condensed consolidated balance sheets. The amendment to the Radionetics License in connection with the August 2023 Radionetics Transaction did not result in additional revenue at the time of modification and the sales-based milestone and royalty payments will only be recognized when the milestones or sales occur. Other Items R. Scott Struthers, Ph.D., the Company’s President and Chief Executive Officer, serves as chairman of the Radionetics board of directors. Pursuant to such arrangement, in October 2021, Dr. Struthers received 1,000,000 shares of restricted common stock of Radionetics, which vest ratably over 36 months , subject to continued service, and Dr. Struthers receives a $ 50,000 annual retainer for his service as a board member of Radionetics. As of March 31, 2024 and December 31, 2023, the Company had $ 0.1 million due from Radionetics for reimbursement of certain expenses paid on behalf of Radionetics. These amounts are recorded within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. The Company received reimbursements from Radionetics of $ 31,000 and $ 13,000 for the three months ended March 31, 2024 and 2023, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical-stage pharmaceutical company incorporated in Delaware on November 18, 2008, and based in San Diego, California. The Company is focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly-owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2024 and the results of its operations and cash flows for the three months ended March 31, 2024 and 2023 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the full fiscal year or any other interim period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Principles of Consolidation and Foreign Currency Transactions | Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and comprehensive loss and were not material for all periods presented. |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. |
Liquidity | Liquidity From inception, the Company has devoted substantially all of its efforts to drug discovery and development, and conducting preclinical studies and clinical trials. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit o f $ 720.6 m illion as of March 31, 2024. As of March 31, 2024, the Com pany had $ 901.0 million i n unrestricted cash, cash equivalents and investment securities, which the Company believes is sufficient to meet its funding requirements for at least the next 12 months. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses, and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of common stock subject to repurchase and stock options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities on loss per share would be antidilutive. Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows ( in thousands ): As of March 31, 2024 2023 Stock options 14,457 11,537 Restricted stock units 1,478 806 Employee stock purchase plan 292 276 Total 16,227 12,619 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“Topic 280”), which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Lastly, the amendment requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its condensed consolidated financial statements and accompanying notes. ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures ”. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Table) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share | Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows ( in thousands ): As of March 31, 2024 2023 Stock options 14,457 11,537 Restricted stock units 1,478 806 Employee stock purchase plan 292 276 Total 16,227 12,619 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-For-Sale Investment Securities Held by the Company | The Company reports its available-for-sale investment securities at t heir estimated fair values. The following is a summary of the available-for-sale investment securities held by the Company as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. government obligations $ 297,260 $ 134 $ ( 109 ) $ 297,285 Agency obligations 12,702 2 ( 4 ) 12,700 Certificates of deposit 2,450 — ( 7 ) 2,443 Corporate debt securities 192,474 258 ( 123 ) 192,609 Total $ 504,886 $ 394 $ ( 243 ) $ 505,037 As of December 31, 2023 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. government obligations $ 279,577 $ 731 $ ( 99 ) $ 280,209 Agency obligations 21,271 16 ( 17 ) 21,270 Certificates of deposit 2,450 2 ( 12 ) 2,440 Corporate debt securities 196,399 526 ( 170 ) 196,755 Commercial paper 2,984 — — 2,984 Total $ 502,681 $ 1,275 $ ( 298 ) $ 503,658 |
Summary of Available-For-Sale Investment Securities By Contractual Maturity | As of March 31, 2024 and December 31, 2023, available-for-sale investment securities by contractual maturity were as follows (in thousands): As of March 31, 2024 As of December 31, 2023 Amortized Fair Amortized Fair Available-for-sale investment securities: Due in one year or less $ 458,986 $ 459,136 $ 414,031 $ 414,406 Due after one year through five years 45,900 45,901 88,650 89,252 Total $ 504,886 $ 505,037 $ 502,681 $ 503,658 |
Summary of Available-For-Sale Securities Investment | The following is a summary of the available-for-sale investment securities by length of time in a net loss position as of March 31, 2024 and December 31, 2023 ( in thousands ): As of March 31, 2024 Less Than 12 Months More Than 12 Months Total Fair Gross Fair Gross Fair Gross Available-for-sale investment securities: U.S. government obligations $ 109,356 $ ( 86 ) $ 7,456 $ ( 23 ) $ 116,812 $ ( 109 ) Agency obligations 7,699 ( 4 ) — — 7,699 ( 4 ) Certificates of deposit — — 1,463 ( 7 ) 1,463 ( 7 ) Corporate debt securities 69,062 ( 99 ) 10,209 ( 24 ) 79,271 ( 123 ) Total $ 186,117 $ ( 189 ) $ 19,128 $ ( 54 ) $ 205,245 $ ( 243 ) As of December 31, 2023 Less Than 12 Months More Than 12 Months Total Fair Gross Fair Gross Fair Gross Available-for-sale investment securities: U.S. government obligations $ 10,400 $ ( 11 ) $ 12,374 $ ( 88 ) $ 22,774 $ ( 99 ) Agency obligations 8,170 ( 3 ) 5,484 ( 14 ) 13,654 ( 17 ) Certificates of deposit 244 ( 1 ) 1,213 ( 11 ) 1,457 ( 12 ) Corporate debt securities 3,595 — 32,612 ( 170 ) 36,207 ( 170 ) Total $ 22,409 $ ( 15 ) $ 51,683 $ ( 283 ) $ 74,092 $ ( 298 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | Financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 were as follows ( in thousands ): As of March 31, 2024 Level 1 Level 2 Level 3 Total Investment securities: U.S. government obligations $ 297,284 $ — $ — $ 297,284 Agency obligations — 12,701 — 12,701 Certificates of deposit — 2,443 — 2,443 Corporate debt securities — 192,609 — 192,609 Total assets measured at fair value $ 297,284 $ 207,753 $ — $ 505,037 As of December 31, 2023 Level 1 Level 2 Level 3 Total Investment securities: U.S. government obligations $ 280,209 $ — $ — $ 280,209 Agency obligations — 21,270 — 21,270 Certificates of deposit — 2,440 — 2,440 Corporate debt securities — 196,755 — 196,755 Commercial paper — 2,984 — 2,984 Total assets measured at fair value $ 280,209 $ 223,449 $ — $ 503,658 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the follo wing ( in thousands ): March 31, December 31, Prepaid clinical costs $ 2,358 $ 2,574 Prepaid research and development costs 444 1,238 Australian tax incentive receivable 711 747 Prepaid insurance 469 857 Interest receivable 3,173 3,051 Due from Radionetics (Note 11) 114 90 Landlord improvements receivable 4,561 5,210 Receivable for common stock issued 881 253 Other 3,556 1,578 Total $ 16,267 $ 15,598 |
Components of Property and Equipment, Net | Property and equipment, net consisted of the following ( in thousands ): March 31, December 31, Leasehold improvements $ 10,373 $ 9,837 Lab equipment 4,936 4,253 Office equipment 2,009 1,854 Computers and software 25 5 Property and equipment at cost 17,343 15,949 Less accumulated depreciation and amortization ( 5,478 ) ( 5,068 ) Total $ 11,865 $ 10,881 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following ( in thousands ): March 31, December 31, Accounts payable $ 10,756 $ 6,548 Accrued clinical trial costs 5,717 5,527 Accrued research and development costs 4,245 2,312 Accrued outside services and professional fees 4,550 1,726 Accrued landlord improvements 2,926 3,816 Other accrued expenses 489 3,267 Total $ 28,683 $ 23,196 |
Operating Lease (Tables)
Operating Lease (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Non-cancellable Operating Leases | As of March 31, 2024, the Company's future minimum payments under non-cancellable operating lease, were as follows (in thousands): Year ending December 31, Minimum 2024 (nine months) $ 4,173 2025 7,468 2026 6,795 2027 6,999 2028 7,209 Thereafter 50,975 Total future minimum lease payments 83,619 Less imputed interest ( 31,115 ) Total operating lease liabilities 52,504 Less operating lease liabilities, current ( 5,792 ) Operating lease liabilities, non-current $ 46,712 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of deferred revenue components | Deferred revenue consisted of the following ( in thousands ): Three months ended March 31, 2024 2023 Deferred revenues at beginning of period $ 6,806 $ 8,341 Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period 576 — Revenue recognized that was included in deferred revenues as of the beginning of the period ( 178 ) ( 605 ) Balance at end of period 7,204 7,736 Less deferred revenue, current ( 2,463 ) ( 2,121 ) Deferred revenue, non-current $ 4,741 $ 5,615 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Summary of Company's stock option activity | Activity under the Company’s stock option plans during the three months ended March 31, 2024 was as follows: Weighted- Weighted- Aggregate Average Average Intrinsic Options Exercise Remaining Value Outstanding Price Term (000’s) Balance at December 31, 2023 12,627,124 $ 18.96 Granted 2,518,953 $ 43.06 Exercised ( 605,083 ) $ 18.57 Forfeited and expired ( 84,255 ) $ 19.31 Balance at March 31, 2024 14,456,739 $ 23.17 8.1 $ 341,736 Vested and expected to vest at March 31, 2024 14,456,739 $ 23.17 8.1 $ 341,736 Exercisable at March 31, 2024 5,376,802 $ 17.39 6.6 $ 158,183 |
Summary of Company's restricted stock unit activity | The Company’s restricted stock unit activity during the three months ended March 31, 2024, was as follows: Weighted- Restricted Stock Average Units Grant Date Outstanding Fair Value Balance at December 31, 2023 813,634 $ 19.71 Granted 873,886 $ 43.51 Vested ( 201,910 ) $ 19.76 Forfeited ( 8,052 ) $ 19.64 Balance at March 31, 2024 1,477,558 $ 33.78 |
Weighted Average Assumptions Used to Estimate Fair Value of Stock Awards Granted to Employees | The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted under the Company’s stock option plans for the periods presented below: Stock Option Awards Three months ended March 31, 2024 2023 Expected option term 6.0 years 6.0 years Expected volatility 67 % 67 % Risk free interest rate 4.2 % 4.2 % Expected dividend yield — % — % |
Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees | Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands): Three months ended March 31, 2024 2023 Included in research and development $ 7,565 $ 4,678 Included in general and administrative 5,889 3,418 Total stock-based compensation expense $ 13,454 $ 8,096 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) Segment | Dec. 31, 2023 USD ($) | |
Organization And Basis Of Presentation [Line Items] | ||
Number of operating segments | Segment | 1 | |
Accumulated deficit | $ 720,632 | $ 653,702 |
Unrestricted cash, cash equivalents and investments securities | $ 901,000 | |
Minimum | ||
Organization And Basis Of Presentation [Line Items] | ||
Period of sufficient cash to meet its funding requirements | 12 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 16,227 | 12,619 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 292 | 276 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 1,478 | 806 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 14,457 | 11,537 |
Investment Securities - Summary
Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | $ 504,886 | $ 502,681 |
Available-for-sale investment securities, Gross Unrealized Gains | 394 | 1,275 |
Available-for-sale investment securities, Gross Unrealized Losses | (243) | (298) |
Available-for-sale investment securities, Fair Market Value | 505,037 | 503,658 |
U.S. Government Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 297,260 | 279,577 |
Available-for-sale investment securities, Gross Unrealized Gains | 134 | 731 |
Available-for-sale investment securities, Gross Unrealized Losses | (109) | (99) |
Available-for-sale investment securities, Fair Market Value | 297,285 | 280,209 |
Agency obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 12,702 | 21,271 |
Available-for-sale investment securities, Gross Unrealized Gains | 2 | 16 |
Available-for-sale investment securities, Gross Unrealized Losses | (4) | (17) |
Available-for-sale investment securities, Fair Market Value | 12,700 | 21,270 |
Certificates of Deposit [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 2,450 | 2,450 |
Available-for-sale investment securities, Gross Unrealized Gains | 0 | 2 |
Available-for-sale investment securities, Gross Unrealized Losses | (7) | (12) |
Available-for-sale investment securities, Fair Market Value | 2,443 | 2,440 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 192,474 | 196,399 |
Available-for-sale investment securities, Gross Unrealized Gains | 258 | 526 |
Available-for-sale investment securities, Gross Unrealized Losses | (123) | (170) |
Available-for-sale investment securities, Fair Market Value | $ 192,609 | 196,755 |
Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale investment securities, Amortized Cost | 2,984 | |
Available-for-sale investment securities, Gross Unrealized Gains | 0 | |
Available-for-sale investment securities, Gross Unrealized Losses | 0 | |
Available-for-sale investment securities, Fair Market Value | $ 2,984 |
Investment Securities - Summa_2
Investment Securities - Summary of Available-For-Sale Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Available-for-sale investment securities, Amortized Cost, Due in one year or less | $ 458,986 | $ 414,031 |
Available-for-sale investment securities, Amortized Cost, Due after one year through five years | 45,900 | 88,650 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Total | 504,886 | 502,681 |
Available-for-sale investment securities, Fair market Value, Due in one year or less | 459,136 | 414,406 |
Available-for-sale investment securities, Fair market Value, Due after one year through five years | 45,901 | 89,252 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total | $ 505,037 | $ 503,658 |
Investment Securities - Summa_3
Investment Securities - Summary of Available-For-Sale Securities Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale investment securities: | ||
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value | $ 186,117 | $ 22,409 |
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months | (189) | (15) |
Available-for-sale Investment Securities, More Than 12 Months, Fair Value | 19,128 | 51,683 |
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months | (54) | (283) |
Available-for-sale investment securities, Fair Market Value | 205,245 | 74,092 |
Available-for-sale Investment Securities, Gross Unrealized Losses | (243) | (298) |
U.S. Government Obligations [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value | 109,356 | 10,400 |
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months | (86) | (11) |
Available-for-sale Investment Securities, More Than 12 Months, Fair Value | 7,456 | 12,374 |
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months | (23) | (88) |
Available-for-sale investment securities, Fair Market Value | 116,812 | 22,774 |
Available-for-sale Investment Securities, Gross Unrealized Losses | (109) | (99) |
Agency obligations [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value | 7,699 | 8,170 |
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months | (4) | (3) |
Available-for-sale Investment Securities, More Than 12 Months, Fair Value | 5,484 | |
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months | (14) | |
Available-for-sale investment securities, Fair Market Value | 7,699 | 13,654 |
Available-for-sale Investment Securities, Gross Unrealized Losses | (4) | (17) |
Certificates of Deposit [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value | 0 | 244 |
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months | 0 | (1) |
Available-for-sale Investment Securities, More Than 12 Months, Fair Value | 1,463 | 1,213 |
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months | (7) | (11) |
Available-for-sale investment securities, Fair Market Value | 1,463 | 1,457 |
Available-for-sale Investment Securities, Gross Unrealized Losses | (7) | (12) |
Corporate Debt Securities [Member] | ||
Available-for-sale investment securities: | ||
Available-for-sale Investment Securities, Less than 12 Months, Fair Market Value | 69,062 | 3,595 |
Available-for-sale Investment Securities, Gross Unrealized Loss, Less than 12 Months | (99) | 0 |
Available-for-sale Investment Securities, More Than 12 Months, Fair Value | 10,209 | 32,612 |
Available-for-sale Investment Securities, Gross Unrealized Loss, More Than 12 Months | (24) | (170) |
Available-for-sale investment securities, Fair Market Value | 79,271 | 36,207 |
Available-for-sale Investment Securities, Gross Unrealized Losses | $ (123) | $ (170) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance For Credit Losses | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | $ 505,037 | $ 503,658 |
Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 297,284 | 280,209 |
Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 207,753 | 223,449 |
Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
U.S. Government Obligations [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 297,284 | 280,209 |
U.S. Government Obligations [Member] | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 297,284 | 280,209 |
U.S. Government Obligations [Member] | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
U.S. Government Obligations [Member] | Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Agency obligations [member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 12,701 | 21,270 |
Agency obligations [member] | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Agency obligations [member] | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 12,701 | 21,270 |
Agency obligations [member] | Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Certificates of Deposit [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 2,443 | 2,440 |
Certificates of Deposit [Member] | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Certificates of Deposit [Member] | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 2,443 | 2,440 |
Certificates of Deposit [Member] | Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 192,609 | 196,755 |
Corporate Debt Securities [Member] | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 192,609 | 196,755 |
Corporate Debt Securities [Member] | Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | $ 0 | 0 |
Commercial Paper [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 2,984 | |
Commercial Paper [Member] | Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 0 | |
Commercial Paper [Member] | Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | 2,984 | |
Commercial Paper [Member] | Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total Investment securities | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock issued under Employee Stock Purchase Plan, shares | 0 | 0 | |
Warrants to purchase shares of common stock, Exercise price, Per share | $ 23.17 | $ 18.96 | |
Fair value assets transferred into level 3 | $ 0 | ||
Fair value assets transferred into level 3 | $ 0 |
Balance Sheet Details - Compone
Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid clinical costs | $ 2,358 | $ 2,574 |
Prepaid research and development costs | 444 | 1,238 |
Australian tax incentive receivable | 711 | 747 |
Prepaid insurance | 469 | 857 |
Interest receivable | 3,173 | 3,051 |
Due from Radionetics (Note 11) | 114 | 90 |
Landlord improvements receivable | 4,561 | 5,210 |
Receivable for common stock issued | 881 | 253 |
Other | 3,556 | 1,578 |
Total | $ 16,267 | $ 15,598 |
Balance Sheet Details - Compo_2
Balance Sheet Details - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | $ 17,343 | $ 15,949 |
Less accumulated depreciation and amortization | (5,478) | (5,068) |
Total | 11,865 | 10,881 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 10,373 | 9,837 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 4,936 | 4,253 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | 2,009 | 1,854 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment at cost | $ 25 | $ 5 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 10,756 | $ 6,548 |
Accrued clinical trial costs | 5,717 | 5,527 |
Accrued research and development costs | 4,245 | 2,312 |
Accrued outside services and professional fees | 4,550 | 1,726 |
Accrued landlord improvements | 2,926 | 3,816 |
Other accrued expenses | 489 | 3,267 |
Total | $ 28,683 | $ 23,196 |
Operating Lease - Additional In
Operating Lease - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating Leased Assets [Line Items] | |||
Operating lease cost | $ 2 | $ 0.3 | |
2018 Operating Lease | |||
Operating Leased Assets [Line Items] | |||
Operating lease, initial term | 7 years | ||
Operating lease expiration period | 2025-08 | ||
Operating lease, option to extend term | five years | ||
Lessee, operating lease, discount rate | 8% | ||
Irrevocable letter of credit | $ 0.5 | ||
Operating lease weighted average remaining term | 10 years 9 months 18 days | 11 years | |
Weighted-average discount rate | 8.60% | 8.60% | |
2022 Operating Lease | |||
Operating Leased Assets [Line Items] | |||
Lessee operating lease description | Under the terms of the 2022 Lease, the Company's expected future monthly minimum lease payments of $0.5 million, with six months of rent abatement in the first year, start on the earlier of (i) the date which is ten (10) months after substantial completion of demolition work, or (ii) the date of the substantial completion of improvements and first occupancy for business purposes, and the term expires on the date immediately preceding the one hundred thirty-seventh (137th) monthly anniversary of this lease payment start date. Lease payments are subject to annual 3% increases. | ||
Operating lease, option to extend term | The Company has (i) two options to extend the term of the 2022 Lease for an additional period of five (5) years each, and (ii) a right of first offer on adjacent space to the new facility, subject to the terms and conditions of the 2022 Lease. The 2022 Lease commenced in 2023 when the building was ready and available for its intended use. As of the date of the recording of the 2022 Lease, the Company is not reasonably certain that these options will be exercised. | ||
Right Of Use Assets And Lease Liabilities | $ 0.7 | ||
Annual increase in lease payments | 3% | ||
Lessee, operating lease, discount rate | 8.60% | ||
Irrevocable letter of credit | $ 0.8 | ||
Expected future monthly minimum lease payment with abatement | 0.5 | ||
Cash paid for operating lease liabilities | $ 0.3 | $ 0.3 |
Operating Lease - Schedule of F
Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 4,173 | |
2025 | 7,468 | |
2026 | 6,795 | |
2027 | 6,999 | |
2028 | 7,209 | |
Thereafter | 50,975 | |
Total future minimum lease payments | 83,619 | |
Less imputed interest | (31,115) | |
Total operating lease liability | 52,504 | |
Less operating lease liability, current | (5,792) | $ (4,173) |
Operating lease liabilities, non-current | $ 46,712 | $ 47,555 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Deferred Revenue Components (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred revenues at beginning of period | $ 2,056 | ||
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period | (398) | $ 605 | |
Balance at end of period | 2,463 | ||
Deferred revenue, non-current | 4,741 | $ 4,750 | |
Sanwa Kagaku Kenkyusho Co., Ltd | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred revenues at beginning of period | 6,806 | 8,341 | |
Unearned revenue from cash received during the period, excluding amounts recognized as revenue during the period | 576 | 0 | |
Revenue recognized that was included in deferred revenues | (178) | (605) | |
Balance at end of period | 7,204 | 7,736 | |
Less deferred revenue, current | (2,463) | (2,121) | |
Deferred revenue, non-current | $ 4,741 | $ 5,615 |
Revenue Recognition (Additional
Revenue Recognition (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Mar. 24, 2023 | Feb. 25, 2022 | Feb. 25, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Revenues | $ 640 | $ 2,679 | ||||
Upfront payment as license revenue | 600 | 600 | ||||
Upfront payment as deferred revenue | 14,000 | |||||
Other assets, non-current | 2,000 | $ 2,000 | ||||
Sanwa Kagaku Kenkyusho Co., Ltd | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Revenue | 38,000 | |||||
Milestone revenue | 1,000 | |||||
Milestone transaction price | 14,000 | |||||
Milestone catch-up adjustment | 400 | |||||
Sanwa Kagaku Kenkyusho Co., Ltd | Radionetics | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Non refundable, upfront payment | $ 13,000 | |||||
Additional milestone payments | $ 25,500 | |||||
Sales and royalties milestones | $ 13,000 | |||||
Cellular Longevity Inc doing business as Loyal [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Revenue | $ 2,100 | |||||
Non refundable, upfront payment | $ 100 | |||||
Cellular Longevity Inc doing business as Loyal [Member] | Convertible Preferred Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Upfront payment | $ 2,000 | |||||
Other assets, non-current | $ 2,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 01, 2024 | Aug. 13, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Oct. 31, 2021 | |
Subsidiary Sale Of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net | $ 383,215 | $ 0 | ||||
Common stock, shares issued | 78,539,000 | 68,175,000 | ||||
Common Stock | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Sale of common stock | 8,333,334,000 | 9,557,000 | ||||
Common stock price per share | $ 42 | |||||
Proceeds from issuance of common stock, net | $ 335,500 | |||||
Offering discounts commissions and offering costs net | $ 14,500 | |||||
Common stock, shares issued | 50,500,000 | |||||
ATM Offering | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net | $ 43,400 | |||||
Sale of common stock at offering price | $ 150,000 | |||||
Common stock, shares issued | 1,223,775,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Jan. 01, 2024 | Feb. 28, 2015 | Nov. 30, 2023 | Jul. 31, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Total intrinsic value of options exercised | $ 13.8 | $ 0.1 | |||||
Dividend yield | 0% | 0% | |||||
Employee share purchase plan awards | 0 | 0 | |||||
Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized Stock-Based Compensation Cost 3 | $ 48.2 | ||||||
ESPP | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Annual increase in the number of shares available for issuance | 1% | ||||||
Maximum percentage of eligible compensation to purchase common stock through payroll deductions | 20% | ||||||
Unrecognized Stock-Based Compensation Cost 3 | $ 2.6 | ||||||
ESPP | Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized stock-based compensation cost | $ 150.4 | ||||||
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period | 2 years 2 months 12 days | ||||||
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period 3 | 1 year 2 months 12 days | ||||||
Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average fair value of stock options granted to employees per share | $ 27.38 | $ 12.29 | |||||
Common Stock | Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-Average Period of Unrecognized Stock-Based Compensation Cost Expected to be Recognized Over Remaining Period 2 | 3 years 6 months | ||||||
Common Stock | ESPP | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Plan expiration date | Jan. 01, 2028 | ||||||
Additional shares available for future issuance | 3,408,761,000 | ||||||
Shares reserved for issuance, authorized | 2,273,349 | ||||||
Additional shares available for future issuance | 681,752 | ||||||
2021 Inducement Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Remaining shares available for future issuance | 2,143,854 | ||||||
Additional shares available for future issuance | 1,500,000 | ||||||
2021 Inducement Plan | Amended [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Remaining shares available for future issuance | 5,000,000 | ||||||
2021 Inducement Plan | Common Stock | Amended [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Additional shares available for future issuance | 7,500,000 | ||||||
2018 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Plan expiration period | 2028-07 | ||||||
Plan expiration term | 10 years | ||||||
Vesting period | 4 years | ||||||
Remaining shares available for future issuance | 2,884,010 | ||||||
Annual increase in the number of shares available for issuance | 5% | ||||||
2015 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Plan expiration term | 10 years | ||||||
Vesting period | 4 years |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Activity Under Stock Option activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options Outstanding, Beginning balance | shares | 12,627,124 |
Options Outstanding, Granted | shares | 2,518,953 |
Options Outstanding, Exercised | shares | (605,083) |
Options Outstanding, Forfeited and expired | shares | (84,255) |
Options Outstanding, Ending balance | shares | 14,456,739 |
Options Outstanding,Vested and expected to vest | shares | 14,456,739 |
Options Exercisable, Ending balance | shares | 5,376,802 |
Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 18.96 |
Weighted-Average Exercise Price, Granted | $ / shares | 43.06 |
Weighted Average Exercise Price, Exercised | $ / shares | 18.57 |
Weighted Average Exercise Price, Forfeited and expired | $ / shares | 19.31 |
Weighted-Average Exercise Price, Ending balance | $ / shares | 23.17 |
Weighted-Average Vested and expected to vest | $ / shares | 23.17 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 17.39 |
Weighted-Average Remaining Term, Ending balance | 8 years 1 month 6 days |
Weighted-Average Remaining Term, Vested and expected to vest | 8 years 1 month 6 days |
Weighted-Average Remaining Term, Exercisable | 6 years 7 months 6 days |
Aggregate Intrinsic Value, Ending balance | $ | $ 341,736 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 341,736 |
Aggregate Intrinsic Value, Exercisable | $ | $ 158,183 |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options Outstanding, Beginning balance | shares | 813,634 |
Options Outstanding, Granted | shares | 873,886 |
Options Outstanding, Exercised | shares | (201,910) |
Options Outstanding, Forfeited and expired | shares | (8,052) |
Options Outstanding, Ending balance | shares | 1,477,558 |
Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 19.71 |
Weighted-Average Exercise Price, Granted | $ / shares | 43.51 |
Weighted Average Exercise Price, Exercised | $ / shares | 19.76 |
Weighted Average Exercise Price, Forfeited and expired | $ / shares | 19.64 |
Weighted-Average Exercise Price, Ending balance | $ / shares | $ 33.78 |
Equity Incentive Plan - Weighte
Equity Incentive Plan - Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected option term | 6 years | 6 years |
Expected volatility | 67% | 67% |
Risk free interest rate | 4.20% | 4.20% |
Expected dividend yield | 0% | 0% |
Equity Incentive Plan - Stock-b
Equity Incentive Plan - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 13,454 | $ 8,096 |
Included in Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 7,565 | 4,678 |
Included in General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 5,889 | $ 3,418 |
Investment in Radionetics (Addi
Investment in Radionetics (Additional Information) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Aug. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 01, 2023 | Oct. 31, 2021 | |
Schedule of Investments [Line Items] | |||||||
Stock issued under Employee Stock Purchase Plan, shares | 0 | 0 | |||||
Common stock, shares issued | 78,539,000 | 68,175,000 | |||||
Investment in Radionetics | $ 0 | $ 470,000 | |||||
Warrants to purchase shares of common stock, Exercise price, Per share | $ 23.17 | $ 18.96 | |||||
Common stock, shares outstanding | 32,344,371 | 78,539,000 | 68,175,000 | ||||
Due from Radionetics | $ 100,000 | $ 100,000 | |||||
Reimbursement Earned | $ 31,000 | $ 13,000 | |||||
Additional Sales Milestones | $ 15,000,000 | ||||||
R. Scott Struthers | |||||||
Schedule of Investments [Line Items] | |||||||
Amount of Annual Retainer | $ 50,000 | ||||||
Restricted Common Stocks | R. Scott Struthers | |||||||
Schedule of Investments [Line Items] | |||||||
Common stock, shares issued | 1,000,000 | ||||||
Vest Ratably Tenure | 36 months | ||||||
Common Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Common stock, shares issued | 50,500,000 | ||||||
Purchase of additional shares | 3,407,285 | ||||||
Warrants to purchase shares of common stock, Exercise price, Per share | $ 0.00001 | ||||||
Stock issued under employee stock purchase plan, value | $ 3,407,285 | ||||||
Interest Rate | 22% | ||||||
Preferred Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Stock issued under Employee Stock Purchase Plan, shares | 14,404,656 | ||||||
Stock issued under employee stock purchase plan, value | $ 5,000,000 | ||||||
Nonconsolidated Investees, Other [Member] | Common Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Ownership percentage | 64% | ||||||
Radionetics | |||||||
Schedule of Investments [Line Items] | |||||||
Investment in Radionetics | $ 500,000 | ||||||
Stock issued under employee stock purchase plan, value | $ 5,000,000 | ||||||
Gain (Loss) on Investments | $ 500,000 | $ 0 | |||||
Radionetics | Common Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Ownership percentage | 31% | ||||||
Radionetics | Preferred Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Addition in equity method investment | $ 5,700,000 | ||||||
Stock issued under employee stock purchase plan, value | $ 5,000,000 | ||||||
Ownership percentage | 55% | 26% | |||||
Fair Value Adjustment of Warrants | $ 700,000 |